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SEGMENTS (Notes)
 6 Months Ended
Jun. 30, 2023
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
SEGMENTS SEGMENTS
Segment Descriptions - Our operations are divided into three reportable business segments as follows:
•    our Natural Gas Gathering and Processing segment gathers, treats and processes natural gas;
•    our Natural Gas Liquids segment gathers, treats, fractionates and transports NGLs and stores, markets and distributes purity NGLs; and
•    our Natural Gas Pipelines segment transports and stores natural gas.

Other and eliminations consist of corporate and Merger Transaction related costs, the operating and leasing activities of our headquarters building and related parking facility, the activity of our wholly owned captive insurance company and eliminations necessary to reconcile our reportable segments to our Consolidated Financial Statements.
Operating Segment Information - The following tables set forth certain selected financial information for our operating segments for the periods indicated:
Three Months Ended
June 30, 2023		Natural Gas
Gathering and
Processing		Natural Gas
Liquids (a)		Natural Gas
Pipelines (b)		Total
Segments
 
(Millions of dollars)
NGL and condensate sales$550 $3,120 $— $3,670 
Residue natural gas sales219 — — 219 
Gathering, processing and exchange services revenue35 133 — 168 
Transportation and storage revenue — 45 146 191 
Other5 2 — 7 
Total revenues (c)809 3,300 146 4,255 
Cost of sales and fuel (exclusive of depreciation and operating costs)(385)(2,627)(1)(3,013)
Operating costs(115)(161)(49)(325)
Equity in net earnings from investments1 13 29 43 
Noncash compensation expense and other 4 5 1 10 
Segment adjusted EBITDA$314 $530 $126 $970 
Depreciation and amortization$(67)$(85)$(16)$(168)
Capital expenditures$84 $169 $39 $292 
(a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $696 million, of which $640 million related to revenues within the segment, cost of sales and fuel of $203 million and operating costs of $93 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $103 million, cost of sales and fuel of $8 million and operating costs of $41 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 our Natural Gas Gathering and Processing segment totaled $521 million. Intersegment revenues for our Natural Gas Liquids and Natural Gas Pipelines segments were not material.

Three Months Ended
June 30, 2023		Total
Segments		Other and
Eliminations		Total
(Millions of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$3,670 $(521)$3,149 
Residue natural gas sales219 — 219 
Gathering, processing and exchange services revenue168 — 168 
Transportation and storage revenue 191 (2)189 
Other7 — 7 
Total revenues (a)$4,255 $(523)$3,732 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(3,013)$531 $(2,482)
Operating costs$(325)$(18)$(343)
Depreciation and amortization$(168)$(2)$(170)
Equity in net earnings from investments$43 $— $43 
Capital expenditures$292 $13 $305 
(a) - Noncustomer revenue for the three months ended June 30, 2023, totaled $102 million related primarily to gains from derivatives on commodity contracts.
Three Months Ended
June 30, 2022		Natural Gas
Gathering and
Processing		Natural Gas
Liquids (a)		Natural Gas
Pipelines (b)		Total
Segments
 
(Millions of dollars)
NGL and condensate sales$1,039 $5,010 $— $6,049 
Residue natural gas sales660 — 1 661 
Gathering, processing and exchange services revenue37 140 — 177 
Transportation and storage revenue — 40 130 170 
Other4 3 1 8 
Total revenues (c)1,740 5,193 132 7,065 
Cost of sales and fuel (exclusive of depreciation and operating costs)
(1,398)(4,543)(1)(5,942)
Operating costs(97)(143)(41)(281)
Equity in net earnings from investments1 9 26 36 
Noncash compensation expense and other6 1 — 7 
Segment adjusted EBITDA$252 $517 $116 $885 
Depreciation and amortization$(65)$(75)$(16)$(156)
Capital expenditures$124 $150 $19 $293 
(a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $617 million, of which $568 million related to revenues within the segment, cost of sales and fuel of $152 million and operating costs of $82 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $101 million, cost of sales and fuel of $7 million and operating costs of $36 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 our Natural Gas Gathering and Processing segment totaled $1.1 billion. Intersegment revenues for our Natural Gas Liquids and Natural Gas Pipelines segments were not material.

Three Months Ended
June 30, 2022		Total
Segments		Other and
Eliminations		Total
 
(Millions of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$6,049 $(1,062)$4,987 
Residue natural gas sales661 — 661 
Gathering, processing and exchange services revenue177 — 177 
Transportation and storage revenue 170 (2)168 
Other8 (5)3 
Total revenues (a)$7,065 $(1,069)$5,996 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(5,942)$1,064 $(4,878)
Operating costs$(281)$4 $(277)
Depreciation and amortization$(156)$(2)$(158)
Equity in net earnings from investments$36 $— $36 
Capital expenditures$293 $9 $302 
(a) - Noncustomer revenue for the three months ended June 30, 2022, totaled $(133) million related primarily to losses from derivatives on commodity contracts.
Six Months Ended
June 30, 2023		Natural Gas
Gathering and
Processing		Natural Gas
Liquids (a)		Natural Gas
Pipelines (b)		Total
Segments
 
(Millions of dollars)
NGL and condensate sales$1,194 $6,671 $— $7,865 
Residue natural gas sales787 — 25 812 
Gathering, processing and exchange services revenue73 264 — 337 
Transportation and storage revenue — 95 291 386 
Other13 5 1 19 
Total revenues (c)2,067 7,035 317 9,419 
Cost of sales and fuel (exclusive of depreciation and operating costs)
(1,260)(5,722)(15)(6,997)
Operating costs(220)(313)(94)(627)
Equity in net earnings from investments1 22 60 83 
Noncash compensation expense8 13 3 24 
Other1 776 — 777 
Segment adjusted EBITDA$597 $1,811 $271 $2,679 
Depreciation and amortization$(134)$(163)$(33)$(330)
Investments in unconsolidated affiliates$27 $414 $443 $884 
Total assets$6,854 $14,346 $2,384 $23,584 
Capital expenditures$182 $306 $85 $573 
(a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $1.3 billion, of which $1.2 billion related to revenues within the segment, cost of sales and fuel of $387 million and operating costs of $180 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $219 million, cost of sales and fuel of $23 million and operating costs of $79 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 our Natural Gas Gathering and Processing segment totaled $1.2 billion. Intersegment revenues for our Natural Gas Liquids and Natural Gas Pipelines segments were not material.

Six Months Ended
June 30, 2023		Total
Segments		Other and
Eliminations		Total
(Millions of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$7,865 $(1,155)$6,710 
Residue natural gas sales812 — 812 
Gathering, processing and exchange services revenue337 — 337 
Transportation and storage revenue 386 (4)382 
Other19 (7)12 
Total revenues (a)$9,419 $(1,166)$8,253 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(6,997)$1,168 $(5,829)
Operating costs$(627)$(12)$(639)
Depreciation and amortization$(330)$(2)$(332)
Equity in net earnings from investments$83 $— $83 
Investments in unconsolidated affiliates$884 $1 $885 
Total assets$23,584 $454 $24,038 
Capital expenditures$573 $21 $594 
(a) - Noncustomer revenue for the six months ended June 30, 2023, totaled $142 million related primarily to gains from derivatives on commodity contracts.
Six Months Ended
June 30, 2022		Natural Gas
Gathering and
Processing		Natural Gas
Liquids (a)		Natural Gas
Pipelines (b)		Total
Segments
 
(Millions of dollars)
NGL and condensate sales$2,043 $9,559 $— $11,602 
Residue natural gas sales1,211 — 27 1,238 
Gathering, processing and exchange services revenue68 276 — 344 
Transportation and storage revenue — 87 253 340 
Other10 5 1 16 
Total revenues (c)3,332 9,927 281 13,540 
Cost of sales and fuel (exclusive of depreciation and operating costs)
(2,687)(8,632)(18)(11,337)
Operating costs(191)(272)(82)(545)
Equity in net earnings from investments3 14 55 72 
Noncash compensation expense and other10 8 4 22 
Segment adjusted EBITDA$467 $1,045 $240 $1,752 
Depreciation and amortization$(128)$(150)$(31)$(309)
Investments in unconsolidated affiliates$28 $415 $358 $801 
Total assets$7,085 $15,183 $2,176 $24,444 
Capital expenditures$217 $276 $42 $535 
(a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $1.2 billion, of which $1.1 billion related to revenues within the segment, cost of sales and fuel of $298 million and operating costs of $157 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $227 million, cost of sales and fuel of $28 million and operating costs of $71 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 our Natural Gas Gathering and Processing segment totaled $2.1 billion. Intersegment revenues for our Natural Gas Liquids and Natural Gas Pipelines segments were not material.

Six Months Ended
June 30, 2022		Total
Segments		Other and
Eliminations		Total
(Millions of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$11,602 $(2,090)$9,512 
Residue natural gas sales1,238 — 1,238 
Gathering, processing and exchange services revenue344 — 344 
Transportation and storage revenue 340 (4)336 
Other16 (5)11 
Total revenues (a)$13,540 $(2,099)$11,441 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(11,337)$2,093 $(9,244)
Operating costs$(545)$4 $(541)
Depreciation and amortization$(309)$(3)$(312)
Equity in net earnings from investments$72 $— $72 
Investments in unconsolidated affiliates$801 $— $801 
Total assets$24,444 $83 $24,527 
Capital expenditures$535 $24 $559 
(a) - Noncustomer revenue for the six months ended June 30, 2022, totaled $(307) million related primarily to losses from derivatives on commodity contracts.
Three Months EndedSix Months Ended
June 30,June 30,
2023202220232022
(Millions of dollars)
Reconciliation of net income to total segment adjusted EBITDA
Net income$468 $414 $1,517 $805 
Add:
Interest expense, net of capitalized interest180 171 346 343 
Depreciation and amortization170 158 332 312 
Income taxes145 131 475 253 
Noncash compensation expense and other8 12 18 37 
Other corporate costs (1)(1)(9)2 
Total segment adjusted EBITDA (a)$970 $885 $2,679 $1,752 
(a) - The six months ended June 30, 2023 includes $702 million related to the Medford incident, including a settlement gain of $779 million, offset partially by $77 million of third-party fractionation costs.