Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2023

The following tables present financial information by segment:


	Years Ended December 31,
	2023		2022		2021
Revenues:
Intrastate transportation and storage:
Revenues from external customers	$	3,222	$	6,954	$	7,307
Intersegment revenues	740		864		1,264
	3,962		7,818		8,571
Interstate transportation and storage:
Revenues from external customers	2,328		2,185		1,802
Intersegment revenues	47		66		39
	2,375		2,251		1,841
Midstream:
Revenues from external customers	2,911		4,114		2,620
Intersegment revenues	7,495		12,987		8,696
	10,406		17,101		11,316
NGL and refined products transportation and services:
Revenues from external customers	18,413		21,414		16,989
Intersegment revenues	3,490		4,243		2,972
	21,903		25,657		19,961
Crude oil transportation and services:
Revenues from external customers	26,534		25,980		17,442
Intersegment revenues	2		2		4
	26,536		25,982		17,446
Investment in Sunoco LP:
Revenues from external customers	23,026		25,677		17,571
Intersegment revenues	42		52		25
	23,068		25,729		17,596
Investment in USAC:
Revenues from external customers	824		689		621
Intersegment revenues	22		16		12
	846		705		633
All other:
Revenues from external customers	1,328		2,863		3,065
Intersegment revenues	470		711		411
	1,798		3,574		3,476
Eliminations	(12,308)		(18,941)		(13,423)
Total revenues	$	78,586	$	89,876	$	67,417


	Years Ended December 31,
	2023		2022		2021
Cost of products sold:
Intrastate transportation and storage	$	2,616	$	6,000	$	4,769
Interstate transportation and storage	6		25		11
Midstream	6,503		12,682		8,569
NGL and refined products transportation and services	17,049		21,656		16,248
Crude oil transportation and services	23,071		22,917		14,759
Investment in Sunoco LP	21,703		24,350		16,246
Investment in USAC	137		111		85
All other	1,740		3,328		3,068
Eliminations	(12,284)		(18,837)		(13,360)
Total cost of products sold	$	60,541	$	72,232	$	50,395


	Years Ended December 31,
	2023		2022		2021
Depreciation, depletion and amortization:
Intrastate transportation and storage	$	214	$	209	$	191
Interstate transportation and storage	563		513		457
Midstream	1,451		1,351		1,190
NGL and refined products transportation and services	915		865		778
Crude oil transportation and services	740		663		588
Investment in Sunoco LP	187		193		177
Investment in USAC	246		237		239
All other	69		133		197
Total depreciation, depletion and amortization	$	4,385	$	4,164	$	3,817


	Years Ended December 31,
	2023		2022		2021
Equity in earnings (losses) of unconsolidated affiliates:
Intrastate transportation and storage	$	17	$	17	$	20
Interstate transportation and storage	260		175		140
Midstream	15		19		24
NGL and refined products transportation and services	76		44		51
Crude oil transportation and services	11		(2)		10


All other	4		4		1
Total equity in earnings of unconsolidated affiliates	$	383	$	257	$	246


	Years Ended December 31,
	2023		2022		2021
Segment Adjusted EBITDA:
Intrastate transportation and storage	$	1,111	$	1,396	$	3,483
Interstate transportation and storage	2,009		1,753		1,515
Midstream	2,525		3,210		1,868
NGL and refined products transportation and services	3,894		3,025		2,828
Crude oil transportation and services	2,681		2,187		2,023
Investment in Sunoco LP	964		919		754
Investment in USAC	512		426		398
All Other	2		177		177
Adjusted EBITDA (consolidated)	$	13,698	$	13,093	$	13,046


	Years Ended December 31,
	2023		2022		2021
Reconciliation of net income to Adjusted EBITDA:
Net income	$	5,294	$	5,868	$	6,687
Depreciation, depletion and amortization	4,385		4,164		3,817
Interest expense, net of interest capitalized	2,578		2,306		2,267
Income tax expense	303		204		184
Impairment losses and other	12		386		21
Gains on interest rate derivatives	(36)		(293)		(61)
Non-cash compensation expense	130		115		111
Unrealized gains on commodity risk management activities	(3)		(42)		(162)
Inventory valuation adjustments	114		(5)		(190)
(Gains) losses on extinguishments of debt	(2)		—		38
Adjusted EBITDA related to unconsolidated affiliates	691		565		523
Equity in earnings of unconsolidated affiliates	(383)		(257)		(246)

Non-operating litigation-related loss	627		—		—
Other, net	(12)		82		57
Adjusted EBITDA (consolidated)	$	13,698	$	13,093	$	13,046


	December 31,
	2023		2022		2021
Segment assets:
Intrastate transportation and storage	$	6,112	$	6,609	$	7,322
Interstate transportation and storage	17,708		17,979		17,774
Midstream	25,592		21,851		21,960
NGL and refined products transportation and services	27,214		27,903		28,160
Crude oil transportation and services	25,464		19,200		19,649
Investment in Sunoco LP	6,826		6,830		5,815
Investment in USAC	2,737		2,666		2,768
All other and eliminations	2,045		2,605		2,515
Total segment assets	$	113,698	$	105,643	$	105,963


	Years Ended December 31,
	2023		2022		2021
Additions to property, plant and equipment (1):
Intrastate transportation and storage	$	93	$	179	$	52
Interstate transportation and storage	383		644		159
Midstream	832		1,004		484
NGL and refined products transportation and services	679		507		751
Crude oil transportation and services	266		246		343
Investment in Sunoco LP	215		186		174
Investment in USAC	300		169		60
All other	100		91		135
Total additions to property, plant and equipment (1)	$	2,868	$	3,026	$	2,158

(1)Amounts are presented on the accrual basis, net of contributions in aid of constructions costs. Amounts exclude acquisitions and include only the Partnership’s proportionate share of capital expenditures related to joint ventures.


	December 31,
	2023		2022		2021
Investments in unconsolidated affiliates:
Intrastate transportation and storage	$	144	$	139	$	110
Interstate transportation and storage	2,179		2,201		2,209
Midstream	141		54		101
NGL and refined products transportation and services	390		398		457
Crude oil transportation and services	187		48		19


All other	56		53		51
Total investments in unconsolidated affiliates	$	3,097	$	2,893	$	2,947