Investing Activities (Tables)

12 Months Ended

Dec. 31, 2020

Investments [Abstract]

Realized Gain (Loss) on Investments [Table Text Block]

The following table presents certain items reflected in Other investing income (loss) – net in the Consolidated Statement of Operations:

	Year Ended December 31,
	2020		2019		2018
	(Millions)
Gain (loss) on deconsolidation of businesses	$	—	$	(29)	$	203
Gain on disposition of Jackalope	—		122		—
Other	8		14		16
Other investing income (loss) – net	$	8	$	107	$	219

Investments [Table Text Block]

	Ownership Interest at December 31, 2020	December 31,
		2020		2019
		(Millions)
Appalachia Midstream Investments	(1)	$	3,087	$	3,236
RMM	50%	421		881
OPPL	50%	395		403
Blue Racer/Caiman II (2)	50%	357		428
Discovery	60%	352		472
Laurel Mountain	69%	219		249
Gulfstream	50%	204		217
Brazos Permian II	15%	—		194
Other	Various	124		155
		$	5,159	$	6,235

___________

(1)Includes equity-method investments in multiple gathering systems in the Marcellus Shale with an approximate average 66 percent interest.

(2)See previous discussion in the section Acquisition of Additional Interests in Caiman II above.

Contributions [Table Text Block]

We generally fund our portion of significant expansion or development projects of these investees through additional capital contributions. These transactions increased the carrying value of our investments and included:

	Year Ended December 31,
	2020		2019		2018
	(Millions)
Blue Racer/Caiman II (1)	$	157	$	28	$	—
Appalachia Midstream Investments	116		140		246
Targa Train 7	6		43		—
Laurel Mountain	5		36		16
RMM	—		145		795
Jackalope	—		24		42
Brazos Permian II	—		18		27
Discovery	—		—		5
Other	41		19		1
	$	325	$	453	$	1,132

___________

(1)See previous discussion in the section Acquisition of Additional Interests in Caiman II above.

Dividends and distributions [Table Text Block]

Dividends and distributions

The organizational documents of entities in which we have an equity-method investment generally require distribution of available cash to members on at least a quarterly basis. These transactions reduced the carrying value of our investments and included:

	Year Ended December 31,
	2020		2019		2018
	(Millions)
Appalachia Midstream Investments	$	357	$	293	$	297
Gulfstream	93		86		93
OPPL	50		77		73
Blue Racer/Caiman II (1)	47		42		46
RMM	39		38		—
Laurel Mountain	31		30		23
Discovery	21		41		45
UEOM	—		13		70
Other	15		37		46
	$	653	$	657	$	693

___________

(1)See previous discussion in the section Acquisition of Additional Interests in Caiman II above.

Summarized Financial Position and Results of Operations of Equity Method Investments [Table Text Block]

Summarized Financial Position and Results of Operations of All Equity-Method Investments

	December 31,
	2020		2019
	(Millions)
Assets (liabilities):
Current assets	$	630	$	581
Noncurrent assets	13,424		11,966
Current liabilities	(312)		(341)
Noncurrent liabilities	(3,884)		(2,532)

	Year Ended December 31,
	2020		2019		2018
	(Millions)
Gross revenue	$	2,625	$	2,490	$	2,411
Operating income	508		685		804
Net income	459		598		795