Equity in Net Earnings from Investments and Impairments - The following table sets forth our equity in net earnings from investments for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
	(Millions of dollars)
Northern Border	$	27	$	28	$	96	$	76
Overland Pass	22		22		70		68
Saddlehorn	13		13		35		39
Matterhorn	10		2		32		10
Roadrunner	10		10		30		31
BridgeTex	12		9		28		31
Powder Springs	—		—		(26)		2
Other	9		8		30		24
Equity in net earnings from investments	$	103	$	92	$	295	$	281
Impairment of equity investments	$	—	$	—	$	(60)	$	—

We incurred expenses in transactions with unconsolidated affiliates of $76 million and $67 million for the three months ended September 30, 2026 and 2025, respectively, and $221 million and $218 million for the nine months ended September 30, 2026 and 2025, respectively, related primarily to Overland Pass, Matterhorn and Northern Border. Revenue earned and accounts receivable from, and accounts payable to, our unconsolidated affiliates were not material.

We are the operator of Roadrunner, BridgeTex, Saddlehorn and Powder Springs. In each case, we have operating agreements that provide for reimbursement or payment to us for management services and certain operating costs. Reimbursements and payments included in operating income in our Consolidated Statements of Income for all periods presented were not material.

For the nine months ended September 30, 2026, we recorded equity contributions to Texas City Logistics, Eiger and Matterhorn of $238 million, $190 million and $136 million, respectively, which, in combination with contributions from our joint venture partners, were primarily used for funding capital projects.

Impairment Charges - In the first quarter of 2026, we evaluated and concluded that the full carrying value of our 50% investment in Powder Springs in our Refined Products and Crude segment was not recoverable and recorded a noncash impairment charge of $60 million, which included $52 million related to a basis difference associated with property, plant and equipment and equity-method goodwill. This impairment charge is reported within impairment of equity investments in our Consolidated Statements of Income. The estimated fair value of the equity investment is classified as Level 3. Our accounting policies for evaluating and testing our equity-method investments in unconsolidated affiliates for impairment are consistent with those discussed in Note A of the Notes to Consolidated Financial Statements in our Annual Report.