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Segment Disclosures
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment Disclosures [Text Block]
Note 10 – Segment Disclosures
Our reportable segments are Transmission & Gulf of Mexico, Northeast G&P, West, and Gas & NGL Marketing Services. All remaining business activities are included in Other. (See Note 1 – General, Description of Business, and Basis of Presentation.)
Performance Measurement
We evaluate segment operating performance based upon Modified EBITDA. This measure represents the basis of our internal financial reporting and is the primary performance measure used by our chief operating decision maker in measuring performance and allocating resources among our reportable segments. Intersegment Service revenues primarily represent transportation services provided to our marketing business and gathering services provided to our oil and gas properties. Intersegment Product sales primarily represent the sale of natural gas and NGLs from our natural gas processing plants and our oil and gas properties to our marketing business.
We define Modified EBITDA as follows:
•Net income (loss) before:
◦Income (loss) from discontinued operations;
◦Provision (benefit) for income taxes;
◦Interest incurred, net of interest capitalized;
◦Equity earnings (losses);
◦Other investing income (loss) – net;
◦Depreciation and amortization expenses;
◦Accretion expense associated with asset retirement obligations for nonregulated operations.
•This measure is further adjusted to include our proportionate share (based on ownership interest) of Modified EBITDA from our equity-method investments calculated consistently with the definition described above.
The following table reflects the reconciliation of Modified EBITDA to Net income (loss) as reported in our Consolidated Statement of Income.
Three Months Ended 
June 30,		Six Months Ended 
June 30,
2023202220232022
(Millions)
Modified EBITDA by segment:
Transmission & Gulf of Mexico$731 $652 $1,446 $1,349 
Northeast G&P515 450 985 868 
West312 288 616 548 
Gas & NGL Marketing Services (1)68 (282)635 (269)
Other41 139 115 144 
1,667 1,247 3,797 2,640 
Accretion expense associated with asset retirement obligations for nonregulated operations
(14)(13)(29)(24)
Depreciation and amortization expenses(515)(506)(1,021)(1,004)
Equity earnings (losses)160 163 307 299 
Other investing income (loss) – net13 2 21 3 
Proportional Modified EBITDA of equity-method investments(249)(250)(478)(475)
Interest expense(306)(281)(600)(567)
(Provision) benefit for income taxes(175)45 (459)(73)
Income (loss) from discontinued operations(87)— (87)— 
Net income (loss)$494 $407 $1,451 $799 
_____________
(1)    Modified EBITDA for the three and six months ended June 30, 2023 and 2022, includes charges of $5 million and $23 million, and $12 million and $12 million, respectively, associated with lower of cost or net realizable value adjustments to our inventory. These charges are reflected in Product sales and Product costs in our Consolidated Statement of Income. Net unrealized commodity-related derivative gains (losses) of $(29) million and $(34) million, and $9 million and $11 million for the three and six months ended June 30, 2023 and 2022, respectively, are reflected in Net processing commodity expenses.
The following table reflects the reconciliation of Segment revenues to Total revenues as reported in our Consolidated Statement of Income.
Transmission &Gulf of MexicoNortheast G&PWestGas & NGL Marketing Services (1)OtherEliminationsTotal
(Millions)
Three Months Ended June 30, 2023
Segment revenues:
Service revenues
External$933 $480 $330 $— $5 $— $1,748 
Internal23 9 28 — — (60)— 
Total service revenues956 489 358 — 5 (60)1,748 
Total service revenues – commodity consideration6 (3)24 — — — 27 
Product sales
External57 11 10 487 28 — 593 
Internal22 17 75 (60)55 (109)— 
Total product sales79 28 85 427 83 (109)593 
Net gain (loss) on commodity derivatives
Realized1 — 33 (45)14 — 3 
Unrealized— — — 123 (11)— 112 
Total net gain (loss) on commodity derivatives (2)1 — 33 78 3 — 115 
Total revenues$1,042 $514 $500 $505 $91 $(169)$2,483 
Three Months Ended June 30, 2022
Segment revenues:
Service revenues
External$838 $400 $364 $— $4 $— $1,606 
Internal29 11 19 — 3 (62)— 
Total service revenues867 411 383 — 7 (62)1,606 
Total service revenues – commodity consideration22 3 61 — — — 86 
Product sales
External58 8 39 979 27 — 1,111 
Internal55 26 213 (107)153 (340)— 
Total product sales113 34 252 872 180 (340)1,111 
Net gain (loss) on commodity derivatives
Realized— — (9)(16)(38)— (63)
Unrealized— — — (297)47 — (250)
Total net gain (loss) on commodity derivatives (2)— — (9)(313)9 — (313)
Total revenues$1,002 $448 $687 $559 $196 $(402)$2,490 
Transmission &Gulf of MexicoNortheast G&PWestGas & NGL Marketing Services (1)OtherEliminationsTotal
(Millions)
Six Months Ended June 30, 2023
Segment revenues:
Service revenues
External$1,848 $923 $662 $1 $8 $— $3,442 
Internal48 20 52 — — (120)— 
Total service revenues1,896 943 714 1 8 (120)3,442 
Total service revenues – commodity consideration18 3 42 — — — 63 
Product sales
External81 19 29 1,263 46 — 1,438 
Internal53 58 146 (161)139 (235)— 
Total product sales134 77 175 1,102 185 (235)1,438 
Net gain (loss) on commodity derivatives
Realized1 — 72 72 32 — 177 
Unrealized— — — 461 (17)— 444 
Total net gain (loss) on commodity derivatives (2)1 — 72 533 15 — 621 
Total revenues$2,049 $1,023 $1,003 $1,636 $208 $(355)$5,564 
Six Months Ended June 30, 2022
Segment revenues:
Service revenues
External$1,683 $770 $680 $1 $9 $— $3,143 
Internal58 21 34 — 7 (120)— 
Total service revenues1,741 791 714 1 16 (120)3,143 
Total service revenues – commodity consideration43 10 110 — — — 163 
Product sales
External109 13 50 1,994 49 — 2,215 
Internal104 57 389 (154)235 (631)— 
Total product sales213 70 439 1,840 284 (631)2,215 
Net gain (loss) on commodity derivatives
Realized— — (14)(72)(46)— (132)
Unrealized— — — (356)(19)— (375)
Total net gain (loss) on commodity derivatives (2)— — (14)(428)(65)— (507)
Total revenues$1,997 $871 $1,249 $1,413 $235 $(751)$5,014 
_____________
(1)    As we are acting as agent for natural gas marketing customers or engage in energy trading activities, the resulting revenues are presented net of the related costs of those activities.
(2)    We record transactions that qualify as derivatives at fair value with changes in fair value recognized in earnings in the period of change and characterized as unrealized gains or losses. Gains and losses on derivatives held for energy trading purposes are presented on a net basis in revenue.