Segment Disclosures (Tables)

6 Months Ended

Jun. 30, 2023

Reconciliation of Modified EBITDA to Net Income (Loss) [Table Text Block]

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,
	2023		2022		2023		2022
	(Millions)
Modified EBITDA by segment:
Transmission & Gulf of Mexico	$	731	$	652	$	1,446	$	1,349
Northeast G&P	515		450		985		868
West	312		288		616		548
Gas & NGL Marketing Services (1)	68		(282)		635		(269)
Other	41		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) – net	13		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

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(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.

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

The following table reflects the reconciliation of Segment revenues to Total revenues as reported in our Consolidated Statement of Income.


	Transmission &Gulf of Mexico		Northeast G&P		West		Gas & NGL Marketing Services (1)		Other		Eliminations		Total
	(Millions)
Three Months Ended June 30, 2023
Segment revenues:
Service revenues
External	$	933	$	480	$	330	$	—	$	5	$	—	$	1,748
Internal	23		9		28		—		—		(60)		—
Total service revenues	956		489		358		—		5		(60)		1,748
Total service revenues – commodity consideration	6		(3)		24		—		—		—		27
Product sales
External	57		11		10		487		28		—		593
Internal	22		17		75		(60)		55		(109)		—
Total product sales	79		28		85		427		83		(109)		593
Net gain (loss) on commodity derivatives
Realized	1		—		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
Internal	29		11		19		—		3		(62)		—
Total service revenues	867		411		383		—		7		(62)		1,606
Total service revenues – commodity consideration	22		3		61		—		—		—		86
Product sales
External	58		8		39		979		27		—		1,111
Internal	55		26		213		(107)		153		(340)		—
Total product sales	113		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 Mexico		Northeast G&P		West		Gas & NGL Marketing Services (1)		Other		Eliminations		Total
	(Millions)
Six Months Ended June 30, 2023
Segment revenues:
Service revenues
External	$	1,848	$	923	$	662	$	1	$	8	$	—	$	3,442
Internal	48		20		52		—		—		(120)		—
Total service revenues	1,896		943		714		1		8		(120)		3,442
Total service revenues – commodity consideration	18		3		42		—		—		—		63
Product sales
External	81		19		29		1,263		46		—		1,438
Internal	53		58		146		(161)		139		(235)		—
Total product sales	134		77		175		1,102		185		(235)		1,438
Net gain (loss) on commodity derivatives
Realized	1		—		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
Internal	58		21		34		—		7		(120)		—
Total service revenues	1,741		791		714		1		16		(120)		3,143
Total service revenues – commodity consideration	43		10		110		—		—		—		163
Product sales
External	109		13		50		1,994		49		—		2,215
Internal	104		57		389		(154)		235		(631)		—
Total product sales	213		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.