Investments in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments in and summarized financial information for entities accounted for under the equity method of accounting

Our investments in unconsolidated entities consisted of the following (in millions, except percentage data):

		Ownership Interest at December 31, 2022	Investment Balance December 31,
Entity (1)	Type of Operation		2022		2021
BridgeTex Pipeline Company, LLC (“BridgeTex”)	Crude Oil Pipeline	20%	$	403	$	406
Cactus II (2)	Crude Oil Pipeline	—%	—		737
Capline Pipeline Company LLC	Crude Oil Pipeline	54%	539		531
Diamond Pipeline LLC (“Diamond”)	Crude Oil Pipeline	50%	460		464
Eagle Ford Pipeline LLC (“Eagle Ford Pipeline”)	Crude Oil Pipeline	50%	371		363
Eagle Ford Terminals Corpus Christi LLC (“Eagle Ford Terminals”)	Crude Oil Terminal and Dock	50%	118		120
OMOG JV LLC (“OMOG”) (3)	Crude Oil Pipeline	57%	211		102
Saddlehorn	Crude Oil Pipeline	30%	197		209
White Cliffs Pipeline, LLC	Crude Oil Pipeline	36%	150		171
Wink to Webster Pipeline LLC (“W2W Pipeline”) (4)	Crude Oil Pipeline	16%	357		345
Other investments (5)			278		357
Total Investments in Unconsolidated Entities			$	3,084	$	3,805

(1)The financial results from these entities are reported in our Crude Oil segment.

(2)In November 2022, we acquired an additional 5% interest in Cactus II which, combined with changes in governance, resulted in our obtaining control of the entity. We now reflect Cactus II as a consolidated subsidiary in our Consolidated Financial Statements. See Note 7 for additional information.

(3)In November 2022, we acquired an additional interest in OMOG. Although we own greater than 50% of OMOG, we use the equity method to account for the investment because the joint venture partner still retains substantive participating rights.

(4)Although we own less than 20% of W2W Pipeline, we use the equity method to account for the investment because we believe we have significant influence over the financial and operating decisions of the company.

(5)In July 2022, we acquired the remaining 50% interest in Advantage. Prior to the acquisition, our 50% interest in Advantage was accounted for as an equity method investment. See Note 7 for additional information.

Combined summarized financial information for all of our unconsolidated entities is shown in the tables below (in millions). None of our unconsolidated entities have noncontrolling interests.

	December 31,
	2022		2021
Current assets	$	471	$	509
Noncurrent assets	$	7,579	$	8,879
Current liabilities	$	252	$	366
Noncurrent liabilities	$	8	$	15

	Year Ended December 31,
	2022		2021		2020
Revenues	$	1,726	$	1,320	$	1,360
Operating income	$	1,004	$	505	$	828
Net income	$	1,011	$	506	$	826