v3.26.3
Reportable Segments (Notes)
 9 Months Ended
Sep. 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 September 30, 2026
Reportable Segments
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues
Revenues from external customers$2,894 $772 $560 $305 $— $4,531 
Intersegment revenues5 — 2 2 (9)— 
Total revenues2,899 772 562 307 (9)4,531 
Costs of sales(1,163)(364)(19)(26)
Labor(88)(33)(73)(14)
Fuel and power(27)(23)(5)(37)
Field - non-labor(a)(252)(190)(136)(65)
Taxes, other than income taxes(78)(10)(19)(13)
Earnings from equity investments201 19 4 6 
Other segment items(b)9 1 71 14 
Total Segment EBDA(c)(d)$1,501 $172 $385 $172 2,230 
DD&A(628)
General and administrative and corporate charges(192)
Interest, net(e)(430)
Income tax expense(190)
Net income$790 
Other segment activity information:
DD&A$314 $88 $128 $90 $8 $628 
Capital expenditures812 34 107 75 17 1,045 
Three Months Ended September 30, 2025
Reportable Segments
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues
Revenues from external customers$2,672 $677 $516 $281 $— $4,146 
Intersegment revenues4 — 2 1 (7)— 
Total revenues2,676 677 518 282 (7)4,146 
Costs of sales(1,089)(281)(9)(22)
Labor(84)(34)(70)(13)
Fuel and power(23)(25)(4)(42)
Field - non-labor(a)(237)(52)(135)(64)
Taxes, other than income taxes(70)(10)(16)(12)
Earnings (loss) from equity investments212 13 (10)6 
Other segment items(b)6 — — — 
Total Segment EBDA(f)$1,391 $288 $274 $135 2,088 
DD&A(609)
General and administrative and corporate charges(184)
Interest, net(e)(456)
Income tax expense(185)
Net income$654 
Other segment activity information:
DD&A$294 $81 $130 $98 $6 $609 
Capital expenditures572 53 79 79 10 793 
Nine Months Ended September 30, 2026
Reportable Segments
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues
Revenues from external customers$8,849 $2,361 $1,678 $948 $— $13,836 
Intersegment revenues17 — 7 2 (26)— 
Total revenues8,866 2,361 1,685 950 (26)13,836 
Costs of sales(3,500)(1,109)(55)(78)
Labor(262)(101)(213)(41)
Fuel and power(78)(64)(15)(95)
Field - non-labor(a)(709)(279)(414)(186)
Taxes, other than income taxes(235)(30)(46)(39)
Earnings from equity investments619 55 11 24 
Other segment items(b)31 2 71 31 
Total Segment EBDA(c)(d)$4,732 $835 $1,024 $566 7,157 
DD&A(1,881)
General and administrative and corporate charges(557)
Interest, net(e)(1,285)
Income tax expense(749)
Net income$2,685 
Other segment activity information:
DD&A$916 $257 $389 $298 $21 $1,881 
Capital expenditures2,219 110 246 206 50 2,831 
Nine Months Ended September 30, 2025
Reportable Segments
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues
Revenues from external customers$7,953 $2,031 $1,563 $882 $— $12,429 
Intersegment revenues13 — 6 2 (21)— 
Total revenues7,966 2,031 1,569 884 (21)12,429 
Costs of sales(3,124)(866)(38)(70)
Labor(248)(99)(209)(39)
Fuel and power(62)(68)(15)(108)
Field - non-labor(a)(659)(160)(411)(181)
Taxes, other than income taxes(215)(33)(43)(37)
Earnings (loss) from equity investments593 44 (6)16 
Other segment items(b)29 1 2 1 
Total Segment EBDA(f)$4,280 $850 $849 $466 6,445 
DD&A(1,835)
General and administrative and corporate charges(564)
Interest, net(e)(1,359)
Income tax expense(548)
Net income$2,139 
Other segment activity information:
DD&A$875 $274 $388 $279 $19 $1,835 
Capital expenditures1,474 192 232 264 44 2,206 

Reportable Segments
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Segment balance sheet information:
As of September 30, 2026
Investments$7,196 $389 $180 $69 $2 $7,836 
Other intangibles, net1,075 355 11 381 — 1,822 
Total assets(g)54,672 7,969 7,827 3,488 1,441 75,397 
As of December 31, 2025
Investments$6,962 $381 $122 $67 $— $7,532 
Other intangibles, net900 403 13 414 — 1,730 
Total assets(g)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 nine months ended September 30, 2026 of $10 million and $(5) million, $(3) million and $(4) million, and $(12) million and $(14) million, respectively, for our Natural Gas Pipelines, Products Pipelines, and CO2 business segments, respectively.
(d)Includes non-cash legal, environmental, and other expense accruals for each of the three and nine months ended September 30, 2026 of $138 million for our Products Pipelines business segment.
(e)We do not attribute interest and debt expense to any of our reportable business segments.
(f)Includes non-cash risk management activities amounts for the three and nine months ended September 30, 2025 of $(12) million and $(3) million, none and $(1) million, and $(1) million and $3 million, respectively, for our Natural Gas Pipelines, Products Pipelines, and CO2 business segments, respectively.
(g)Corporate assets include 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.