v3.26.1
Reportable Segments (Tables)
 6 Months Ended
Jun. 30, 2026
Financial Information By Segment
The following tables present financial information by segment:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Revenues:
Intrastate transportation and storage:
Revenues from external customers$531 $819 $1,523 $1,966 
Intersegment revenues65 112 229 259 
596 931 1,752 2,225 
Interstate transportation and storage:
Revenues from external customers599 584 1,226 1,197 
Intersegment revenues10 6 17 14 
609 590 1,243 1,211 
Midstream:
Revenues from external customers842 857 1,751 1,741 
Intersegment revenues1,979 2,278 4,114 5,050 
2,821 3,135 5,865 6,791 
NGL and refined products transportation and services:
Revenues from external customers6,405 5,029 12,109 11,063 
Intersegment revenues1,314 912 2,283 1,787 
7,719 5,941 14,392 12,850 
Crude oil transportation and services:
Revenues from external customers11,045 5,748 18,796 11,953 
Intersegment revenues6 — 13 3 
11,051 5,748 18,809 11,956 
Investment in Sunoco LP:
Revenues from external customers14,241 5,386 24,930 10,563 
Intersegment revenues18 4 19 6 
14,259 5,390 24,949 10,569 
Investment in USAC:
Revenues from external customers310 234 626 464 
Intersegment revenues32 16 47 31 
342 250 673 495 
All other:
Revenues from external customers361 585 1,144 1,315 
Intersegment revenues204 351 475 616 
565 936 1,619 1,931 
Eliminations(3,628)(3,679)(7,197)(7,766)
Total$34,334 $19,242 $62,105 $40,262 
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Cost of products sold:
Intrastate transportation and storage$132 $561 $842 $1,525 
Interstate transportation and storage4 3 7 5 
Midstream1,392 1,911 3,066 4,171 
NGL and refined products transportation and services5,927 4,635 11,411 10,276 
Crude oil transportation and services9,766 4,725 16,558 9,939 
Investment in Sunoco LP12,795 4,821 21,796 9,347 
Investment in USAC33 40 62 78 
All other502 909 1,496 1,904 
Eliminations(3,615)(3,659)(7,153)(7,728)
Total$26,936 $13,946 $48,085 $29,517 
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses:
Intrastate transportation and storage$75 $61 $140 $118 
Interstate transportation and storage230 221 445 410 
Midstream513 416 959 837 
NGL and refined products transportation and services284 230 582 477 
Crude oil transportation and services231 237 454 450 
Investment in Sunoco LP434 162 815 320 
Investment in USAC91 47 180 90 
All other6 — 13 1 
Eliminations(55)(48)(104)(93)
Total$1,809 $1,326 $3,484 $2,610 
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Depreciation, depletion and amortization:
Intrastate transportation and storage$51 $51 $103 $102 
Interstate transportation and storage144 141 289 283 
Midstream470 459 939 907 
NGL and refined products transportation and services255 248 515 496 
Crude oil transportation and services268 244 536 481 
Investment in Sunoco LP282 154 568 310 
Investment in USAC89 71 176 141 
All other16 16 32 31 
Total$1,575 $1,384 $3,158 $2,751 
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses:
Intrastate transportation and storage$15 $10 $28 $24 
Interstate transportation and storage34 26 64 63 
Midstream52 47 106 103 
NGL and refined products transportation and services48 41 96 89 
Crude oil transportation and services45 38 46 82 
Investment in Sunoco LP155 47 306 83 
Investment in USAC27 14 60 28 
All other13 13 17 26 
Total$389 $236 $723 $498 
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Equity in earnings of unconsolidated affiliates (1) :
Intrastate transportation and storage$7 $3 $10 $8 
Interstate transportation and storage71 72 146 135 
Midstream3 3 5 6 
NGL and refined products transportation and services18 20 37 37 
Crude oil transportation and services6 5 12 9 
All other3 2 8 2 
Total$108 $105 $218 $197 
(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,
2026202520262025
Other income (expense) (1) :
Intrastate transportation and storage$3 $(15)$72 $70 
Interstate transportation and storage140 130 273 249 
Midstream20 7 37 13 
NGL and refined products transportation and services(152)(2)168 3 
Crude oil transportation and services(175)(16)(48)(11)
Investment in Sunoco LP107 94 (192)93 
Investment in USAC3 — 11 — 
All other(19)(13)(13)13 
Eliminations(61)(53)(118)(103)
Total$(134)$132 $190 $327 
(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.
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Additions to property, plant and equipment (1):
Intrastate transportation and storage$326 $273 $912 $499 
Interstate transportation and storage200 79 453 125 
Midstream391 384 785 733 
NGL and refined products transportation and services292 385 609 748 
Crude oil transportation and services129 50 214 157 
Investment in Sunoco LP202 160 401 261 
Investment in USAC64 30 99 63 
All other66 125 132 154 
Total$1,670 $1,486 $3,605 $2,740 
(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,
2026		December 31,
2025
Investments in unconsolidated affiliates (1):
Intrastate transportation and storage$156 $151 
Interstate transportation and storage2,385 2,353 
Midstream131 130 
NGL and refined products transportation and services374 362 
Crude oil transportation and services187 190 
Investment in Sunoco LP341 342 
All other63 61 
Total$3,637 $3,589 
(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,
2026202520262025
Segment Adjusted EBITDA:
Intrastate transportation and storage$377 $284 $814 $628 
Interstate transportation and storage481 470 1,000 982 
Midstream884 768 1,771 1,693 
NGL and refined products transportation and services1,308 1,033 2,471 2,011 
Crude oil transportation and services834 732 1,703 1,474 
Investment in Sunoco LP982 454 1,840 912 
Investment in USAC194 149 382 299 
All other6 (24)22 (35)
Adjusted EBITDA (consolidated)$5,066 $3,866 $10,003 $7,964 
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Reconciliation of net income to Adjusted EBITDA:
Net income$2,530 $1,458 $4,506 $3,178 
Depreciation, depletion and amortization1,575 1,384 3,158 2,751 
Interest expense, net of interest capitalized934 865 1,881 1,674 
Income tax expense194 79 329 120 
Impairment losses— 3 — 7 
Non-cash compensation expense46 33 88 70 
Unrealized (losses) gains on commodity risk management activities(396)(100)140 (31)
Inventory valuation adjustments (Sunoco LP)18 40 (426)(21)
Losses on extinguishments of debt— 17 7 19 
Adjusted EBITDA related to unconsolidated affiliates196 182 392 349 
Equity in earnings of unconsolidated affiliates(108)(105)(218)(197)
Other, net77 10 146 45 
Adjusted EBITDA (consolidated)$5,066 $3,866 $10,003 $7,964