v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The tables below present information about our reportable segments:
Three Months Ended 
March 31,
(In millions)20262025
Crude Oil and Products Logistics
Service revenue$1,175 $1,162 
Rental income249 219 
Product related revenue4 4 
Sales-type lease revenue102 115 
Income from equity method investments62 56 
Other income28 36 
Total segment revenues and other income(1)
1,620 1,592 
Operating expenses540 528 
Other segment items(2)
(31)(33)
Segment Adjusted EBITDA(3)
1,111 1,097 
Capital expenditures104 115 
Natural Gas and NGL Services
Service revenue626 611 
Rental income58 56 
Product related revenue544 683 
Sales-type lease revenue 48 37 
Income from equity method investments120 130 
Other income22 15 
Total segment revenues and other income(1)
1,418 1,532 
Purchased product costs498 459 
Operating expenses428 445 
Other segment items(2)
(126)(32)
Segment Adjusted EBITDA(3)
618 660 
Capital expenditures561 153 
Investments in unconsolidated affiliates(4)
$237 $119 
(1)    Within the total segment revenues and other income amounts presented above, third-party revenues for the Crude Oil and Products Logistics segment were $162 million and $177 million for the three months ended March 31, 2026 and March 31, 2025, respectively. Third-party revenues for the Natural Gas and NGL Services segment were $1,331 million and $1,439 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
(2)    Other segment items in the Crude Oil and Products Logistics segment include income from equity method investments, distributions and adjustments related to equity method investments, equity-based compensation and other miscellaneous items. Other segment items in the Natural Gas and NGL Services segment include income from equity method investments, distributions and adjustments related to equity method investments, unrealized derivative gain/loss and other miscellaneous items.
(3)    See below for the reconciliation from Segment Adjusted EBITDA to Net income.
(4)    Investments in unconsolidated affiliates in the Natural Gas and NGL Services segment for the three months ended March 31, 2026 and March 31, 2025 includes cash contributions to several joint ventures to fund current growth capital projects.
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated
The table below provides a reconciliation of Segment Adjusted EBITDA for reportable segments to Net income.
Three Months Ended 
March 31,
(In millions)20262025
Reconciliation to Net income:
Crude Oil and Products Logistics Segment Adjusted EBITDA
$1,111 $1,097 
Natural Gas and NGL Services Segment Adjusted EBITDA
618 660 
Total reportable segments1,729 1,757 
Depreciation and amortization(1)
(358)(326)
Net interest and other financial costs(291)(229)
Income from equity method investments182 186 
Distributions/adjustments related to equity method investments(251)(227)
Adjusted EBITDA attributable to noncontrolling interests11 11 
Other(2)
(100)(36)
Net income$922 $1,136 
(1)    Depreciation and amortization attributable to Crude Oil and Products Logistics was $143 million and $133 million for the three months ended March 31, 2026 and March 31, 2025, respectively. Depreciation and amortization attributable to Natural Gas and NGL Services was $215 million and $193 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
(2)    Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes, and other miscellaneous items.