Investments in Unconsolidated Affiliates

9 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Affiliates

Note 5. Investments in Unconsolidated Affiliates

The following table presents our investments in unconsolidated affiliates by business segment at the dates indicated. We account for these investments using the equity method.

	September 30, 2025		December 31, 2024
NGL Pipelines & Services	$	573	$	598
Crude Oil Pipelines & Services	1,595		1,628
Natural Gas Pipelines & Services	31		30
Petrochemical & Refined Products Services	2		3
Total	$	2,201	$	2,259

The following table presents our equity in income of unconsolidated affiliates by business segment for the periods indicated:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
NGL Pipelines & Services	$	21	$	27	$	59	$	84
Crude Oil Pipelines & Services	68		70		212		212
Natural Gas Pipelines & Services	2		2		4		5
Petrochemical & Refined Products Services	(1)		–		1		1
Total	$	90	$	99	$	276	$	302

In June 2025, we sold our 25% membership interest in Transport 4, L.L.C. (“Transport 4”) to third parties for cash proceeds of $8 million and recorded a $6 million gain.