Business Segments and Related Information (Tables)

12 Months Ended

Dec. 31, 2024

Measurement of Total Segment Gross Operating Margin

The following table presents a reconciliation of total segment gross operating margin to income before income taxes for the years indicated:

	For the Year Ended December 31,
	2024			2023			2022
Total segment gross operating margin	$	10,018		$	9,376		$	9,356
Adjustments to reconcile total segment gross operating margin to income before income taxes (addition or subtraction indicated by sign):
Depreciation, amortization and accretion expense in operating costs and expenses (1)		(2,343	)		(2,215	)		(2,107	)
Asset impairment charges in operating costs and expenses		(57	)		(30	)		(53	)
Net gains (losses) attributable to asset sales and related matters in operating costs and expenses		(2	)		10			(1	)
General and administrative costs		(244	)		(231	)		(241	)
Non-refundable payments received from shippers attributable to make-up rights (2)		(75	)		(52	)		(144	)
Subsequent recognition of revenues attributable to make-up rights (3)		41			71			97
Total other expense, net (4)		(1,303	)		(1,228	)		(1,210	)
Income before income taxes	$	6,035		$	5,701		$	5,697

(1)	Excludes amortization of major maintenance costs for reaction-based plants and amortization of finance lease right-of-use assets, which are a component of gross operating margin.
(2)	Since make-up rights entail a future performance obligation by the pipeline to the shipper, these receipts are recorded as deferred revenue for GAAP purposes; however, these receipts are included in gross operating margin in the period of receipt since they are nonrefundable to the shipper.
(3)	As deferred revenues attributable to make-up rights are subsequently recognized as revenue under GAAP, gross operating margin must be adjusted to remove such amounts to prevent duplication since the associated non-refundable payments were previously included in gross operating margin.
(4)	As presented on our Statements of Consolidated Operations, Total other expense, net is comprised of Interest expense, Interest income and Other, net.

Information by Business Segments

The following tables present segment revenues and significant segment expenses by segment, together with a reconciliation to segment gross operating margin, for the periods indicated:

	For the Year Ended December 31, 2024
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Segment Total
Segment revenues:
Revenues from third parties	$	20,264	$	21,546	$	2,992	$	11,359	$	56,161
Revenues from related parties		12		34		12		–		58
Intersegment and intrasegment revenues		48,822		54,415		667		25,352		129,256
Total segment revenues		69,098		75,995		3,671		36,711		185,475
Significant segment expenses:
Cost of sales		61,260		74,098		1,656		33,755		170,769
Variable operating costs and expenses (1)		745		132		73		373		1,323
Fixed operating costs and expenses (2)		1,682		414		676		1,048		3,820
Total significant segment expenses		63,687		74,644		2,405		35,176		175,912
Other segment income (expense):
Equity in income of unconsolidated affiliates		117		285		5		1		408
Other segment items (3)		20		10		6		11		47
Total other segment income (expense), net		137		295		11		12		455
Total segment gross operating margin	$	5,548	$	1,646	$	1,277	$	1,547	$	10,018

Other financial information:
Capital expenditures	$	2,498	$	161	$	932	$	953	$	4,544

(1)	Variable operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally fluctuate based on utilization.
(2)	Fixed operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally remain constant independent of utilization.
(3)	Other segment items for each segment primarily represent the following: • NGL Pipelines & Services – Non-refundable payments received from shippers attributable to make-up rights, subsequent recognition of revenues attributable to make-up rights, and other segment expenses. • Crude Oil Pipelines & Services – Other segment expenses. • Natural Gas Pipelines & Services – Other segment expenses. • Petrochemical & Refined Products Services – Other segment expenses.

	For the Year Ended December 31, 2023
	NGL Pipelines & Services		Crude Oil Pipelines & Services			Natural Gas Pipelines & Services		Petrochemical & Refined Products Services			Segment Total
Segment revenues:
Revenues from third parties	$	17,635	$	19,300		$	3,761	$	8,958		$	49,654
Revenues from related parties		10		36			15		–			61
Intersegment and intrasegment revenues		45,490		57,122			527		18,882			122,021
Total segment revenues		63,135		76,458			4,303		27,840			171,736
Significant segment expenses:
Cost of sales		56,143		74,437			2,583		24,810			157,973
Variable operating costs and expenses (1)		741		191			59		397			1,388
Fixed operating costs and expenses (2)		1,589		403			595		877			3,464
Total significant segment expenses		58,473		75,031			3,237		26,084			162,825
Other segment income (expense):
Equity in income of unconsolidated affiliates		133		320			6		3			462
Other segment items (3)		103		(40	)		5		(65	)		3
Total other segment income (expense), net		236		280			11		(62	)		465
Total segment gross operating margin	$	4,898	$	1,707		$	1,077	$	1,694		$	9,376

Other financial information:
Capital expenditures	$	1,366	$	119		$	793	$	988		$	3,266

(1)	Variable operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally fluctuate based on utilization.
(2)	Fixed operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally remain constant independent of utilization.
(3)	Other segment items for each segment primarily represent the following: • NGL Pipelines & Services – Non-refundable payments received from shippers attributable to make-up rights, subsequent recognition of revenues attributable to make-up rights, and other segment expenses. • Crude Oil Pipelines & Services – Subsequent recognition of revenues attributable to make-up rights. • Natural Gas Pipelines & Services – Other segment expenses. • Petrochemical & Refined Products Services – Other segment expenses.

	For the Year Ended December 31, 2022
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services			Segment Total
Segment revenues:
Revenues from third parties	$	24,244	$	18,548	$	6,229	$	9,106		$	58,127
Revenues from related parties		15		13		31		–			59
Intersegment and intrasegment revenues		65,760		46,625		888		18,304			131,577
Total segment revenues		90,019		65,186		7,148		27,410			189,763
Significant segment expenses:
Cost of sales		82,957		63,325		5,532		24,556			176,370
Variable operating costs and expenses (1)		769		173		54		473			1,469
Fixed operating costs and expenses (2)		1,412		386		532		804			3,134
Total significant segment expenses		85,138		63,884		6,118		25,833			180,973
Other segment income (expense):
Equity in income of unconsolidated affiliates		149		308		5		2			464
Other segment items (3)		112		45		7		(62	)		102
Total other segment income (expense), net		261		353		12		(60	)		566
Total segment gross operating margin	$	5,142	$	1,655	$	1,042	$	1,517		$	9,356

Other financial information:
Capital expenditures	$	624	$	84	$	344	$	912		$	1,964

(1)	Variable operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally fluctuate based on utilization.
(2)	Fixed operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally remain constant independent of utilization.
(3)	Other segment items for each segment primarily represent the following: • NGL Pipelines & Services – Non-refundable payments received from shippers attributable to make-up rights, subsequent recognition of revenues attributable to make-up rights, and other segment expenses. • Crude Oil Pipelines & Services – Non-refundable payments received from shippers attributable to make-up rights, subsequent recognition of revenues attributable to make-up rights, and other segment expenses. • Natural Gas Pipelines & Services – Other segment expenses. • Petrochemical & Refined Products Services – Other segment expenses.

The following table reconciles total segment revenues as reported in the preceding tables to consolidated revenues as presented on our Statements of Consolidated Operations:

	For the Year Ended December 31,
	2024			2023			2022
Segment revenues:
NGL Pipelines & Services	$	69,098		$	63,135		$	90,019
Crude Oil Pipelines & Services		75,995			76,458			65,186
Natural Gas Pipelines & Services		3,671			4,303			7,148
Petrochemical & Refined Products Services		36,711			27,840			27,410
Total segment revenues		185,475			171,736			189,763
Elimination of intersegment and intrasegment revenues		(129,256	)		(122,021	)		(131,577	)
Total consolidated revenues	$	56,219		$	49,715		$	58,186

The following table presents our segment assets, together with a reconciliation to our consolidated total assets, at the dates indicated:

	December 31,
	2024		2023
NGL Pipelines & Services	$	21,900	$	21,792
Crude Oil Pipelines & Services		11,390		11,822
Natural Gas Pipelines & Services		12,260		11,210
Petrochemical & Refined Products Services		11,350		10,443
Total segment assets		56,900		55,267
Construction in progress		4,138		2,245
Current assets		15,133		12,248
Other assets		997		1,222
Consolidated total assets	$	77,168	$	70,982

Consolidated Revenues and Expenses

The following table presents additional information regarding our consolidated revenues and costs and expenses for the years indicated:

	For the Year Ended December 31,
	2024		2023			2022
Consolidated revenues:
NGL Pipelines & Services	$	20,276	$	17,645		$	24,259
Crude Oil Pipelines & Services		21,580		19,336			18,561
Natural Gas Pipelines & Services		3,004		3,776			6,260
Petrochemical & Refined Products Services		11,359		8,958			9,106
Total consolidated revenues	$	56,219	$	49,715		$	58,186

Consolidated costs and expenses:
Operating costs and expenses:
Cost of sales	$	42,580	$	37,023		$	45,836
Other operating costs and expenses (1)		4,004		3,695			3,454
Depreciation, amortization and accretion		2,402		2,279			2,158
Impairment of assets other than goodwill		57		30			53
Net losses (gains) attributable to asset sales and related matters		2		(10	)		1
General and administrative costs		244		231			241
Total consolidated costs and expenses	$	49,289	$	43,248		$	51,743

(1)	Represents the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion; asset impairment charges; and net losses (gains) attributable to asset sales and related matters.