Business Segments and Related Information (Tables)

6 Months Ended

Jun. 30, 2026

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 June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Total segment gross operating margin	$	3,004	$	2,471	$	5,646	$	4,935
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)	(671)		(610)		(1,327)		(1,212)
Asset impairment charges in operating costs and expenses	(9)		(11)		(17)		(21)
Net gains attributable to asset sales and related matters in operating costs and expenses	2		7		1		9
General and administrative costs	(64)		(68)		(128)		(128)
Non-refundable payments received from shippers attributable to make-up rights (2)	(10)		(6)		(43)		(43)
Subsequent recognition of revenues attributable to make-up rights (3)	(3)		12		12		16
Total other expense, net (4)	(381)		(325)		(758)		(656)
Income before income taxes	$	1,868	$	1,470	$	3,386	$	2,900

(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 Unaudited Condensed 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, 2026
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Segment Total
Segment revenues:
Revenues from third parties	$	5,232	$	8,332	$	654	$	4,037	$	18,255
Revenues from related parties	2		7		5		–		14
Intersegment and intrasegment revenues	18,687		16,921		233		9,446		45,287
Total segment revenues	23,921		25,260		892		13,483		63,556
Significant segment expenses:
Cost of sales	21,709		24,717		107		12,620		59,153
Variable operating costs and expenses (1)	197		42		23		140		402
Fixed operating costs and expenses (2)	504		115		210		309		1,138
Total significant segment expenses	22,410		24,874		340		13,069		60,693
Other segment income (expense):
Equity in income of unconsolidated affiliates	21		86		1		1		109
Other segment items (3)	13		13		3		3		32
Total other segment income	34		99		4		4		141
Total segment gross operating margin	$	1,545	$	485	$	556	$	418	$	3,004
Other financial information:
Capital expenditures	$	539	$	22	$	479	$	118	$	1,158

(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 and subsequent recognition of revenues attributable to make-up rights.

•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, 2026
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Segment Total
Segment revenues:
Revenues from third parties	$	9,260	$	14,626	$	1,754	$	6,985	$	32,625
Revenues from related parties	6		12		12		–		30
Intersegment and intrasegment revenues	35,235		28,648		585		14,364		78,832
Total segment revenues	44,501		43,286		2,351		21,349		111,487
Significant segment expenses:
Cost of sales	40,134		42,323		861		19,753		103,071
Variable operating costs and expenses (1)	418		79		41		272		810
Fixed operating costs and expenses (2)	981		236		402		601		2,220
Total significant segment expenses	41,533		42,638		1,304		20,626		106,101
Other segment income:
Equity in income of unconsolidated affiliates	40		140		3		2		185
Other segment items (3)	40		26		2		7		75
Total other segment income	80		166		5		9		260
Total segment gross operating margin	$	3,048	$	814	$	1,052	$	732	$	5,646
Other financial information:
Capital expenditures	$	1,031	$	49	$	819	$	242	$	2,141

(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 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 (expense):
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:

•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 June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Segment revenues:
NGL Pipelines & Services	$	23,921	$	20,410	$	44,501	$	42,827
Crude Oil Pipelines & Services	25,260		14,107		43,286		29,850
Natural Gas Pipelines & Services	892		1,273		2,351		2,726
Petrochemical & Refined Products Services	13,483		7,900		21,349		18,770
Total segment revenues	63,556		43,690		111,487		94,173
Elimination of intersegment and intrasegment revenues	(45,287)		(32,327)		(78,832)		(67,393)
Total consolidated revenues	$	18,269	$	11,363	$	32,655	$	26,780

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

	June 30, 2026		December 31, 2025
NGL Pipelines & Services	$	25,728	$	24,999
Crude Oil Pipelines & Services	11,131		11,097
Natural Gas Pipelines & Services	13,440		13,194
Petrochemical & Refined Products Services	11,699		11,725
Total segment assets	61,998		61,015
Construction in progress	2,153		2,400
Current assets	15,905		13,360
Operating lease right-of-use assets, net	758		437
Other assets	944		690
Consolidated total assets	$	81,758	$	77,902

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,
	2026		2025		2026		2025
Consolidated revenues:
NGL Pipelines & Services	$	5,234	$	3,406	$	9,266	$	8,806
Crude Oil Pipelines & Services	8,339		4,783		14,638		9,904
Natural Gas Pipelines & Services	659		1,071		1,766		2,292
Petrochemical & Refined Products Services	4,037		2,103		6,985		5,778
Total consolidated revenues	$	18,269	$	11,363	$	32,655	$	26,780
Consolidated costs and expenses
Operating costs and expenses:
Cost of sales	$	14,160	$	7,899	$	24,838	$	19,904
Other operating costs and expenses (1)	1,193		1,063		2,327		2,122
Depreciation, amortization and accretion	705		626		1,387		1,244
Asset impairment charges	9		11		17		21
Net gains attributable to asset sales and related matters	(2)		(7)		(1)		(9)
General and administrative costs	64		68		128		128
Total consolidated costs and expenses	$	16,129	$	9,660	$	28,696	$	23,410

(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.