Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Note 11 – Subsequent Events

Discovery Acquisition

As of December 31, 2023, we owned a 60 percent interest in Discovery which we accounted for as an equity-method investment. On August 1, 2024, we closed on the acquisition of the remaining 40 percent interest in Discovery, along with certain other assets, for $170 million, subject to working capital and post-closing adjustments. As a result of acquiring this additional interest, we obtained control and will consolidate Discovery. The purpose of this acquisition was to expand our gathering, processing, and transportation footprint in the Gulf of Mexico region. Assets acquired, acquisition-related costs incurred, and results of operations realized will be included within our Transmission & Gulf of Mexico segment. Due to the recent timing, the initial purchase price accounting for the transaction was not available at the time of filing.

Sale of Aux Sable Interest

Also on August 1, 2024, we completed the sale of our equity-method investments in Aux Sable Liquid Products Inc., Aux Sable Liquid Products LP, and Aux Sable Midstream LLC (collectively, “Aux Sable”) for total consideration of $160 million. As a result of this sale, we expect to record a gain in the third quarter of 2024 in our Northeast G&P segment.