Acquisitions (Notes)

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

2. Acquisitions

As of March 31, 2026, our allocation of purchase price by acquisition is detailed below:


					Assignment of Purchase Price
Ref	Date	Acquisition	Purchase price		Current assets		Property, plant, & equipment		Other long-term assets		Current liabilities		Long-term liabilities		Resulting goodwill
			(In millions)
(1)	2/25	Outrigger Energy	$	648	$	16	$	497	$	160	$	(5)	$	(20)	$	—

(1) Outrigger Energy Acquisition

On February 18, 2025, we completed the acquisition of a natural gas gathering and processing system in North Dakota from Outrigger Energy II LLC for a purchase price of $648 million, including purchase price adjustments for working capital. Other long-term assets within the purchase price allocation consists of customer relationships intangible with a weighted average amortization period of approximately 15 years. The acquisition includes a 0.27 Bcf/d processing facility and a 104-mile, large-diameter, high-pressure rich gas gathering header pipeline with 0.35 Bcf/d of capacity connecting supplies from the Williston Basin area to high-demand markets. The acquired assets are included in our Natural Gas Pipelines business segment.

Pro Forma Information

Pro forma consolidated income statement information that gives effect to the above acquisition as if it had occurred as of January 1 of the year preceding the transaction is not presented because it would not be materially different from the information presented in our accompanying consolidated statements of income.

Subsequent Event

On April 22, 2026, we announced that we have entered into an agreement to acquire Monument Pipeline, a natural gas pipeline system serving Houston, Texas and the surrounding metropolitan area, for $505 million in cash consideration, subject to customary purchase price adjustments. The acquisition includes approximately 225 miles of pipelines and provides transportation and storage services to gas utilities, LNG shippers, and industrial customers. The transaction is expected to close in the second quarter of 2026.