Kinder Morgan (KMI) 10-Q 19 Jul 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 18, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Fiscal Year Focus	2024
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-35081
Entity Registrant Name	KINDER MORGAN, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0682103
Entity Address, Address Line One	1001 Louisiana Street
Entity Address, Address Line Two	Suite 1000
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	369-9000
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		2,219,462,615
Entity Central Index Key	0001506307
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Class P Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Class P Common Stock
Trading Symbol	KMI
Security Exchange Name	NYSE
2.250% Senior Notes due 2027
Entity Information [Line Items]
Title of 12(b) Security	2.250% Senior Notes due 2027
Trading Symbol	KMI 27 A
Security Exchange Name	NYSE

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Revenues	$ 3,572	$ 3,501	$ 7,414	$ 7,389
Operating Costs, Expenses and Other
Costs of sales (exclusive of items shown separately below)	967	971	2,074	2,186
Operations and maintenance	741	685	1,421	1,324
Depreciation, depletion and amortization	584	557	1,171	1,122
General and administrative	179	169	354	335
Taxes, other than income taxes	109	103	220	213
Gain on divestitures, net	(45)	(13)	(77)	(13)
Other income, net	(1)	(1)	(10)	(2)
Total Operating Costs, Expenses and Other	2,534	2,471	5,153	5,165
Operating Income	1,038	1,030	2,261	2,224
Other Income (Expense)
Earnings from equity investments	208	208	451	373
Amortization of excess cost of equity investments	(13)	(19)	(25)	(36)
Interest, net	(464)	(443)	(936)	(888)
Other, net	1	2	1	4
Total Other Expense	(268)	(252)	(509)	(547)
Income Before Income Taxes	770	778	1,752	1,677
Income Tax Expense	(168)	(168)	(377)	(364)
Net Income	602	610	1,375	1,313
Net Income Attributable to Noncontrolling Interests	(27)	(24)	(54)	(48)
Net Income Attributable to Kinder Morgan, Inc.	$ 575	$ 586	$ 1,321	$ 1,265
Class P Common Stock
Basic Earnings Per Share	$ 0.26	$ 0.26	$ 0.59	$ 0.56
Diluted Earnings Per Share	$ 0.26	$ 0.26	$ 0.59	$ 0.56
Basic Weighted Average Shares Outstanding	2,219	2,237	2,219	2,242
Diluted Weighted Average Shares Outstanding	2,219	2,237	2,219	2,242
Services
Revenues
Revenues	$ 2,178	$ 2,045	$ 4,410	$ 4,114
Commodity sales
Revenues
Revenues	1,346	1,421	2,866	3,206
Other
Revenues
Revenues	$ 48	$ 35	$ 138	$ 69

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 602	$ 610	$ 1,375	$ 1,313
Other comprehensive income (loss), net of tax
Net unrealized (loss) gain from derivative instruments (net of taxes of $3, $(14), $24 and $(46), respectively)	(12)	49	(81)	155
Reclassification into earnings of net derivative instruments loss (gain) to net income (net of taxes of $(8), $—, $(7) and $15, respectively)	25	(2)	22	(51)
Benefit plan adjustments (net of taxes of $—, $(1), $(4) and $(2), respectively)	1	4	14	8
Total other comprehensive income (loss)	14	51	(45)	112
Comprehensive income	616	661	1,330	1,425
Comprehensive income attributable to noncontrolling interests	(27)	(24)	(54)	(48)
Comprehensive income attributable to KMI	$ 589	$ 637	$ 1,276	$ 1,377

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Change in fair value of derivative instruments, tax	$ 3	$ (14)	$ 24	$ (46)
Reclassification of change in fair value of derivative instruments to net income, tax	(8)	0	(7)	15
Benefit plan adjustments, tax	$ 0	$ (1)	$ (4)	$ (2)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 98	$ 83
Restricted deposits	26	13
Accounts receivable	1,293	1,588
Fair value of derivative contracts	46	126
Inventories	537	525
Other current assets	190	207
Total current assets	2,190	2,542
Property, plant and equipment, net	37,533	37,297
Investments	7,851	7,874
Goodwill	20,084	20,121
Other intangibles, net	1,858	1,957
Deferred charges and other assets	1,186	1,229
Total Assets	70,702	71,020
Current Liabilities
Current portion of debt	3,062	4,049
Accounts payable	1,204	1,366
Accrued interest	524	513
Accrued taxes	223	272
Fair value of derivative contracts	228	205
Other current liabilities	717	816
Total current liabilities	5,958	7,221
Long-term debt
Outstanding	28,560	27,880
Debt fair value adjustments	89	187
Total long-term debt	28,649	28,067
Deferred income taxes	1,729	1,388
Other long-term liabilities and deferred credits	2,672	2,615
Total long-term liabilities and deferred credits	33,050	32,070
Total Liabilities	39,008	39,291
Commitments and contingencies (Notes 4 and 10)
Stockholders’ Equity
Class P Common Stock, $0.01 par value, 4,000,000,000 shares authorized, 2,219,403,596 and 2,219,729,644 shares, respectively, issued and outstanding	22	22
Additional paid-in capital	41,218	41,190
Accumulated deficit	(10,640)	(10,689)
Accumulated other comprehensive loss	(262)	(217)
Total Kinder Morgan, Inc.’s stockholders’ equity	30,338	30,306
Noncontrolling interests	1,356	1,423
Total Stockholders’ Equity	31,694	31,729
Total Liabilities and Stockholders’ Equity	$ 70,702	$ 71,020

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Stockholders’ Equity
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	4,000,000,000	4,000,000,000
Common stock, shares issued (in shares)	2,219,403,596	2,219,729,644
Common stock, shares outstanding (in shares)	2,219,403,596	2,219,729,644

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows From Operating Activities
Net income	$ 1,375	$ 1,313
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, depletion and amortization	1,171	1,122
Deferred income taxes	357	354
Amortization of excess cost of equity investments	25	36
Change in fair value of derivative contracts	52	(129)
Gain on divestitures, net	(77)	(13)
Earnings from equity investments	(451)	(373)
Distributions of equity investment earnings	416	367
Changes in components of working capital
Accounts receivable	267	573
Inventories	(7)	101
Other current assets	(10)	89
Accounts payable	(121)	(370)
Accrued interest, net of interest rate swaps	25	(6)
Accrued taxes	(48)	(52)
Other current liabilities	(78)	(82)
Other, net	(20)	(47)
Net Cash Provided by Operating Activities	2,876	2,883
Cash Flows From Investing Activities
Acquisition of assets (Note 2)	(58)	(14)
Capital expenditures	(1,200)	(1,042)
Contributions to investments	(44)	(136)
Distributions from equity investments in excess of cumulative earnings	81	118
Other, net	49	(12)
Net Cash Used in Investing Activities	(1,172)	(1,086)
Cash Flows From Financing Activities
Issuances of debt	5,943	3,119
Payments of debt	(6,239)	(3,511)
Debt issue costs	(19)	(15)
Dividends	(1,272)	(1,264)
Repurchases of shares	(7)	(317)
Distributions to noncontrolling interests	(81)	(80)
Other, net	(1)	(3)
Net Cash Used in Financing Activities	(1,676)	(2,071)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Deposits	28	(274)
Cash and Cash Equivalents, beginning of period	83	745
Restricted Deposits, beginning of period	13	49
Cash, Cash Equivalents and Restricted Deposits, beginning of period	96	794
Cash and Cash Equivalents, end of period	98	497
Restricted Deposits, end of period	26	23
Cash, Cash Equivalents and Restricted Deposits, end of period	124	520
Non-cash Investing and Financing Activities
ROU assets and operating lease obligations recognized including adjustments	25	31
Assets contributed to equity investment	0	16
Net increase in property, plant and equipment from both accruals and contractor retainage		74
Supplemental Disclosures of Cash Flow Information
Cash paid during the period for interest (net of capitalized interest)	914	919
Cash paid during the period for income taxes, net	$ 11	$ 9

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss	Stockholders’ equity attributable to KMI	Non-controlling interests
Balance at Dec. 31, 2022	$ 32,114	$ 22	$ 41,673	$ (10,551)	$ (402)	$ 30,742	$ 1,372
Balance (shares) at Dec. 31, 2022		2,248
Value of shares repurchased	(317)		(317)			(317)
Shares repurchased		(19)
Restricted shares	34		34			34
Net income	1,313			1,265		1,265	48
Dividends	(1,264)			(1,264)		(1,264)
Distributions	(80)					0	(80)
Other	(3)		(3)			(3)
Other comprehensive income (loss)	112				112	112
Balance at Jun. 30, 2023	31,909	$ 22	41,387	(10,550)	(290)	30,569	1,340
Balance (shares) at Jun. 30, 2023		2,229
Balance at Mar. 31, 2023	32,114	$ 22	41,575	(10,499)	(341)	30,757	1,357
Balance (shares) at Mar. 31, 2023		2,241
Value of shares repurchased	(204)		(204)			(204)
Shares repurchased		(12)
Restricted shares	19		19			19
Net income	610			586		586	24
Dividends	(637)			(637)		(637)
Distributions	(41)					0	(41)
Other	(3)		(3)			(3)
Other comprehensive income (loss)	51				51	51
Balance at Jun. 30, 2023	31,909	$ 22	41,387	(10,550)	(290)	30,569	1,340
Balance (shares) at Jun. 30, 2023		2,229
Balance at Dec. 31, 2023	31,729	$ 22	41,190	(10,689)	(217)	30,306	1,423
Balance (shares) at Dec. 31, 2023		2,220
Value of shares repurchased	(7)		(7)			(7)
Shares repurchased		(1)
Restricted shares	35		35			35
Net income	1,375			1,321		1,321	54
Dividends	(1,272)			(1,272)		(1,272)
Distributions	(81)					0	(81)
Acquisition adjustment (Note 2)	(38)					0	(38)
Other	(2)					0	(2)
Other comprehensive income (loss)	(45)				(45)	(45)
Balance at Jun. 30, 2024	31,694	$ 22	41,218	(10,640)	(262)	30,338	1,356
Balance (shares) at Jun. 30, 2024		2,219
Balance at Mar. 31, 2024	31,743	$ 22	41,200	(10,574)	(276)	30,372	1,371
Balance (shares) at Mar. 31, 2024		2,219
Restricted shares	18		18			18
Net income	602			575		575	27
Dividends	(641)			(641)		(641)
Distributions	(42)					0	(42)
Other comprehensive income (loss)	14				14	14
Balance at Jun. 30, 2024	$ 31,694	$ 22	$ 41,218	$ (10,640)	$ (262)	$ 30,338	$ 1,356
Balance (shares) at Jun. 30, 2024		2,219

General (Notes)

General (Notes)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	1. General Organization We are one of the largest energy infrastructure companies in North America. We own an interest in or operate approximately 79,000 miles of pipelines, 139 terminals, 702 Bcf of working natural gas storage capacity and have RNG generation capacity of approximately 6.1 Bcf per year of gross production. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO 2 , renewable fuels and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, jet fuel, chemicals, metals, petroleum coke, and ethanol and other renewable fuels and feedstocks. Basis of Presentation General Our accompanying unaudited consolidated financial statements have been prepared under the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These rules and regulations conform to the accounting principles contained in the FASB’s Accounting Standards Codification (ASC), the single source of GAAP. In compliance with such rules and regulations, all significant intercompany items have been eliminated in consolidation. In our opinion, all adjustments, which are of a normal and recurring nature, considered necessary for a fair statement of our financial position and operating results for the interim periods have been included in the accompanying consolidated financial statements, and certain amounts from prior periods have been reclassified to conform to the current presentation. Interim results are not necessarily indicative of results for a full year; accordingly, you should read these consolidated financial statements in conjunction with our consolidated financial statements and related notes included in our 2023 Form 10-K. The accompanying unaudited consolidated financial statements include our accounts and the accounts of our subsidiaries over which we have control or are the primary beneficiary. We evaluate our financial interests in business enterprises to determine if they represent variable interest entities where we are the primary beneficiary. If such criteria are met, we consolidate the financial statements of such businesses with those of our own. Goodwill In addition to periodically evaluating long-lived assets and goodwill for impairment based on changes in market conditions, we evaluate goodwill for impairment on May 31 of each year. For our May 31, 2024 evaluation, we grouped our businesses into seven reporting units as follows: (i) Natural Gas Pipelines Regulated; (ii) Natural Gas Pipelines Non-Regulated; (iii) CO 2 ; (iv) Products Pipelines (excluding associated terminals); (v) Products Pipelines Terminals (evaluated separately from Products Pipelines for goodwill purposes); (vi) Terminals; and (vii) Energy Transition Ventures. The fair value estimates used in our goodwill impairment test include Level 3 inputs of the fair value hierarchy. The inputs include valuation estimates, which include assumptions primarily involving management’s judgments and estimates. For all reporting units other than our Energy Transition Ventures reporting unit, we estimated fair value based on a market approach utilizing forecasted earnings before interest, income taxes, DD&A expenses, including amortization of excess cost of equity investments, (EBITDA) and the enterprise value to estimated EBITDA multiples of comparable companies for each of our reporting units. The value of each reporting unit was determined from the perspective of a market participant in an orderly transaction between market participants at the measurement date. For Energy Transition Ventures, we estimated fair value based on an income approach, which includes assumptions regarding future cash flows based primarily on production growth assumptions, terminal values and discount rates. Changes to any one or a combination of these factors would result in a change to the reporting unit fair values, which could lead to future impairment charges. Such potential non-cash impairments could have a significant effect on our results of operations. The results of our May 31, 2024 annual impairment test indicated that for each of our reporting units, the reporting unit’s fair value exceeded the carrying value. Earnings per Share We calculate earnings per share using the two-class method. Earnings were allocated to Class P common stock and participating securities based on the amount of dividends paid in the current period plus an allocation of the undistributed earnings or excess distributions over earnings to the extent that each security participates in undistributed earnings or excess distributions over earnings. Our unvested restricted stock awards, which may be restricted stock units or restricted stock issued to employees and non-employee directors and include dividend equivalent payments, do not participate in excess distributions over earnings. The following table sets forth the allocation of net income available to shareholders of Class P common stock and participating securities: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In millions, except per share amounts) Net Income Available to Stockholders $ 575 $ 586 $ 1,321 $ 1,265 Participating securities: Less: Net Income Allocated to Restricted Stock Awards(a) (3) (4) (7) (7) Net Income Allocated to Common Stockholders $ 572 $ 582 $ 1,314 $ 1,258 Basic Weighted Average Shares Outstanding 2,219 2,237 2,219 2,242 Basic Earnings Per Share $ 0.26 $ 0.26 $ 0.59 $ 0.56 (a) As of June 30, 2024, there were 13 million restricted stock awards outstanding. The following table presents the maximum number of potential common stock equivalents which are antidilutive and, accordingly, are excluded from the determination of diluted earnings per share. As we have no other common stock equivalents, our diluted earnings per share are the same as our basic earnings per share for all periods presented. Three Months Ended Six Months Ended 2024 2023 2024 2023 (In millions on a weighted average basis) Unvested restricted stock awards 13 13 13 13 Convertible trust preferred securities 3 3 3 3

Acquisitions and Divestitures (

Acquisitions and Divestitures (Notes)	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions and Divestitures	2. Acquisitions and Divestitures Acquisitions As of June 30, 2024, our preliminary allocation of the purchase price for acquisitions are detailed below. Assignment of Purchase Price Ref Acquisition Purchase price Current assets Property, plant & equipment Other long-term assets Current liabilities Long-term liabilities Non-controlling interest Resulting goodwill (In millions) (1) North McElroy Unit $ 60 $ 1 $ 101 $ — $ — $ (42) $ — $ — (2) STX Midstream(a) 1,829 25 1,199 549 (6) — (66) 128 (a) The purchase price allocation for the STX Midstream acquisition is preliminary. (1) North McElroy Unit Acquisition On June 10, 2024, we completed the acquisition of AVAD Energy Partners’ interest in North McElroy Unit, which is an existing waterflood located in Crane County, Texas for a purchase price of $60 million. The acquired long-term liabilities consist of asset retirement obligations. The acquired assets are included in our CO 2 business segment. (2) South Texas Midstream Pipeline System (STX Midstream) Acquisition On December 28, 2023, we completed the acquisition of STX Midstream from NextEra Energy Partners for a purchase price of $1,829 million, including purchase price adjustments for working capital. During the six months ended June 30, 2024, the Company identified an adjustment of $38 million to the calculation of noncontrolling interest in addition to measurement period adjustments of $10 million, resulting in a net $28 million decrease to goodwill. The acquired assets are included in our Natural Gas Pipelines business segment. Pro Forma Information Pro forma consolidated income statement information that gives effect to the above acquisitions as if they had occurred as of January 1 of each year preceding each transaction is not presented because it would not be materially different from the information presented in our accompanying consolidated statements of income. Divestitures CO 2 Divestiture In June 2024, we divested our interests in the Katz Unit, Goldsmith Landreth San Andres Unit, Tall Cotton Field and Reinecke Unit, along with certain shallow interests in the Diamond M Field, all located in the Permian Basin, and received a leasehold interest in an undeveloped leasehold directly adjacent to the SACROC Unit. In addition to the leasehold interest, we received $25 million of cash proceeds from this divestiture, which is reported as an investing activity within “Other, net” on our accompanying consolidated statement of cash flows, and recorded a gain of $41 million, which is reported within “Gain on divestitures, net” on our accompanying consolidated statement of income and includes the effect of a $33 million reduction in our asset retirement obligations that were transferred to the buyer. In July 2024, we paid $6 million for a working capital adjustment related to this divestiture. The assets were included in our CO 2 business segment. Goodwill Changes in the amounts of our goodwill for the six months ended June 30, 2024 are summarized by reporting unit as follows: Natural Gas Pipelines Regulated Natural Gas Pipelines Non-Regulated CO 2 Products Pipelines Products Pipelines Terminals Terminals Energy Transition Ventures Total (In millions) Goodwill as of December 31, 2023 $ 14,249 $ 2,499 $ 928 $ 1,378 $ 151 $ 802 $ 114 $ 20,121 Acquisition(a) — (28) — — — — — (28) Divestitures(b) — — (9) — — — — (9) Goodwill as of June 30, 2024 $ 14,249 $ 2,471 $ 919 $ 1,378 $ 151 $ 802 $ 114 $ 20,084 (a) Reflects adjustment to purchase price allocation related to the December 2023 STX Midstream acquisition. (b) Associated with our CO 2 business segment assets that were divested in June 2024.

Losses on Impairments (Notes)

Losses on Impairments (Notes)	6 Months Ended
	Jun. 30, 2024
Asset Impairment Charges [Abstract]
Losses on Impairments	3. Losses on Impairments Impairments During the first quarter of 2023, we recognized an impairment of $67 million related to our investment in Double Eagle Pipeline LLC (Double Eagle). The impairment was driven by lower expected renewal rates on contracts that expired in the second half of 2023. The impairment is recognized on our accompanying consolidated statement of income for the three months ended March 31, 2023 within “Earnings from equity investments.” Our investment in Double Eagle and associated earnings is included within our Products Pipelines business segment. Ruby Chapter 11 Bankruptcy On January 13, 2023, the bankruptcy court confirmed a plan of reorganization satisfactory to all interested parties regarding Ruby, which involved payment of Ruby’s outstanding senior notes with the proceeds from the sale of Ruby to Tallgrass Energy LP, a settlement by KMI and Pembina Pipeline Corporation of certain potential causes of action relating to the bankruptcy, and cash on hand. Our payment to the bankruptcy estate, net of payments received in respect of a long-term subordinated note receivable from Ruby, was approximately $28.5 million which was accrued for as of December 31, 2022. Consummation of the settlement and the sale of Ruby to Tallgrass occurred on January 13, 2023. We fully impaired our equity investment in Ruby in the fourth quarter of 2019 and fully impaired our investment in Ruby’s subordinated notes in the first quarter of 2021.

Debt (Notes)

Debt (Notes)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	4. Debt The following table provides information on the principal amount of our outstanding debt balances: June 30, 2024 December 31, 2023 (In millions, unless otherwise stated) Current portion of debt $3.5 billion credit facility due August 20, 2027 $ — $ — Commercial paper notes(a) 735 1,989 Current portion of senior notes 4.15% due February 2024 — 650 4.30% due May 2024 — 600 4.25% due September 2024 650 650 4.30% due June 2025 1,500 — Trust I preferred securities, 4.75%, due March 2028(b) 111 111 Current portion of other debt 66 49 Total current portion of debt 3,062 4,049 Long-term debt (excluding current portion) Senior notes 27,989 27,255 EPC Building, LLC, promissory note, 3.967%, due 2023 through 2035 300 311 Trust I preferred securities, 4.75%, due March 2028 110 110 Other 161 204 Total long-term debt 28,560 27,880 Total debt(c) $ 31,622 $ 31,929 (a) Weighted average interest rate on borrowings at June 30, 2024 and December 31, 2023 was 5.52% and 5.68%, respectively. (b) Reflects the portion of cash consideration payable if all the outstanding securities as of the end of the reporting period were converted by the holders. (c) Excludes our “Debt fair value adjustments” which, as of June 30, 2024 and December 31, 2023, increased our total debt balances by $89 million and $187 million, respectively. On February 1, 2024, we issued, in a registered offering, two series of senior notes consisting of $1,250 million aggregate principal amount of 5.00% senior notes due 2029 and $1,000 million aggregate principal amount of 5.40% senior notes due 2034 and received combined net proceeds of $2,230 million. We and substantially all of our wholly owned domestic subsidiaries are parties to a cross guarantee agreement whereby each party to the agreement unconditionally guarantees, jointly and severally, the payment of specified indebtedness of each other party to the agreement. Credit Facilities and Restrictive Covenants As of June 30, 2024, we had no borrowings outstanding under our credit facility, $735 million borrowings outstanding under our commercial paper program and $57 million in letters of credit. Our availability under our credit facility as of June 30, 2024 was $2.7 billion. For the period ended June 30, 2024, we were in compliance with all required covenants. Fair Value of Financial Instruments The carrying value and estimated fair value of our outstanding debt balances are disclosed below: June 30, 2024 December 31, 2023 Carrying Estimated Carrying Estimated (In millions) Total debt $ 31,711 $ 30,540 $ 32,116 $ 31,370 (a) Included in the estimated fair value are amounts for our Trust I Preferred Securities of $206 million and $207 million as of June 30, 2024 and December 31, 2023, respectively. We used Level 2 input values to measure the estimated fair value of our outstanding debt balance as of both June 30, 2024 and December 31, 2023.

Stockholders' Equity (Notes)

Stockholders' Equity (Notes)	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	5. Stockholders’ Equity Class P Common Stock We have a board-approved share buy-back program that authorizes share repurchase of up to $3 billion. During the six months ended June 30, 2024, we repurchased less than 1 million of our shares for $7 million at an average price of $16.50 per share. Dividends The following table provides information about our per share dividends: Three Months Ended Six Months Ended 2024 2023 2024 2023 Per share cash dividend declared for the period $ 0.2875 $ 0.2825 $ 0.575 $ 0.565 Per share cash dividend paid in the period 0.2875 0.2825 0.57 0.56 On July 17, 2024, our board of directors declared a cash dividend of $0.2875 per share for the quarterly period ended June 30, 2024, which is payable on August 15, 2024 to shareholders of record as of the close of business on July 31, 2024. Accumulated Other Comprehensive Loss Changes in the components of our “Accumulated other comprehensive loss” not including noncontrolling interests are summarized as follows: Net unrealized Pension and Total (In millions) Balance as of December 31, 2023 $ (44) $ (173) $ (217) Other comprehensive (loss) gain before reclassifications (81) 14 (67) Loss reclassified from accumulated other comprehensive loss 22 — 22 Net current-period change in accumulated other comprehensive loss (59) 14 (45) Balance as of June 30, 2024 $ (103) $ (159) $ (262) Net unrealized Pension and Total (In millions) Balance as of December 31, 2022 $ (164) $ (238) $ (402) Other comprehensive gain before reclassifications 155 8 163 Gain reclassified from accumulated other comprehensive loss (51) — (51) Net current-period change in accumulated other comprehensive loss 104 8 112 Balance as of June 30, 2023 $ (60) $ (230) $ (290)

Risk Management (Notes)

Risk Management (Notes)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk Management	6. Risk Management Certain of our business activities expose us to risks associated with unfavorable changes in the market price of natural gas, NGL and crude oil. We also have exposure to interest rate and foreign currency risk as a result of the issuance of our debt obligations. Pursuant to our management’s approved risk management policy, we use derivative contracts to hedge or reduce our exposure to some of these risks. Energy Commodity Price Risk Management As of June 30, 2024, we had the following outstanding commodity forward contracts to hedge our forecasted energy commodity purchases and sales: Net open position long/(short) Derivatives designated as hedging contracts Crude oil fixed price (16.3) MMBbl Natural gas fixed price (70.2) Bcf Natural gas basis (44.3) Bcf Derivatives not designated as hedging contracts Crude oil fixed price (1.1) MMBbl Crude oil basis (3.4) MMBbl Natural gas fixed price (7.2) Bcf Natural gas basis (58.8) Bcf NGL fixed price (1.4) MMBbl As of June 30, 2024, the maximum length of time over which we have hedged, for accounting purposes, our exposure to the variability in future cash flows associated with energy commodity price risk is through December 2028. Interest Rate Risk Management We utilize interest rate derivatives to hedge our exposure to both changes in the fair value of our fixed rate debt instruments and variability in expected future cash flows attributable to variable interest rate payments. The following table summarizes our outstanding interest rate contracts as of June 30, 2024: Notional amount Accounting treatment Maximum term (In millions) Derivatives designated as hedging instruments Fixed-to-variable interest rate contracts(a) $ 5,350 Fair value hedge March 2035 (a) The principal amount of hedged senior notes consisted of $2,100 million included in “Current portion of debt” and $3,250 million included in “Long-term debt” on our accompanying consolidated balance sheets. Foreign Currency Risk Management We utilize foreign currency derivatives to hedge our exposure to variability in foreign exchange rates. The following table summarizes our outstanding foreign currency contracts as of June 30, 2024: Notional amount Accounting treatment Maximum term (In millions) Derivatives designated as hedging instruments EUR-to-USD cross currency swap contracts(a) $ 543 Cash flow hedge March 2027 (a) These swaps eliminate the foreign currency risk associated with our Euro-denominated debt. Impact of Derivative Contracts on Our Consolidated Financial Statements The following table summarizes the fair values of our derivative contracts included on our accompanying consolidated balance sheets: Fair Value of Derivative Contracts Location Derivatives Asset Derivatives Liability June 30, December 31, June 30, December 31, (In millions) Derivatives designated as hedging instruments Energy commodity derivative contracts Fair value of derivative contracts/(Fair value of derivative contracts) $ 30 $ 77 $ (93) $ (75) Deferred charges and other assets/(Other long-term liabilities and deferred credits) 1 12 (43) (29) Subtotal 31 89 (136) (104) Interest rate contracts Fair value of derivative contracts/(Fair value of derivative contracts) — — (101) (120) Deferred charges and other assets/(Other long-term liabilities and deferred credits) 24 37 (208) (158) Subtotal 24 37 (309) (278) Foreign currency contracts Fair value of derivative contracts/(Fair value of derivative contracts) — — (9) (2) Deferred charges and other assets/(Other long-term liabilities and deferred credits) — — (8) (2) Subtotal — — (17) (4) Total 55 126 (462) (386) Derivatives not designated as hedging instruments Energy commodity derivative contracts Fair value of derivative contracts/(Fair value of derivative contracts) 16 49 (25) (8) Deferred charges and other assets/(Other long-term liabilities and deferred credits) 1 3 (1) (1) Total 17 52 (26) (9) Total derivatives $ 72 $ 178 $ (488) $ (395) The following two tables summarize the fair value measurements of our derivative contracts based on the three levels established by the ASC. The tables also identify the impact of derivative contracts which we have elected to present on our accompanying consolidated balance sheets on a gross basis that are eligible for netting under master netting agreements. Balance sheet asset Contracts available for netting Cash collateral held(a) Level 1 Level 2 Level 3 Gross amount Net amount (In millions) As of June 30, 2024 Energy commodity derivative contracts(b) $ 27 $ 21 $ — $ 48 $ (25) $ — $ 23 Interest rate contracts — 24 — 24 — — 24 As of December 31, 2023 Energy commodity derivative contracts(b) $ 65 $ 75 $ — $ 140 $ (16) $ — $ 124 Interest rate contracts — 38 — 38 — — 38 Balance sheet liability Contracts available for netting Cash collateral posted(a) Level 1 Level 2 Level 3 Gross amount Net amount (In millions) As of June 30, 2024 Energy commodity derivative contracts(b) $ (12) $ (150) $ — $ (162) $ 25 $ (15) $ (152) Interest rate contracts — (309) — (309) — — (309) Foreign currency contracts — (17) — (17) — — (17) As of December 31, 2023 Energy commodity derivative contracts(b) $ (17) $ (96) $ — $ (113) $ 16 $ (85) $ (182) Interest rate contracts — (278) — (278) — — (278) Foreign currency contracts — (4) — (4) — — (4) (a) Any cash collateral paid or received is reflected in this table, but only to the extent that it represents variation margins. Any amount associated with derivative prepayments or initial margins that are not influenced by the derivative asset or liability amounts or those that are determined solely on their volumetric notional amounts are excluded from this table. (b) Level 1 consists primarily of NYMEX natural gas futures. Level 2 consists primarily of OTC WTI swaps, NGL swaps and crude oil basis swaps. The following tables summarize the pre-tax impact of our derivative contracts on our accompanying consolidated statements of income and comprehensive income: Derivatives in fair value hedging relationships Location Gain/(loss) recognized in income Three Months Ended Six Months Ended 2024 2023 2024 2023 (In millions) Interest rate contracts Interest, net $ 1 $ (99) $ (55) $ 19 Hedged fixed rate debt(a) Interest, net $ — $ 101 $ 57 $ (18) (a) As of June 30, 2024, the cumulative amount of fair value hedging adjustments resulted in a decrease of $292 million in the carrying value of our hedged fixed rate debt balance and is included in “Debt fair value adjustments” on our accompanying consolidated balance sheet. Derivatives in cash flow hedging relationships Gain/(loss) recognized in OCI on derivative(a) Location Gain/(loss) reclassified from Accumulated OCI into income Three Months Ended Three Months Ended 2024 2023 2024 2023 (In millions) (In millions) Energy commodity derivative contracts $ (12) $ 50 Revenues—Commodity sales $ (27) $ 18 Costs of sales (2) (20) Foreign currency contracts (3) 13 Other, net (4) 4 Total $ (15) $ 63 Total $ (33) $ 2 Derivatives in cash flow hedging relationships Gain/(loss) recognized in OCI on derivative(a) Location Gain/(loss) reclassified from Accumulated OCI into income Six Months Ended Six Months Ended 2024 2023 2024 2023 (In millions) (In millions) Energy commodity derivative contracts $ (105) $ 185 Revenues—Commodity sales $ (7) $ 83 Costs of sales (9) (27) Interest rate contracts 13 — Interest, net 4 — Foreign currency contracts (13) 16 Other, net (17) 10 Total $ (105) $ 201 Total $ (29) $ 66 (a) We expect to reclassify approximately $78 million of loss associated with cash flow hedge price risk management activities included in our accumulated other comprehensive loss balance as of June 30, 2024 into earnings during the next twelve months (when the associated forecasted transactions are also expected to impact earnings); however, actual amounts reclassified into earnings could vary materially as a result of changes in market prices. Derivatives not designated as accounting hedges Location Gain/(loss) recognized in income on derivatives Three Months Ended Six Months Ended 2024 2023 2024 2023 (In millions) Energy commodity derivative contracts Revenues—Commodity sales $ 2 $ 10 $ (9) $ 31 Costs of sales (18) 51 (32) 120 Earnings from equity investments — — — 1 Interest rate contracts Interest, net — 7 (2) 12 Total(a) $ (16) $ 68 $ (43) $ 164 (a) The three and six months ended June 30, 2024 amounts include an approximate loss of $14 million and an approximate gain of $10 million, respectively, and the three and six months ended June 30, 2023 amounts include approximate gains of $7 million and $35 million, respectively, associated with natural gas, crude and NGL derivative contract settlements. Credit Risks In conjunction with certain derivative contracts, we are required to provide collateral to our counterparties, which may include posting letters of credit or placing cash in margin accounts. As of June 30, 2024 and December 31, 2023, we had no outstanding letters of credit supporting our commodity price risk management program. As of June 30, 2024 we had cash margins of $12 million posted by us with our counterparties as collateral and reported within “Restricted deposits” on our accompanying consolidated balance sheet. As of December 31, 2023, we had cash margins of $63 million posted by our counterparties with us as collateral and reported within “Other current liabilities” on our accompanying consolidated balance sheet. The cash margin balance at June 30, 2024 represents the initial margin requirements of $27 million, offset by counterparty variation margin requirements of $15 million. We also use industry standard commercial agreements that allow for the netting of exposures associated with transactions executed under a single commercial agreement. Additionally, we generally utilize master netting agreements to offset credit exposure across multiple commercial agreements with a single counterparty. We also have agreements with certain counterparties to our derivative contracts that contain provisions requiring the posting of additional collateral upon a decrease in our credit rating. As of June 30, 2024, based on our current mark-to-market positions and posted collateral, we estimate that if our credit rating were downgraded one notch, we would not be required to post additional collateral. If we were downgraded two notches, we estimate that we would be required to post $99 million of additional collateral.

Revenue Recognition (Notes)

Revenue Recognition (Notes)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	7. Revenue Recognition Disaggregation of Revenues The following tables present our revenues disaggregated by segment, revenue source and type of revenue for each revenue source: Three Months Ended June 30, 2024 Natural Gas Pipelines Products Pipelines Terminals CO 2 Corporate and Eliminations Total (In millions) Revenues from contracts with customers(a) Services Firm services(b) $ 920 $ 49 $ 215 $ — $ (1) $ 1,183 Fee-based services 257 276 115 10 (1) 657 Total services 1,177 325 330 10 (2) 1,840 Commodity sales Natural gas sales 461 — — 30 (1) 490 Product sales 211 392 15 266 (1) 883 Total commodity sales 672 392 15 296 (2) 1,373 Total revenues from contracts with customers 1,849 717 345 306 (4) 3,213 Other revenues(c) Leasing services(d) 114 53 164 17 — 348 Derivatives adjustments on commodity sales 5 — — (30) — (25) Other 25 6 — 5 — 36 Total other revenues 144 59 164 (8) — 359 Total revenues $ 1,993 $ 776 $ 509 $ 298 $ (4) $ 3,572 Three Months Ended June 30, 2023 Natural Gas Pipelines Products Pipelines Terminals CO 2 Corporate and Eliminations Total (In millions) Revenues from contracts with customers(a) Services Firm services(b) $ 849 $ 49 $ 208 $ 1 $ — $ 1,107 Fee-based services 248 246 98 10 — 602 Total services 1,097 295 306 11 — 1,709 Commodity sales Natural gas sales 484 — — 13 (2) 495 Product sales 233 380 9 277 (3) 896 Total commodity sales 717 380 9 290 (5) 1,391 Total revenues from contracts with customers 1,814 675 315 301 (5) 3,100 Other revenues(c) Leasing services(d) 120 52 163 11 — 346 Derivatives adjustments on commodity sales 40 2 — (14) — 28 Other 17 6 — 4 — 27 Total other revenues 177 60 163 1 — 401 Total revenues $ 1,991 $ 735 $ 478 $ 302 $ (5) $ 3,501 Six Months Ended June 30, 2024 Natural Gas Pipelines Products Pipelines Terminals CO 2 Corporate and Eliminations Total (In millions) Revenues from contracts with customers(a) Services Firm services(b) $ 1,912 $ 107 $ 427 $ — $ (2) $ 2,444 Fee-based services 528 524 224 22 (2) 1,296 Total services 2,440 631 651 22 (4) 3,740 Commodity sales Natural gas sales 1,085 — — 53 (4) 1,134 Product sales 434 756 28 533 (2) 1,749 Total commodity sales 1,519 756 28 586 (6) 2,883 Total revenues from contracts with customers 3,959 1,387 679 608 (10) 6,623 Other revenues(c) Leasing services(d) 229 106 326 29 — 690 Derivatives adjustments on commodity sales 47 (1) — (62) — (16) Other 94 12 — 11 — 117 Total other revenues 370 117 326 (22) — 791 Total revenues $ 4,329 $ 1,504 $ 1,005 $ 586 $ (10) $ 7,414 Six Months Ended June 30, 2023 Natural Gas Pipelines Products Pipelines Terminals CO 2 Corporate and Eliminations Total (In millions) Revenues from contracts with customers(a) Services Firm services(b) $ 1,766 $ 89 $ 415 $ 1 $ (1) $ 2,270 Fee-based services 484 486 196 20 — 1,186 Total services 2,250 575 611 21 (1) 3,456 Commodity sales Natural gas sales 1,283 — — 33 (4) 1,312 Product sales 507 716 13 545 (4) 1,777 Total commodity sales 1,790 716 13 578 (8) 3,089 Total revenues from contracts with customers 4,040 1,291 624 599 (9) 6,545 Other revenues(c) Leasing services(d) 237 99 315 25 — 676 Derivatives adjustments on commodity sales 147 1 — (34) — 114 Other 33 12 — 9 — 54 Total other revenues 417 112 315 — — 844 Total revenues $ 4,457 $ 1,403 $ 939 $ 599 $ (9) $ 7,389 (a) Differences between the revenue classifications presented on the consolidated statements of income and the categories for the disaggregated revenues by type of revenue above are primarily attributable to revenues reflected in the “Other revenues” category above (see note (c)). (b) Includes non-cancellable firm service customer contracts with take-or-pay or minimum volume commitment elements, including those contracts where both the price and quantity amount are fixed. Excludes service contracts with index-based pricing, which along with revenues from other customer service contracts are reported as “Fee-based services.” (c) Amounts recognized as revenue under guidance prescribed in Topics of the ASC other than in Topic 606 were primarily from leases and derivative contracts. See Note 6 for additional information related to our derivative contracts. (d) Our revenues from leasing services are predominantly comprised of specific assets that we lease to customers under operating leases where one customer obtains substantially all of the economic benefit from the asset and has the right to direct the use of that asset. These leases primarily consist of specific tanks, treating facilities, marine vessels and gas equipment and pipelines with separate control locations. We do not lease assets that qualify as sales-type or finance leases. Contract Balances As of June 30, 2024 and December 31, 2023, our contract asset balances were $29 million and $34 million, respectively. Of the contract asset balance at December 31, 2023, $21 million was transferred to accounts receivable during the six months ended June 30, 2024. As of June 30, 2024 and December 31, 2023, our contract liability balances were $407 million and $415 million, respectively. Of the contract liability balance at December 31, 2023, $65 million was recognized as revenue during the six months ended June 30, 2024. In addition to our contract balances above, we also had lease contract liabilities associated with prepaid fixed reservation charges under long-term transportation and terminaling contracts totaling $615 million and $643 million as of June 30, 2024 and December 31, 2023, respectively. Revenue Allocated to Remaining Performance Obligations The following table presents our estimated revenue allocated to remaining performance obligations for contracted revenue that has not yet been recognized, representing our “contractually committed” revenue as of June 30, 2024 that we will invoice or transfer from contract liabilities and recognize in future periods: Year Estimated Revenue (In millions) Six months ended December 31, 2024 $ 2,501 2025 4,453 2026 3,752 2027 3,101 2028 2,725 Thereafter 16,058 Total $ 32,590 Our contractually committed revenue, for purposes of the tabular presentation above, is generally limited to service or commodity sale customer contracts which have fixed pricing and fixed volume terms and conditions, generally including contracts with take-or-pay or minimum volume commitment payment obligations. Our contractually committed revenue amounts, based on the practical expedient that we elected to apply, generally exclude remaining performance obligations for contracts with index-based pricing or variable volume attributes in which such variable consideration is allocated entirely to a wholly unsatisfied performance obligation.

Reportable Segments (Notes)

Reportable Segments (Notes)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Reportable Segments	8. Reportable Segments Financial information by segment follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In millions) Revenues Natural Gas Pipelines Revenues from external customers $ 1,990 $ 1,987 $ 4,323 $ 4,450 Intersegment revenues 3 4 6 7 Products Pipelines 776 735 1,504 1,403 Terminals Revenues from external customers 508 477 1,002 937 Intersegment revenues 1 1 3 2 CO 2 Revenues from external customers 298 302 585 599 Intersegment revenues — — 1 — Corporate and intersegment eliminations (4) (5) (10) (9) Total consolidated revenues $ 3,572 $ 3,501 $ 7,414 $ 7,389 Three Months Ended Six Months Ended 2024 2023 2024 2023 (In millions) Segment EBDA(a) Natural Gas Pipelines $ 1,227 $ 1,255 $ 2,741 $ 2,750 Products Pipelines 301 285 593 469 Terminals 281 261 550 515 CO 2 206 175 364 347 Total Segment EBDA 2,015 1,976 4,248 4,081 DD&A (584) (557) (1,171) (1,122) Amortization of excess cost of equity investments (13) (19) (25) (36) General and administrative and corporate charges (184) (179) (364) (358) Interest, net (464) (443) (936) (888) Income tax expense (168) (168) (377) (364) Total consolidated net income $ 602 $ 610 $ 1,375 $ 1,313 June 30, 2024 December 31, 2023 (In millions) Assets Natural Gas Pipelines $ 49,702 $ 49,883 Products Pipelines 8,674 8,781 Terminals 8,164 8,235 CO 2 3,541 3,497 Corporate assets(b) 621 624 Total consolidated assets $ 70,702 $ 71,020 (a) Includes revenues; earnings from equity investments; operating expense s; gain on divestitures, net; other income, net; and other, net. Operating expenses include costs of sales, operations and maintenance expenses, and taxes, other than income taxes. (b) Includes cash and cash equivalents, restricted deposits, certain prepaid assets and deferred charges, risk management assets related to derivative contracts, corporate headquarters in Houston, Texas and miscellaneous corporate assets (such as information technology, telecommunications equipment and legacy activity) not allocated to our reportable segments.

Income Taxes (Notes)

Income Taxes (Notes)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes Income tax expense included on our accompanying consolidated statements of income is as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In millions, except percentages) Income tax expense $ 168 $ 168 $ 377 $ 364 Effective tax rate 21.8 % 21.6 % 21.5 % 21.7 % The effective tax rate for the three months ended June 30, 2024 is higher than the statutory federal rate of 21% primarily due to state income taxes, partially offset by dividend-received deductions from our investments in Florida Gas Pipeline (Citrus), NGPL Holdings and Products (SE) Pipe Line Company (PPL). The effective tax rate for the six months ended June 30, 2024 is higher than the statutory federal rate of 21% primarily due to state income taxes, partially offset by dividend-received deductions from our investments in Citrus, NGPL Holdings and PPL, and an adjustment to our deferred tax liability as a result of a reduction in the state tax rate.

Litigation and Environmental (N

Litigation and Environmental (Notes)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Litigation and Environmental	10. Litigation and Environmental We and our subsidiaries are parties to various legal, regulatory and other matters arising from the day-to-day operations of our businesses or certain predecessor operations that may result in claims against the Company. Although no assurance can be given, we believe, based on our experiences to date and taking into account established reserves and insurance, that the ultimate resolution of such items will not have a material adverse impact to our business. We believe we have numerous and substantial defenses to the matters to which we are a party and intend to vigorously defend the Company. When we determine a loss is probable of occurring and is reasonably estimable, we accrue an undiscounted liability for such contingencies based on our best estimate using information available at that time. If the estimated loss is a range of potential outcomes and there is no better estimate within the range, we accrue the amount at the low end of the range. We disclose the following contingencies where an adverse outcome may be material or, in the judgment of management, we conclude the matter should otherwise be disclosed. Gulf LNG Facility Disputes Gulf LNG Energy, LLC and Gulf LNG Pipeline, LLC (GLNG) filed a lawsuit in 2018 against Eni S.p.A. in the Supreme Court of the State of New York to enforce a Guarantee Agreement (Guarantee) entered into by Eni S.p.A. in 2007 in connection with a contemporaneous terminal use agreement entered into by its affiliate, Eni USA Gas Marketing LLC (Eni USA). GLNG filed suit to enforce the Guarantee against Eni S.p.A. after an arbitration tribunal delivered an award which called for the termination of the terminal use agreement and payment of compensation by Eni USA to GLNG. In response to GLNG’s lawsuit, Eni S.p.A. filed counterclaims and other claims based on the terminal use agreement and a parent direct agreement with Gulf LNG Energy (Port), LLC. The foregoing counterclaims and other claims asserted by Eni S.p.A sought unspecified damages based on the same substantive allegations which were dismissed with prejudice in previous separate arbitrations with Eni USA described above and with GLNG’s remaining customer Angola LNG Supply Services LLC, a consortium of international oil companies including Eni S.p.A. In early 2022, the trial court granted Eni S.p.A’s motion for summary judgment on GLNG’s claims to enforce the Guarantee. The Appellate Division denied GLNG’s appeal and its motion for rehearing in 2023. GLNG elected not to pursue further recourse to the state Court of Appeals, which is the state’s highest appellate court, thereby concluding GLNG’s efforts to enforce the Guarantee. With respect to the counterclaims and other claims asserted by Eni S.p.A., the trial court granted GLNG’s motion for summary judgment and entered judgment dismissing all of Eni S.p.A.’s claims with prejudice on September 15, 2023. Eni S.p.A. filed a notice of appeal to the state Appellate Division, which heard oral argument on April 2, 2024. We intend to vigorously oppose Eni S.p.A’s appeal, which remains pending. Freeport LNG Winter Storm Litigation On September 13, 2021, Freeport LNG Marketing, LLC (Freeport) filed a lawsuit against Kinder Morgan Texas Pipeline LLC and Kinder Morgan Tejas Pipeline LLC in the 133rd District Court of Harris County, Texas (Case No. 2021-58787) alleging that defendants breached the parties’ base contract for sale and purchase of natural gas by failing to repurchase natural gas nominated by Freeport between February 10-22, 2021 during Winter Storm Uri. We deny that we were obligated to repurchase natural gas from Freeport given our declaration of force majeure during the storm and our compliance with emergency orders issued by the Railroad Commission of Texas providing heightened priority for the delivery of gas to human needs customers. Freeport alleges that it is owed approximately $104 million, plus attorney fees and interest. On October 24, 2022, the trial court granted our motion for summary judgment on all of Freeport’s claims. On November 21, 2022, Freeport filed a notice of appeal to the 14 th Court of Appeals, where the matter remains pending. We believe our declaration of force majeure was proper and intend to continue to vigorously defend this case. Pension Plan Litigation On February 22, 2021, Kinder Morgan Retirement Plan A participants Curtis Pedersen and Beverly Leutloff filed a purported class action lawsuit under the Employee Retirement Income Security Act of 1974 (ERISA). The named plaintiffs were hired initially by the ANR Pipeline Company (ANR) in the late 1970s. Following a series of corporate acquisitions, plaintiffs became participants in pension plans sponsored by the Coastal Corporation (Coastal), El Paso Corporation (El Paso) and our company by virtue of our acquisition of El Paso in 2012 and our assumption of certain of El Paso’s pension plan obligations. The complaint, which was transferred to the U.S. District Court for the Southern District of Texas (Civil Action No. 4:21-3590) and later amended to include the Kinder Morgan Retirement Plan B, alleges that the series of foregoing transactions resulted in changes to plaintiffs’ retirement benefits which are now contested on a class-wide basis in the lawsuit. The complaint asserts six claims that fall within three primary theories of liability. Claims I, II, and III all challenge plan provisions which are alleged to constitute impermissible “backloading” or “cutback” of benefits, and seek the same plan modification as to how the plans calculate benefits for former participants in the Coastal plan. Claims IV and V allege that former participants in the ANR plans should be eligible for unreduced benefits at younger ages than the plans currently provide. Claim VI asserts that actuarial assumptions used to calculate reduced early retirement benefits for current or former ANR employees are outdated and therefore unreasonable. On February 8, 2024, the Court certified a class defined as any and all persons who participated in the Kinder Morgan Retirement Plan A or B who are current or former employees of ANR or Coastal, and participated in the El Paso pension plan after El Paso acquired Coastal in 2001, and are members of at least one of three subclasses of individuals who are allegedly due benefits under one or more of the six claims asserted in the complaint. Plaintiffs seek to recover early retirement benefits as well as declaratory and injunctive relief, but have not pleaded, disclosed or otherwise specified a calculation of alleged damages. The extent of potential plan liabilities for past or future benefits, if any, remains to be determined in connection with pending cross motions for summary judgment on the question of liability or a bench trial with respect to any claims not resolved on summary judgment. We believe we have numerous and substantial defenses and intend to vigorously defend this case. To the extent an adverse judgment or order results in an increase in plan liabilities, we may elect, as the sponsor of the plans, to address them in accordance with applicable ERISA provisions, including provisions which allow for contributions to the plans over several years. Accordingly, we do not anticipate that the resolution of this matter will have a material impact to our business. Pipeline Integrity and Releases From time to time, despite our best efforts, our pipelines experience leaks and ruptures. These leaks and ruptures may cause explosions, fire, and damage to the environment, damage to property and/or personal injury or death. In connection with these incidents, we may be sued for damages caused by an alleged failure to properly mark the locations of our pipelines and/or to properly maintain our pipelines. Depending upon the facts and circumstances of a particular incident, state and federal regulatory authorities may seek civil and/or criminal fines and penalties. General As of June 30, 2024 and December 31, 2023, our total reserve for legal matters was $40 million and $23 million, respectively. Environmental Matters We and our subsidiaries are subject to environmental cleanup and enforcement actions from time to time. In particular, CERCLA generally imposes joint and several liability for cleanup and enforcement costs on current and predecessor owners and operators of a site, among others, without regard to fault or the legality of the original conduct, subject to the right of a liable party to establish a “reasonable basis” for apportionment of costs. Our operations are also subject to local, state and federal laws and regulations relating to protection of the environment. Although we believe our operations are in substantial compliance with applicable environmental laws and regulations, risks of additional costs and liabilities are inherent in pipeline, terminal, CO 2 field and oil field, and our other operations, and there can be no assurance that we will not incur significant costs and liabilities. Moreover, it is possible that other developments could result in substantial costs and liabilities to us, such as increasingly stringent environmental laws, regulations and enforcement policies under the terms of authority of those laws, and claims for damages to property or persons resulting from our operations. We are currently involved in several governmental proceedings involving alleged violations of local, state and federal environmental and safety regulations. As we receive notices of non-compliance, we attempt to negotiate and settle such matters where appropriate. These alleged violations may result in fines and penalties, but except as disclosed herein we do not believe any such fines and penalties will be material to our business, individually or in the aggregate. We are also currently involved in several governmental proceedings involving groundwater and soil remediation efforts under state or federal administrative orders or related remediation programs. We have established a reserve to address the costs associated with the remediation efforts. In addition, we are involved with and have been identified as a potentially responsible party (PRP) in several federal and state Superfund sites. Environmental reserves have been established for those sites where our contribution is probable and reasonably estimable. In addition, we are from time to time involved in civil proceedings relating to damages alleged to have occurred as a result of accidental leaks or spills of refined petroleum products, crude oil, NGL, natural gas or CO 2 , including natural resource damage (NRD) claims. Portland Harbor Superfund Site, Willamette River, Portland, Oregon On January 6, 2017, the EPA issued a Record of Decision (ROD) that established a final remedy and cleanup plan for an industrialized area on the lower reach of the Willamette River commonly referred to as the Portland Harbor Superfund Site (PHSS). The cost for the final remedy is estimated to be more than $2.8 billion and active cleanup is expected to take more than 10 years to complete. KMLT, KMBT, and some 90 other PRPs identified by the EPA are involved in a non-judicial allocation process to determine each party’s respective share of the cleanup costs related to the final remedy set forth by the ROD. We are participating in the allocation process on behalf of KMLT (in connection with its ownership or operation of two facilities) and KMBT (in connection with its ownership or operation of two facilities). Effective January 31, 2020, KMLT entered into separate Administrative Settlement Agreements and Orders on Consent (ASAOC) to complete remedial design for two distinct areas within the PHSS associated with KMLT’s facilities. The ASAOC obligates KMLT to pay a share of the remedial design costs for cleanup activities related to these two areas as required by the ROD. Our share of responsibility for the PHSS costs will not be determined until the ongoing non-judicial allocation process is concluded or a lawsuit is filed that results in a judicial decision allocating responsibility. At this time we anticipate the non-judicial allocation process will be complete in or around June 2025. Until the allocation process is completed, we are unable to reasonably estimate the extent of our liability for the costs related to the design of the proposed remedy and cleanup of the PHSS. Because costs associated with any remedial plan are expected to be spread over at least several years, we do not anticipate that our share of the costs of the remediation will have a material adverse impact to our business. In addition to CERCLA cleanup costs, we are reviewing and will attempt to settle, if possible, NRD claims first made in January 2021 in the amount of approximately $5 million asserted by state and federal trustees following their natural resource assessment of the PHSS. Lower Passaic River Study Area of the Diamond Alkali Superfund Site, New Jersey EPEC Polymers, Inc. and EPEC Oil Company Liquidating Trust (collectively EPEC) are identified as PRPs in an administrative action under CERCLA known as the Lower Passaic River Study Area (Site) concerning the lower 17-mile stretch of the Passaic River in New Jersey. On March 4, 2016, the EPA issued a ROD for the lower eight miles of the Site. At that time the cleanup plan in the ROD was estimated to cost $1.7 billion. The cleanup is expected to take at least six years to complete once it begins. In addition, the EPA and numerous PRPs, including EPEC, engaged in an allocation process for the implementation of the remedy for the lower eight miles of the Site. That process was completed December 28, 2020 and certain PRPs, including EPEC, engaged in discussions with the EPA as a result thereof. On October 4, 2021, the EPA issued a ROD for the upper nine miles of the Site. At that time, the cleanup plan in the ROD was estimated to cost $440 million. No timeline for the cleanup has been established. On December 16, 2022, the United States Department of Justice (DOJ) and the EPA announced a settlement and proposed consent decree with 85 PRPs, including EPEC, to resolve their collective liability at the Site. The total amount of the settlement is $150 million. Also on December 16, 2022, the DOJ on behalf of the EPA filed a Complaint against the 85 PRPs, including EPEC, a Notice of Lodging of Consent Decree, and a Consent Decree in the U.S. District Court for the District of New Jersey. On January 17, 2024, the DOJ on behalf of the EPA voluntarily dismissed its Complaint against 3 PRPs, filed an Amended Complaint against 82 PRPs, including EPEC, and a modified Consent Decree in the U.S. District Court. On January 31, 2024, the DOJ on behalf of the EPA filed a motion to Enter Consent Decree in the U.S. District Court. We believe our share of the costs to resolve this matter, including our share of the settlement with the EPA and the costs to remediate the Site, if any, will not have a material adverse impact to our business. Louisiana Governmental Coastal Zone Erosion Litigation Beginning in 2013, several parishes in Louisiana and the City of New Orleans filed separate lawsuits in state district courts in Louisiana against a number of oil and gas companies, including TGP and SNG. In these cases, the parishes and New Orleans, as Plaintiffs, allege that certain of the defendants’ oil and gas exploration, production and transportation operations were conducted in violation of the State and Local Coastal Resources Management Act of 1978, as amended (SLCRMA) and that those operations caused substantial damage to the coastal waters of Louisiana and nearby lands. The Plaintiffs seek, among other relief, unspecified money damages, attorneys’ fees, interest, and payment of costs necessary to restore the affected areas. There are more than 40 of these cases pending in Louisiana against oil and gas companies, one of which is against TGP and one of which is against SNG, both described further below. On November 8, 2013, the Parish of Plaquemines, Louisiana and others filed a petition for damages in the state district court for Plaquemines Parish, Louisiana against TGP and 17 other energy companies, alleging that the defendants’ operations in Plaquemines Parish violated SLCRMA and Louisiana law, and caused substantial damage to the coastal waters and nearby lands. Plaquemines Parish seeks, among other relief, unspecified money damages, attorney fees, interest, and payment of costs necessary to restore the allegedly affected areas. In May 2018, the case was removed to the U.S. District Court for the Eastern District of Louisiana. The case has been effectively stayed pending the resolution of jurisdictional issues in separate, consolidated cases to which TGP is not a party; The Parish of Plaquemines, et al. vs. Chevron USA, Inc. et al. consolidated with The Parish of Cameron, et al. v. BP America Production Company, et al. Those cases were removed to federal court and subsequently remanded to the state district courts for Plaquemines and Cameron Parishes, respectively. On September 27, 2023, the U.S. District Court ordered the case be stayed and administratively closed pending the resolution of federal question jurisdictional issues. On June 11, 2024, the U.S. District Court lifted the stay and ordered the parties to file memoranda on or before June 28, 2024, addressing the pending jurisdictional issues. On July 8, 2024, the U.S. District Court ordered the case be stayed and administratively closed pending resolution of those same jurisdictional issues. At this time, we are not able to reasonably estimate the extent of our potential liability, if any. We intend to vigorously defend this case. On March 29, 2019, the City of New Orleans (Orleans) filed a petition for damages in the state district court for Orleans Parish, Louisiana against SNG and 10 other energy companies alleging that the defendants’ operations in Orleans Parish violated the SLCRMA and Louisiana law, and caused substantial damage to the coastal waters and nearby lands. Orleans seeks, among other relief, unspecified money damages, attorney fees, interest, and payment of costs necessary to restore the allegedly affected areas. In April 2019, the case was removed to the U.S. District Court for the Eastern District of Louisiana. In January 2020, the U.S. District Court ordered the case to be stayed and administratively closed pending the resolution of issues in a separate case to which SNG is not a party. On May 3, 2023, the U.S. District Court re-opened the case. On February 28, 2024, the U.S. District Court entered partial Final Judgment dismissing a co-defendant from the case and stayed the case pending appeal of that Judgment. On June 20, 2024, Orleans filed its Appellant’s Brief in the U.S. Court of Appeals for the Fifth Circuit seeking review of the U.S. District Court’s entry of partial Final Judgment. At this time, we are not able to reasonably estimate the extent of our potential liability, if any. We intend to vigorously defend this case. Hurricane Harvey Emission Event In August 2017, KMLT discovered that three tanks at its Pasadena, Texas Terminal failed during Hurricane Harvey. The tank failures resulted in emissions of products being stored in the tanks. The emissions were properly reported to the Texas Commission on Environmental Quality. On November 15, 2019, the State of Texas filed a petition against KMLT in a state district court in Travis County, Texas alleging that violations of maintenance standards contributed to cause both the tank failures in August 2017, and a subsequent tank failure in 2018. The State was seeking monetary penalties and corrective actions by KMLT. The State amended its petition in May 2023; the amended petition also sought penalties and corrective actions. On March 26, 2024, we reached an agreement with the State to settle this case. On July 1, 2024, the State filed a Motion for Entry of Judgment, and on July 2, 2024, the Court entered a Final Judgment. The cost to settle this case did not have a material impact to our business. General Although it is not possible to predict the ultimate outcomes, we believe that the resolution of the environmental matters set forth in this note, and other matters to which we and our subsidiaries are a party, will not have a material adverse effect on our business. As of June 30, 2024 and December 31, 2023, we have accrued a total reserve for environmental liabilities in the amount of $196 million and $199 million, respectively. In addition, as of June 30, 2024 and December 31, 2023, we had receivables of $10 million and $11 million, respectively, recorded for expected cost recoveries that have been deemed probable. Challenge to Federal “ Good Neighbor Plan ” On July 14, 2023, we filed a Petition for Review against the EPA and others in the U.S. Court of Appeals for the District of Columbia Circuit seeking review of the EPA’s final action promulgating the EPA’s final rule known as the “Good Neighbor Plan” (the Plan). The case was styled Kinder Morgan, Inc. v. EPA, et al. and has since been consolidated with other cases and is styled Utah, et al. v, EPA, et al. The Plan was published in the Federal Register as a final rule on June 5, 2023. The Plan is a federal implementation plan to address certain interstate transport requirements of the Clean Air Act for the 2015 8-hour Ozone National Ambient Air Quality Standards (NAAQS). We believe that the Plan is deeply flawed and that numerous and substantial bases for challenging the Plan exist. If the Plan were fully implemented, its emission standards would require installation of more stringent air pollution controls on hundreds of existing internal combustion engines used by our Natural Gas Pipelines business segment. On July 27, 2023, in combination with other parties, we filed a Motion to Stay the Plan Pending Review, and on September 25, 2023, the U.S. Court of Appeals denied the Motion. On October 13, 2023, in combination with other parties, we filed an Emergency Application for Stay of Final Agency Action in the United States Supreme Court. The case was styled Kinder Morgan, Inc, et al. v. EPA, et al. and has since been consolidated with other cases and is styled Ohio, et al. v. EPA, et al. The Supreme Court issued an order deferring consideration of the Emergency Application for Stay pending oral argument which took place February 21, 2024. On June 27, 2024, the Supreme Court granted the Emergency Application ruling that enforcement of the Plan shall be stayed pending the disposition of the case on the merits by the U.S. Court of Appeals, and any subsequent petition for writ of certiorari to the Supreme Court, if such writ is timely sought. On July 31, 2023 and September 29, 2023, the EPA published interim final rules entitled, respectively, “Federal ‘Good Neighbor Plan’ for the 2015 Ozone NAAQS; Response to Judicial Stays of SIP Disapproval Action for Certain States” and “Federal ‘Good Neighbor Plan’ for the 2015 Ozone NAAQS; Response to Additional Judicial Stays of SIP Disapproval Action for Certain States.” We filed petitions for review against the EPA and others in the U.S. Court of Appeals for the District of Columbia seeking review of the interim final rule and the second interim final rule on September 29, 2023 and November 17, 2023, respectively. On February 1, 2024, the U.S. Court of Appeals ordered these cases be held in abeyance pending further order of the Court. In reaching its decision to grant the Emergency Application, the Supreme Court found that the parties challenging the Plan are likely to prevail on their argument that the Plan was not reasonably explained, that the EPA failed to supply a satisfactory explanation for its action, and that the EPA ignored an important aspect of the problem it was attempting to solve by promulgating the Plan. The EPA has no legal basis to enforce the Plan while the Supreme Court stay remains in place. If the Plan ultimately were to take effect in its current form (including full compliance by a revised compliance deadline accounting for the stays, and assuming failure of all challenges to state implementation plan disapprovals and to the Plan), we anticipate that it would have a material impact on us. Due to the extensive pending litigation, impacts of the Plan are difficult to predict. Should the Plan take effect, we would seek to mitigate the impacts, and to recover expenditures through adjustments to our rates on our regulated assets where available.

Recent Accounting Pronouncement

Recent Accounting Pronouncements (Notes)	6 Months Ended
	Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	11. Recent Accounting Pronouncements Accounting Standards Updates (ASU) ASU No. 2023-07 On November 27, 2023, the FASB issued ASU No. 2023-07, “ Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures .” This ASU amends reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption of the ASU is permitted. Management is currently evaluating this ASU to determine its impact on the Company’s annual and interim disclosures. ASU No. 2023-09 On December 14, 2023, the FASB issued ASU No. 2023-09, “ Income Taxes (Topic 740): Improvements to Income Tax Disclosures .” This ASU is intended to improve the transparency of income tax disclosures by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) income taxes paid disaggregated by jurisdiction. This ASU will be effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management is currently evaluating this ASU to determine its impact on the Company’s annual disclosures.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income Available to Stockholders	$ 575	$ 586	$ 1,321	$ 1,265

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On April 22, 2024, Sital Mody, Vice President (President, Natural Gas Pipelines) of KMI, adopted a trading plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c) providing for the sale of up to (i) 21,413 shares and (ii) all shares delivered, after tax withholding, upon vesting of an aggregate 40,122 restricted stock units. The expiration date for Mr. Mody’s plan is August 31, 2025.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Sital Mody [Member]
Trading Arrangements, by Individual
Name	Sital Mody
Title	Vice President (President, Natural Gas Pipelines) of KMI
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	April 22, 2024
Expiration Date	August 31, 2025
Aggregate Available	21,413

General (Policies)

General (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation General Our accompanying unaudited consolidated financial statements have been prepared under the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These rules and regulations conform to the accounting principles contained in the FASB’s Accounting Standards Codification (ASC), the single source of GAAP. In compliance with such rules and regulations, all significant intercompany items have been eliminated in consolidation. In our opinion, all adjustments, which are of a normal and recurring nature, considered necessary for a fair statement of our financial position and operating results for the interim periods have been included in the accompanying consolidated financial statements, and certain amounts from prior periods have been reclassified to conform to the current presentation. Interim results are not necessarily indicative of results for a full year; accordingly, you should read these consolidated financial statements in conjunction with our consolidated financial statements and related notes included in our 2023 Form 10-K. The accompanying unaudited consolidated financial statements include our accounts and the accounts of our subsidiaries over which we have control or are the primary beneficiary. We evaluate our financial interests in business enterprises to determine if they represent variable interest entities where we are the primary beneficiary. If such criteria are met, we consolidate the financial statements of such businesses with those of our own.
Goodwill	Goodwill In addition to periodically evaluating long-lived assets and goodwill for impairment based on changes in market conditions, we evaluate goodwill for impairment on May 31 of each year. For our May 31, 2024 evaluation, we grouped our businesses into seven reporting units as follows: (i) Natural Gas Pipelines Regulated; (ii) Natural Gas Pipelines Non-Regulated; (iii) CO 2 ; (iv) Products Pipelines (excluding associated terminals); (v) Products Pipelines Terminals (evaluated separately from Products Pipelines for goodwill purposes); (vi) Terminals; and (vii) Energy Transition Ventures. The fair value estimates used in our goodwill impairment test include Level 3 inputs of the fair value hierarchy. The inputs include valuation estimates, which include assumptions primarily involving management’s judgments and estimates. For all reporting units other than our Energy Transition Ventures reporting unit, we estimated fair value based on a market approach utilizing forecasted earnings before interest, income taxes, DD&A expenses, including amortization of excess cost of equity investments, (EBITDA) and the enterprise value to estimated EBITDA multiples of comparable companies for each of our reporting units. The value of each reporting unit was determined from the perspective of a market participant in an orderly transaction between market participants at the measurement date. For Energy Transition Ventures, we estimated fair value based on an income approach, which includes assumptions regarding future cash flows based primarily on production growth assumptions, terminal values and discount rates. Changes to any one or a combination of these factors would result in a change to the reporting unit fair values, which could lead to future impairment charges. Such potential non-cash impairments could have a significant effect on our results of operations. The results of our May 31, 2024 annual impairment test indicated that for each of our reporting units, the reporting unit’s fair value exceeded the carrying value.
Earnings per Share	Earnings per Share We calculate earnings per share using the two-class method. Earnings were allocated to Class P common stock and participating securities based on the amount of dividends paid in the current period plus an allocation of the undistributed earnings or excess distributions over earnings to the extent that each security participates in undistributed earnings or excess distributions over earnings. Our unvested restricted stock awards, which may be restricted stock units or restricted stock issued to employees and non-employee directors and include dividend equivalent payments, do not participate in excess distributions over earnings.

General (Tables)

General (Tables)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Net Income for Shareholders and Participating Securities	The following table sets forth the allocation of net income available to shareholders of Class P common stock and participating securities: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In millions, except per share amounts) Net Income Available to Stockholders $ 575 $ 586 $ 1,321 $ 1,265 Participating securities: Less: Net Income Allocated to Restricted Stock Awards(a) (3) (4) (7) (7) Net Income Allocated to Common Stockholders $ 572 $ 582 $ 1,314 $ 1,258 Basic Weighted Average Shares Outstanding 2,219 2,237 2,219 2,242 Basic Earnings Per Share $ 0.26 $ 0.26 $ 0.59 $ 0.56 (a) As of June 30, 2024, there were 13 million restricted stock awards outstanding.
Schedule of Antidilutive Securities	The following table presents the maximum number of potential common stock equivalents which are antidilutive and, accordingly, are excluded from the determination of diluted earnings per share. As we have no other common stock equivalents, our diluted earnings per share are the same as our basic earnings per share for all periods presented. Three Months Ended Six Months Ended 2024 2023 2024 2023 (In millions on a weighted average basis) Unvested restricted stock awards 13 13 13 13 Convertible trust preferred securities 3 3 3 3

Acquisitions and Divestitures_2

Acquisitions and Divestitures (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	As of June 30, 2024, our preliminary allocation of the purchase price for acquisitions are detailed below. Assignment of Purchase Price Ref Acquisition Purchase price Current assets Property, plant & equipment Other long-term assets Current liabilities Long-term liabilities Non-controlling interest Resulting goodwill (In millions) (1) North McElroy Unit $ 60 $ 1 $ 101 $ — $ — $ (42) $ — $ — (2) STX Midstream(a) 1,829 25 1,199 549 (6) — (66) 128 (a) The purchase price allocation for the STX Midstream acquisition is preliminary.
Schedule of Goodwill	Changes in the amounts of our goodwill for the six months ended June 30, 2024 are summarized by reporting unit as follows: Natural Gas Pipelines Regulated Natural Gas Pipelines Non-Regulated CO 2 Products Pipelines Products Pipelines Terminals Terminals Energy Transition Ventures Total (In millions) Goodwill as of December 31, 2023 $ 14,249 $ 2,499 $ 928 $ 1,378 $ 151 $ 802 $ 114 $ 20,121 Acquisition(a) — (28) — — — — — (28) Divestitures(b) — — (9) — — — — (9) Goodwill as of June 30, 2024 $ 14,249 $ 2,471 $ 919 $ 1,378 $ 151 $ 802 $ 114 $ 20,084 (a) Reflects adjustment to purchase price allocation related to the December 2023 STX Midstream acquisition. (b) Associated with our CO 2 business segment assets that were divested in June 2024.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The following table provides information on the principal amount of our outstanding debt balances: June 30, 2024 December 31, 2023 (In millions, unless otherwise stated) Current portion of debt $3.5 billion credit facility due August 20, 2027 $ — $ — Commercial paper notes(a) 735 1,989 Current portion of senior notes 4.15% due February 2024 — 650 4.30% due May 2024 — 600 4.25% due September 2024 650 650 4.30% due June 2025 1,500 — Trust I preferred securities, 4.75%, due March 2028(b) 111 111 Current portion of other debt 66 49 Total current portion of debt 3,062 4,049 Long-term debt (excluding current portion) Senior notes 27,989 27,255 EPC Building, LLC, promissory note, 3.967%, due 2023 through 2035 300 311 Trust I preferred securities, 4.75%, due March 2028 110 110 Other 161 204 Total long-term debt 28,560 27,880 Total debt(c) $ 31,622 $ 31,929 (a) Weighted average interest rate on borrowings at June 30, 2024 and December 31, 2023 was 5.52% and 5.68%, respectively. (b) Reflects the portion of cash consideration payable if all the outstanding securities as of the end of the reporting period were converted by the holders. (c) Excludes our “Debt fair value adjustments” which, as of June 30, 2024 and December 31, 2023, increased our total debt balances by $89 million and $187 million, respectively.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The carrying value and estimated fair value of our outstanding debt balances are disclosed below: June 30, 2024 December 31, 2023 Carrying Estimated Carrying Estimated (In millions) Total debt $ 31,711 $ 30,540 $ 32,116 $ 31,370 (a) Included in the estimated fair value are amounts for our Trust I Preferred Securities of $206 million and $207 million as of June 30, 2024 and December 31, 2023, respectively.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Schedule of Dividends	The following table provides information about our per share dividends: Three Months Ended Six Months Ended 2024 2023 2024 2023 Per share cash dividend declared for the period $ 0.2875 $ 0.2825 $ 0.575 $ 0.565 Per share cash dividend paid in the period 0.2875 0.2825 0.57 0.56
Schedule of Accumulated Other Comprehensive Income	Changes in the components of our “Accumulated other comprehensive loss” not including noncontrolling interests are summarized as follows: Net unrealized Pension and Total (In millions) Balance as of December 31, 2023 $ (44) $ (173) $ (217) Other comprehensive (loss) gain before reclassifications (81) 14 (67) Loss reclassified from accumulated other comprehensive loss 22 — 22 Net current-period change in accumulated other comprehensive loss (59) 14 (45) Balance as of June 30, 2024 $ (103) $ (159) $ (262) Net unrealized Pension and Total (In millions) Balance as of December 31, 2022 $ (164) $ (238) $ (402) Other comprehensive gain before reclassifications 155 8 163 Gain reclassified from accumulated other comprehensive loss (51) — (51) Net current-period change in accumulated other comprehensive loss 104 8 112 Balance as of June 30, 2023 $ (60) $ (230) $ (290)

Risk Management (Tables)

Risk Management (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	As of June 30, 2024, we had the following outstanding commodity forward contracts to hedge our forecasted energy commodity purchases and sales: Net open position long/(short) Derivatives designated as hedging contracts Crude oil fixed price (16.3) MMBbl Natural gas fixed price (70.2) Bcf Natural gas basis (44.3) Bcf Derivatives not designated as hedging contracts Crude oil fixed price (1.1) MMBbl Crude oil basis (3.4) MMBbl Natural gas fixed price (7.2) Bcf Natural gas basis (58.8) Bcf NGL fixed price (1.4) MMBbl
Schedule of Interest Rate Derivatives	The following table summarizes our outstanding interest rate contracts as of June 30, 2024: Notional amount Accounting treatment Maximum term (In millions) Derivatives designated as hedging instruments Fixed-to-variable interest rate contracts(a) $ 5,350 Fair value hedge March 2035 (a) The principal amount of hedged senior notes consisted of $2,100 million included in “Current portion of debt” and $3,250 million included in “Long-term debt” on our accompanying consolidated balance sheets.
Schedule of Foreign Exchange Contracts, Statement of Financial Position	The following table summarizes our outstanding foreign currency contracts as of June 30, 2024: Notional amount Accounting treatment Maximum term (In millions) Derivatives designated as hedging instruments EUR-to-USD cross currency swap contracts(a) $ 543 Cash flow hedge March 2027 (a) These swaps eliminate the foreign currency risk associated with our Euro-denominated debt.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table summarizes the fair values of our derivative contracts included on our accompanying consolidated balance sheets: Fair Value of Derivative Contracts Location Derivatives Asset Derivatives Liability June 30, December 31, June 30, December 31, (In millions) Derivatives designated as hedging instruments Energy commodity derivative contracts Fair value of derivative contracts/(Fair value of derivative contracts) $ 30 $ 77 $ (93) $ (75) Deferred charges and other assets/(Other long-term liabilities and deferred credits) 1 12 (43) (29) Subtotal 31 89 (136) (104) Interest rate contracts Fair value of derivative contracts/(Fair value of derivative contracts) — — (101) (120) Deferred charges and other assets/(Other long-term liabilities and deferred credits) 24 37 (208) (158) Subtotal 24 37 (309) (278) Foreign currency contracts Fair value of derivative contracts/(Fair value of derivative contracts) — — (9) (2) Deferred charges and other assets/(Other long-term liabilities and deferred credits) — — (8) (2) Subtotal — — (17) (4) Total 55 126 (462) (386) Derivatives not designated as hedging instruments Energy commodity derivative contracts Fair value of derivative contracts/(Fair value of derivative contracts) 16 49 (25) (8) Deferred charges and other assets/(Other long-term liabilities and deferred credits) 1 3 (1) (1) Total 17 52 (26) (9) Total derivatives $ 72 $ 178 $ (488) $ (395)
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following two tables summarize the fair value measurements of our derivative contracts based on the three levels established by the ASC. The tables also identify the impact of derivative contracts which we have elected to present on our accompanying consolidated balance sheets on a gross basis that are eligible for netting under master netting agreements. Balance sheet asset Contracts available for netting Cash collateral held(a) Level 1 Level 2 Level 3 Gross amount Net amount (In millions) As of June 30, 2024 Energy commodity derivative contracts(b) $ 27 $ 21 $ — $ 48 $ (25) $ — $ 23 Interest rate contracts — 24 — 24 — — 24 As of December 31, 2023 Energy commodity derivative contracts(b) $ 65 $ 75 $ — $ 140 $ (16) $ — $ 124 Interest rate contracts — 38 — 38 — — 38 Balance sheet liability Contracts available for netting Cash collateral posted(a) Level 1 Level 2 Level 3 Gross amount Net amount (In millions) As of June 30, 2024 Energy commodity derivative contracts(b) $ (12) $ (150) $ — $ (162) $ 25 $ (15) $ (152) Interest rate contracts — (309) — (309) — — (309) Foreign currency contracts — (17) — (17) — — (17) As of December 31, 2023 Energy commodity derivative contracts(b) $ (17) $ (96) $ — $ (113) $ 16 $ (85) $ (182) Interest rate contracts — (278) — (278) — — (278) Foreign currency contracts — (4) — (4) — — (4) (a) Any cash collateral paid or received is reflected in this table, but only to the extent that it represents variation margins. Any amount associated with derivative prepayments or initial margins that are not influenced by the derivative asset or liability amounts or those that are determined solely on their volumetric notional amounts are excluded from this table. (b) Level 1 consists primarily of NYMEX natural gas futures. Level 2 consists primarily of OTC WTI swaps, NGL swaps and crude oil basis swaps.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The following tables summarize the pre-tax impact of our derivative contracts on our accompanying consolidated statements of income and comprehensive income: Derivatives in fair value hedging relationships Location Gain/(loss) recognized in income Three Months Ended Six Months Ended 2024 2023 2024 2023 (In millions) Interest rate contracts Interest, net $ 1 $ (99) $ (55) $ 19 Hedged fixed rate debt(a) Interest, net $ — $ 101 $ 57 $ (18) (a) As of June 30, 2024, the cumulative amount of fair value hedging adjustments resulted in a decrease of $292 million in the carrying value of our hedged fixed rate debt balance and is included in “Debt fair value adjustments” on our accompanying consolidated balance sheet. Derivatives in cash flow hedging relationships Gain/(loss) recognized in OCI on derivative(a) Location Gain/(loss) reclassified from Accumulated OCI into income Three Months Ended Three Months Ended 2024 2023 2024 2023 (In millions) (In millions) Energy commodity derivative contracts $ (12) $ 50 Revenues—Commodity sales $ (27) $ 18 Costs of sales (2) (20) Foreign currency contracts (3) 13 Other, net (4) 4 Total $ (15) $ 63 Total $ (33) $ 2 Derivatives in cash flow hedging relationships Gain/(loss) recognized in OCI on derivative(a) Location Gain/(loss) reclassified from Accumulated OCI into income Six Months Ended Six Months Ended 2024 2023 2024 2023 (In millions) (In millions) Energy commodity derivative contracts $ (105) $ 185 Revenues—Commodity sales $ (7) $ 83 Costs of sales (9) (27) Interest rate contracts 13 — Interest, net 4 — Foreign currency contracts (13) 16 Other, net (17) 10 Total $ (105) $ 201 Total $ (29) $ 66 (a) We expect to reclassify approximately $78 million of loss associated with cash flow hedge price risk management activities included in our accumulated other comprehensive loss balance as of June 30, 2024 into earnings during the next twelve months (when the associated forecasted transactions are also expected to impact earnings); however, actual amounts reclassified into earnings could vary materially as a result of changes in market prices. Derivatives not designated as accounting hedges Location Gain/(loss) recognized in income on derivatives Three Months Ended Six Months Ended 2024 2023 2024 2023 (In millions) Energy commodity derivative contracts Revenues—Commodity sales $ 2 $ 10 $ (9) $ 31 Costs of sales (18) 51 (32) 120 Earnings from equity investments — — — 1 Interest rate contracts Interest, net — 7 (2) 12 Total(a) $ (16) $ 68 $ (43) $ 164 (a) The three and six months ended June 30, 2024 amounts include an approximate loss of $14 million and an approximate gain of $10 million, respectively, and the three and six months ended June 30, 2023 amounts include approximate gains of $7 million and $35 million, respectively, associated with natural gas, crude and NGL derivative contract settlements.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our revenues disaggregated by segment, revenue source and type of revenue for each revenue source: Three Months Ended June 30, 2024 Natural Gas Pipelines Products Pipelines Terminals CO 2 Corporate and Eliminations Total (In millions) Revenues from contracts with customers(a) Services Firm services(b) $ 920 $ 49 $ 215 $ — $ (1) $ 1,183 Fee-based services 257 276 115 10 (1) 657 Total services 1,177 325 330 10 (2) 1,840 Commodity sales Natural gas sales 461 — — 30 (1) 490 Product sales 211 392 15 266 (1) 883 Total commodity sales 672 392 15 296 (2) 1,373 Total revenues from contracts with customers 1,849 717 345 306 (4) 3,213 Other revenues(c) Leasing services(d) 114 53 164 17 — 348 Derivatives adjustments on commodity sales 5 — — (30) — (25) Other 25 6 — 5 — 36 Total other revenues 144 59 164 (8) — 359 Total revenues $ 1,993 $ 776 $ 509 $ 298 $ (4) $ 3,572 Three Months Ended June 30, 2023 Natural Gas Pipelines Products Pipelines Terminals CO 2 Corporate and Eliminations Total (In millions) Revenues from contracts with customers(a) Services Firm services(b) $ 849 $ 49 $ 208 $ 1 $ — $ 1,107 Fee-based services 248 246 98 10 — 602 Total services 1,097 295 306 11 — 1,709 Commodity sales Natural gas sales 484 — — 13 (2) 495 Product sales 233 380 9 277 (3) 896 Total commodity sales 717 380 9 290 (5) 1,391 Total revenues from contracts with customers 1,814 675 315 301 (5) 3,100 Other revenues(c) Leasing services(d) 120 52 163 11 — 346 Derivatives adjustments on commodity sales 40 2 — (14) — 28 Other 17 6 — 4 — 27 Total other revenues 177 60 163 1 — 401 Total revenues $ 1,991 $ 735 $ 478 $ 302 $ (5) $ 3,501 Six Months Ended June 30, 2024 Natural Gas Pipelines Products Pipelines Terminals CO 2 Corporate and Eliminations Total (In millions) Revenues from contracts with customers(a) Services Firm services(b) $ 1,912 $ 107 $ 427 $ — $ (2) $ 2,444 Fee-based services 528 524 224 22 (2) 1,296 Total services 2,440 631 651 22 (4) 3,740 Commodity sales Natural gas sales 1,085 — — 53 (4) 1,134 Product sales 434 756 28 533 (2) 1,749 Total commodity sales 1,519 756 28 586 (6) 2,883 Total revenues from contracts with customers 3,959 1,387 679 608 (10) 6,623 Other revenues(c) Leasing services(d) 229 106 326 29 — 690 Derivatives adjustments on commodity sales 47 (1) — (62) — (16) Other 94 12 — 11 — 117 Total other revenues 370 117 326 (22) — 791 Total revenues $ 4,329 $ 1,504 $ 1,005 $ 586 $ (10) $ 7,414 Six Months Ended June 30, 2023 Natural Gas Pipelines Products Pipelines Terminals CO 2 Corporate and Eliminations Total (In millions) Revenues from contracts with customers(a) Services Firm services(b) $ 1,766 $ 89 $ 415 $ 1 $ (1) $ 2,270 Fee-based services 484 486 196 20 — 1,186 Total services 2,250 575 611 21 (1) 3,456 Commodity sales Natural gas sales 1,283 — — 33 (4) 1,312 Product sales 507 716 13 545 (4) 1,777 Total commodity sales 1,790 716 13 578 (8) 3,089 Total revenues from contracts with customers 4,040 1,291 624 599 (9) 6,545 Other revenues(c) Leasing services(d) 237 99 315 25 — 676 Derivatives adjustments on commodity sales 147 1 — (34) — 114 Other 33 12 — 9 — 54 Total other revenues 417 112 315 — — 844 Total revenues $ 4,457 $ 1,403 $ 939 $ 599 $ (9) $ 7,389 (a) Differences between the revenue classifications presented on the consolidated statements of income and the categories for the disaggregated revenues by type of revenue above are primarily attributable to revenues reflected in the “Other revenues” category above (see note (c)). (b) Includes non-cancellable firm service customer contracts with take-or-pay or minimum volume commitment elements, including those contracts where both the price and quantity amount are fixed. Excludes service contracts with index-based pricing, which along with revenues from other customer service contracts are reported as “Fee-based services.” (c) Amounts recognized as revenue under guidance prescribed in Topics of the ASC other than in Topic 606 were primarily from leases and derivative contracts. See Note 6 for additional information related to our derivative contracts. (d) Our revenues from leasing services are predominantly comprised of specific assets that we lease to customers under operating leases where one customer obtains substantially all of the economic benefit from the asset and has the right to direct the use of that asset. These leases primarily consist of specific tanks, treating facilities, marine vessels and gas equipment and pipelines with separate control locations. We do not lease assets that qualify as sales-type or finance leases.
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	The following table presents our estimated revenue allocated to remaining performance obligations for contracted revenue that has not yet been recognized, representing our “contractually committed” revenue as of June 30, 2024 that we will invoice or transfer from contract liabilities and recognize in future periods: Year Estimated Revenue (In millions) Six months ended December 31, 2024 $ 2,501 2025 4,453 2026 3,752 2027 3,101 2028 2,725 Thereafter 16,058 Total $ 32,590

Reportable Segments (Tables)

Reportable Segments (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Financial information by segment follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In millions) Revenues Natural Gas Pipelines Revenues from external customers $ 1,990 $ 1,987 $ 4,323 $ 4,450 Intersegment revenues 3 4 6 7 Products Pipelines 776 735 1,504 1,403 Terminals Revenues from external customers 508 477 1,002 937 Intersegment revenues 1 1 3 2 CO 2 Revenues from external customers 298 302 585 599 Intersegment revenues — — 1 — Corporate and intersegment eliminations (4) (5) (10) (9) Total consolidated revenues $ 3,572 $ 3,501 $ 7,414 $ 7,389 Three Months Ended Six Months Ended 2024 2023 2024 2023 (In millions) Segment EBDA(a) Natural Gas Pipelines $ 1,227 $ 1,255 $ 2,741 $ 2,750 Products Pipelines 301 285 593 469 Terminals 281 261 550 515 CO 2 206 175 364 347 Total Segment EBDA 2,015 1,976 4,248 4,081 DD&A (584) (557) (1,171) (1,122) Amortization of excess cost of equity investments (13) (19) (25) (36) General and administrative and corporate charges (184) (179) (364) (358) Interest, net (464) (443) (936) (888) Income tax expense (168) (168) (377) (364) Total consolidated net income $ 602 $ 610 $ 1,375 $ 1,313 June 30, 2024 December 31, 2023 (In millions) Assets Natural Gas Pipelines $ 49,702 $ 49,883 Products Pipelines 8,674 8,781 Terminals 8,164 8,235 CO 2 3,541 3,497 Corporate assets(b) 621 624 Total consolidated assets $ 70,702 $ 71,020 (a) Includes revenues; earnings from equity investments; operating expense s; gain on divestitures, net; other income, net; and other, net. Operating expenses include costs of sales, operations and maintenance expenses, and taxes, other than income taxes. (b) Includes cash and cash equivalents, restricted deposits, certain prepaid assets and deferred charges, risk management assets related to derivative contracts, corporate headquarters in Houston, Texas and miscellaneous corporate assets (such as information technology, telecommunications equipment and legacy activity) not allocated to our reportable segments.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Income Taxes	Income tax expense included on our accompanying consolidated statements of income is as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In millions, except percentages) Income tax expense $ 168 $ 168 $ 377 $ 364 Effective tax rate 21.8 % 21.6 % 21.5 % 21.7 %

General - Organization and Basi

General - Organization and Basis of Presentation (Details) mi in Thousands	May 31, 2024 segment	Jun. 30, 2024 Bcf mi Terminals
General [Line Items]
Miles of pipeline | mi		79
Number of pipeline terminals owned interest in and/or operated | Terminals		139
Working capacity		702
Number of reporting units | segment	7
Renewable Natural Gas
General [Line Items]
Gross production		6.1

General - Schedule of Net Incom

General - Schedule of Net Income Available to Shareholders (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net Income Available to Stockholders	$ 575	$ 586	$ 1,321	$ 1,265
Less: Net Income Allocated to Restricted Stock Awards(a)	$ (3)	$ (4)	$ (7)	$ (7)
Basic Weighted Average Common Shares Outstanding	2,219	2,237	2,219	2,242
Basic Earnings Per Share	$ 0.26	$ 0.26	$ 0.59	$ 0.56
Class P Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net Income Allocated to Common Stockholders	$ 572	$ 582	$ 1,314	$ 1,258
Unvested restricted stock awards | Class P Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Restricted stock awards outstanding	13		13

General - Schedule of Antidilut

General - Schedule of Antidilutive Securities (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Unvested restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	13	13	13	13
Convertible trust preferred securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	3	3	3	3

Acquisitions and Divestitures -

Acquisitions and Divestitures - Acquisitions (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 10, 2024	Dec. 31, 2023	Dec. 28, 2023
Business Acquisition [Line Items]
Goodwill	$ 20,084		$ 20,121
Adjustment to noncontrolling interest	38
Goodwill adjustment	(28)
North McElroy
Business Acquisition [Line Items]
Purchase price		$ 60
Current assets		1
Property, plant & equipment		101
Other long-term assets		0
Current liabilities		0
Long-term liabilities		(42)
Non-controlling interest		0
Goodwill		$ 0
STX Midstream
Business Acquisition [Line Items]
Purchase price	1,829			$ 1,829
Current assets				25
Property, plant & equipment				1,199
Other long-term assets				549
Current liabilities				(6)
Long-term liabilities				0
Non-controlling interest				(66)
Goodwill				$ 128
Adjustment to noncontrolling interest	38
Measurement period adjustments	10
Goodwill adjustment	$ (28)

Acquisitions and Divestitures_3

Acquisitions and Divestitures - Divestitures (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Jul. 19, 2024	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on divestitures of long-lived assets			$ 45	$ 13	$ 77	$ 13
Payment for working capital adjustment					$ (49)	$ 12
CO2
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture		$ 25
Gain on divestitures of long-lived assets		41
Reduction in asset retirement obligations		$ 33
CO2 | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payment for working capital adjustment	$ 6

Acquisitions and Divestitures_4

Acquisitions and Divestitures - Schedule of Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Business Acquisition [Line Items]
Goodwill, beginning balance	$ 20,121
Acquisition	(28)
Divestitures	(9)
Goodwill, ending balance	20,084
Natural Gas Pipelines Regulated
Business Acquisition [Line Items]
Goodwill, beginning balance	14,249
Acquisition	0
Divestitures	0
Goodwill, ending balance	14,249
Natural Gas Pipelines Nonregulated
Business Acquisition [Line Items]
Goodwill, beginning balance	2,499
Acquisition	(28)
Divestitures	0
Goodwill, ending balance	2,471
CO2
Business Acquisition [Line Items]
Goodwill, beginning balance	928
Acquisition	0
Divestitures	(9)
Goodwill, ending balance	919
Products Pipelines, Pipelines
Business Acquisition [Line Items]
Goodwill, beginning balance	1,378
Acquisition	0
Divestitures	0
Goodwill, ending balance	1,378
Products Pipelines Terminals
Business Acquisition [Line Items]
Goodwill, beginning balance	151
Acquisition	0
Divestitures	0
Goodwill, ending balance	151
Terminals
Business Acquisition [Line Items]
Goodwill, beginning balance	802
Acquisition	0
Divestitures	0
Goodwill, ending balance	802
Energy Transition Ventures
Business Acquisition [Line Items]
Goodwill, beginning balance	114
Acquisition	0
Divestitures	0
Goodwill, ending balance	$ 114

Losses on Impairments - Impairm

Losses on Impairments - Impairments (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Double Eagle Pipeline LLC | Products Pipelines
Schedule of Equity Method Investments [Line Items]
Impairment on equity investment	$ 67

Losses on Impairments - Investm

Losses on Impairments - Investment in Ruby (Details) $ in Millions	Dec. 31, 2022 USD ($)
Ruby Pipeline Holding Company LLC | Ruby Chapter 11 Bankruptcy Filing
Schedule of Equity Method Investments [Line Items]
Estimated litigation payment, current	$ 28.5

Debt - Schedule of Debt Outstan

Debt - Schedule of Debt Outstanding (Details) - USD ($) $ in Millions	Feb. 01, 2024	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Current portion of debt		$ 3,062	$ 4,049
Long-term debt		28,560	27,880
Total debt(c)		31,622	31,929
Debt fair value adjustments		89	187
$3.5 billion credit facility due August 20, 2027
Debt Instrument [Line Items]
Current portion of debt		0	0
Maximum borrowing capacity		3,500
Commercial paper notes(a)
Debt Instrument [Line Items]
Current portion of debt		$ 735	$ 1,989
Weighted average interest rate		5.52%	5.68%
Current portion of other debt
Debt Instrument [Line Items]
Current portion of debt		$ 66	$ 49
EPC Building, LLC, promissory note, 3.967%, due 2023 through 2035 | EPC Building LLC
Debt Instrument [Line Items]
Long-term debt		$ 300	311
Interest rate		3.967%
Trust I preferred securities, 4.75%, due March 2028(b) | Capital Trust I
Debt Instrument [Line Items]
Current portion of debt		$ 111	111
Long-term debt		$ 110	110
Interest rate		4.75%
Other
Debt Instrument [Line Items]
Long-term debt		$ 161	204
Senior notes
Debt Instrument [Line Items]
Long-term debt		27,989	27,255
Net proceeds from debt issuance	$ 2,230
Senior notes | 4.15% due February 2024
Debt Instrument [Line Items]
Current portion of debt		0	$ 650
Interest rate			4.15%
Senior notes | 4.30% due May 2024
Debt Instrument [Line Items]
Current portion of debt		0	$ 600
Interest rate			4.30%
Senior notes | 4.25% due September 2024
Debt Instrument [Line Items]
Current portion of debt		$ 650	$ 650
Interest rate		4.25%
Senior notes | 5.00% due February 2029
Debt Instrument [Line Items]
Long-term debt	$ 1,250
Interest rate	5%
Senior notes | 5.40% due February 2034
Debt Instrument [Line Items]
Long-term debt	$ 1,000
Interest rate	5.40%
Senior notes | 4.30% due June 2025
Debt Instrument [Line Items]
Current portion of debt		$ 1,500	$ 0
Interest rate		4.30%

Debt - Credit Facilities (Detai

Debt - Credit Facilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Current portion of debt	$ 3,062	$ 4,049
Commercial paper program
Line of Credit Facility [Line Items]
Current portion of debt	735	$ 1,989
Credit Facilities
Line of Credit Facility [Line Items]
Current portion of debt	0
Letter of credits outstanding, amount	57
Availability under credit facility	$ 2,700

Debt - Fair Value of Financial

Debt - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	$ 31,711	$ 32,116
Estimated fair value(a)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	30,540	31,370
Estimated fair value(a) | Capital Trust I | Trust I preferred securities, 4.75%, due March 2028(b)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible debt	$ 206	$ 207

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
	Jul. 17, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Common share buy-back program, amount		$ 3,000		$ 3,000
Common share buy-back program, average price per share				$ 16.50
Value of shares repurchased			$ 204	$ 7	$ 317
Per share cash dividend declared for the period		$ 0.2875	$ 0.2825	$ 0.575	$ 0.565
Per share cash dividend paid in the period		$ 0.2875	$ 0.2825	$ 0.57	$ 0.56
Subsequent Event
Class of Stock [Line Items]
Per share cash dividend declared for the period	$ 0.2875
Common stock
Class of Stock [Line Items]
Shares repurchased			12	1	19

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Loss [Line Items]
Balance	$ 31,729	$ 32,114
Balance	31,694	31,909
Net unrealized gains/(losses) on cash flow hedge derivatives
Accumulated Other Comprehensive Loss [Line Items]
Balance	(44)	(164)
Other comprehensive (loss) gain before reclassifications	(81)	155
Loss (gain) reclassified from accumulated other comprehensive loss	22	(51)
Net current-period change in accumulated other comprehensive loss	(59)	104
Balance	(103)	(60)
Pension and other postretirement liability adjustments
Accumulated Other Comprehensive Loss [Line Items]
Balance	(173)	(238)
Other comprehensive (loss) gain before reclassifications	14	8
Loss (gain) reclassified from accumulated other comprehensive loss	0	0
Net current-period change in accumulated other comprehensive loss	14	8
Balance	(159)	(230)
Total accumulated other comprehensive loss
Accumulated Other Comprehensive Loss [Line Items]
Balance	(217)	(402)
Other comprehensive (loss) gain before reclassifications	(67)	163
Loss (gain) reclassified from accumulated other comprehensive loss	22	(51)
Net current-period change in accumulated other comprehensive loss	(45)	112
Balance	$ (262)	$ (290)

Risk Management - Energy Commod

Risk Management - Energy Commodity Price Risk Management (Details) - Short - Energy commodity derivative contracts	6 Months Ended
	Jun. 30, 2024 Bcf MMBbls
Derivatives designated as hedging instruments | Crude oil fixed price
Derivative [Line Items]
Net open position | MMBbls	(16.3)
Derivatives designated as hedging instruments | Natural gas fixed price
Derivative [Line Items]
Net open position | Bcf	(70.2)
Derivatives designated as hedging instruments | Natural gas basis
Derivative [Line Items]
Net open position | Bcf	(44.3)
Derivatives not designated as hedging instruments | Crude oil fixed price
Derivative [Line Items]
Net open position | MMBbls	(1.1)
Derivatives not designated as hedging instruments | Crude oil basis
Derivative [Line Items]
Net open position | MMBbls	(3.4)
Derivatives not designated as hedging instruments | Natural gas fixed price
Derivative [Line Items]
Net open position | Bcf	(7.2)
Derivatives not designated as hedging instruments | Natural gas basis
Derivative [Line Items]
Net open position | Bcf	(58.8)
Derivatives not designated as hedging instruments | NGL fixed price
Derivative [Line Items]
Net open position | MMBbls	(1.4)

Risk Management - Interest Rate

Risk Management - Interest Rate Risk Management (Details) - Fixed-to-Variable Interest Rate Contracts - Designated as Hedging Instrument $ in Millions	Jun. 30, 2024 USD ($)
Fair value hedge
Derivative [Line Items]
Notional amount	$ 5,350
Current Portion Of Debt
Derivative [Line Items]
Derivative, Amount of Hedged Item	2,100
Long-term Debt
Derivative [Line Items]
Derivative, Amount of Hedged Item	$ 3,250

Risk Management - Foreign Curre

Risk Management - Foreign Currency Risk Management (Details) $ in Millions	Jun. 30, 2024 USD ($)
Cash flow hedge | Cross-currency contracts | Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 543

Risk Management - Fair Value of

Risk Management - Fair Value of Derivative Contracts (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivatives Asset	$ 72	$ 178
Derivatives Liability	(488)	(395)
Energy commodity derivative contracts
Derivatives, Fair Value [Line Items]
Derivatives Asset	48	140
Derivatives Liability	(162)	(113)
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivatives Asset	24	38
Derivatives Liability	(309)	(278)
Foreign currency contracts
Derivatives, Fair Value [Line Items]
Derivatives Liability	(17)	(4)
Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivatives Asset	55	126
Derivatives Liability	(462)	(386)
Derivatives designated as hedging instruments | Energy commodity derivative contracts
Derivatives, Fair Value [Line Items]
Derivatives Asset	31	89
Derivatives Liability	(136)	(104)
Derivatives designated as hedging instruments | Energy commodity derivative contracts | Fair value of derivative contracts - current assets
Derivatives, Fair Value [Line Items]
Derivatives Asset	30	77
Derivatives designated as hedging instruments | Energy commodity derivative contracts | Fair value of derivative contracts - current liabilities
Derivatives, Fair Value [Line Items]
Derivatives Liability	(93)	(75)
Derivatives designated as hedging instruments | Energy commodity derivative contracts | Deferred charges and other assets
Derivatives, Fair Value [Line Items]
Derivatives Asset	1	12
Derivatives designated as hedging instruments | Energy commodity derivative contracts | Other long-term liabilities and deferred credits
Derivatives, Fair Value [Line Items]
Derivatives Liability	(43)	(29)
Derivatives designated as hedging instruments | Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivatives Asset	24	37
Derivatives Liability	(309)	(278)
Derivatives designated as hedging instruments | Interest rate contracts | Fair value of derivative contracts - current assets
Derivatives, Fair Value [Line Items]
Derivatives Asset	0	0
Derivatives designated as hedging instruments | Interest rate contracts | Fair value of derivative contracts - current liabilities
Derivatives, Fair Value [Line Items]
Derivatives Liability	(101)	(120)
Derivatives designated as hedging instruments | Interest rate contracts | Deferred charges and other assets
Derivatives, Fair Value [Line Items]
Derivatives Asset	24	37
Derivatives designated as hedging instruments | Interest rate contracts | Other long-term liabilities and deferred credits
Derivatives, Fair Value [Line Items]
Derivatives Liability	(208)	(158)
Derivatives designated as hedging instruments | Foreign currency contracts
Derivatives, Fair Value [Line Items]
Derivatives Asset	0	0
Derivatives Liability	(17)	(4)
Derivatives designated as hedging instruments | Foreign currency contracts | Fair value of derivative contracts - current assets
Derivatives, Fair Value [Line Items]
Derivatives Asset	0	0
Derivatives designated as hedging instruments | Foreign currency contracts | Fair value of derivative contracts - current liabilities
Derivatives, Fair Value [Line Items]
Derivatives Liability	(9)	(2)
Derivatives designated as hedging instruments | Foreign currency contracts | Deferred charges and other assets
Derivatives, Fair Value [Line Items]
Derivatives Asset	0	0
Derivatives designated as hedging instruments | Foreign currency contracts | Other long-term liabilities and deferred credits
Derivatives, Fair Value [Line Items]
Derivatives Liability	(8)	(2)
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivatives Asset	17	52
Derivatives Liability	(26)	(9)
Derivatives not designated as hedging instruments | Energy commodity derivative contracts | Fair value of derivative contracts - current assets
Derivatives, Fair Value [Line Items]
Derivatives Asset	16	49
Derivatives not designated as hedging instruments | Energy commodity derivative contracts | Fair value of derivative contracts - current liabilities
Derivatives, Fair Value [Line Items]
Derivatives Liability	(25)	(8)
Derivatives not designated as hedging instruments | Energy commodity derivative contracts | Deferred charges and other assets
Derivatives, Fair Value [Line Items]
Derivatives Asset	1	3
Derivatives not designated as hedging instruments | Energy commodity derivative contracts | Other long-term liabilities and deferred credits
Derivatives, Fair Value [Line Items]
Derivatives Liability	$ (1)	$ (1)

Risk Management - Derivative As

Risk Management - Derivative Assets Input Level (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross amount	$ 72	$ 178
Energy commodity derivative contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross amount	48	140
Contracts available for netting	(25)	(16)
Cash collateral held	0	0
Net amount	23	124
Energy commodity derivative contracts | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross amount	27	65
Energy commodity derivative contracts | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross amount	21	75
Energy commodity derivative contracts | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross amount	0	0
Interest rate contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross amount	24	38
Contracts available for netting	0	0
Cash collateral held	0	0
Net amount	24	38
Interest rate contracts | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross amount	0	0
Interest rate contracts | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross amount	24	38
Interest rate contracts | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross amount	$ 0	$ 0

Risk Management - Derivative Li

Risk Management - Derivative Liabilities Input Level (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross amount	$ (488)	$ (395)
Energy commodity derivative contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross amount	(162)	(113)
Contracts available for netting	25	16
Cash collateral posted	(15)	(85)
Net amount	(152)	(182)
Energy commodity derivative contracts | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross amount	(12)	(17)
Energy commodity derivative contracts | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross amount	(150)	(96)
Energy commodity derivative contracts | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross amount	0	0
Interest rate contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross amount	(309)	(278)
Contracts available for netting	0	0
Cash collateral posted	0	0
Net amount	(309)	(278)
Interest rate contracts | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross amount	0	0
Interest rate contracts | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross amount	(309)	(278)
Interest rate contracts | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross amount	0	0
Foreign currency contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross amount	(17)	(4)
Contracts available for netting	0	0
Cash collateral posted	0	0
Net amount	(17)	(4)
Foreign currency contracts | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross amount	0	0
Foreign currency contracts | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross amount	(17)	(4)
Foreign currency contracts | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross amount	$ 0	$ 0

Risk Management - Effect of Der

Risk Management - Effect of Derivative Contracts on the Income Statement (Details) - Derivatives designated as hedging instruments - Derivatives in fair value hedging relationships - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Location	Interest, net	Interest, net	Interest, net	Interest, net
Gain/(loss) recognized in income on derivatives	$ 1	$ (99)	$ (55)	$ 19
Hedged fixed rate debt
Derivative Instruments, Gain (Loss) [Line Items]
Location	Interest, net	Interest, net	Interest, net	Interest, net
Gain/(loss) recognized in income on derivatives	$ 0	$ 101	$ 57	$ (18)
Cumulative amount of fair value hedging adjustments to hedged fixed rate debt	$ (292)		$ (292)

Risk Management - CF Hedging Ef

Risk Management - CF Hedging Effect on the Income Statements (Details) - Designated as Hedging Instrument - Cash flow hedge - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized in OCI on derivative	$ (15)	$ 63	$ (105)	$ 201
Gain/(Loss) reclassified from Accumulated OCI into income	(33)	2	(29)	66
Loss to be reclassified within twelve months			(78)
Energy commodity derivative contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized in OCI on derivative	(12)	50	(105)	185
Energy commodity derivative contracts | Revenues—Commodity sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(Loss) reclassified from Accumulated OCI into income	(27)	18	(7)	83
Energy commodity derivative contracts | Costs of sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(Loss) reclassified from Accumulated OCI into income	(2)	(20)	(9)	(27)
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized in OCI on derivative			13	0
Interest rate contracts | Interest, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(Loss) reclassified from Accumulated OCI into income			4	0
Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized in OCI on derivative	(3)	13	(13)	16
Foreign currency contracts | Other, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(Loss) reclassified from Accumulated OCI into income	$ (4)	$ 4	$ (17)	$ 10

Risk Management - Effect on Inc

Risk Management - Effect on Income Statement Not Designated (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Gain/(loss) on settlement of derivative contracts	$ (16)	$ 68	$ (43)	$ 164
Energy commodity derivative contracts
Derivative [Line Items]
Gain/(loss) on derivative Instruments	(14)	7	10	35
Revenues—Commodity sales | Energy commodity derivative contracts
Derivative [Line Items]
Gain/(loss) on settlement of derivative contracts	2	10	(9)	31
Costs of sales | Energy commodity derivative contracts
Derivative [Line Items]
Gain/(loss) on settlement of derivative contracts	(18)	51	(32)	120
Earnings from equity investments | Energy commodity derivative contracts
Derivative [Line Items]
Gain/(loss) on settlement of derivative contracts	0	0	0	1
Interest, net | Interest rate contracts
Derivative [Line Items]
Gain/(loss) on settlement of derivative contracts	$ 0	$ 7	$ (2)	$ 12

Risk Management - Credit Risks

Risk Management - Credit Risks (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Credit Derivatives [Line Items]
Additional collateral, aggregate fair value if downgrade two notches	$ 99
Energy commodity derivative contracts
Credit Derivatives [Line Items]
Letter of credits outstanding, amount	0	$ 0
Initial Margin Requirements	27
Cash collateral posted	15	85
Other current liabilities | Cash collateral held | Energy commodity derivative contracts
Credit Derivatives [Line Items]
Collateral posted		$ 63
Restrict Cash | Cash collateral held | Energy commodity derivative contracts
Credit Derivatives [Line Items]
Derivative, Collateral, Right to Reclaim Cash, Variation Margins	$ 12

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues from customers	$ 3,213	$ 3,100	$ 6,623	$ 6,545
Leasing services	348	346	690	676
Derivatives adjustments on commodity sales	(25)	28	(16)	114
Other	36	27	117	54
Total other revenues	359	401	791	844
Total revenues	3,572	3,501	7,414	7,389
Natural Gas Pipelines
Disaggregation of Revenue [Line Items]
Total revenues	1,990	1,987	4,323	4,450
Products Pipelines
Disaggregation of Revenue [Line Items]
Total revenues	776	735	1,504	1,403
Terminals
Disaggregation of Revenue [Line Items]
Total revenues	508	477	1,002	937
CO2
Disaggregation of Revenue [Line Items]
Total revenues	298	302	585	599
Operating Segments | Natural Gas Pipelines
Disaggregation of Revenue [Line Items]
Revenues from customers	1,849	1,814	3,959	4,040
Leasing services	114	120	229	237
Derivatives adjustments on commodity sales	5	40	47	147
Other	25	17	94	33
Total other revenues	144	177	370	417
Total revenues	1,993	1,991	4,329	4,457
Operating Segments | Products Pipelines
Disaggregation of Revenue [Line Items]
Revenues from customers	717	675	1,387	1,291
Leasing services	53	52	106	99
Derivatives adjustments on commodity sales	0	2	(1)	1
Other	6	6	12	12
Total other revenues	59	60	117	112
Total revenues	776	735	1,504	1,403
Operating Segments | Terminals
Disaggregation of Revenue [Line Items]
Revenues from customers	345	315	679	624
Leasing services	164	163	326	315
Derivatives adjustments on commodity sales	0	0	0	0
Other	0	0	0	0
Total other revenues	164	163	326	315
Total revenues	509	478	1,005	939
Operating Segments | CO2
Disaggregation of Revenue [Line Items]
Revenues from customers	306	301	608	599
Leasing services	17	11	29	25
Derivatives adjustments on commodity sales	(30)	(14)	(62)	(34)
Other	5	4	11	9
Total other revenues	(8)	1	(22)	0
Total revenues	298	302	586	599
Corporate and Eliminations
Disaggregation of Revenue [Line Items]
Revenues from customers	(4)	(5)	(10)	(9)
Leasing services	0	0	0	0
Derivatives adjustments on commodity sales	0	0	0	0
Other	0	0	0	0
Total other revenues	0	0	0	0
Total revenues	(4)	(5)	(10)	(9)
Corporate and Eliminations | Natural Gas Pipelines
Disaggregation of Revenue [Line Items]
Total revenues	(3)	(4)	(6)	(7)
Corporate and Eliminations | Terminals
Disaggregation of Revenue [Line Items]
Total revenues	(1)	(1)	(3)	(2)
Corporate and Eliminations | CO2
Disaggregation of Revenue [Line Items]
Total revenues	0	0	(1)	0
Firm services
Disaggregation of Revenue [Line Items]
Revenues from customers	1,183	1,107	2,444	2,270
Firm services | Operating Segments | Natural Gas Pipelines
Disaggregation of Revenue [Line Items]
Revenues from customers	920	849	1,912	1,766
Firm services | Operating Segments | Products Pipelines
Disaggregation of Revenue [Line Items]
Revenues from customers	49	49	107	89
Firm services | Operating Segments | Terminals
Disaggregation of Revenue [Line Items]
Revenues from customers	215	208	427	415
Firm services | Operating Segments | CO2
Disaggregation of Revenue [Line Items]
Revenues from customers	0	1	0	1
Firm services | Corporate and Eliminations
Disaggregation of Revenue [Line Items]
Revenues from customers	(1)	0	(2)	(1)
Fee-based services
Disaggregation of Revenue [Line Items]
Revenues from customers	657	602	1,296	1,186
Fee-based services | Operating Segments | Natural Gas Pipelines
Disaggregation of Revenue [Line Items]
Revenues from customers	257	248	528	484
Fee-based services | Operating Segments | Products Pipelines
Disaggregation of Revenue [Line Items]
Revenues from customers	276	246	524	486
Fee-based services | Operating Segments | Terminals
Disaggregation of Revenue [Line Items]
Revenues from customers	115	98	224	196
Fee-based services | Operating Segments | CO2
Disaggregation of Revenue [Line Items]
Revenues from customers	10	10	22	20
Fee-based services | Corporate and Eliminations
Disaggregation of Revenue [Line Items]
Revenues from customers	(1)	0	(2)	0
Total services
Disaggregation of Revenue [Line Items]
Revenues from customers	1,840	1,709	3,740	3,456
Total services | Operating Segments | Natural Gas Pipelines
Disaggregation of Revenue [Line Items]
Revenues from customers	1,177	1,097	2,440	2,250
Total services | Operating Segments | Products Pipelines
Disaggregation of Revenue [Line Items]
Revenues from customers	325	295	631	575
Total services | Operating Segments | Terminals
Disaggregation of Revenue [Line Items]
Revenues from customers	330	306	651	611
Total services | Operating Segments | CO2
Disaggregation of Revenue [Line Items]
Revenues from customers	10	11	22	21
Total services | Corporate and Eliminations
Disaggregation of Revenue [Line Items]
Revenues from customers	(2)	0	(4)	(1)
Natural gas sales
Disaggregation of Revenue [Line Items]
Revenues from customers	490	495	1,134	1,312
Natural gas sales | Operating Segments | Natural Gas Pipelines
Disaggregation of Revenue [Line Items]
Revenues from customers	461	484	1,085	1,283
Natural gas sales | Operating Segments | Products Pipelines
Disaggregation of Revenue [Line Items]
Revenues from customers	0	0	0	0
Natural gas sales | Operating Segments | Terminals
Disaggregation of Revenue [Line Items]
Revenues from customers	0	0	0	0
Natural gas sales | Operating Segments | CO2
Disaggregation of Revenue [Line Items]
Revenues from customers	30	13	53	33
Natural gas sales | Corporate and Eliminations
Disaggregation of Revenue [Line Items]
Revenues from customers	(1)	(2)	(4)	(4)
Product sales
Disaggregation of Revenue [Line Items]
Revenues from customers	883	896	1,749	1,777
Product sales | Operating Segments | Natural Gas Pipelines
Disaggregation of Revenue [Line Items]
Revenues from customers	211	233	434	507
Product sales | Operating Segments | Products Pipelines
Disaggregation of Revenue [Line Items]
Revenues from customers	392	380	756	716
Product sales | Operating Segments | Terminals
Disaggregation of Revenue [Line Items]
Revenues from customers	15	9	28	13
Product sales | Operating Segments | CO2
Disaggregation of Revenue [Line Items]
Revenues from customers	266	277	533	545
Product sales | Corporate and Eliminations
Disaggregation of Revenue [Line Items]
Revenues from customers	(1)	(3)	(2)	(4)
Total commodity sales
Disaggregation of Revenue [Line Items]
Revenues from customers	1,373	1,391	2,883	3,089
Total revenues	1,346	1,421	2,866	3,206
Total commodity sales | Operating Segments | Natural Gas Pipelines
Disaggregation of Revenue [Line Items]
Revenues from customers	672	717	1,519	1,790
Total commodity sales | Operating Segments | Products Pipelines
Disaggregation of Revenue [Line Items]
Revenues from customers	392	380	756	716
Total commodity sales | Operating Segments | Terminals
Disaggregation of Revenue [Line Items]
Revenues from customers	15	9	28	13
Total commodity sales | Operating Segments | CO2
Disaggregation of Revenue [Line Items]
Revenues from customers	296	290	586	578
Total commodity sales | Corporate and Eliminations
Disaggregation of Revenue [Line Items]
Revenues from customers	$ (2)	$ (5)	$ (6)	$ (8)

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Contract Assets
Contract assets balances	$ 29	$ 34
Transfer to Accounts receivable	21
Contract Liabilities
Contract liabilities balances	407	415
Transfer to Revenues	65
Long Term Transportation and Terminaling Customer
Contract Liabilities
Deferred Income	$ 615	$ 643

Revenue Recognition - Revenue A

Revenue Recognition - Revenue Allocated to Remaining Performance Obligations (Details) $ in Millions	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue allocated to remaining performance obligations for contracted revenue	$ 32,590
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue allocated to remaining performance obligations for contracted revenue	$ 2,501
Performance obligation, period of recognition	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue allocated to remaining performance obligations for contracted revenue	$ 4,453
Performance obligation, period of recognition	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue allocated to remaining performance obligations for contracted revenue	$ 3,752
Performance obligation, period of recognition	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue allocated to remaining performance obligations for contracted revenue	$ 3,101
Performance obligation, period of recognition	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue allocated to remaining performance obligations for contracted revenue	$ 2,725
Performance obligation, period of recognition	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue allocated to remaining performance obligations for contracted revenue	$ 16,058
Performance obligation, period of recognition

Reportable Segments - Revenues

Reportable Segments - Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 3,572	$ 3,501	$ 7,414	$ 7,389
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	(4)	(5)	(10)	(9)
Natural Gas Pipelines
Segment Reporting Information [Line Items]
Revenues	1,990	1,987	4,323	4,450
Natural Gas Pipelines | Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	(3)	(4)	(6)	(7)
Natural Gas Pipelines | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,993	1,991	4,329	4,457
Products Pipelines
Segment Reporting Information [Line Items]
Revenues	776	735	1,504	1,403
Products Pipelines | Operating Segments
Segment Reporting Information [Line Items]
Revenues	776	735	1,504	1,403
Terminals
Segment Reporting Information [Line Items]
Revenues	508	477	1,002	937
Terminals | Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	(1)	(1)	(3)	(2)
Terminals | Operating Segments
Segment Reporting Information [Line Items]
Revenues	509	478	1,005	939
CO2
Segment Reporting Information [Line Items]
Revenues	298	302	585	599
CO2 | Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	0	0	(1)	0
CO2 | Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 298	$ 302	$ 586	$ 599

Reportable Segments - EBDA (Det

Reportable Segments - EBDA (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
DD&A	$ (584)	$ (557)	$ (1,171)	$ (1,122)
Amortization of excess cost of equity investments	(13)	(19)	(25)	(36)
General and administrative and corporate charges	(184)	(179)	(364)	(358)
Interest, net	(464)	(443)	(936)	(888)
Income Tax Expense	(168)	(168)	(377)	(364)
Net income	602	610	1,375	1,313
Operating Segments
Segment Reporting Information [Line Items]
Net income	2,015	1,976	4,248	4,081
Operating Segments | Natural Gas Pipelines
Segment Reporting Information [Line Items]
Net income	1,227	1,255	2,741	2,750
Operating Segments | Products Pipelines
Segment Reporting Information [Line Items]
Net income	301	285	593	469
Operating Segments | Terminals
Segment Reporting Information [Line Items]
Net income	281	261	550	515
Operating Segments | CO2
Segment Reporting Information [Line Items]
Net income	$ 206	$ 175	$ 364	$ 347

Reportable Segments - Assets (D

Reportable Segments - Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Assets	$ 70,702	$ 71,020
Corporate, Non-segment
Segment Reporting Information [Line Items]
Assets	621	624
Natural Gas Pipelines | Operating Segments
Segment Reporting Information [Line Items]
Assets	49,702	49,883
Products Pipelines | Operating Segments
Segment Reporting Information [Line Items]
Assets	8,674	8,781
Terminals | Operating Segments
Segment Reporting Information [Line Items]
Assets	8,164	8,235
CO2 | Operating Segments
Segment Reporting Information [Line Items]
Assets	$ 3,541	$ 3,497

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 168	$ 168	$ 377	$ 364
Effective tax rate	21.80%	21.60%	21.50%	21.70%
Statutory federal rate	21%	21%	21%	21%

Litigation and Environmental -

Litigation and Environmental - Other Commercial Matters (Details) - Pending Litigation $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) Claims
Freeport LNG Marketing, LLC Case
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value | $	$ 104
Pension Plan Litigation
Loss Contingencies [Line Items]
Loss Contingency, Pending Claims, Number | Claims	6

Litigation and Environmental _2

Litigation and Environmental - General (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Estimated Litigation Liability	$ 40	$ 23

Litigation and Environmental _3

Litigation and Environmental - Portland Harbor (Details) - Portland Harbor Superfund Site, Willamette River, Portland, Oregon $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) Terminals Parties
Environmental Protection Agency | KMLT
Site Contingency [Line Items]
Number of Liquid Terminals | Terminals	2
Site Contingency, Loss Exposure Not Accrued, Best Estimate | $	$ 2,800
Site Contingency, Disbursement Period, Estimate, Unrecognized	10 years
Loss Contingency, Number of Defendants | Parties	90
Environmental Protection Agency | KMBT
Site Contingency [Line Items]
Number of Liquid Terminals | Terminals	2
State and Federal Trustees | KMLT
Site Contingency [Line Items]
Loss Contingency, Damages Sought, Value | $	$ 5

Litigation and Environmental _4

Litigation and Environmental - Lower Passaic River (Details) - Environmental Protection Agency $ in Millions	Jan. 17, 2024 Parties	Dec. 16, 2022 USD ($) Parties	Oct. 04, 2021 USD ($)	Mar. 04, 2016 USD ($)	Jun. 30, 2024
Lower Passaic River Study Area | EPA Proposed Consent Decree
Site Contingency [Line Items]
Proposed Environmental Remediation Settlement | $		$ 150
Loss Contingency, Number of Defendants | Parties		85
Lower Passaic River Study Area | EPA Complaint Filed
Site Contingency [Line Items]
Loss Contingency, Number of Defendants | Parties	82	85
Lower Passaic River Study Area | Pending Litigation | Clean Up Implementation
Site Contingency [Line Items]
Site Contingency, Disbursement Period, Estimate, Unrecognized					6 years
Lower Passaic River Study Area | Pending Litigation | EPA preferred alternative estimate
Site Contingency [Line Items]
Site Contingency, Loss Exposure Not Accrued, Best Estimate | $				$ 1,700
Lower Passaic River Study Area | Litigation Dismissed [Member] | EPA Complaint Filed
Site Contingency [Line Items]
Loss Contingency, Number of Defendants | Parties	3
Upper Passaic River Study Area, Upper Portion | Pending Litigation
Site Contingency [Line Items]
Site Contingency, Loss Exposure Not Accrued, Best Estimate | $			$ 440

Litigation and Environmental _5

Litigation and Environmental - Louisiana Governmental Coastal Zone Erosion Litigation (Details) - Coastal Zone	Mar. 29, 2019 Parties	Nov. 08, 2013 Parties	Jun. 30, 2024 cases
Judicial District of Louisiana
Loss Contingencies [Line Items]
Loss Contingency, Pending Claims, Number			40
Judicial District of Louisiana | TGP
Loss Contingencies [Line Items]
Loss Contingency, Pending Claims, Number			1
Judicial District of Louisiana | SNG
Loss Contingencies [Line Items]
Loss Contingency, Pending Claims, Number			1
Parish of Plaquemines, Louisiana | TGP
Loss Contingencies [Line Items]
Loss Contingency, Number of Defendants | Parties		17
Parish Orleans, Louisiana | SNG
Loss Contingencies [Line Items]
Loss Contingency, Number of Defendants | Parties	10

Litigation and Environmental _6

Litigation and Environmental - Environmental Matters General (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Accrual for Environmental Loss Contingencies	$ 196	$ 199
Recorded Third-Party Environmental Recoveries Receivable	$ 10	$ 11