| Schedule of Segments |
The following tables set forth certain selected financial information for our operating segments for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, 2026 | Natural Gas Gathering and Processing | | Natural Gas Liquids | | Natural Gas Pipelines | | Refined Products and Crude | | Total Segments | | (Millions of dollars) | | Liquids commodity sales | $ | 1,433 | | | $ | 4,433 | | | $ | — | | | $ | 6,485 | | | $ | 12,351 | | | Residue natural gas sales | 171 | | | — | | | 278 | | | — | | | 449 | | | Exchange services and natural gas gathering and processing revenue | 269 | | | 107 | | | — | | | — | | | 376 | | | Transportation and storage revenue | — | | | 50 | | | 170 | | | 608 | | | 828 | | | Other revenue | 5 | | | 3 | | | 1 | | | 41 | | | 50 | | | Total revenues (a) | 1,878 | | | 4,593 | | | 449 | | | 7,134 | | | 14,054 | | | Cost of sales and fuel (exclusive of depreciation and operating costs) | (1,079) | | | (3,746) | | | (156) | | | (6,268) | | | (11,249) | | | Operating costs | (260) | | | (223) | | | (64) | | | (268) | | | (815) | | | Adjusted EBITDA from unconsolidated affiliates | 1 | | | 26 | | | 72 | | | 35 | | | 134 | | | Noncash compensation expense and other | 6 | | | 9 | | | (4) | | | (6) | | | 5 | | | Segment adjusted EBITDA | $ | 546 | | | $ | 659 | | | $ | 297 | | | $ | 627 | | | $ | 2,129 | | | Depreciation and amortization | $ | (126) | | | $ | (116) | | | $ | (28) | | | $ | (112) | | | $ | (382) | | | Equity in net earnings from investments | $ | 1 | | | $ | 23 | | | $ | 53 | | | $ | 26 | | | $ | 103 | | | Capital expenditures | $ | 185 | | | $ | 202 | | | $ | 15 | | | $ | 191 | | | $ | 593 | |
(a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues totaled $1.5 billion for the Natural Gas Gathering and Processing segment, $0.4 billion for the Natural Gas Liquids segment and were not material for the Refined Products and Crude and Natural Gas Pipelines segments.
| | | | | | | | | | | | | | | | | | Three Months Ended
June 30, 2026 | Total Segments | | Other and Eliminations | | Total | | (Millions of dollars) | | Reconciliations of total segments to consolidated | | | | | | | Liquids commodity sales | $ | 12,351 | | | $ | (1,975) | | | $ | 10,376 | | | Residue natural gas sales | 449 | | | (11) | | | 438 | | | Exchange services and natural gas gathering and processing revenue | 376 | | | — | | | 376 | | | Transportation and storage revenue | 828 | | | (12) | | | 816 | | | Other revenue | 50 | | | (7) | | | 43 | | | Total revenues (a) | $ | 14,054 | | | $ | (2,005) | | | $ | 12,049 | | | Cost of sales and fuel (exclusive of depreciation and operating costs) | $ | (11,249) | | | $ | 2,007 | | | $ | (9,242) | | | Operating costs | $ | (815) | | | $ | (8) | | | $ | (823) | | | Depreciation and amortization | $ | (382) | | | $ | (5) | | | $ | (387) | | | Equity in net earnings from investments | $ | 103 | | | $ | — | | | $ | 103 | | | Capital expenditures | $ | 593 | | | $ | 20 | | | $ | 613 | |
(a) - Substantially all of our revenues are related to contracts with customers. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, 2025 | Natural Gas Gathering and Processing | | Natural Gas Liquids | | Natural Gas Pipelines | | Refined Products and Crude | | Total Segments | | (Millions of dollars) | | Liquids commodity sales | $ | 1,100 | | | $ | 3,740 | | | $ | — | | | $ | 2,316 | | | $ | 7,156 | | | Residue natural gas sales | 449 | | | — | | | 256 | | | — | | | 705 | | | Exchange services and natural gas gathering and processing revenue | 290 | | | 93 | | | — | | | — | | | 383 | | | Transportation and storage revenue | — | | | 34 | | | 149 | | | 563 | | | 746 | | | Other revenue | 9 | | | 4 | | | — | | | 29 | | | 42 | | | Total revenues (a) | 1,848 | | | 3,871 | | | 405 | | | 2,908 | | | 9,032 | | | Cost of sales and fuel (exclusive of depreciation and operating costs) | (1,082) | | | (3,030) | | | (219) | | | (2,175) | | | (6,506) | | | Operating costs | (236) | | | (203) | | | (56) | | | (217) | | | (712) | | | Adjusted EBITDA from unconsolidated affiliates | 1 | | | 22 | | | 55 | | | 34 | | | 112 | | | Noncash compensation expense and other | 9 | | | 13 | | | 3 | | | 7 | | | 32 | | | Segment adjusted EBITDA | $ | 540 | | | $ | 673 | | | $ | 188 | | | $ | 557 | | | $ | 1,958 | | | Depreciation and amortization | $ | (122) | | | $ | (112) | | | $ | (25) | | | $ | (106) | | | $ | (365) | | | Equity in net earnings from investments | $ | — | | | $ | 18 | | | $ | 38 | | | $ | 25 | | | $ | 81 | | | Capital expenditures | $ | 341 | | | $ | 135 | | | $ | 52 | | | $ | 184 | | | $ | 712 | |
(a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues totaled $0.6 billion for the Natural Gas Gathering and Processing segment, $0.4 billion for the Natural Gas Liquids segment, $0.1 billion for the Refined Products and Crude segment and were not material for the Natural Gas Pipelines segment.
| | | | | | | | | | | | | | | | | | Three Months Ended
June 30, 2025 | Total Segments | | Other and Eliminations | | Total | | (Millions of dollars) | | Reconciliations of total segments to consolidated | | | | | | | Liquids commodity sales | $ | 7,156 | | | $ | (1,124) | | | $ | 6,032 | | | Residue natural gas sales | 705 | | | (11) | | | 694 | | | Exchange services and natural gas gathering and processing revenue | 383 | | | — | | | 383 | | | Transportation and storage revenue | 746 | | | (5) | | | 741 | | | Other revenue | 42 | | | (5) | | | 37 | | | Total revenues (a) | $ | 9,032 | | | $ | (1,145) | | | $ | 7,887 | | | Cost of sales and fuel (exclusive of depreciation and operating costs) | $ | (6,506) | | | $ | 1,146 | | | $ | (5,360) | | | Operating costs | $ | (712) | | | $ | 6 | | | $ | (706) | | | Depreciation and amortization | $ | (365) | | | $ | (3) | | | $ | (368) | | | Equity in net earnings from investments | $ | 81 | | | $ | — | | | $ | 81 | | | Capital expenditures | $ | 712 | | | $ | 37 | | | $ | 749 | |
(a) - Substantially all of our revenues are related to contracts with customers. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended
June 30, 2026 | Natural Gas Gathering and Processing | | Natural Gas Liquids | | Natural Gas Pipelines | | Refined Products and Crude | | Total Segments | | (Millions of dollars) | | Liquids commodity sales | $ | 2,459 | | | $ | 7,914 | | | $ | — | | | $ | 10,613 | | | $ | 20,986 | | | Residue natural gas sales | 882 | | | — | | | 733 | | | — | | | 1,615 | | | Exchange services and natural gas gathering and processing revenue | 520 | | | 199 | | | — | | | — | | | 719 | | | Transportation and storage revenue | — | | | 120 | | | 341 | | | 1,168 | | | 1,629 | | | Other revenue | 14 | | | 6 | | | 1 | | | 69 | | | 90 | | | Total revenues (a) | 3,875 | | | 8,239 | | | 1,075 | | | 11,850 | | | 25,039 | | | Cost of sales and fuel (exclusive of depreciation and operating costs) | (2,372) | | | (6,514) | | | (466) | | | (10,320) | | | (19,672) | | | Operating costs | (505) | | | (431) | | | (124) | | | (496) | | | (1,556) | | | Adjusted EBITDA from unconsolidated affiliates | 2 | | | 53 | | | 150 | | | 59 | | | 264 | | | Noncash compensation expense and other | 13 | | | 18 | | | 1 | | | 26 | | | 58 | | | Segment adjusted EBITDA | $ | 1,013 | | | $ | 1,365 | | | $ | 636 | | | $ | 1,119 | | | $ | 4,133 | | | Depreciation and amortization | $ | (261) | | | $ | (223) | | | $ | (53) | | | $ | (221) | | | $ | (758) | | | Equity in net earnings from investments | $ | 1 | | | $ | 47 | | | $ | 111 | | | $ | 33 | | | $ | 192 | | | Impairment of equity investments | $ | — | | | $ | — | | | $ | — | | | $ | (60) | | | $ | (60) | | | Investments in unconsolidated affiliates | $ | 41 | | | $ | 802 | | | $ | 1,113 | | | $ | 1,174 | | | $ | 3,130 | | | | | | | | | | | | | Capital expenditures | $ | 502 | | | $ | 512 | | | $ | 61 | | | $ | 371 | | | $ | 1,446 | |
(a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues totaled $2.5 billion for the Natural Gas Gathering and Processing segment, $0.7 billion for the Natural Gas Liquids segment and were not material for the Refined Products and Crude and Natural Gas Pipelines segments.
| | | | | | | | | | | | | | | | | | Six Months Ended
June 30, 2026 | Total Segments | | Other and Eliminations | | Total | | (Millions of dollars) | | Reconciliations of total segments to consolidated | | | | | | | Liquids commodity sales | $ | 20,986 | | | $ | (3,311) | | | $ | 17,675 | | | Residue natural gas sales | 1,615 | | | (31) | | | 1,584 | | | Exchange services and natural gas gathering and processing revenue | 719 | | | — | | | 719 | | | Transportation and storage revenue | 1,629 | | | (25) | | | 1,604 | | | Other revenue | 90 | | | (5) | | | 85 | | | Total revenues (a) | $ | 25,039 | | | $ | (3,372) | | | $ | 21,667 | | | Cost of sales and fuel (exclusive of depreciation and operating costs) | $ | (19,672) | | | $ | 3,377 | | | $ | (16,295) | | | Operating costs | $ | (1,556) | | | $ | (13) | | | $ | (1,569) | | | Depreciation and amortization | $ | (758) | | | $ | (7) | | | $ | (765) | | | Equity in net earnings from investments | $ | 192 | | | $ | — | | | $ | 192 | | | Impairment of equity investments | $ | (60) | | | $ | — | | | $ | (60) | | | Investments in unconsolidated affiliates | $ | 3,130 | | | $ | 9 | | | $ | 3,139 | | | | | | | | | Capital expenditures | $ | 1,446 | | | $ | 31 | | | $ | 1,477 | |
(a) - Substantially all of our revenues are related to contracts with customers. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended
June 30, 2025 | Natural Gas Gathering and Processing | | Natural Gas Liquids | | Natural Gas Pipelines | | Refined Products and Crude | | Total Segments | | (Millions of dollars) | | Liquids commodity sales | $ | 2,327 | | | $ | 7,852 | | | $ | — | | | $ | 4,217 | | | $ | 14,396 | | | Residue natural gas sales | 1,147 | | | — | | | 576 | | | — | | | 1,723 | | | Exchange services and natural gas gathering and processing revenue | 554 | | | 196 | | | — | | | — | | | 750 | | | Transportation and storage revenue | — | | | 85 | | | 293 | | | 1,102 | | | 1,480 | | | Other revenue | 17 | | | 6 | | | — | | | 57 | | | 80 | | | Total revenues (a) | 4,045 | | | 8,139 | | | 869 | | | 5,376 | | | 18,429 | | | Cost of sales and fuel (exclusive of depreciation and operating costs) | (2,538) | | | (6,487) | | | (480) | | | (4,010) | | | (13,515) | | | Operating costs | (493) | | | (413) | | | (108) | | | (441) | | | (1,455) | | | Adjusted EBITDA from unconsolidated affiliates | 3 | | | 50 | | | 116 | | | 82 | | | 251 | | | Noncash compensation expense and other | 14 | | | 19 | | | 3 | | | 21 | | | 57 | | | Segment adjusted EBITDA | $ | 1,031 | | | $ | 1,308 | | | $ | 400 | | | $ | 1,028 | | | $ | 3,767 | | | Depreciation and amortization | $ | (248) | | | $ | (225) | | | $ | (48) | | | $ | (222) | | | $ | (743) | | | Equity in net earnings from investments | $ | 2 | | | $ | 45 | | | $ | 77 | | | $ | 65 | | | $ | 189 | | | Investments in unconsolidated affiliates | $ | 39 | | | $ | 550 | | | $ | 843 | | | $ | 1,011 | | | $ | 2,443 | | | | | | | | | | | | | Capital expenditures | $ | 582 | | | $ | 306 | | | $ | 114 | | | $ | 325 | | | $ | 1,327 | |
(a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues totaled $1.3 billion for the Natural Gas Gathering and Processing segment, $1.0 billion for the Natural Gas Liquids segment, $0.2 billion for the Refined Products and Crude segment and were not material for the Natural Gas Pipelines segment.
| | | | | | | | | | | | | | | | | | Six Months Ended
June 30, 2025 | Total Segments | | Other and Eliminations | | Total | | (Millions of dollars) | | Reconciliations of total segments to consolidated | | | | | | | Liquids commodity sales | $ | 14,396 | | | $ | (2,447) | | | $ | 11,949 | | | Residue natural gas sales | 1,723 | | | (34) | | | 1,689 | | | Exchange services and natural gas gathering and processing revenue | 750 | | | — | | | 750 | | | Transportation and storage revenue | 1,480 | | | (10) | | | 1,470 | | | Other revenue | 80 | | | (8) | | | 72 | | | Total revenues (a) | $ | 18,429 | | | $ | (2,499) | | | $ | 15,930 | | | Cost of sales and fuel (exclusive of depreciation and operating costs) | $ | (13,515) | | | $ | 2,500 | | | $ | (11,015) | | | Operating costs | $ | (1,455) | | | $ | (3) | | | $ | (1,458) | | | Depreciation and amortization | $ | (743) | | | $ | (5) | | | $ | (748) | | | Equity in net earnings from investments | $ | 189 | | | $ | — | | | $ | 189 | | | Investments in unconsolidated affiliates | $ | 2,443 | | | $ | 3 | | | $ | 2,446 | | | | | | | | | Capital expenditures | $ | 1,327 | | | $ | 51 | | | $ | 1,378 | |
(a) - Substantially all of our revenues are related to contracts with customers. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | Reconciliation of income before income taxes to total segment adjusted EBITDA | | (Millions of dollars) | | Income before income taxes | | $ | 1,266 | | | $ | 1,113 | | | $ | 2,287 | | | $ | 2,001 | | | | | Interest expense, net of capitalized interest | | 434 | | | 438 | | | 873 | | | 880 | | | | | Depreciation and amortization | | 387 | | | 368 | | | 765 | | | 748 | | | | | | | | | | | | | | | Adjusted EBITDA from unconsolidated affiliates | | 134 | | | 113 | | | 264 | | | 252 | | | | | Equity in net earnings from investments | | (103) | | | (81) | | | (192) | | | (189) | | | | | Impairment of equity investments | | — | | | — | | | 60 | | | — | | | | | Noncash compensation expense and other (a) | | 3 | | | 30 | | | 61 | | | 64 | | | | | Corporate other (a) | | 8 | | | (23) | | | 15 | | | 11 | | | | | Total segment adjusted EBITDA | | $ | 2,129 | | | $ | 1,958 | | | $ | 4,133 | | | $ | 3,767 | | | |
(a) - The three months ended June 30, 2025, included transaction costs related primarily to the EnLink Acquisition of $21 million included within corporate other and $1 million included within noncash compensation expense and other. The six months ended June 30, 2025, included transaction costs related primarily to the EnLink Acquisition of $52 million included within corporate other and $12 million included within noncash compensation expense and other.
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