ONEOK (OKE) 10-Q 1 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 22, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-13643
Entity Registrant Name	ONEOK, Inc.
Entity Incorporation, State or Country Code	OK
Entity Tax Identification Number	73-1520922
Entity Address, Address Line One	100 West Fifth Street,
Entity Address, City or Town	Tulsa,
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	74103
City Area Code	918
Local Phone Number	588-7000
Title of 12(b) Security	Common stock, par value of $0.01
Trading Symbol	OKE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		583,646,909
Entity Central Index Key	0001039684
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Total revenues (Note K)	$ 4,781	$ 4,521
Cost of sales and fuel (exclusive of items shown separately below)	2,897	3,347
Operations and maintenance	486	239
Depreciation and amortization	254	162
General taxes	86	57
Other operating income, net (Note C)	(6)	(781)
Operating income	1,064	1,497
Equity in net earnings from investments (Note I)	76	40
Other income, net	7	8
Interest expense (net of capitalized interest of $12 and $18, respectively)	(300)	(166)
Income before income taxes	847	1,379
Income taxes	(208)	(330)
Net income	639	1,049
Less: Preferred stock dividends	0	0
Net income available to common shareholders	$ 639	$ 1,049
Basic EPS (Note H) (in dollars per share)	$ 1.09	$ 2.34
Diluted EPS (Note H) (in dollars per share)	$ 1.09	$ 2.34
Average shares (millions)
Basic (in shares)	584.2	448.1
Diluted (in shares)	585.7	449
Commodity sales
Revenues
Total revenues (Note K)	$ 3,928	$ 4,156
Services
Revenues
Total revenues (Note K)	$ 853	$ 365

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Capitalized interest	$ 12	$ 18

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 639	$ 1,049
Other comprehensive income (loss), net of tax
Change in fair value of derivatives, net of tax of $22 and $(7), respectively	(75)	23
Derivative amounts reclassified to net income, net of tax of $6 and $3, respectively	(21)	(12)
Changes in benefit plan obligations and other, net of tax of $$— and $$1, respectively	1	(2)
Total other comprehensive income (loss), net of tax	(95)	9
Comprehensive income	$ 544	$ 1,058

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Change in fair value of derivatives, tax	$ 22	$ (7)
Derivative amounts reclassified to net income, tax	6	3
Change in retirement and other postretirement benefit plan obligations, tax	$ 0	$ 1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 65	$ 338
Accounts receivable, net	1,699	1,705
Materials and supplies	153	148
Inventories	798	639
Commodity imbalances	23	26
Other current assets	212	252
Total current assets	2,950	3,108
Property, plant and equipment
Property, plant and equipment	38,796	38,454
Accumulated depreciation and amortization	5,989	5,757
Net property, plant and equipment	32,807	32,697
Other assets
Investments in unconsolidated affiliates	1,939	1,874
Goodwill	5,056	4,952
Intangible assets, net	1,311	1,316
Other assets	327	319
Total other assets	8,633	8,461
Total assets	44,390	44,266
Current liabilities
Current maturities of long-term debt (Note F)	1,234	484
Short-term borrowings (Note F)	320	0
Accounts payable	1,480	1,564
Commodity imbalances	221	244
Accrued taxes	169	215
Accrued interest	268	381
Other current liabilities	502	564
Total current liabilities	4,194	3,452
Long-term debt, excluding current maturities	20,447	21,183
Deferred credits and other liabilities
Deferred income taxes	2,745	2,594
Other deferred credits	559	553
Total deferred credits and other liabilities	3,304	3,147
Commitments and contingencies (Note J)
Equity (Note G)
Preferred stock, $0.01 par value: authorized and issued $20,000 shares at March 31, 2024, and December 31, 2023	0	0
Common stock, $0.01 par value: authorized $1,200,000,000 shares; issued $609,713,834 shares and outstanding $583,644,277 shares at March 31, 2024; issued $609,713,834 shares and outstanding $583,093,100 shares at December 31, 2023	6	6
Paid-in capital	16,303	16,320
Accumulated other comprehensive loss	(128)	(33)
Retained earnings	927	868
Treasury stock, at cost: $26,069,557 shares at March 31, 2024, and $26,620,734 shares at December 31, 2023	(663)	(677)
Total equity	16,445	16,484
Total liabilities and equity	$ 44,390	$ 44,266

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Equity (Note G)
Preferred stock, shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares, authorized (in shares)	20,000	20,000
Preferred stock, shares, issued (in shares)	20,000	20,000
Common stock, shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares, authorized (in shares)	1,200,000,000	1,200,000,000
Common stock, shares, issued (in shares)	609,713,834	609,713,834
Common stock, shares, outstanding (in shares)	583,644,277	583,093,100
Treasury stock, shares (in shares)	26,069,557	26,620,734

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net income	$ 639	$ 1,049
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	254	162
Equity in net earnings from investments	(76)	(40)
Distributions received from unconsolidated affiliates	78	43
Deferred income taxes	180	285
Medford settlement gain	0	(779)
Medford settlement proceeds	0	502
Other, net	23	18
Changes in assets and liabilities:
Accounts receivable	6	329
Inventories, net of commodity imbalances	(179)	20
Accounts payable	(29)	(237)
Risk-management assets and liabilities	(144)	26
Other assets and liabilities, net	(156)	(157)
Cash provided by operating activities	596	1,221
Investing activities
Capital expenditures (less allowance for equity funds used during construction)	(512)	(289)
Purchases of and contributions to unconsolidated affiliates	(92)	(2)
Distributions received from unconsolidated affiliates in excess of cumulative earnings	25	8
Medford settlement proceeds	0	328
Other, net	1	2
Cash provided by (used in) investing activities	(578)	47
Financing activities
Dividends paid	(578)	(427)
Short-term borrowings, net	320	0
Issuance of long-term debt, net of discounts	0	50
Repayment of long-term debt	0	(425)
Other, net	(33)	(6)
Cash used in financing activities	(291)	(808)
Change in cash and cash equivalents	(273)	460
Cash and cash equivalents at beginning of period	338	220
Cash and cash equivalents at end of period	$ 65	$ 680

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Preferred Stock Issued	Common Stock Issued	Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock
Shares, issued, beginning balance (in shares) at Dec. 31, 2022		20,000	474,916,234
Total equity, beginning balance at Dec. 31, 2022	$ 6,494	$ 0	$ 5	$ 7,253	$ (108)	$ 50	$ (706)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,049					1,049
Other comprehensive income (loss)	9				9
Preferred stock dividends	0
Common stock issued	4			(3)			7
Common stock dividends	(427)					(427)
Other, net	3			3
Shares, issued, ending balance (in shares) at Mar. 31, 2023		20,000	474,916,234
Total equity, ending balance at Mar. 31, 2023	7,132	$ 0	$ 5	7,253	(99)	672	(699)
Shares, issued, beginning balance (in shares) at Dec. 31, 2023		20,000	609,713,834
Total equity, beginning balance at Dec. 31, 2023	16,484	$ 0	$ 6	16,320	(33)	868	(677)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	639					639
Other comprehensive income (loss)	(95)				(95)
Preferred stock dividends	0
Common stock issued (in shares)			0
Common stock issued	6		$ 0	(8)			14
Common stock dividends	(579)			0		(579)
Other, net	(10)			(9)		(1)
Shares, issued, ending balance (in shares) at Mar. 31, 2024		20,000	609,713,834
Total equity, ending balance at Mar. 31, 2024	$ 16,445	$ 0	$ 6	$ 16,303	$ (128)	$ 927	$ (663)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Preferred stock, dividends paid (in dollars per share)	$ 13.75	$ 13.75
Common stock dividends paid (in dollars per share)	$ 0.99	$ 0.955

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Our accompanying unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC. These statements have been prepared in accordance with GAAP and reflect all adjustments that, in our opinion, are necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. The 2023 year-end Consolidated Balance Sheet data was derived from our audited Consolidated Financial Statements but does not include all disclosures required by GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements in our Annual Report. Recently Issued Accounting Standards Update

MAGELLAN ACQUISITION

MAGELLAN ACQUISITION	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
MAGELLAN ACQUISITION	MAGELLAN ACQUISITION On September 25, 2023, we completed the Magellan Acquisition. The acquisition strategically diversifies our complementary asset base and allows for significant expected synergies as a combined entity. Each common unit of Magellan was exchanged for a fixed ratio of 0.667 shares of ONEOK common stock and $25.00 of cash, for a total consideration of $14.1 billion. A total of approximately 135 million shares of common stock were issued, with a fair value of approximately $9.0 billion as of the closing date of the Magellan Acquisition. We funded the cash portion of the acquisition with an underwritten public offering of $5.25 billion senior unsecured notes. For additional information on our long-term debt, please see Note H in our Annual Report.

MEDFORD INCIDENT

MEDFORD INCIDENT	3 Months Ended
	Mar. 31, 2024
Unusual or Infrequent Items, or Both [Abstract]
MEDFORD INCIDENT	MEDFORD INCIDENTIn 2022, a fire occurred at our 210 MBbl/d Medford, Oklahoma, natural gas liquids fractionation facility. In the first quarter of 2023, we reached an agreement with our insurers to settle all claims for physical damage and business interruption related to the Medford incident. Under the terms of the settlement agreement, we agreed to resolve the claims for total insurance payments of $930 million, $100 million of which was received in 2022. The remaining $830 million was received in the first quarter of 2023. The proceeds serve as settlement for property damage, business interruption claims to the date of the settlement and as payment in lieu of future business interruption insurance claims. We applied the $830 million received to our outstanding insurance receivable at December 31, 2022, of $51 million, and recorded an operational gain for the remaining $779 million in other operating income, net, within the Consolidated Statement of Income. We classified proceeds received within the Consolidated Statement of Cash Flows based on our assessment of the nature of the loss (property and business interruption) included in the settlement.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Determining Fair Value - For our fair value measurements, we utilize market prices, third-party pricing services, present value methods and standard option valuation models to determine the price we would receive from the sale of an asset or the transfer of a liability in an orderly transaction at the measurement date. We measure the fair value of a group of financial assets and liabilities consistent with how a market participant would price the net risk exposure at the measurement date. Determining the appropriate classification of our fair value measurements within the fair value hierarchy requires management’s judgment regarding the degree to which market data is observable or corroborated by observable market data. We categorize derivatives based on the lowest level input that is significant to the fair value measurement in its entirety. Our valuation techniques and inputs are consistent with those discussed in Note A of the Notes to Consolidated Financial Statements in our Annual Report. Recurring Fair Value Measurements - The following tables set forth our recurring fair value measurements as of the dates indicated: March 31, 2024 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net ( Millions of dollars ) Derivative assets Commodity contracts $ 58 $ 57 $ — $ 115 $ (114) $ 1 Total derivative assets $ 58 $ 57 $ — $ 115 $ (114) $ 1 Derivative liabilities Commodity contracts $ (94) $ (83) $ — $ (177) $ 177 $ — Total derivative liabilities $ (94) $ (83) $ — $ (177) $ 177 $ — (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheet on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At March 31, 2024, we held no cash and posted cash of $129 million with various counterparties, including $63 million of cash collateral that is offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $66 million of cash collateral in excess of derivative net liability positions is included in other current assets in our Consolidated Balance Sheet. December 31, 2023 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net (Millions of dollars) Derivative assets Commodity contracts $ 109 $ 68 $ — $ 177 $ (125) $ 52 Total derivative assets $ 109 $ 68 $ — $ 177 $ (125) $ 52 Derivative liabilities Commodity contracts $ (40) $ (44) $ — $ (84) $ 84 $ — Total derivative liabilities $ (40) $ (44) $ — $ (84) $ 84 $ — (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheet on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At December 31, 2023, we posted no cash and held cash of $41 million with various counterparties, which offsets our derivative net asset position under master netting arrangements as shown in the table above. Other Financial Instruments - The approximate fair value of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings is equal to book value due to the short-term nature of these items. Our cash and cash equivalents are composed of bank and money market accounts and are classified as Level 1. Our short-term borrowings are classified as Level 2 since the estimated fair value of the short-term borrowings can be determined using information available in the commercial paper market. We have investments associated with our supplemental executive retirement plan and nonqualified deferred compensation plan that are carried at fair value and primarily are composed of mutual funds, municipal bonds and other fixed income securities classified as Level 1 and Level 2. The estimated fair value of our consolidated long-term debt, including current maturities, was $21.0 billion and $21.4 billion at March 31, 2024, and December 31, 2023, respectively. The book value of our consolidated long-term debt, including current maturities, was $21.7 billion at March 31, 2024, and December 31, 2023. The estimated fair value of the aggregate senior notes outstanding was determined using quoted market prices for similar issues with similar terms and maturities. The estimated fair value of our consolidated long-term debt is classified as Level 2.

RISK-MANAGEMENT AND HEDGING ACT

RISK-MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
RISK-MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES	RISK-MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES Risk-management Activities - We are sensitive to changes in natural gas, NGLs, Refined Products and crude oil prices, principally as a result of contractual terms under which these commodities are processed, purchased and sold. We are also subject to the risk of interest-rate fluctuation in the normal course of business. We use physical-forward purchases and sales and financial derivatives to secure a certain price for a portion of our natural gas, NGLs, Refined Products, condensate and crude oil purchases and sales; to reduce our exposure to commodity price and interest-rate fluctuations; and to achieve more predictable cash flows. Additionally, we may use physical-forward purchases and financial derivatives to reduce commodity price risk associated with power and natural gas used to operate our facilities. We follow established policies and procedures to assess risk and approve, monitor and report our risk-management activities. We have not used these instruments for trading purposes. Commodity price risk - Commodity price risk refers to the risk of loss in cash flows and future earnings arising from adverse changes in the price of natural gas, NGLs, Refined Products and crude oil. We may use commodity derivative instruments to reduce the near-term commodity price risk associated with a portion of our forecasted purchases and sales of commodities. Our exposure to commodity price risk is consistent with that discussed in our Annual Report. Interest-rate risk - We may manage interest-rate risk through the use of fixed-rate debt, floating-rate debt, Treasury locks and interest-rate swaps. At both March 31, 2024, and December 31, 2023, we had no outstanding Treasury lock agreements or interest rate swaps. Fair Values of Derivative Instruments - The following table sets forth the fair values of our derivative instruments presented on a gross basis as of the dates indicated: March 31, 2024 December 31, 2023 Location in our Assets (Liabilities) Assets (Liabilities) Derivatives designated as hedging instruments ( Millions of dollars ) Commodity contracts (a)(b) Other current assets $ 103 $ (164) $ 163 $ (78) Total derivatives designated as hedging instruments 103 (164) 163 (78) Derivatives not designated as hedging instruments Commodity contracts (a)(b) Other current assets 12 (13) 14 (6) Total derivatives not designated as hedging instruments 12 (13) 14 (6) Total derivatives $ 115 $ (177) $ 177 $ (84) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. (b) - At March 31, 2024, our derivative net liability positions under master-netting arrangements for financial commodity contracts were offset by cash collateral of $63 million . Notional Quantities for Derivative Instruments - The following table sets forth the notional quantities for derivative instruments held as of the dates indicated: March 31, 2024 December 31, Contract Net Purchased/Payor Derivatives designated as hedging instruments: Cash flow hedges Fixed price - Natural gas ( Bcf ) Futures and swaps (17.4) (16.0) - NGLs, Refined Products and crude oil ( MMBbl ) Futures and swaps (16.0) (14.5) - Power ( GWh ) Futures and swaps 22.1 22.1 Basis - Natural gas ( Bcf ) Futures and swaps (17.2) (16.0) Derivatives not designated as hedging instruments: Fixed price - Natural gas ( Bcf ) Futures and swaps — (0.7) - NGLs, Refined Products and crude oil ( MMBbl ) Futures and swaps (0.6) 0.1 Basis - Natural gas ( Bcf ) Futures and swaps — (0.7) - NGLs, Refined Products, and crude oil ( MMBbl ) Futures and swaps (1.4) (0.1) Cash Flow Hedges - During the three months ended March 31, 2024, we have not had material cash flow hedge activity on our commodity derivative instruments. Credit Risk - We monitor the creditworthiness of our counterparties and compliance with policies and limits established by our Risk Oversight and Strategy Committee. We maintain credit policies with regard to our counterparties that we believe minimize credit risk. Our policies and related credit risk are consistent with those discussed in our Annual Report.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Current Maturities - At March 31, 2024, our current maturities of long-term debt of $1.2 billion consist of $484 million, 2.75% senior notes due September 2024; $250 million, 3.2% senior notes due March 2025; and $500 million, 4.9% senior notes due March 2025. Commercial Paper Program - At March 31, 2024, we had $320 million of commercial paper outstanding, bearing a weighted-average interest rate of 5.50%. At December 31, 2023, we had no commercial paper outstanding. $2.5 Billion Credit Agreement - Our $2.5 Billion Credit Agreement, which expires in 2027, is a revolving credit facility and contains certain customary conditions for borrowing, as well as customary financial, affirmative and negative covenants. Among other things, these covenants include maintaining a ratio of consolidated net indebtedness to adjusted EBITDA (EBITDA, as defined in our $2.5 Billion Credit Agreement, adjusted for all noncash charges and increased for projected EBITDA from certain lender-approved capital expansion projects). In addition, adjusted EBITDA as defined in our $2.5 Billion Credit Agreement allows inclusion of the trailing 12 months of consolidated adjusted EBITDA of the acquired business. In March 2024, we acquired additional ownership interest in one of our unconsolidated affiliates, which allowed us to elect an acquisition adjustment period under our $2.5 Billion Credit Agreement and, as a result, increased our leverage ratio covenant to 5.5 to 1 until the quarter ended December 31, 2024, when it will decrease to 5.0 to 1. As of March 31, 2024, we had no outstanding borrowings, our ratio of consolidated indebtedness to adjusted EBITDA was 4.1 to 1, and we were in compliance with all covenants under our $2.5 Billion Credit Agreement. Debt Guarantees - ONEOK, ONEOK Partners, the Intermediate Partnership and Magellan have cross guarantees in place for ONEOK’s and ONEOK Partners’ indebtedness. The Guardian Term Loan Agreement and Viking Term Loan Agreement are not guaranteed by ONEOK, ONEOK Partners, the Intermediate Partnership or Magellan. For further details on our indebtedness, see Note H of the Notes to Consolidated Financial Statements in our Annual Report.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
EQUITY	EQUITY Dividends - Holders of our common stock share equally in any dividend declared by our Board of Directors, subject to the rights of the holders of outstanding Series E Preferred Stock. Dividends paid on our common stock in February 2024 were 99 cents per share. A common stock dividend of 99 cents per share was declared for shareholders of record at the close of business on May 1, 2024, payable May 15, 2024. Our Series E Preferred Stock pays quarterly dividends on each share of Series E Preferred Stock when, and if, declared by our Board of Directors, at a rate of 5.5% per year. We paid dividends for the Series E Preferred Stock of $0.3 million in February 2024. Dividends totaling $0.3 million were declared for the Series E Preferred Stock and are payable May 15, 2024.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following tables set forth the computation of basic and diluted EPS for the periods indicated: Three Months Ended March 31, 2024 Income Shares Per Share ( Millions, except per share amounts ) Basic EPS Net income available for common stock $ 639 584.2 $ 1.09 Diluted EPS Effect of dilutive securities — 1.5 Net income available for common stock and common stock equivalents $ 639 585.7 $ 1.09 Three Months Ended March 31, 2023 Income Shares Per Share ( Millions, except per share amounts ) Basic EPS Net income available for common stock $ 1,049 448.1 $ 2.34 Diluted EPS Effect of dilutive securities — 0.9 Net income available for common stock and common stock equivalents $ 1,049 449.0 $ 2.34

UNCONSOLIDATED AFFILIATES

UNCONSOLIDATED AFFILIATES	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
UNCONSOLIDATED AFFILIATES	UNCONSOLIDATED AFFILIATES Equity in Net Earnings from Investments - The following table sets forth our equity in net earnings from investments for the periods indicated: Three Months Ended March 31, 2024 2023 ( Millions of dollars ) Northern Border $ 25 $ 24 Overland Pass 15 9 Roadrunner 11 7 Saddlehorn 10 — BridgeTex 7 — MVP 4 — Other 4 — Equity in net earnings from investments $ 76 $ 40 In March 2024, we purchased an additional 10% interest in Saddlehorn, resulting in a 40% ownership interest at March 31, 2024. We incurred expenses in transactions with unconsolidated affiliates of $39 million and $28 million for the three months ended March 31, 2024 and 2023, respectively, related primarily to Overland Pass and Northern Border. Revenue earned and accounts receivable from, and accounts payable to, our unconsolidated affiliates were not material.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Regulatory, Environmental and Safety Matters - The operation of pipelines, terminals, plants and other facilities for the gathering, processing, fractionation, transportation and storage of products is subject to numerous and complex laws and regulations pertaining to health, safety and the environment. As an owner and/or operator of these facilities, we must comply with laws and regulations that relate to air and water quality, hazardous and solid waste management and disposal, cultural resource protection and other environmental and safety matters. The cost of planning, designing, constructing and operating pipelines, terminals, plants and other facilities must incorporate compliance with these laws, regulations and safety standards. Failure to comply with these laws and regulations may trigger a variety of administrative, civil and potentially criminal enforcement measures, including citizen suits, which can include the assessment of monetary penalties, the imposition of remedial requirements and the issuance of injunctions or restrictions on operation or construction. Management does not believe that, based on currently known information, a material risk of noncompliance with these laws and regulations exists that will affect adversely our consolidated results of operations, financial condition or cash flows. Legal Proceedings - Corpus Christi Terminal Personal Injury Proceeding - Ismael Garcia, Andrew Ramirez and Jesus Juarez Quintero, et al. brought personal injury cases against Magellan and co-defendants Triton Industrial Services, LLC, Tidal Tank, Inc. and Cleveland Integrity Services, Inc. in Nueces County Court in Texas. The claims were originally brought in three different actions but were consolidated into a single case on March 2, 2021. Claims were asserted by or on behalf of seven individuals, and certain beneficiaries, who were employed by a contractor and working at a Magellan facility. These individuals were injured, one fatally, as a result of a fire that occurred on December 5, 2020, while they were cleaning a tank at our Corpus Christi terminal. During the first quarter of 2024, we reached settlement with all remaining claimants. We recorded accruals that represent the settlement, as well as offsetting insurance receivables for the amounts accrued. We are a party to various other legal proceedings that have arisen in the normal course of our operations. While the results of these proceedings cannot be predicted with certainty, we believe the reasonably possible losses from such proceedings, individually and in the aggregate, are not material. Additionally, we believe the probable final outcome of such proceedings will not have a material adverse effect on our consolidated results of operations, financial position or cash flows.

REVENUES

REVENUES	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES Contract Assets and Contract Liabilities - Our contract asset balances at the beginning and the end of the period primarily relate to our firm service transportation contracts with tiered rates, which are not material. The following table sets forth the balances in contract liabilities for the periods indicated: Contract Liabilities ( Millions of dollars ) Balance at December 31, 2023 (a) $ 150 Revenue recognized included in beginning balance (109) Net additions 98 Balance at March 31, 2024 (b) $ 139 (a) - Contract liabilities of $104 million and $46 million are included in other current liabilities and other deferred credits, respectively, in our Consolidated Balance Sheet. (b) - Contract liabilities of $99 million and $40 million are included in the other current liabilities and other deferred credits, respectively in our Consolidated Balance Sheet. Receivables from Customers and Revenue Disaggregation - Excluding the insurance receivable related to the legal proceeding described in Note J, substantially all of the balances in accounts receivable on our Consolidated Balance Sheets at March 31, 2024, and December 31, 2023, relate to customer receivables. Revenue sources are disaggregated in Note L. Unsatisfied Performance Obligations - We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) variable consideration on contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. The following table presents aggregate value allocated to unsatisfied performance obligations as of March 31, 2024, and the amounts we expect to recognize in revenue in future periods, related primarily to firm transportation and storage contracts with remaining contract terms ranging from one month to 20 years: Expected Period of Recognition in Revenue ( Millions of dollars ) Remainder of 2024 $ 924 2025 986 2026 832 2027 735 2028 and beyond 2,192 Total $ 5,669 The table above excludes variable consideration allocated entirely to wholly unsatisfied performance obligations, wholly unsatisfied promises to transfer distinct goods or services that are part of a single performance obligation and consideration we determine to be fully constrained. The amounts we determined to be fully constrained relate to future sales obligations under long-term sales contracts where the value is not known and minimum volume agreements, which we consider to be fully constrained until invoiced.

SEGMENTS

SEGMENTS	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
SEGMENTS	SEGMENTS Segment Descriptions - Our operations are divided into four reportable business segments as follows: • our Natural Gas Gathering and Processing segment gathers, treats, processes and markets natural gas; • our Natural Gas Liquids segment gathers, treats, fractionates and transports NGLs and stores, markets and distributes Purity NGLs; • our Natural Gas Pipelines segment transports and stores natural gas; and • our Refined Products and Crude segment transports, stores, distributes, blends and markets Refined Products and crude oil. Other and eliminations consist of corporate costs, the operating and leasing activities of our headquarters building and related parking facility, the activity of our wholly owned captive insurance company and eliminations necessary to reconcile our reportable segments to our Consolidated Financial Statements. Operating Segment Information - The following tables set forth certain selected financial information for our operating segments for the periods indicated: Three Months Ended Natural Gas Natural Gas Natural Gas Refined Products and Crude Total ( Millions of dollars ) Liquids commodity sales $ 623 $ 3,264 $ — $ 351 $ 4,238 Residue natural gas sales 344 — 28 — 372 Gathering, processing and exchange services revenue 35 122 — — 157 Transportation and storage revenue — 48 157 466 671 Other 8 2 — 27 37 Total revenues (a) 1,010 3,436 185 844 5,475 Cost of sales and fuel (exclusive of depreciation and operating costs) (594) (2,698) (15) (285) (3,592) Operating costs (117) (181) (53) (217) (568) Adjusted EBITDA from unconsolidated affiliates 2 17 47 35 101 Noncash compensation expense and other 5 14 1 4 24 Segment adjusted EBITDA $ 306 $ 588 $ 165 $ 381 $ 1,440 Depreciation and amortization $ (70) $ (85) $ (18) $ (80) $ (253) Equity in net earnings from investments $ 2 $ 15 $ 36 $ 23 $ 76 Investments in unconsolidated affiliates $ 25 $ 414 $ 522 $ 976 $ 1,937 Total assets $ 7,021 $ 15,279 $ 2,635 $ 19,401 $ 44,336 Capital expenditures $ 116 $ 253 $ 79 $ 42 $ 490 (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 for the Natural Gas Gathering and Processing segment totaled $620 million and were not material for the Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments. Three Months Ended Total Other and Total ( Millions of dollars ) Reconciliations of total segments to consolidated Liquids commodity sales $ 4,238 $ (682) $ 3,556 Residue natural gas sales 372 — 372 Gathering, processing and exchange services revenue 157 — 157 Transportation and storage revenue 671 (7) 664 Other 37 (5) 32 Total revenues (a) $ 5,475 $ (694) $ 4,781 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (3,592) $ 695 $ (2,897) Operating costs $ (568) $ (4) $ (572) Depreciation and amortization $ (253) $ (1) $ (254) Equity in net earnings from investments $ 76 $ — $ 76 Investments in unconsolidated affiliates $ 1,937 $ 2 $ 1,939 Total assets $ 44,336 $ 54 $ 44,390 Capital expenditures $ 490 $ 22 $ 512 (a) - Substantially all of our revenues relate to contracts with customers. Three Months Ended Natural Gas Natural Gas Natural Gas Total ( Millions of dollars ) NGL and condensate sales $ 644 $ 3,551 $ — $ 4,195 Residue natural gas sales 568 — 25 593 Gathering, processing and exchange services revenue 38 131 — 169 Transportation and storage revenue — 50 145 195 Other 8 3 1 12 Total revenues (a) 1,258 3,735 171 5,164 Cost of sales and fuel (exclusive of depreciation and operating costs) (875) (3,095) (14) (3,984) Operating costs (105) (152) (45) (302) Adjusted EBITDA from unconsolidated affiliates (b) 1 11 44 56 Noncash compensation expense 4 6 2 12 Other 2 778 — 780 Segment adjusted EBITDA (b) $ 285 $ 1,283 $ 158 $ 1,726 Depreciation and amortization $ (67) $ (78) $ (17) $ (162) Equity in net earnings from investments $ — $ 9 $ 31 $ 40 Investments in unconsolidated affiliates $ 26 $ 413 $ 349 $ 788 Total assets $ 6,899 $ 14,437 $ 2,239 $ 23,575 Capital expenditures $ 98 $ 137 $ 46 $ 281 (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 for the Natural Gas Gathering and Processing segment totaled $631 million and were not material for the Natural Gas Liquids and Natural Gas Pipelines segments. (b) - Beginning in 2023, we updated our calculation methodology of adjusted EBITDA to include adjusted EBITDA from our unconsolidated affiliates using the same recognition and measurement methods used to record equity in net earnings from investments. This change resulted in an additional $16 million of adjusted EBITDA in the first quarter of 2023. Three Months Ended Total Other and Total ( Millions of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 4,195 $ (634) $ 3,561 Residue natural gas sales 593 — 593 Gathering, processing and exchange services revenue 169 — 169 Transportation and storage revenue 195 (2) 193 Other 12 (7) 5 Total revenues (a) $ 5,164 $ (643) $ 4,521 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (3,984) $ 637 $ (3,347) Operating costs $ (302) $ 6 $ (296) Depreciation and amortization $ (162) $ — $ (162) Equity in net earnings from investments $ 40 $ — $ 40 Investments in unconsolidated affiliates $ 788 $ 1 $ 789 Total assets $ 23,575 $ 889 $ 24,464 Capital expenditures $ 281 $ 8 $ 289 (a) - Substantially all of our revenues relate to contracts with customers. Three Months Ended 2024 2023 Reconciliation of net income to total segment adjusted EBITDA ( Millions of dollars ) Net income $ 639 $ 1,049 Interest expense, net of capitalized interest 300 166 Depreciation and amortization 254 162 Income taxes 208 330 Adjusted EBITDA from unconsolidated affiliates (b) 101 56 Equity in net earnings from investments (b) (76) (40) Noncash compensation expense and other 15 10 Other corporate costs (1) (7) Total segment adjusted EBITDA (a)(b) $ 1,440 $ 1,726 (a) - The three months ended March 31, 2023, includes $733 million related to the Medford incident, including a settlement gain of $779 million, offset partially by $46 million of third-party fractionation costs.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting	Our accompanying unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC. These statements have been prepared in accordance with GAAP and reflect all adjustments that, in our opinion, are necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. The 2023 year-end Consolidated Balance Sheet data was derived from our audited Consolidated Financial Statements but does not include all disclosures required by GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements in our Annual Report.
Recently Issued Accounting Standards Update	Recently Issued Accounting Standards Update
Determining Fair Value	Determining Fair Value

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Recurring Fair Value Measurements	The following tables set forth our recurring fair value measurements as of the dates indicated: March 31, 2024 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net ( Millions of dollars ) Derivative assets Commodity contracts $ 58 $ 57 $ — $ 115 $ (114) $ 1 Total derivative assets $ 58 $ 57 $ — $ 115 $ (114) $ 1 Derivative liabilities Commodity contracts $ (94) $ (83) $ — $ (177) $ 177 $ — Total derivative liabilities $ (94) $ (83) $ — $ (177) $ 177 $ — (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheet on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At March 31, 2024, we held no cash and posted cash of $129 million with various counterparties, including $63 million of cash collateral that is offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $66 million of cash collateral in excess of derivative net liability positions is included in other current assets in our Consolidated Balance Sheet. December 31, 2023 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net (Millions of dollars) Derivative assets Commodity contracts $ 109 $ 68 $ — $ 177 $ (125) $ 52 Total derivative assets $ 109 $ 68 $ — $ 177 $ (125) $ 52 Derivative liabilities Commodity contracts $ (40) $ (44) $ — $ (84) $ 84 $ — Total derivative liabilities $ (40) $ (44) $ — $ (84) $ 84 $ — (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheet on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At December 31, 2023, we posted no cash and held cash of $41 million with various counterparties, which offsets our derivative net asset position under master netting arrangements as shown in the table above.

RISK-MANAGEMENT AND HEDGING A_2

RISK-MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivatives	The following table sets forth the fair values of our derivative instruments presented on a gross basis as of the dates indicated: March 31, 2024 December 31, 2023 Location in our Assets (Liabilities) Assets (Liabilities) Derivatives designated as hedging instruments ( Millions of dollars ) Commodity contracts (a)(b) Other current assets $ 103 $ (164) $ 163 $ (78) Total derivatives designated as hedging instruments 103 (164) 163 (78) Derivatives not designated as hedging instruments Commodity contracts (a)(b) Other current assets 12 (13) 14 (6) Total derivatives not designated as hedging instruments 12 (13) 14 (6) Total derivatives $ 115 $ (177) $ 177 $ (84) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. (b) - At March 31, 2024, our derivative net liability positions under master-netting arrangements for financial commodity contracts were offset by cash collateral of $63 million .
Notional Amounts of Derivative Instruments	The following table sets forth the notional quantities for derivative instruments held as of the dates indicated: March 31, 2024 December 31, Contract Net Purchased/Payor Derivatives designated as hedging instruments: Cash flow hedges Fixed price - Natural gas ( Bcf ) Futures and swaps (17.4) (16.0) - NGLs, Refined Products and crude oil ( MMBbl ) Futures and swaps (16.0) (14.5) - Power ( GWh ) Futures and swaps 22.1 22.1 Basis - Natural gas ( Bcf ) Futures and swaps (17.2) (16.0) Derivatives not designated as hedging instruments: Fixed price - Natural gas ( Bcf ) Futures and swaps — (0.7) - NGLs, Refined Products and crude oil ( MMBbl ) Futures and swaps (0.6) 0.1 Basis - Natural gas ( Bcf ) Futures and swaps — (0.7) - NGLs, Refined Products, and crude oil ( MMBbl ) Futures and swaps (1.4) (0.1)
Schedule of Cash Flow Hedging Instruments Effect on Comprehensive Income (Loss)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	The following tables set forth the computation of basic and diluted EPS for the periods indicated: Three Months Ended March 31, 2024 Income Shares Per Share ( Millions, except per share amounts ) Basic EPS Net income available for common stock $ 639 584.2 $ 1.09 Diluted EPS Effect of dilutive securities — 1.5 Net income available for common stock and common stock equivalents $ 639 585.7 $ 1.09 Three Months Ended March 31, 2023 Income Shares Per Share ( Millions, except per share amounts ) Basic EPS Net income available for common stock $ 1,049 448.1 $ 2.34 Diluted EPS Effect of dilutive securities — 0.9 Net income available for common stock and common stock equivalents $ 1,049 449.0 $ 2.34

UNCONSOLIDATED AFFILIATES (Tabl

UNCONSOLIDATED AFFILIATES (Tables)	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The following table sets forth our equity in net earnings from investments for the periods indicated: Three Months Ended March 31, 2024 2023 ( Millions of dollars ) Northern Border $ 25 $ 24 Overland Pass 15 9 Roadrunner 11 7 Saddlehorn 10 — BridgeTex 7 — MVP 4 — Other 4 — Equity in net earnings from investments $ 76 $ 40

REVENUES (Tables)

REVENUES (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset and Liability	The following table sets forth the balances in contract liabilities for the periods indicated: Contract Liabilities ( Millions of dollars ) Balance at December 31, 2023 (a) $ 150 Revenue recognized included in beginning balance (109) Net additions 98 Balance at March 31, 2024 (b) $ 139 (a) - Contract liabilities of $104 million and $46 million are included in other current liabilities and other deferred credits, respectively, in our Consolidated Balance Sheet. (b) - Contract liabilities of $99 million and $40 million are included in the other current liabilities and other deferred credits, respectively in our Consolidated Balance Sheet.
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	The following table presents aggregate value allocated to unsatisfied performance obligations as of March 31, 2024, and the amounts we expect to recognize in revenue in future periods, related primarily to firm transportation and storage contracts with remaining contract terms ranging from one month to 20 years: Expected Period of Recognition in Revenue ( Millions of dollars ) Remainder of 2024 $ 924 2025 986 2026 832 2027 735 2028 and beyond 2,192 Total $ 5,669

SEGMENTS (Tables)

SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segments	The following tables set forth certain selected financial information for our operating segments for the periods indicated: Three Months Ended Natural Gas Natural Gas Natural Gas Refined Products and Crude Total ( Millions of dollars ) Liquids commodity sales $ 623 $ 3,264 $ — $ 351 $ 4,238 Residue natural gas sales 344 — 28 — 372 Gathering, processing and exchange services revenue 35 122 — — 157 Transportation and storage revenue — 48 157 466 671 Other 8 2 — 27 37 Total revenues (a) 1,010 3,436 185 844 5,475 Cost of sales and fuel (exclusive of depreciation and operating costs) (594) (2,698) (15) (285) (3,592) Operating costs (117) (181) (53) (217) (568) Adjusted EBITDA from unconsolidated affiliates 2 17 47 35 101 Noncash compensation expense and other 5 14 1 4 24 Segment adjusted EBITDA $ 306 $ 588 $ 165 $ 381 $ 1,440 Depreciation and amortization $ (70) $ (85) $ (18) $ (80) $ (253) Equity in net earnings from investments $ 2 $ 15 $ 36 $ 23 $ 76 Investments in unconsolidated affiliates $ 25 $ 414 $ 522 $ 976 $ 1,937 Total assets $ 7,021 $ 15,279 $ 2,635 $ 19,401 $ 44,336 Capital expenditures $ 116 $ 253 $ 79 $ 42 $ 490 (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 for the Natural Gas Gathering and Processing segment totaled $620 million and were not material for the Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments. Three Months Ended Total Other and Total ( Millions of dollars ) Reconciliations of total segments to consolidated Liquids commodity sales $ 4,238 $ (682) $ 3,556 Residue natural gas sales 372 — 372 Gathering, processing and exchange services revenue 157 — 157 Transportation and storage revenue 671 (7) 664 Other 37 (5) 32 Total revenues (a) $ 5,475 $ (694) $ 4,781 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (3,592) $ 695 $ (2,897) Operating costs $ (568) $ (4) $ (572) Depreciation and amortization $ (253) $ (1) $ (254) Equity in net earnings from investments $ 76 $ — $ 76 Investments in unconsolidated affiliates $ 1,937 $ 2 $ 1,939 Total assets $ 44,336 $ 54 $ 44,390 Capital expenditures $ 490 $ 22 $ 512 (a) - Substantially all of our revenues relate to contracts with customers. Three Months Ended Natural Gas Natural Gas Natural Gas Total ( Millions of dollars ) NGL and condensate sales $ 644 $ 3,551 $ — $ 4,195 Residue natural gas sales 568 — 25 593 Gathering, processing and exchange services revenue 38 131 — 169 Transportation and storage revenue — 50 145 195 Other 8 3 1 12 Total revenues (a) 1,258 3,735 171 5,164 Cost of sales and fuel (exclusive of depreciation and operating costs) (875) (3,095) (14) (3,984) Operating costs (105) (152) (45) (302) Adjusted EBITDA from unconsolidated affiliates (b) 1 11 44 56 Noncash compensation expense 4 6 2 12 Other 2 778 — 780 Segment adjusted EBITDA (b) $ 285 $ 1,283 $ 158 $ 1,726 Depreciation and amortization $ (67) $ (78) $ (17) $ (162) Equity in net earnings from investments $ — $ 9 $ 31 $ 40 Investments in unconsolidated affiliates $ 26 $ 413 $ 349 $ 788 Total assets $ 6,899 $ 14,437 $ 2,239 $ 23,575 Capital expenditures $ 98 $ 137 $ 46 $ 281 (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 for the Natural Gas Gathering and Processing segment totaled $631 million and were not material for the Natural Gas Liquids and Natural Gas Pipelines segments. (b) - Beginning in 2023, we updated our calculation methodology of adjusted EBITDA to include adjusted EBITDA from our unconsolidated affiliates using the same recognition and measurement methods used to record equity in net earnings from investments. This change resulted in an additional $16 million of adjusted EBITDA in the first quarter of 2023. Three Months Ended Total Other and Total ( Millions of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 4,195 $ (634) $ 3,561 Residue natural gas sales 593 — 593 Gathering, processing and exchange services revenue 169 — 169 Transportation and storage revenue 195 (2) 193 Other 12 (7) 5 Total revenues (a) $ 5,164 $ (643) $ 4,521 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (3,984) $ 637 $ (3,347) Operating costs $ (302) $ 6 $ (296) Depreciation and amortization $ (162) $ — $ (162) Equity in net earnings from investments $ 40 $ — $ 40 Investments in unconsolidated affiliates $ 788 $ 1 $ 789 Total assets $ 23,575 $ 889 $ 24,464 Capital expenditures $ 281 $ 8 $ 289 (a) - Substantially all of our revenues relate to contracts with customers. Three Months Ended 2024 2023 Reconciliation of net income to total segment adjusted EBITDA ( Millions of dollars ) Net income $ 639 $ 1,049 Interest expense, net of capitalized interest 300 166 Depreciation and amortization 254 162 Income taxes 208 330 Adjusted EBITDA from unconsolidated affiliates (b) 101 56 Equity in net earnings from investments (b) (76) (40) Noncash compensation expense and other 15 10 Other corporate costs (1) (7) Total segment adjusted EBITDA (a)(b) $ 1,440 $ 1,726 (a) - The three months ended March 31, 2023, includes $733 million related to the Medford incident, including a settlement gain of $779 million, offset partially by $46 million of third-party fractionation costs.

MAGELLAN ACQUISITION - Narrativ

MAGELLAN ACQUISITION - Narrative (Details) - Magellan Acquisition $ / shares in Units, $ in Millions	Sep. 25, 2023 USD ($) $ / shares shares
Business Acquisition [Line Items]
ONEOK exchange ratio per Magellan unit (in shares) | shares	0.667
Cash consideration per Magellan unit (in dollars per share) | $ / shares	$ 25
Business combination, consideration transferred	$ 14,100
Shares of ONEOK common stock issued (in shares) | shares	135,000,000
Proceeds from issuance of senior debt	$ 5,250
Common Stock Issued
Business Acquisition [Line Items]
Equity consideration	$ 9,000

MEDFORD INCIDENT (Details)

MEDFORD INCIDENT (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended	15 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Business Interruption Loss [Line Items]
Gain on business interruption insurance recovery	$ 0	$ 779
Medford Incident | Insurance Recoveries
Business Interruption Loss [Line Items]
Unusual item, insurance proceeds				$ 930
Medford Incident | Insurance Recoveries in 2022
Business Interruption Loss [Line Items]
Unusual item, insurance proceeds			$ 100
Medford Incident | Business Interruption - Settlement Proceeds Received in 2023
Business Interruption Loss [Line Items]
Unusual item, insurance proceeds		830	830
Medford Incident | Business Interruption - Settlement Proceeds
Business Interruption Loss [Line Items]
Outstanding insurance receivable			51
Gain on business interruption insurance recovery		$ 779	$ 779

FAIR VALUE MEASUREMENTS - Recur

FAIR VALUE MEASUREMENTS - Recurring Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative liabilities
Cash held - offsetting derivative net asset positions under master- netting arrangements	$ 0	$ 0
Cash posted - total	129	41
Cash posted - offsetting derivative net liability positions under master-netting arrangements	63
Long-term debt	21,700	21,700
Current Assets
Derivative liabilities
Cash posted - offsetting derivative net liability positions under master-netting arrangements	66
Fair Value, Recurring
Derivative assets
Derivative assets netting	(114)	(125)
Derivative assets	1	52
Derivative liabilities
Derivative liabilities netting	177	84
Derivative liabilities	0	0
Fair Value, Recurring | Commodity contracts
Derivative assets
Derivative assets netting	(114)	(125)
Derivative assets	1	52
Derivative liabilities
Derivative liabilities netting	177	84
Derivative liabilities	0	0
Fair Value, Recurring | Gross Fair Value Measurement
Derivative assets
Derivative asset, fair value, gross	115	177
Derivative liabilities
Derivative liability, fair value, gross	(177)	(84)
Fair Value, Recurring | Gross Fair Value Measurement | Commodity contracts
Derivative assets
Derivative asset, fair value, gross	115	177
Derivative liabilities
Derivative liability, fair value, gross	(177)	(84)
Fair Value, Recurring | Level 1
Derivative assets
Derivative asset, fair value, gross	58	109
Derivative liabilities
Derivative liability, fair value, gross	(94)	(40)
Fair Value, Recurring | Level 1 | Commodity contracts
Derivative assets
Derivative asset, fair value, gross	58	109
Derivative liabilities
Derivative liability, fair value, gross	(94)	(40)
Fair Value, Recurring | Level 2
Derivative assets
Derivative asset, fair value, gross	57	68
Derivative liabilities
Derivative liability, fair value, gross	(83)	(44)
Fair Value, Recurring | Level 2 | Commodity contracts
Derivative assets
Derivative asset, fair value, gross	57	68
Derivative liabilities
Derivative liability, fair value, gross	(83)	(44)
Fair Value, Recurring | Level 3
Derivative assets
Derivative asset, fair value, gross	0	0
Derivative liabilities
Derivative liability, fair value, gross	0	0
Fair Value, Recurring | Level 3 | Commodity contracts
Derivative assets
Derivative asset, fair value, gross	0	0
Derivative liabilities
Derivative liability, fair value, gross	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Billions	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Long-term debt, fair value	$ 21	$ 21.4
Long-term debt	$ 21.7	$ 21.7

RISK-MANAGEMENT AND HEDGING A_3

RISK-MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES - Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	$ 115	$ 177
(Liabilities)	(177)	(84)
Cash posted - offsetting derivative net liability positions under master-netting arrangements	63
Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	103	163
(Liabilities)	(164)	(78)
Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	12	14
(Liabilities)	(13)	(6)
Financial contracts | Other current assets | Commodity Contract | Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	103	163
(Liabilities)	(164)	(78)
Financial contracts | Other current assets | Commodity Contract | Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	12	14
(Liabilities)	$ (13)	$ (6)

RISK-MANAGEMENT AND HEDGING A_4

RISK-MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES - Notional Quantities for Derivative Instruments (Details) - Futures and swaps	3 Months Ended	12 Months Ended
	Mar. 31, 2024 GWh Bcf MMBbls	Dec. 31, 2022 GWh Bcf MMBbls
Derivatives designated as hedging instruments | - Natural gas (Bcf) | Fixed price | Sold / Receiver
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	17.4	16
Derivatives designated as hedging instruments | - Natural gas (Bcf) | Basis | Sold / Receiver
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	17.2	16
Derivatives designated as hedging instruments | - NGLs, Refined Products and crude oil (MMBbl) | Fixed price | Sold / Receiver
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls	16	14.5
Derivatives designated as hedging instruments | - Power (GWh) | Fixed price | Net Purchased / Payor
Derivative [Line Items]
Derivative, nonmonetary notional amount, energy measure | GWh	22,100	22,100,000
Derivatives not designated as hedging instruments | - Natural gas (Bcf) | Fixed price | Sold / Receiver
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	0	0.7
Derivatives not designated as hedging instruments | - Natural gas (Bcf) | Basis | Sold / Receiver
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	0	0.7
Derivatives not designated as hedging instruments | - NGLs, Refined Products and crude oil (MMBbl) | Fixed price | Sold / Receiver
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls	0.6
Derivatives not designated as hedging instruments | - NGLs, Refined Products and crude oil (MMBbl) | Fixed price | Net Purchased / Payor
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls		0.1
Derivatives not designated as hedging instruments | - NGLs, Refined Products, and crude oil (MMBbl) | Basis | Sold / Receiver
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls	1.4	0.1

DEBT (Details)

DEBT (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Current maturities of long-term debt (Note F)	$ 1,234,000,000	$ 484,000,000
Short-term borrowings (Note F)	320,000,000	0
Commercial Paper
Debt Instrument [Line Items]
Short-term borrowings (Note F)	$ 320,000,000	$ 0
Debt, weighted average interest rate	5.50%
Senior Notes Due September 2024
Debt Instrument [Line Items]
Current maturities of long-term debt (Note F)	$ 484,000,000
Interest rate (as a percent)	2.75%
Senior Notes Due March 2025 One
Debt Instrument [Line Items]
Current maturities of long-term debt (Note F)	$ 250,000,000
Interest rate (as a percent)	3.20%
Senior Notes Due March 2025 Two
Debt Instrument [Line Items]
Current maturities of long-term debt (Note F)	$ 500,000,000
Interest rate (as a percent)	4.90%
$2.5 Billion Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2,500,000,000
Indebtedness to adjusted EBITDA, maximum from acquisitions	5.5
Indebtedness to adjusted EBITDA maximum	5
Line of credit facility, amount outstanding	$ 0
Indebtedness to adjusted EBITDA, current	4.1

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions				1 Months Ended				3 Months Ended
	May 01, 2024	Nov. 14, 2023	Sep. 25, 2023	Feb. 29, 2024	Aug. 31, 2023	May 31, 2023	Feb. 28, 2023	Mar. 31, 2024	Mar. 31, 2023
Option Indexed to Issuer's Equity [Line Items]
Common stock dividends paid (in dollars per share)				$ 0.99				$ 0.99	$ 0.955
Preferred stock dividends								$ 0	$ 0
Forecast
Option Indexed to Issuer's Equity [Line Items]
Common stock, dividends, declared (in dollars per share)	$ 99
Series E Preferred Stock
Option Indexed to Issuer's Equity [Line Items]
Preferred stock, dividend rate, percentage (as a percent)								5.50%
Dividends, preferred stock, cash paid					$ 0.3	$ 0.3	$ 0.3
Preferred stock dividends		$ 0.3
Magellan Acquisition
Option Indexed to Issuer's Equity [Line Items]
ONEOK exchange ratio per Magellan unit (in shares)			0.667
Cash consideration per Magellan unit (in dollars per share)			$ 25
Shares of ONEOK common stock issued (in shares)			135,000,000
Magellan Acquisition | Common Stock Issued
Option Indexed to Issuer's Equity [Line Items]
Equity consideration			$ 9,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic EPS
Net income available for common stock	$ 639	$ 1,049
Basic average shares (in shares)	584.2	448.1
Earnings per share, basic (in dollars per share)	$ 1.09	$ 2.34
Diluted EPS
Effect of dilutive securities	$ 0	$ 0
Effect of dilutive securities, shares (in shares)	1.5	0.9
Net income available to common stock holders, diluted	$ 639	$ 1,049
Diluted average shares (in shares)	585.7	449
Earnings per share, diluted (in dollars per share)	$ 1.09	$ 2.34

UNCONSOLIDATED AFFILIATES - Equ

UNCONSOLIDATED AFFILIATES - Equity in Net Earnings from Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	$ 76	$ 40
Northern Border
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	25	24
Overland Pass
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	15	9
Roadrunner
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	11	7
Saddlehorn
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	10	0
BridgeTex
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	7	0
MVP
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	4	0
Other
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	$ 4	$ 0

UNCONSOLIDATED AFFILIATES - Nar

UNCONSOLIDATED AFFILIATES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Saddlehorn
Investments in and Advances to Affiliates [Line Items]
Additional ownership percentage acquired	10%
Ownership percentage, equity method investment	40%
Unconsolidated Affiliates
Investments in and Advances to Affiliates [Line Items]
Unconsolidated entities expenses in transactions	$ 39	$ 28

REVENUES - Contract Assets and

REVENUES - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Contract with Customer Liability [Roll Forward]
Contract with customer, liability, beginning balance	$ 139	$ 150
Revenue recognized included in beginning balance	(109)
Net additions	98
Contract with customer, liability, ending balance	139
Contract with customer, liability, current	99	104
Contract with customer, liability, noncurrent	$ 40	$ 46

REVENUES - Performance Obligati

REVENUES - Performance Obligations (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 5,669
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 month
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	20 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 924
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 986
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 832
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 735
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 2,192
Revenue, remaining performance obligation, expected timing of satisfaction, period

SEGMENTS - Operating Segments F

SEGMENTS - Operating Segments Financial Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	4
Total revenues (Note K)	$ 4,781	$ 4,521
Cost of sales and fuel (exclusive of depreciation and operating costs)	(2,897)	(3,347)
Operating costs	(572)	(296)
Adjusted EBITDA from unconsolidated affiliates	101	56
Noncash compensation expense and other	15	10
Segment adjusted EBITDA	1,440	1,726
Equity in net earnings from investments	(254)	(162)
Depreciation and amortization	76	40
Investments in unconsolidated affiliates	1,939	789	$ 1,874
Total assets	44,390	24,464	$ 44,266
Capital expenditures	512	289
Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	5,475	5,164
Cost of sales and fuel (exclusive of depreciation and operating costs)	(3,592)	(3,984)
Operating costs	(568)	(302)
Adjusted EBITDA from unconsolidated affiliates	101
Noncash compensation expense and other	24	12
Segment adjusted EBITDA	1,440	1,726
Equity in net earnings from investments	(253)	(162)
Depreciation and amortization	76	40
Investments in unconsolidated affiliates	1,937	788
Total assets	44,336	23,575
Capital expenditures	490	281
Natural Gas Gathering and Processing | Natural Gas Gathering and Processing Intersegment
Segment Reporting Information [Line Items]
Total revenues (Note K)	620	631
Natural Gas Gathering and Processing | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	1,010	1,258
Cost of sales and fuel (exclusive of depreciation and operating costs)	(594)	(875)
Operating costs	(117)	(105)
Adjusted EBITDA from unconsolidated affiliates	2	1
Noncash compensation expense and other	5	4
Segment adjusted EBITDA	306	285
Equity in net earnings from investments	(70)	(67)
Depreciation and amortization	2	0
Investments in unconsolidated affiliates	25	26
Total assets	7,021	6,899
Capital expenditures	116	98
Natural Gas Liquids | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	3,436	3,735
Cost of sales and fuel (exclusive of depreciation and operating costs)	(2,698)	(3,095)
Operating costs	(181)	(152)
Adjusted EBITDA from unconsolidated affiliates	17	11
Noncash compensation expense and other	14	6
Segment adjusted EBITDA	588	1,283
Equity in net earnings from investments	(85)	(78)
Depreciation and amortization	15	9
Investments in unconsolidated affiliates	414	413
Total assets	15,279	14,437
Capital expenditures	253	137
Natural Gas Pipelines | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	185	171
Cost of sales and fuel (exclusive of depreciation and operating costs)	(15)	(14)
Operating costs	(53)	(45)
Adjusted EBITDA from unconsolidated affiliates	47	44
Noncash compensation expense and other	1	2
Segment adjusted EBITDA	165	158
Equity in net earnings from investments	(18)	(17)
Depreciation and amortization	36	31
Investments in unconsolidated affiliates	522	349
Total assets	2,635	2,239
Capital expenditures	79	46
Refined Products and Crude | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	844
Cost of sales and fuel (exclusive of depreciation and operating costs)	(285)
Operating costs	(217)
Adjusted EBITDA from unconsolidated affiliates	35	56
Noncash compensation expense and other	4
Segment adjusted EBITDA	381
Equity in net earnings from investments	(80)	(162)
Depreciation and amortization	23	40
Investments in unconsolidated affiliates	976	788
Total assets	19,401	23,575
Capital expenditures	42	281
Liquids commodity sales
Segment Reporting Information [Line Items]
Total revenues (Note K)	3,556
Liquids commodity sales | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	4,238
Liquids commodity sales | Natural Gas Gathering and Processing | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	623
Liquids commodity sales | Natural Gas Liquids | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	3,264
Liquids commodity sales | Natural Gas Pipelines | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	0
Liquids commodity sales | Refined Products and Crude | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	351
Residue natural gas sales
Segment Reporting Information [Line Items]
Total revenues (Note K)	372	593
Residue natural gas sales | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	372	593
Residue natural gas sales | Natural Gas Gathering and Processing | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	344	568
Residue natural gas sales | Natural Gas Liquids | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	0
Residue natural gas sales | Natural Gas Pipelines | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	28	25
Residue natural gas sales | Refined Products and Crude | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	0
Gathering, processing and exchange services revenue
Segment Reporting Information [Line Items]
Total revenues (Note K)	157	169
Gathering, processing and exchange services revenue | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	157	169
Gathering, processing and exchange services revenue | Natural Gas Gathering and Processing | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	35	38
Gathering, processing and exchange services revenue | Natural Gas Liquids | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	122	131
Gathering, processing and exchange services revenue | Natural Gas Pipelines | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	0
Gathering, processing and exchange services revenue | Refined Products and Crude | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	0
Transportation and storage revenue
Segment Reporting Information [Line Items]
Total revenues (Note K)	664	193
Transportation and storage revenue | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	671	195
Transportation and storage revenue | Natural Gas Gathering and Processing | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	0
Transportation and storage revenue | Natural Gas Liquids | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	48	50
Transportation and storage revenue | Natural Gas Pipelines | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	157	145
Transportation and storage revenue | Refined Products and Crude | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	466
Other
Segment Reporting Information [Line Items]
Total revenues (Note K)	32	5
Other | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	37	12
Other | Natural Gas Gathering and Processing | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	8	8
Other | Natural Gas Liquids | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	2	3
Other | Natural Gas Pipelines | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	$ 1
Other | Refined Products and Crude | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	$ 27

SEGMENTS - Reconciliations for

SEGMENTS - Reconciliations for Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total revenues (Note K)	$ 4,781	$ 4,521
Cost of sales and fuel (exclusive of depreciation and operating costs)	(2,897)	(3,347)
Operating costs	(572)	(296)
Adjusted EBITDA from unconsolidated affiliates	101	56
Noncash compensation expense and other	15	10
Other	6	781
Segment adjusted EBITDA	1,440	1,726
Equity in net earnings from investments	(254)	(162)
Depreciation and amortization	76	40
Investments in unconsolidated affiliates	1,939	789	$ 1,874
Total assets	44,390	24,464	$ 44,266
Capital expenditures	512	289
Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	5,475	5,164
Cost of sales and fuel (exclusive of depreciation and operating costs)	(3,592)	(3,984)
Operating costs	(568)	(302)
Adjusted EBITDA from unconsolidated affiliates	101
Noncash compensation expense and other	24	12
Other		780
Segment adjusted EBITDA	1,440	1,726
Equity in net earnings from investments	(253)	(162)
Depreciation and amortization	76	40
Investments in unconsolidated affiliates	1,937	788
Total assets	44,336	23,575
Capital expenditures	490	281
Operating segments | Natural Gas Gathering and Processing
Segment Reporting Information [Line Items]
Total revenues (Note K)	1,010	1,258
Cost of sales and fuel (exclusive of depreciation and operating costs)	(594)	(875)
Operating costs	(117)	(105)
Adjusted EBITDA from unconsolidated affiliates	2	1
Noncash compensation expense and other	5	4
Other		2
Segment adjusted EBITDA	306	285
Equity in net earnings from investments	(70)	(67)
Depreciation and amortization	2	0
Investments in unconsolidated affiliates	25	26
Total assets	7,021	6,899
Capital expenditures	116	98
Operating segments | Natural Gas Liquids
Segment Reporting Information [Line Items]
Total revenues (Note K)	3,436	3,735
Cost of sales and fuel (exclusive of depreciation and operating costs)	(2,698)	(3,095)
Operating costs	(181)	(152)
Adjusted EBITDA from unconsolidated affiliates	17	11
Noncash compensation expense and other	14	6
Other		778
Segment adjusted EBITDA	588	1,283
Equity in net earnings from investments	(85)	(78)
Depreciation and amortization	15	9
Investments in unconsolidated affiliates	414	413
Total assets	15,279	14,437
Capital expenditures	253	137
Operating segments | Natural Gas Pipelines
Segment Reporting Information [Line Items]
Total revenues (Note K)	185	171
Cost of sales and fuel (exclusive of depreciation and operating costs)	(15)	(14)
Operating costs	(53)	(45)
Adjusted EBITDA from unconsolidated affiliates	47	44
Noncash compensation expense and other	1	2
Other		0
Segment adjusted EBITDA	165	158
Equity in net earnings from investments	(18)	(17)
Depreciation and amortization	36	31
Investments in unconsolidated affiliates	522	349
Total assets	2,635	2,239
Capital expenditures	79	46
Operating segments | - NGLs, Refined Products, and crude oil (MMBbl)
Segment Reporting Information [Line Items]
Total revenues (Note K)	844
Cost of sales and fuel (exclusive of depreciation and operating costs)	(285)
Operating costs	(217)
Adjusted EBITDA from unconsolidated affiliates	35	56
Noncash compensation expense and other	4
Segment adjusted EBITDA	381
Equity in net earnings from investments	(80)	(162)
Depreciation and amortization	23	40
Investments in unconsolidated affiliates	976	788
Total assets	19,401	23,575
Capital expenditures	42	281
Other and eliminations
Segment Reporting Information [Line Items]
Total revenues (Note K)	(694)	(643)
Cost of sales and fuel (exclusive of depreciation and operating costs)	695	637
Operating costs	(4)	6
Equity in net earnings from investments	(1)	0
Depreciation and amortization	0	0
Investments in unconsolidated affiliates	2	1
Total assets	54	889
Capital expenditures	22	8
Liquids commodity sales
Segment Reporting Information [Line Items]
Total revenues (Note K)		3,561
Liquids commodity sales | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)		4,195
Liquids commodity sales | Operating segments | Natural Gas Gathering and Processing
Segment Reporting Information [Line Items]
Total revenues (Note K)		644
Liquids commodity sales | Operating segments | Natural Gas Liquids
Segment Reporting Information [Line Items]
Total revenues (Note K)		3,551
Liquids commodity sales | Operating segments | Natural Gas Pipelines
Segment Reporting Information [Line Items]
Total revenues (Note K)		0
Liquids commodity sales | Other and eliminations
Segment Reporting Information [Line Items]
Total revenues (Note K)		(634)
Residue natural gas sales
Segment Reporting Information [Line Items]
Total revenues (Note K)	372	593
Residue natural gas sales | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	372	593
Residue natural gas sales | Operating segments | Natural Gas Gathering and Processing
Segment Reporting Information [Line Items]
Total revenues (Note K)	344	568
Residue natural gas sales | Operating segments | Natural Gas Liquids
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	0
Residue natural gas sales | Operating segments | Natural Gas Pipelines
Segment Reporting Information [Line Items]
Total revenues (Note K)	28	25
Residue natural gas sales | Operating segments | - NGLs, Refined Products, and crude oil (MMBbl)
Segment Reporting Information [Line Items]
Total revenues (Note K)	0
Residue natural gas sales | Other and eliminations
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	0
Gathering, processing and exchange services revenue
Segment Reporting Information [Line Items]
Total revenues (Note K)	157	169
Gathering, processing and exchange services revenue | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	157	169
Gathering, processing and exchange services revenue | Operating segments | Natural Gas Gathering and Processing
Segment Reporting Information [Line Items]
Total revenues (Note K)	35	38
Gathering, processing and exchange services revenue | Operating segments | Natural Gas Liquids
Segment Reporting Information [Line Items]
Total revenues (Note K)	122	131
Gathering, processing and exchange services revenue | Operating segments | Natural Gas Pipelines
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	0
Gathering, processing and exchange services revenue | Operating segments | - NGLs, Refined Products, and crude oil (MMBbl)
Segment Reporting Information [Line Items]
Total revenues (Note K)	0
Gathering, processing and exchange services revenue | Other and eliminations
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	0
Transportation and storage revenue
Segment Reporting Information [Line Items]
Total revenues (Note K)	664	193
Transportation and storage revenue | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	671	195
Transportation and storage revenue | Operating segments | Natural Gas Gathering and Processing
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	0
Transportation and storage revenue | Operating segments | Natural Gas Liquids
Segment Reporting Information [Line Items]
Total revenues (Note K)	48	50
Transportation and storage revenue | Operating segments | Natural Gas Pipelines
Segment Reporting Information [Line Items]
Total revenues (Note K)	157	145
Transportation and storage revenue | Operating segments | - NGLs, Refined Products, and crude oil (MMBbl)
Segment Reporting Information [Line Items]
Total revenues (Note K)	466
Transportation and storage revenue | Other and eliminations
Segment Reporting Information [Line Items]
Total revenues (Note K)	(7)	(2)
Other
Segment Reporting Information [Line Items]
Total revenues (Note K)	32	5
Other | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	37	12
Other | Operating segments | Natural Gas Gathering and Processing
Segment Reporting Information [Line Items]
Total revenues (Note K)	8	8
Other | Operating segments | Natural Gas Liquids
Segment Reporting Information [Line Items]
Total revenues (Note K)	2	3
Other | Operating segments | Natural Gas Pipelines
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	1
Other | Operating segments | - NGLs, Refined Products, and crude oil (MMBbl)
Segment Reporting Information [Line Items]
Total revenues (Note K)	27
Other | Other and eliminations
Segment Reporting Information [Line Items]
Total revenues (Note K)	(5)	$ (7)
Liquids commodity sales
Segment Reporting Information [Line Items]
Total revenues (Note K)	3,556
Liquids commodity sales | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	4,238
Liquids commodity sales | Operating segments | Natural Gas Gathering and Processing
Segment Reporting Information [Line Items]
Total revenues (Note K)	623
Liquids commodity sales | Operating segments | Natural Gas Liquids
Segment Reporting Information [Line Items]
Total revenues (Note K)	3,264
Liquids commodity sales | Operating segments | Natural Gas Pipelines
Segment Reporting Information [Line Items]
Total revenues (Note K)	0
Liquids commodity sales | Operating segments | - NGLs, Refined Products, and crude oil (MMBbl)
Segment Reporting Information [Line Items]
Total revenues (Note K)	351
Liquids commodity sales | Other and eliminations
Segment Reporting Information [Line Items]
Total revenues (Note K)	$ (682)

SEGMENTS - Reconciliation of Ne

SEGMENTS - Reconciliation of Net Income to Total Segment Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net income	$ 639	$ 1,049
Interest expense, net of capitalized interest	300	166
Depreciation and amortization	254	162
Income taxes	208	330
Adjusted EBITDA from unconsolidated affiliates	101	56
Income (Loss) from Equity Method Investments	(76)	(40)
Noncash compensation expense and other	15	10
Other Corporate Costs and Noncash Items	(1)	(7)
Segment adjusted EBITDA	1,440	1,726
Medford settlement gain	$ 0	779
Additional Adjusted EBITDA		16
Medford Incident
Segment Reporting Information [Line Items]
Segment adjusted EBITDA		733
Business Interruption - Settlement Proceeds Less Third Party Frac Costs | Medford Incident
Segment Reporting Information [Line Items]
Third party fractionation costs		46
Business Interruption - Settlement Proceeds | Medford Incident
Segment Reporting Information [Line Items]
Medford settlement gain		$ 779	$ 779