XML 52 R37.htm IDEA: XBRL DOCUMENT

Business Segments and Related Information (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Total Segment Gross Operating Margin to Income Before Income Taxes

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Total segment gross operating margin	$	2,471	$	2,427	$	4,935	$	4,934
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)	(610)		(581)		(1,212)		(1,163)
Asset impairment charges in operating costs and expenses	(11)		(4)		(21)		(24)
Net gains (losses) attributable to asset sales and related matters in operating costs and expenses	7		(5)		9		(5)
General and administrative costs	(68)		(57)		(128)		(123)
Non-refundable payments received from shippers attributable to make-up rights (2)	(6)		(18)		(43)		(43)
Subsequent recognition of revenues attributable to make-up rights (3)	12		3		16		11
Total other expense, net (4)	(325)		(328)		(656)		(646)
Income before income taxes	$	1,470	$	1,437	$	2,900	$	2,941

(1)Excludes amortization of major maintenance costs for reaction-based plants and amortization of finance lease right-of-use (“ROU”) assets, which are components 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 non-refundable 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.

Schedule of Segment Financial Information

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 Three Months Ended June 30, 2025
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Segment Total
Segment revenues:
Revenues from third parties	$	3,404	$	4,777	$	1,068	$	2,103	$	11,352
Revenues from related parties	2		6		3		–		11
Intersegment and intrasegment revenues	17,004		9,324		202		5,797		32,327
Total segment revenues	20,410		14,107		1,273		7,900		43,690
Significant segment expenses:
Cost of sales	18,487		13,660		644		7,159		39,950
Variable operating costs and expenses (1)	204		34		20		107		365
Fixed operating costs and expenses (2)	442		88		195		283		1,008
Total significant segment expenses	19,133		13,782		859		7,549		41,323
Other segment income:
Equity in income of unconsolidated affiliates	18		72		–		2		92
Other segment items (3)	2		6		3		1		12
Total other segment income	20		78		3		3		104
Total segment gross operating margin	$	1,297	$	403	$	417	$	354	$	2,471

Other financial information:
Capital expenditures	$	825	$	25	$	327	$	122	$	1,299

(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 miscellaneous segment items.

•Crude Oil Pipelines & Services – Other miscellaneous segment items.

•Natural Gas Pipelines & Services – Other miscellaneous segment items.

•Petrochemical & Refined Products Services – Other miscellaneous segment items.


	For the Six Months Ended June 30, 2025
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Segment Total
Segment revenues:
Revenues from third parties	$	8,802	$	9,892	$	2,284	$	5,778	$	26,756
Revenues from related parties	4		12		8		–		24
Intersegment and intrasegment revenues	34,021		19,946		434		12,992		67,393
Total segment revenues	42,827		29,850		2,726		18,770		94,173
Significant segment expenses:
Cost of sales	38,920		28,967		1,543		17,315		86,745
Variable operating costs and expenses (1)	403		69		42		213		727
Fixed operating costs and expenses (2)	865		189		372		577		2,003
Total significant segment expenses	40,188		29,225		1,957		18,105		89,475
Other segment income:
Equity in income of unconsolidated affiliates	38		144		2		2		186
Other segment items (3)	38		8		3		2		51
Total other segment income	76		152		5		4		237
Total segment gross operating margin	$	2,715	$	777	$	774	$	669	$	4,935

Other financial information:
Capital expenditures	$	1,460	$	48	$	630	$	223	$	2,361

(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:

•Crude Oil Pipelines & Services – Other miscellaneous segment items.

•Natural Gas Pipelines & Services – Other miscellaneous segment items.

•Petrochemical & Refined Products Services – Other miscellaneous segment items.


	For the Three Months Ended June 30, 2024
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Segment Total
Segment revenues:
Revenues from third parties	$	4,262	$	5,883	$	609	$	2,718	$	13,472
Revenues from related parties	3		5		3		–		11
Intersegment and intrasegment revenues	11,558		15,042		138		5,714		32,452
Total segment revenues	15,823		20,930		750		8,432		45,935
Significant segment expenses:
Cost of sales	13,957		20,467		269		7,710		42,403
Variable operating costs and expenses (1)	167		26		24		85		302
Fixed operating costs and expenses (2)	404		103		168		248		923
Total significant segment expenses	14,528		20,596		461		8,043		43,628
Other segment income:
Equity in income of unconsolidated affiliates	26		73		1		1		101
Other segment items (3)	4		10		3		2		19
Total other segment income	30		83		4		3		120
Total segment gross operating margin	$	1,325	$	417	$	293	$	392	$	2,427

Other financial information:
Capital expenditures	$	629	$	44	$	246	$	345	$	1,264

(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:

•Crude Oil Pipelines & Services – Other miscellaneous segment items.

•Natural Gas Pipelines & Services – Other miscellaneous segment items.

•Petrochemical & Refined Products Services – Other miscellaneous segment items.


	For the Six Months Ended June 30, 2024
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Segment Total
Segment revenues:
Revenues from third parties	$	9,399	$	11,289	$	1,460	$	6,069	$	28,217
Revenues from related parties	6		14		6		–		26
Intersegment and intrasegment revenues	23,113		28,869		315		12,038		64,335
Total segment revenues	32,518		40,172		1,781		18,107		92,578
Significant segment expenses:
Cost of sales	28,767		39,216		827		16,585		85,395
Variable operating costs and expenses (1)	341		72		39		179		631
Fixed operating costs and expenses (2)	829		207		318		497		1,851
Total significant segment expenses	29,937		39,495		1,184		17,261		87,877
Other segment income (expense):
Equity in income of unconsolidated affiliates	57		142		3		1		203
Other segment items (3)	27		9		5		(11)		30
Total other segment income (expense), net	84		151		8		(10)		233
Total segment gross operating margin	$	2,665	$	828	$	605	$	836	$	4,934

Other financial information:
Capital expenditures	$	1,206	$	81	$	450	$	574	$	2,311

(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:

•Crude Oil Pipelines & Services – Other miscellaneous segment items.

•Natural Gas Pipelines & Services – Other miscellaneous segment items.

•Petrochemical & Refined Products Services – Other miscellaneous segment items.

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Segment revenues:
NGL Pipelines & Services	$	20,410	$	15,823	$	42,827	$	32,518
Crude Oil Pipelines & Services	14,107		20,930		29,850		40,172
Natural Gas Pipelines & Services	1,273		750		2,726		1,781
Petrochemical & Refined Products Services	7,900		8,432		18,770		18,107
Total segment revenues	43,690		45,935		94,173		92,578
Elimination of intersegment and intrasegment revenues	(32,327)		(32,452)		(67,393)		(64,335)
Total consolidated revenues	$	11,363	$	13,483	$	26,780	$	28,243

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


	June 30, 2025		December 31, 2024
NGL Pipelines & Services	$	22,457	$	21,900
Crude Oil Pipelines & Services	11,234		11,390
Natural Gas Pipelines & Services	12,458		12,260
Petrochemical & Refined Products Services	11,281		11,350
Total segment assets	57,430		56,900
Construction in progress	4,900		4,138
Current assets	14,160		15,133
Other assets	952		997
Consolidated total assets	$	77,442	$	77,168

Schedule of Consolidated Revenues and Costs and Expenses

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Consolidated revenues:
NGL Pipelines & Services	$	3,406	$	4,265	$	8,806	$	9,405
Crude Oil Pipelines & Services	4,783		5,888		9,904		11,303
Natural Gas Pipelines & Services	1,071		612		2,292		1,466
Petrochemical & Refined Products Services	2,103		2,718		5,778		6,069
Total consolidated revenues	$	11,363	$	13,483	$	26,780	$	28,243

Consolidated costs and expenses
Operating costs and expenses:
Cost of sales	$	7,899	$	10,184	$	19,904	$	21,589
Other operating costs and expenses (1)	1,064		974		2,123		1,928
Depreciation, amortization and accretion	625		595		1,243		1,190
Asset impairment charges	11		4		21		24
Net losses (gains) attributable to asset sales and related matters	(7)		5		(9)		5
General and administrative costs	68		57		128		123
Total consolidated costs and expenses	$	9,660	$	11,819	$	23,410	$	24,859

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