Business Segments and Related Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

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 September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Total segment gross operating margin	$	2,383	$	2,448	$	7,318	$	7,382
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)	(625)		(586)		(1,837)		(1,749)
Asset impairment charges in operating costs and expenses	(17)		(27)		(38)		(51)
Net gains (losses) attributable to asset sales and related matters in operating costs and expenses	4		–		13		(5)
General and administrative costs	(61)		(61)		(189)		(184)
Non-refundable payments received from shippers attributable to make-up rights (2)	–		(13)		(43)		(56)
Subsequent recognition of revenues attributable to make-up rights (3)	2		19		18		30
Total other expense, net (4)	(343)		(329)		(999)		(975)
Income before income taxes	$	1,343	$	1,451	$	4,243	$	4,392

(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 September 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	$	3,463	$	5,389	$	927	$	2,230	$	12,009
Revenues from related parties	2		7		5		–		14
Intersegment and intrasegment revenues	17,583		11,504		235		4,019		33,341
Total segment revenues	21,048		16,900		1,167		6,249		45,364
Significant segment expenses:
Cost of sales	19,093		16,450		616		5,484		41,643
Variable operating costs and expenses (1)	219		36		21		118		394
Fixed operating costs and expenses (2)	456		116		194		282		1,048
Total significant segment expenses	19,768		16,602		831		5,884		43,085
Other segment income:
Equity in income of unconsolidated affiliates	21		68		2		(1)		90
Other segment items (3)	2		5		1		6		14
Total other segment income	23		73		3		5		104
Total segment gross operating margin	$	1,303	$	371	$	339	$	370	$	2,383
Other financial information:
Capital expenditures	$	1,097	$	35	$	674	$	152	$	1,958

(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 – 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 Nine Months Ended September 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	$	12,265	$	15,281	$	3,211	$	8,008	$	38,765
Revenues from related parties	6		19		13		–		38
Intersegment and intrasegment revenues	51,604		31,450		669		17,011		100,734
Total segment revenues	63,875		46,750		3,893		25,019		139,537
Significant segment expenses:
Cost of sales	58,013		45,417		2,159		22,799		128,388
Variable operating costs and expenses (1)	622		105		63		331		1,121
Fixed operating costs and expenses (2)	1,321		305		566		859		3,051
Total significant segment expenses	59,956		45,827		2,788		23,989		132,560
Other segment income:
Equity in income of unconsolidated affiliates	59		212		4		1		276
Other segment items (3)	40		13		4		8		65
Total other segment income	99		225		8		9		341
Total segment gross operating margin	$	4,018	$	1,148	$	1,113	$	1,039	$	7,318
Other financial information:
Capital expenditures	$	2,557	$	83	$	1,304	$	375	$	4,319

(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 Three Months Ended September 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	$	4,828	$	5,241	$	646	$	3,044	$	13,759
Revenues from related parties	3		10		3		–		16
Intersegment and intrasegment revenues	11,044		13,678		166		6,944		31,832
Total segment revenues	15,875		18,929		815		9,988		45,607
Significant segment expenses:
Cost of sales	13,946		18,463		279		9,281		41,969
Variable operating costs and expenses (1)	190		30		15		87		322
Fixed operating costs and expenses (2)	425		103		174		259		961
Total significant segment expenses	14,561		18,596		468		9,627		43,252
Other segment income:
Equity in income of unconsolidated affiliates	27		70		2		–		99
Other segment items (3)	(6)		(2)		–		2		(6)
Total other segment income	21		68		2		2		93
Total segment gross operating margin	$	1,335	$	401	$	349	$	363	$	2,448
Other financial information:
Capital expenditures	$	629	$	52	$	246	$	247	$	1,174

(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 Nine Months Ended September 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	$	14,227	$	16,530	$	2,106	$	9,113	$	41,976
Revenues from related parties	9		24		9		–		42
Intersegment and intrasegment revenues	34,157		42,547		481		18,982		96,167
Total segment revenues	48,393		59,101		2,596		28,095		138,185
Significant segment expenses:
Cost of sales	42,713		57,679		1,106		25,866		127,364
Variable operating costs and expenses (1)	531		102		54		266		953
Fixed operating costs and expenses (2)	1,254		310		492		756		2,812
Total significant segment expenses	44,498		58,091		1,652		26,888		131,129
Other segment income (expense):
Equity in income of unconsolidated affiliates	84		212		5		1		302
Other segment items (3)	21		7		5		(9)		24
Total other segment income (expense), net	105		219		10		(8)		326
Total segment gross operating margin	$	4,000	$	1,229	$	954	$	1,199	$	7,382
Other financial information:
Capital expenditures	$	1,835	$	133	$	696	$	821	$	3,485

(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.

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 September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Segment revenues:
NGL Pipelines & Services	$	21,048	$	15,875	$	63,875	$	48,393
Crude Oil Pipelines & Services	16,900		18,929		46,750		59,101
Natural Gas Pipelines & Services	1,167		815		3,893		2,596
Petrochemical & Refined Products Services	6,249		9,988		25,019		28,095
Total segment revenues	45,364		45,607		139,537		138,185
Elimination of intersegment and intrasegment revenues	(33,341)		(31,832)		(100,734)		(96,167)
Total consolidated revenues	$	12,023	$	13,775	$	38,803	$	42,018

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

	September 30, 2025		December 31, 2024
NGL Pipelines & Services	$	23,394	$	21,900
Crude Oil Pipelines & Services	11,168		11,390
Natural Gas Pipelines & Services	13,036		12,260
Petrochemical & Refined Products Services	11,452		11,350
Total segment assets	59,050		56,900
Construction in progress	4,581		4,138
Current assets	13,237		15,133
Other assets	954		997
Consolidated total assets	$	77,822	$	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 September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Consolidated revenues:
NGL Pipelines & Services	$	3,465	$	4,831	$	12,271	$	14,236
Crude Oil Pipelines & Services	5,396		5,251		15,300		16,554
Natural Gas Pipelines & Services	932		649		3,224		2,115
Petrochemical & Refined Products Services	2,230		3,044		8,008		9,113
Total consolidated revenues	$	12,023	$	13,775	$	38,803	$	42,018
Consolidated costs and expenses
Operating costs and expenses:
Cost of sales	$	8,590	$	10,387	$	28,494	$	31,976
Other operating costs and expenses (1)	1,120		1,018		3,243		2,946
Depreciation, amortization and accretion	643		601		1,886		1,791
Asset impairment charges	17		27		38		51
Net losses (gains) attributable to asset sales and related matters	(4)		–		(13)		5
General and administrative costs	61		61		189		184
Total consolidated costs and expenses	$	10,427	$	12,094	$	33,837	$	36,953

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