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SEGMENTS (Tables)
12 Months Ended
Dec. 31, 2022
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, 2022Natural Gas
Gathering and
Processing
Natural Gas
Liquids (a)
Natural Gas
Pipelines (b)
Total
Segments
 
(Thousands of dollars)
NGL and condensate sales$3,690,217 $18,329,318 $ $22,019,535 
Residue natural gas sales2,674,413  38,281 2,712,694 
Gathering, processing and exchange services revenue144,278 546,650  690,928 
Transportation and storage revenue 180,049 539,314 719,363 
Other24,584 10,805 947 36,336 
Total revenues (c)6,533,492 19,066,822 578,542 26,178,856 
Cost of sales and fuel (exclusive of depreciation and operating costs)(5,116,588)(16,546,113)(25,425)(21,688,126)
Operating costs(403,217)(575,791)(181,281)(1,160,289)
Equity in net earnings from investments4,857 34,643 108,220 147,720 
Noncash compensation expense16,663 27,616 7,182 51,461 
Other1,426 88,035 1,194 90,655 
Segment adjusted EBITDA$1,036,633 $2,095,212 $488,432 $3,620,277 
Depreciation and amortization$(257,311)$(302,331)$(62,129)$(621,771)
Investments in unconsolidated affiliates$27,973 $414,454 $359,367 $801,794 
Total assets$6,979,816 $14,643,324 $2,253,978 $23,877,118 
Capital expenditures$444,851 $580,837 $123,443 $1,149,131 
(a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $2.5 billion, of which $2.3 billion related to revenues within the segment, cost of sales and fuel of $686.9 million and operating costs of $333.7 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $438.2 million, cost of sales and fuel of $48.9 million and operating costs of $154.4 million.
(c) Intersegment revenues are primarily commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $3.7 billion. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material.
Year Ended December 31, 2022Total
Segments
Other and
Eliminations
Total
 
(Thousands of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$22,019,535 $(3,759,453)$18,260,082 
Residue natural gas sales2,712,694 (7,741)2,704,953 
Gathering, processing and exchange services revenue690,928  690,928 
Transportation and storage revenue719,363 (8,839)710,524 
Other36,336 (15,931)20,405 
Total revenues (a)$26,178,856 $(3,791,964)$22,386,892 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(21,688,126)$3,778,260 $(17,909,866)
Operating costs$(1,160,289)$10,585 $(1,149,704)
Depreciation and amortization$(621,771)$(4,361)$(626,132)
Equity in net earnings from investments$147,720 $ $147,720 
Investments in unconsolidated affiliates$801,794 $ $801,794 
Total assets$23,877,118 $501,976 $24,379,094 
Capital expenditures$1,149,131 $52,926 $1,202,057 
(a) - Noncustomer revenue for the year ended December 31, 2022, totaled $(285.9) million related primarily to losses from derivatives on commodity contracts.

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, cost of sales and fuel of $607.5 million and operating costs of $308.5 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $521.3 million, cost of sales and fuel of $28.5 million and operating costs of $147.5 million.
(c) -Intersegment revenues are primarily commodity sales, which are based on the contracted selling price that 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, cost of sales and fuel of $520.6 million and operating costs of $225.8 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $410.8 million, cost of sales and fuel of $35.4 million and operating costs of $121.9 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.

Years Ended December 31,
202220212020
Reconciliation of net income to total segment adjusted EBITDA
(Thousands of dollars)
Net income$1,722,221 $1,499,706 $612,809 
Add:
Interest expense, net of capitalized interest675,946 732,924 712,886 
Depreciation and amortization626,132 621,701 578,662 
Income taxes527,424 484,498 189,507 
Impairment charges — 644,930 
Noncash compensation expense70,502 42,592 8,540 
Other corporate costs and equity AFUDC (a)(1,948)(845)(42,631)
Total segment adjusted EBITDA$3,620,277 $3,380,576 $2,704,703 
(a) - The year ended December 31, 2020, includes corporate net gains of $22.3 million on extinguishment of debt related to open market repurchases.