v3.25.2
Reportable Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Reportable Segments REPORTABLE SEGMENTS
Our reportable segments, which conduct their business primarily in the U.S., are as follows:
•intrastate transportation and storage;
•interstate transportation and storage;
•midstream;
•NGL and refined products transportation and services;
•crude oil transportation and services;
•investment in Sunoco LP;
•investment in USAC; and
•all other.
Consolidated revenues and expenses reflect the elimination of all material intercompany transactions.
Revenues from our intrastate transportation and storage segment are primarily reflected in natural gas sales and gathering, transportation and other fees. Revenues from our interstate transportation and storage segment are primarily reflected in gathering, transportation and other fees. Revenues from our midstream segment are primarily reflected in natural gas sales, NGL sales and gathering, transportation and other fees. Revenues from our NGL and refined products transportation and services segment are primarily reflected in NGL sales and gathering, transportation and other fees. Revenues from our crude oil transportation and services segment are primarily reflected in crude sales. Revenues from our investment in Sunoco LP segment are primarily reflected in refined product sales and, subsequent to Sunoco LP’s acquisition of NuStar in May 2024, also in gathering, transportation and other fees. Revenues from our investment in USAC segment are primarily reflected in gathering, transportation and other fees. Revenues from our all other segment are primarily reflected in natural gas sales and gathering, transportation and other fees.
We report Segment Adjusted EBITDA and consolidated Adjusted EBITDA as measures of segment performance. We define Segment Adjusted EBITDA and consolidated Adjusted EBITDA as total partnership earnings before interest, taxes, depreciation, depletion, amortization and other non-cash items, such as non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt and other non-operating income or expense items, as well as certain non-recurring gains and losses. Inventory valuation adjustments that are excluded from the calculation of Adjusted EBITDA represent only the changes in lower of cost or market reserves on inventory that is carried at LIFO. These amounts are unrealized valuation adjustments applied to Sunoco LP’s fuel volumes remaining in inventory at the end of the period.
Segment Adjusted EBITDA and consolidated Adjusted EBITDA reflect amounts for unconsolidated affiliates based on the same recognition and measurement methods used to record equity in earnings of unconsolidated affiliates. Adjusted EBITDA related to unconsolidated affiliates excludes the same items with respect to the unconsolidated affiliate as those excluded from the calculation of Segment Adjusted EBITDA and consolidated Adjusted EBITDA, such as interest, taxes, depreciation, depletion, amortization and other non-cash items. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. We do not control our unconsolidated affiliates; therefore, we do not control the earnings or cash flows of such affiliates. The use of Segment Adjusted EBITDA or Adjusted EBITDA related to unconsolidated affiliates as an analytical tool should be limited accordingly.
The following tables present financial information by segment:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Revenues:
Intrastate transportation and storage:
Revenues from external customers$819 $578 $1,966 $1,388 
Intersegment revenues112 59 259 167 
931 637 2,225 1,555 
Interstate transportation and storage:
Revenues from external customers584 513 1,197 1,108 
Intersegment revenues6 6 14 13 
590 519 1,211 1,121 
Midstream:
Revenues from external customers857 776 1,741 1,582 
Intersegment revenues2,278 1,731 5,050 3,699 
3,135 2,507 6,791 5,281 
NGL and refined products transportation and services:
Revenues from external customers5,029 4,897 11,063 10,581 
Intersegment revenues912 898 1,787 1,740 
5,941 5,795 12,850 12,321 
Crude oil transportation and services:
Revenues from external customers5,748 7,362 11,953 15,000 
Intersegment revenues— 10 3 10 
5,748 7,372 11,956 15,010 
Investment in Sunoco LP:
Revenues from external customers5,386 6,172 10,563 11,667 
Intersegment revenues4 1 6 5 
5,390 6,173 10,569 11,672 
Investment in USAC:
Revenues from external customers234 230 464 453 
Intersegment revenues16 6 31 12 
250 236 495 465 
All other:
Revenues from external customers585 201 1,315 579 
Intersegment revenues351 95 616 183 
936 296 1,931 762 
Eliminations(3,679)(2,806)(7,766)(5,829)
Total revenues$19,242 $20,729 $40,262 $42,358 
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Cost of products sold:
Intrastate transportation and storage$561 $205 $1,525 $692 
Interstate transportation and storage3 2 5 3 
Midstream1,911 1,457 4,171 3,176 
NGL and refined products transportation and services4,635 4,512 10,276 9,831 
Crude oil transportation and services4,725 6,309 9,939 12,903 
Investment in Sunoco LP4,821 5,609 9,347 10,624 
Investment in USAC40 36 78 72 
All other909 287 1,904 738 
Eliminations(3,659)(2,808)(7,728)(5,833)
Total cost of products sold$13,946 $15,609 $29,517 $32,206 
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses:
Intrastate transportation and storage$61 $66 $118 $119 
Interstate transportation and storage221 210 410 413 
Midstream416 321 837 644 
NGL and refined products transportation and services230 232 477 460 
Crude oil transportation and services237 216 450 404 
Investment in Sunoco LP162 149 320 254 
Investment in USAC47 43 90 82 
All other— 3 1 9 
Eliminations(48)(18)(93)(41)
Total operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses$1,326 $1,222 $2,610 $2,344 
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Depreciation, depletion and amortization:
Intrastate transportation and storage$51 $53 $102 $107 
Interstate transportation and storage141 144 283 286 
Midstream459 394 907 823 
NGL and refined products transportation and services248 254 496 512 
Crude oil transportation and services244 239 481 486 
Investment in Sunoco LP154 78 310 121 
Investment in USAC71 66 141 129 
All other16 (15)31 3 
Total depreciation, depletion and amortization$1,384 $1,213 $2,751 $2,467 
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses:
Intrastate transportation and storage$10 $14 $24 $26 
Interstate transportation and storage26 32 63 65 
Midstream47 43 103 87 
NGL and refined products transportation and services41 34 89 76 
Crude oil transportation and services38 36 82 72 
Investment in Sunoco LP47 132 83 164 
Investment in USAC14 14 28 29 
All other13 8 26 20 
Total selling, general and administrative expenses, excluding non-cash compensation and accretion expenses$236 $313 $498 $539 
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Equity in earnings of unconsolidated affiliates(1):
Intrastate transportation and storage$3 $3 $8 $8 
Interstate transportation and storage72 51 135 113 
Midstream3 4 6 8 
NGL and refined products transportation and services20 20 37 39 
Crude oil transportation and services5 6 9 13 
All other2 1 2 2 
Total equity in earnings of unconsolidated affiliates$105 $85 $197 $183 
(1)Amounts reflected above exclude Sunoco LP’s earnings from the ET-S Permian and J.C. Nolan joint ventures, which are eliminated in consolidation.
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Other income (expense)(1):
Intrastate transportation and storage$(15)$(24)$70 $48 
Interstate transportation and storage130 117 249 235 
Midstream7 7 13 15 
NGL and refined products transportation and services(2)53 3 105 
Crude oil transportation and services(16)(10)(11)18 
Investment in Sunoco LP94 37 93 (68)
Investment in USAC— 1 — 1 
All other(13)(3)13 23 
Eliminations(53)(3)(103)(6)
Total other income$132 $175 $327 $371 
(1)Other income and expense include, if applicable to a segment, Adjusted EBITDA related to unconsolidated affiliates, unrealized gains and losses on commodity risk management activities and other items. For the investment in Sunoco LP segment, this also includes inventory valuation adjustments.
June 30,
2025		December 31,
2024
Segment assets:
Intrastate transportation and storage$6,628 $6,289 
Interstate transportation and storage17,102 17,656 
Midstream29,135 30,473 
NGL and refined products transportation and services25,886 27,445 
Crude oil transportation and services27,742 25,231 
Investment in Sunoco LP14,428 14,375 
Investment in USAC2,671 2,746 
All other and eliminations1,430 1,165 
Total segment assets$125,022 $125,380 
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Additions to property, plant and equipment(1):
Intrastate transportation and storage$273 $32 $499 $46 
Interstate transportation and storage79 68 125 117 
Midstream384 203 733 381 
NGL and refined products transportation and services385 334 748 554 
Crude oil transportation and services50 91 157 180 
Investment in Sunoco LP160 78 261 119 
Investment in USAC30 76 63 187 
All other125 44 154 70 
Total additions to property, plant and equipment$1,486 $926 $2,740 $1,654 
(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.
June 30,
2025		December 31,
2024
Investments in unconsolidated affiliates(1):
Intrastate transportation and storage$151 $150 
Interstate transportation and storage2,344 2,350 
Midstream129 132 
NGL and refined products transportation and services371 383 
Crude oil transportation and services188 193 
All other60 58 
Total investments in unconsolidated affiliates$3,243 $3,266 
(1)Amounts reflected above exclude Sunoco LP’s investments in the ET-S Permian and J.C. Nolan joint ventures, which are eliminated in consolidation.
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Segment Adjusted EBITDA:
Intrastate transportation and storage$284 $328 $628 $766 
Interstate transportation and storage470 392 982 875 
Midstream768 693 1,693 1,389 
NGL and refined products transportation and services1,033 1,070 2,011 2,059 
Crude oil transportation and services732 801 1,474 1,649 
Investment in Sunoco LP454 320 912 562 
Investment in USAC149 144 299 283 
All other(24)12 (35)57 
Adjusted EBITDA (consolidated)$3,866 $3,760 $7,964 $7,640 
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Reconciliation of net income to Adjusted EBITDA:
Net income$1,458 $1,992 $3,178 $3,684 
Depreciation, depletion and amortization1,384 1,213 2,751 2,467 
Interest expense, net of interest capitalized865 762 1,674 1,490 
Income tax expense79 227 120 316 
Impairment losses3 50 7 50 
Gain on interest rate derivative— (3)— (12)
Non-cash compensation expense33 30 70 76 
Unrealized (gains) losses on commodity risk management activities(100)(38)(31)103 
Inventory valuation adjustments (Sunoco LP)40 32 (21)(98)
Losses on extinguishments of debt17 6 19 11 
Adjusted EBITDA related to unconsolidated affiliates182 170 349 341 
Equity in earnings of unconsolidated affiliates(105)(85)(197)(183)
Gain on sale of West Texas assets (Sunoco LP)— (598)— (598)
Other, net10 2 45 (7)
Adjusted EBITDA (consolidated)$3,866 $3,760 $7,964 $7,640