v3.26.1
Reportable Segments (Notes)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Reportable Segments
7.  Reportable Segments

Our reportable segments are strategic business units that offer different products and services, have different marketing strategies, and are managed separately. The Company’s chief operating decision maker (CODM) is represented by the Office of the Chairman which consists of our Executive Chairman, Chief Executive Officer, and President. Our CODM evaluates performance principally based on each reportable segment’s earnings before DD&A expenses (EBDA), which excludes general and administrative expenses and corporate charges, interest expense, net, and income tax expense. The CODM uses budgeted Segment EBDA compared to actual results to evaluate performance and allocate certain resources for each segment.

We consider each period’s earnings before all non-cash DD&A expenses to be an important measure of business segment performance for our reporting segments. We account for intersegment sales at market prices, while we account for asset transfers at book value.

Financial information by segment follows: 

 Three Months Ended June 30, 2026
Reportable Segments
 Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues
Revenues from external customers$2,664 $902 $556 $355 $— $4,477 
Intersegment revenues7 — 2 — (9)— 
Total revenues2,671 902 558 355 (9)4,477 
Costs of sales(906)(464)(20)(24)
Labor(88)(34)(71)(14)
Fuel and power(25)(21)(5)(33)
Field - non-labor(a)(258)(49)(141)(64)
Taxes, other than income taxes(78)(10)(15)(15)
Earnings (loss) from equity investments193 18 4 10 
Other segment items(b)11 1 — 11 
Total Segment EBDA(c)$1,520 $343 $310 $226 2,399 
DD&A(620)
General and administrative and corporate charges(188)
Interest, net(d)
(425)
Income tax expense(272)
Net income$894 
Other segment activity information:
DD&A$305 $85 $130 $94 $6 $620 
Capital expenditures797 38 69 68 10 982 
 Three Months Ended June 30, 2025
Reportable Segments
 Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues
Revenues from external customers$2,531 $691 $531 $289 $— $4,042 
Intersegment revenues5 — 2 1 (8)— 
Total revenues2,536 691 533 290 (8)4,042 
Costs of sales(890)(292)(14)(21)
Labor(84)(33)(69)(14)
Fuel and power(20)(22)(5)(34)
Field - non-labor(a)(231)(60)(136)(64)
Taxes, other than income taxes(73)(11)(14)(12)
Earnings from equity investments185 15 2 4 
Other segment items(b)13 1 3 1 
Total Segment EBDA(e)$1,436 $289 $300 $150 2,175 
DD&A(616)
General and administrative and corporate charges(188)
Interest, net(d)
(452)
Income tax expense(177)
Net income$742 
Other segment activity information:
DD&A$294 $97 $129 $88 $8 $616 
Capital expenditures409 58 77 88 15 647 
 Six Months Ended June 30, 2026
Reportable Segments
 Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues
Revenues from external customers$5,955 $1,589 $1,118 $643 $— $9,305 
Intersegment revenues12 — 5 — (17)— 
Total revenues5,967 1,589 1,123 643 (17)9,305 
Costs of sales(2,337)(745)(36)(52)
Labor(174)(68)(140)(27)
Fuel and power(51)(41)(10)(58)
Field - non-labor(a)(457)(89)(278)(121)
Taxes, other than income taxes(157)(20)(27)(26)
Earnings (loss) from equity investments418 36 7 18 
Other segment items(b)22 1 — 17 
Total Segment EBDA(c)$3,231 $663 $639 $394 4,927 
DD&A(1,253)
General and administrative and corporate charges(365)
Interest, net(d)
(855)
Income tax expense(559)
Net income$1,895 
Other segment activity information:
DD&A$602 $169 $261 $208 $13 $1,253 
Capital expenditures1,407 76 139 131 33 1,786 
 Six Months Ended June 30, 2025
Reportable Segments
 Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues
Revenues from external customers$5,281 $1,354 $1,047 $601 $— $8,283 
Intersegment revenues9 — 4 1 (14)— 
Total revenues5,290 1,354 1,051 602 (14)8,283 
Costs of sales(2,035)(585)(29)(48)
Labor(164)(65)(139)(26)
Fuel and power(39)(43)(11)(66)
Field - non-labor(a)(422)(108)(276)(117)
Taxes, other than income taxes(145)(23)(27)(25)
Earnings from equity investments381 31 4 10 
Other segment items(b)23 1 2 1 
Total Segment EBDA(e)$2,889 $562 $575 $331 4,357 
DD&A(1,226)
General and administrative and corporate charges(380)
Interest, net(d)
(903)
Income tax expense(363)
Net income$1,485 
Other segment activity information:
DD&A$581 $193 $258 $181 $13 $1,226 
Capital expenditures902 139 153 185 34 1,413 

Reportable Segments
 Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Segment balance sheet information:
As of June 30, 2026
Investments$7,122 $388 $124 $71 $— $7,705 
Other intangibles, net1,098 371 12 391 — 1,872 
Total assets(f)54,029 8,043 7,840 3,511 639 74,062 
As of December 31, 2025
Investments$6,962 $381 $122 $67 $— $7,532 
Other intangibles, net900 403 13 414 — 1,730 
Total assets(f)52,546 8,044 7,917 3,608 633 72,748 
(a)Includes outside services, pipeline integrity maintenance, materials and supplies, and other operating costs.
(b)Includes miscellaneous operating and non-operating items primarily related to allowance for equity funds used during construction.
(c)Includes non-cash risk management activities amounts for the three and six months ended June 30, 2026 of $60 million and $(15) million, $4 million and $(1) million, $1 million and none, and $19 million and $(2) million, respectively, for our Natural Gas Pipelines, Products Pipelines, Terminals, and CO2 business segments, respectively.
(d)We do not attribute interest and debt expense to any of our reportable business segments.
(e)Includes non-cash risk management activities amounts for the three and six months ended June 30, 2025 of $89 million and $9 million, none and $(1) million, and $5 million and $4 million, respectively, for our Natural Gas Pipelines, Products Pipelines, and CO2 business segments, respectively.
(f)Corporate includes cash and cash equivalents, restricted deposits, certain prepaid assets and deferred charges, risk management assets related to derivative contracts, corporate headquarters in Houston, Texas, and miscellaneous corporate assets (such as IT, telecommunications equipment, and legacy activity) not allocated to our reportable segments.