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Investing Activities (Tables)

12 Months Ended

Dec. 31, 2021


	Ownership Interest at December 31, 2021	December 31,
		2021		2020
		(Millions)
Equity method:
Appalachia Midstream Investments	(1)	$	3,056	$	3,087
RMM	50%	401		421
OPPL	50%	388		395
Blue Racer	50%	377		357
Discovery	60%	328		352
Laurel Mountain	69%	226		219
Gulfstream	50%	215		204
Other	Various	130		124
		5,121		5,159
Other		6		—
		$	5,127	$	5,159

___________

(1)Includes equity-method investments in multiple gathering systems in the Marcellus Shale with an approximate average 66 percent interest.

Contributions [Table Text Block]

Purchases of and contributions to equity-method investments

We generally fund our portion of significant expansion or development projects of these investees through additional capital contributions. These transactions increased the carrying value of our investments and included:


	Year Ended December 31,
	2021		2020		2019
	(Millions)
Appalachia Midstream Investments	$	84	$	116	$	140
Gulfstream	26		3		3
Blue Racer (1)	3		157		28
Laurel Mountain	2		5		36
Targa Train 7	—		6		43
RMM	—		—		145

Brazos Permian II	—		—		18

Other	—		38		40
	$	115	$	325	$	453

___________

(1)See previous discussion in the section Acquisition of additional interests in BRMH above.

Dividends and distributions [Table Text Block]

Dividends and distributions

The organizational documents of entities in which we have an equity-method investment generally require distribution of available cash to members on at least a quarterly basis. These transactions reduced the carrying value of our investments and included:


	Year Ended December 31,
	2021		2020		2019
	(Millions)
Appalachia Midstream Investments	$	433	$	357	$	293
Gulfstream	90		93		86
Blue Racer (1)	47		47		42
RMM	45		39		38
Discovery	44		21		41
Laurel Mountain	33		31		30
OPPL	26		50		77

Other	39		15		50
	$	757	$	653	$	657

___________

(1)See previous discussion in the section Acquisition of additional interests in BRMH above.

Realized Gain (Loss) on Investments [Table Text Block]

The following table presents certain items reflected in Other investing income (loss) – net in the Consolidated Statement of Income:


	Year Ended December 31,
	2021		2020		2019
	(Millions)

Gain (loss) on deconsolidation of businesses	$	—	$	—	$	(29)
Gain on disposition of Jackalope	—		—		122
Other	7		8		14
Other investing income (loss) – net	$	7	$	8	$	107

Summarized Financial Position and Results of Operations of Equity Method Investments [Table Text Block]

Summarized Financial Position and Results of Operations of All Equity-Method Investments


	December 31,
	2021		2020
	(Millions)
Assets (liabilities):
Current assets	$	743	$	630
Noncurrent assets	13,211		13,424
Current liabilities	(435)		(312)
Noncurrent liabilities	(3,774)		(3,884)


	Year Ended December 31,
	2021		2020		2019
	(Millions)
Gross revenue	$	4,688	$	2,625	$	2,490
Operating income	1,191		508		685
Net income	1,006		459		598