v3.26.1
Reportable Segments (Notes)
 3 Months Ended
Mar. 31, 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 March 31, 2026
Reportable Segments
 Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues
Revenues from external customers$3,291 $687 $562 $288 $— $4,828 
Intersegment revenues5 — 3 — (8)— 
Total revenues3,296 687 565 288 (8)4,828 
Costs of sales(1,431)(281)(16)(28)
Labor(86)(34)(69)(13)
Fuel and power(26)(20)(5)(25)
Field - non-labor(a)(199)(40)(137)(57)
Taxes, other than income taxes(79)(10)(12)(11)
Earnings (loss) from equity investments225 18 3 8 
Other segment items(b)11 — — 6 
Total Segment EBDA(c)$1,711 $320 $329 $168 2,528 
DD&A(633)
General and administrative and corporate charges(177)
Interest, net(d)
(430)
Income tax expense(287)
Net income$1,001 
Other segment activity information:
DD&A$297 $84 $131 $114 $7 $633 
Capital expenditures610 38 70 63 23 804 
 Three Months Ended March 31, 2025
Reportable Segments
 Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues
Revenues from external customers$2,750 $663 $516 $312 $— $4,241 
Intersegment revenues4 — 2 — (6)— 
Total revenues2,754 663 518 312 (6)4,241 
Costs of sales(1,145)(293)(15)(27)
Labor(80)(32)(70)(12)
Fuel and power(19)(21)(6)(32)
Field - non-labor(a)(191)(48)(140)(53)
Taxes, other than income taxes(72)(12)(13)(13)
Earnings from equity investments196 16 2 6 
Other segment items(b)10 — (1)— 
Total Segment EBDA(e)$1,453 $273 $275 $181 2,182 
DD&A(610)
General and administrative and corporate charges(192)
Interest, net(d)
(451)
Income tax expense(186)
Net income$743 
Other segment activity information:
DD&A$287 $96 $129 $93 $5 $610 
Capital expenditures493 81 76 97 19 766 

Reportable Segments
 Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Segment balance sheet information:
As of March 31, 2026
Investments$7,080 $381 $122 $68 $— $7,651 
Other intangibles, net884 387 12 403 — 1,686 
Total assets(f)52,934 8,073 7,871 3,500 694 73,072 
As of December 31, 2025
Investments$6,962 $381 $122 $67 $— $7,532 
Other intangibles, net900 403 13 414 — 1,730 
Total assets(f)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 of $(75) million, $(5) million, $(1) million, and $(21) million for our Natural Gas Pipelines, Products Pipelines, Terminals, and CO2 business segments, respectively.
(d)We do not attribute interest and debt expense to any of our reportable business segments.
(e)Includes non-cash risk management activities amounts of $(80) million, $(1) million, and $(1) million for our Natural Gas Pipelines, Products Pipelines, and CO2 business segments, respectively.
(f)Corporate includes 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.