
	Crude Oil		NGL		Intersegment Elimination		Total




























Three Months Ended March 31, 2025
Revenues (1):
Product sales	$	11,008	$	596	$	(60)	$	11,544
Services	431		42		(6)		467
Total revenues	11,439		638		(66)		12,011

Significant segment expenses:
Purchases and related costs (1)	(10,488)		(339)		66		(10,761)
Field operating costs	(292)		(76)		—		(368)
Segment general and administrative expenses	(79)		(21)		—		(100)
Total significant segment expenses	(10,859)		(436)		66		(11,229)

Equity earnings in unconsolidated entities	103		—

Other segment items (2):
Depreciation and amortization of unconsolidated entities (3)	20		—
Derivative activities and inventory valuation adjustments (4)	(24)		(10)
Long-term inventory costing adjustments (5)	—		(3)
Deficiencies under minimum volume commitments, net (6)	(7)		—
Equity-indexed compensation expense (7)	9		—


Transaction-related expenses (8)	5		—
Segment amounts attributable to noncontrolling interests (9)	(127)		—
Total other segment items	(124)		(13)

Segment Adjusted EBITDA	$	559	$	189

Investment and acquisition capital expenditures (10) (11)	$	785	$	41			$	826
Maintenance capital expenditures (11)	$	31	$	10			$	41

As of March 31, 2025
Investments in unconsolidated entities	$	2,745	$	—			$	2,745


	Crude Oil		NGL		Intersegment Elimination		Total
Three Months Ended March 31, 2024
Revenues (1):
Product sales	$	11,176	$	458	$	(88)	$	11,546
Services	406		49		(6)		449
Total revenues	11,582		507		(94)		11,995

Significant segment expenses:
Purchases and related costs (1)	(10,665)		(346)		94		(10,917)
Field operating costs	(266)		(92)		—		(358)
Segment general and administrative expenses	(73)		(23)		—		(96)
Total significant segment expenses	(11,004)		(461)		94		(11,371)

Equity earnings in unconsolidated entities	95		—

Other segment items (2):
Depreciation and amortization of unconsolidated entities (3)	19		—
Derivative activities and inventory valuation adjustments (4)	37		122
Long-term inventory costing adjustments (5)	(28)		(5)
Deficiencies under minimum volume commitments, net (6)	(12)		—
Equity-indexed compensation expense (7)	9		—
Foreign currency revaluation (12)	(17)		(4)


Segment amounts attributable to noncontrolling interests (9)	(128)		—
Total other segment items	(120)		113

Segment Adjusted EBITDA	$	553	$	159

Investment and acquisition capital expenditures (10) (11)	$	183	$	14			$	197
Maintenance capital expenditures (11)	$	46	$	11			$	57

As of December 31, 2024
Investments in unconsolidated entities	$	2,811	$	—			$	2,811

(1)Segment revenues include intersegment amounts that are eliminated in purchases and related costs. Intersegment activities are conducted at posted tariff rates where applicable, or otherwise at rates similar to those charged to third parties or rates that we believe approximate market at the time the agreement is executed or renegotiated.

(4)We use derivative instruments for risk management purposes and our related processes include specific identification of hedging instruments to an underlying hedged transaction. Although we identify an underlying transaction for each derivative instrument we enter into, there may not be an accounting hedge relationship between the instrument and the underlying transaction. In the course of evaluating our results, we identify differences in the timing of earnings from the derivative instruments and the underlying transactions and exclude the related gains and losses in determining Segment Adjusted EBITDA such that the earnings from the derivative instruments and the underlying transactions impact Segment Adjusted EBITDA in the same period. In addition, we exclude gains and losses on derivatives that are related to (i) investing activities, such as the purchase of linefill, and (ii) purchases of long-term inventory. We also exclude the impact of corresponding inventory valuation adjustments, as applicable.

(5)We carry crude oil and NGL inventory that is comprised of minimum working inventory requirements in third-party assets and other working inventory that is needed for our commercial operations. We consider this inventory necessary to conduct our operations and we intend to carry this inventory for the foreseeable future. Therefore, we classify this inventory as long-term on our balance sheet and do not hedge the inventory with derivative instruments (similar to linefill in our own assets). We exclude the impact of changes in the average cost of the long-term inventory (that result from fluctuations in market prices) and write-downs of such inventory that result from price declines from Segment Adjusted EBITDA.

(6)We, and certain of our equity method investees, have certain agreements that require counterparties to deliver, transport or throughput a minimum volume over an agreed upon period. Substantially all of such agreements were entered into with counterparties to economically support the return on capital expenditure necessary to construct the related asset. Some of these agreements include make-up rights if the minimum volume is not met. We record a receivable from the counterparty in the period that services are provided or when the transaction occurs, including amounts for deficiency obligations from counterparties associated with minimum volume commitments. If a counterparty has a make-up right associated with a deficiency, we defer the revenue attributable to the counterparty’s make-up right and subsequently recognize the revenue at the earlier of when the deficiency volume is delivered or shipped, when the make-up right expires or when it is determined that the counterparty’s ability to utilize the make-up right is remote. We include the impact of amounts billed to counterparties for their deficiency obligation, net of applicable amounts subsequently recognized into revenue or equity earnings, as a selected item impacting comparability. Our CODM views the inclusion of the contractually committed revenues associated with that period as meaningful to Segment Adjusted EBITDA as the related asset has been constructed, is standing ready to provide the committed service and the fixed operating costs are included in the current period results.

(7)Our total equity-indexed compensation expense includes expense associated with awards that will be settled in units and awards that will be settled in cash. The awards that will be settled in units are included in our diluted net income per unit calculation when the applicable performance criteria have been met. We exclude compensation expense associated with these awards in determining Segment Adjusted EBITDA as the dilutive impact of the outstanding awards is included in our diluted net income per unit calculation, as applicable. The portion of compensation expense associated with awards that will be settled in cash is not excluded in determining Segment Adjusted EBITDA. See Note 17 to our Consolidated Financial Statements included in Part IV of our 2024 Annual Report on Form 10-K for a discussion regarding our equity-indexed compensation plans.

(12)During the periods presented, there were fluctuations in the value of CAD to USD, resulting in the realization of foreign exchange gains and losses on the settlement of foreign currency transactions as well as the revaluation of monetary assets and liabilities denominated in a foreign currency. These gains and losses are not integral to our core operating performance and were therefore excluded in determining Segment Adjusted EBITDA.