| Schedule of Segments |
The following tables set forth certain selected financial information for our operating segments for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 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 | $ | 1,483 | | | $ | 4,920 | | | $ | — | | | $ | 5,974 | | | $ | 12,377 | | | Residue natural gas sales | 521 | | | — | | | 337 | | | — | | | 858 | | | Exchange services and natural gas gathering and processing revenue | 253 | | | 120 | | | — | | | — | | | 373 | | | Transportation and storage revenue | — | | | 54 | | | 171 | | | 611 | | | 836 | | | Other revenue | 8 | | | 3 | | | — | | | 60 | | | 71 | | | Total revenues (a) | 2,265 | | | 5,097 | | | 508 | | | 6,645 | | | 14,515 | | | Cost of sales and fuel (exclusive of depreciation and operating costs) | (1,445) | | | (4,184) | | | (274) | | | (5,768) | | | (11,671) | | | Operating costs | (264) | | | (230) | | | (71) | | | (251) | | | (816) | | | Adjusted EBITDA from unconsolidated affiliates | 1 | | | 26 | | | 67 | | | 49 | | | 143 | | | Noncash compensation expense and other | 6 | | | 9 | | | 1 | | | 10 | | | 26 | | | Segment adjusted EBITDA | $ | 563 | | | $ | 718 | | | $ | 231 | | | $ | 685 | | | $ | 2,197 | | | Depreciation and amortization | $ | (137) | | | $ | (119) | | | $ | (25) | | | $ | (112) | | | $ | (393) | | | Equity in net earnings from investments | $ | 1 | | | $ | 23 | | | $ | 47 | | | $ | 32 | | | $ | 103 | | | Capital expenditures | $ | 398 | | | $ | 262 | | | $ | 59 | | | $ | 200 | | | $ | 919 | |
(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
September 30, 2026 | Total Segments | | Other and Eliminations | | Total | | (Millions of dollars) | | Reconciliations of total segments to consolidated | | | | | | | Liquids commodity sales | $ | 12,377 | | | $ | (2,013) | | | $ | 10,364 | | | Residue natural gas sales | 858 | | | (32) | | | 826 | | | Exchange services and natural gas gathering and processing revenue | 373 | | | — | | | 373 | | | Transportation and storage revenue | 836 | | | (13) | | | 823 | | | Other revenue | 71 | | | (2) | | | 69 | | | Total revenues (a) | $ | 14,515 | | | $ | (2,060) | | | $ | 12,455 | | | Cost of sales and fuel (exclusive of depreciation and operating costs) | $ | (11,671) | | | $ | 2,059 | | | $ | (9,612) | | | Operating costs | $ | (816) | | | $ | (45) | | | $ | (861) | | | Depreciation and amortization | $ | (393) | | | $ | (2) | | | $ | (395) | | | Equity in net earnings from investments | $ | 103 | | | $ | — | | | $ | 103 | | | Capital expenditures | $ | 919 | | | $ | 18 | | | $ | 937 | |
(a) - Substantially all of our revenues are related to contracts with customers. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 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 | $ | 1,066 | | | $ | 3,746 | | | $ | — | | | $ | 3,010 | | | $ | 7,822 | | | Residue natural gas sales | 468 | | | — | | | 296 | | | — | | | 764 | | | Exchange services and natural gas gathering and processing revenue | 298 | | | 111 | | | — | | | — | | | 409 | | | Transportation and storage revenue | — | | | 36 | | | 154 | | | 590 | | | 780 | | | Other revenue | 9 | | | 2 | | | — | | | 29 | | | 40 | | | Total revenues (a) | 1,841 | | | 3,895 | | | 450 | | | 3,629 | | | 9,815 | | | Cost of sales and fuel (exclusive of depreciation and operating costs) | (1,038) | | | (2,977) | | | (255) | | | (2,873) | | | (7,143) | | | Operating costs | (244) | | | (202) | | | (59) | | | (231) | | | (736) | | | Adjusted EBITDA from unconsolidated affiliates | 1 | | | 26 | | | 63 | | | 40 | | | 130 | | | Noncash compensation expense and other | 6 | | | 6 | | | 1 | | | 17 | | | 30 | | | Segment adjusted EBITDA | $ | 566 | | | $ | 748 | | | $ | 200 | | | $ | 582 | | | $ | 2,096 | | | Depreciation and amortization | $ | (126) | | | $ | (116) | | | $ | (25) | | | $ | (108) | | | $ | (375) | | | Equity in net earnings from investments | $ | 1 | | | $ | 24 | | | $ | 39 | | | $ | 28 | | | $ | 92 | | | Capital expenditures | $ | 302 | | | $ | 218 | | | $ | 55 | | | $ | 214 | | | $ | 789 | |
(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 $1.1 billion for the Natural Gas Gathering and Processing segment, $0.1 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
September 30, 2025 | Total Segments | | Other and Eliminations | | Total | | (Millions of dollars) | | Reconciliations of total segments to consolidated | | | | | | | Liquids commodity sales | $ | 7,822 | | | $ | (1,157) | | | $ | 6,665 | | | Residue natural gas sales | 764 | | | (13) | | | 751 | | | Exchange services and natural gas gathering and processing revenue | 409 | | | (3) | | | 406 | | | Transportation and storage revenue | 780 | | | (5) | | | 775 | | | Other revenue | 40 | | | (3) | | | 37 | | | Total revenues (a) | $ | 9,815 | | | $ | (1,181) | | | $ | 8,634 | | | Cost of sales and fuel (exclusive of depreciation and operating costs) | $ | (7,143) | | | $ | 1,181 | | | $ | (5,962) | | | Operating costs | $ | (736) | | | $ | (2) | | | $ | (738) | | | Depreciation and amortization | $ | (375) | | | $ | (3) | | | $ | (378) | | | Equity in net earnings from investments | $ | 92 | | | $ | — | | | $ | 92 | | | Capital expenditures | $ | 789 | | | $ | 15 | | | $ | 804 | |
(a) - Substantially all of our revenues are related to contracts with customers. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended
September 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 | $ | 3,942 | | | $ | 12,834 | | | $ | — | | | $ | 16,587 | | | $ | 33,363 | | | Residue natural gas sales | 1,403 | | | — | | | 1,070 | | | — | | | 2,473 | | | Exchange services and natural gas gathering and processing revenue | 773 | | | 319 | | | — | | | — | | | 1,092 | | | Transportation and storage revenue | — | | | 174 | | | 512 | | | 1,779 | | | 2,465 | | | Other revenue | 22 | | | 9 | | | 1 | | | 129 | | | 161 | | | Total revenues (a) | 6,140 | | | 13,336 | | | 1,583 | | | 18,495 | | | 39,554 | | | Cost of sales and fuel (exclusive of depreciation and operating costs) | (3,817) | | | (10,698) | | | (740) | | | (16,088) | | | (31,343) | | | Operating costs | (769) | | | (661) | | | (195) | | | (747) | | | (2,372) | | | Adjusted EBITDA from unconsolidated affiliates | 3 | | | 79 | | | 217 | | | 108 | | | 407 | | | Noncash compensation expense and other | 19 | | | 27 | | | 2 | | | 36 | | | 84 | | | Segment adjusted EBITDA | $ | 1,576 | | | $ | 2,083 | | | $ | 867 | | | $ | 1,804 | | | $ | 6,330 | | | Depreciation and amortization | $ | (398) | | | $ | (342) | | | $ | (78) | | | $ | (333) | | | $ | (1,151) | | | Equity in net earnings from investments | $ | 2 | | | $ | 70 | | | $ | 158 | | | $ | 65 | | | $ | 295 | | | Impairment of equity investments | $ | — | | | $ | — | | | $ | — | | | $ | (60) | | | $ | (60) | | | Investments in unconsolidated affiliates | $ | 41 | | | $ | 893 | | | $ | 1,266 | | | $ | 1,173 | | | $ | 3,373 | | | | | | | | | | | | | Capital expenditures | $ | 900 | | | $ | 774 | | | $ | 120 | | | $ | 571 | | | $ | 2,365 | |
(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 $4.0 billion for the Natural Gas Gathering and Processing segment, $1.1 billion for the Natural Gas Liquids segment and were not material for the Refined Products and Crude and Natural Gas Pipelines segments.
| | | | | | | | | | | | | | | | | | Nine Months Ended
September 30, 2026 | Total Segments | | Other and Eliminations | | Total | | (Millions of dollars) | | Reconciliations of total segments to consolidated | | | | | | | Liquids commodity sales | $ | 33,363 | | | $ | (5,324) | | | $ | 28,039 | | | Residue natural gas sales | 2,473 | | | (63) | | | 2,410 | | | Exchange services and natural gas gathering and processing revenue | 1,092 | | | — | | | 1,092 | | | Transportation and storage revenue | 2,465 | | | (38) | | | 2,427 | | | Other revenue | 161 | | | (7) | | | 154 | | | Total revenues (a) | $ | 39,554 | | | $ | (5,432) | | | $ | 34,122 | | | Cost of sales and fuel (exclusive of depreciation and operating costs) | $ | (31,343) | | | $ | 5,436 | | | $ | (25,907) | | | Operating costs | $ | (2,372) | | | $ | (58) | | | $ | (2,430) | | | Depreciation and amortization | $ | (1,151) | | | $ | (9) | | | $ | (1,160) | | | Equity in net earnings from investments | $ | 295 | | | $ | — | | | $ | 295 | | | Impairment of equity investments | $ | (60) | | | $ | — | | | $ | (60) | | | Investments in unconsolidated affiliates | $ | 3,373 | | | $ | 9 | | | $ | 3,382 | | | | | | | | | Capital expenditures | $ | 2,365 | | | $ | 49 | | | $ | 2,414 | |
(a) - Substantially all of our revenues are related to contracts with customers. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended
September 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 | $ | 3,393 | | | $ | 11,598 | | | $ | — | | | $ | 7,227 | | | $ | 22,218 | | | Residue natural gas sales | 1,615 | | | — | | | 872 | | | — | | | 2,487 | | | Exchange services and natural gas gathering and processing revenue | 852 | | | 307 | | | — | | | — | | | 1,159 | | | Transportation and storage revenue | — | | | 121 | | | 447 | | | 1,692 | | | 2,260 | | | Other revenue | 26 | | | 8 | | | — | | | 86 | | | 120 | | | Total revenues (a) | 5,886 | | | 12,034 | | | 1,319 | | | 9,005 | | | 28,244 | | | Cost of sales and fuel (exclusive of depreciation and operating costs) | (3,576) | | | (9,464) | | | (735) | | | (6,883) | | | (20,658) | | | Operating costs | (737) | | | (615) | | | (167) | | | (672) | | | (2,191) | | | Adjusted EBITDA from unconsolidated affiliates | 4 | | | 76 | | | 179 | | | 122 | | | 381 | | | Noncash compensation expense and other | 20 | | | 25 | | | 4 | | | 38 | | | 87 | | | Segment adjusted EBITDA | $ | 1,597 | | | $ | 2,056 | | | $ | 600 | | | $ | 1,610 | | | $ | 5,863 | | | Depreciation and amortization | $ | (374) | | | $ | (341) | | | $ | (73) | | | $ | (330) | | | $ | (1,118) | | | Equity in net earnings from investments | $ | 3 | | | $ | 69 | | | $ | 116 | | | $ | 93 | | | $ | 281 | | | Investments in unconsolidated affiliates | $ | 40 | | | $ | 597 | | | $ | 860 | | | $ | 1,271 | | | $ | 2,768 | | | | | | | | | | | | | Capital expenditures | $ | 884 | | | $ | 524 | | | $ | 169 | | | $ | 539 | | | $ | 2,116 | |
(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 $3.4 billion for the Natural Gas Gathering and Processing segment, $0.2 billion for the Natural Gas Liquids segment and were not material for the Refined Products and Crude and Natural Gas Pipelines segments.
| | | | | | | | | | | | | | | | | | Nine Months Ended
September 30, 2025 | Total Segments | | Other and Eliminations | | Total | | (Millions of dollars) | | Reconciliations of total segments to consolidated | | | | | | | Liquids commodity sales | $ | 22,218 | | | $ | (3,604) | | | $ | 18,614 | | | Residue natural gas sales | 2,487 | | | (47) | | | 2,440 | | | Exchange services and natural gas gathering and processing revenue | 1,159 | | | (3) | | | 1,156 | | | Transportation and storage revenue | 2,260 | | | (15) | | | 2,245 | | | Other revenue | 120 | | | (11) | | | 109 | | | Total revenues (a) | $ | 28,244 | | | $ | (3,680) | | | $ | 24,564 | | | Cost of sales and fuel (exclusive of depreciation and operating costs) | $ | (20,658) | | | $ | 3,681 | | | $ | (16,977) | | | Operating costs | $ | (2,191) | | | $ | (5) | | | $ | (2,196) | | | Depreciation and amortization | $ | (1,118) | | | $ | (8) | | | $ | (1,126) | | | Equity in net earnings from investments | $ | 281 | | | $ | — | | | $ | 281 | | | Investments in unconsolidated affiliates | $ | 2,768 | | | $ | 5 | | | $ | 2,773 | | | | | | | | | Capital expenditures | $ | 2,116 | | | $ | 66 | | | $ | 2,182 | |
(a) - Substantially all of our revenues are related to contracts with customers. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | Reconciliation of income before income taxes to total segment adjusted EBITDA | | (Millions of dollars) | | Income before income taxes | | $ | 1,358 | | | $ | 1,237 | | | $ | 3,645 | | | $ | 3,238 | | | | | Interest expense, net of capitalized interest | | 415 | | | 450 | | | 1,288 | | | 1,330 | | | | | Depreciation and amortization | | 395 | | | 378 | | | 1,160 | | | 1,126 | | | | | | | | | | | | | | | Adjusted EBITDA from unconsolidated affiliates | | 143 | | | 129 | | | 407 | | | 381 | | | | | Equity in net earnings from investments | | (103) | | | (92) | | | (295) | | | (281) | | | | | Impairment of equity investments | | — | | | — | | | 60 | | | — | | | | | Noncash compensation expense and other (a) | | 30 | | | 17 | | | 91 | | | 81 | | | | | Corporate other (a)(b) | | (41) | | | (23) | | | (26) | | | (12) | | | | | Total segment adjusted EBITDA | | $ | 2,197 | | | $ | 2,096 | | | $ | 6,330 | | | $ | 5,863 | | | |
(a) - The nine months ended September 30, 2025, included transaction costs related primarily to the EnLink Acquisition of $59 million included within corporate other and $15 million included within noncash compensation expense and other. (b) - The three and nine months ended September 30, 2026, included a $53 million net benefit from the ONEOK Holdings Transaction and Brazos Midland Acquisition, related primarily to corporate net gains on extinguishment of debt, offset by costs. The three and nine months ended September 30, 2025, included corporate net gains on extinguishment of debt of $22 million and $58 million, respectively, in connection with open market repurchases.
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