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SEGMENTS (Tables)
12 Months Ended
Dec. 31, 2021
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Segments The following tables set forth certain selected financial information for our operating segments for the periods indicated:
Year Ended December 31, 2021Natural Gas
Gathering and
Processing
Natural Gas
Liquids (a)
Natural Gas
Pipelines (b)
Total
Segments
 
(Thousands of dollars)
NGL and condensate sales$2,821,175 $13,653,120 $ $16,474,295 
Residue natural gas sales1,483,898  115,495 1,599,393 
Gathering, processing and exchange services revenue135,501 517,758  653,259 
Transportation and storage revenue 179,619 490,498 670,117 
Other20,965 41,376 910 63,251 
Total revenues (c)4,461,539 14,391,873 606,903 19,460,315 
Cost of sales and fuel (exclusive of depreciation and operating costs)(3,226,078)(11,939,661)(11,236)(15,176,975)
Operating costs(367,390)(528,084)(170,257)(1,065,731)
Equity in net earnings from investments3,757 21,000 97,763 122,520 
Noncash compensation expense and other17,299 18,511 4,637 40,447 
Segment adjusted EBITDA$889,127 $1,963,639 $527,810 $3,380,576 
Depreciation and amortization$(260,011)$(298,937)$(58,702)$(617,650)
Investments in unconsolidated affiliates$27,018 $416,648 $353,947 $797,613 
Total assets$6,768,955 $14,502,372 $2,143,307 $23,414,634 
Capital expenditures$275,165 $306,949 $92,617 $674,731 
(a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $2.4 billion, of which $2.2 billion related to revenues within the segment, and cost of sales and fuel of $607.5 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $394.2 million and cost of sales and fuel of $24.3 million.
(c) - Intersegment revenues are primarily commodity sales which are based on the contracted selling price, which is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $2.9 billion. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material.

Year Ended December 31, 2021Total
Segments
Other and
Eliminations
Total
 
(Thousands of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$16,474,295 $(2,904,598)$13,569,697 
Residue natural gas sales1,599,393  1,599,393 
Gathering, processing and exchange services revenue653,259  653,259 
Transportation and storage revenue670,117 (13,121)656,996 
Other63,251 (2,287)60,964 
Total revenues (a)$19,460,315 $(2,920,006)$16,540,309 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(15,176,975)$2,920,320 $(12,256,655)
Operating costs$(1,065,731)$(1,357)$(1,067,088)
Depreciation and amortization$(617,650)$(4,051)$(621,701)
Equity in net earnings from investments$122,520 $ $122,520 
Investments in unconsolidated affiliates$797,613 $ $797,613 
Total assets$23,414,634 $206,979 $23,621,613 
Capital expenditures$674,731 $22,123 $696,854 
(a) - Noncustomer revenue for the year ended December 31, 2021, totaled $(565.0) million related primarily to losses from derivatives on commodity contracts.
Year Ended December 31, 2020Natural Gas
Gathering and
Processing
Natural Gas
Liquids (a)
Natural Gas
Pipelines (b)
Total
Segments
 
(Thousands of dollars)
NGL and condensate sales$889,388 $6,409,332 $— $7,298,720 
Residue natural gas sales771,486 — 8,693 780,179 
Gathering, processing and exchange services revenue141,943 488,574 — 630,517 
Transportation and storage revenue— 182,915 470,097 653,012 
Other17,304 9,192 1,192 27,688 
Total revenues (c)1,820,121 7,090,013 479,982 9,390,116 
Cost of sales and fuel (exclusive of depreciation and operating costs)
(843,976)(5,108,558)(6,809)(5,959,343)
Operating costs(326,938)(412,900)(141,713)(881,551)
Equity in net earnings (loss) from investments(1,123)39,938 104,426 143,241 
Noncash compensation expense and other1,952 8,748 1,540 12,240 
Segment adjusted EBITDA$650,036 $1,617,241 $437,426 $2,704,703 
Depreciation and amortization$(247,010)$(271,900)$(55,739)$(574,649)
Impairment charges$(566,145)$(78,785)$— $(644,930)
Investments in unconsolidated affiliates$22,757 $423,494 $358,781 $805,032 
Total assets$6,499,908 $13,636,109 $2,100,213 $22,236,230 
Capital expenditures$446,142 $1,655,759 $71,918 $2,173,819 
(a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $2.0 billion, of which $1.8 billion related to revenues within the segment, and cost of sales and fuel of $520.6 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $298.5 million and cost of sales and fuel of $30.4 million.
(c) - Intersegment revenues are primarily commodity sales which are based on the contracted selling price, which is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $865.6 million. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material.

Year Ended December 31, 2020Total
Segments
Other and
Eliminations
Total
 
(Thousands of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$7,298,720 $(820,851)$6,477,869 
Residue natural gas sales780,179 (10,860)769,319 
Gathering, processing and exchange services revenue630,517 — 630,517 
Transportation and storage revenue653,012 (14,599)638,413 
Other27,688 (1,564)26,124 
Total revenues (a)$9,390,116 $(847,874)$8,542,242 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(5,959,343)$849,197 $(5,110,146)
Operating costs$(881,551)$(4,653)$(886,204)
Depreciation and amortization$(574,649)$(4,013)$(578,662)
Impairment charges$(644,930)$— $(644,930)
Equity in net earnings from investments$143,241 $— $143,241 
Investments in unconsolidated affiliates$805,032 $— $805,032 
Total assets$22,236,230 $842,524 $23,078,754 
Capital expenditures$2,173,819 $21,562 $2,195,381 
(a) - Noncustomer revenue for the year ended December 31, 2020, totaled $65.8 million related primarily to gains from derivatives on commodity contracts.
Year Ended December 31, 2019Natural Gas
Gathering and
Processing
Natural Gas
Liquids (a)
Natural Gas
Pipelines (b)
Total
Segments
 
(Thousands of dollars)
NGL and condensate sales$1,224,378 $7,910,833 $— $9,135,211 
Residue natural gas sales966,149 — 1,244 967,393 
Gathering, processing and exchange services revenue164,299 414,238 — 578,537 
Transportation and storage revenue— 197,483 466,266 663,749 
Other13,813 9,962 4,477 28,252 
Total revenues (c)2,368,639 8,532,516 471,987 11,373,142 
Cost of sales and fuel (exclusive of depreciation and operating costs)
(1,302,310)(6,690,918)(4,628)(7,997,856)
Operating costs(368,352)(456,892)(157,230)(982,474)
Equity in net earnings (loss) from investments(6,292)65,123 95,710 154,541 
Noncash compensation expense and other10,965 15,936 2,977 29,878 
Segment adjusted EBITDA$702,650 $1,465,765 $408,816 $2,577,231 
Depreciation and amortization$(219,519)$(196,132)$(57,250)$(472,901)
Investments in unconsolidated affiliates$34,426 $439,393 $388,025 $861,844 
Total assets$6,795,744 $12,551,476 $2,094,072 $21,441,292 
Capital expenditures$926,489 $2,796,604 $99,221 $3,822,314 
(a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $1.4 billion, of which $1.2 billion related to revenues within the segment, and cost of sales and fuel of $496.8 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $285.3 million and cost of sales and fuel of $20.0 million.
(c) - Intersegment revenues are primarily commodity sales which are based on the contracted selling price, which is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $1.2 billion. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material.

Year Ended December 31, 2019Total
Segments
Other and
Eliminations
Total
(Thousands of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$9,135,211 $(1,190,424)$7,944,787 
Residue natural gas sales967,393 (1,418)965,975 
Gathering, processing and exchange services revenue578,537 — 578,537 
Transportation and storage revenue663,749 (15,646)648,103 
Other28,252 (1,287)26,965 
Total revenues (a)$11,373,142 $(1,208,775)$10,164,367 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(7,997,856)$1,209,816 $(6,788,040)
Operating costs$(982,474)$(390)$(982,864)
Depreciation and amortization$(472,901)$(3,634)$(476,535)
Equity in net earnings from investments$154,541 $— $154,541 
Investments in unconsolidated affiliates$861,844 $— $861,844 
Total assets$21,441,292 $370,829 $21,812,121 
Capital expenditures$3,822,314 $26,035 $3,848,349 
(a) - Noncustomer revenue for the year ended December 31, 2019, totaled $139.6 million related primarily to gains from derivatives on commodity contracts.
Years Ended December 31,
202120202019
Reconciliation of net income to total segment adjusted EBITDA
(Thousands of dollars)
Net income$1,499,706 $612,809 $1,278,577 
Add:
Interest expense, net of capitalized interest732,924 712,886 491,773 
Depreciation and amortization621,701 578,662 476,535 
Income tax expense484,498 189,507 372,414 
Impairment charges 644,930 — 
Noncash compensation expense42,592 8,540 26,699 
Other corporate costs and equity AFUDC (a)(845)(42,631)(68,767)
Total segment adjusted EBITDA$3,380,576 $2,704,703 $2,577,231 
(a) - The year ended December 31, 2020, includes corporate net gains of $22.3 million on extinguishment of debt related to open market repurchases. The year ended December 31, 2019, includes higher equity AFUDC related to our capital-growth projects compared with 2020.