v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
The tables below present information about our reportable segments:
Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)2026202520262025
Crude Oil and Products Logistics
Service revenue$1,232 $1,202 $2,407 $2,364 
Rental income282 224 531 443 
Product related revenue7 4 11 8 
Sales-type lease revenue85 116 187 231 
Income from equity method investments52 59 114 115 
Other income30 30 58 66 
Total segment revenues and other income(1)
1,688 1,635 3,308 3,227 
Operating expenses564 532 1,104 1,060 
Other segment items(2)
(37)(35)(68)(68)
Segment Adjusted EBITDA(3)
1,161 1,138 2,272 2,235 
Capital expenditures131 129 235 244 
Natural Gas and NGL Services
Service revenue615 587 1,241 1,198 
Rental income60 56 118 112 
Product related revenue761 563 1,305 1,246 
Sales-type lease revenue 40 36 88 73 
Income from equity method investments128 111 248 241 
Other income20 15 42 30 
Total segment revenues and other income(1)
1,624 1,368 3,042 2,900 
Purchased product costs587 432 1,085 891 
Operating expenses418 422 846 867 
Other segment items(2)
5 (38)(121)(70)
Segment Adjusted EBITDA(3)
614 552 1,232 1,212 
Capital expenditures688 212 1,249 365 
Investments in unconsolidated affiliates(4)
$202 $203 $439 $322 
(1)    Within the total segment revenues and other income amounts presented above, third-party revenues for the Crude Oil and Products Logistics segment were $157 million and $319 million for the three and six months ended June 30, 2026, respectively, and $187 million and $364 million for the three and six months ended June 30, 2025, respectively. Third-party revenues for the Natural Gas and NGL Services segment were $1,482 million and $2,813 million for the three and six months ended June 30, 2026, respectively, and $1,326 million and $2,765 million for the three and six months ended June 30, 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 and six months ended June 30, 2026 and June 30, 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 
June 30,		Six Months Ended 
June 30,
(In millions)2026202520262025
Reconciliation to Net income:
Crude Oil and Products Logistics Segment Adjusted EBITDA
$1,161 $1,138 $2,272 $2,235 
Natural Gas and NGL Services Segment Adjusted EBITDA
614 552 1,232 1,212 
Total reportable segments1,775 1,690 3,504 3,447 
Depreciation and amortization(1)
(365)(324)(723)(650)
Net interest and other financial costs(289)(234)(580)(463)
Income from equity method investments180 170 362 356 
Distributions/adjustments related to equity method investments(234)(229)(485)(456)
Adjusted EBITDA attributable to noncontrolling interests11 11 22 22 
Other(2)
9 (26)(91)(62)
Net income$1,087 $1,058 $2,009 $2,194 
(1)    Depreciation and amortization attributable to Crude Oil and Products Logistics was $146 million and $289 million for the three and six months ended June 30, 2026, respectively, and $135 million and $268 million for the three and six months ended June 30, 2025, respectively. Depreciation and amortization attributable to Natural Gas and NGL Services was $219 million and $434 million for the three and six months ended June 30, 2026, respectively, and $189 million and $382 million for the three and six months ended June 30, 2025, respectively.
(2)    Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes, and other miscellaneous items.