ONEOK (OKE) 10-Q 30 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 21, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		584,184,191
Entity Central Index Key	0001039684
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Total revenues (Note K)	$ 5,023	$ 4,189	$ 14,698	$ 12,442
Cost of sales and fuel (exclusive of items shown separately below)	3,027	2,799	8,815	8,628
Operations and maintenance	512	308	1,481	833
Depreciation and amortization	274	177	790	509
General taxes	70	44	239	148
Transaction costs (Note B)	10	123	17	133
Other operating (income) expense, net (Note C)	2	(1)	(65)	(782)
Operating income	1,128	739	3,421	2,973
Equity in net earnings from investments (Note I)	92	49	256	132
Other income, net	17	22	28	43
Interest expense (net of capitalized interest of $19, $8, $47 and $32, respectively)	(325)	(215)	(923)	(561)
Income before income taxes	912	595	2,782	2,587
Income taxes	(219)	(141)	(670)	(616)
Net income	693	454	2,112	1,971
Less: Preferred stock dividends	1	1	1	1
Net income available to common shareholders	$ 692	$ 453	$ 2,111	$ 1,970
Basic EPS (Note H) (in dollars per share)	$ 1.18	$ 0.99	$ 3.61	$ 4.37
Diluted EPS (Note H) (in dollars per share)	$ 1.18	$ 0.99	$ 3.60	$ 4.36
Average shares (millions)
Basic (in shares)	584.8	457.3	584.5	451.2
Diluted (in shares)	586.7	458.2	586.1	452.1
Commodity sales
Revenues
Total revenues (Note K)	$ 4,083	$ 3,760	$ 12,005	$ 11,287
Services
Revenues
Total revenues (Note K)	$ 940	$ 429	$ 2,693	$ 1,155

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Capitalized interest	$ 19	$ 8	$ 47	$ 32

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 693	$ 454	$ 2,112	$ 1,971
Other comprehensive income (loss), net of tax
Change in fair value of derivatives, net of tax of $(10), $(3), $9 and $(25), respectively	35	12	(29)	86
Derivative amounts reclassified to net income, net of tax of $(2), $4, $1 and $14, respectively	4	(7)	(4)	(44)
Changes in benefit plan obligations and other, net of tax of $—, $(1), $— and $—, respectively	1	2	(2)	(2)
Total other comprehensive income (loss), net of tax	40	7	(35)	40
Comprehensive income	$ 733	$ 461	$ 2,077	$ 2,011

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Change in fair value of derivatives, tax	$ (10)	$ (3)	$ 9	$ (25)
Derivative amounts reclassified to net income, tax	(2)	4	1	14
Change in retirement and other postretirement benefit plan obligations, tax	$ 0	$ (1)	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 579	$ 338
Accounts receivable, net	1,252	1,705
Materials and supplies	157	148
Inventories	616	639
Commodity imbalances	14	26
Other current assets	258	252
Total current assets	2,876	3,108
Property, plant and equipment
Property, plant and equipment	40,073	38,454
Accumulated depreciation and amortization	6,460	5,757
Net property, plant and equipment	33,613	32,697
Other assets
Investments in unconsolidated affiliates	1,925	1,874
Goodwill	5,148	4,952
Intangible assets, net	1,283	1,316
Cash held for acquisitions (Notes B & F)	5,885	0
Other assets	320	319
Total other assets	14,561	8,461
Total assets	51,050	44,266
Current liabilities
Current maturities of long-term debt (Note F)	1,257	484
Accounts payable	1,247	1,564
Commodity imbalances	234	244
Accrued taxes	216	215
Accrued interest	253	381
Other current liabilities	350	564
Total current liabilities	3,557	3,452
Long-term debt, excluding current maturities	26,880	21,183
Deferred credits and other liabilities
Deferred income taxes	3,154	2,594
Other deferred credits	572	553
Total deferred credits and other liabilities	3,726	3,147
Commitments and contingencies (Note J)
Equity (Note G)
Preferred stock, $0.01 par value: authorized and issued 20,000 shares at Sept. 30, 2024, and Dec. 31, 2023	0	0
Common stock, $0.01 par value: authorized $1,200,000,000 shares; issued $609,713,834 shares and outstanding $584,172,823 shares at Sept. 30, 2024; issued $609,713,834 shares and outstanding $583,093,100 shares at Dec. 31, 2023	6	6
Paid-in capital	16,362	16,320
Accumulated other comprehensive loss	(68)	(33)
Retained earnings	1,237	868
Treasury stock, at cost: 25,541,011 shares at Sept. 30, 2024, and 26,620,734 shares at Dec. 31, 2023	(650)	(677)
Total equity	16,887	16,484
Total liabilities and equity	$ 51,050	$ 44,266

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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)	584,172,823	583,093,100
Treasury stock, shares (in shares)	25,541,011	26,620,734

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net income		$ 2,112	$ 1,971
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		790	509
Equity in net earnings from investments		(256)	(132)
Distributions received from unconsolidated affiliates		252	134
Deferred income taxes		570	599
Medford settlement gain		0	(779)
Medford settlement proceeds		0	502
Other, net		42	79
Changes in assets and liabilities:
Accounts receivable		461	153
Inventories, net of commodity imbalances		28	(104)
Accounts payable		(245)	38
Other assets and liabilities, net		(477)	(57)
Cash provided by operating activities		3,277	2,913
Investing activities
Capital expenditures (less allowance for equity funds used during construction)		(1,459)	(992)
Cash paid for acquisitions, net of cash received		(408)	(5,008)
Purchases of and contributions to unconsolidated affiliates		(102)	(111)
Distributions received from unconsolidated affiliates in excess of cumulative earnings		55	18
Medford settlement proceeds		0	328
Other, net		82	6
Cash used in investing activities		(1,832)	(5,759)
Financing activities
Dividends paid		(1,734)	(1,283)
Issuance of long-term debt, net of discounts		6,982	5,298
Debt financing costs		(67)	(71)
Repayment of long-term debt		(484)	(1,040)
Other, net		(16)	6
Cash provided by financing activities		4,681	2,910
Change in cash and cash equivalents		6,126	64
Cash and cash equivalents at beginning of period		338	220
Cash and cash equivalents at end of period	[1]	$ 6,464	$ 284
[1]Includes cash held for acquisitions, which is included within other assets on our Consolidated Balance Sheet as of Sept. 30, 2024.

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
Preferred stock, beginning balance (in shares) at Dec. 31, 2022		20,000
Common stock, beginning balance (in shares) at Dec. 31, 2022			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
Common stock issued	4			(3)			7
Common stock dividends	(427)					(427)
Other, net	3			3
Preferred stock, issued, ending balance (in shares) at Mar. 31, 2023		20,000
Common stock, ending balance (in shares) at Mar. 31, 2023			474,916,234
Total equity, ending balance at Mar. 31, 2023	7,132	$ 0	$ 5	7,253	(99)	672	(699)
Preferred stock, beginning balance (in shares) at Dec. 31, 2022		20,000
Common stock, beginning balance (in shares) at Dec. 31, 2022			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	1,971
Other comprehensive income (loss)	40
Preferred stock, issued, ending balance (in shares) at Sep. 30, 2023		20,000
Common stock, ending balance (in shares) at Sep. 30, 2023			609,713,834
Total equity, ending balance at Sep. 30, 2023	16,299	$ 0	$ 6	16,315	(68)	737	(691)
Preferred stock, beginning balance (in shares) at Mar. 31, 2023		20,000
Common stock, beginning balance (in shares) at Mar. 31, 2023			474,916,234
Total equity, beginning balance at Mar. 31, 2023	7,132	$ 0	$ 5	7,253	(99)	672	(699)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	468					468
Other comprehensive income (loss)	24				24
Common stock issued	13			7			6
Common stock dividends	(429)					(429)
Other, net	10			10
Preferred stock, issued, ending balance (in shares) at Jun. 30, 2023		20,000
Common stock, ending balance (in shares) at Jun. 30, 2023			474,916,234
Total equity, ending balance at Jun. 30, 2023	7,218	$ 0	$ 5	7,270	(75)	711	(693)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	454					454
Other comprehensive income (loss)	7				7
Preferred stock dividends	(1)					(1)
Magellan Acquisition consideration (in shares)			134,797,600
Magellan Acquisition consideration	9,062		$ 1	9,061
Common stock issued	5			3			2
Common stock dividends	(427)					(427)
Other, net	(19)			(19)
Preferred stock, issued, ending balance (in shares) at Sep. 30, 2023		20,000
Common stock, ending balance (in shares) at Sep. 30, 2023			609,713,834
Total equity, ending balance at Sep. 30, 2023	$ 16,299	$ 0	$ 6	16,315	(68)	737	(691)
Preferred stock, beginning balance (in shares) at Dec. 31, 2023		20,000
Common stock, beginning balance (in shares) at Dec. 31, 2023	583,093,100		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)
Common stock issued	6			(8)			14
Common stock dividends	(579)					(579)
Other, net	(10)			(9)		(1)
Preferred stock, issued, ending balance (in shares) at Mar. 31, 2024		20,000
Common stock, ending balance (in shares) at Mar. 31, 2024			609,713,834
Total equity, ending balance at Mar. 31, 2024	$ 16,445	$ 0	$ 6	16,303	(128)	927	(663)
Preferred stock, beginning balance (in shares) at Dec. 31, 2023		20,000
Common stock, beginning balance (in shares) at Dec. 31, 2023	583,093,100		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	2,112
Other comprehensive income (loss)	$ (35)
Preferred stock, issued, ending balance (in shares) at Sep. 30, 2024		20,000
Common stock, ending balance (in shares) at Sep. 30, 2024	584,172,823		609,713,834
Total equity, ending balance at Sep. 30, 2024	$ 16,887	$ 0	$ 6	16,362	(68)	1,237	(650)
Preferred stock, beginning balance (in shares) at Mar. 31, 2024		20,000
Common stock, beginning balance (in shares) at Mar. 31, 2024			609,713,834
Total equity, beginning balance at Mar. 31, 2024	16,445	$ 0	$ 6	16,303	(128)	927	(663)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	780					780
Other comprehensive income (loss)	20				20
Common stock issued	28			18			10
Common stock dividends	(580)					(580)
Other, net	16			17		(1)
Preferred stock, issued, ending balance (in shares) at Jun. 30, 2024		20,000
Common stock, ending balance (in shares) at Jun. 30, 2024			609,713,834
Total equity, ending balance at Jun. 30, 2024	16,709	$ 0	$ 6	16,338	(108)	1,126	(653)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	693					693
Other comprehensive income (loss)	40				40
Preferred stock dividends	(1)					(1)
Common stock issued	10			7			3
Common stock dividends	(578)					(578)
Other, net	$ 14			17		(3)
Preferred stock, issued, ending balance (in shares) at Sep. 30, 2024		20,000
Common stock, ending balance (in shares) at Sep. 30, 2024	584,172,823		609,713,834
Total equity, ending balance at Sep. 30, 2024	$ 16,887	$ 0	$ 6	$ 16,362	$ (68)	$ 1,237	$ (650)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Preferred stock, dividends paid (in dollars per share)	$ 13.75	$ 13.75	$ 13.75	$ 13.75	$ 13.75	$ 13.75
Common stock dividends paid (in dollars per share)	$ 0.99	$ 0.99	$ 0.99	$ 0.955	$ 0.955	$ 0.955

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 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. Goodwill Impairment Review - We assess our goodwill for impairment at least annually as of July 1, unless events or changes in circumstances indicate an impairment may have occurred before that time. At July 1, 2024, we assessed qualitative factors to determine whether it was more likely than not that the fair value of each of our reporting units with goodwill was less than its carrying amount. After assessing qualitative factors (including macroeconomic conditions, industry and market considerations, costs and overall financial performance), we determined that it was more likely than not that the fair value of the Natural Gas Pipelines, Natural Gas Liquids and Refined Products and Crude reporting units were not less than their respective carrying value, that no further testing was necessary and that goodwill was not considered impaired. Recently Issued Accounting Standards Update - Changes to GAAP are established by the FASB in the form of ASUs to the FASB Accounting Standards Codification. We consider the applicability and impact of all ASUs. Except as discussed below, there have been no new accounting pronouncements that have become effective or have been issued that are of significance or potential significance to us during the quarter. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires public entities to disclose significant expense categories and amounts for each reportable segment on both an interim and annual basis, consisting of expenses regularly reported to the chief operating decision maker and included in a segment's reported measure of segment profit or loss. The standard also requires disclosing an amount of other segment items as well as all annual disclosures in interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We do not expect the adoption of this standard to materially impact us. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS	ACQUISITIONS EnLink Controlling Interest Acquisition - On Aug. 28, 2024, we entered into the EnLink Purchase Agreement with GIP to acquire GIP’s interest in EnLink consisting of 43% of the outstanding EnLink Units for $14.90 in cash per unit and 100% of the outstanding limited liability company interests in the managing member of EnLink for $300 million, for total cash consideration of approximately $3.3 billion. Subsequent event - On Oct. 15, 2024, we completed the EnLink Controlling Interest Acquisition, and through our 100% ownership of the managing member of EnLink, we have obtained control of EnLink. We funded this acquisition with an underwritten public offering of senior notes. For additional information on our long-term debt, see Note F. EnLink’s operations are principally composed of providing midstream services relating to natural gas, NGLs and crude oil. The assets of EnLink include approximately 13,600 miles of pipeline, 25 natural gas processing plants, with approximately 5.9 Bcf/d of processing capacity, seven fractionators with approximately 316 MBbl/d of fractionation capacity, barge and rail terminals, product storage facilities, including natural gas storage, purchasing and marketing capabilities and equity investments in certain joint ventures. This acquisition meaningfully increases our scale and integrated value chain within the growing Permian Basin while expanding and extending our asset bases in the Mid-Continent, North Texas and Louisiana regions. We expect to achieve significant synergies by combining our complementary asset positions. In addition, we intend to pursue the acquisition of the publicly held EnLink Units in a tax-free transaction. The EnLink Controlling Interest Acquisition will be accounted for using the acquisition method of accounting for business combinations pursuant to Accounting Standards Codification 805, “Business Combinations,” which requires, among other things, assets acquired and liabilities assumed to be recorded at their fair value on the acquisition date. Any excess of consideration to be transferred over the estimated fair value of assets acquired and liabilities assumed will be recorded as goodwill. Determining the fair value of acquired assets and liabilities assumed requires management’s judgment and the use of independent valuation specialists. At the time of this filing, it is impracticable to disclose all the information required by ASC 805, “Business Combinations,” as we are in the process of evaluating the purchase accounting and pro forma implications of this transaction. See Part 2, Item 1A “Risk Factors” for further discussion of risks related to the EnLink Controlling Interest Acquisition and the Potential EnLink Transaction. Medallion Acquisition - On Aug. 28, 2024, we also entered into the Medallion Purchase and Sale Agreement with GIP to acquire all of the equity interests in Medallion for a purchase price of $2.6 billion, subject to upward and downward adjustments specified in the Medallion Purchase and Sale Agreement, and inclusive of the purchase of additional interests in a Medallion joint venture owned by a separate third party. Medallion operations are principally composed of providing midstream services for crude oil and condensate in West Texas, specifically the Midland Basin. The assets of Medallion include crude oil gathering and transportation pipelines and crude oil storage facilities. Following the completion of the Medallion Acquisition, we expect Medallion to be a wholly owned subsidiary. The closing of this transaction is expected to occur during the fourth quarter of 2024, subject to the satisfaction of customary closing conditions, including the expiration or termination of all applicable waiting periods imposed by the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. We intend to fund this acquisition with a portion of the proceeds from the September 2024 underwritten public offering of senior notes. For additional information on our long-term debt, see Note F. We expect to account for this acquisition using the acquisition method of accounting for business combinations pursuant to Accounting Standards Codification 805, “Business Combinations,” which requires, among other things, assets acquired and liabilities assumed to be recorded at their fair value on the acquisition date. Any excess of consideration to be transferred over the estimated fair value of assets acquired and liabilities assumed will be recorded as goodwill. See Part 2, Item 1A “Risk Factors” for further discussion of risks related to this acquisition. Gulf Coast NGL Pipelines Acquisition - In June 2024, we completed the acquisition of a system of NGL pipelines from Easton Energy, a Houston-based midstream company, for approximately $280 million. This acquisition in our Natural Gas Liquids segment includes approximately 450 miles of liquids products pipelines located in the strategic Gulf Coast market centers for NGLs, Refined Products and crude oil. A portion of the Easton assets are already connected to our Mont Belvieu assets. We expect to add connections to our Houston-based assets beginning in mid-2025 through the end of 2025. Magellan Acquisition - On Sept. 25, 2023, we completed the Magellan Acquisition. This 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 this 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. The Magellan Acquisition was accounted for using the acquisition method of accounting for business combinations pursuant to Accounting Standards Codification 805, “Business Combinations,” which requires, among other things, assets acquired and liabilities assumed to be recorded at their fair value on the acquisition date. Determining the fair value of acquired assets and liabilities assumed requires management’s judgment and the use of independent valuation specialists. The following tables set forth the acquisition consideration and final purchase price allocation of assets acquired and liabilities assumed: At Sept. 25, 2023 (Millions of dollars and shares/units, except per share/unit data) Magellan public common units outstanding 202.1 Cash consideration per Magellan unit $25.00 Cash consideration $ 5,052 Magellan public common units outstanding 202.1 ONEOK exchange ratio per Magellan unit 0.667 Shares of ONEOK common stock issued 134.8 ONEOK common stock closing price on Sept. 25, 2023 $66.54 Fair value of common stock issued $ 8,969 Fair value of Magellan replacement equity awards 93 Equity consideration $ 9,062 Total consideration $ 14,114 At Sept. 25, 2023 Assets acquired: (Millions of dollars) Cash and cash equivalents $ 37 Accounts receivables, net 333 Inventories 352 Other current assets 140 Property, plant and equipment 11,644 Investments in unconsolidated affiliates 922 Intangible assets 1,124 Other assets 121 Total assets acquired 14,673 Liabilities assumed: Accounts payable 213 Other current liabilities (a) 721 Long-term debt, excluding current maturities 4,013 Other deferred credits and liabilities 201 Total liabilities assumed 5,148 Total identifiable net assets 9,525 Goodwill 4,589 Total purchase price $ 14,114 (a) - Includes contingent liabilities, primarily related to the amounts accrued for the Corpus Christi matter described in Note J. During the nine months ended Sept. 30, 2024, we recorded adjustments to the preliminary purchase price allocation that resulted in an increase to goodwill of $165 million due to additional information received during the measurement period. The adjustment is due primarily to a decrease in property, plant and equipment of approximately $100 million, and an increase to certain contingencies that existed as of the acquisition date. Pro Forma Financial Information The following table sets forth the unaudited supplemental pro forma financial information for the three and nine months ended Sept. 30, 2023, as if we had completed the Magellan Acquisition on Jan. 1, 2022: Three Months Ended Nine Months Ended Sept. 30, Sept. 30, 2023 2023 (Millions of dollars ) Revenue $ 4,850 $ 14,764 Net income $ 572 $ 2,364 The unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of our operating results that would have occurred had the transaction been completed on Jan. 1, 2022, nor is it necessarily indicative of future results. For more information on the basis of our pro forma adjustments, please see our Annual Report. Transaction Costs - For the three and nine months ended Sept. 30, 2024, transaction costs relate primarily to our recent acquisitions, including the Magellan Acquisition, the EnLink Controlling Interest Acquisition and the Medallion Acquisition. For the nine months ended Sept. 30, 2023, we recognized approximately $154 million of transaction costs associated with the Magellan Acquisition. These non-recurring costs are primarily related to advisory fees, severance and settlement of share-based awards for certain Magellan employees and integration costs, as well as bridge facility commitment fees. The following table sets forth the impact of acquisition related transaction costs in our Consolidated Statements of Income as of the periods indicated: Three Months Ended Nine Months Ended Sept. 30, Sept. 30, 2024 2023 2024 2023 (Millions of dollars) Transaction costs $ 10 $ 123 $ 17 $ 133 Interest expense 23 13 23 21 Total $ 33 $ 136 $ 40 $ 154

MEDFORD INCIDENT

MEDFORD INCIDENT	9 Months Ended
	Sep. 30, 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 Dec. 31, 2022, of $51 million, and recorded an operational gain for the remaining $779 million in other operating income (expense), 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	9 Months Ended
	Sep. 30, 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: Sept. 30, 2024 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net ( Millions of dollars ) Derivative assets Commodity contracts $ 37 $ 43 $ — $ 80 $ (41) $ 39 Total derivative assets $ 37 $ 43 $ — $ 80 $ (41) $ 39 Derivative liabilities Commodity contracts $ (6) $ (20) $ — $ (26) $ 26 $ — Total derivative liabilities $ (6) $ (20) $ — $ (26) $ 26 $ — (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 Sept. 30, 2024, we posted no cash and held cash of $15 million from various counterparties, which offsets our derivative net asset position under master-netting arrangements as shown in the table above. Dec. 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 Dec. 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, including cash held for the EnLink Controlling Interest Acquisition and the Medallion Acquisition, 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 $28.0 billion and $21.4 billion at Sept. 30, 2024, and Dec. 31, 2023, respectively. The book value of our consolidated long-term debt, including current maturities, was $28.1 billion and $21.7 billion at Sept. 30, 2024, and Dec. 31, 2023, respectively. 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	9 Months Ended
	Sep. 30, 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 the prices of natural gas, NGLs, Refined Products and crude oil, 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. Treasury locks are agreements to pay the difference between the benchmark Treasury rate and the rate that is designated in the terms of the agreement. In the third quarter of 2024, we entered into $1.5 billion of Treasury locks to hedge the variability of interest payments on a portion of our forecasted debt issuances. In the same quarter, we settled all of our $1.5 billion Treasury locks related to our underwritten public offering of $7.0 billion senior unsecured notes associated with the EnLink Controlling Interest Acquisition and Medallion Acquisition. All of our Treasury locks were designated as cash flow hedges. At Sept. 30, 2024, and Dec. 31, 2023, we had no outstanding interest-rate derivative instruments. 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: Sept. 30, 2024 Dec. 31, 2023 Location in our Assets (Liabilities) Assets (Liabilities) Derivatives designated as hedging instruments ( Millions of dollars ) Commodity contracts (a) Other current assets $ 73 $ (23) $ 163 $ (78) Total derivatives designated as hedging instruments 73 (23) 163 (78) Derivatives not designated as hedging instruments Commodity contracts (a) Other current assets 7 (3) 14 (6) Total derivatives not designated as hedging instruments 7 (3) 14 (6) Total derivatives $ 80 $ (26) $ 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. Notional Quantities for Derivative Instruments - The following table sets forth the notional quantities for derivative instruments held as of the dates indicated: Sept. 30, Dec. 31, Contract Net Purchased/Payor Derivatives designated as hedging instruments: Cash flow hedges Fixed price - Natural gas ( Bcf ) Futures and swaps (24.4) (16.0) - NGLs, Refined Products and crude oil ( MMBbl ) Futures and swaps (10.2) (14.5) - Power ( GWh ) Futures and swaps — 22.1 Basis - Natural gas ( Bcf ) Futures and swaps (24.4) (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 (0.4) 0.1 Basis - Natural gas ( Bcf ) Futures and swaps — (0.7) - NGLs, Refined Products, and crude oil ( MMBbl ) Futures and swaps — (0.1) Cash Flow Hedges - During the three and nine months ended Sept. 30, 2024 and 2023, we had no material changes in other comprehensive income related to 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	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Current Maturities - At Sept. 30, 2024, our current maturities of long-term debt consist of the following: ( Millions of dollars ) $250 at 3.2% due March 2025 $ 250 $500 at 4.9% due March 2025 500 $400 at 2.2% due September 2025 387 Guardian $120 term loan, rate of 6.47% as of Sept. 30, 2024, due June 2025 120 Current maturities of long-term debt $ 1,257 Debt Issuances - In September 2024, we completed an underwritten public offering of $7.0 billion senior unsecured notes consisting of $1.25 billion, 4.25% senior notes due 2027; $600 million, 4.4% senior notes due 2029; $1.25 billion, 4.75% senior notes due 2031; $1.6 billion, 5.05% senior notes due 2034; $1.5 billion, 5.7% senior notes due 2054; and $800 million, 5.85% senior notes due 2064. The net proceeds, after deducting underwriting discounts, commissions and offering expenses, were $6.9 billion. We intend to use the net proceeds from this offering to fund the EnLink Controlling Interest Acquisition and the Medallion Acquisition, purchase additional interests in a Medallion joint venture owned by a separate third party and to pay fees and expenses related to the acquisitions. We intend to use any remaining net proceeds for general corporate purposes, which may include the repayment of outstanding indebtedness, including the repurchase or redemption of existing notes. Cash held as of Sept. 30, 2024, to fund the acquisitions is classified as a long-term asset within the Consolidated Balance Sheet due to its designation for use in conjunction with these acquisitions. Subsequent event - In October 2024, we used a portion of the net proceeds to fund the EnLink Controlling Interest Acquisition upon closing. Debt Repayments - In September 2024, we repaid the remaining $484 million of our $500 million, 2.75% senior notes at maturity with cash on hand. Commercial Paper Program - At Sept. 30, 2024, and Dec. 31, 2023, we had no commercial paper outstanding. $2.5 Billion Credit Agreement - Our $2.5 Billion Credit Agreement 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 any acquired business. In May 2024, we entered into an amendment to our $2.5 Billion Credit Agreement that extended the maturity date by one year, from June 2027 to June 2028. All other terms and conditions of our $2.5 Billion Credit Agreement remain unchanged. In June 2024, we completed the acquisition of a system of NGL pipelines, 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. In October 2024, we completed the EnLink Controlling Interest Acquisition, which effectively extended our acquisition adjustment period until the quarter ended June 30, 2025, after which it will decrease to 5.0 to 1. As of Sept. 30, 2024, we had no outstanding borrowings, our ratio of consolidated indebtedness to adjusted EBITDA was 3.7 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	9 Months Ended
	Sep. 30, 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, May and August 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 Nov. 1, 2024, payable Nov. 14, 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, May and August 2024. Dividends totaling $0.3 million were declared for the Series E Preferred Stock and are payable Nov. 14, 2024.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 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 Sept. 30, 2024 Income Shares Per Share ( Millions, except per share amounts ) Basic EPS Net income available for common stock $ 692 584.8 $ 1.18 Diluted EPS Effect of dilutive securities — 1.9 Net income available for common stock and common stock equivalents $ 692 586.7 $ 1.18 Three Months Ended Sept. 30, 2023 Income Shares Per Share ( Millions, except per share amounts ) Basic EPS Net income available for common stock $ 453 457.3 $ 0.99 Diluted EPS Effect of dilutive securities — 0.9 Net income available for common stock and common stock equivalents $ 453 458.2 $ 0.99 Nine Months Ended Sept. 30, 2024 Income Shares Per Share ( Millions, except per share amounts ) Basic EPS Net income available for common stock $ 2,111 584.5 $ 3.61 Diluted EPS Effect of dilutive securities — 1.6 Net income available for common stock and common stock equivalents $ 2,111 586.1 $ 3.60 Nine Months Ended Sept. 30, 2023 Income Shares Per Share ( Millions, except per share amounts ) Basic EPS Net income available for common stock $ 1,970 451.2 $ 4.37 Diluted EPS Effect of dilutive securities — 0.9 Net income available for common stock and common stock equivalents $ 1,970 452.1 $ 4.36

UNCONSOLIDATED AFFILIATES

UNCONSOLIDATED AFFILIATES	9 Months Ended
	Sep. 30, 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 Nine Months Ended Sept. 30, Sept. 30, 2024 2023 2024 2023 ( Millions of dollars ) Northern Border $ 25 $ 20 $ 72 $ 58 Overland Pass 23 17 61 39 Saddlehorn 13 — 36 — Roadrunner 9 10 30 32 BridgeTex 7 — 25 — MVP 3 — 10 — Other 12 2 22 3 Equity in net earnings from investments $ 92 $ 49 $ 256 $ 132 In March 2024, we purchased an additional 10% interest in Saddlehorn, resulting in a 40% ownership interest. We incurred expenses in transactions with unconsolidated affiliates of $54 million and $33 million for the three months ended Sept. 30, 2024 and 2023, respectively, and $149 million and $88 million for the nine months ended Sept. 30, 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	9 Months Ended
	Sep. 30, 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 Dec. 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. In the second quarter of 2024, all settlement payments were made to claimants, and were fully offset by insurance proceeds received. 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	9 Months Ended
	Sep. 30, 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. Our contract liabilities at the beginning and end of the period relate primarily to deferred revenue on Refined Products and crude transportation contracts, NGL storage contracts and contributions in aid of construction received from customers. The following table sets forth the balances in contract liabilities for the periods indicated: Contract Liabilities ( Millions of dollars ) Balance at Dec. 31, 2023 (a) $ 150 Revenue recognized included in beginning balance (118) Net additions 118 Balance at Sept. 30, 2024 (b) $ 150 (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 $112 million and $38 million are included in the other current liabilities and other deferred credits, respectively, in our Consolidated Balance Sheet. Receivables from Customers and Revenue Disaggregation - Substantially all of the balances in accounts receivable on our Consolidated Balance Sheet at Sept. 30, 2024, relate to customer receivables. Excluding the insurance receivable related to the legal proceeding described in Note O of the Notes to Consolidated Financial Statements in our Annual Report, substantially all of the balances in accounts receivable on our Consolidated Balance Sheet at Dec. 31, 2023, related 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 Sept. 30, 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 30 years: Expected Period of Recognition in Revenue ( Millions of dollars ) Remainder of 2024 $ 335 2025 1,174 2026 956 2027 839 2028 and beyond 2,512 Total $ 5,816 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	9 Months Ended
	Sep. 30, 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 $ 648 $ 3,496 $ — $ 407 $ 4,551 Residue natural gas sales 219 — — — 219 Gathering, processing and exchange services revenue 35 129 — — 164 Transportation and storage revenue — 50 171 526 747 Other 3 4 — 30 37 Total revenues (a) 905 3,679 171 963 5,718 Cost of sales and fuel (exclusive of depreciation and operating costs) (464) (2,906) (1) (352) (3,723) Operating costs (129) (183) (52) (217) (581) Adjusted EBITDA from unconsolidated affiliates — 26 45 41 112 Noncash compensation expense and other 6 8 3 6 23 Segment adjusted EBITDA $ 318 $ 624 $ 166 $ 441 $ 1,549 Depreciation and amortization $ (71) $ (89) $ (21) $ (93) $ (274) Equity in net earnings (loss) from investments $ (1) $ 24 $ 34 $ 35 $ 92 Capital expenditures $ 102 $ 247 $ 56 $ 45 $ 450 (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 $657 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 $ 4,551 $ (691) $ 3,860 Residue natural gas sales 219 — 219 Gathering, processing and exchange services revenue 164 — 164 Transportation and storage revenue 747 (4) 743 Other 37 — 37 Total revenues (a) $ 5,718 $ (695) $ 5,023 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (3,723) $ 696 $ (3,027) Operating costs $ (581) $ (1) $ (582) Depreciation and amortization $ (274) $ — $ (274) Equity in net earnings from investments $ 92 $ — $ 92 Capital expenditures $ 450 $ 18 $ 468 (a) - Substantially all of our revenues relate to contracts with customers. Three Months Ended Natural Gas Natural Gas Natural Gas Refined Products and Crude (c) Total ( Millions of dollars ) NGL and condensate sales $ 641 $ 3,432 $ — $ — $ 4,073 Residue natural gas sales 279 — 3 — 282 Gathering, processing and exchange services revenue 36 150 — — 186 Transportation and storage revenue — 48 143 — 191 Other 9 4 — 72 85 Total revenues (a) 965 3,634 146 72 4,817 Cost of sales and fuel (exclusive of depreciation and operating costs) (527) (2,875) (2) (22) (3,426) Operating costs (119) (168) (51) (13) (351) Adjusted EBITDA from unconsolidated affiliates (b) — 19 40 4 63 Noncash compensation expense and other 4 6 3 — 13 Segment adjusted EBITDA (b) $ 323 $ 616 $ 136 $ 41 $ 1,116 Depreciation and amortization $ (68) $ (85) $ (17) $ (6) $ (176) Equity in net earnings from investments $ — $ 17 $ 29 $ 3 $ 49 Capital expenditures $ 126 $ 189 $ 70 $ 1 $ 386 (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 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 $14 million of adjusted EBITDA for the three months ended Sept. 30, 2023. (c) - Disaggregation of revenue for our Refined Products and Crude segment was based on a preliminary evaluation of contracts upon completion of the Magellan Acquisition. Three Months Ended Total Other and Total ( Millions of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 4,073 $ (624) $ 3,449 Residue natural gas sales 282 — 282 Gathering, processing and exchange services revenue 186 — 186 Transportation and storage revenue 191 (3) 188 Other 85 (1) 84 Total revenues (a) $ 4,817 $ (628) $ 4,189 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (3,426) $ 627 $ (2,799) Operating costs $ (351) $ (1) $ (352) Depreciation and amortization $ (176) $ (1) $ (177) Equity in net earnings from investments $ 49 $ — $ 49 Capital expenditures $ 386 $ 12 $ 398 (a) - Substantially all of our revenues relate to contracts with customers. Nine Months Ended Natural Gas Natural Gas Natural Gas Refined Products and Crude Total ( Millions of dollars ) Liquids commodity sales $ 1,912 $ 10,104 $ — $ 1,250 $ 13,266 Residue natural gas sales 732 — 28 — 760 Gathering, processing and exchange services revenue 101 390 — — 491 Transportation and storage revenue — 141 491 1,490 2,122 Other 16 10 — 81 107 Total revenues (a) 2,761 10,645 519 2,821 16,746 Cost of sales and fuel (exclusive of depreciation and operating costs) (1,479) (8,352) (18) (1,017) (10,866) Operating costs (365) (545) (157) (650) (1,717) Adjusted EBITDA from unconsolidated affiliates 3 70 133 117 323 Noncash compensation expense 16 26 6 24 72 Other 59 3 — (6) 56 Segment adjusted EBITDA $ 995 $ 1,847 $ 483 $ 1,289 $ 4,614 Depreciation and amortization $ (215) $ (260) $ (57) $ (254) $ (786) Equity in net earnings from investments $ 1 $ 63 $ 102 $ 90 $ 256 Investments in unconsolidated affiliates $ 31 $ 417 $ 516 $ 958 $ 1,922 Total assets $ 7,113 $ 15,701 $ 2,704 $ 19,031 $ 44,549 Capital expenditures $ 319 $ 785 $ 187 $ 120 $ 1,411 (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 $1.9 billion and were not material for the Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments. Nine Months Ended Total Other and Total ( Millions of dollars ) Reconciliations of total segments to consolidated Liquids commodity sales $ 13,266 $ (2,025) $ 11,241 Residue natural gas sales 760 — 760 Gathering, processing and exchange services revenue 491 — 491 Transportation and storage revenue 2,122 (16) 2,106 Other 107 (7) 100 Total revenues (a) $ 16,746 $ (2,048) $ 14,698 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (10,866) $ 2,051 $ (8,815) Operating costs $ (1,717) $ (3) $ (1,720) Depreciation and amortization $ (786) $ (4) $ (790) Equity in net earnings from investments $ 256 $ — $ 256 Investments in unconsolidated affiliates $ 1,922 $ 3 $ 1,925 Total assets $ 44,549 $ 6,501 $ 51,050 Capital expenditures $ 1,411 $ 48 $ 1,459 (a) - Substantially all of our revenues relate to contracts with customers. Nine Months Ended Natural Gas Natural Gas Natural Gas Refined Products and Crude (c) Total ( Millions of dollars ) NGL and condensate sales $ 1,835 $ 10,103 $ — $ — $ 11,938 Residue natural gas sales 1,066 — 28 — 1,094 Gathering, processing and exchange services revenue 109 414 — — 523 Transportation and storage revenue — 143 434 — 577 Other 22 9 1 72 104 Total revenues (a) 3,032 10,669 463 72 14,236 Cost of sales and fuel (exclusive of depreciation and operating costs) (1,787) (8,597) (17) (22) (10,423) Operating costs (339) (481) (145) (13) (978) Adjusted EBITDA from unconsolidated affiliates (b) 2 46 120 4 172 Noncash compensation expense 13 20 5 — 38 Other — 775 1 — 776 Segment adjusted EBITDA (b) $ 921 $ 2,432 $ 427 $ 41 $ 3,821 Depreciation and amortization $ (202) $ (248) $ (50) $ (6) $ (506) Equity in net earnings from investments $ 1 $ 39 $ 89 $ 3 $ 132 Investments in unconsolidated affiliates $ 26 $ 417 $ 440 $ 911 $ 1,794 Total assets $ 6,976 $ 14,988 $ 2,433 $ 19,185 $ 43,582 Capital expenditures $ 308 $ 495 $ 155 $ 1 $ 959 (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 $1.8 billion 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 $40 million of adjusted EBITDA for the nine months ended Sept. 30, 2023. (c) - Disaggregation of revenue for our Refined Products and Crude segment was based on a preliminary evaluation of contracts upon completion of the Magellan Acquisition. Nine Months Ended Total Other and Total ( Millions of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 11,938 $ (1,779) $ 10,159 Residue natural gas sales 1,094 — 1,094 Gathering, processing and exchange services revenue 523 — 523 Transportation and storage revenue 577 (7) 570 Other 104 (8) 96 Total revenues (a) $ 14,236 $ (1,794) $ 12,442 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (10,423) $ 1,795 $ (8,628) Operating costs $ (978) $ (3) $ (981) Depreciation and amortization $ (506) $ (3) $ (509) Equity in net earnings from investments $ 132 $ — $ 132 Investments in unconsolidated affiliates $ 1,794 $ 1 $ 1,795 Total assets $ 43,582 $ 357 $ 43,939 Capital expenditures $ 959 $ 33 $ 992 (a) - Substantially all of our revenues relate to contracts with customers. Three Months Ended Nine Months Ended 2024 2023 2024 2023 Reconciliation of net income to total segment adjusted EBITDA ( Millions of dollars ) Net income $ 693 $ 454 $ 2,112 $ 1,971 Interest expense, net of capitalized interest 325 215 923 561 Depreciation and amortization 274 177 790 509 Income taxes 219 141 670 616 Adjusted EBITDA from unconsolidated affiliates (b) 112 63 323 172 Equity in net earnings from investments (b) (92) (49) (256) (132) Noncash compensation expense and other 14 14 48 32 Other corporate costs (c) 4 101 4 92 Total segment adjusted EBITDA (a)(b) $ 1,549 $ 1,116 $ 4,614 $ 3,821 (a) - The nine months ended Sept. 30, 2023, includes $667 million related to the Medford incident, including a settlement gain of $779 million, offset partially by $112 million of third-party fractionation costs. (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 $14 million and $40 million of adjusted EBITDA for the three and nine months ended Sept. 30, 2023, respectively. (c) - Includes transaction costs related to the Magellan Acquisition of $123 million, offset partially by interest income of $26 million for the three months ended Sept. 30, 2023, and transaction costs related to the Magellan Acquisition of $133 million, offset partially by interest income of $42 million for the nine months ended Sept. 30, 2023.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 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.
Goodwill Impairment Review	Goodwill Impairment Review - We assess our goodwill for impairment at least annually as of July 1, unless events or changes in circumstances indicate an impairment may have occurred before that time. At July 1, 2024, we assessed qualitative factors to determine whether it was more likely than not that the fair value of each of our reporting units with goodwill was less than its carrying amount. After assessing qualitative factors (including macroeconomic conditions, industry and market considerations, costs and overall financial performance), we determined that it was more likely than not that the fair value of the Natural Gas Pipelines, Natural Gas Liquids and Refined Products and Crude reporting units were not less than their respective carrying value, that no further testing was necessary and that goodwill was not considered impaired.
Recently Issued Accounting Standards Update	Recently Issued Accounting Standards Update - Changes to GAAP are established by the FASB in the form of ASUs to the FASB Accounting Standards Codification. We consider the applicability and impact of all ASUs. Except as discussed below, there have been no new accounting pronouncements that have become effective or have been issued that are of significance or potential significance to us during the quarter. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires public entities to disclose significant expense categories and amounts for each reportable segment on both an interim and annual basis, consisting of expenses regularly reported to the chief operating decision maker and included in a segment's reported measure of segment profit or loss. The standard also requires disclosing an amount of other segment items as well as all annual disclosures in interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We do not expect the adoption of this standard to materially impact us. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
Determining Fair Value	Determining Fair Value

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Recurring Fair Value Measurements	The following tables set forth our recurring fair value measurements as of the dates indicated: Sept. 30, 2024 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net ( Millions of dollars ) Derivative assets Commodity contracts $ 37 $ 43 $ — $ 80 $ (41) $ 39 Total derivative assets $ 37 $ 43 $ — $ 80 $ (41) $ 39 Derivative liabilities Commodity contracts $ (6) $ (20) $ — $ (26) $ 26 $ — Total derivative liabilities $ (6) $ (20) $ — $ (26) $ 26 $ — (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 Sept. 30, 2024, we posted no cash and held cash of $15 million from various counterparties, which offsets our derivative net asset position under master-netting arrangements as shown in the table above. Dec. 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 Dec. 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)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of 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: Sept. 30, 2024 Dec. 31, 2023 Location in our Assets (Liabilities) Assets (Liabilities) Derivatives designated as hedging instruments ( Millions of dollars ) Commodity contracts (a) Other current assets $ 73 $ (23) $ 163 $ (78) Total derivatives designated as hedging instruments 73 (23) 163 (78) Derivatives not designated as hedging instruments Commodity contracts (a) Other current assets 7 (3) 14 (6) Total derivatives not designated as hedging instruments 7 (3) 14 (6) Total derivatives $ 80 $ (26) $ 177 $ (84)
Schedule of Notional Amounts of Derivative Instruments	The following table sets forth the notional quantities for derivative instruments held as of the dates indicated: Sept. 30, Dec. 31, Contract Net Purchased/Payor Derivatives designated as hedging instruments: Cash flow hedges Fixed price - Natural gas ( Bcf ) Futures and swaps (24.4) (16.0) - NGLs, Refined Products and crude oil ( MMBbl ) Futures and swaps (10.2) (14.5) - Power ( GWh ) Futures and swaps — 22.1 Basis - Natural gas ( Bcf ) Futures and swaps (24.4) (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 (0.4) 0.1 Basis - Natural gas ( Bcf ) Futures and swaps — (0.7) - NGLs, Refined Products, and crude oil ( MMBbl ) Futures and swaps — (0.1)

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Current Maturities of Long-Term Debt	Current Maturities - At Sept. 30, 2024, our current maturities of long-term debt consist of the following: ( Millions of dollars ) $250 at 3.2% due March 2025 $ 250 $500 at 4.9% due March 2025 500 $400 at 2.2% due September 2025 387 Guardian $120 term loan, rate of 6.47% as of Sept. 30, 2024, due June 2025 120 Current maturities of long-term debt $ 1,257

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following tables set forth the computation of basic and diluted EPS for the periods indicated: Three Months Ended Sept. 30, 2024 Income Shares Per Share ( Millions, except per share amounts ) Basic EPS Net income available for common stock $ 692 584.8 $ 1.18 Diluted EPS Effect of dilutive securities — 1.9 Net income available for common stock and common stock equivalents $ 692 586.7 $ 1.18 Three Months Ended Sept. 30, 2023 Income Shares Per Share ( Millions, except per share amounts ) Basic EPS Net income available for common stock $ 453 457.3 $ 0.99 Diluted EPS Effect of dilutive securities — 0.9 Net income available for common stock and common stock equivalents $ 453 458.2 $ 0.99 Nine Months Ended Sept. 30, 2024 Income Shares Per Share ( Millions, except per share amounts ) Basic EPS Net income available for common stock $ 2,111 584.5 $ 3.61 Diluted EPS Effect of dilutive securities — 1.6 Net income available for common stock and common stock equivalents $ 2,111 586.1 $ 3.60 Nine Months Ended Sept. 30, 2023 Income Shares Per Share ( Millions, except per share amounts ) Basic EPS Net income available for common stock $ 1,970 451.2 $ 4.37 Diluted EPS Effect of dilutive securities — 0.9 Net income available for common stock and common stock equivalents $ 1,970 452.1 $ 4.36

UNCONSOLIDATED AFFILIATES (Tabl

UNCONSOLIDATED AFFILIATES (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended Sept. 30, Sept. 30, 2024 2023 2024 2023 ( Millions of dollars ) Northern Border $ 25 $ 20 $ 72 $ 58 Overland Pass 23 17 61 39 Saddlehorn 13 — 36 — Roadrunner 9 10 30 32 BridgeTex 7 — 25 — MVP 3 — 10 — Other 12 2 22 3 Equity in net earnings from investments $ 92 $ 49 $ 256 $ 132

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of 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 Dec. 31, 2023 (a) $ 150 Revenue recognized included in beginning balance (118) Net additions 118 Balance at Sept. 30, 2024 (b) $ 150 (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 $112 million and $38 million are included in the other current liabilities and other deferred credits, respectively, in our Consolidated Balance Sheet.
Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	The following table presents aggregate value allocated to unsatisfied performance obligations as of Sept. 30, 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 30 years: Expected Period of Recognition in Revenue ( Millions of dollars ) Remainder of 2024 $ 335 2025 1,174 2026 956 2027 839 2028 and beyond 2,512 Total $ 5,816

SEGMENTS (Tables)

SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of 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 $ 648 $ 3,496 $ — $ 407 $ 4,551 Residue natural gas sales 219 — — — 219 Gathering, processing and exchange services revenue 35 129 — — 164 Transportation and storage revenue — 50 171 526 747 Other 3 4 — 30 37 Total revenues (a) 905 3,679 171 963 5,718 Cost of sales and fuel (exclusive of depreciation and operating costs) (464) (2,906) (1) (352) (3,723) Operating costs (129) (183) (52) (217) (581) Adjusted EBITDA from unconsolidated affiliates — 26 45 41 112 Noncash compensation expense and other 6 8 3 6 23 Segment adjusted EBITDA $ 318 $ 624 $ 166 $ 441 $ 1,549 Depreciation and amortization $ (71) $ (89) $ (21) $ (93) $ (274) Equity in net earnings (loss) from investments $ (1) $ 24 $ 34 $ 35 $ 92 Capital expenditures $ 102 $ 247 $ 56 $ 45 $ 450 (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 $657 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 $ 4,551 $ (691) $ 3,860 Residue natural gas sales 219 — 219 Gathering, processing and exchange services revenue 164 — 164 Transportation and storage revenue 747 (4) 743 Other 37 — 37 Total revenues (a) $ 5,718 $ (695) $ 5,023 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (3,723) $ 696 $ (3,027) Operating costs $ (581) $ (1) $ (582) Depreciation and amortization $ (274) $ — $ (274) Equity in net earnings from investments $ 92 $ — $ 92 Capital expenditures $ 450 $ 18 $ 468 (a) - Substantially all of our revenues relate to contracts with customers. Three Months Ended Natural Gas Natural Gas Natural Gas Refined Products and Crude (c) Total ( Millions of dollars ) NGL and condensate sales $ 641 $ 3,432 $ — $ — $ 4,073 Residue natural gas sales 279 — 3 — 282 Gathering, processing and exchange services revenue 36 150 — — 186 Transportation and storage revenue — 48 143 — 191 Other 9 4 — 72 85 Total revenues (a) 965 3,634 146 72 4,817 Cost of sales and fuel (exclusive of depreciation and operating costs) (527) (2,875) (2) (22) (3,426) Operating costs (119) (168) (51) (13) (351) Adjusted EBITDA from unconsolidated affiliates (b) — 19 40 4 63 Noncash compensation expense and other 4 6 3 — 13 Segment adjusted EBITDA (b) $ 323 $ 616 $ 136 $ 41 $ 1,116 Depreciation and amortization $ (68) $ (85) $ (17) $ (6) $ (176) Equity in net earnings from investments $ — $ 17 $ 29 $ 3 $ 49 Capital expenditures $ 126 $ 189 $ 70 $ 1 $ 386 (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 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 $14 million of adjusted EBITDA for the three months ended Sept. 30, 2023. (c) - Disaggregation of revenue for our Refined Products and Crude segment was based on a preliminary evaluation of contracts upon completion of the Magellan Acquisition. Three Months Ended Total Other and Total ( Millions of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 4,073 $ (624) $ 3,449 Residue natural gas sales 282 — 282 Gathering, processing and exchange services revenue 186 — 186 Transportation and storage revenue 191 (3) 188 Other 85 (1) 84 Total revenues (a) $ 4,817 $ (628) $ 4,189 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (3,426) $ 627 $ (2,799) Operating costs $ (351) $ (1) $ (352) Depreciation and amortization $ (176) $ (1) $ (177) Equity in net earnings from investments $ 49 $ — $ 49 Capital expenditures $ 386 $ 12 $ 398 (a) - Substantially all of our revenues relate to contracts with customers. Nine Months Ended Natural Gas Natural Gas Natural Gas Refined Products and Crude Total ( Millions of dollars ) Liquids commodity sales $ 1,912 $ 10,104 $ — $ 1,250 $ 13,266 Residue natural gas sales 732 — 28 — 760 Gathering, processing and exchange services revenue 101 390 — — 491 Transportation and storage revenue — 141 491 1,490 2,122 Other 16 10 — 81 107 Total revenues (a) 2,761 10,645 519 2,821 16,746 Cost of sales and fuel (exclusive of depreciation and operating costs) (1,479) (8,352) (18) (1,017) (10,866) Operating costs (365) (545) (157) (650) (1,717) Adjusted EBITDA from unconsolidated affiliates 3 70 133 117 323 Noncash compensation expense 16 26 6 24 72 Other 59 3 — (6) 56 Segment adjusted EBITDA $ 995 $ 1,847 $ 483 $ 1,289 $ 4,614 Depreciation and amortization $ (215) $ (260) $ (57) $ (254) $ (786) Equity in net earnings from investments $ 1 $ 63 $ 102 $ 90 $ 256 Investments in unconsolidated affiliates $ 31 $ 417 $ 516 $ 958 $ 1,922 Total assets $ 7,113 $ 15,701 $ 2,704 $ 19,031 $ 44,549 Capital expenditures $ 319 $ 785 $ 187 $ 120 $ 1,411 (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 $1.9 billion and were not material for the Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments. Nine Months Ended Total Other and Total ( Millions of dollars ) Reconciliations of total segments to consolidated Liquids commodity sales $ 13,266 $ (2,025) $ 11,241 Residue natural gas sales 760 — 760 Gathering, processing and exchange services revenue 491 — 491 Transportation and storage revenue 2,122 (16) 2,106 Other 107 (7) 100 Total revenues (a) $ 16,746 $ (2,048) $ 14,698 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (10,866) $ 2,051 $ (8,815) Operating costs $ (1,717) $ (3) $ (1,720) Depreciation and amortization $ (786) $ (4) $ (790) Equity in net earnings from investments $ 256 $ — $ 256 Investments in unconsolidated affiliates $ 1,922 $ 3 $ 1,925 Total assets $ 44,549 $ 6,501 $ 51,050 Capital expenditures $ 1,411 $ 48 $ 1,459 (a) - Substantially all of our revenues relate to contracts with customers. Nine Months Ended Natural Gas Natural Gas Natural Gas Refined Products and Crude (c) Total ( Millions of dollars ) NGL and condensate sales $ 1,835 $ 10,103 $ — $ — $ 11,938 Residue natural gas sales 1,066 — 28 — 1,094 Gathering, processing and exchange services revenue 109 414 — — 523 Transportation and storage revenue — 143 434 — 577 Other 22 9 1 72 104 Total revenues (a) 3,032 10,669 463 72 14,236 Cost of sales and fuel (exclusive of depreciation and operating costs) (1,787) (8,597) (17) (22) (10,423) Operating costs (339) (481) (145) (13) (978) Adjusted EBITDA from unconsolidated affiliates (b) 2 46 120 4 172 Noncash compensation expense 13 20 5 — 38 Other — 775 1 — 776 Segment adjusted EBITDA (b) $ 921 $ 2,432 $ 427 $ 41 $ 3,821 Depreciation and amortization $ (202) $ (248) $ (50) $ (6) $ (506) Equity in net earnings from investments $ 1 $ 39 $ 89 $ 3 $ 132 Investments in unconsolidated affiliates $ 26 $ 417 $ 440 $ 911 $ 1,794 Total assets $ 6,976 $ 14,988 $ 2,433 $ 19,185 $ 43,582 Capital expenditures $ 308 $ 495 $ 155 $ 1 $ 959 (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 $1.8 billion 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 $40 million of adjusted EBITDA for the nine months ended Sept. 30, 2023. (c) - Disaggregation of revenue for our Refined Products and Crude segment was based on a preliminary evaluation of contracts upon completion of the Magellan Acquisition. Nine Months Ended Total Other and Total ( Millions of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 11,938 $ (1,779) $ 10,159 Residue natural gas sales 1,094 — 1,094 Gathering, processing and exchange services revenue 523 — 523 Transportation and storage revenue 577 (7) 570 Other 104 (8) 96 Total revenues (a) $ 14,236 $ (1,794) $ 12,442 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (10,423) $ 1,795 $ (8,628) Operating costs $ (978) $ (3) $ (981) Depreciation and amortization $ (506) $ (3) $ (509) Equity in net earnings from investments $ 132 $ — $ 132 Investments in unconsolidated affiliates $ 1,794 $ 1 $ 1,795 Total assets $ 43,582 $ 357 $ 43,939 Capital expenditures $ 959 $ 33 $ 992 (a) - Substantially all of our revenues relate to contracts with customers. Three Months Ended Nine Months Ended 2024 2023 2024 2023 Reconciliation of net income to total segment adjusted EBITDA ( Millions of dollars ) Net income $ 693 $ 454 $ 2,112 $ 1,971 Interest expense, net of capitalized interest 325 215 923 561 Depreciation and amortization 274 177 790 509 Income taxes 219 141 670 616 Adjusted EBITDA from unconsolidated affiliates (b) 112 63 323 172 Equity in net earnings from investments (b) (92) (49) (256) (132) Noncash compensation expense and other 14 14 48 32 Other corporate costs (c) 4 101 4 92 Total segment adjusted EBITDA (a)(b) $ 1,549 $ 1,116 $ 4,614 $ 3,821 (a) - The nine months ended Sept. 30, 2023, includes $667 million related to the Medford incident, including a settlement gain of $779 million, offset partially by $112 million of third-party fractionation costs. (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 $14 million and $40 million of adjusted EBITDA for the three and nine months ended Sept. 30, 2023, respectively. (c) - Includes transaction costs related to the Magellan Acquisition of $123 million, offset partially by interest income of $26 million for the three months ended Sept. 30, 2023, and transaction costs related to the Magellan Acquisition of $133 million, offset partially by interest income of $42 million for the nine months ended Sept. 30, 2023.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following tables set forth the acquisition consideration and final purchase price allocation of assets acquired and liabilities assumed: At Sept. 25, 2023 (Millions of dollars and shares/units, except per share/unit data) Magellan public common units outstanding 202.1 Cash consideration per Magellan unit $25.00 Cash consideration $ 5,052 Magellan public common units outstanding 202.1 ONEOK exchange ratio per Magellan unit 0.667 Shares of ONEOK common stock issued 134.8 ONEOK common stock closing price on Sept. 25, 2023 $66.54 Fair value of common stock issued $ 8,969 Fair value of Magellan replacement equity awards 93 Equity consideration $ 9,062 Total consideration $ 14,114 At Sept. 25, 2023 Assets acquired: (Millions of dollars) Cash and cash equivalents $ 37 Accounts receivables, net 333 Inventories 352 Other current assets 140 Property, plant and equipment 11,644 Investments in unconsolidated affiliates 922 Intangible assets 1,124 Other assets 121 Total assets acquired 14,673 Liabilities assumed: Accounts payable 213 Other current liabilities (a) 721 Long-term debt, excluding current maturities 4,013 Other deferred credits and liabilities 201 Total liabilities assumed 5,148 Total identifiable net assets 9,525 Goodwill 4,589 Total purchase price $ 14,114
Schedule of Pro Forma Information	The following table sets forth the unaudited supplemental pro forma financial information for the three and nine months ended Sept. 30, 2023, as if we had completed the Magellan Acquisition on Jan. 1, 2022: Three Months Ended Nine Months Ended Sept. 30, Sept. 30, 2023 2023 (Millions of dollars ) Revenue $ 4,850 $ 14,764 Net income $ 572 $ 2,364
Schedule of Business Acquisitions, by Acquisition	The following table sets forth the impact of acquisition related transaction costs in our Consolidated Statements of Income as of the periods indicated: Three Months Ended Nine Months Ended Sept. 30, Sept. 30, 2024 2023 2024 2023 (Millions of dollars) Transaction costs $ 10 $ 123 $ 17 $ 133 Interest expense 23 13 23 21 Total $ 33 $ 136 $ 40 $ 154

ACQUISITIONS- Narrative (Detail

ACQUISITIONS- Narrative (Details) $ / shares in Units, $ in Millions				1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 15, 2024 USD ($) fractionator plant mi $ / shares Bcf MMBbls	Aug. 28, 2024 USD ($)	Sep. 25, 2023 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) mi	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
EnLink Controlling Interest Acquisition | Subsequent Event
Business Acquisition [Line Items]
Percentage of voting interests acquired	100%
Cash consideration	$ 3,300
Refined products pipeline length | mi	13,600
Natural gas processing plants | plant	25
Operating storage capacity | Bcf	5.9
Number of fractionators capacity | fractionator	7
Operating storage fractionation capacity per day | MMBbls	0.316
EnLink Controlling Interest Acquisition | Subsequent Event | GIP
Business Acquisition [Line Items]
Percentage of voting interests acquired	43%
EnLink Controlling Interest Acquisition | Common Stock Issued | Subsequent Event
Business Acquisition [Line Items]
Cash consideration (in USD per share) | $ / shares	$ 14.90
Cash consideration	$ 300
Magellan Acquisition
Business Acquisition [Line Items]
Cash consideration (in USD per share) | $ / shares			$ 25
Cash consideration			$ 5,052
Total consideration			$ 14,114
Exchange ratio per Magellan unit (in shares) | shares			0.667
Shares of common stock issued (in shares) | shares			134,800,000
Equity consideration			$ 9,062
Proceeds from issuance of senior debt			5,250
Goodwill, measurement period adjustment							$ 165
Decrease in property, plant and equipment							100
Business combination, total costs					$ 33	$ 136	$ 40	$ 154
Magellan Acquisition | Common Stock Issued
Business Acquisition [Line Items]
Equity consideration			$ 8,969
Gulf Coast NGL Pipelines Acquisition
Business Acquisition [Line Items]
Total consideration				$ 280
Length of natural gas pipeline | mi				450
Medallion Acquisition
Business Acquisition [Line Items]
Total consideration		$ 2,600

ACQUISITIONS - Schedule of Acqu

ACQUISITIONS - Schedule of Acquisition Consideration (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 28, 2024	Sep. 25, 2023
Magellan Acquisition
Business Combination Segment Allocation [Line Items]
Public common units outstanding (in shares)		202,100,000
Cash consideration (in USD per share)		$ 25
Cash consideration		$ 5,052
Exchange ratio per Magellan unit (in shares)		0.667
Shares of common stock issued (in shares)		134,800,000
Common stock closing price (in dollars per share)		$ 66.54
Equity consideration		$ 9,062
Total consideration		14,114
Magellan Acquisition | Common Stock Issued
Business Combination Segment Allocation [Line Items]
Equity consideration		8,969
Magellan Acquisition | Replacement Equity Awards
Business Combination Segment Allocation [Line Items]
Equity consideration		$ 93
Medallion Acquisition
Business Combination Segment Allocation [Line Items]
Total consideration	$ 2,600

ACQUISITIONS -Schedule of Asset

ACQUISITIONS -Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 25, 2023
Liabilities assumed:
Goodwill	$ 5,148	$ 4,952
Magellan Acquisition
Assets acquired:
Cash and cash equivalents			$ 37
Accounts receivables, net			333
Inventories			352
Other current assets			140
Property, plant and equipment			11,644
Investments in unconsolidated affiliates			922
Intangible assets			1,124
Other assets			121
Total assets acquired			14,673
Liabilities assumed:
Accounts payable			213
Other current liabilities			721
Long-term debt, excluding current maturities			4,013
Other deferred credits and liabilities			201
Total liabilities assumed			5,148
Total identifiable net assets			9,525
Goodwill			4,589
Total purchase price			$ 14,114

ACQUISITIONS - Schedule of Pro

ACQUISITIONS - Schedule of Pro Forma Information (Details) - Magellan Acquisition - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenue	$ 4,850	$ 14,764
Net income	$ 572	$ 2,364

ACQUISITIONS - Schedule of Ac_2

ACQUISITIONS - Schedule of Acquisition Related Transaction Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Combination, Separately Recognized Transactions [Line Items]
Transaction costs	$ 10	$ 123	$ 17	$ 133
Magellan Acquisition
Business Combination, Separately Recognized Transactions [Line Items]
Transaction costs	10	123	17	133
Interest expense	23	13	23	21
Total	$ 33	$ 136	$ 40	$ 154

MEDFORD INCIDENT (Details)

MEDFORD INCIDENT (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended		12 Months Ended	15 Months Ended
	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 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 -Schedu

FAIR VALUE MEASUREMENTS -Schedule of Recurring Fair Value Measurements (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Derivative liabilities
Cash held - offsetting derivative net asset positions under master- netting arrangements	$ 0	$ 0
Cash posted - total	15,000,000	41,000,000
Fair Value, Recurring
Derivative assets
Derivative assets netting	(41,000,000)	(125,000,000)
Derivative assets	39,000,000	52,000,000
Derivative liabilities
Derivative liabilities netting	26,000,000	84,000,000
Derivative liabilities	0	0
Fair Value, Recurring | Commodity contracts
Derivative assets
Derivative assets netting	(41,000,000)	(125,000,000)
Derivative assets	39,000,000	52,000,000
Derivative liabilities
Derivative liabilities netting	26,000,000	84,000,000
Derivative liabilities	0	0
Fair Value, Recurring | Total - Gross
Derivative assets
Derivative asset, fair value, gross	80,000,000	177,000,000
Derivative liabilities
Derivative liability, fair value, gross	(26,000,000)	(84,000,000)
Fair Value, Recurring | Total - Gross | Commodity contracts
Derivative assets
Derivative asset, fair value, gross	80,000,000	177,000,000
Derivative liabilities
Derivative liability, fair value, gross	(26,000,000)	(84,000,000)
Fair Value, Recurring | Level 1
Derivative assets
Derivative asset, fair value, gross	37,000,000	109,000,000
Derivative liabilities
Derivative liability, fair value, gross	(6,000,000)	(40,000,000)
Fair Value, Recurring | Level 1 | Commodity contracts
Derivative assets
Derivative asset, fair value, gross	37,000,000	109,000,000
Derivative liabilities
Derivative liability, fair value, gross	(6,000,000)	(40,000,000)
Fair Value, Recurring | Level 2
Derivative assets
Derivative asset, fair value, gross	43,000,000	68,000,000
Derivative liabilities
Derivative liability, fair value, gross	(20,000,000)	(44,000,000)
Fair Value, Recurring | Level 2 | Commodity contracts
Derivative assets
Derivative asset, fair value, gross	43,000,000	68,000,000
Derivative liabilities
Derivative liability, fair value, gross	(20,000,000)	(44,000,000)
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	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Long-term debt, fair value	$ 28	$ 21.4
Long-term debt	$ 28.1	$ 21.7

RISK-MANAGEMENT AND HEDGING A_3

RISK-MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES - Narrative (Details) $ in Billions	3 Months Ended
	Sep. 30, 2024 USD ($)
Senior Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt, face amount	$ 7
Treasury Lock | Cash Flow Hedging | Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount, new contracts	1.5
Derivative, notional amount settled	$ 1.5

RISK-MANAGEMENT AND HEDGING A_4

RISK-MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES -Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	$ 80	$ 177
(Liabilities)	(26)	(84)
Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	73	163
(Liabilities)	(23)	(78)
Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	7	14
(Liabilities)	(3)	(6)
Financial contracts | Other current assets | Commodity Contracts | Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	73	163
(Liabilities)	(23)	(78)
Financial contracts | Other current assets | Commodity Contracts | Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	7	14
(Liabilities)	$ (3)	$ (6)

RISK-MANAGEMENT AND HEDGING A_5

RISK-MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES -Schedule of Notional Quantities for Derivative Instruments (Details) - Futures and swaps	9 Months Ended	12 Months Ended
	Sep. 30, 2024 GWh Bcf MMBbls	Dec. 31, 2023 GWh MMBbls Bcf
Derivatives designated as hedging instruments | - Natural gas (Bcf) | Fixed price | Sold / Receiver
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	24.4	16
Derivatives designated as hedging instruments | - Natural gas (Bcf) | Basis | Sold / Receiver
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	24.4	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	10.2	14.5
Derivatives designated as hedging instruments | - Power (GWh) | Fixed price | Net Purchased / Payor
Derivative [Line Items]
Derivative, nonmonetary notional amount, energy measure | GWh	0	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	0.4
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	0	0.1

DEBT -Schedule of Current Matur

DEBT -Schedule of Current Maturities of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Interest rate (as a percent)	2.20%
Current maturities of long-term debt (Note F)	$ 1,257	$ 484
$250 at 3.2% due March 2025
Debt Instrument [Line Items]
Debt, face amount	$ 250
Interest rate (as a percent)	3.20%
Current maturities of long-term debt (Note F)	$ 250
$500 at 4.9% due March 2025
Debt Instrument [Line Items]
Debt, face amount	$ 500
Interest rate (as a percent)	4.90%
Current maturities of long-term debt (Note F)	$ 500
$400 at 2.2% due September 2025
Debt Instrument [Line Items]
Debt, face amount	400
Current maturities of long-term debt (Note F)	387
Guardian $120 term loan, rate of 6.47% as of Sept. 30, 2024, due June 2025
Debt Instrument [Line Items]
Debt, face amount	$ 120
Interest rate (as a percent)	6.47%
Current maturities of long-term debt (Note F)	$ 120

DEBT - Narrative (Details)

DEBT - Narrative (Details)		1 Months Ended
	Sep. 25, 2023 USD ($)	Sep. 30, 2024 USD ($)	May 31, 2024 USD ($)	Oct. 31, 2024	Jun. 30, 2024	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Interest rate (as a percent)		2.20%
$2.5 Billion Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 2,500,000,000	$ 2,500,000,000
Line of credit facility, extension term			1 year
Indebtedness to adjusted EBITDA, maximum from acquisitions					5.5
Line of credit facility, amount outstanding		$ 0
Indebtedness to adjusted EBITDA, current		3.7
$2.5 Billion Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Indebtedness to adjusted EBITDA maximum				5
Commercial Paper
Debt Instrument [Line Items]
Short-term borrowings (Note D)		$ 0				$ 0
$500 at 4.9% due March 2025
Debt Instrument [Line Items]
Debt, face amount		$ 500,000,000
Interest rate (as a percent)		4.90%
2.75% Senior Notes Due March 2025
Debt Instrument [Line Items]
Debt, face amount		$ 500,000,000
Interest rate (as a percent)		2.75%
Repayments of debt		$ 484,000,000
Senior Notes
Debt Instrument [Line Items]
Debt, face amount		7,000,000,000
Proceeds from issuance of senior debt		6,900,000,000
Senior Notes | 4.25% Senior Notes Due 2027
Debt Instrument [Line Items]
Debt, face amount		$ 1,250,000,000
Interest rate (as a percent)		4.25%
Senior Notes | 4.4% Senior Notes Due 2029
Debt Instrument [Line Items]
Debt, face amount		$ 600,000,000
Interest rate (as a percent)		4.40%
Senior Notes | 4.75% Senior Notes Due 2031
Debt Instrument [Line Items]
Debt, face amount		$ 1,250,000,000
Interest rate (as a percent)		4.75%
Senior Notes | 5.05% Senior Notes Due 2034
Debt Instrument [Line Items]
Debt, face amount		$ 1,600,000,000
Interest rate (as a percent)		5.05%
Senior Notes | 5.7% Senior Notes Due 2054
Debt Instrument [Line Items]
Debt, face amount		$ 1,500,000,000
Interest rate (as a percent)		5.70%
Senior Notes | 5.85% Senior Notes Due 2064
Debt Instrument [Line Items]
Debt, face amount		$ 800,000,000
Interest rate (as a percent)		5.85%
Magellan Acquisition
Debt Instrument [Line Items]
Proceeds from issuance of senior debt	$ 5,250,000,000

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended						9 Months Ended
	Oct. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024
Option Indexed to Issuer's Equity [Line Items]
Common stock dividends paid (in dollars per share)		$ 0.99	$ 0.99	$ 0.99	$ 0.955	$ 0.955	$ 0.955
Preferred stock dividends		$ 1			$ 1
Subsequent Event
Option Indexed to Issuer's Equity [Line Items]
Common stock, dividends, declared (in dollars per share)	$ 0.99
Series E Preferred Stock
Option Indexed to Issuer's Equity [Line Items]
Preferred stock, dividend rate, percentage (as a percent)								5.50%
Payments of ordinary dividends, common stock		$ 0.3	$ 0.3	$ 0.3
Series E Preferred Stock | Subsequent Event
Option Indexed to Issuer's Equity [Line Items]
Preferred stock dividends	$ 0.3

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic EPS
Net income available for common stock	$ 692	$ 453	$ 2,111	$ 1,970
Net income available for common stock (in shares)	584.8	457.3	584.5	451.2
Net income available for common stock (in dollars per share)	$ 1.18	$ 0.99	$ 3.61	$ 4.37
Diluted EPS
Effect of dilutive securities	$ 0	$ 0	$ 0	$ 0
Effect of dilutive securities (in shares)	1.9	0.9	1.6	0.9
Net income available for common stock and common stock equivalents	$ 692	$ 453	$ 2,111	$ 1,970
Net income available for common stock and common stock equivalents (in shares)	586.7	458.2	586.1	452.1
Net income available for common stock and common stock equivalents (in dollars per share)	$ 1.18	$ 0.99	$ 3.60	$ 4.36

UNCONSOLIDATED AFFILIATES -Sche

UNCONSOLIDATED AFFILIATES -Schedule of Equity in Net Earnings from Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	$ 92	$ 49	$ 256	$ 132
Northern Border
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	25	20	72	58
Overland Pass
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	23	17	61	39
Saddlehorn
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	13	0	36	0
Roadrunner
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	9	10	30	32
BridgeTex
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	7	0	25	0
MVP
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	3	0	10	0
Other
Schedule of Equity Method Investments [Line Items]
Equity in net earnings from investments	$ 12	$ 2	$ 22	$ 3

UNCONSOLIDATED AFFILIATES - Nar

UNCONSOLIDATED AFFILIATES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024
Unconsolidated Affiliates
Investments in and Advances to Affiliates [Line Items]
Unconsolidated entities expenses in transactions	$ 54	$ 33	$ 149	$ 88
Saddlehorn
Investments in and Advances to Affiliates [Line Items]
Additional ownership percentage acquired					10%
Ownership percentage, equity method investment					40%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	9 Months Ended
	Sep. 30, 2024 individual action
Commitments and Contingencies Disclosure [Abstract]
Number of actions | action	3
Number of individuals | individual	7

REVENUES - Schedule of Contract

REVENUES - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Contract with Customer Liability [Roll Forward]
Contract with customer, liability, beginning balance	$ 150	$ 150
Revenue recognized included in beginning balance	(118)
Net additions	118
Contract with customer, liability, ending balance	150
Contract with customer, liability, current	112	104
Contract with customer, liability, noncurrent	$ 38	$ 46

REVENUES - Schedule of Performa

REVENUES - Schedule of Performance Obligations (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 5,816
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 335
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 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	$ 1,174
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	$ 956
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	$ 839
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	$ 2,512
Revenue, remaining performance obligation, expected timing of satisfaction, period
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	30 years

SEGMENTS - Operating Segments F

SEGMENTS - Operating Segments Financial Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			4
Total revenues (Note K)	$ 5,023	$ 4,189	$ 14,698	$ 12,442
Cost of sales and fuel (exclusive of depreciation and operating costs)	(3,027)	(2,799)	(8,815)	(8,628)
Operating costs	(582)	(352)	(1,720)	(981)
Adjusted EBITDA from unconsolidated affiliates	112	63	323	172
Noncash compensation expense	14	14	48	32
Other operating income, net (Note C)	(2)	1	65	782
Segment adjusted EBITDA	1,549	1,116	4,614	3,821
Depreciation and amortization	(274)	(177)	(790)	(509)
Equity in net earnings from investments	92	49	256	132
Investments in unconsolidated affiliates	1,925	1,795	1,925	1,795	$ 1,874
Total assets	51,050	43,939	51,050	43,939	$ 44,266
Capital expenditures	468	398	1,459	992
NGL and condensate sales
Segment Reporting Information [Line Items]
Total revenues (Note K)		3,449		10,159
Liquids commodity sales
Segment Reporting Information [Line Items]
Total revenues (Note K)	3,860		11,241
Residue natural gas sales
Segment Reporting Information [Line Items]
Total revenues (Note K)	219	282	760	1,094
Gathering, processing and exchange services revenue
Segment Reporting Information [Line Items]
Total revenues (Note K)	164	186	491	523
Transportation and storage revenue
Segment Reporting Information [Line Items]
Total revenues (Note K)	743	188	2,106	570
Other
Segment Reporting Information [Line Items]
Total revenues (Note K)	37	84	100	96
Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	5,718	4,817	16,746	14,236
Cost of sales and fuel (exclusive of depreciation and operating costs)	(3,723)	(3,426)	(10,866)	(10,423)
Operating costs	(581)	(351)	(1,717)	(978)
Adjusted EBITDA from unconsolidated affiliates	112	63	323	172
Noncash compensation expense	23	13	72	38
Other operating income, net (Note C)			56	776
Segment adjusted EBITDA	1,549	1,116	4,614	3,821
Depreciation and amortization	(274)	(176)	(786)	(506)
Equity in net earnings from investments	92	49	256	132
Investments in unconsolidated affiliates	1,922	1,794	1,922	1,794
Total assets	44,549	43,582	44,549	43,582
Capital expenditures	450	386	1,411	959
Operating segments | NGL and condensate sales
Segment Reporting Information [Line Items]
Total revenues (Note K)		4,073		11,938
Operating segments | Liquids commodity sales
Segment Reporting Information [Line Items]
Total revenues (Note K)	4,551		13,266
Operating segments | Residue natural gas sales
Segment Reporting Information [Line Items]
Total revenues (Note K)	219	282	760	1,094
Operating segments | Gathering, processing and exchange services revenue
Segment Reporting Information [Line Items]
Total revenues (Note K)	164	186	491	523
Operating segments | Transportation and storage revenue
Segment Reporting Information [Line Items]
Total revenues (Note K)	747	191	2,122	577
Operating segments | Other
Segment Reporting Information [Line Items]
Total revenues (Note K)	37	85	107	104
Natural Gas Gathering and Processing | Natural Gas Gathering and Processing Intersegment
Segment Reporting Information [Line Items]
Total revenues (Note K)	657	620	1,900	1,800
Natural Gas Gathering and Processing | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	905	965	2,761	3,032
Cost of sales and fuel (exclusive of depreciation and operating costs)	(464)	(527)	(1,479)	(1,787)
Operating costs	(129)	(119)	(365)	(339)
Adjusted EBITDA from unconsolidated affiliates	0	0	3	2
Noncash compensation expense	6	4	16	13
Other operating income, net (Note C)			59	0
Segment adjusted EBITDA	318	323	995	921
Depreciation and amortization	(71)	(68)	(215)	(202)
Equity in net earnings from investments	(1)	0	1	1
Investments in unconsolidated affiliates	31	26	31	26
Total assets	7,113	6,976	7,113	6,976
Capital expenditures	102	126	319	308
Natural Gas Gathering and Processing | Operating segments | NGL and condensate sales
Segment Reporting Information [Line Items]
Total revenues (Note K)		641		1,835
Natural Gas Gathering and Processing | Operating segments | Liquids commodity sales
Segment Reporting Information [Line Items]
Total revenues (Note K)	648		1,912
Natural Gas Gathering and Processing | Operating segments | Residue natural gas sales
Segment Reporting Information [Line Items]
Total revenues (Note K)	219	279	732	1,066
Natural Gas Gathering and Processing | Operating segments | Gathering, processing and exchange services revenue
Segment Reporting Information [Line Items]
Total revenues (Note K)	35	36	101	109
Natural Gas Gathering and Processing | Operating segments | Transportation and storage revenue
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	0	0	0
Natural Gas Gathering and Processing | Operating segments | Other
Segment Reporting Information [Line Items]
Total revenues (Note K)	3	9	16	22
Natural Gas Liquids | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	3,679	3,634	10,645	10,669
Cost of sales and fuel (exclusive of depreciation and operating costs)	(2,906)	(2,875)	(8,352)	(8,597)
Operating costs	(183)	(168)	(545)	(481)
Adjusted EBITDA from unconsolidated affiliates	26	19	70	46
Noncash compensation expense	8	6	26	20
Other operating income, net (Note C)			3	775
Segment adjusted EBITDA	624	616	1,847	2,432
Depreciation and amortization	(89)	(85)	(260)	(248)
Equity in net earnings from investments	24	17	63	39
Investments in unconsolidated affiliates	417	417	417	417
Total assets	15,701	14,988	15,701	14,988
Capital expenditures	247	189	785	495
Natural Gas Liquids | Operating segments | NGL and condensate sales
Segment Reporting Information [Line Items]
Total revenues (Note K)		3,432		10,103
Natural Gas Liquids | Operating segments | Liquids commodity sales
Segment Reporting Information [Line Items]
Total revenues (Note K)	3,496		10,104
Natural Gas Liquids | Operating segments | Residue natural gas sales
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	0	0	0
Natural Gas Liquids | Operating segments | Gathering, processing and exchange services revenue
Segment Reporting Information [Line Items]
Total revenues (Note K)	129	150	390	414
Natural Gas Liquids | Operating segments | Transportation and storage revenue
Segment Reporting Information [Line Items]
Total revenues (Note K)	50	48	141	143
Natural Gas Liquids | Operating segments | Other
Segment Reporting Information [Line Items]
Total revenues (Note K)	4	4	10	9
Natural Gas Pipelines | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	171	146	519	463
Cost of sales and fuel (exclusive of depreciation and operating costs)	(1)	(2)	(18)	(17)
Operating costs	(52)	(51)	(157)	(145)
Adjusted EBITDA from unconsolidated affiliates	45	40	133	120
Noncash compensation expense	3	3	6	5
Other operating income, net (Note C)			0	1
Segment adjusted EBITDA	166	136	483	427
Depreciation and amortization	(21)	(17)	(57)	(50)
Equity in net earnings from investments	34	29	102	89
Investments in unconsolidated affiliates	516	440	516	440
Total assets	2,704	2,433	2,704	2,433
Capital expenditures	56	70	187	155
Natural Gas Pipelines | Operating segments | NGL and condensate sales
Segment Reporting Information [Line Items]
Total revenues (Note K)		0		0
Natural Gas Pipelines | Operating segments | Liquids commodity sales
Segment Reporting Information [Line Items]
Total revenues (Note K)	0		0
Natural Gas Pipelines | Operating segments | Residue natural gas sales
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	3	28	28
Natural Gas Pipelines | Operating segments | Gathering, processing and exchange services revenue
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	0	0	0
Natural Gas Pipelines | Operating segments | Transportation and storage revenue
Segment Reporting Information [Line Items]
Total revenues (Note K)	171	143	491	434
Natural Gas Pipelines | Operating segments | Other
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	0	0	1
Refined Products and Crude | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	963	72	2,821	72
Cost of sales and fuel (exclusive of depreciation and operating costs)	(352)	(22)	(1,017)	(22)
Operating costs	(217)	(13)	(650)	(13)
Adjusted EBITDA from unconsolidated affiliates	41	4	117	4
Noncash compensation expense	6	0	24	0
Other operating income, net (Note C)			(6)	0
Segment adjusted EBITDA	441	41	1,289	41
Depreciation and amortization	(93)	(6)	(254)	(6)
Equity in net earnings from investments	35	3	90	3
Investments in unconsolidated affiliates	958	911	958	911
Total assets	19,031	19,185	19,031	19,185
Capital expenditures	45	1	120	1
Refined Products and Crude | Operating segments | NGL and condensate sales
Segment Reporting Information [Line Items]
Total revenues (Note K)		0		0
Refined Products and Crude | Operating segments | Liquids commodity sales
Segment Reporting Information [Line Items]
Total revenues (Note K)	407		1,250
Refined Products and Crude | Operating segments | Residue natural gas sales
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	0	0	0
Refined Products and Crude | Operating segments | Gathering, processing and exchange services revenue
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	0	0	0
Refined Products and Crude | Operating segments | Transportation and storage revenue
Segment Reporting Information [Line Items]
Total revenues (Note K)	526	0	1,490	0
Refined Products and Crude | Operating segments | Other
Segment Reporting Information [Line Items]
Total revenues (Note K)	$ 30	$ 72	$ 81	$ 72

SEGMENTS - Reconciliations for

SEGMENTS - Reconciliations for Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total revenues (Note K)	$ 5,023	$ 4,189	$ 14,698	$ 12,442
Cost of sales and fuel (exclusive of depreciation and operating costs)	(3,027)	(2,799)	(8,815)	(8,628)
Operating costs	(582)	(352)	(1,720)	(981)
Depreciation and amortization	(274)	(177)	(790)	(509)
Equity in net earnings from investments	92	49	256	132
Investments in unconsolidated affiliates	1,925	1,795	1,925	1,795	$ 1,874
Total assets	51,050	43,939	51,050	43,939	$ 44,266
Capital expenditures	468	398	1,459	992
Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	5,718	4,817	16,746	14,236
Cost of sales and fuel (exclusive of depreciation and operating costs)	(3,723)	(3,426)	(10,866)	(10,423)
Operating costs	(581)	(351)	(1,717)	(978)
Depreciation and amortization	(274)	(176)	(786)	(506)
Equity in net earnings from investments	92	49	256	132
Investments in unconsolidated affiliates	1,922	1,794	1,922	1,794
Total assets	44,549	43,582	44,549	43,582
Capital expenditures	450	386	1,411	959
Operating segments | Natural Gas Pipelines
Segment Reporting Information [Line Items]
Total revenues (Note K)	171	146	519	463
Cost of sales and fuel (exclusive of depreciation and operating costs)	(1)	(2)	(18)	(17)
Operating costs	(52)	(51)	(157)	(145)
Depreciation and amortization	(21)	(17)	(57)	(50)
Equity in net earnings from investments	34	29	102	89
Investments in unconsolidated affiliates	516	440	516	440
Total assets	2,704	2,433	2,704	2,433
Capital expenditures	56	70	187	155
Operating segments | Refined Products and Crude (c)
Segment Reporting Information [Line Items]
Total revenues (Note K)	963	72	2,821	72
Cost of sales and fuel (exclusive of depreciation and operating costs)	(352)	(22)	(1,017)	(22)
Operating costs	(217)	(13)	(650)	(13)
Depreciation and amortization	(93)	(6)	(254)	(6)
Equity in net earnings from investments	35	3	90	3
Investments in unconsolidated affiliates	958	911	958	911
Total assets	19,031	19,185	19,031	19,185
Capital expenditures	45	1	120	1
Other and Eliminations
Segment Reporting Information [Line Items]
Total revenues (Note K)	(695)	(628)	(2,048)	(1,794)
Cost of sales and fuel (exclusive of depreciation and operating costs)	696	627	2,051	1,795
Operating costs	(1)	(1)	(3)	(3)
Depreciation and amortization	0	(1)	(4)	(3)
Equity in net earnings from investments	0	0	0	0
Investments in unconsolidated affiliates	3	1	3	1
Total assets	6,501	357	6,501	357
Capital expenditures	18	12	48	33
NGL and condensate sales
Segment Reporting Information [Line Items]
Total revenues (Note K)		3,449		10,159
NGL and condensate sales | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)		4,073		11,938
NGL and condensate sales | Operating segments | Natural Gas Pipelines
Segment Reporting Information [Line Items]
Total revenues (Note K)		0		0
NGL and condensate sales | Operating segments | Refined Products and Crude (c)
Segment Reporting Information [Line Items]
Total revenues (Note K)		0		0
NGL and condensate sales | Other and Eliminations
Segment Reporting Information [Line Items]
Total revenues (Note K)		(624)		(1,779)
Liquids commodity sales
Segment Reporting Information [Line Items]
Total revenues (Note K)	3,860		11,241
Liquids commodity sales | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	4,551		13,266
Liquids commodity sales | Operating segments | Natural Gas Pipelines
Segment Reporting Information [Line Items]
Total revenues (Note K)	0		0
Liquids commodity sales | Operating segments | Refined Products and Crude (c)
Segment Reporting Information [Line Items]
Total revenues (Note K)	407		1,250
Liquids commodity sales | Other and Eliminations
Segment Reporting Information [Line Items]
Total revenues (Note K)	(691)		(2,025)
Residue natural gas sales
Segment Reporting Information [Line Items]
Total revenues (Note K)	219	282	760	1,094
Residue natural gas sales | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	219	282	760	1,094
Residue natural gas sales | Operating segments | Natural Gas Pipelines
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	3	28	28
Residue natural gas sales | Operating segments | Refined Products and Crude (c)
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	0	0	0
Residue natural gas sales | Other and Eliminations
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	0	0	0
Gathering, processing and exchange services revenue
Segment Reporting Information [Line Items]
Total revenues (Note K)	164	186	491	523
Gathering, processing and exchange services revenue | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	164	186	491	523
Gathering, processing and exchange services revenue | Operating segments | Natural Gas Pipelines
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	0	0	0
Gathering, processing and exchange services revenue | Operating segments | Refined Products and Crude (c)
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	0	0	0
Gathering, processing and exchange services revenue | Other and Eliminations
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	0	0	0
Transportation and storage revenue
Segment Reporting Information [Line Items]
Total revenues (Note K)	743	188	2,106	570
Transportation and storage revenue | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	747	191	2,122	577
Transportation and storage revenue | Operating segments | Natural Gas Pipelines
Segment Reporting Information [Line Items]
Total revenues (Note K)	171	143	491	434
Transportation and storage revenue | Operating segments | Refined Products and Crude (c)
Segment Reporting Information [Line Items]
Total revenues (Note K)	526	0	1,490	0
Transportation and storage revenue | Other and Eliminations
Segment Reporting Information [Line Items]
Total revenues (Note K)	(4)	(3)	(16)	(7)
Other
Segment Reporting Information [Line Items]
Total revenues (Note K)	37	84	100	96
Other | Operating segments
Segment Reporting Information [Line Items]
Total revenues (Note K)	37	85	107	104
Other | Operating segments | Natural Gas Pipelines
Segment Reporting Information [Line Items]
Total revenues (Note K)	0	0	0	1
Other | Operating segments | Refined Products and Crude (c)
Segment Reporting Information [Line Items]
Total revenues (Note K)	30	72	81	72
Other | Other and Eliminations
Segment Reporting Information [Line Items]
Total revenues (Note K)	$ 0	$ (1)	$ (7)	$ (8)

SEGMENTS - Reconciliation of Ne

SEGMENTS - Reconciliation of Net Income to Total Segment Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net income	$ 693	$ 780	$ 639	$ 454	$ 468	$ 1,049	$ 2,112	$ 1,971
Interest expense, net of capitalized interest	325			215			923	561
Depreciation and amortization	274			177			790	509
Income taxes	219			141			670	616
Adjusted EBITDA from unconsolidated affiliates	112			63			323	172
Equity in net earnings from investments	(92)			(49)			(256)	(132)
Noncash compensation expense and other	14			14			48	32
Other corporate costs	4			101			4	92
Segment adjusted EBITDA	1,549			1,116			4,614	3,821
Medford settlement gain							0	779
Additional adjusted EBITDA				14				40
Transaction costs (Note B)	10			123			17	133
Interest income				26				42
Magellan Acquisition
Segment Reporting Information [Line Items]
Transaction costs (Note B)	$ 10			$ 123			$ 17	133
Medford Incident
Segment Reporting Information [Line Items]
Segment adjusted EBITDA								667
Medford Incident | Business Interruption - Settlement Proceeds
Segment Reporting Information [Line Items]
Medford settlement gain								779	$ 779
Medford Incident | Business Interruption - Settlement Proceeds Less Third Party Frac Costs
Segment Reporting Information [Line Items]
Third party fractionation costs								$ 112