UNCONSOLIDATED AFFILIATES

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

UNCONSOLIDATED AFFILIATES

UNCONSOLIDATED AFFILIATES

Equity in Net Earnings from Investments - The following table sets forth our equity in net earnings from investments for the periods indicated:

	Three Months Ended				Nine Months Ended
	Sept. 30,				Sept. 30,
	2024		2023		2024		2023
	(Millions of dollars)
Northern Border	$	25	$	20	$	72	$	58
Overland Pass	23		17		61		39
Saddlehorn	13		—		36		—
Roadrunner	9		10		30		32
BridgeTex	7		—		25		—
MVP	3		—		10		—
Other	12		2		22		3
Equity in net earnings from investments	$	92	$	49	$	256	$	132

In March 2024, we purchased an additional 10% interest in Saddlehorn, resulting in a 40% ownership interest.

We incurred expenses in transactions with unconsolidated affiliates of $54 million and $33 million for the three months ended Sept. 30, 2024 and 2023, respectively, and $149 million and $88 million for the nine months ended Sept. 30, 2024 and 2023, respectively, related primarily to Overland Pass and Northern Border. Revenue earned and accounts receivable from, and accounts payable to, our unconsolidated affiliates were not material.

We are the operator of Roadrunner, BridgeTex, MVP and Saddlehorn. In each case, we have operating agreements that provide for reimbursement or payment to us for management services and certain operating costs. Reimbursements and payments included in operating income in our Consolidated Statements of Income for all periods presented were not material.