KINDER MORGAN, INC., 10-K filed on 2/13/2025
Annual Report
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Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 12, 2025
Jun. 28, 2024
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2024    
Document Period End Date Dec. 31, 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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 38,478,431,485
Entity Common Stock, Shares Outstanding   2,221,963,025  
Entity Central Index Key 0001506307    
Document Fiscal Period Focus FY    
Amendment Flag false    
Class P      
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 March 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    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Auditor [Line Items]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Houston, Texas
Auditor Firm ID 238
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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues      
Revenues $ 15,100 $ 15,334 $ 19,200
Operating Costs, Expenses and Other      
Costs of sales (exclusive of items shown separately below) 4,337 4,938 9,255
Operations and maintenance 2,972 2,807 2,655
Depreciation, depletion and amortization 2,354 2,250 2,186
General and administrative 712 668 637
Taxes, other than income taxes 433 421 441
Other income, net (92) (13) (39)
Total Operating Costs, Expenses and Other 10,716 11,071 15,135
Operating Income 4,384 4,263 4,065
Other Income (Expense)      
Earnings from equity investments 890 838 803
Amortization of excess cost of equity investments (50) (66) (75)
Interest, net (1,844) (1,797) (1,513)
Other, net 27 (37) 55
Total Other Expense (977) (1,062) (730)
Income Before Income Taxes 3,407 3,201 3,335
Income Tax Expense (687) (715) (710)
Net Income 2,720 2,486 2,625
Net Income Attributable to Noncontrolling Interests (107) (95) (77)
Net Income Attributable to Kinder Morgan, Inc. $ 2,613 $ 2,391 $ 2,548
Class P Common Stock      
Basic Earnings Per Share $ 1.17 $ 1.06 $ 1.12
Diluted Earnings Per Share $ 1.17 $ 1.06 $ 1.12
Basic Weighted Average Shares Outstanding 2,220 2,234 2,258
Diluted Weighted Average Shares Outstanding 2,220 2,234 2,258
Services      
Revenues      
Revenues $ 8,916 $ 8,371 $ 8,145
Commodity sales      
Revenues      
Revenues 5,957 6,786 10,897
Other      
Revenues      
Revenues $ 227 $ 177 $ 158
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 2,720 $ 2,486 $ 2,625
Other comprehensive income, net of tax      
Net unrealized (loss) gain from derivative instruments (net of taxes of $8, $(47), and $92, respectively) (29) 155 (312)
Reclassification into earnings of net derivative instruments loss (gain) to net income (net of taxes of $(12), $12, and $(95), respectively) 40 (35) 320
Benefit plan adjustments (net of taxes of $(33), $(20), and $(1), respectively) 111 65 1
Total other comprehensive income 122 185 9
Comprehensive income 2,842 2,671 2,634
Comprehensive income attributable to noncontrolling interests (107) (95) (77)
Comprehensive income attributable to KMI $ 2,735 $ 2,576 $ 2,557
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Change in fair value of derivative instruments, tax $ 8 $ (47) $ 92
Reclassification of change in fair value of derivative instruments to net income, tax (12) 12 (95)
Benefit plan adjustments, tax $ (33) $ (20) $ (1)
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 88 $ 83
Restricted deposits 126 13
Accounts receivable 1,506 1,588
Inventories 555 525
Other current assets 246 333
Total current assets 2,521 2,542
Property, plant and equipment, net 38,013 37,297
Investments 7,845 7,874
Goodwill 20,084 20,121
Other intangibles, net 1,760 1,957
Deferred charges and other assets 1,184 1,229
Total Assets 71,407 71,020
Current liabilities    
Current portion of debt 2,009 4,049
Accounts payable 1,395 1,366
Accrued interest 543 513
Accrued taxes 276 272
Other current liabilities 878 1,021
Total current liabilities 5,101 7,221
Long-term debt    
Outstanding 29,779 27,880
Debt fair value adjustments 102 187
Total long-term debt 29,881 28,067
Deferred income taxes 2,070 1,388
Other long-term liabilities and deferred credits 2,488 2,615
Total long-term liabilities and deferred credits 34,439 32,070
Total Liabilities 39,540 39,291
Commitments and contingencies (Notes 8, 12, 16 and 17)
Stockholders’ Equity    
Class P Common Stock, $0.01 par value, 4,000,000,000 shares authorized, 2,221,647,775 and 2,219,729,644 shares, respectively, issued and outstanding 22 22
Additional paid-in capital 41,237 41,190
Accumulated deficit (10,633) (10,689)
Accumulated other comprehensive loss (95) (217)
Total Kinder Morgan, Inc.’s stockholders’ equity 30,531 30,306
Noncontrolling interests 1,336 1,423
Total Stockholders’ Equity 31,867 31,729
Total Liabilities and Stockholders’ Equity $ 71,407 $ 71,020
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 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) 2,221,647,775 2,219,729,644
Common stock, shares outstanding (in shares) 2,221,647,775 2,219,729,644
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows From Operating Activities      
Net income $ 2,720 $ 2,486 $ 2,625
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation, depletion and amortization 2,354 2,250 2,186
Deferred income taxes 647 710 692
Amortization of excess cost of equity investments 50 66 75
Change in fair value of derivative contracts 72 (126) 56
Gain on divestitures, net (74) (15) (32)
Earnings from equity investments (890) (838) (803)
Distributions of equity investment earnings 823 755 725
Pension contributions net of noncash pension benefit expenses 9 77 (50)
Changes in components of working capital, net of the effects of acquisitions and dispositions      
Accounts receivable 52 301 (220)
Inventories (12) 188 (183)
Other current assets (46) 108 (51)
Accounts payable (5) (201) 161
Accrued interest, net of interest rate swaps 43 (13) 50
Accrued taxes 5 2 (5)
Other current liabilities (52) (60) 11
Change in deferred revenues (Note 14) (58) 870 (24)
Rate reparations, refunds and other litigation reserve adjustments 24 (19) (190)
Other, net (27) (50) (56)
Net Cash Provided by Operating Activities 5,635 6,491 4,967
Cash Flows From Investing Activities      
Acquisitions of assets and investments, net of cash acquired (Note 3) (62) (1,842) (487)
Capital expenditures (2,629) (2,317) (1,621)
Contributions to investments (121) (212) (229)
Distributions from equity investments in excess of cumulative earnings 177 228 156
Other, net 6 (32) 6
Net Cash Used in Investing Activities (2,629) (4,175) (2,175)
Cash Flows From Financing Activities      
Issuances of debt 10,441 7,590 9,058
Payments of debt (10,557) (7,356) (9,735)
Debt issue costs (33) (20) (25)
Dividends (Note 10) (2,557) (2,529) (2,504)
Repurchases of shares (Note 10) (7) (522) (368)
Proceeds from sale of noncontrolling interests (Note 3) 0 0 557
Contributions from noncontrolling interests 0 3 2
Distributions to noncontrolling interests (154) (151) (116)
Other, net (20) (29) (14)
Net Cash Used in Financing Activities (2,887) (3,014) (3,145)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Deposits (1) 0 0
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Deposits 118 (698) (353)
Cash, Cash Equivalents and Restricted Deposits, beginning of period 96 794 1,147
Cash, Cash Equivalents and Restricted Deposits, end of period 214 96 794
Cash and Cash Equivalents, beginning of period 83 745 1,140
Restricted Deposits, beginning of period 13 49 7
Cash and Cash Equivalents, end of period 88 83 745
Restricted Deposits, end of period 126 13 49
Noncash Investing and Financing Activities      
Net increase in property, plant and equipment from both accruals and contractor retainage 50 120 72
ROU assets and operating lease obligations recognized (Note 16) 36 56 22
Assets contributed to equity investment 0 16 0
Supplemental Disclosures of Cash Flow Information      
Cash paid during the period for interest (net of capitalized interest) 1,816 1,844 1,460
Cash paid during the period for income taxes, net $ 33 $ 11 $ 13
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Impact of Adoption of ASU
Adjusted Balance
Common stock
Common stock
Adjusted Balance
Additional paid-in capital
Additional paid-in capital
Impact of Adoption of ASU
Additional paid-in capital
Adjusted Balance
Accumulated deficit
Accumulated deficit
Adjusted Balance
Accumulated other comprehensive loss
Accumulated other comprehensive loss
Adjusted Balance
Stockholders’ equity attributable to KMI
Stockholders’ equity attributable to KMI
Impact of Adoption of ASU
Stockholders’ equity attributable to KMI
Adjusted Balance
Non-controlling interests
Non-controlling interests
Adjusted Balance
Balance at Dec. 31, 2021 $ 31,921 $ (11) $ 31,910 $ 23 $ 23 $ 41,806 $ (11) $ 41,795 $ (10,595) $ (10,595) $ (411) $ (411) $ 30,823 $ (11) $ 30,812 $ 1,098 $ 1,098
Balance (shares) at Dec. 31, 2021       2,267 2,267                        
Repurchases of shares (368)     $ (1)   (367)             (368)        
Repurchases of shares (shares)       (21)                          
EP Trust I Preferred security conversions 1         1             1        
Restricted shares 54         54             54        
Restricted shares (shares)       2                          
Net income 2,625               2,548       2,548     77  
Dividends (2,504)               (2,504)       (2,504)        
Distributions (116)                       0     (116)  
Contributions 2                       0     2  
Impact of change in ownership interest in subsidiary 501         190             190     311  
Other comprehensive (loss) income 9                   9   9        
Balance (shares) at Dec. 31, 2022       2,248                          
Balance at Dec. 31, 2022 32,114     $ 22   41,673     (10,551)   (402)   30,742     1,372  
Repurchases of shares (522)         (522)             (522)        
Repurchases of shares (shares)       (32)                          
Restricted shares 44         44             44        
Restricted shares (shares)       4                          
Net income 2,486               2,391       2,391     95  
Dividends (2,529)               (2,529)       (2,529)        
Distributions (151)                       0     (151)  
Contributions 3                       0     3  
Acquisition (Note 3) 104                       0     104  
Other (5)         (5)             (5)        
Other comprehensive (loss) income 185                   185   185        
Balance (shares) at Dec. 31, 2023       2,220                          
Balance at Dec. 31, 2023 31,729     $ 22   41,190     (10,689)   (217)   30,306     1,423  
Repurchases of shares (7)         (7)             (7)        
Repurchases of shares (shares)       (1)                          
Restricted shares 54         54             54        
Restricted shares (shares)       3                          
Net income 2,720               2,613       2,613     107  
Dividends (2,557)               (2,557)       (2,557)        
Distributions (154)               0       0     (154)  
Acquisition adjustment (Note3) (38)                       0     (38)  
Other (2)                       0     (2)  
Other comprehensive (loss) income 122                   122   122        
Balance (shares) at Dec. 31, 2024       2,222                          
Balance at Dec. 31, 2024 $ 31,867     $ 22   $ 41,237     $ (10,633)   $ (95)   $ 30,531     $ 1,336  
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General (Notes)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
General
1. General

We are one of the largest energy infrastructure companies in North America. Unless the context requires otherwise, references to “we,” “us,” “our,” “the Company,” or “KMI” are intended to mean Kinder Morgan, Inc. and its consolidated subsidiaries. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2, 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.
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Summary of Significant Accounting Policies (Notes)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
2. Summary of Significant Accounting Policies

Basis of Presentation

Our reporting currency is U.S. dollars, and all references to dollars are U.S. dollars, unless stated otherwise. Our accompanying consolidated financial statements have been prepared under the rules and regulations of the SEC. These rules and regulations conform to the accounting principles contained in the FASB’s Accounting Standards Codification (ASC), the single source of GAAP. Under such rules and regulations, all significant intercompany items have been eliminated in consolidation. Additionally, certain amounts from prior years have been reclassified to conform to the current presentation.

Use of Estimates

Certain amounts included in or affecting our financial statements and related disclosures must be estimated, requiring us to make certain assumptions with respect to values or conditions which cannot be known with certainty at the time our financial statements are prepared. These estimates and assumptions affect the amounts we report for assets and liabilities, our revenues and expenses during the reporting period, and our disclosures, including those related to contingent assets and liabilities at the date of our financial statements. We evaluate these estimates on an ongoing basis, utilizing historical experience, consultation with experts and other methods we consider reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from our estimates. Any effects on our business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known.

Certain accounting policies are of more significance in our financial statement preparation process than others, and set out below are the principal accounting policies we apply in the preparation of our consolidated financial statements.

Cash Equivalents and Restricted Deposits

We define cash equivalents as all highly liquid short-term investments with original maturities of three months or less.

Amounts included in the restricted deposits in the accompanying consolidated financial statements represent a combination of restricted cash amounts required to be set aside by regulatory agencies to cover obligations for our captive insurance subsidiary and cash margin deposits posted by us with our counterparties associated with certain energy commodity contract positions.

Allowance for Credit Losses

We evaluate our financial assets measured at amortized cost and off-balance sheet credit exposures for expected credit losses over the contractual term of the asset or exposure. We consider available information relevant to assessing the collectability of cash flows including the expected risk of credit loss even if that risk is remote. We measure expected credit losses on a collective (pool) basis when similar risk characteristics exist, and we reflect the expected credit losses on the amortized cost basis of the financial asset as of the reporting date.

Our financial instruments primarily consist of our accounts receivable from customers, notes receivable from affiliates and contingent liabilities such as proportional guarantees of debt obligations of an equity investee. We utilized historical analysis of credit losses experienced over the previous five years along with current conditions and reasonable and supportable forecasts of future conditions in our evaluation of collectability of our financial assets.
Our allowance for credit losses as of both December 31, 2024 and 2023 were immaterial and is included in “Other current assets” in our accompanying consolidated balance sheets.

Inventories

Our inventories consist of materials and supplies and products such as natural gas, NGL, crude oil, condensate, refined petroleum products and transmix. We report products inventory at the lower of weighted-average cost or net realizable value. We report materials and supplies inventories at cost, and periodically review for physical deterioration and obsolescence.

Property, Plant and Equipment, net

Capitalization, Depreciation and Depletion and Disposals

We report property, plant and equipment at its acquisition cost. We expense costs for routine maintenance and repairs in the period incurred. The following table summarizes our significant policies related to our property, plant and equipment. The application of these policies can involve significant estimates.
AssetAccounting AreaPolicy
Straight-line assetsDepreciation rates
•Depreciable lives are based on estimated economic lives. This includes age, manufacturing specifications, technological advances, estimated production life of the oil or gas field served by the asset, contract terms for assets on leased or customer property and historical data concerning useful lives of similar assets.
Gains and losses
•A gain or loss on the sale of property, plant and equipment is calculated as the difference between the cost of the asset disposed of, net of depreciation, and the sale proceeds received or when held for sale, the market value of the asset.
•A gain on an asset disposal is recognized in income in the period that the sale is closed.
•A loss is recognized when the asset is sold or when classified as held for sale.
•Gains and losses are recorded in operating costs, expenses and other.
Composite assetsDepreciation rates
•A single depreciation rate is applied to the total cost of a functional group of assets that have similar economic characteristics until the net book value of the composite group equals the salvage value.
•Interstate natural gas FERC-regulated entities use the depreciation rates approved by the FERC.
•A depreciation rate for other composite assets is based on estimated economic lives. This includes age, manufacturing specifications, technological advances, estimated production life of the oil or gas field served by the asset, contract terms for assets on leased or customer property and historical data concerning useful lives of similar assets.
Gains and losses
•Gains and losses are credited or charged to accumulated depreciation, net of salvage and cost of removal.
•Gains or losses on land sales and FERC-approved operating unit sales are recorded in operating costs, expenses and other.
Oil and gas producing activities(a)Successful efforts method of accounting
•Costs that are incurred to acquire leasehold and subsequent development costs are capitalized.
•Costs that are associated with the drilling of successful exploration wells are capitalized if proved reserves are found.
•Costs associated with the drilling of exploratory wells that do not find proved reserves, geological and geophysical costs, and costs of certain non-producing leasehold costs are expensed as incurred.
•The capitalized costs of our producing oil and gas properties are depreciated and depleted by the units-of-production method.
•Other miscellaneous property, plant and equipment are depreciated over the estimated useful lives of the asset.
Enhanced recovery techniques
•In some cases, the cost of the CO2 associated with enhanced recovery is capitalized as part of our development costs when it is injected.
•The cost of CO2 associated with pressure maintenance operations for reservoir management is expensed when it is injected.
•When CO2 is recovered in conjunction with oil production, it is extracted and re-injected, and all of the associated costs are expensed as incurred.
•Proved developed reserves are used in computing units of production rates for drilling and development costs, and total proved reserves are used for depletion of leasehold costs.
(a)Gains and losses associated with assets in our oil and gas producing activities have a similar treatment as with that associated with our straight-line assets.

Circumstances may develop which cause us to change our estimates, thus impacting the future calculation of depreciation and amortization expense. Historically, adjustments to useful lives have not had a material impact on our aggregate depreciation levels from year to year.

Asset Retirement Obligations

We record liabilities for obligations related to the retirement and removal of long-lived assets used in our businesses. The majority of our asset retirement obligations are associated with our CO2 business where we are required to plug and abandon oil and gas wells that have been removed from service and to remove the surface wellhead equipment and compressors, but we also have obligations for certain gathering and long-haul pipelines and certain processing plants. We record, as liabilities, the fair value of asset retirement obligations on a discounted basis when they are incurred and can be reasonably estimated, which is typically at the time the assets are installed or acquired. The fair value estimates are primarily based on Level 3 inputs of the fair value hierarchy. The inputs include estimates and assumptions related to timing of settlement and retirement costs, which we base on historical retirement costs, future inflation rates and credit-adjusted risk-free interest rates. Amounts recorded for the related assets are increased by the amount of these obligations. Over time, the liabilities are accreted to reflect the change in their present value, and the initial capitalized costs are depreciated over the useful lives of the related assets. The liabilities are eventually extinguished when the asset is taken out of service. Our estimates of retirement costs could change as a result of changes in cost estimates and/or timing of the obligation.

The following table summarizes changes in the asset retirement obligations included in our accompanying consolidated balance sheets:
December 31,
20242023
(In millions)
Balance at beginning of period$231 $204 
Accretion expense13 12 
Divestitures (Note 3)
(33)— 
Acquisitions (Note 3)
43 12 
New obligations
10 10 
Settlements(16)(7)
Balance at end of period(a)
$248 $231 
(a)Balances at December 31, 2024 and 2023 include $2 million and $3 million, respectively, included within “Other current liabilities” on our accompanying consolidated balance sheets.

For certain assets, we currently cannot reasonably estimate the fair value of the asset retirement obligations because the associated assets have indeterminate lives. These assets include certain pipelines, processing plants and distribution facilities, and liquids and bulk terminal facilities. Based on the widespread use of hydrocarbons domestically and for international export, management expects supply and demand to exist for the foreseeable future. Therefore, the remaining useful lives of these assets are indeterminate due to prolonged expected demand. Additionally, these assets could also benefit from potential future conversion opportunities. For example, certain assets could be converted to transport, handle or store products other than traditional hydrocarbons. Under our integrity program, individual asset parts are replaced regularly. Although some of the individual asset parts may be replaced, the assets themselves may remain intact indefinitely. For these assets, an asset retirement obligation, if any, will be recognized once sufficient information is available to reasonably estimate the fair value of the obligation.

Long-lived Asset Impairments

We evaluate long-lived assets including leases and investments for impairment whenever events or changes in circumstances indicate that our carrying amount of an asset or investment may not be recoverable.

In addition to our annual goodwill impairment test discussed further below, to the extent triggering events exist, we complete a review of the carrying value of our long-lived assets, including property, plant and equipment as well as other intangibles, and record, as applicable, the appropriate impairments using a two-step approach. To determine if a long-lived
asset is recoverable, we compare the asset’s estimated undiscounted cash flows to its carrying value (step 1). Because the impairment test for long-lived assets held in use is based on estimated undiscounted cash flows, there may be instances where an asset or asset group is not considered impaired, even when its fair value may be less than its carrying value, because the asset or asset group is recoverable based on the cash flows to be generated over the estimated life of the asset or asset group. If the carrying value of a long-lived asset or asset group is in excess of estimated undiscounted cash flows, we typically use discounted cash flow analyses to calculate the fair value of the long-lived asset to determine if an impairment is required and the amount of the impairment losses to be recognized (step 2).

We evaluate our oil and gas producing properties for impairment of value on a field-by-field basis or, in certain instances, by logical grouping of assets if there is significant shared infrastructure, using undiscounted future cash flows based on estimated future oil and gas production volumes.

Oil and gas producing properties deemed to be impaired are written down to their fair value, as determined by discounted future cash flows based on estimated future oil and gas production volumes.  Unproved oil and gas properties that are individually significant are periodically assessed for impairment of value, and a loss is recognized at the time of impairment.

Equity Method of Accounting and Basis Differences

We use the equity method of accounting for investments which we do not control, but for which we have the ability to exercise significant influence. The carrying values of these investments are impacted by our share of investee income or loss, distributions, amortization or accretion of basis differences and other-than-temporary impairments.

The difference between the carrying value of an investment and our share of the investment’s underlying equity in net assets is referred to as a basis difference. If the basis difference is assigned to depreciable or amortizable assets and liabilities, the basis difference is amortized or accreted as part of our share of investee earnings. To the extent that the basis difference relates to goodwill, referred to as equity method goodwill, the amount is not amortized.

We evaluate our equity method investments for other-than-temporary impairment. When an other-than-temporary impairment is recognized, the loss is recorded as a reduction in equity earnings.

Goodwill

Goodwill is the cost of an acquisition of a business in excess of the fair value of acquired assets and liabilities and is recorded as an asset on our balance sheet. Goodwill is not subject to amortization but must be tested for impairment at least annually and in interim periods if indicators of impairment exist. This test requires us to assign goodwill to an appropriate reporting unit and compare the fair value of a reporting unit to its carrying value. If the carrying value of a reporting unit, including allocated goodwill, exceeds its fair value an impairment is measured and recorded at the amount by which the reporting unit’s carrying value exceeds its fair value.

We evaluate goodwill for impairment on May 31 of each year, or more frequently to the extent events occur or conditions change between annual tests that would indicate a risk of possible impairment at the interim period.  For purposes of 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) CO2; (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. Generally, the evaluation of goodwill for impairment involves a quantitative test, although under certain circumstances an initial qualitative evaluation may be sufficient to conclude that goodwill is not impaired without conducting the quantitative test.

A large portion of our goodwill is non-deductible for tax purposes, and as such, to the extent there are impairments, all or a portion of the impairment may not result in a corresponding tax benefit.

Refer to Note 7 for further information.

Other Intangibles

Excluding goodwill, our other intangible assets include customer contracts and other relationships and agreements.

Our intangible assets primarily relate to customer contracts or other relationships for the handling and storage of petroleum, chemical, and dry-bulk materials, including oil, gasoline, and other refined petroleum products, petroleum coke, metals and
ores, the gathering of natural gas and the production and supply of RNG. We determined the values of these intangible assets by first, estimating the revenues derived from a customer contract or relationship (offset by the cost and expenses of supporting assets to fulfill the contract), and second, discounting the revenues at a risk adjusted discount rate.

We amortize the costs of our intangible assets to expense in a systematic and rational manner over their estimated useful lives. The life of each intangible asset is based either on the life of the corresponding customer contract or agreement or, in the case of a customer relationship intangible (the life of which was determined by an analysis of all available data on that business relationship), the length of time used in the discounted cash flow analysis to determine the value of the customer relationship. Among the factors we weigh, depending on the nature of the asset, are the effects of obsolescence, new technology, and competition.

The following tables summarize our other intangible assets as of December 31, 2024 and 2023 and our amortization expense for the years ended December 31, 2024, 2023 and 2022: 
December 31,
20242023
(In millions)
Gross$3,543 $3,543 
Accumulated amortization(1,783)(1,586)
Net carrying amount$1,760 $1,957 
December 31,
202420232022
(In millions)
Amortization expense$197 $202 $253 

Our estimated amortization expense for our intangible assets for each of the next five fiscal years is:
20252026202720282029
(In millions)
Estimated amortization expenses$193 $191 $191 $190 $189 

Revenue Recognition

The majority of our revenues are accounted for under Topic 606, Revenue from Contracts with Customers; however, to a limited extent, some revenues are accounted for under other guidance such as Topic 842, Leases or Topic 815, Derivatives and Hedging Activities.

Revenue from Contracts with Customers

We review our contracts with customers using the following steps to recognize revenue based on the transfer of goods or services to customers and in amounts that reflect the consideration the company expects to receive for those goods or services. The steps include: (i) identify the contract; (ii) identify the performance obligations of the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and then (v) recognize revenue when (or as) the performance obligation is satisfied. Each of these steps involves management judgment and an analysis of the contract’s material terms and conditions.

Our customer sales contracts primarily include sales of natural gas, NGL, crude oil, CO2 and transmix, as described below. Generally, for the majority of these contracts (i) each unit (Bcf, gallon, barrel, etc.) of commodity is a separate performance obligation, as our promise is to sell multiple distinct units of commodity at a point in time; (ii) the transaction price principally consists of variable consideration, which amount is determinable each month end based on our right to invoice at month end for the value of commodity sold to the customer that month; and (iii) the transaction price is allocated to each performance obligation based on the commodity’s standalone selling price and recognized as revenue upon delivery of the commodity, which is the point in time when the customer obtains control of the commodity and our performance obligation is satisfied.

Our customer services contracts are primarily for transportation service, storage service, gathering and processing service, and terminaling, as described below. Generally, for the majority of these contracts (i) our promise is to transfer (or stand ready to transfer) a series of distinct integrated services over a period of time, which is a single performance obligation; (ii) the
transaction price includes fixed and/or variable consideration, which amount is determinable at contract inception and/or at each month end based on our right to invoice at month end for the value of services provided to the customer that month; and (iii) the transaction price is recognized as revenue over the service period specified in the contract (which can be a day, including each day in a series of promised daily services, a month, a year, or other time increment, including a deficiency makeup period) as the services are rendered using a time-based (passage of time) or units-based (units of service transferred) output method for measuring the transfer of control of the services and satisfaction of our performance obligation over the service period, based on the nature of the promised service (e.g., firm or non-firm) and the terms and conditions of the contract.

Firm Services

Firm services (also called uninterruptible services) are services that are promised to always be available to the customer during the period(s) covered by the contract, with limited exceptions. Our firm service contracts are typically structured with take-or-pay or minimum volume provisions, which specify minimum service quantities a customer will pay for even if it chooses not to receive or use them in the specified service period (referred to as “deficiency quantities”). For take-or-pay contracts, we recognize the take-or-pay amount as revenue ratably over the service period based on the passage of time as our performance obligation is to make the service, or a part of the service (e.g., reservation), continuously available over such period. For contracts with minimum volume provisions, we recognize the portion of the transaction price associated with the minimum provision as each service period expires and, as a result, our performance obligation is satisfied.

Non-Firm Services

Non-firm services (also called interruptible services) are the opposite of firm services in that such services are provided to a customer on an “as available” basis. Generally, we do not have an obligation to perform these services until we accept a customer’s periodic request for service. For the majority of our non-firm service contracts, the customer will pay only for the actual quantities of services it chooses to receive or use, and we typically recognize the transaction price as revenue as those units of service are transferred to the customer in the specified service period (typically a daily or monthly period).

Contract Balances

Contract assets and contract liabilities are the result of timing differences between revenue recognition, billings and cash collections. We recognize contract assets in those instances where billing occurs subsequent to revenue recognition, and our right to invoice the customer is conditioned on something other than the passage of time. Our contract assets are substantially related to breakage revenue associated with our firm service contracts with minimum volume commitment payment obligations where the customer cannot or will not make up deficiency quantities in the specified service period and contracts where we apply revenue levelization (i.e., contracts with fixed rates per volume that increase over the life of the contract for which we record revenue ratably per unit over the life of the contract based on our performance obligations that are generally unchanged over the life of the contract). Our contract liabilities are substantially related to (i) capital improvements paid for in advance by certain customers generally in our non-regulated businesses, which we subsequently recognize as revenue on a straight-line basis over the initial term of the related customer contracts; (ii) consideration received from customers for temporary deficiency quantities under minimum volume contracts that we expect will be made up in a future period, which we subsequently recognize as revenue when the customer makes up the volumes or the likelihood that the customer will exercise its right for deficiency volumes becomes remote (e.g., there is insufficient capacity to make up the volumes, the deficiency makeup period expires); and (iii) contracts with fixed rates per volume that decrease over the life of the contract where we apply revenue levelization for amounts received for our future performance obligations. We reassess amounts recorded as contract assets or liabilities upon contract modification.

Refer to Note 14 for further information.

Costs of Sales

Costs of sales primarily includes the cost to purchase energy commodities sold, including natural gas, crude oil, NGL and other refined petroleum products, adjusted for the effects of our energy commodity hedging activities, as applicable. Costs of our crude oil, gas and CO2 producing activities, such as those in our CO2 business segment, are not accounted for as costs of sales.

Operations and Maintenance

Operations and maintenance includes costs of services and is primarily comprised of (i) operational labor costs and (ii) operations, maintenance and asset integrity, regulatory and environmental costs. Costs associated with our crude oil, gas and
CO2 producing activities included within operations and maintenance totaled $402 million, $393 million and $367 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Environmental Matters

We capitalize certain environmental expenditures required to obtain rights-of-way, regulatory approvals or permitting as part of the construction of facilities we use in our business operations. We accrue and expense environmental costs that relate to an existing condition caused by past operations, which do not contribute to current or future revenue generation. We generally do not discount environmental liabilities to a net present value, and we record environmental liabilities when environmental assessments and/or remedial efforts are probable and we can reasonably estimate the costs, such as after the completion of a feasibility study or commitment to a formal plan of action. We recognize receivables for anticipated associated insurance recoveries when such recoveries are deemed to be probable. We record at estimated fair value, where appropriate, environmental liabilities assumed in a business combination.

We routinely conduct reviews of potential environmental issues and claims that assist us in identifying environmental issues and estimating the costs and timing of remediation efforts. We also routinely adjust our environmental liabilities to reflect changes in previous estimates. In making environmental liability estimations, we consider the material effect of environmental compliance, pending legal actions against us, and potential third-party liability claims we may have against others. Often, as the remediation evaluation and effort progresses, additional information is obtained, requiring revisions to estimated costs.

Leases

We lease property including corporate and field offices and facilities, vehicles, heavy work equipment including rail cars and large trucks, tanks, office equipment and land. Our leases have remaining lease terms of one to 46 years, some of which have options to extend or terminate the lease. We determine if an arrangement is a lease at inception or upon modification. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that we will exercise that option.

Our operating ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Leases with variable rate adjustments, such as Consumer Price Index (CPI) adjustments, are reflected based on contractual lease payments as outlined within the lease agreement and not adjusted for any CPI increases or decreases. Because most of our leases do not provide an explicit rate of return, we use our incremental secured borrowing rate based on lease term information available at the commencement date of the lease in determining the present value of lease payments. We have real estate lease agreements with lease and non-lease components, which are accounted for separately. For certain equipment leases, such as copiers and vehicles, we account for the leases under a portfolio method. Leases that were grandfathered under various portions of Topic 842, such as land easements, are reassessed when the agreements are modified.

Refer to Note 16 for further information.

Share-based Compensation
 
We recognize compensation expense ratably over the vesting period of the restricted stock award based on the grant-date fair value, which is determined based on the market price of our Class P common stock on the grant date, less estimated forfeitures. Forfeiture rates are estimated based on historical forfeitures under our equity award plans. Upon vesting, the restricted stock award will be settled in unrestricted shares of our Class P common stock.
 
Pensions and Other Postretirement Benefits

We recognize the differences between the fair value of each of our and our consolidated subsidiaries’ pension and other postretirement benefit plans’ assets and the benefit obligations as either assets or liabilities on our consolidated balance sheets. We record deferred plan costs and income—unrecognized losses and gains, unrecognized prior service costs and credits, and any remaining unamortized transition obligations—net of income taxes in “Accumulated other comprehensive loss,” with the proportionate share associated with less than wholly owned consolidated subsidiaries allocated and included within “Noncontrolling interests,” or as a regulatory asset or liability for certain of our regulated operations, until they are amortized as a component of benefit expense.
Deferred Financing Costs

We capitalize financing costs incurred with new borrowings and amortize the costs over the contractual term of the related obligations.

Noncontrolling Interests

Noncontrolling interests represents the interests in our consolidated subsidiaries that are not owned by us.  In our accompanying consolidated statements of income, the noncontrolling interest in the net income of our less than wholly owned consolidated subsidiaries is shown as an allocation of our consolidated net income and is presented separately as “Net Income Attributable to Noncontrolling Interests.”  In our accompanying consolidated balance sheets, noncontrolling interests is presented separately as “Noncontrolling interests” within “Stockholders’ Equity.”

Income Taxes

Income tax expense is recorded based on an estimate of the effective tax rate in effect or to be in effect during the relevant periods. Changes in tax legislation are included in the relevant computations in the period in which such changes are enacted. We do business in a number of states with differing laws concerning how income subject to each state’s tax structure is measured and at what effective rate such income is taxed. Therefore, we must make estimates of how our income will be apportioned among the various states in order to arrive at an overall effective tax rate. Changes in our effective tax rate, including any effect on previously recorded deferred taxes, are recorded in the period in which the need for such change is identified.

Deferred income tax assets and liabilities are recognized for temporary differences between the basis of assets and liabilities for financial reporting and tax purposes. Deferred tax assets are reduced by a valuation allowance when it is more-likely-than-not that all, or a portion, of a deferred tax asset will not be realized. While we have considered estimated future taxable income and prudent and feasible tax planning strategies in determining the amount of our valuation allowance, any change in the amount that we expect to ultimately realize will be included in income in the period in which such a determination is reached. Income tax effects are released from accumulated other comprehensive loss to retained earnings, when applicable, on an individual item basis as those items are reclassified into income.

In determining the deferred income tax asset and liability balances attributable to our investments, we apply an accounting policy that looks through our investments. The application of this policy resulted in no deferred income taxes being provided on the difference between the book and tax basis on the non-tax-deductible goodwill portion of our investments, including KMI’s investment in its wholly-owned subsidiary, KMP.

Risk Management Activities

We utilize energy commodity derivative contracts for the purpose of mitigating our risk resulting from fluctuations in the market price of commodities including crude oil, natural gas, and NGL.  In addition, we enter into interest rate swap agreements for the purpose of managing our interest rate exposure associated with our debt obligations. We also enter into cross-currency swap agreements to manage our foreign currency risk associated with certain debt obligations. We measure our derivative contracts at fair value and we report them on our balance sheet as either an asset or liability. For certain physical forward commodity derivatives contracts, we apply the normal purchase/normal sale exception, whereby the revenues and expenses associated with such transactions are recognized during the period when the commodities are physically delivered or received.

For qualifying accounting hedges, we formally document the relationship between the hedging instrument and the hedged item, the risk management objectives, and the methods used for assessing and testing effectiveness. When we designate a derivative contract as a cash flow accounting hedge, the entire change in fair value of the derivative that is included in the assessment of hedge effectiveness is deferred in “Accumulated other comprehensive loss” and reclassified into earnings in the period in which the hedged item affects earnings. When we designate a derivative contract as a fair value accounting hedge, the change in fair value of the hedged item is recorded as an adjustment to the carrying value of the hedged item and recognized currently in earnings in the same line item that the change in fair value of the derivative is recognized currently in earnings. Therefore, any difference between the changes in fair values of the item being hedged and the derivative contract results in a gain or loss from the hedging relationship recognized currently in earnings.

For derivative instruments that are not designated as accounting hedges, or for which we have not elected the normal purchase/normal sales exception, changes in fair value are recognized currently in earnings.
Unrealized gains and losses associated with our derivative activities that affect income are reflected as “Change in fair market value of derivative contracts” within our accompanying consolidated statement of cash flows as a noncash add back to net income to arrive at cash flows from our derivative activities for the period. Net changes in our interest receivable and payable balances that represent accruals and periodic settlements of interest on our interest rate swaps are included within “Accrued interest, net of interest rate swaps” on our accompanying consolidated statement of cash flows.

Fair Value

The fair values of our financial instruments are separated into three broad levels (Levels 1, 2 and 3) based on our assessment of the availability of observable market data and the significance of non-observable data used to determine fair value. We assign each fair value measurement to a level corresponding to the lowest level input that is significant to the fair value measurement in its entirety. Recognized valuation techniques utilize inputs such as contractual prices, quoted market prices or rates, and discount factors.  These inputs may be either readily observable or corroborated by market data.

Regulatory Assets and Liabilities

Regulatory assets and liabilities represent probable future revenues or expenses associated with certain charges and credits that will be recovered from or returned to customers through the ratemaking process. In instances where we receive recovery in tariff rates related to losses on dispositions of operating units, we record a regulatory asset for the estimated recoverable amount.  We include the amounts of our regulatory assets and liabilities within “Other current assets,” “Deferred charges and other assets,” “Other current liabilities” and “Other long-term liabilities and deferred credits,” respectively, in our accompanying consolidated balance sheets.

The following table summarizes our regulatory asset and liability balances as of December 31, 2024 and 2023:
December 31,
20242023
(In millions)
Current regulatory assets$25 $26 
Non-current regulatory assets231 214 
Total regulatory assets(a)$256 $240 
Current regulatory liabilities$35 $45 
Non-current regulatory liabilities197 188 
Total regulatory liabilities(b)$232 $233 
(a)Regulatory assets as of December 31, 2024 include (i) $90 million of unamortized losses on disposal of assets; (ii) $41 million income tax gross up on equity AFUDC; and (iii) $125 million of other assets, including amounts related to fuel tracker arrangements. Approximately $162 million of the regulatory assets, with a weighted average remaining recovery period of 8 years, are recoverable without earning a return, including the income tax gross up on equity AFUDC for which there is an offsetting deferred income tax balance for FERC rate base purposes; therefore, it does not earn a return.
(b)Regulatory liabilities as of December 31, 2024 are comprised of customer prepayments to be credited to shippers or other over-collections that are expected to be returned to shippers or netted against under-collections over time. Approximately $118 million of the $197 million classified as non-current is expected to be credited to shippers over a remaining weighted average period of 11 years, while the remaining $79 million is not subject to a defined period.

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 or restricted stock units 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:
Year Ended December 31,
202420232022
(In millions, except per share amounts)
Net Income Available to Stockholders$2,613 $2,391 $2,548 
Participating securities:
   Less: Net Income Allocated to Restricted stock awards(a)(15)(14)(13)
Net Income Allocated to Common Stockholders$2,598 $2,377 $2,535 
Basic Weighted Average Shares Outstanding2,220 2,234 2,258 
Basic Earnings Per Share$1.17 $1.06 $1.12 
(a)As of December 31, 2024, there were approximately 13 million restricted stock awards outstanding.

The following maximum number of potential common stock equivalents 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.
Year Ended December 31,
202420232022
(In millions on a weighted average basis)
Unvested restricted stock awards13 13 13 
Convertible trust preferred securities3 3 3 
v3.25.0.1
Acquisitions and Divestitures (Notes)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions and Divestitures
3.
Acquisitions and Divestitures

Acquisitions

For acquired businesses, we recognize the identifiable assets acquired, the liabilities assumed and any noncontrolling interest in the acquiree at their estimated fair values on the date of acquisition with any excess purchase price over the fair value of net assets acquired recorded to goodwill. Determining the fair value of these items requires management’s judgment and the utilization of an independent valuation specialist, if applicable, and involves the use of significant estimates and assumptions.

Our allocation of the purchase price for acquisitions completed during the years ended December 31, 2024, 2023 and 2022 are detailed below:
Assignment of Purchase Price
RefAcquisitionPurchase priceCurrent assetsProperty, plant & equipmentOther long-term assetsCurrent liabilitiesLong-term liabilitiesNon-controlling interestResulting goodwill
(In millions)
(1)North McElroy Unit$61 $1 $102 $— $— $(42)$— $— 
(2)STX Midstream1,829 25 1,199 549 (6)— (66)128 
(3)Diamond M13 — 25 — — (12)— — 
(4)North American Natural Resources132 2 5 64 — — — 61 
(5)Mas Ranger, LLC358 9 31 320 (2)— — — 

(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 $61 million. The acquired long-term liabilities consist of asset retirement obligations. The acquired assets are included in our CO2 business segment.
(2) STX 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. Other long-term assets includes $357 million related to customer relationships with weighted average amortization period of 15 years and $192 million related to a 50% equity investment interest in Dos Caminos, LLC. The acquisition included a 90% interest in NET Mexico Pipeline LLC. During the year ended December 31, 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 goodwill consists primarily of synergies expected from the business combination and $124 million of the goodwill recorded is expected to be tax deductible. The acquired assets are included in our Natural Gas business segment.

The determination of fair value utilized valuation methodologies including discounted cash flows for the customer relationships intangible assets and the equity method investment and the replacement cost approach for the property, plant and equipment. The significant assumptions made in performing these valuations include the discount rate utilized to value the customer relationships intangible assets and equity method investment and replacement costs used to value property, plant and equipment.

(3) Diamond M Acquisition

On June 1, 2023, we completed the acquisition of the Diamond M Field from Parallel Petroleum LLC for a purchase price of $13 million, including purchase price adjustments for working capital. During the year ended December 31, 2024, we acquired an additional working interest from Collins Permian LP for a purchase price of $3 million, net of an immaterial asset retirement obligation assumed. These acquired assets, which are adjacent to our SACROC field, are included in our CO2 business segment.

(4) North American Natural Resources Acquisition

On August 11, 2022, we completed the acquisition of seven landfill assets with the purchase of North American Natural Resources, Inc. and, its sister companies, North American Biofuels, LLC and North American-Central, LLC (NANR) consisting of GTE facilities in Michigan and Kentucky for $132 million, including purchase price adjustments for working capital. Other long-term assets within the purchase price allocation consists of intangibles related to gas rights and customer contracts with a weighted average amortization period of approximately 13 years. The goodwill associated with this acquisition is tax deductible. The acquired assets align with our strategy to invest in low-carbon energy and are included as part of our Energy Transition Ventures group within our CO2 business segment. During November 2023, the seller exercised its option to repurchase one of the landfill assets for an insignificant amount.

(5) Mas Ranger Acquisition

On July 19, 2022, we completed an acquisition of three landfill assets with the purchase of Mas Ranger, LLC and its subsidiaries from Mas CanAm, LLC, comprising an RNG facility in Arlington, Texas and medium Btu facilities in Shreveport, Louisiana and Victoria, Texas for $358 million including purchase price adjustments for working capital. Other long-term assets within the purchase price allocation reflects an intangible related to a customer contract with an amortization period of approximately 17 years. The acquired assets align with our strategy to invest in low-carbon energy and are included as part of our Energy Transition Ventures group within our CO2 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.

Subsequent Event

On January 13, 2025, we announced that we had entered into an agreement to purchase a natural gas gathering and processing system in North Dakota from Outrigger Energy II LLC for a cash payment of $640 million. The acquisition includes a 0.27 Bcf/d processing facility and a 104-mile, large-diameter, high-pressure rich gas gathering header pipeline with 0.35 Bcf/d of capacity connecting supplies from the Williston Basin area to high-demand markets. Subject to customary closing conditions and regulatory approval, this transaction is expected to close in the first quarter of 2025.
Divestitures

CO2 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 $18 million of cash proceeds from this divestiture, net of working capital adjustments, which is reported as an investing activity within “Other, net” on our accompanying consolidated statement of cash flows, and recorded a gain of $40 million, which is reported within “Other income, 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. The assets were included in our CO2 business segment.

Sale of Interest in ELC

On September 26, 2022, we completed the sale of a 25.5% ownership interest in ELC. We received net proceeds of $557 million which were used to reduce short-term borrowings. As we continue to have a controlling financial interest in ELC, we recorded an increase of $190 million to “Additional paid in capital” for the impact of the change in our ownership interest in ELC, which is reflected on our accompanying consolidated statement of stockholders’ equity for the year ended December 31, 2022. We continue to own a 25.5% interest in and operate ELC.

We continue to consolidate ELC. We have determined that ELC is a variable interest entity and Southern Liquefaction Company, LLC (SLC), which is indirectly controlled by us, is the primary beneficiary because it has the ability to direct the activities that most significantly impact ELC’s economic performance and the right to receive benefits and the obligation to absorb losses. In addition to being the operator of ELC, the evaluation of ELC as a variable interest entity and SLC as the primary beneficiary included consideration of the following: (i) a liquefaction service agreement between ELC and its customer was designed for recovery by ELC of actual costs for operating and maintaining ELC’s facilities, which reduces the risk for all equity owners to absorb losses resulting from cost variability; and (ii) substantially all ELC’s activities involve KMI subsidiaries under common control that provide services for and benefit from the operations of ELC.

The following table shows the carrying amount and classification of ELC’s assets and liabilities in our consolidated balance sheets:
December 31,
20242023
(In millions)
Assets
Current assets$47 $46 
Property, plant and equipment, net 1,129 1,162 
Deferred charges and other assets6 5 
Liabilities
Current liabilities$18 $15 
Other long-term liabilities and deferred credits49 25 

We receive distributions from ELC, indirectly, through our interest in SLC, but otherwise, the assets of ELC cannot be used to settle our obligations. ELC’s creditors have no recourse against our general credit and the obligations of ELC may only be settled using the assets of ELC. ELC does not guarantee our debt or other similar commitments.
v3.25.0.1
Income Taxes (Notes)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes
4. Income Taxes

The components of “Income Before Income Taxes” are as follows:
 Year Ended December 31,
 202420232022
(In millions)
U.S.$3,402 $3,192 $3,318 
Foreign5 9 17 
Total Income Before Income Taxes$3,407 $3,201 $3,335 

Components of the income tax provision applicable for federal, foreign and state taxes are as follows:
 Year Ended December 31,
 202420232022
(In millions)
Current tax expense   
Federal$11 $— $— 
State26 5 14 
Foreign3 — 4 
Total40 5 18 
Deferred tax expense    
Federal602 619 642 
State45 91 50 
Total647 710 692 
Total tax provision$687 $715 $710 

The difference between the statutory federal income tax rate and our effective income tax rate is summarized as follows:
 Year Ended December 31,
 202420232022
(In millions, except percentages)
Federal income tax$716 21.0 %$672 21.0 %$700 21.0 %
Increase (decrease) as a result of:      
State income tax, net of federal benefit71 2.1 %64 2.0 %69 2.0 %
Dividend received deduction(34)(1.0)%(34)(1.1)%(36)(1.1)%
General business credit(a)
(42)(1.2)%(1)— %— — %
Other(24)(0.7)%14 0.4 %(23)(0.7)%
Total$687 20.2 %$715 22.3 %$710 21.2 %
(a)Recognition of investment tax credits generated by biogas projects.
Deferred tax assets and liabilities result from the following:
 December 31,
 20242023
(In millions)
Deferred tax assets  
Employee benefits$81 $114 
Net operating loss carryforwards1,416 2,024 
Tax credit carryforwards312 300 
Interest expense limitation372 266 
Other179 181 
Valuation allowances(64)(77)
Total deferred tax assets2,296 2,808 
Deferred tax liabilities
Property, plant and equipment217 215 
Investments(a)
4,124 3,951 
Other25 30 
Total deferred tax liabilities4,366 4,196 
Net deferred tax liability$(2,070)$(1,388)
(a)Amounts as of December 31, 2024 and 2023 are primarily associated with KMI’s investment in KMP.

Deferred Tax Assets and Valuation Allowances

A reconciliation of our valuation allowances for the year ended December 31, 2024 is as follows:
Year Ended
December 31, 2024
(In millions)
Balance at beginning of period$77 
Addition for state NOL4 
State rate changes(10)
Currency fluctuation(7)
Balance at end of period$64 

The following table provides details related to our deferred tax assets and valuation allowances as of December 31, 2024:
Unused AmountDeferred Tax AssetValuation AllowanceExpiration Period
(In millions)
Net Operating Loss
U.S. federal net operating loss$5,707 $1,198 $— Indefinite
State losses4,560 194 (40)2024 - 2044
Foreign losses70 24 (24)Indefinite
Tax Credits
General business credits312 312 — 2036 - 2044

Use of a portion of our U.S. federal carryforwards is subject to the limitations provided under Sections 382 and 383 of the Internal Revenue Code as well as the separate return limitation rules of Internal Revenue Service regulations. If certain substantial changes in our ownership occur, there would be an annual limitation on the amount of carryforwards that could be utilized.

Unrecognized Tax Benefits: We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based not only on the technical merits of the tax position based on tax law, but also the past administrative practices and precedents of the taxing authority.  The tax benefits
recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution.

A reconciliation of our gross unrecognized tax benefit excluding interest and penalties is as follows:
Year Ended December 31,
202420232022
(In millions)
Balance at beginning of period$18 $23 $21 
Reductions based on statute expirations(3)(5)(5)
Audit settlement— (1)— 
Additions to state reserves for prior years4 1 7 
Balance at end of period$19 $18 $23 
Amounts which, if recognized, would affect the effective tax rate$19 

In addition, we believe it is reasonably possible that our liability for unrecognized tax benefits will increase by $3 million during the next year, primarily due to additions for state filing positions taken in prior years, offset by releases from statute expirations.

The following table summarizes information of our open tax years:
JurisdictionOpen Tax Year
U.S.2020 - 2024
Various states2012 - 2024
Foreign2020 - 2024
v3.25.0.1
Property, Plant and Equipment, net (Notes)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, net
5.  Property, Plant and Equipment, net
 
As of December 31, 2024 and 2023, our property, plant and equipment, net consisted of the following:
 
Straight-Line
Estimated Useful Life
Composite
Depreciation Rates		December 31,
 20242023
(Years) (%)(In millions)
Interstate Natural Gas FERC-Regulated
Pipelines (Natural gas)
1.09-6.67
$12,376 $12,019 
Equipment (Natural gas)
1.09-6.67
9,488 9,190 
Other(a)
0.00-33
1,143 1,169 
Accumulated depreciation, depletion and amortization(10,712)(10,301)
Depreciable assets12,295 12,077 
Land51 53 
Construction work in process568 394 
Total interstate natural gas FERC-regulated12,914 12,524 
Other
Pipelines (Natural gas, liquids, refined products, crude oil and CO2)
5-40
0.09-33.33
8,933 9,631 
Equipment (Natural gas, liquids, refined products, crude oil, CO2 and terminals)
5-40
0.09-33.33
20,243 19,974 
Other(a)
3-10
0.00-33.33
5,587 5,493 
Accumulated depreciation, depletion and amortization(11,470)(11,774)
Depreciable assets23,293 23,324 
Land786 798 
Construction work in process1,020 651 
Total other25,099 24,773 
Property, plant and equipment, net$38,013 $37,297 
(a)Includes general plant, general structures and buildings, land rights-of-way, computer and communication equipment, intangibles, vessels, transmix products, linefill, and miscellaneous property, plant and equipment.

Depreciation, depletion and amortization expense for property, plant and equipment was $2,127 million, $2,020 million and $1,905 million for the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Investments (Notes)
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investments .  Investments
 
Our investments primarily consist of equity investments where we hold significant influence over investee actions and for which we apply the equity method of accounting. The following table provides details on our investments as of December 31, 2024 and 2023 and our earnings (loss) from these respective investments for the years ended December 31, 2024, 2023 and 2022: 
Ownership Interest Equity InvestmentsEarnings (Loss) from
Equity Investments
 December 31,December 31,Year Ended December 31,
 202420242023202420232022
(In millions)
Citrus Corporation50%$1,794 $1,789 $134 $143 $145 
SNG50%1,734 1,668 145 140 145 
PHP27.74%736 763 91 70 70 
NGPL Holdings(a)37.5%618 623 117 121 111 
GCX
34%566 566 91 93 91 
Products (SE) Pipe Line Corporation51.17%371 369 72 65 51 
MEP50%320 342 63 87 10 
Utopia Holding LLC50%318 322 24 22 20 
EagleHawk25%266 273 26 18 13 
Gulf LNG Holdings Group, LLC50%240 275 26 25 24 
Dos Caminos, LLC
50%188 192 16 — — 
Red Cedar Gathering Company49%168 155 7 15 17 
Cortez Pipeline Company52.98%30 30 27 25 30 
Double Eagle(b)50%8 14 (6)(42)18 
All others488 493 57 56 58 
Total investments$7,845 $7,874 $890 $838 $803 
Amortization of excess cost$(50)$(66)$(75)
(a)Our investment in NPGL Holdings includes a related party promissory note receivable from NGPL Holdings with quarterly interest payments at 6.75%. The outstanding principal amount of our related party promissory note receivable at both December 31, 2024 and 2023 was $375 million. For the each of the years ended December 31, 2024, 2023 and 2022, we recognized $25 million of interest within “Earnings from equity investments” on our accompanying consolidated statements of income.
(b)Loss for the year ended December 31, 2023 includes $67 million of our share of a pre-tax non-cash impairment charge. The impairment was driven by lower expected renewal rates on contracts that expired in the second half of 2023.

Summarized combined financial information for our equity investments is reported below (amounts represent 100% of investee financial information):
Year Ended December 31,
Income Statement202420232022
(In millions)
Revenues$6,607 $6,249 $6,234 
Costs and expenses4,541 4,262 4,309 
Net income$2,066 $1,987 $1,925 
December 31,
Balance Sheet20242023
(In millions)
Current assets$1,355 $1,922 
Non-current assets24,465 24,337 
Current liabilities2,223 1,558 
Non-current liabilities9,181 10,108 
Partners’/owners’ equity14,416 14,593 
v3.25.0.1
Goodwill (Notes)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill
7.  Goodwill
 
Changes in the amounts of our goodwill for each of the years ended December 31, 2024 and 2023 are summarized by segment as follows:  
 Natural Gas PipelinesProducts PipelinesTerminals
CO2
Total
(In millions)
Gross goodwill
$20,832 $2,796 $1,481 $1,642 $26,751 
Accumulated impairment losses
(4,240)(1,267)(679)(600)(6,786)
December 31, 202216,592 1,529 802 1,042 19,965 
Acquisition of STX Midstream156 — — — 156 
December 31, 202316,748 1,529 802 1,042 20,121 
Acquisition(a)(28)— — — (28)
Divestitures(b)— — — (9)(9)
December 31, 202416,720 1,529 802 1,033 20,084 
Gross goodwill
20,960 2,796 1,481 1,633 26,870 
Accumulated impairment losses
(4,240)(1,267)(679)(600)(6,786)
December 31, 2024$16,720 $1,529 $802 $1,033 $20,084 
(a)Reflects adjustment to purchase price allocation related to the December 2023 STX Midstream acquisition.
(b)Associated with our CO2 business segment assets that were divested in June 2024.

Results of our May 31, 2024 annual impairment test indicated that for each of our reporting units, the reporting unit’s fair value exceeded carrying value (by at least 10%). We did not identify any triggers requiring further impairment analysis during the remainder of the year.

The fair value estimates used in our goodwill impairment test include Level 3 inputs of the fair value hierarchy. For all reporting units other than the Energy Transition Ventures reporting unit within our CO2 business segment, 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 the Energy Transition Ventures reporting unit, which had a goodwill balance of $114 million as of December 31, 2024, 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.
v3.25.0.1
Debt (Notes)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt
8.  Debt

The following table provides detail on the principal amount of our outstanding debt balances:
December 31,
 20242023
(In millions)
Credit facility and commercial paper borrowings(a)$331 $1,989 
Corporate senior notes(b)
4.15%, due February 2024
— 650 
4.30%, due May 2024
— 600 
4.25%, due September 2024
— 650 
4.30%, due June 2025
1,500 1,500 
1.75%, due November 2026
500 500 
6.70%, due February 2027
7 7 
2.25%, due March 2027(c)
518 552 
6.67%, due November 2027
7 7 
December 31,
 20242023
4.30%, due March 2028
1,250 1,250 
7.25%, due March 2028
32 32 
6.95%, due June 2028
31 31 
5.00%, due February 2029
1,250 — 
5.10% due August 2029
500 — 
8.05%, due October 2030
234 234 
2.00%, due February 2031
750 750 
7.40%, due March 2031
300 300 
7.80%, due August 2031
537 537 
7.75%, due January 2032
1,005 1,005 
7.75%, due March 2032
300 300 
4.80%, due February 2033
750 750 
5.20%, due June 2033
1,500 1,500 
7.30%, due August 2033
500 500 
5.40%, due February 2034
1,000 — 
5.30%, due December 2034
750 750 
5.80%, due March 2035
500 500 
7.75%, due October 2035
1 1 
6.40%, due January 2036
36 36 
6.50%, due February 2037
400 400 
7.42%, due February 2037
47 47 
6.95%, due January 2038
1,175 1,175 
6.50%, due September 2039
600 600 
6.55%, due September 2040
400 400 
7.50%, due November 2040
375 375 
6.375%, due March 2041
600 600 
5.625%, due September 2041
375 375 
5.00%, due August 2042
625 625 
4.70%, due November 2042
475 475 
5.00%, due March 2043
700 700 
5.50%, due March 2044
750 750 
5.40%, due September 2044
550 550 
5.55%, due June 2045
1,750 1,750 
5.05%, due February 2046
800 800 
5.20%, due March 2048
750 750 
3.25%, due August 2050
500 500 
3.60%, due February 2051
1,050 1,050 
5.45%, due August 2052
750 750 
5.95% due August 2054
750 — 
7.45%, due March 2098
26 26 
TGP senior notes(b)
7.00%, due March 2027
300 300 
7.00%, due October 2028
400 400 
2.90%, due March 2030
1,000 1,000 
8.375%, due June 2032
240 240 
7.625%, due April 2037
300 300 
EPNG senior notes(b)
7.50%, due November 2026
200 200 
3.50%, due February 2032
300 300 
8.375%, due June 2032
300 300 
CIG senior notes(b)
4.15%, due August 2026
375 375 
6.85%, due June 2037
100 100 
EPC Building, LLC, promissory note, 3.967%, due January 2023 through December 2035
310 330 
Trust I Preferred Securities, 4.75%, due March 2028(d)
221 221 
Other miscellaneous debt(e)205 234 
Total debt – KMI and Subsidiaries31,788 31,929 
Less: Current portion of debt2,009 4,049 
Total long-term debt – KMI and Subsidiaries(f)$29,779 $27,880 
(a)Weighted average interest rates on borrowings at December 31, 2024 and 2023 were 4.60% and 5.68%, respectively.
(b)Notes provide for the redemption at any time at a price equal to 100% of the principal amount of the notes plus accrued interest to the redemption date plus a make whole premium and are subject to a number of restrictions and covenants. The most restrictive of these include limitations on the incurrence of liens and limitations on sale-leaseback transactions.
(c)Consists of senior notes denominated in Euros that have been converted to U.S. dollars and are respectively reported above at the December 31, 2024 exchange rate of 1.0354 U.S. dollars per Euro and at the December 31, 2023 exchange rate of 1.1039 U.S. dollars per Euro. As of December 31, 2024 and 2023, the cumulative changes in the exchange rate of U.S. dollars per Euro since issuance had resulted in a decrease of $25 million and an increase of $9 million, respectively. As of December 31, 2024, we had outstanding associated cross-currency swap agreements which are designated as cash flow hedges.
(d)Capital Trust I (Trust I), is a 100%-owned business trust that as of December 31, 2024, had 4.4 million of 4.75% trust convertible preferred securities outstanding (referred to as the Trust I Preferred Securities). Trust I exists for the sole purpose of issuing preferred securities and investing the proceeds in 4.75% convertible subordinated debentures, which are due 2028. Trust I’s sole source of income is interest earned on these debentures. This interest income is used to pay distributions on the preferred securities. We provide a full and unconditional guarantee of the Trust I Preferred Securities. There are no significant restrictions from these securities on our ability to obtain funds from our subsidiaries by distribution, dividend or loan. The Trust I Preferred Securities are non-voting (except in limited circumstances), pay quarterly distributions at an annual rate of 4.75% and carry a liquidation value of $50 per security plus accrued and unpaid distributions. The Trust I Preferred Securities outstanding as of December 31, 2024 are convertible at any time prior to the close of business on March 31, 2028, at the option of the holder, into the following mixed consideration: (i) 0.7197 of a share of our Class P common stock; and (ii) $25.18 in cash without interest. We have the right to redeem these Trust I Preferred Securities at any time.
(e)Includes finance lease obligations with monthly installments. The lease terms expire between 2026 and 2070.
(f)Excludes our “Debt fair value adjustments” which, as of December 31, 2024 and 2023, increased our combined debt balances by $102 million and $187 million, respectively. In addition to all unamortized debt discount/premium amounts, debt issuance costs and purchase accounting on our debt balances, our debt fair value adjustments also include amounts associated with the offsetting entry for hedged debt and any unamortized portion of proceeds received from the early termination of interest rate swap agreements. For further information about our debt fair value adjustments, see “—Debt Fair Value Adjustments” below.

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.

On July 31, 2024, we issued, in a registered offering, two series of senior notes consisting of $500 million aggregate principal amount of 5.10% senior notes due 2029 and $750 million aggregate principal amount of 5.95% senior notes due 2054 and received combined net proceeds of $1,235 million.

We and substantially all of our wholly owned domestic subsidiaries are party 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.

Current Portion of Debt
The following table details the components of our “Current portion of debt” reported on our consolidated balance sheets:
December 31,
20242023
(In millions)
$3.5 billion credit facility due August 20, 2027
$— $— 
Commercial paper notes331 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 
4.30%, due June 2025
1,500 — 
Trust I Preferred Securities, 4.75% due March 2028(a)
111 111 
Current portion of other debt67 49 
Total current portion of debt$2,009 $4,049 
(a)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.
Credit Facility and Restrictive Covenants

We have a $3.5 billion revolving credit facility due August 2027 with a syndicate of lenders, which can be increased by up to $1.0 billion if certain conditions, including the receipt of additional lender commitments, are met. Borrowings under our credit facility can be used for working capital and other general corporate purposes and as backup to our commercial paper program.

We maintain a $3.5 billion commercial paper program through the private placement of short-term notes which matures in August 2027. The notes mature up to 270 days from the date of issue and are not redeemable or subject to voluntary prepayment by us prior to maturity. The notes are sold at par value less a discount representing an interest factor or if interest bearing, at par. Borrowings under our commercial paper program reduce the borrowings allowed under our credit facility.

Depending on the type of loan request, our borrowings under our credit facility bears interest at either (i) SOFR, plus (x) a credit spread adjustment and (y) an applicable margin ranging from 1.000% to 1.750% per annum based on our credit ratings or (ii) the greatest of (1) the Federal Funds Rate plus 0.5%; (2) the Prime Rate; or (3) SOFR for a one-month eurodollar loan, plus (x) a credit spread adjustment, (y) 1%, and (z) in each case, an applicable margin ranging from 0.100% to 0.750% per annum based on our credit rating. Standby fees for the unused portion of the credit facility will be calculated at a rate ranging from 0.100% to 0.250%.
 
Our credit facility contains financial and various other covenants that apply to us and our subsidiaries and are common in such agreements, including a maximum ratio of Consolidated Net Indebtedness to Consolidated EBITDA (as defined in the credit facility, as amended) of 5.50 to 1.00, for any four-fiscal-quarter period. Other negative covenants include restrictions on our and certain of our subsidiaries’ ability to incur debt, grant liens, make fundamental changes or engage in certain transactions with affiliates, or in the case of certain material subsidiaries, permit restrictions on dividends, distributions or making or prepayments of loans to us or any guarantor. Our credit facility also restricts our ability to make certain restricted payments if an event of default (as defined in the credit facility) has occurred and is continuing or would occur and be continuing.

As of December 31, 2024, we had no borrowings outstanding under our credit facility, $331 million borrowings outstanding under our commercial paper program and $57 million in letters of credit. Our availability under our credit facility as of December 31, 2024 was approximately $3.1 billion. For the years ended December 31, 2024, 2023, and 2022, we were in compliance with all required covenants.

Maturities of Debt

The scheduled maturities of the outstanding debt balances, excluding debt fair value adjustments as of December 31, 2024, are summarized as follows:
YearTotal
(In millions)
2025$2,009 
20261,102 
2027872 
20281,867 
20291,781 
Thereafter24,157 
Total$31,788 
Debt Fair Value Adjustments

The following table summarizes the “Debt fair value adjustments” included on our accompanying consolidated balance sheets:
December 31,
20242023
(In millions)
Purchase accounting debt fair value adjustments$385 $430 
Carrying value adjustment to hedged debt(241)(236)
Unamortized portion of proceeds received from the early termination of interest rate swap agreements(a)167 185 
Unamortized debt discounts, net(70)(67)
Unamortized debt issuance costs(139)(125)
Total debt fair value adjustments$102 $187 
(a)As of December 31, 2024, the weighted-average amortization period of the unamortized premium from the termination of interest rate swaps was approximately 10 years.

Fair Value of Financial Instruments
 
The carrying value and estimated fair value of our outstanding debt balances is disclosed below:
 December 31, 2024December 31, 2023
 Carrying
value		Estimated
fair value(a)		Carrying
value		Estimated
fair value(a)
(In millions)
Total debt$31,890 $30,794 $32,116 $31,370 
(a)Included in the estimated fair value are amounts for our Trust I Preferred Securities of $201 million and $207 million as of December 31, 2024 and 2023, respectively.

We used Level 2 input values to measure the estimated fair value of our outstanding debt balance as of both December 31, 2024 and 2023.

Interest Rates, Interest Rate Swaps and Contingent Debt

The weighted average interest rate on all of our borrowings was 5.83% during 2024 and 5.84% during 2023. Information on our interest rate swaps is contained in Note 13. For information about our contingent debt agreements, see Note 12 “Commitments and Contingent Liabilities—Contingent Debt”).
v3.25.0.1
Share-based Compensation and Employee Benefits (Notes)
 12 Months Ended
Dec. 31, 2024
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Share-based Compensation and Employee Benefits
9.      Share-based Compensation and Employee Benefits

Share-based Compensation

Class P Common Stock

Following is a summary of our stock compensation plans:
Directors’ Plan
Long Term Incentive Plan
Participating individualsEligible non-employee directors
Eligible employees
Total number of shares of Class P common stock authorized1,190,000 63,000,000 
Vesting period6 months
1 year to 10 years

Kinder Morgan, Inc. Second Amended and Restated Stock Compensation Plan for Non-Employee Directors

We have a Kinder Morgan, Inc. Second Amended and Restated Stock Compensation Plan for Non-Employee Directors (Directors’ Plan).  The plan recognizes that the compensation paid to each eligible non-employee director is fixed by our board
of directors (Board), generally annually, and that the compensation is payable in cash.  Pursuant to the plan, in lieu of receiving some or all of the cash compensation, each eligible non-employee director may elect annually to receive shares of Class P common stock.  During the year ended December 31, 2024, we made restricted Class P common stock grants to our non-employee directors of 17,940.

Kinder Morgan, Inc. 2021 Amended and Restated Stock Incentive Plan

We also have a Kinder Morgan, Inc. 2021 Amended and Restated Stock Incentive Plan (Long Term Incentive Plan).  The following table sets forth a summary of activity and related balances under our Long Term Incentive Plan:
SharesWeighted Average Grant Date Fair Value per Share
(In thousands, except per share amounts)
Outstanding at December 31, 2023
12,861 $17.41 
Granted4,273 20.27 
Vested(3,310)17.48 
Forfeited(419)17.52 
Outstanding at December 31, 2024
13,405 $18.30 

The following tables set forth additional information related to our Long Term Incentive Plan:
Year Ended December 31,
202420232022
(In millions, except per share amounts)
Weighted average grant date fair value per share$20.27 $17.41 $17.31 
Intrinsic value of awards vested during the year70 93 47 
Restricted stock awards expense(a)64 63 60 
Restricted stock awards capitalized(a)10 10 9 
(a)The above amounts represents total compensation costs and we allocate labor and benefit costs to joint ventures that we operate in accordance with our partnership agreements.
December 31, 2024
Unrecognized restricted stock awards compensation costs, less estimated forfeitures (in millions)
$123 
Weighted average remaining amortization period
2.08 years

Pension and Other Postretirement Benefit (OPEB) Plans

Savings Plan

We maintain a defined contribution plan covering eligible U.S. employees. We contribute 5% of eligible compensation for most of the plan participants. Certain collectively bargained participants receive Company contributions in accordance with collective bargaining agreements. A participant becomes fully vested in Company contributions after two years and may take a distribution upon termination of employment or retirement. The total cost for our savings plan was approximately $56 million, $53 million and $51 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Pension Plans

Our pension plans are defined benefit plans that cover substantially all of our U.S. employees and provide benefits under a cash balance formula. A participant in the cash balance formula accrues benefits through contribution credits based on a combination of age and years of service, multiplied by eligible compensation. Interest is also credited to the participant’s plan account. A participant becomes fully vested in the plan after three years and may take a lump sum or annuity distribution upon termination of employment or retirement. Certain collectively bargained and grandfathered employees accrue benefits through career pay or final pay formulas.

In 2023, we settled approximately $179 million of the retiree benefit obligation for our pension plans through an annuity purchase. The impact of the annuity purchase is reflected in the December 31, 2023 benefit obligation for our pension plans.
OPEB Plans

We and certain of our subsidiaries provide OPEB benefits, including medical benefits for closed groups of retired employees and certain grandfathered employees and their dependents, and limited postretirement life insurance benefits for retired employees. These plans provide a fixed subsidy to post-age 65 Medicare eligible participants to purchase coverage through a retiree Medicare exchange. Medical benefits under these OPEB plans may be subject to deductibles, co-payment provisions, dollar caps and other limitations on the amount of employer costs, and we reserve the right to change these benefits.

Benefit Obligation, Plan Assets and Funded Status. The following table provides information about our pension and OPEB plans as of and for each of the years ended December 31, 2024 and 2023:
Pension BenefitsOPEB
2024202320242023
(In millions)
Change in benefit obligation:
Benefit obligation at beginning of period$1,902 $2,077 $177 $195 
Service cost52 55 1 1 
Interest cost91 107 8 10 
Actuarial (gain) loss(82)14 8 (6)
Benefits paid(154)(132)(26)(25)
Participant contributions— — 1 1 
Settlements— (219)— — 
Other— — — 1 
Benefit obligation at end of period1,809 1,902 169 177 
Change in plan assets:   
Fair value of plan assets at beginning of period1,562 1,741 323 302 
Actual return on plan assets156 122 33 44 
Employer contributions50 50 — — 
Participant contributions— — 1 1 
Benefits paid(154)(132)(26)(25)
Settlements— (219)— — 
Other— — — 1 
Fair value of plan assets at end of period1,614 1,562 331 323 
Funded status - net (liability) asset at December 31,$(195)$(340)$162 $146 
Amounts recognized in the consolidated balance sheets:
Non-current benefit asset(a)$— $— $278 $263 
Current benefit liability— — (14)(14)
Non-current benefit liability(195)(340)(102)(103)
Funded status - net (liability) asset at December 31,$(195)$(340)$162 $146 
Amounts of pre-tax accumulated other comprehensive (loss) income recognized in the consolidated balance sheets:
Unrecognized net actuarial (loss) gain$(230)$(384)$139 $149 
Unrecognized prior service credit— — 2 3 
Accumulated other comprehensive (loss) income$(230)$(384)$141 $152 
Information related to plans whose accumulated benefit obligations exceeded the fair value of plan assets:
Accumulated benefit obligation$1,782 $1,870 $117 $119 
Fair value of plan assets1,614 1,562 2 2 
(a)2024 and 2023 OPEB amounts include $59 million and $53 million, respectively, of non-current benefit assets related to a plan we sponsor which is associated with employee services provided to an unconsolidated joint venture, and for which we have recorded an offsetting related party deferred credit.

The 2024 net actuarial gain for the pension plans was primarily due to an increase in the weighted average discount rate used to determine the benefit obligation as of December 31, 2024. The 2024 net actuarial loss for the OPEB plans was primarily due to changes in the claims cost and trend assumptions. The 2023 net actuarial loss for the pension plans was primarily due to a decrease in the weighted average discount rate used to determine the benefit obligation as of December 31, 2023. The 2023 net actuarial gain for the OPEB plans was primarily due to changes in the claims cost assumptions.

Plan Assets. The investment policies and strategies are established by our plan’s fiduciary committee for the assets of each of the pension and OPEB plans, which are responsible for investment decisions and management oversight of the plans. The stated philosophy of the fiduciary committee is to manage these assets in a manner consistent with the purpose for which the plans were established and the time frame over which the plans’ obligations need to be met. The objectives of the investment management program are to (i) meet or exceed plan actuarial earnings assumptions over the long term and (ii) provide a reasonable return on assets within established risk tolerance guidelines and to maintain the liquidity needs of the plans with the goal of paying benefit and expense obligations when due. In seeking to meet these objectives, the fiduciary committee recognizes that prudent investing requires taking reasonable risks in order to raise the likelihood of achieving the targeted investment returns. In order to reduce portfolio risk and volatility, the fiduciary committee has adopted a strategy of using multiple asset classes.

The allowable range for asset allocations in effect for our plans as of December 31, 2024, by asset category, are as follows:
Pension BenefitsOPEB
Cash
0% to 23%
Equities
42% to 52%
43% to 71%
Fixed income securities
37% to 47%
26% to 50%
Real estate
2% to 12%
Company securities (KMI Class P common stock and/or debt securities)
0% to 10%

Below are the details of our pension and OPEB plan assets by class and a description of the valuation methodologies used for assets measured at fair value.

•Level 1 assets’ fair values are based on quoted market prices for the instruments in actively traded markets. Included in this level are cash, equities and exchange traded mutual funds. These investments are valued at the closing price reported on the active market on which the individual securities are traded.

•Level 2 assets’ fair values are primarily based on pricing data representative of quoted prices for similar assets in active markets (or identical assets in less active markets). Included in this level are short-term investment funds, fixed income securities and derivatives. Short-term investment funds are valued at amortized cost, which approximates fair value. The fixed income securities’ fair values are primarily based on an evaluated price which is based on a compilation of primarily observable market information or a broker quote in a non-active market. Derivatives are exchange-traded through clearinghouses and are valued based on these prices.

•Plan assets with fair values that are based on the net asset value per share, or its equivalent (NAV), as a practical expedient to measure fair value, as reported by the issuers are determined based on the fair value of the underlying securities as of the valuation date and include common/collective trust funds, private investment funds, real estate, limited partnerships and short-term investment funds. The plan assets measured at NAV are not categorized within the fair value hierarchy described above but are separately identified in the following tables.
Listed below are the fair values of our pension and OPEB plans’ assets that are recorded at fair value by class and categorized by fair value measurement used at December 31, 2024 and 2023:
Pension Assets
20242023
Level 1Level 2TotalLevel 1Level 2Total
(In millions)
Measured within fair value hierarchy
Short-term investment funds$— $— $— $— $32 $32 
Equities(a)203 — 203 143 — 143 
Fixed income securities— 380 380 — 410 410 
Subtotal$203 $380 583 $143 $442 585 
Measured at NAV
Common/collective trusts(b)1,002 976 
Private limited partnerships(c)— 1 
Short-term investment funds
29 — 
Subtotal1,031 977 
Total plan assets fair value$1,614 $1,562 
(a)Plan assets include $167 and $107 of KMI Class P common stock for 2024 and 2023, respectively.
(b)Common/collective trust funds were invested in approximately 66% equities, 22% fixed income securities and 12% real estate in 2024 and 64% equities, 23% fixed income securities and 13% real estate in 2023.
(c)Includes assets invested in real estate, venture and buyout funds.
OPEB Assets
20242023
Level 1Level 2TotalLevel 1Level 2Total
(In millions)
Measured within fair value hierarchy
Short-term investment funds$— $3 $3 $— $5 $5 
Measured at NAV
Common/collective trusts(a)328 318 
Total plan assets fair value$331 $323 
(a)Common/collective trust funds were invested in approximately 62% equities and 38% fixed income securities for both 2024 and 2023.

Employer Contributions and Expected Payment of Future Benefits. As of December 31, 2024, we expect the following cash flows under our plans:
Pension BenefitsOPEB
(In millions)
Contributions expected in 2025
$50 $— 
Benefit payments expected in:
2025$189 $23 
2026189 22 
2027184 20 
2028179 19 
2029175 17 
2030 - 2034767 67 
Actuarial Assumptions and Sensitivity Analysis. Benefit obligations and net benefit cost are based on actuarial estimates and assumptions. The following table details the weighted-average actuarial assumptions used in determining our benefit obligation as of December 31, 2024 and 2023 and net benefit costs of our pension and OPEB plans for 2024, 2023 and 2022:
Pension BenefitsOPEB
2024202320242023
Assumptions related to benefit obligations:
Discount rate5.58 %5.13 %5.44 %5.08 %
Rate of compensation increase3.50 %3.50 %n/an/a
Interest crediting rate3.78 %3.85 %n/an/a
Pension BenefitsOPEB
202420232022202420232022
Assumptions related to benefit costs:
Discount rate5.13 %5.41 %2.74 %5.08 %5.38 %2.56 %
Expected return on plan assets7.00 %7.00 %6.50 %6.00 %6.00 %5.75 %
Rate of compensation increase3.50 %3.50 %3.50 %n/an/an/a
Interest crediting rate3.85 %3.50 %3.01 %n/an/an/a

We utilize a full yield curve approach in estimating the service and interest cost components of net periodic benefit cost (credit) for our retirement benefit plans by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to their underlying projected cash flows. The expected long-term rates of return on plan assets were determined by combining a review of the historical returns realized within the portfolio, the investment strategy included in the plans’ investment policy, and capital market projections for the asset classes in which the portfolio is invested and the target weightings of each asset class. The expected return on plan assets listed in the table above is a pre-tax rate of return based on our targeted portfolio of investments. For the OPEB assets subject to unrelated business income taxes, we utilize an after-tax expected return on plan assets to determine our benefit costs.

Actuarial estimates for our OPEB plans assume an annual increase in the per capita cost of covered health care benefits. The initial annual rate of increase is 8.03% which gradually decreases to 4.00% by the year 2050.
Components of Net Benefit Cost and Other Amounts Recognized in Other Comprehensive Income. For each of the years ended December 31, the components of net benefit cost and other amounts recognized in pre-tax other comprehensive income related to our pension and OPEB plans are as follows:
Pension BenefitsOPEB
202420232022202420232022
(In millions)
Components of net benefit cost (credit):
Service cost$52 $55 $55 $1 $1 $1 
Interest cost91 107 57 8 10 5 
Expected return on assets(106)(117)(142)(14)(13)(17)
Amortization of prior service cost (credit)— 1 1 (3)(3)(3)
Amortization of net actuarial loss (gain)22 35 29 (17)(16)(18)
Settlement loss
— 46 — — — — 
Net benefit cost (credit)59 127 — (25)(21)(32)
Other changes in plan assets and benefit obligations recognized in OCI:
Net (gain) loss arising during period(132)10 (11)(6)(30)24 
Amortization or settlement recognition of net actuarial (loss) gain(22)(81)(29)16 16 17 
Amortization of prior service (cost) credit— (1)(1)1 1 2 
Total recognized in OCI(a)(154)(72)(41)11 (13)43 
Total recognized in net benefit cost (credit) and OCI$(95)$55 $(41)$(14)$(34)$11 
(a)Excludes $1 million and $4 million for the years ended December 31, 2024 and 2022, respectively, associated with other plans.
v3.25.0.1
Stockholders' Equity (Notes)
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Stockholders’ Equity
10. Stockholders’ Equity

Class P Common Stock

We have a board-approved share buy-back program that authorizes share repurchases of up to $3 billion that began in December 2017. All shares we have repurchased are canceled and are no longer outstanding. Activity under the buy-back program is as follows:
Year Ended December 31,
202420232022
(In millions, except per share amounts)
Total value of shares repurchased$7 $522 $368 
Total number of shares repurchased(a)
1 32 21 
Average repurchase price per share$16.50 $16.56 $16.94 
(a)For the year ended December 31, 2024, we repurchased less than 1 million of our shares.

Since December 2017, in total, we have repurchased 86 million of our shares under the program at an average price of $17.09 per share for $1,472 million, leaving capacity under the program of $1.5 billion.
On December 19, 2014, we entered into an equity distribution agreement authorizing us to issue and sell through or to the managers party thereto, as sales agents and/or principals, shares having an aggregate offering price of up to $5 billion from time to time during the term of this agreement. During the years ended December 31, 2024, 2023 and 2022 we did not issue any shares under this agreement.
 
Dividends

The following table provides information about our per share dividends: 
Year Ended December 31,
202420232022
Per share cash dividend declared for the period$1.15 $1.13 $1.11 
Per share cash dividend paid in the period1.1450 1.1250 1.1025 

On January 22, 2025, our Board declared a cash dividend of $0.2875 per share for the quarterly period ended December 31, 2024, which is payable on February 18, 2025 to shareholders of record as of the close of business on February 3, 2025.

Adoption of Accounting Pronouncement

On January 1, 2022, we adopted Accounting Standards Update (ASU) No. 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.” This ASU (i) simplifies an issuer’s accounting for convertible instruments by eliminating two of the three models in Subtopic 470-20 that require separate accounting for embedded conversion features, (ii) amends diluted earnings per share calculations for convertible instruments by requiring the use of the if-converted method and (iii) simplifies the settlement assessment entities are required to perform on contracts that can potentially settle in an entity’s own equity by removing certain requirements. Using the modified retrospective method, the adoption of this ASU resulted in a pre-tax adjustment of $14 million to unwind the remaining unamortized debt discount within “Debt fair value adjustments” on our consolidated balance sheet and an adjustment of $11 million to unwind the balance of the conversion feature classified in “Additional paid in capital” on our consolidated statement of stockholders’ equity for the year ended December 31, 2022.

Accumulated Other Comprehensive Loss

Changes in the components of our “Accumulated other comprehensive loss” not including noncontrolling interests are summarized as follows:
 Net unrealized
gains/(losses)
on cash flow
hedge derivatives		Pension and
other
postretirement
liability adjustments		Total
Accumulated other
comprehensive
loss
(In millions)
Balance at December 31, 2021$(172)$(239)$(411)
Other comprehensive (loss) gain before reclassifications (312)1 (311)
Losses reclassified from accumulated other comprehensive loss320 — 320 
Net current-period change in accumulated other comprehensive loss8 1 9 
Balance at December 31, 2022(164)(238)(402)
Other comprehensive gain before reclassifications 155 65 220 
Gains reclassified from accumulated other comprehensive loss(35)— (35)
Net current-period change in accumulated other comprehensive loss120 65 185 
Balance at December 31, 2023(44)(173)(217)
Other comprehensive (loss) gain before reclassifications (29)111 82 
Losses reclassified from accumulated other comprehensive loss40 — 40 
Net current-period change in accumulated other comprehensive loss11 111 122 
Balance at December 31, 2024$(33)$(62)$(95)
v3.25.0.1
Related Party Transactions (Notes)
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions
11.  Related Party Transactions

Affiliate Balances and Activities

In the course of our normal operations, we provide services to and obtain services from affiliates which consist of (i) unconsolidated affiliates in which we hold an investment accounted for under the equity method of accounting (see Note 6 for additional information related to these investments); and (ii) external partners of our joint ventures we consolidate.

The following tables summarize our affiliate balance sheet balances and income statement activity, other than amounts reported within our “Investments” balances and “Earnings from equity investments” activity:
December 31,
20242023
(In millions)
Balance sheet location
Accounts receivable$48 $45 
Other current assets1 2 
$49 $47 
Current portion of debt$5 $5 
Accounts payable21 16 
Other current liabilities8 3 
Long-term debt132 137 
Other long-term liabilities and deferred credits60 54 
$226 $215 
Year Ended December 31,
202420232022
(In millions)
Income statement location
Revenues$346 $172 $172 
Operating Costs, Expenses and Other
Costs of sales$145 $132 $134 
Other operating expenses69 57 50 
v3.25.0.1
Commitments and Contingent Liabilities (Notes)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]
12.  Commitments and Contingent Liabilities
 
Rights-Of-Way

Our rights-of-way obligations primarily consist of non-lease agreements that existed at the time of Topic 842, Leases, adoption, at which time we elected a practical expedient which allowed us to continue our historical treatment. Our future minimum rental commitments related to our rights-of-way obligations were $66 million as of December 31, 2024.

Contingent Debt

Our contingent debt disclosures pertain to certain types of guarantees or indemnifications we have made and cover certain types of guarantees included within debt agreements, even if the likelihood of requiring our performance under such guarantee is remote.

As of December 31, 2024 and 2023, our contingent debt obligations totaled $149 million and $154 million, respectively. These amounts represent our proportional share of the debt obligations of one equity investee, Cortez Pipeline Company (Cortez). Under such guarantees we are severally liable for our percentage ownership share of Cortez’s debt in the event of its non-performance. The contingent debt obligations balances as of December 31, 2024 and 2023 each included $120 million for 100% guaranteed debt obligations for a subsidiary of Cortez.
Guarantees and Indemnifications

We are involved in joint ventures and other ownership arrangements that sometimes require financial and performance guarantees. In a financial guarantee, we are obligated to make payments if the guaranteed party fails to make payments under, or violates the terms of, the financial arrangement. In a performance guarantee, we provide assurance that the guaranteed party will execute on the terms of the contract. If they do not, we are required to perform on their behalf. We also periodically provide indemnification arrangements related to assets or businesses we have sold. These arrangements include, but are not limited to, indemnifications for income taxes, the resolution of existing disputes and environmental matters.

While many of these agreements may specify a maximum potential exposure, or a specified duration to the indemnification obligation, there are also circumstances where the amount and duration are unlimited. Other than with our rights-of-way obligations and contingent debt described above, we are currently not subject to any material requirements to perform under quantifiable arrangements. We are unable to estimate a maximum exposure for our other guarantee and indemnification agreements that do not provide for limits on the amount of future payments due to the uncertainty of these exposures.

See Note 17 for a description of matters that we have identified as contingencies requiring accrual of liabilities and/or disclosure, including any such matters arising under guarantee or indemnification agreements.
v3.25.0.1
Risk Management (Notes)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Risk Management
13.  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 December 31, 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(16.8)MMBbl
Natural gas fixed price(64.8)Bcf
Natural gas basis(36.7)Bcf
Derivatives not designated as hedging contracts  
Crude oil fixed price(1.0)MMBbl
Crude oil basis(0.2)MMBbl
Natural gas fixed price(7.0)Bcf
Natural gas basis(66.2)Bcf
NGL fixed price(1.3)MMBbl
As of December 31, 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 December 31, 2024:
Notional amountAccounting treatmentMaximum term
(In millions)
Derivatives designated as hedging instruments
Fixed-to-variable interest rate contracts(a)
$4,750 Fair value hedgeMarch 2035
Derivatives not designated as hedging instruments
Variable-to-fixed interest rate contracts
$1,500 Mark-to-MarketDecember 2025
(a)The principal amount of hedged senior notes consisted of $1,500 million included in “Current portion of debt” and $3,250 million included in “Long-term debt” on our accompanying consolidated balance sheet.

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 December 31, 2024:
Notional amountAccounting treatmentMaximum term
(In millions)
Derivatives designated as hedging instruments
EUR-to-USD cross currency swap contracts(a)$543 Cash flow hedgeMarch 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 in our accompanying consolidated balance sheets:
Fair Value of Derivative Contracts
LocationDerivatives AssetDerivatives Liability
December 31,December 31,
2024202320242023
(In millions)
Derivatives designated as hedging instruments
Energy commodity derivative contracts
Other current assets/(Other current liabilities)
$10 $77 $(46)$(75)
Deferred charges and other assets/(Other long-term liabilities and deferred credits)9 12 (8)(29)
Subtotal19 89 (54)(104)
Interest rate contracts
Other current assets/(Other current liabilities)
1 — (51)(120)
Deferred charges and other assets/(Other long-term liabilities and deferred credits)19 37 (203)(158)
Subtotal20 37 (254)(278)
Foreign currency contracts
Other current assets/(Other current liabilities)
— — (3)(2)
Deferred charges and other assets/(Other long-term liabilities and deferred credits)— — (26)(2)
Subtotal— — (29)(4)
Total39 126 (337)(386)
Derivatives not designated as hedging instruments
Energy commodity derivative contracts
Other current assets/(Other current liabilities)
14 49 (35)(8)
Deferred charges and other assets/(Other long-term liabilities and deferred credits)1 3 (15)(1)
Subtotal15 52 (50)(9)
Interest rate contracts
Other current assets/(Other current liabilities)
4 — — — 
 Deferred charges and other assets/(Other long-term liabilities and deferred credits)4 — (2)— 
Subtotal8 — (2)— 
Total23 52 (52)(9)
Total derivatives$62 $178 $(389)$(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 fair value measurements by level
 
Level 1
Level 2
Level 3		Gross amountContracts available for nettingCash collateral held(a)Net amount
(In millions)
As of December 31, 2024   
Energy commodity derivative contracts(b)$6 $29 $— $35 $(19)$— $16 
Interest rate contracts— 27 — 27 — — 27 
As of December 31, 2023   
Energy commodity derivative contracts(b)$65 $75 $— $140 $(16)$— $124 
Interest rate contracts— 38 — 38 — — 38 

Balance sheet liability
fair value measurements by level
Level 1Level 2Level 3Gross amountContracts available for nettingCash collateral posted(a)Net amount
(In millions)
As of December 31, 2024
Energy commodity derivative contracts(b)$(17)$(89)$— $(106)$19 $52 $(35)
Interest rate contracts— (254)— (254)— — (254)
Foreign currency contracts— (29)— (29)— — (29)
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 in our accompanying consolidated statements of income and comprehensive income:
Derivatives in fair value hedging relationshipsLocationGain/(loss) recognized in income on derivatives and related hedged item
  Year Ended December 31,
  202420232022
(In millions)
Interest rate contractsInterest, net$(3)$138 $(738)
Hedged fixed rate debt(a)Interest, net$5 $(132)$743 
(a)As of December 31, 2024, the cumulative amount of fair value hedging adjustments to our hedged fixed rate debt was a decrease of $241 million included in “Debt fair value adjustments” on our accompanying consolidated balance sheet.
Derivatives in cash flow hedging relationships
Gain/(loss) recognized in OCI on derivatives(a)
Location Gain/(loss) reclassified from Accumulated OCI into income(b)
Year EndedYear Ended
 December 31, December 31,
 202420232022 202420232022
(In millions)(In millions)
Energy commodity derivative contracts
$(26)$182 $(338)Revenues—Commodity sales$7 $103 $(491)
   Costs of sales(29)(73)144 
Interest rate contracts13 (10)7 Interest, net4 — — 
Foreign currency contracts(24)30 (73)Other, net(34)17 (68)
Total$(37)$202 $(404)Total$(52)$47 $(415)
(a)We expect to reclassify an approximately $37 million loss associated with cash flow hedge price risk management activities included in our accumulated other comprehensive loss balance as of December 31, 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.
(b)During the year ended December 31, 2022, we recognized gains of $121 million associated with a write-down of hedged inventory. All other amounts reclassified were the result of the hedged forecasted transactions actually affecting earnings (i.e., when the forecasted sales and purchases actually occurred).

Derivatives not designated as accounting hedgesLocationGain/(loss) recognized in income on derivatives
 Year Ended December 31,
 202420232022
(In millions)
Energy commodity derivative contracts
Revenues—Commodity sales
$20 $75 $137 
Costs of sales
(89)100 (190)
 
Earnings from equity investments— 2 (11)
Interest rate contractsInterest, net3 1 (10)
Total(a)$(66)$178 $(74)
(a)The years ended December 31, 2024, 2023 and 2022 include approximate gains (losses) of $8 million, $58 million and $(11) 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 December 31, 2024 and 2023, we had no outstanding letters of credit supporting our commodity price risk management program. As of December 31, 2024, we had cash margins of $104 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 sheets. The cash margin balance at December 31, 2024 represents the initial margin requirements of $52 million, and variation margin requirements of $52 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 December 31, 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 $25 million of additional collateral.
v3.25.0.1
Revenue Recognition (Notes)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
14.  Revenue Recognition

Nature of Revenue by Segment

Natural Gas Pipelines Segment

We provide various types of natural gas transportation and storage services, natural gas and NGL sales contracts, and various types of gathering and processing services for producers, including receiving, compressing, transporting and re-delivering quantities of natural gas and/or NGL made available to us by producers to a specified delivery location.

Natural Gas Transportation and Storage Contracts

The natural gas we receive under our transportation and storage contracts remains under the control of our customers. Under firm service contracts, the customer generally pays a two-part transaction price that includes (i) a fixed take-or-pay reservation fee and (ii) a fee-based per-unit rate for quantities of natural gas actually transported or injected into/withdrawn from storage. Under non-firm service contracts, generally described as interruptible service, the customer pays a transaction price on a fee-based per-unit rate for the quantities actually transported or injected into/withdrawn from storage.

Natural Gas and NGL Sales Contracts

Our sales and purchases of natural gas and NGL are primarily accounted for on a gross basis as natural gas sales or product sales, as applicable, and cost of sales. These customer contracts generally provide for the customer to nominate a specified quantity of commodity products to be delivered and sold to the customers at specified delivery points. The customer pays a transaction price typically based on a market indexed per-unit rate for the quantities sold.

Gathering and Processing Contracts

We provide various types of gathering and processing services for producers, including receiving, processing, compressing, transporting and re-delivering quantities of natural gas made available to us by producers to a specified delivery location. This integrated service can be firm if subject to a minimum volume commitment or acreage dedication or non-firm when offered on an as requested, non-guaranteed basis. In our gathering contracts we generally promise to provide the contracted integrated services each day over the life of the contract. The customer pays a transaction price typically based on a per-unit rate for the quantities actually gathered and/or processed, including amounts attributable to deficiency quantities associated with minimum volume contracts.

Products Pipelines Segment

We provide crude oil and refined petroleum transportation and storage services on a firm or non-firm basis. For our firm transportation service, the customer is obligated to pay for its minimum volume commitment amount, regardless of whether or not it flows volumes into our pipeline. The customer pays a transaction price typically based on a per-unit rate for quantities transported, including amounts attributable to deficiency quantities. Our firm storage service generally includes a fixed take-or-pay monthly reservation fee for the portion of storage capacity reserved by the customer and a per-unit rate for actual quantities injected into/withdrawn from storage. Under the non-firm transportation and storage service the customer typically pays a per-unit rate for actual quantities of product injected into/withdrawn from storage and/or transported.

We sell transmix, crude oil or other commodity products. The customer’s contracts generally include a specified quantity of commodity products to be delivered and sold to the customers at specified delivery points. The customer pays a transaction price typically based on a market indexed per-unit rate for the quantities sold.

Terminals Segment

We provide various types of liquid tank and bulk terminal services. These services are generally comprised of inbound, storage and outbound handling of customer products.

Liquids Tank Services

Firm Storage and Handling Contracts: We have liquids tank storage and handling service contracts that include a promised tank storage capacity provision and prepaid volume throughput of the stored product. In these contracts, the customers have fixed take-or-pay monthly obligation which generally include a per-unit rate for any quantities we handle at the request of the
customer in excess of the prepaid volume throughput amount and also typically include per-unit rates for additional, ancillary services that may be periodically requested by the customer.

Firm Handling Contracts: For our firm handling service contracts, we typically promise to handle on a stand-ready basis throughput volumes up to the customer’s minimum volume commitment amount. The customer is obligated to pay for its minimum volume commitment amount, regardless of whether or not it used the handling service. The customer pays a transaction price typically based on a per-unit rate for volumes handled, including amounts attributable to deficiency quantities.

Bulk Services

Our bulk storage and handling contracts generally include inbound handling of our customers’ dry bulk material product (e.g., petcoke, metals, ores) into our storage facility and outbound handling of these products from our storage facility. These services are provided on both a firm basis, including amounts attributable to deficiency quantities, and non-firm basis where the customer pays a transaction price typically based on a per-unit rate for quantities handled on an as requested, non-guaranteed basis.

CO2 Segment

Our crude oil, NGL, CO2 and natural gas production customer sales contracts typically include a specified quantity and quality of commodity product to be delivered and sold to the customer at a specified delivery point. The customer pays a transaction price typically based on a market indexed per-unit rate for the quantities sold.

Disaggregation of Revenues

The following tables present our revenues disaggregated by segment, revenue source and type of revenue for each revenue source:
Year Ended December 31, 2024
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues from contracts with customers(a)
Services
Firm services(b)$3,893 $220 $846 $2 $(4)$4,957 
Fee-based services1,044 1,059 460 41 (7)2,597 
Total services4,937 1,279 1,306 43 (11)7,554 
Commodity sales
Natural gas sales2,303 — — 43 (6)2,340 
Product sales965 1,444 50 1,031 (4)3,486 
Other sales20 — — 85 (2)103 
Total commodity sales3,288 1,444 50 1,159 (12)5,929 
Total revenues from contracts with customers8,225 2,723 1,356 1,202 (23)13,483 
Other revenues(c)
Leasing services(d)459 209 666 66 — 1,400 
Derivatives adjustments on commodity sales113 (1)— (85)— 27 
Other145 24 — 21 — 190 
Total other revenues717 232 666 2 — 1,617 
Total revenues$8,942 $2,955 $2,022 $1,204 $(23)$15,100 
Year Ended December 31, 2023
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues from contracts with customers(a)
Services
Firm services(b)$3,543 $171 $819 $1 $3 $4,537 
Fee-based services1,008 1,036 427 40 (9)2,502 
Total services4,551 1,207 1,246 41 (6)7,039 
Commodity sales
Natural gas sales2,631 — — 43 (8)2,666 
Product sales1,110 1,635 33 1,114 (8)3,884 
Other sales20 — — 42 (4)58 
Total commodity sales3,761 1,635 33 1,199 (20)6,608 
Total revenues from contracts with customers8,312 2,842 1,279 1,240 (26)13,647 
Other revenues(c)
Leasing services(d)475 200 638 55 — 1,368 
Derivatives adjustments on commodity sales285 — — (107)— 178 
Other96 24 — 21 — 141 
Total other revenues856 224 638 (31)— 1,687 
Total revenues$9,168 $3,066 $1,917 $1,209 $(26)$15,334 

Year Ended December 31, 2022
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues from contracts with customers(a)
Services
Firm services(b)$3,547 $207 $763 $1 $(3)$4,515 
Fee-based services926 962 426 46 — 2,360 
Total services4,473 1,169 1,189 47 (3)6,875 
Commodity sales
Natural gas sales6,198 — — 82 (20)6,260 
Product sales1,433 2,032 29 1,426 (7)4,913 
Other sales68 — — 12 — 80 
Total commodity sales7,699 2,032 29 1,520 (27)11,253 
Total revenues from contracts with customers12,172 3,201 1,218 1,567 (30)18,128 
Other revenues(c)
Leasing services(d)474 194 574 60 — 1,302 
Derivatives adjustments on commodity sales(26)(3)— (325)— (354)
Other66 26 — 32 — 124 
Total other revenues514 217 574 (233)— 1,072 
Total revenues$12,686 $3,418 $1,792 $1,334 $(30)$19,200 
(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 13 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. Our revenues derived from leases were not material. We do not lease assets that qualify as sales-type or finance leases.

Contract Balances

As of December 31, 2024 and 2023, our contract asset balances were $15 million and $34 million, respectively. Of the contract asset balance at December 31, 2023, $25 million was transferred to accounts receivable during the year ended December 31, 2024. As of December 31, 2024 and 2023, our contract liability balances were $377 million and $415 million, respectively. Of the contract liability balance at December 31, 2023, $97 million was recognized as revenue during the year ended December 31, 2024.

During the year ended December 31, 2023, we entered into an agreement with a customer to prepay certain fixed reservation charges under a long-term terminaling contract. We received $843 million in the fourth quarter of 2023 as part of this agreement. The prepayment, which relates to contracts expiring from 2035 to 2040, was discounted to present value at a rate that is attractive relative to our cost of issuing long-term debt. As of December 31, 2024 and 2023, we had lease contract liability balances of $587 million and $643 million, respectively, and contract liability balances of $187 million and $195 million, respectively, associated with this prepayment.

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 December 31, 2024 that we will invoice or transfer from contract liabilities and recognize in future periods:
YearEstimated Revenue
(In millions)
2025$5,038 
20264,292 
20273,541 
20283,088 
20292,725 
Thereafter15,956 
Total$34,640 

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.
v3.25.0.1
Reportable Segments (Notes)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Reportable Segments
15.  Reportable Segments
 
Our reportable business segments are:

•Natural Gas Pipelines—the ownership and operation of (i) major interstate and intrastate natural gas pipeline and storage systems; (ii) natural gas gathering systems and natural gas processing and treating facilities; (iii) NGL fractionation facilities and transportation systems; and (iv) LNG regasification, liquefaction and storage facilities;

•Products Pipelines—the ownership and operation of refined petroleum products, crude oil and condensate pipelines that primarily deliver, among other products, gasoline, diesel and jet fuel, crude oil and condensate to various markets, plus the ownership and/or operation of associated product terminals and petroleum pipeline transmix facilities;

•Terminals—the ownership and/or operation of (i) liquids and bulk terminal facilities located throughout the U.S. that store and handle various commodities including gasoline, diesel fuel, chemicals, metals, petroleum coke, and ethanol and other renewable fuels and feedstocks; and (ii) Jones Act-qualified tankers;
•CO2—(i) the production, transportation and marketing of CO2 to oil fields that use CO2 as a flooding medium to increase recovery and production of crude oil from mature oil fields; (ii) ownership interests in and/or operation of oil fields and gasoline processing plants in West Texas; (iii) the ownership and operation of a crude oil pipeline system in West Texas; and (iv) the ownership and operation of RNG and LNG facilities.

Our reportable segments are strategic business units that offer different products and services, have different marketing strategies and are managed separately. The Company’s chief operating decision maker (CODM) is represented by the Office of the Chairman which consists of our Executive Chairman, Chief Executive Officer and President. Our CODM evaluates performance principally based on each reportable segment’s earnings before DD&A expenses including amortization of excess cost of equity investments (EBDA), which excludes general and administrative expenses and corporate charges, interest expense, net, and income tax expense.  The CODM uses budgeted Segment EBDA compared to actual results to evaluate performance and allocate certain resources for each segment.

We consider each period’s earnings before all non-cash DD&A expenses to be an important measure of business segment performance for our reporting segments.  We account for intersegment sales at market prices, while we account for asset transfers at book value.

During 2024, 2023 and 2022, we did not have revenues from any single external customer that exceeded 10% of our consolidated revenues.
 
Financial information by segment follows: 

 Year Ended December 31, 2024
Reportable Segments
 Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues
Revenues from external customers$8,930 $2,955 $2,013 $1,202 $— $15,100 
Intersegment revenues12 — 9 2 (23)— 
Total revenues8,942 2,955 2,022 1,204 (23)15,100 
Costs of sales(2,837)(1,394)(42)(82)
Labor(322)(128)(273)(50)
Fuel and power(74)(92)(20)(153)
Field - non-labor(a)(854)(193)(558)(241)
Taxes, other than income taxes
(269)(43)(53)(60)
Earnings from equity investments782 66 8 34 
Other segment items(b)59 2 15 40 
Total Segment EBDA(c)
$5,427 $1,173 $1,099 $692 8,391 
DD&A(2,354)
Amortization of excess cost of equity investments(50)
General and administrative and corporate charges(736)
Interest, net(1,844)
Income tax expense(687)
Net income$2,720 
Other segment activity information:
DD&A$1,105 $365 $508 $354 $22 $2,354 
Capital expenditures1,654 210 385 346 34 2,629 
Segment balance sheet information:
Investments7,252 387 132 74 — 7,845 
Other intangibles, net687 597 18 458 — 1,760 
Total assets(d)
50,402 8,639 8,086 3,583 697 71,407 
 Year Ended December 31, 2023
Reportable Segments
 Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues
Revenues from external customers$9,152 $3,066 $1,911 $1,205 $— $15,334 
Intersegment revenues16 — 6 4 (26)— 
Total revenues9,168 3,066 1,917 1,209 (26)15,334 
Costs of sales(3,258)(1,588)(33)(77)
Labor(300)(121)(254)(49)
Fuel and power(79)(88)(19)(137)
Field - non-labor(a)(801)(185)(535)(232)
Taxes, other than income taxes
(262)(42)(55)(55)
Earnings from equity investments776 23 9 30 
Other segment items(b)38 (3)10 — 
Total Segment EBDA(e)
$5,282 $1,062 $1,040 $689 8,073 
DD&A(2,250)
Amortization of excess cost of equity investments(66)
General and administrative and corporate charges(759)
Interest, net(1,797)
Income tax expense(715)
Net income$2,486 
Other segment activity information:
DD&A$1,041 $367 $493 $325 $24 $2,250 
Capital expenditures1,299 221 406 355 36 2,317 
Segment balance sheet information:
Investments7,273 390 130 81 — 7,874 
Other intangibles, net742 687 26 502 — 1,957 
Total assets(d)
49,883 8,781 8,235 3,497 624 71,020 
 Year Ended December 31, 2022
Reportable Segments
 Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues
Revenues from external customers$12,659 $3,418 $1,789 $1,334 $— $19,200 
Intersegment revenues27 — 3 — (30)— 
Total revenues12,686 3,418 1,792 1,334 (30)19,200 
Costs of sales(7,171)(1,972)(26)(109)
Labor(282)(99)(239)(41)
Fuel and power(78)(81)(17)(132)
Field - non-labor(a)(763)(194)(518)(207)
Taxes, other than income taxes
(268)(45)(53)(65)
Earnings from equity investments683 68 14 38 
Other segment items(b)(6)12 22 1 
Total Segment EBDA(f)
$4,801 $1,107 $975 $819 7,702 
DD&A(2,186)
Amortization of excess cost of equity investments(75)
General and administrative and corporate charges(593)
Interest, net(1,513)
Income tax expense(710)
Net income$2,625 
Other segment activity information:
DD&A$1,096 $336 $458 $272 $24 $2,186 
Capital expenditures666 — 552 371 32 1,621 
(a)Includes outside services, pipeline integrity maintenance, materials and supplies and other operating costs.
(b)Includes miscellaneous operating and non-operating items primarily related to gains and losses associated with divestitures, impairments and/or equity investments.
(c)Includes non-cash mark-to-market derivative hedge contract amounts of $(75) million and $(2) million for our Natural Gas Pipelines and CO2 business segments, respectively.
(d)Corporate segment includes cash and cash equivalents, restricted deposits, certain prepaid assets and deferred charges, risk management assets related to derivative contracts, corporate headquarters in Houston, Texas and miscellaneous corporate assets (such as IT, telecommunications equipment and legacy activity) not allocated to our reportable segments.
(e)Includes non-cash mark-to-market derivative hedge contract amounts of $122 million, $1 million and $(4) million for our Natural Gas Pipelines, Products Pipelines and CO2 business segments, respectively.
(f)Includes non-cash mark-to-market derivative hedge contract amounts of $(64) million and $11 million for our Natural Gas Pipelines and CO2 business segments, respectively.

We do not attribute interest and debt expense to any of our reportable business segments.
Following is geographic information regarding the revenues and long-lived assets of our business:
 Year Ended December 31,
 202420232022
(In millions)
Revenues from external customers   
U.S.$15,057 $15,255 $19,036 
Mexico and other foreign43 79 164 
Total consolidated revenues from external customers$15,100 $15,334 $19,200 
December 31,
 202420232022
(In millions)
Long-term assets, excluding goodwill and other intangibles  
U.S.$46,972 $46,328 $44,425 
Mexico and other foreign70 72 75 
Canada— — 1 
Total consolidated long-lived assets$47,042 $46,400 $44,501 
v3.25.0.1
Leases (Notes)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases: Lessee
16.  Leases

Following are components of our lease cost:
Year Ended December 31,
202420232022
(In millions)
Operating leases$80 $71 $62 
Short-term and variable leases131 127 101 
Total lease cost$211 $198 $163 

Other information related to our operating leases are as follows:
Year Ended December 31,
202420232022
(In millions,
except lease term and discount rate)
Operating cash flows from operating leases$(170)$(157)$(132)
Investing cash flows from operating leases(41)(41)(31)
ROU assets obtained in exchange for operating lease obligations, net of retirements36 56 22 
Amortization of ROU assets68 58 50 
Weighted average remaining lease term
8.15 years
8.72 years9.8 years
Weighted average discount rate4.84 %4.59 %4.26 %
Amounts recognized in the accompanying consolidated balance sheets are as follows:
December 31,
Lease Activity(a)Balance sheet location20242023
(In millions)
ROU assetsDeferred charges and other assets$253 $285 
Short-term lease liabilityOther current liabilities60 55 
Long-term lease liabilityOther long-term liabilities and deferred credits193 230 
(a)We have immaterial financing leases recorded as of December 31, 2024 and 2023.

Operating lease liabilities under non-cancellable leases (excluding short-term leases) as of December 31, 2024 are as follows:
YearCommitment
 (In millions)
2025$72 
202648 
202736 
202825 
202923 
Thereafter122 
Total lease payments326 
Less: Interest(73)
Present value of lease liabilities$253 

Short-term lease costs are not material to us and are anticipated to be similar to the current year short-term lease expense outlined in this disclosure.
v3.25.0.1
Litigation and Environmental (Notes)
 12 Months Ended
Dec. 31, 2024
Loss Contingency, Information about Litigation Matters [Abstract]  
Litigation and Environmental
17. 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 financial position, cash flows or operating results, unless otherwise indicated below. 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 based on the terminal use agreement and a parent direct agreement with Gulf LNG Energy (Port), LLC. The foregoing counterclaims asserted by Eni S.p.A sought unspecified damages based on the same substantive allegations that 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. 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 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. On September 24, 2024, the Appellate Division affirmed the entry of summary judgment in GLNG’s favor. On December 17, 2024, the Appellate Division denied Eni S.p.A.’s motion for reargument. On January 16, 2025, Eni S.p.A. filed a motion for leave to appeal to the Court of Appeals, which we will vigorously oppose.

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 14th Court of Appeals, where the matter remains pending. We believe we have numerous and substantial defenses 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 that 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. On July 25, 2024, the Court decided the parties’ respective cross-motions for summary judgment. The Court granted our motion for summary judgment with respect to Claims I and II based on the Court’s determination that the formula used to calculate projected service was neither backloaded nor a violation of ERISA’s anti-cutback rule. The Court granted plaintiffs’ motion for partial summary judgment with respect to Claim III because the Court found that the summary plan description did not include any clarifying examples or illustrations of accrued benefits using the applicable formula. The Court granted plaintiffs’ motion for partial summary judgment as to Claim IV based upon the Court’s finding that an amendment to the plan in 2007 violated ERISA’s anti-cutback protection by terminating the accrual of early retirement benefits in connection with the sale of ANR. The Court granted plaintiffs’ motion for partial summary judgment as to Claim V because the Court found that the plan administrator used an inconsistent interpretation to calculate benefits for some retirees. The Court dismissed Claim VI without prejudice based upon its determination that the claim was moot given that the Court had allowed plaintiffs’ motion as to Counts IV and V. Neither the parties’ respective motions nor the Court’s decision addressed the extent of potential plan liabilities for past or future benefits or other potential damage or equitable relief associated with the claims. The Court instructed the parties to propose a schedule to determine the scope of potential remedies associated with the remaining claims or obtain a referral to mediation before the presiding Magistrate Judge. On October 8, 2024, the case was referred to the presiding Magistrate Judge for mediation that is scheduled to commence on March 11, 2025. We believe plaintiffs seek to recover early retirement benefits, monetary damages, or equitable relief in excess of $100 million. In the event a settlement cannot be achieved through the mediation process, we believe we have numerous and substantial defenses to support our vigorous defense at the trial or appellate levels if necessary. To the extent an adverse judgment or settlement 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 that allow for contributions to the plans over several years.
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 December 31, 2024 and 2023, our total reserve for legal matters was $48 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, CO2 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. 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 financial position, cash flows or operating results.

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 financial position, cash flows or operating results, 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. Because costs associated with remedial plans are generally expected to be spread over at least several years, we do not anticipate that our share of the cost of remediation will have a material adverse impact to our financial position, cash flows or operating results. 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 CO2, 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 by December 31, 2026. 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. In August 2024, we reached an
agreement to settle claims first made in January 2021 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. On December 18, 2024, the U.S. District Court entered the Consent Decree. On January 9, 2025, a Notice of Appeal was filed in the U.S. District Court indicating the Consent Decree is being appealed to the U.S. Court of Appeals for the Third Circuit.

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. The lawsuits 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. Plaintiffs seek, among other relief, unspecified money damages, attorney fees, interest, and restoration costs. 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 in the state district court for Plaquemines Parish 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. Plaintiffs seek, among other relief, unspecified money damages, attorney fees, interest, and restoration costs. In May 2018, the case was removed to the U.S. District Court for the Eastern District of Louisiana. The case has been stayed pending the resolution of federal question 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. 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 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 restoration costs. In April 2019, the case was removed to the U.S. District Court for the Eastern District of Louisiana. On February 28, 2024, the U.S. District Court entered partial Final Judgment dismissing a co-defendant and stayed the case pending an appeal by Orleans to the U.S. Court of Appeals for the Fifth Circuit. On January 23, 2025, the U.S. Court of Appeals for the Fifth Circuit affirmed the U.S. District Court’s judgment, thereby retaining jurisdiction and dismissing a co-defendant on the basis that SLCRMA does not apply to a co-defendant’s pipeline constructed prior to the regulation’s effective date. Considering this ruling and that SNG’s pipelines were constructed prior to the regulation’s effective date, SNG intends to seek to be dismissed from this suit on the same basis through subsequent motion practice. We intend to vigorously defend this case.
General

As of December 31, 2024 and 2023, we have accrued a total reserve for environmental liabilities in the amount of $188 million and $199 million, respectively. In addition, as of December 31, 2024 and 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. 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.

On August 5, 2024, the EPA filed a Motion for Partial Voluntary Remand asking the U.S. Court of Appeals for an opportunity to cure the deficiency in the record identified by the Supreme Court. On September 12, 2024, the U.S. Court of Appeals granted EPA’s motion, remanded the record to permit EPA to further respond to comments, and ordered the case be held in abeyance. On December 10, 2024, the EPA published the Notice on Remand of the Record in the Federal Register. On January 13, 2025, the U.S. Court of Appeals ordered the case be returned to its active docket for further proceedings. On February 6, 2025, the EPA filed a Motion to Hold Consolidated Cases in Abeyance asking the U.S. Court of Appeals to hold the case in abeyance for 60 days to allow the Trump Administration time to familiarize themselves with the Plan, receive briefing from the EPA about the case and the Plan, and decide what action on the Plan, if any, is necessary.

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 adverse 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.
v3.25.0.1
Recent Accounting Pronoucements (Notes)
 12 Months Ended
Dec. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements
18. Recent Accounting Pronouncements

Accounting Standards Updates

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 improves 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.
ASU No. 2024-03

On November 4, 2024, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40).” This ASU improves financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This ASU will be effective for annual periods beginning after December 15, 2026, for interim reporting periods beginning after December 15, 2027, and early adoption is permitted. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) Attributable to Parent $ 2,613 $ 2,391 $ 2,548
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Cybersecurity Risk Management and Strategy

We employ a comprehensive strategy for identifying and addressing cybersecurity risks that is consistent with the security directives issued by TSA where required and aligned with the U.S. Department of Commerce’s National Institute of Standards and Technology Framework for Improving Critical Infrastructure Cybersecurity. This framework outlines standards and practices to promote the protection of critical infrastructure. We utilize a risk-based approach that focuses on critical systems where failure or exploitation could potentially impact the safety or reliability of our key assets or operations. Cybersecurity risks are integrated into our overall risk management processes, including, for example, quarterly security briefings with senior management, tabletop exercises with operations, finance and other company personnel, and by employing a continuous improvement model for our cyber protection strategy that is aligned with the DHS’s National Infrastructure Protection Plan risk management framework.

Our management team has engaged third-party experts to provide guidance related to management of supply chain cybersecurity risks. Our strategy includes both short- and long-term initiatives to increase the security surrounding our assets and is supplemented using third-party threat monitoring, rigorous security protocols, and government partnerships. We perform
cybersecurity assessments with respect to third parties who provide critical services or who have access to or store critical confidential data.

We have not identified any cybersecurity threats that have materially impaired or are reasonably likely to materially impair our operations or financial standing. Please read Item 1A. “Risk Factors—Risks Related to Our Business—A breach of information security or the failure of one or more key IT or operational (OT) systems, or those of third parties, may adversely affect our business, results of operations or business reputation.” and “ Attacks, including acts of terrorism or cyber sabotage, or the threat of such attacks, may adversely affect our business or reputation.” for discussions of risks from cybersecurity threats we face.

Measures We Take to Monitor and our Procedures for Responding to Data Breaches or Cyberattacks

We have made investments to address data and cybersecurity risks. These investments include our use of continuous third-party security monitoring of our network perimeters, advanced persistent threat group monitoring to keep us informed of emerging serious threats, standardization of our network security architecture which separates business and supervisory control and data acquisition (SCADA) networks, and security information and event management software systems.

Our critical business systems are fully redundant and backed up at separate locations. Separate business and SCADA networks allow for isolation of potential threats and enhances the security of these systems. Our security systems correlate security events and aggregate security-related incident data, such as malware activity and other possible malicious activities. This system sends alerts if the data analysis shows that an activity could be a potential security issue. Security functionality is continuously monitored by our network operations center, and our network traffic is analyzed for signs of malicious activity through the CyberSentry program, which is managed by DHS’s Cybersecurity and Infrastructure Security Agency and a third-party security operations center, which operates continuously. We maintain a dedicated SCADA group within our IT department to evaluate and respond to significant events and incidents that may impact our operations. Anti-virus solutions are deployed on the SCADA systems and workstations in our data centers and control centers.

Our processes and cybersecurity plans are part of our overall emergency response plans, and we conduct simulated exercise drills, including with multiple U.S. government agencies and peer companies, to enhance our preparedness and provide for continual process improvement.

If data and network defenses are bypassed, processes detailed in our Cyber Incident Response Plan would help identify, contain and eradicate threats and bring our systems back online if needed. Additionally, the plan requires that the appropriate level of our management be made aware of incidents and be updated as the situation warrants.

Vulnerability Assessments and Penetration Testing

We hire an independent third-party cybersecurity firm to perform penetration testing annually. The third-party checks for vulnerabilities on our external and internal network perimeters. If vulnerabilities are found, corrective actions are implemented to remediate any issues.

Government and Industry Group Engagement

We engage with a wide variety of government agencies and industry groups to enable cross-sharing of information and to identify opportunities to improve our security, including active participation in IT Sector Coordinating Councils and attendance at classified briefings and security architecture reviews hosted by the U.S. Department of Energy, the U.S. Federal Bureau of Investigation and DHS. Partnership with these agencies provides us with intelligence on a wide range of critical infrastructure protection and cybersecurity issues as well as an opportunity to exchange best practices.

Employee Training

Our employees are required to take annual cyber and physical security training designed to help employees guard our cyber and physical data. Employees are tested regularly on cybersecurity, and cybersecurity performance is considered in annual employee performance reviews.
Cybersecurity Governance Structures

Management’s Role in Managing Cybersecurity Risk

We are committed to protecting sensitive information and have a dedicated cybersecurity group within our IT department that is overseen by our Chief Information Officer. This group provides a quarterly cybersecurity report to our senior management, including the Chief Executive Officer, President, Chief Financial Officer, Chief Operating Officer, Chief Administrative Officer, Chief Information Officer, General Counsel, business segment Presidents and the Vice President—Corporate Security. This senior management team is involved in all significant cybersecurity decisions, including efforts undertaken to comply with the security directives issued by the TSA. Our Chief Information Officer and, occasionally, our Chief Executive Officer and our General Counsel have attended classified briefings on cybersecurity in Washington, D.C. In addition to the quarterly reports to senior management, the cybersecurity team prepares broader management briefings that include updates regarding company-wide cybersecurity matters and initiatives and provide a forum for discussing data security risk solutions and formulating action plans.

Management of our cybersecurity team has extensive experience and training related to cybersecurity matters. These leaders hold top-secret clearance from the U.S. federal government and have attended classified briefings from relevant federal agencies. Our cybersecurity team has in excess of 100 years of combined cybersecurity experience as of year-end 2024, and members of the team hold various specialized certifications related to cybersecurity, including training related to penetration testing and information system auditing.

The Board’s Role in Cybersecurity Risk Oversight

The Audit Committee of our Board has oversight responsibility related to cybersecurity risk and is briefed quarterly by our Chief Information Officer on cybersecurity risk, our cybersecurity management program and initiatives, and, if applicable, notable cybersecurity events. In the event of a significant cybersecurity incident, our Chief Executive Officer will notify the Chairman of the Board or, in that person’s absence, the lead independent director of the Board.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Cybersecurity risks are integrated into our overall risk management processes, including, for example, quarterly security briefings with senior management, tabletop exercises with operations, finance and other company personnel, and by employing a continuous improvement model for our cyber protection strategy that is aligned with the DHS’s National Infrastructure Protection Plan risk management framework.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]
We have not identified any cybersecurity threats that have materially impaired or are reasonably likely to materially impair our operations or financial standing. Please read Item 1A. “Risk Factors—Risks Related to Our Business—A breach of information security or the failure of one or more key IT or operational (OT) systems, or those of third parties, may adversely affect our business, results of operations or business reputation.” and “ Attacks, including acts of terrorism or cyber sabotage, or the threat of such attacks, may adversely affect our business or reputation.” for discussions of risks from cybersecurity threats we face.
Cybersecurity Risk Board of Directors Oversight [Text Block]
The Board’s Role in Cybersecurity Risk Oversight

The Audit Committee of our Board has oversight responsibility related to cybersecurity risk and is briefed quarterly by our Chief Information Officer on cybersecurity risk, our cybersecurity management program and initiatives, and, if applicable, notable cybersecurity events. In the event of a significant cybersecurity incident, our Chief Executive Officer will notify the Chairman of the Board or, in that person’s absence, the lead independent director of the Board.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee of our Board has oversight responsibility related to cybersecurity risk
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Audit Committee of our Board has oversight responsibility related to cybersecurity risk and is briefed quarterly by our Chief Information Officer on cybersecurity risk, our cybersecurity management program and initiatives, and, if applicable, notable cybersecurity events. In the event of a significant cybersecurity incident, our Chief Executive Officer will notify the Chairman of the Board or, in that person’s absence, the lead independent director of the Board.
Cybersecurity Risk Role of Management [Text Block]
Management’s Role in Managing Cybersecurity Risk

We are committed to protecting sensitive information and have a dedicated cybersecurity group within our IT department that is overseen by our Chief Information Officer. This group provides a quarterly cybersecurity report to our senior management, including the Chief Executive Officer, President, Chief Financial Officer, Chief Operating Officer, Chief Administrative Officer, Chief Information Officer, General Counsel, business segment Presidents and the Vice President—Corporate Security. This senior management team is involved in all significant cybersecurity decisions, including efforts undertaken to comply with the security directives issued by the TSA. Our Chief Information Officer and, occasionally, our Chief Executive Officer and our General Counsel have attended classified briefings on cybersecurity in Washington, D.C. In addition to the quarterly reports to senior management, the cybersecurity team prepares broader management briefings that include updates regarding company-wide cybersecurity matters and initiatives and provide a forum for discussing data security risk solutions and formulating action plans.

Management of our cybersecurity team has extensive experience and training related to cybersecurity matters. These leaders hold top-secret clearance from the U.S. federal government and have attended classified briefings from relevant federal agencies. Our cybersecurity team has in excess of 100 years of combined cybersecurity experience as of year-end 2024, and members of the team hold various specialized certifications related to cybersecurity, including training related to penetration testing and information system auditing.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] We are committed to protecting sensitive information and have a dedicated cybersecurity group within our IT department that is overseen by our Chief Information Officer. This group provides a quarterly cybersecurity report to our senior management, including the Chief Executive Officer, President, Chief Financial Officer, Chief Operating Officer, Chief Administrative Officer, Chief Information Officer, General Counsel, business segment Presidents and the Vice President—Corporate SecurityThe Audit Committee of our Board has oversight responsibility related to cybersecurity risk and is briefed quarterly by our Chief Information Officer on cybersecurity risk, our cybersecurity management program and initiatives, and, if applicable, notable cybersecurity events.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
We are committed to protecting sensitive information and have a dedicated cybersecurity group within our IT department that is overseen by our Chief Information Officer. This group provides a quarterly cybersecurity report to our senior management, including the Chief Executive Officer, President, Chief Financial Officer, Chief Operating Officer, Chief Administrative Officer, Chief Information Officer, General Counsel, business segment Presidents and the Vice President—Corporate Security. This senior management team is involved in all significant cybersecurity decisions, including efforts undertaken to comply with the security directives issued by the TSA. Our Chief Information Officer and, occasionally, our Chief Executive Officer and our General Counsel have attended classified briefings on cybersecurity in Washington, D.C. In addition to the quarterly reports to senior management, the cybersecurity team prepares broader management briefings that include updates regarding company-wide cybersecurity matters and initiatives and provide a forum for discussing data security risk solutions and formulating action plans.

Management of our cybersecurity team has extensive experience and training related to cybersecurity matters. These leaders hold top-secret clearance from the U.S. federal government and have attended classified briefings from relevant federal agencies. Our cybersecurity team has in excess of 100 years of combined cybersecurity experience as of year-end 2024, and members of the team hold various specialized certifications related to cybersecurity, including training related to penetration testing and information system auditing.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
The Audit Committee of our Board has oversight responsibility related to cybersecurity risk and is briefed quarterly by our Chief Information Officer on cybersecurity risk, our cybersecurity management program and initiatives, and, if applicable, notable cybersecurity events. In the event of a significant cybersecurity incident, our Chief Executive Officer will notify the Chairman of the Board or, in that person’s absence, the lead independent director of the Board.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

Our reporting currency is U.S. dollars, and all references to dollars are U.S. dollars, unless stated otherwise. Our accompanying consolidated financial statements have been prepared under the rules and regulations of the SEC. These rules and regulations conform to the accounting principles contained in the FASB’s Accounting Standards Codification (ASC), the single source of GAAP. Under such rules and regulations, all significant intercompany items have been eliminated in consolidation. Additionally, certain amounts from prior years have been reclassified to conform to the current presentation.
Use of Estimates
Use of Estimates

Certain amounts included in or affecting our financial statements and related disclosures must be estimated, requiring us to make certain assumptions with respect to values or conditions which cannot be known with certainty at the time our financial statements are prepared. These estimates and assumptions affect the amounts we report for assets and liabilities, our revenues and expenses during the reporting period, and our disclosures, including those related to contingent assets and liabilities at the date of our financial statements. We evaluate these estimates on an ongoing basis, utilizing historical experience, consultation with experts and other methods we consider reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from our estimates. Any effects on our business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known.

Certain accounting policies are of more significance in our financial statement preparation process than others, and set out below are the principal accounting policies we apply in the preparation of our consolidated financial statements.
Cash Equivalents and Restricted Deposits
Cash Equivalents and Restricted Deposits

We define cash equivalents as all highly liquid short-term investments with original maturities of three months or less.

Amounts included in the restricted deposits in the accompanying consolidated financial statements represent a combination of restricted cash amounts required to be set aside by regulatory agencies to cover obligations for our captive insurance subsidiary and cash margin deposits posted by us with our counterparties associated with certain energy commodity contract positions.
Allowance for Credit Losses
Allowance for Credit Losses

We evaluate our financial assets measured at amortized cost and off-balance sheet credit exposures for expected credit losses over the contractual term of the asset or exposure. We consider available information relevant to assessing the collectability of cash flows including the expected risk of credit loss even if that risk is remote. We measure expected credit losses on a collective (pool) basis when similar risk characteristics exist, and we reflect the expected credit losses on the amortized cost basis of the financial asset as of the reporting date.

Our financial instruments primarily consist of our accounts receivable from customers, notes receivable from affiliates and contingent liabilities such as proportional guarantees of debt obligations of an equity investee. We utilized historical analysis of credit losses experienced over the previous five years along with current conditions and reasonable and supportable forecasts of future conditions in our evaluation of collectability of our financial assets.
Inventories
Inventories

Our inventories consist of materials and supplies and products such as natural gas, NGL, crude oil, condensate, refined petroleum products and transmix. We report products inventory at the lower of weighted-average cost or net realizable value. We report materials and supplies inventories at cost, and periodically review for physical deterioration and obsolescence.
Property, Plant and Equipment, net
Property, Plant and Equipment, net

Capitalization, Depreciation and Depletion and Disposals

We report property, plant and equipment at its acquisition cost. We expense costs for routine maintenance and repairs in the period incurred. The following table summarizes our significant policies related to our property, plant and equipment. The application of these policies can involve significant estimates.
AssetAccounting AreaPolicy
Straight-line assetsDepreciation rates
•Depreciable lives are based on estimated economic lives. This includes age, manufacturing specifications, technological advances, estimated production life of the oil or gas field served by the asset, contract terms for assets on leased or customer property and historical data concerning useful lives of similar assets.
Gains and losses
•A gain or loss on the sale of property, plant and equipment is calculated as the difference between the cost of the asset disposed of, net of depreciation, and the sale proceeds received or when held for sale, the market value of the asset.
•A gain on an asset disposal is recognized in income in the period that the sale is closed.
•A loss is recognized when the asset is sold or when classified as held for sale.
•Gains and losses are recorded in operating costs, expenses and other.
Composite assetsDepreciation rates
•A single depreciation rate is applied to the total cost of a functional group of assets that have similar economic characteristics until the net book value of the composite group equals the salvage value.
•Interstate natural gas FERC-regulated entities use the depreciation rates approved by the FERC.
•A depreciation rate for other composite assets is based on estimated economic lives. This includes age, manufacturing specifications, technological advances, estimated production life of the oil or gas field served by the asset, contract terms for assets on leased or customer property and historical data concerning useful lives of similar assets.
Gains and losses
•Gains and losses are credited or charged to accumulated depreciation, net of salvage and cost of removal.
•Gains or losses on land sales and FERC-approved operating unit sales are recorded in operating costs, expenses and other.
Oil and gas producing activities(a)Successful efforts method of accounting
•Costs that are incurred to acquire leasehold and subsequent development costs are capitalized.
•Costs that are associated with the drilling of successful exploration wells are capitalized if proved reserves are found.
•Costs associated with the drilling of exploratory wells that do not find proved reserves, geological and geophysical costs, and costs of certain non-producing leasehold costs are expensed as incurred.
•The capitalized costs of our producing oil and gas properties are depreciated and depleted by the units-of-production method.
•Other miscellaneous property, plant and equipment are depreciated over the estimated useful lives of the asset.
Enhanced recovery techniques
•In some cases, the cost of the CO2 associated with enhanced recovery is capitalized as part of our development costs when it is injected.
•The cost of CO2 associated with pressure maintenance operations for reservoir management is expensed when it is injected.
•When CO2 is recovered in conjunction with oil production, it is extracted and re-injected, and all of the associated costs are expensed as incurred.
•Proved developed reserves are used in computing units of production rates for drilling and development costs, and total proved reserves are used for depletion of leasehold costs.
(a)Gains and losses associated with assets in our oil and gas producing activities have a similar treatment as with that associated with our straight-line assets.

Circumstances may develop which cause us to change our estimates, thus impacting the future calculation of depreciation and amortization expense. Historically, adjustments to useful lives have not had a material impact on our aggregate depreciation levels from year to year.
Asset Retirement Obligations
Asset Retirement Obligations

We record liabilities for obligations related to the retirement and removal of long-lived assets used in our businesses. The majority of our asset retirement obligations are associated with our CO2 business where we are required to plug and abandon oil and gas wells that have been removed from service and to remove the surface wellhead equipment and compressors, but we also have obligations for certain gathering and long-haul pipelines and certain processing plants. We record, as liabilities, the fair value of asset retirement obligations on a discounted basis when they are incurred and can be reasonably estimated, which is typically at the time the assets are installed or acquired. The fair value estimates are primarily based on Level 3 inputs of the fair value hierarchy. The inputs include estimates and assumptions related to timing of settlement and retirement costs, which we base on historical retirement costs, future inflation rates and credit-adjusted risk-free interest rates. Amounts recorded for the related assets are increased by the amount of these obligations. Over time, the liabilities are accreted to reflect the change in their present value, and the initial capitalized costs are depreciated over the useful lives of the related assets. The liabilities are eventually extinguished when the asset is taken out of service. Our estimates of retirement costs could change as a result of changes in cost estimates and/or timing of the obligation.

The following table summarizes changes in the asset retirement obligations included in our accompanying consolidated balance sheets:
December 31,
20242023
(In millions)
Balance at beginning of period$231 $204 
Accretion expense13 12 
Divestitures (Note 3)
(33)— 
Acquisitions (Note 3)
43 12 
New obligations
10 10 
Settlements(16)(7)
Balance at end of period(a)
$248 $231 
(a)Balances at December 31, 2024 and 2023 include $2 million and $3 million, respectively, included within “Other current liabilities” on our accompanying consolidated balance sheets.

For certain assets, we currently cannot reasonably estimate the fair value of the asset retirement obligations because the associated assets have indeterminate lives. These assets include certain pipelines, processing plants and distribution facilities, and liquids and bulk terminal facilities. Based on the widespread use of hydrocarbons domestically and for international export, management expects supply and demand to exist for the foreseeable future. Therefore, the remaining useful lives of these assets are indeterminate due to prolonged expected demand. Additionally, these assets could also benefit from potential future conversion opportunities. For example, certain assets could be converted to transport, handle or store products other than traditional hydrocarbons. Under our integrity program, individual asset parts are replaced regularly. Although some of the individual asset parts may be replaced, the assets themselves may remain intact indefinitely. For these assets, an asset retirement obligation, if any, will be recognized once sufficient information is available to reasonably estimate the fair value of the obligation.
Long-lived Asset Impairments
Long-lived Asset Impairments

We evaluate long-lived assets including leases and investments for impairment whenever events or changes in circumstances indicate that our carrying amount of an asset or investment may not be recoverable.

In addition to our annual goodwill impairment test discussed further below, to the extent triggering events exist, we complete a review of the carrying value of our long-lived assets, including property, plant and equipment as well as other intangibles, and record, as applicable, the appropriate impairments using a two-step approach. To determine if a long-lived
asset is recoverable, we compare the asset’s estimated undiscounted cash flows to its carrying value (step 1). Because the impairment test for long-lived assets held in use is based on estimated undiscounted cash flows, there may be instances where an asset or asset group is not considered impaired, even when its fair value may be less than its carrying value, because the asset or asset group is recoverable based on the cash flows to be generated over the estimated life of the asset or asset group. If the carrying value of a long-lived asset or asset group is in excess of estimated undiscounted cash flows, we typically use discounted cash flow analyses to calculate the fair value of the long-lived asset to determine if an impairment is required and the amount of the impairment losses to be recognized (step 2).

We evaluate our oil and gas producing properties for impairment of value on a field-by-field basis or, in certain instances, by logical grouping of assets if there is significant shared infrastructure, using undiscounted future cash flows based on estimated future oil and gas production volumes.

Oil and gas producing properties deemed to be impaired are written down to their fair value, as determined by discounted future cash flows based on estimated future oil and gas production volumes.  Unproved oil and gas properties that are individually significant are periodically assessed for impairment of value, and a loss is recognized at the time of impairment.
Equity Method of Accounting and Basis Difference
Equity Method of Accounting and Basis Differences

We use the equity method of accounting for investments which we do not control, but for which we have the ability to exercise significant influence. The carrying values of these investments are impacted by our share of investee income or loss, distributions, amortization or accretion of basis differences and other-than-temporary impairments.

The difference between the carrying value of an investment and our share of the investment’s underlying equity in net assets is referred to as a basis difference. If the basis difference is assigned to depreciable or amortizable assets and liabilities, the basis difference is amortized or accreted as part of our share of investee earnings. To the extent that the basis difference relates to goodwill, referred to as equity method goodwill, the amount is not amortized.

We evaluate our equity method investments for other-than-temporary impairment. When an other-than-temporary impairment is recognized, the loss is recorded as a reduction in equity earnings.
Goodwill
Goodwill

Goodwill is the cost of an acquisition of a business in excess of the fair value of acquired assets and liabilities and is recorded as an asset on our balance sheet. Goodwill is not subject to amortization but must be tested for impairment at least annually and in interim periods if indicators of impairment exist. This test requires us to assign goodwill to an appropriate reporting unit and compare the fair value of a reporting unit to its carrying value. If the carrying value of a reporting unit, including allocated goodwill, exceeds its fair value an impairment is measured and recorded at the amount by which the reporting unit’s carrying value exceeds its fair value.

We evaluate goodwill for impairment on May 31 of each year, or more frequently to the extent events occur or conditions change between annual tests that would indicate a risk of possible impairment at the interim period.  For purposes of 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) CO2; (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. Generally, the evaluation of goodwill for impairment involves a quantitative test, although under certain circumstances an initial qualitative evaluation may be sufficient to conclude that goodwill is not impaired without conducting the quantitative test.

A large portion of our goodwill is non-deductible for tax purposes, and as such, to the extent there are impairments, all or a portion of the impairment may not result in a corresponding tax benefit.

Refer to Note 7 for further information.
Other Intangibles
Other Intangibles

Excluding goodwill, our other intangible assets include customer contracts and other relationships and agreements.

Our intangible assets primarily relate to customer contracts or other relationships for the handling and storage of petroleum, chemical, and dry-bulk materials, including oil, gasoline, and other refined petroleum products, petroleum coke, metals and
ores, the gathering of natural gas and the production and supply of RNG. We determined the values of these intangible assets by first, estimating the revenues derived from a customer contract or relationship (offset by the cost and expenses of supporting assets to fulfill the contract), and second, discounting the revenues at a risk adjusted discount rate.

We amortize the costs of our intangible assets to expense in a systematic and rational manner over their estimated useful lives. The life of each intangible asset is based either on the life of the corresponding customer contract or agreement or, in the case of a customer relationship intangible (the life of which was determined by an analysis of all available data on that business relationship), the length of time used in the discounted cash flow analysis to determine the value of the customer relationship. Among the factors we weigh, depending on the nature of the asset, are the effects of obsolescence, new technology, and competition.
Revenue Recognition
Revenue Recognition

The majority of our revenues are accounted for under Topic 606, Revenue from Contracts with Customers; however, to a limited extent, some revenues are accounted for under other guidance such as Topic 842, Leases or Topic 815, Derivatives and Hedging Activities.

Revenue from Contracts with Customers

We review our contracts with customers using the following steps to recognize revenue based on the transfer of goods or services to customers and in amounts that reflect the consideration the company expects to receive for those goods or services. The steps include: (i) identify the contract; (ii) identify the performance obligations of the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and then (v) recognize revenue when (or as) the performance obligation is satisfied. Each of these steps involves management judgment and an analysis of the contract’s material terms and conditions.

Our customer sales contracts primarily include sales of natural gas, NGL, crude oil, CO2 and transmix, as described below. Generally, for the majority of these contracts (i) each unit (Bcf, gallon, barrel, etc.) of commodity is a separate performance obligation, as our promise is to sell multiple distinct units of commodity at a point in time; (ii) the transaction price principally consists of variable consideration, which amount is determinable each month end based on our right to invoice at month end for the value of commodity sold to the customer that month; and (iii) the transaction price is allocated to each performance obligation based on the commodity’s standalone selling price and recognized as revenue upon delivery of the commodity, which is the point in time when the customer obtains control of the commodity and our performance obligation is satisfied.

Our customer services contracts are primarily for transportation service, storage service, gathering and processing service, and terminaling, as described below. Generally, for the majority of these contracts (i) our promise is to transfer (or stand ready to transfer) a series of distinct integrated services over a period of time, which is a single performance obligation; (ii) the
transaction price includes fixed and/or variable consideration, which amount is determinable at contract inception and/or at each month end based on our right to invoice at month end for the value of services provided to the customer that month; and (iii) the transaction price is recognized as revenue over the service period specified in the contract (which can be a day, including each day in a series of promised daily services, a month, a year, or other time increment, including a deficiency makeup period) as the services are rendered using a time-based (passage of time) or units-based (units of service transferred) output method for measuring the transfer of control of the services and satisfaction of our performance obligation over the service period, based on the nature of the promised service (e.g., firm or non-firm) and the terms and conditions of the contract.

Firm Services

Firm services (also called uninterruptible services) are services that are promised to always be available to the customer during the period(s) covered by the contract, with limited exceptions. Our firm service contracts are typically structured with take-or-pay or minimum volume provisions, which specify minimum service quantities a customer will pay for even if it chooses not to receive or use them in the specified service period (referred to as “deficiency quantities”). For take-or-pay contracts, we recognize the take-or-pay amount as revenue ratably over the service period based on the passage of time as our performance obligation is to make the service, or a part of the service (e.g., reservation), continuously available over such period. For contracts with minimum volume provisions, we recognize the portion of the transaction price associated with the minimum provision as each service period expires and, as a result, our performance obligation is satisfied.

Non-Firm Services

Non-firm services (also called interruptible services) are the opposite of firm services in that such services are provided to a customer on an “as available” basis. Generally, we do not have an obligation to perform these services until we accept a customer’s periodic request for service. For the majority of our non-firm service contracts, the customer will pay only for the actual quantities of services it chooses to receive or use, and we typically recognize the transaction price as revenue as those units of service are transferred to the customer in the specified service period (typically a daily or monthly period).

Contract Balances

Contract assets and contract liabilities are the result of timing differences between revenue recognition, billings and cash collections. We recognize contract assets in those instances where billing occurs subsequent to revenue recognition, and our right to invoice the customer is conditioned on something other than the passage of time. Our contract assets are substantially related to breakage revenue associated with our firm service contracts with minimum volume commitment payment obligations where the customer cannot or will not make up deficiency quantities in the specified service period and contracts where we apply revenue levelization (i.e., contracts with fixed rates per volume that increase over the life of the contract for which we record revenue ratably per unit over the life of the contract based on our performance obligations that are generally unchanged over the life of the contract). Our contract liabilities are substantially related to (i) capital improvements paid for in advance by certain customers generally in our non-regulated businesses, which we subsequently recognize as revenue on a straight-line basis over the initial term of the related customer contracts; (ii) consideration received from customers for temporary deficiency quantities under minimum volume contracts that we expect will be made up in a future period, which we subsequently recognize as revenue when the customer makes up the volumes or the likelihood that the customer will exercise its right for deficiency volumes becomes remote (e.g., there is insufficient capacity to make up the volumes, the deficiency makeup period expires); and (iii) contracts with fixed rates per volume that decrease over the life of the contract where we apply revenue levelization for amounts received for our future performance obligations. We reassess amounts recorded as contract assets or liabilities upon contract modification.

Refer to Note 14 for further information.
Costs of Sales
Costs of Sales

Costs of sales primarily includes the cost to purchase energy commodities sold, including natural gas, crude oil, NGL and other refined petroleum products, adjusted for the effects of our energy commodity hedging activities, as applicable. Costs of our crude oil, gas and CO2 producing activities, such as those in our CO2 business segment, are not accounted for as costs of sales.
Operations and Maintenance
Operations and Maintenance

Operations and maintenance includes costs of services and is primarily comprised of (i) operational labor costs and (ii) operations, maintenance and asset integrity, regulatory and environmental costs. Costs associated with our crude oil, gas and
CO2 producing activities included within operations and maintenance totaled $402 million, $393 million and $367 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Environmental Matters
Environmental Matters

We capitalize certain environmental expenditures required to obtain rights-of-way, regulatory approvals or permitting as part of the construction of facilities we use in our business operations. We accrue and expense environmental costs that relate to an existing condition caused by past operations, which do not contribute to current or future revenue generation. We generally do not discount environmental liabilities to a net present value, and we record environmental liabilities when environmental assessments and/or remedial efforts are probable and we can reasonably estimate the costs, such as after the completion of a feasibility study or commitment to a formal plan of action. We recognize receivables for anticipated associated insurance recoveries when such recoveries are deemed to be probable. We record at estimated fair value, where appropriate, environmental liabilities assumed in a business combination.

We routinely conduct reviews of potential environmental issues and claims that assist us in identifying environmental issues and estimating the costs and timing of remediation efforts. We also routinely adjust our environmental liabilities to reflect changes in previous estimates. In making environmental liability estimations, we consider the material effect of environmental compliance, pending legal actions against us, and potential third-party liability claims we may have against others. Often, as the remediation evaluation and effort progresses, additional information is obtained, requiring revisions to estimated costs.
Leases: Lessee
Leases

We lease property including corporate and field offices and facilities, vehicles, heavy work equipment including rail cars and large trucks, tanks, office equipment and land. Our leases have remaining lease terms of one to 46 years, some of which have options to extend or terminate the lease. We determine if an arrangement is a lease at inception or upon modification. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that we will exercise that option.

Our operating ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Leases with variable rate adjustments, such as Consumer Price Index (CPI) adjustments, are reflected based on contractual lease payments as outlined within the lease agreement and not adjusted for any CPI increases or decreases. Because most of our leases do not provide an explicit rate of return, we use our incremental secured borrowing rate based on lease term information available at the commencement date of the lease in determining the present value of lease payments. We have real estate lease agreements with lease and non-lease components, which are accounted for separately. For certain equipment leases, such as copiers and vehicles, we account for the leases under a portfolio method. Leases that were grandfathered under various portions of Topic 842, such as land easements, are reassessed when the agreements are modified.

Refer to Note 16 for further information.
Share-based Compensation
Share-based Compensation
 
We recognize compensation expense ratably over the vesting period of the restricted stock award based on the grant-date fair value, which is determined based on the market price of our Class P common stock on the grant date, less estimated forfeitures. Forfeiture rates are estimated based on historical forfeitures under our equity award plans. Upon vesting, the restricted stock award will be settled in unrestricted shares of our Class P common stock.
Pensions and Other Postretirement Benefits
Pensions and Other Postretirement Benefits

We recognize the differences between the fair value of each of our and our consolidated subsidiaries’ pension and other postretirement benefit plans’ assets and the benefit obligations as either assets or liabilities on our consolidated balance sheets. We record deferred plan costs and income—unrecognized losses and gains, unrecognized prior service costs and credits, and any remaining unamortized transition obligations—net of income taxes in “Accumulated other comprehensive loss,” with the proportionate share associated with less than wholly owned consolidated subsidiaries allocated and included within “Noncontrolling interests,” or as a regulatory asset or liability for certain of our regulated operations, until they are amortized as a component of benefit expense.
Deferred Financing Costs
Deferred Financing Costs

We capitalize financing costs incurred with new borrowings and amortize the costs over the contractual term of the related obligations.
Noncontrolling Interests
Noncontrolling Interests

Noncontrolling interests represents the interests in our consolidated subsidiaries that are not owned by us.  In our accompanying consolidated statements of income, the noncontrolling interest in the net income of our less than wholly owned consolidated subsidiaries is shown as an allocation of our consolidated net income and is presented separately as “Net Income Attributable to Noncontrolling Interests.”  In our accompanying consolidated balance sheets, noncontrolling interests is presented separately as “Noncontrolling interests” within “Stockholders’ Equity.”
Income Taxes
Income Taxes

Income tax expense is recorded based on an estimate of the effective tax rate in effect or to be in effect during the relevant periods. Changes in tax legislation are included in the relevant computations in the period in which such changes are enacted. We do business in a number of states with differing laws concerning how income subject to each state’s tax structure is measured and at what effective rate such income is taxed. Therefore, we must make estimates of how our income will be apportioned among the various states in order to arrive at an overall effective tax rate. Changes in our effective tax rate, including any effect on previously recorded deferred taxes, are recorded in the period in which the need for such change is identified.

Deferred income tax assets and liabilities are recognized for temporary differences between the basis of assets and liabilities for financial reporting and tax purposes. Deferred tax assets are reduced by a valuation allowance when it is more-likely-than-not that all, or a portion, of a deferred tax asset will not be realized. While we have considered estimated future taxable income and prudent and feasible tax planning strategies in determining the amount of our valuation allowance, any change in the amount that we expect to ultimately realize will be included in income in the period in which such a determination is reached. Income tax effects are released from accumulated other comprehensive loss to retained earnings, when applicable, on an individual item basis as those items are reclassified into income.

In determining the deferred income tax asset and liability balances attributable to our investments, we apply an accounting policy that looks through our investments. The application of this policy resulted in no deferred income taxes being provided on the difference between the book and tax basis on the non-tax-deductible goodwill portion of our investments, including KMI’s investment in its wholly-owned subsidiary, KMP.
Risk Management Activities
Risk Management Activities

We utilize energy commodity derivative contracts for the purpose of mitigating our risk resulting from fluctuations in the market price of commodities including crude oil, natural gas, and NGL.  In addition, we enter into interest rate swap agreements for the purpose of managing our interest rate exposure associated with our debt obligations. We also enter into cross-currency swap agreements to manage our foreign currency risk associated with certain debt obligations. We measure our derivative contracts at fair value and we report them on our balance sheet as either an asset or liability. For certain physical forward commodity derivatives contracts, we apply the normal purchase/normal sale exception, whereby the revenues and expenses associated with such transactions are recognized during the period when the commodities are physically delivered or received.

For qualifying accounting hedges, we formally document the relationship between the hedging instrument and the hedged item, the risk management objectives, and the methods used for assessing and testing effectiveness. When we designate a derivative contract as a cash flow accounting hedge, the entire change in fair value of the derivative that is included in the assessment of hedge effectiveness is deferred in “Accumulated other comprehensive loss” and reclassified into earnings in the period in which the hedged item affects earnings. When we designate a derivative contract as a fair value accounting hedge, the change in fair value of the hedged item is recorded as an adjustment to the carrying value of the hedged item and recognized currently in earnings in the same line item that the change in fair value of the derivative is recognized currently in earnings. Therefore, any difference between the changes in fair values of the item being hedged and the derivative contract results in a gain or loss from the hedging relationship recognized currently in earnings.

For derivative instruments that are not designated as accounting hedges, or for which we have not elected the normal purchase/normal sales exception, changes in fair value are recognized currently in earnings.
Unrealized gains and losses associated with our derivative activities that affect income are reflected as “Change in fair market value of derivative contracts” within our accompanying consolidated statement of cash flows as a noncash add back to net income to arrive at cash flows from our derivative activities for the period. Net changes in our interest receivable and payable balances that represent accruals and periodic settlements of interest on our interest rate swaps are included within “Accrued interest, net of interest rate swaps” on our accompanying consolidated statement of cash flows.
Fair Value
Fair Value

The fair values of our financial instruments are separated into three broad levels (Levels 1, 2 and 3) based on our assessment of the availability of observable market data and the significance of non-observable data used to determine fair value. We assign each fair value measurement to a level corresponding to the lowest level input that is significant to the fair value measurement in its entirety. Recognized valuation techniques utilize inputs such as contractual prices, quoted market prices or rates, and discount factors.  These inputs may be either readily observable or corroborated by market data.
Regulatory Assets and Liabilities
Regulatory Assets and Liabilities

Regulatory assets and liabilities represent probable future revenues or expenses associated with certain charges and credits that will be recovered from or returned to customers through the ratemaking process. In instances where we receive recovery in tariff rates related to losses on dispositions of operating units, we record a regulatory asset for the estimated recoverable amount.  We include the amounts of our regulatory assets and liabilities within “Other current assets,” “Deferred charges and other assets,” “Other current liabilities” and “Other long-term liabilities and deferred credits,” respectively, in our accompanying consolidated balance sheets.
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 or restricted stock units issued to employees and non-employee directors and include dividend equivalent payments, do not participate in excess distributions over earnings.
v3.25.0.1
Acquisitions and Divestitures (Policies)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Combinations
For acquired businesses, we recognize the identifiable assets acquired, the liabilities assumed and any noncontrolling interest in the acquiree at their estimated fair values on the date of acquisition with any excess purchase price over the fair value of net assets acquired recorded to goodwill. Determining the fair value of these items requires management’s judgment and the utilization of an independent valuation specialist, if applicable, and involves the use of significant estimates and assumptions.
v3.25.0.1
Income Taxes (Policies)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Unrecognized Tax Benefits
Unrecognized Tax Benefits: We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based not only on the technical merits of the tax position based on tax law, but also the past administrative practices and precedents of the taxing authority.  The tax benefits
recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Change in Asset Retirement Obligation
The following table summarizes changes in the asset retirement obligations included in our accompanying consolidated balance sheets:
December 31,
20242023
(In millions)
Balance at beginning of period$231 $204 
Accretion expense13 12 
Divestitures (Note 3)
(33)— 
Acquisitions (Note 3)
43 12 
New obligations
10 10 
Settlements(16)(7)
Balance at end of period(a)
$248 $231 
(a)Balances at December 31, 2024 and 2023 include $2 million and $3 million, respectively, included within “Other current liabilities” on our accompanying consolidated balance sheets.
Schedule of Other Intangibles
The following tables summarize our other intangible assets as of December 31, 2024 and 2023 and our amortization expense for the years ended December 31, 2024, 2023 and 2022: 
December 31,
20242023
(In millions)
Gross$3,543 $3,543 
Accumulated amortization(1,783)(1,586)
Net carrying amount$1,760 $1,957 
December 31,
202420232022
(In millions)
Amortization expense$197 $202 $253 
Schedule of Estimated Amortization Expense for Other Intangibles
Our estimated amortization expense for our intangible assets for each of the next five fiscal years is:
20252026202720282029
(In millions)
Estimated amortization expenses$193 $191 $191 $190 $189 
Schedule of Regulatory Assets
The following table summarizes our regulatory asset and liability balances as of December 31, 2024 and 2023:
December 31,
20242023
(In millions)
Current regulatory assets$25 $26 
Non-current regulatory assets231 214 
Total regulatory assets(a)$256 $240 
Current regulatory liabilities$35 $45 
Non-current regulatory liabilities197 188 
Total regulatory liabilities(b)$232 $233 
(a)Regulatory assets as of December 31, 2024 include (i) $90 million of unamortized losses on disposal of assets; (ii) $41 million income tax gross up on equity AFUDC; and (iii) $125 million of other assets, including amounts related to fuel tracker arrangements. Approximately $162 million of the regulatory assets, with a weighted average remaining recovery period of 8 years, are recoverable without earning a return, including the income tax gross up on equity AFUDC for which there is an offsetting deferred income tax balance for FERC rate base purposes; therefore, it does not earn a return.
(b)Regulatory liabilities as of December 31, 2024 are comprised of customer prepayments to be credited to shippers or other over-collections that are expected to be returned to shippers or netted against under-collections over time. Approximately $118 million of the $197 million classified as non-current is expected to be credited to shippers over a remaining weighted average period of 11 years, while the remaining $79 million is not subject to a defined period.
Schedule of Regulatory Liabilities
The following table summarizes our regulatory asset and liability balances as of December 31, 2024 and 2023:
December 31,
20242023
(In millions)
Current regulatory assets$25 $26 
Non-current regulatory assets231 214 
Total regulatory assets(a)$256 $240 
Current regulatory liabilities$35 $45 
Non-current regulatory liabilities197 188 
Total regulatory liabilities(b)$232 $233 
(a)Regulatory assets as of December 31, 2024 include (i) $90 million of unamortized losses on disposal of assets; (ii) $41 million income tax gross up on equity AFUDC; and (iii) $125 million of other assets, including amounts related to fuel tracker arrangements. Approximately $162 million of the regulatory assets, with a weighted average remaining recovery period of 8 years, are recoverable without earning a return, including the income tax gross up on equity AFUDC for which there is an offsetting deferred income tax balance for FERC rate base purposes; therefore, it does not earn a return.
(b)Regulatory liabilities as of December 31, 2024 are comprised of customer prepayments to be credited to shippers or other over-collections that are expected to be returned to shippers or netted against under-collections over time. Approximately $118 million of the $197 million classified as non-current is expected to be credited to shippers over a remaining weighted average period of 11 years, while the remaining $79 million is not subject to a defined period.
Schedule of Earnings Per Share, Basic and Diluted
The following table sets forth the allocation of net income available to shareholders of Class P common stock and participating securities:
Year Ended December 31,
202420232022
(In millions, except per share amounts)
Net Income Available to Stockholders$2,613 $2,391 $2,548 
Participating securities:
   Less: Net Income Allocated to Restricted stock awards(a)(15)(14)(13)
Net Income Allocated to Common Stockholders$2,598 $2,377 $2,535 
Basic Weighted Average Shares Outstanding2,220 2,234 2,258 
Basic Earnings Per Share$1.17 $1.06 $1.12 
(a)As of December 31, 2024, there were approximately 13 million restricted stock awards outstanding.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following maximum number of potential common stock equivalents 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.
Year Ended December 31,
202420232022
(In millions on a weighted average basis)
Unvested restricted stock awards13 13 13 
Convertible trust preferred securities3 3 3 
v3.25.0.1
Acquisitions and Divestitures (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
Our allocation of the purchase price for acquisitions completed during the years ended December 31, 2024, 2023 and 2022 are detailed below:
Assignment of Purchase Price
RefAcquisitionPurchase priceCurrent assetsProperty, plant & equipmentOther long-term assetsCurrent liabilitiesLong-term liabilitiesNon-controlling interestResulting goodwill
(In millions)
(1)North McElroy Unit$61 $1 $102 $— $— $(42)$— $— 
(2)STX Midstream1,829 25 1,199 549 (6)— (66)128 
(3)Diamond M13 — 25 — — (12)— — 
(4)North American Natural Resources132 2 5 64 — — — 61 
(5)Mas Ranger, LLC358 9 31 320 (2)— — — 
Schedule of Variable Interest Entities
The following table shows the carrying amount and classification of ELC’s assets and liabilities in our consolidated balance sheets:
December 31,
20242023
(In millions)
Assets
Current assets$47 $46 
Property, plant and equipment, net 1,129 1,162 
Deferred charges and other assets6 5 
Liabilities
Current liabilities$18 $15 
Other long-term liabilities and deferred credits49 25 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income Before Income Taxes
The components of “Income Before Income Taxes” are as follows:
 Year Ended December 31,
 202420232022
(In millions)
U.S.$3,402 $3,192 $3,318 
Foreign5 9 17 
Total Income Before Income Taxes$3,407 $3,201 $3,335 
Schedule of Components of Income Tax Provision
Components of the income tax provision applicable for federal, foreign and state taxes are as follows:
 Year Ended December 31,
 202420232022
(In millions)
Current tax expense   
Federal$11 $— $— 
State26 5 14 
Foreign3 — 4 
Total40 5 18 
Deferred tax expense    
Federal602 619 642 
State45 91 50 
Total647 710 692 
Total tax provision$687 $715 $710 
Schedule of Effective Income Tax Rate Reconciliation
The difference between the statutory federal income tax rate and our effective income tax rate is summarized as follows:
 Year Ended December 31,
 202420232022
(In millions, except percentages)
Federal income tax$716 21.0 %$672 21.0 %$700 21.0 %
Increase (decrease) as a result of:      
State income tax, net of federal benefit71 2.1 %64 2.0 %69 2.0 %
Dividend received deduction(34)(1.0)%(34)(1.1)%(36)(1.1)%
General business credit(a)
(42)(1.2)%(1)— %— — %
Other(24)(0.7)%14 0.4 %(23)(0.7)%
Total$687 20.2 %$715 22.3 %$710 21.2 %
(a)Recognition of investment tax credits generated by biogas projects.
Schedule of Deferred Tax Assets and Liabilities
Deferred tax assets and liabilities result from the following:
 December 31,
 20242023
(In millions)
Deferred tax assets  
Employee benefits$81 $114 
Net operating loss carryforwards1,416 2,024 
Tax credit carryforwards312 300 
Interest expense limitation372 266 
Other179 181 
Valuation allowances(64)(77)
Total deferred tax assets2,296 2,808 
Deferred tax liabilities
Property, plant and equipment217 215 
Investments(a)
4,124 3,951 
Other25 30 
Total deferred tax liabilities4,366 4,196 
Net deferred tax liability$(2,070)$(1,388)
(a)Amounts as of December 31, 2024 and 2023 are primarily associated with KMI’s investment in KMP.
Summary of Valuation Allowance
A reconciliation of our valuation allowances for the year ended December 31, 2024 is as follows:
Year Ended
December 31, 2024
(In millions)
Balance at beginning of period$77 
Addition for state NOL4 
State rate changes(10)
Currency fluctuation(7)
Balance at end of period$64 
Summary of Operating Loss Carryforwards
The following table provides details related to our deferred tax assets and valuation allowances as of December 31, 2024:
Unused AmountDeferred Tax AssetValuation AllowanceExpiration Period
(In millions)
Net Operating Loss
U.S. federal net operating loss$5,707 $1,198 $— Indefinite
State losses4,560 194 (40)2024 - 2044
Foreign losses70 24 (24)Indefinite
Tax Credits
General business credits312 312 — 2036 - 2044
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of our gross unrecognized tax benefit excluding interest and penalties is as follows:
Year Ended December 31,
202420232022
(In millions)
Balance at beginning of period$18 $23 $21 
Reductions based on statute expirations(3)(5)(5)
Audit settlement— (1)— 
Additions to state reserves for prior years4 1 7 
Balance at end of period$19 $18 $23 
Amounts which, if recognized, would affect the effective tax rate$19 
Summary of Income Tax Examinations
The following table summarizes information of our open tax years:
JurisdictionOpen Tax Year
U.S.2020 - 2024
Various states2012 - 2024
Foreign2020 - 2024
v3.25.0.1
Property, Plant and Equipment, net (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
As of December 31, 2024 and 2023, our property, plant and equipment, net consisted of the following:
 
Straight-Line
Estimated Useful Life
Composite
Depreciation Rates		December 31,
 20242023
(Years) (%)(In millions)
Interstate Natural Gas FERC-Regulated
Pipelines (Natural gas)
1.09-6.67
$12,376 $12,019 
Equipment (Natural gas)
1.09-6.67
9,488 9,190 
Other(a)
0.00-33
1,143 1,169 
Accumulated depreciation, depletion and amortization(10,712)(10,301)
Depreciable assets12,295 12,077 
Land51 53 
Construction work in process568 394 
Total interstate natural gas FERC-regulated12,914 12,524 
Other
Pipelines (Natural gas, liquids, refined products, crude oil and CO2)
5-40
0.09-33.33
8,933 9,631 
Equipment (Natural gas, liquids, refined products, crude oil, CO2 and terminals)
5-40
0.09-33.33
20,243 19,974 
Other(a)
3-10
0.00-33.33
5,587 5,493 
Accumulated depreciation, depletion and amortization(11,470)(11,774)
Depreciable assets23,293 23,324 
Land786 798 
Construction work in process1,020 651 
Total other25,099 24,773 
Property, plant and equipment, net$38,013 $37,297 
(a)Includes general plant, general structures and buildings, land rights-of-way, computer and communication equipment, intangibles, vessels, transmix products, linefill, and miscellaneous property, plant and equipment.
v3.25.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
Our investments primarily consist of equity investments where we hold significant influence over investee actions and for which we apply the equity method of accounting. The following table provides details on our investments as of December 31, 2024 and 2023 and our earnings (loss) from these respective investments for the years ended December 31, 2024, 2023 and 2022: 
Ownership Interest Equity InvestmentsEarnings (Loss) from
Equity Investments
 December 31,December 31,Year Ended December 31,
 202420242023202420232022
(In millions)
Citrus Corporation50%$1,794 $1,789 $134 $143 $145 
SNG50%1,734 1,668 145 140 145 
PHP27.74%736 763 91 70 70 
NGPL Holdings(a)37.5%618 623 117 121 111 
GCX
34%566 566 91 93 91 
Products (SE) Pipe Line Corporation51.17%371 369 72 65 51 
MEP50%320 342 63 87 10 
Utopia Holding LLC50%318 322 24 22 20 
EagleHawk25%266 273 26 18 13 
Gulf LNG Holdings Group, LLC50%240 275 26 25 24 
Dos Caminos, LLC
50%188 192 16 — — 
Red Cedar Gathering Company49%168 155 7 15 17 
Cortez Pipeline Company52.98%30 30 27 25 30 
Double Eagle(b)50%8 14 (6)(42)18 
All others488 493 57 56 58 
Total investments$7,845 $7,874 $890 $838 $803 
Amortization of excess cost$(50)$(66)$(75)
(a)Our investment in NPGL Holdings includes a related party promissory note receivable from NGPL Holdings with quarterly interest payments at 6.75%. The outstanding principal amount of our related party promissory note receivable at both December 31, 2024 and 2023 was $375 million. For the each of the years ended December 31, 2024, 2023 and 2022, we recognized $25 million of interest within “Earnings from equity investments” on our accompanying consolidated statements of income.
(b)Loss for the year ended December 31, 2023 includes $67 million of our share of a pre-tax non-cash impairment charge. The impairment was driven by lower expected renewal rates on contracts that expired in the second half of 2023.

Summarized combined financial information for our equity investments is reported below (amounts represent 100% of investee financial information):
Year Ended December 31,
Income Statement202420232022
(In millions)
Revenues$6,607 $6,249 $6,234 
Costs and expenses4,541 4,262 4,309 
Net income$2,066 $1,987 $1,925 
December 31,
Balance Sheet20242023
(In millions)
Current assets$1,355 $1,922 
Non-current assets24,465 24,337 
Current liabilities2,223 1,558 
Non-current liabilities9,181 10,108 
Partners’/owners’ equity14,416 14,593 
v3.25.0.1
Goodwill (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Changes in the amounts of our goodwill for each of the years ended December 31, 2024 and 2023 are summarized by segment as follows:  
 Natural Gas PipelinesProducts PipelinesTerminals
CO2
Total
(In millions)
Gross goodwill
$20,832 $2,796 $1,481 $1,642 $26,751 
Accumulated impairment losses
(4,240)(1,267)(679)(600)(6,786)
December 31, 202216,592 1,529 802 1,042 19,965 
Acquisition of STX Midstream156 — — — 156 
December 31, 202316,748 1,529 802 1,042 20,121 
Acquisition(a)(28)— — — (28)
Divestitures(b)— — — (9)(9)
December 31, 202416,720 1,529 802 1,033 20,084 
Gross goodwill
20,960 2,796 1,481 1,633 26,870 
Accumulated impairment losses
(4,240)(1,267)(679)(600)(6,786)
December 31, 2024$16,720 $1,529 $802 $1,033 $20,084 
(a)Reflects adjustment to purchase price allocation related to the December 2023 STX Midstream acquisition.
(b)Associated with our CO2 business segment assets that were divested in June 2024.
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
The following table provides detail on the principal amount of our outstanding debt balances:
December 31,
 20242023
(In millions)
Credit facility and commercial paper borrowings(a)$331 $1,989 
Corporate senior notes(b)
4.15%, due February 2024
— 650 
4.30%, due May 2024
— 600 
4.25%, due September 2024
— 650 
4.30%, due June 2025
1,500 1,500 
1.75%, due November 2026
500 500 
6.70%, due February 2027
7 7 
2.25%, due March 2027(c)
518 552 
6.67%, due November 2027
7 7 
December 31,
 20242023
4.30%, due March 2028
1,250 1,250 
7.25%, due March 2028
32 32 
6.95%, due June 2028
31 31 
5.00%, due February 2029
1,250 — 
5.10% due August 2029
500 — 
8.05%, due October 2030
234 234 
2.00%, due February 2031
750 750 
7.40%, due March 2031
300 300 
7.80%, due August 2031
537 537 
7.75%, due January 2032
1,005 1,005 
7.75%, due March 2032
300 300 
4.80%, due February 2033
750 750 
5.20%, due June 2033
1,500 1,500 
7.30%, due August 2033
500 500 
5.40%, due February 2034
1,000 — 
5.30%, due December 2034
750 750 
5.80%, due March 2035
500 500 
7.75%, due October 2035
1 1 
6.40%, due January 2036
36 36 
6.50%, due February 2037
400 400 
7.42%, due February 2037
47 47 
6.95%, due January 2038
1,175 1,175 
6.50%, due September 2039
600 600 
6.55%, due September 2040
400 400 
7.50%, due November 2040
375 375 
6.375%, due March 2041
600 600 
5.625%, due September 2041
375 375 
5.00%, due August 2042
625 625 
4.70%, due November 2042
475 475 
5.00%, due March 2043
700 700 
5.50%, due March 2044
750 750 
5.40%, due September 2044
550 550 
5.55%, due June 2045
1,750 1,750 
5.05%, due February 2046
800 800 
5.20%, due March 2048
750 750 
3.25%, due August 2050
500 500 
3.60%, due February 2051
1,050 1,050 
5.45%, due August 2052
750 750 
5.95% due August 2054
750 — 
7.45%, due March 2098
26 26 
TGP senior notes(b)
7.00%, due March 2027
300 300 
7.00%, due October 2028
400 400 
2.90%, due March 2030
1,000 1,000 
8.375%, due June 2032
240 240 
7.625%, due April 2037
300 300 
EPNG senior notes(b)
7.50%, due November 2026
200 200 
3.50%, due February 2032
300 300 
8.375%, due June 2032
300 300 
CIG senior notes(b)
4.15%, due August 2026
375 375 
6.85%, due June 2037
100 100 
EPC Building, LLC, promissory note, 3.967%, due January 2023 through December 2035
310 330 
Trust I Preferred Securities, 4.75%, due March 2028(d)
221 221 
Other miscellaneous debt(e)205 234 
Total debt – KMI and Subsidiaries31,788 31,929 
Less: Current portion of debt2,009 4,049 
Total long-term debt – KMI and Subsidiaries(f)$29,779 $27,880 
(a)Weighted average interest rates on borrowings at December 31, 2024 and 2023 were 4.60% and 5.68%, respectively.
(b)Notes provide for the redemption at any time at a price equal to 100% of the principal amount of the notes plus accrued interest to the redemption date plus a make whole premium and are subject to a number of restrictions and covenants. The most restrictive of these include limitations on the incurrence of liens and limitations on sale-leaseback transactions.
(c)Consists of senior notes denominated in Euros that have been converted to U.S. dollars and are respectively reported above at the December 31, 2024 exchange rate of 1.0354 U.S. dollars per Euro and at the December 31, 2023 exchange rate of 1.1039 U.S. dollars per Euro. As of December 31, 2024 and 2023, the cumulative changes in the exchange rate of U.S. dollars per Euro since issuance had resulted in a decrease of $25 million and an increase of $9 million, respectively. As of December 31, 2024, we had outstanding associated cross-currency swap agreements which are designated as cash flow hedges.
(d)Capital Trust I (Trust I), is a 100%-owned business trust that as of December 31, 2024, had 4.4 million of 4.75% trust convertible preferred securities outstanding (referred to as the Trust I Preferred Securities). Trust I exists for the sole purpose of issuing preferred securities and investing the proceeds in 4.75% convertible subordinated debentures, which are due 2028. Trust I’s sole source of income is interest earned on these debentures. This interest income is used to pay distributions on the preferred securities. We provide a full and unconditional guarantee of the Trust I Preferred Securities. There are no significant restrictions from these securities on our ability to obtain funds from our subsidiaries by distribution, dividend or loan. The Trust I Preferred Securities are non-voting (except in limited circumstances), pay quarterly distributions at an annual rate of 4.75% and carry a liquidation value of $50 per security plus accrued and unpaid distributions. The Trust I Preferred Securities outstanding as of December 31, 2024 are convertible at any time prior to the close of business on March 31, 2028, at the option of the holder, into the following mixed consideration: (i) 0.7197 of a share of our Class P common stock; and (ii) $25.18 in cash without interest. We have the right to redeem these Trust I Preferred Securities at any time.
(e)Includes finance lease obligations with monthly installments. The lease terms expire between 2026 and 2070.
(f)Excludes our “Debt fair value adjustments” which, as of December 31, 2024 and 2023, increased our combined debt balances by $102 million and $187 million, respectively. In addition to all unamortized debt discount/premium amounts, debt issuance costs and purchase accounting on our debt balances, our debt fair value adjustments also include amounts associated with the offsetting entry for hedged debt and any unamortized portion of proceeds received from the early termination of interest rate swap agreements. For further information about our debt fair value adjustments, see “—Debt Fair Value Adjustments” below.
Schedule of Short-term Debt
The following table details the components of our “Current portion of debt” reported on our consolidated balance sheets:
December 31,
20242023
(In millions)
$3.5 billion credit facility due August 20, 2027
$— $— 
Commercial paper notes331 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 
4.30%, due June 2025
1,500 — 
Trust I Preferred Securities, 4.75% due March 2028(a)
111 111 
Current portion of other debt67 49 
Total current portion of debt$2,009 $4,049 
(a)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.
Schedule of Maturities of Long-term Debt
The scheduled maturities of the outstanding debt balances, excluding debt fair value adjustments as of December 31, 2024, are summarized as follows:
YearTotal
(In millions)
2025$2,009 
20261,102 
2027872 
20281,867 
20291,781 
Thereafter24,157 
Total$31,788 
Schedule of Debt Fair Value Adjustments
The following table summarizes the “Debt fair value adjustments” included on our accompanying consolidated balance sheets:
December 31,
20242023
(In millions)
Purchase accounting debt fair value adjustments$385 $430 
Carrying value adjustment to hedged debt(241)(236)
Unamortized portion of proceeds received from the early termination of interest rate swap agreements(a)167 185 
Unamortized debt discounts, net(70)(67)
Unamortized debt issuance costs(139)(125)
Total debt fair value adjustments$102 $187 
(a)As of December 31, 2024, the weighted-average amortization period of the unamortized premium from the termination of interest rate swaps was approximately 10 years.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The carrying value and estimated fair value of our outstanding debt balances is disclosed below:
 December 31, 2024December 31, 2023
 Carrying
value		Estimated
fair value(a)		Carrying
value		Estimated
fair value(a)
(In millions)
Total debt$31,890 $30,794 $32,116 $31,370 
(a)Included in the estimated fair value are amounts for our Trust I Preferred Securities of $201 million and $207 million as of December 31, 2024 and 2023, respectively.
v3.25.0.1
Share-based Compensation and Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Summary of Stock Compensation Plans
Following is a summary of our stock compensation plans:
Directors’ Plan
Long Term Incentive Plan
Participating individualsEligible non-employee directors
Eligible employees
Total number of shares of Class P common stock authorized1,190,000 63,000,000 
Vesting period6 months
1 year to 10 years
Summary of Activity and Related Balances of Restricted Stock Awards
We also have a Kinder Morgan, Inc. 2021 Amended and Restated Stock Incentive Plan (Long Term Incentive Plan).  The following table sets forth a summary of activity and related balances under our Long Term Incentive Plan:
SharesWeighted Average Grant Date Fair Value per Share
(In thousands, except per share amounts)
Outstanding at December 31, 2023
12,861 $17.41 
Granted4,273 20.27 
Vested(3,310)17.48 
Forfeited(419)17.52 
Outstanding at December 31, 2024
13,405 $18.30 
Schedule of Grant Date Fair Value, Awards Vested and Compensation Costs
The following tables set forth additional information related to our Long Term Incentive Plan:
Year Ended December 31,
202420232022
(In millions, except per share amounts)
Weighted average grant date fair value per share$20.27 $17.41 $17.31 
Intrinsic value of awards vested during the year70 93 47 
Restricted stock awards expense(a)64 63 60 
Restricted stock awards capitalized(a)10 10 9 
(a)The above amounts represents total compensation costs and we allocate labor and benefit costs to joint ventures that we operate in accordance with our partnership agreements.
December 31, 2024
Unrecognized restricted stock awards compensation costs, less estimated forfeitures (in millions)
$123 
Weighted average remaining amortization period
2.08 years
Schedule of Defined Benefit Plans Disclosures
Benefit Obligation, Plan Assets and Funded Status. The following table provides information about our pension and OPEB plans as of and for each of the years ended December 31, 2024 and 2023:
Pension BenefitsOPEB
2024202320242023
(In millions)
Change in benefit obligation:
Benefit obligation at beginning of period$1,902 $2,077 $177 $195 
Service cost52 55 1 1 
Interest cost91 107 8 10 
Actuarial (gain) loss(82)14 8 (6)
Benefits paid(154)(132)(26)(25)
Participant contributions— — 1 1 
Settlements— (219)— — 
Other— — — 1 
Benefit obligation at end of period1,809 1,902 169 177 
Change in plan assets:   
Fair value of plan assets at beginning of period1,562 1,741 323 302 
Actual return on plan assets156 122 33 44 
Employer contributions50 50 — — 
Participant contributions— — 1 1 
Benefits paid(154)(132)(26)(25)
Settlements— (219)— — 
Other— — — 1 
Fair value of plan assets at end of period1,614 1,562 331 323 
Funded status - net (liability) asset at December 31,$(195)$(340)$162 $146 
Amounts recognized in the consolidated balance sheets:
Non-current benefit asset(a)$— $— $278 $263 
Current benefit liability— — (14)(14)
Non-current benefit liability(195)(340)(102)(103)
Funded status - net (liability) asset at December 31,$(195)$(340)$162 $146 
Amounts of pre-tax accumulated other comprehensive (loss) income recognized in the consolidated balance sheets:
Unrecognized net actuarial (loss) gain$(230)$(384)$139 $149 
Unrecognized prior service credit— — 2 3 
Accumulated other comprehensive (loss) income$(230)$(384)$141 $152 
Information related to plans whose accumulated benefit obligations exceeded the fair value of plan assets:
Accumulated benefit obligation$1,782 $1,870 $117 $119 
Fair value of plan assets1,614 1,562 2 2 
(a)2024 and 2023 OPEB amounts include $59 million and $53 million, respectively, of non-current benefit assets related to a plan we sponsor which is associated with employee services provided to an unconsolidated joint venture, and for which we have recorded an offsetting related party deferred credit.
Fair Value of Pension and OPEB Assets by Level of Assets
The allowable range for asset allocations in effect for our plans as of December 31, 2024, by asset category, are as follows:
Pension BenefitsOPEB
Cash
0% to 23%
Equities
42% to 52%
43% to 71%
Fixed income securities
37% to 47%
26% to 50%
Real estate
2% to 12%
Company securities (KMI Class P common stock and/or debt securities)
0% to 10%
Listed below are the fair values of our pension and OPEB plans’ assets that are recorded at fair value by class and categorized by fair value measurement used at December 31, 2024 and 2023:
Pension Assets
20242023
Level 1Level 2TotalLevel 1Level 2Total
(In millions)
Measured within fair value hierarchy
Short-term investment funds$— $— $— $— $32 $32 
Equities(a)203 — 203 143 — 143 
Fixed income securities— 380 380 — 410 410 
Subtotal$203 $380 583 $143 $442 585 
Measured at NAV
Common/collective trusts(b)1,002 976 
Private limited partnerships(c)— 1 
Short-term investment funds
29 — 
Subtotal1,031 977 
Total plan assets fair value$1,614 $1,562 
(a)Plan assets include $167 and $107 of KMI Class P common stock for 2024 and 2023, respectively.
(b)Common/collective trust funds were invested in approximately 66% equities, 22% fixed income securities and 12% real estate in 2024 and 64% equities, 23% fixed income securities and 13% real estate in 2023.
(c)Includes assets invested in real estate, venture and buyout funds.
OPEB Assets
20242023
Level 1Level 2TotalLevel 1Level 2Total
(In millions)
Measured within fair value hierarchy
Short-term investment funds$— $3 $3 $— $5 $5 
Measured at NAV
Common/collective trusts(a)328 318 
Total plan assets fair value$331 $323 
(a)Common/collective trust funds were invested in approximately 62% equities and 38% fixed income securities for both 2024 and 2023.
Schedule of Expected Payment of Future Benefits and Employer Contributions
Employer Contributions and Expected Payment of Future Benefits. As of December 31, 2024, we expect the following cash flows under our plans:
Pension BenefitsOPEB
(In millions)
Contributions expected in 2025
$50 $— 
Benefit payments expected in:
2025$189 $23 
2026189 22 
2027184 20 
2028179 19 
2029175 17 
2030 - 2034767 67 
Schedule of Weighted-Average Actuarial Assumptions
Actuarial Assumptions and Sensitivity Analysis. Benefit obligations and net benefit cost are based on actuarial estimates and assumptions. The following table details the weighted-average actuarial assumptions used in determining our benefit obligation as of December 31, 2024 and 2023 and net benefit costs of our pension and OPEB plans for 2024, 2023 and 2022:
Pension BenefitsOPEB
2024202320242023
Assumptions related to benefit obligations:
Discount rate5.58 %5.13 %5.44 %5.08 %
Rate of compensation increase3.50 %3.50 %n/an/a
Interest crediting rate3.78 %3.85 %n/an/a
Pension BenefitsOPEB
202420232022202420232022
Assumptions related to benefit costs:
Discount rate5.13 %5.41 %2.74 %5.08 %5.38 %2.56 %
Expected return on plan assets7.00 %7.00 %6.50 %6.00 %6.00 %5.75 %
Rate of compensation increase3.50 %3.50 %3.50 %n/an/an/a
Interest crediting rate3.85 %3.50 %3.01 %n/an/an/a
Schedule of Components of Net Benefit Cost and Other Amounts Recognized in Other Comprehensive Income
Components of Net Benefit Cost and Other Amounts Recognized in Other Comprehensive Income. For each of the years ended December 31, the components of net benefit cost and other amounts recognized in pre-tax other comprehensive income related to our pension and OPEB plans are as follows:
Pension BenefitsOPEB
202420232022202420232022
(In millions)
Components of net benefit cost (credit):
Service cost$52 $55 $55 $1 $1 $1 
Interest cost91 107 57 8 10 5 
Expected return on assets(106)(117)(142)(14)(13)(17)
Amortization of prior service cost (credit)— 1 1 (3)(3)(3)
Amortization of net actuarial loss (gain)22 35 29 (17)(16)(18)
Settlement loss
— 46 — — — — 
Net benefit cost (credit)59 127 — (25)(21)(32)
Other changes in plan assets and benefit obligations recognized in OCI:
Net (gain) loss arising during period(132)10 (11)(6)(30)24 
Amortization or settlement recognition of net actuarial (loss) gain(22)(81)(29)16 16 17 
Amortization of prior service (cost) credit— (1)(1)1 1 2 
Total recognized in OCI(a)(154)(72)(41)11 (13)43 
Total recognized in net benefit cost (credit) and OCI$(95)$55 $(41)$(14)$(34)$11 
(a)Excludes $1 million and $4 million for the years ended December 31, 2024 and 2022, respectively, associated with other plans.
v3.25.0.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Share Repurchases
We have a board-approved share buy-back program that authorizes share repurchases of up to $3 billion that began in December 2017. All shares we have repurchased are canceled and are no longer outstanding. Activity under the buy-back program is as follows:
Year Ended December 31,
202420232022
(In millions, except per share amounts)
Total value of shares repurchased$7 $522 $368 
Total number of shares repurchased(a)
1 32 21 
Average repurchase price per share$16.50 $16.56 $16.94 
(a)For the year ended December 31, 2024, we repurchased less than 1 million of our shares.
Schedule of Dividends Paid and Payable
The following table provides information about our per share dividends: 
Year Ended December 31,
202420232022
Per share cash dividend declared for the period$1.15 $1.13 $1.11 
Per share cash dividend paid in the period1.1450 1.1250 1.1025 
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)
Changes in the components of our “Accumulated other comprehensive loss” not including noncontrolling interests are summarized as follows:
 Net unrealized
gains/(losses)
on cash flow
hedge derivatives		Pension and
other
postretirement
liability adjustments		Total
Accumulated other
comprehensive
loss
(In millions)
Balance at December 31, 2021$(172)$(239)$(411)
Other comprehensive (loss) gain before reclassifications (312)1 (311)
Losses reclassified from accumulated other comprehensive loss320 — 320 
Net current-period change in accumulated other comprehensive loss8 1 9 
Balance at December 31, 2022(164)(238)(402)
Other comprehensive gain before reclassifications 155 65 220 
Gains reclassified from accumulated other comprehensive loss(35)— (35)
Net current-period change in accumulated other comprehensive loss120 65 185 
Balance at December 31, 2023(44)(173)(217)
Other comprehensive (loss) gain before reclassifications (29)111 82 
Losses reclassified from accumulated other comprehensive loss40 — 40 
Net current-period change in accumulated other comprehensive loss11 111 122 
Balance at December 31, 2024$(33)$(62)$(95)
v3.25.0.1
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions [Table Text Block]
The following tables summarize our affiliate balance sheet balances and income statement activity, other than amounts reported within our “Investments” balances and “Earnings from equity investments” activity:
December 31,
20242023
(In millions)
Balance sheet location
Accounts receivable$48 $45 
Other current assets1 2 
$49 $47 
Current portion of debt$5 $5 
Accounts payable21 16 
Other current liabilities8 3 
Long-term debt132 137 
Other long-term liabilities and deferred credits60 54 
$226 $215 
Year Ended December 31,
202420232022
(In millions)
Income statement location
Revenues$346 $172 $172 
Operating Costs, Expenses and Other
Costs of sales$145 $132 $134 
Other operating expenses69 57 50 
v3.25.0.1
Risk Management (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Energy Commodity Price Risk Management
As of December 31, 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(16.8)MMBbl
Natural gas fixed price(64.8)Bcf
Natural gas basis(36.7)Bcf
Derivatives not designated as hedging contracts  
Crude oil fixed price(1.0)MMBbl
Crude oil basis(0.2)MMBbl
Natural gas fixed price(7.0)Bcf
Natural gas basis(66.2)Bcf
NGL fixed price(1.3)MMBbl
Schedule of Interest Rate Risk Management The following table summarizes our outstanding interest rate contracts as of December 31, 2024:
Notional amountAccounting treatmentMaximum term
(In millions)
Derivatives designated as hedging instruments
Fixed-to-variable interest rate contracts(a)
$4,750 Fair value hedgeMarch 2035
Derivatives not designated as hedging instruments
Variable-to-fixed interest rate contracts
$1,500 Mark-to-MarketDecember 2025
(a)The principal amount of hedged senior notes consisted of $1,500 million included in “Current portion of debt” and $3,250 million included in “Long-term debt” on our accompanying consolidated balance sheet.
Schedule of Foreign Currency Risk Management The following table summarizes our outstanding foreign currency contracts as of December 31, 2024:
Notional amountAccounting treatmentMaximum term
(In millions)
Derivatives designated as hedging instruments
EUR-to-USD cross currency swap contracts(a)$543 Cash flow hedgeMarch 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 in our accompanying consolidated balance sheets:
Fair Value of Derivative Contracts
LocationDerivatives AssetDerivatives Liability
December 31,December 31,
2024202320242023
(In millions)
Derivatives designated as hedging instruments
Energy commodity derivative contracts
Other current assets/(Other current liabilities)
$10 $77 $(46)$(75)
Deferred charges and other assets/(Other long-term liabilities and deferred credits)9 12 (8)(29)
Subtotal19 89 (54)(104)
Interest rate contracts
Other current assets/(Other current liabilities)
1 — (51)(120)
Deferred charges and other assets/(Other long-term liabilities and deferred credits)19 37 (203)(158)
Subtotal20 37 (254)(278)
Foreign currency contracts
Other current assets/(Other current liabilities)
— — (3)(2)
Deferred charges and other assets/(Other long-term liabilities and deferred credits)— — (26)(2)
Subtotal— — (29)(4)
Total39 126 (337)(386)
Derivatives not designated as hedging instruments
Energy commodity derivative contracts
Other current assets/(Other current liabilities)
14 49 (35)(8)
Deferred charges and other assets/(Other long-term liabilities and deferred credits)1 3 (15)(1)
Subtotal15 52 (50)(9)
Interest rate contracts
Other current assets/(Other current liabilities)
4 — — — 
 Deferred charges and other assets/(Other long-term liabilities and deferred credits)4 — (2)— 
Subtotal8 — (2)— 
Total23 52 (52)(9)
Total derivatives$62 $178 $(389)$(395)
Schedule of Derivative Assets and Liabilities at Fair Value
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 fair value measurements by level
 
Level 1
Level 2
Level 3		Gross amountContracts available for nettingCash collateral held(a)Net amount
(In millions)
As of December 31, 2024   
Energy commodity derivative contracts(b)$6 $29 $— $35 $(19)$— $16 
Interest rate contracts— 27 — 27 — — 27 
As of December 31, 2023   
Energy commodity derivative contracts(b)$65 $75 $— $140 $(16)$— $124 
Interest rate contracts— 38 — 38 — — 38 

Balance sheet liability
fair value measurements by level
Level 1Level 2Level 3Gross amountContracts available for nettingCash collateral posted(a)Net amount
(In millions)
As of December 31, 2024
Energy commodity derivative contracts(b)$(17)$(89)$— $(106)$19 $52 $(35)
Interest rate contracts— (254)— (254)— — (254)
Foreign currency contracts— (29)— (29)— — (29)
As of December 31, 2023
Energy commodity derivative contracts(b)(17)(96)— (113)16 (85)(182)
Interest rate contracts— (278)— (278)— — (278)
Foreign currency contracts— (4)— (4)— — (4)
(a)Any cash collateral paid or received is reflected in this table, but only to the extent that it represents variation margins. Any amount associated with derivative prepayments or initial margins that are not influenced by the derivative asset or liability amounts or those that are determined solely on their volumetric notional amounts are excluded from this table.
(b)Level 1 consists primarily of NYMEX natural gas futures.  Level 2 consists primarily of OTC WTI swaps, NGL swaps and crude oil basis swaps.
Schedule of Derivative Instruments, Gain (Loss) in Statements of Income
The following tables summarize the pre-tax impact of our derivative contracts in our accompanying consolidated statements of income and comprehensive income:
Derivatives in fair value hedging relationshipsLocationGain/(loss) recognized in income on derivatives and related hedged item
  Year Ended December 31,
  202420232022
(In millions)
Interest rate contractsInterest, net$(3)$138 $(738)
Hedged fixed rate debt(a)Interest, net$5 $(132)$743 
(a)As of December 31, 2024, the cumulative amount of fair value hedging adjustments to our hedged fixed rate debt was a decrease of $241 million included in “Debt fair value adjustments” on our accompanying consolidated balance sheet.
Derivatives in cash flow hedging relationships
Gain/(loss) recognized in OCI on derivatives(a)
Location Gain/(loss) reclassified from Accumulated OCI into income(b)
Year EndedYear Ended
 December 31, December 31,
 202420232022 202420232022
(In millions)(In millions)
Energy commodity derivative contracts
$(26)$182 $(338)Revenues—Commodity sales$7 $103 $(491)
   Costs of sales(29)(73)144 
Interest rate contracts13 (10)7 Interest, net4 — — 
Foreign currency contracts(24)30 (73)Other, net(34)17 (68)
Total$(37)$202 $(404)Total$(52)$47 $(415)
(a)We expect to reclassify an approximately $37 million loss associated with cash flow hedge price risk management activities included in our accumulated other comprehensive loss balance as of December 31, 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.
(b)During the year ended December 31, 2022, we recognized gains of $121 million associated with a write-down of hedged inventory. All other amounts reclassified were the result of the hedged forecasted transactions actually affecting earnings (i.e., when the forecasted sales and purchases actually occurred).

Derivatives not designated as accounting hedgesLocationGain/(loss) recognized in income on derivatives
 Year Ended December 31,
 202420232022
(In millions)
Energy commodity derivative contracts
Revenues—Commodity sales
$20 $75 $137 
Costs of sales
(89)100 (190)
 
Earnings from equity investments— 2 (11)
Interest rate contractsInterest, net3 1 (10)
Total(a)$(66)$178 $(74)
(a)The years ended December 31, 2024, 2023 and 2022 include approximate gains (losses) of $8 million, $58 million and $(11) million, respectively, associated with natural gas, crude and NGL derivative contract settlements.
v3.25.0.1
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following tables present our revenues disaggregated by segment, revenue source and type of revenue for each revenue source:
Year Ended December 31, 2024
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues from contracts with customers(a)
Services
Firm services(b)$3,893 $220 $846 $2 $(4)$4,957 
Fee-based services1,044 1,059 460 41 (7)2,597 
Total services4,937 1,279 1,306 43 (11)7,554 
Commodity sales
Natural gas sales2,303 — — 43 (6)2,340 
Product sales965 1,444 50 1,031 (4)3,486 
Other sales20 — — 85 (2)103 
Total commodity sales3,288 1,444 50 1,159 (12)5,929 
Total revenues from contracts with customers8,225 2,723 1,356 1,202 (23)13,483 
Other revenues(c)
Leasing services(d)459 209 666 66 — 1,400 
Derivatives adjustments on commodity sales113 (1)— (85)— 27 
Other145 24 — 21 — 190 
Total other revenues717 232 666 2 — 1,617 
Total revenues$8,942 $2,955 $2,022 $1,204 $(23)$15,100 
Year Ended December 31, 2023
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues from contracts with customers(a)
Services
Firm services(b)$3,543 $171 $819 $1 $3 $4,537 
Fee-based services1,008 1,036 427 40 (9)2,502 
Total services4,551 1,207 1,246 41 (6)7,039 
Commodity sales
Natural gas sales2,631 — — 43 (8)2,666 
Product sales1,110 1,635 33 1,114 (8)3,884 
Other sales20 — — 42 (4)58 
Total commodity sales3,761 1,635 33 1,199 (20)6,608 
Total revenues from contracts with customers8,312 2,842 1,279 1,240 (26)13,647 
Other revenues(c)
Leasing services(d)475 200 638 55 — 1,368 
Derivatives adjustments on commodity sales285 — — (107)— 178 
Other96 24 — 21 — 141 
Total other revenues856 224 638 (31)— 1,687 
Total revenues$9,168 $3,066 $1,917 $1,209 $(26)$15,334 

Year Ended December 31, 2022
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues from contracts with customers(a)
Services
Firm services(b)$3,547 $207 $763 $1 $(3)$4,515 
Fee-based services926 962 426 46 — 2,360 
Total services4,473 1,169 1,189 47 (3)6,875 
Commodity sales
Natural gas sales6,198 — — 82 (20)6,260 
Product sales1,433 2,032 29 1,426 (7)4,913 
Other sales68 — — 12 — 80 
Total commodity sales7,699 2,032 29 1,520 (27)11,253 
Total revenues from contracts with customers12,172 3,201 1,218 1,567 (30)18,128 
Other revenues(c)
Leasing services(d)474 194 574 60 — 1,302 
Derivatives adjustments on commodity sales(26)(3)— (325)— (354)
Other66 26 — 32 — 124 
Total other revenues514 217 574 (233)— 1,072 
Total revenues$12,686 $3,418 $1,792 $1,334 $(30)$19,200 
(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 13 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. Our revenues derived from leases were not material. We do not lease assets that qualify as sales-type or finance leases.
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 December 31, 2024 that we will invoice or transfer from contract liabilities and recognize in future periods:
YearEstimated Revenue
(In millions)
2025$5,038 
20264,292 
20273,541 
20283,088 
20292,725 
Thereafter15,956 
Total$34,640 
v3.25.0.1
Reportable Segments (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Financial information by segment follows: 

 Year Ended December 31, 2024
Reportable Segments
 Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues
Revenues from external customers$8,930 $2,955 $2,013 $1,202 $— $15,100 
Intersegment revenues12 — 9 2 (23)— 
Total revenues8,942 2,955 2,022 1,204 (23)15,100 
Costs of sales(2,837)(1,394)(42)(82)
Labor(322)(128)(273)(50)
Fuel and power(74)(92)(20)(153)
Field - non-labor(a)(854)(193)(558)(241)
Taxes, other than income taxes
(269)(43)(53)(60)
Earnings from equity investments782 66 8 34 
Other segment items(b)59 2 15 40 
Total Segment EBDA(c)
$5,427 $1,173 $1,099 $692 8,391 
DD&A(2,354)
Amortization of excess cost of equity investments(50)
General and administrative and corporate charges(736)
Interest, net(1,844)
Income tax expense(687)
Net income$2,720 
Other segment activity information:
DD&A$1,105 $365 $508 $354 $22 $2,354 
Capital expenditures1,654 210 385 346 34 2,629 
Segment balance sheet information:
Investments7,252 387 132 74 — 7,845 
Other intangibles, net687 597 18 458 — 1,760 
Total assets(d)
50,402 8,639 8,086 3,583 697 71,407 
 Year Ended December 31, 2023
Reportable Segments
 Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues
Revenues from external customers$9,152 $3,066 $1,911 $1,205 $— $15,334 
Intersegment revenues16 — 6 4 (26)— 
Total revenues9,168 3,066 1,917 1,209 (26)15,334 
Costs of sales(3,258)(1,588)(33)(77)
Labor(300)(121)(254)(49)
Fuel and power(79)(88)(19)(137)
Field - non-labor(a)(801)(185)(535)(232)
Taxes, other than income taxes
(262)(42)(55)(55)
Earnings from equity investments776 23 9 30 
Other segment items(b)38 (3)10 — 
Total Segment EBDA(e)
$5,282 $1,062 $1,040 $689 8,073 
DD&A(2,250)
Amortization of excess cost of equity investments(66)
General and administrative and corporate charges(759)
Interest, net(1,797)
Income tax expense(715)
Net income$2,486 
Other segment activity information:
DD&A$1,041 $367 $493 $325 $24 $2,250 
Capital expenditures1,299 221 406 355 36 2,317 
Segment balance sheet information:
Investments7,273 390 130 81 — 7,874 
Other intangibles, net742 687 26 502 — 1,957 
Total assets(d)
49,883 8,781 8,235 3,497 624 71,020 
 Year Ended December 31, 2022
Reportable Segments
 Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues
Revenues from external customers$12,659 $3,418 $1,789 $1,334 $— $19,200 
Intersegment revenues27 — 3 — (30)— 
Total revenues12,686 3,418 1,792 1,334 (30)19,200 
Costs of sales(7,171)(1,972)(26)(109)
Labor(282)(99)(239)(41)
Fuel and power(78)(81)(17)(132)
Field - non-labor(a)(763)(194)(518)(207)
Taxes, other than income taxes
(268)(45)(53)(65)
Earnings from equity investments683 68 14 38 
Other segment items(b)(6)12 22 1 
Total Segment EBDA(f)
$4,801 $1,107 $975 $819 7,702 
DD&A(2,186)
Amortization of excess cost of equity investments(75)
General and administrative and corporate charges(593)
Interest, net(1,513)
Income tax expense(710)
Net income$2,625 
Other segment activity information:
DD&A$1,096 $336 $458 $272 $24 $2,186 
Capital expenditures666 — 552 371 32 1,621 
(a)Includes outside services, pipeline integrity maintenance, materials and supplies and other operating costs.
(b)Includes miscellaneous operating and non-operating items primarily related to gains and losses associated with divestitures, impairments and/or equity investments.
(c)Includes non-cash mark-to-market derivative hedge contract amounts of $(75) million and $(2) million for our Natural Gas Pipelines and CO2 business segments, respectively.
(d)Corporate segment includes cash and cash equivalents, restricted deposits, certain prepaid assets and deferred charges, risk management assets related to derivative contracts, corporate headquarters in Houston, Texas and miscellaneous corporate assets (such as IT, telecommunications equipment and legacy activity) not allocated to our reportable segments.
(e)Includes non-cash mark-to-market derivative hedge contract amounts of $122 million, $1 million and $(4) million for our Natural Gas Pipelines, Products Pipelines and CO2 business segments, respectively.
(f)Includes non-cash mark-to-market derivative hedge contract amounts of $(64) million and $11 million for our Natural Gas Pipelines and CO2 business segments, respectively.
Schedule of Revenue and Long-lived Assets from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]
Following is geographic information regarding the revenues and long-lived assets of our business:
 Year Ended December 31,
 202420232022
(In millions)
Revenues from external customers   
U.S.$15,057 $15,255 $19,036 
Mexico and other foreign43 79 164 
Total consolidated revenues from external customers$15,100 $15,334 $19,200 
December 31,
 202420232022
(In millions)
Long-term assets, excluding goodwill and other intangibles  
U.S.$46,972 $46,328 $44,425 
Mexico and other foreign70 72 75 
Canada— — 1 
Total consolidated long-lived assets$47,042 $46,400 $44,501 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Lease, Cost [Table Text Block]
Following are components of our lease cost:
Year Ended December 31,
202420232022
(In millions)
Operating leases$80 $71 $62 
Short-term and variable leases131 127 101 
Total lease cost$211 $198 $163 

Other information related to our operating leases are as follows:
Year Ended December 31,
202420232022
(In millions,
except lease term and discount rate)
Operating cash flows from operating leases$(170)$(157)$(132)
Investing cash flows from operating leases(41)(41)(31)
ROU assets obtained in exchange for operating lease obligations, net of retirements36 56 22 
Amortization of ROU assets68 58 50 
Weighted average remaining lease term
8.15 years
8.72 years9.8 years
Weighted average discount rate4.84 %4.59 %4.26 %
Amounts recognized in the accompanying consolidated balance sheets are as follows:
December 31,
Lease Activity(a)Balance sheet location20242023
(In millions)
ROU assetsDeferred charges and other assets$253 $285 
Short-term lease liabilityOther current liabilities60 55 
Long-term lease liabilityOther long-term liabilities and deferred credits193 230 
(a)We have immaterial financing leases recorded as of December 31, 2024 and 2023.
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
Operating lease liabilities under non-cancellable leases (excluding short-term leases) as of December 31, 2024 are as follows:
YearCommitment
 (In millions)
2025$72 
202648 
202736 
202825 
202923 
Thereafter122 
Total lease payments326 
Less: Interest(73)
Present value of lease liabilities$253 
v3.25.0.1
Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]    
Balance at beginning of period $ 231 $ 204
Accretion expense 13 12
Divestitures (33) 0
Acquisitions 43 12
New obligations 10 10
Settlements (16) (7)
Balance at end of period 248 231
Asset Retirement Obligation, Current $ 2 $ 3
v3.25.0.1
Summary of Significant Accounting Policies - Goodwill (Details)
May 31, 2024
segment
Accounting Policies [Abstract]  
Number of Reporting Units 7
v3.25.0.1
Summary of Significant Accounting Policies - Other Intangibles (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Intangibles      
Gross $ 3,543 $ 3,543  
Accumulated amortization (1,783) (1,586)  
Net carrying amount 1,760 1,957  
Amortization expense 197 $ 202 $ 253
Estimated amortization expense:      
2025 193    
2026 191    
2027 191    
2028 190    
2029 $ 189    
v3.25.0.1
Summary of Significant Accounting Policies - Operations and Maintenance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Expense      
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]      
Results of Operations, Expense from Oil and Gas Producing Activities $ 402 $ 393 $ 367
v3.25.0.1
Summary of Significant Accounting Policies - Leases (Details)
Dec. 31, 2024
Minimum  
Lessee, Operating Lease, Remaining Lease Term 1 year
Maximum  
Lessee, Operating Lease, Remaining Lease Term 46 years
v3.25.0.1
Summary of Significant Accounting Policies - Regulatory Assets and Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Regulatory Assets    
Current regulatory assets $ 25 $ 26
Non-current regulatory assets 231 214
Total regulatory assets(a) 256 240
Amount recoverable without earning a return $ 162  
Weighted average remaining recovery period 8 years  
Regulatory Liabilities    
Current regulatory liabilities $ 35 45
Non-current regulatory liabilities 197 188
Total regulatory liabilities(b) 232 $ 233
Amount expected to be credited to shippers over remaining weighted average period $ 118  
Remaining weighted average period 11 years  
Amount not subject to defined crediting period $ 79  
Loss on Disposal of Assets    
Regulatory Assets    
Total regulatory assets(a) 90  
Income Tax Gross Up on AFUDC Equity    
Regulatory Assets    
Total regulatory assets(a) 41  
Other Regulatory Assets (Liabilities)    
Regulatory Assets    
Total regulatory assets(a) $ 125  
v3.25.0.1
Summary of Significant Accounting Policies - Earnings per share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]      
Net Income Available to Stockholders $ 2,613 $ 2,391 $ 2,548
Less: Net Income Allocated to Restricted stock awards $ (15) $ (14) $ (13)
Basic Weighted Average Shares Outstanding 2,220 2,234 2,258
Basic Earnings Per Share $ 1.17 $ 1.06 $ 1.12
Unvested restricted stock awards      
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]      
Antidilutive securities 13 13 13
Convertible trust preferred securities      
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]      
Antidilutive securities 3 3 3
Class P      
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]      
Net Income Available to Stockholders $ 2,598 $ 2,377 $ 2,535
Class P | Unvested restricted stock awards      
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]      
Awards outstanding 13    
v3.25.0.1
Acquisitions and Divestitures - Schedule of Recognized Identified Assets and Liabilities Assumed (Details)
$ in Millions
 12 Months Ended
Dec. 28, 2023
USD ($)
Aug. 11, 2022
USD ($)
assets
Jul. 19, 2022
USD ($)
assets
Dec. 31, 2024
USD ($)
Jan. 13, 2025
USD ($)
mi
Bcf
Jun. 10, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jun. 01, 2023
USD ($)
Dec. 31, 2022
USD ($)
Business Acquisition [Line Items]                  
Resulting goodwill       $ 20,084     $ 20,121   $ 19,965
Equity Investments       7,845     7,874    
Adjustment to noncontrolling interest       38          
Goodwill adjustment       (28)          
Dos Caminos, LLC                  
Business Acquisition [Line Items]                  
Equity Investments       $ 188     $ 192    
Ownership Interest       50.00%          
North McElroy                  
Business Acquisition [Line Items]                  
Purchase price           $ 61      
Current assets           1      
Property, plant, & equipment           102      
Other long-term assets           0      
Current liabilities           0      
Long-term liabilities           (42)      
Non-controlling interest           0      
Resulting goodwill           $ 0      
STX Midstream                  
Business Acquisition [Line Items]                  
Purchase price $ 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)                
Resulting goodwill 128                
Business combination, customer contracts $ 357                
Weighted average amortization period, customer relationship 15 years                
Adjustment to noncontrolling interest       $ 38          
Measurement period adjustments       10          
Goodwill adjustment       (28)          
Goodwill expected to be tax deductible $ 124                
STX Midstream | NET Mexico                  
Business Acquisition [Line Items]                  
Ownership percentage 90.00%                
STX Midstream | Dos Caminos, LLC                  
Business Acquisition [Line Items]                  
Equity Investments $ 192                
Ownership Interest 50.00%                
Diamond M                  
Business Acquisition [Line Items]                  
Purchase price               $ 13  
Current assets               0  
Property, plant, & equipment               25  
Other long-term assets               0  
Current liabilities               0  
Long-term liabilities               (12)  
Non-controlling interest               0  
Resulting goodwill               $ 0  
North American Natural Resources, Inc.                  
Business Acquisition [Line Items]                  
Purchase price   $ 132              
Current assets   2              
Property, plant, & equipment   5              
Other long-term assets   64              
Current liabilities   0              
Long-term liabilities   0              
Non-controlling interest   0              
Resulting goodwill   $ 61              
Weighted average amortization period, customer relationship   13 years              
Number of landfill assets | assets   7              
Mas Ranger, LLC                  
Business Acquisition [Line Items]                  
Purchase price     $ 358            
Current assets     9            
Property, plant, & equipment     31            
Other long-term assets     320            
Current liabilities     (2)            
Long-term liabilities     0            
Non-controlling interest     0            
Resulting goodwill     $ 0            
Weighted average amortization period, customer relationship     17 years            
Number of landfill assets | assets     3            
Diamond M, Additional Interest                  
Business Acquisition [Line Items]                  
Purchase price       $ 3          
North Dakota Gas Gathering and Processing System | Subsequent Event | Scenario, Plan                  
Business Acquisition [Line Items]                  
Purchase price         $ 640        
North Dakota Gas Gathering and Processing System | Subsequent Event | Scenario, Plan | Processing Facility                  
Business Acquisition [Line Items]                  
Asset capacity | Bcf         0.27        
North Dakota Gas Gathering and Processing System | Subsequent Event | Scenario, Plan | Gas Gathering Pipeline                  
Business Acquisition [Line Items]                  
Asset capacity | Bcf         0.35        
Length of pipeline | mi         104        
v3.25.0.1
Acquisitions and Divestitures - CO2 Divestiture (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Gain on divestiture $ 74 $ 15 $ 32
Asset retirement obligation, liabilities divested 33 $ 0  
CO2      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Proceeds from divestiture 18    
Gain on divestiture 40    
Asset retirement obligation, liabilities divested $ 33    
v3.25.0.1
Acquisitions and Divestitures - Sale of an Interest in ELC (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 26, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]        
Proceeds from sale of noncontrolling interests (Note 3)   $ 0 $ 0 $ 557
Impact of change in ownership interest in subsidiary       501
ASSETS        
Current assets   2,521 2,542  
Property, plant and equipment, net   38,013 37,297  
Deferred charges and other assets   1,184 1,229  
LIABILITIES        
Current liabilities   5,101 7,221  
Other long-term liabilities and deferred credits   2,488 2,615  
Elba Liquefaction Company L.L.C.        
ASSETS        
Current assets   47 46  
Property, plant and equipment, net   1,129 1,162  
Deferred charges and other assets   6 5  
LIABILITIES        
Current liabilities   18 15  
Other long-term liabilities and deferred credits   $ 49 $ 25  
Additional paid-in capital        
Variable Interest Entity [Line Items]        
Impact of change in ownership interest in subsidiary       $ 190
Elba Liquefaction Company L.L.C.        
Variable Interest Entity [Line Items]        
Proceeds from sale of noncontrolling interests (Note 3) $ 557      
Ownership percentage   25.50%    
Elba Liquefaction Company L.L.C. | Third Party Investor        
Variable Interest Entity [Line Items]        
Ownership percentage by noncontrolling owners 25.50%      
v3.25.0.1
Income Taxes - Income Before Income Taxes and Income Tax Provision (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Components of Income Before Income Taxes      
U.S. $ 3,402 $ 3,192 $ 3,318
Foreign 5 9 17
Income Before Income Taxes 3,407 3,201 3,335
Current tax expense      
Federal 11 0 0
State 26 5 14
Foreign 3 0 4
Total 40 5 18
Deferred tax expense      
Federal 602 619 642
State 45 91 50
Total 647 710 692
Total $ 687 $ 715 $ 710
v3.25.0.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Amount:      
Federal income tax $ 716 $ 672 $ 700
State income tax, net of federal benefit 71 64 69
Dividend received deduction (34) (34) (36)
General business credit (42) (1) 0
Other (24) 14 (23)
Total $ 687 $ 715 $ 710
Percent:      
Federal income tax, percent 21.00% 21.00% 21.00%
State income tax, net of federal benefit, percent 2.10% 2.00% 2.00%
Dividend received deduction, percent (1.00%) (1.10%) (1.10%)
General business credit, percent (1.20%) 0.00% 0.00%
Other, percent (0.70%) 0.40% (0.70%)
Total, percent 20.20% 22.30% 21.20%
v3.25.0.1
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets    
Employee benefits $ 81 $ 114
Net operating loss carryforwards 1,416 2,024
Tax credit carryforwards 312 300
Interest expense limitation 372 266
Other 179 181
Valuation allowances (64) (77)
Total deferred tax assets 2,296 2,808
Deferred tax liabilities    
Property, plant and equipment 217 215
Investments(a) 4,124 3,951
Other 25 30
Total deferred tax liabilities 4,366 4,196
Net deferred tax liability $ (2,070) $ (1,388)
v3.25.0.1
Income Taxes - Valuation Allowance (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Valuation Allowance [Line Items]  
Balance at beginning of period $ 77
Balance at end of period 64
Addition for state NOL | State  
Valuation Allowance [Line Items]  
Change in valuation allowances 4
State rate changes | State  
Valuation Allowance [Line Items]  
Change in valuation allowances (10)
Currency Fluctuation  
Valuation Allowance [Line Items]  
Change in valuation allowances $ (7)
v3.25.0.1
Income Taxes - Deferred Tax Assets and Valuation Allowances (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets and valuation allowances:    
Net operating loss, deferred tax assets $ 1,416 $ 2,024
Tax credits, deferred tax assets 312 $ 300
General Business Credits | Expires from 2036 - 2044    
Deferred tax assets and valuation allowances:    
Tax credits, unused amount 312  
Tax credits, deferred tax assets 312  
Tax credits, valuation allowance 0  
U.S. Federal | Indefinite Tax Period    
Deferred tax assets and valuation allowances:    
Net operating loss, unused amount 5,707  
Net operating loss, deferred tax assets 1,198  
Net operating loss, valuation allowance 0  
State | Expires from 2024 - 2044    
Deferred tax assets and valuation allowances:    
Net operating loss, unused amount 4,560  
Net operating loss, deferred tax assets 194  
Net operating loss, valuation allowance (40)  
Foreign | Indefinite Tax Period    
Deferred tax assets and valuation allowances:    
Net operating loss, unused amount 70  
Net operating loss, deferred tax assets 24  
Net operating loss, valuation allowance $ (24)  
v3.25.0.1
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits      
Balance at beginning of period $ 18 $ 23 $ 21
Reductions based on statute expirations (3) (5) (5)
Audit settlement 0 (1) 0
Additions to state reserves for prior years 4 1 7
Balance at end of period 19 $ 18 $ 23
Other Disclosures      
Amounts which, if recognized, would affect the effective tax rate 19    
Increase in Unrecognized Tax Benefits is Reasonably Possible $ 3    
v3.25.0.1
Property, Plant and Equipment, net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, net $ 38,013 $ 37,297  
Depreciation Depletion and Amortization Expense for Property, Plant and Equipment 2,127 2,020 $ 1,905
Interstate Natural Gas FERC-Regulated      
Property, Plant and Equipment [Line Items]      
Accumulated depreciation, depletion and amortization (10,712) (10,301)  
Depreciable assets 12,295 12,077  
Property, plant and equipment, net 12,914 12,524  
Interstate Natural Gas FERC-Regulated | Pipelines      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross $ 12,376 12,019  
Interstate Natural Gas FERC-Regulated | Pipelines | Minimum      
Property, Plant and Equipment [Line Items]      
Composite Depreciation Rates 1.09%    
Interstate Natural Gas FERC-Regulated | Pipelines | Maximum      
Property, Plant and Equipment [Line Items]      
Composite Depreciation Rates 6.67%    
Interstate Natural Gas FERC-Regulated | Equipment      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross $ 9,488 9,190  
Interstate Natural Gas FERC-Regulated | Equipment | Minimum      
Property, Plant and Equipment [Line Items]      
Composite Depreciation Rates 1.09%    
Interstate Natural Gas FERC-Regulated | Equipment | Maximum      
Property, Plant and Equipment [Line Items]      
Composite Depreciation Rates 6.67%    
Interstate Natural Gas FERC-Regulated | Other      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross $ 1,143 1,169  
Interstate Natural Gas FERC-Regulated | Other | Minimum      
Property, Plant and Equipment [Line Items]      
Composite Depreciation Rates 0.00%    
Interstate Natural Gas FERC-Regulated | Other | Maximum      
Property, Plant and Equipment [Line Items]      
Composite Depreciation Rates 33.00%    
Interstate Natural Gas FERC-Regulated | Land and land rights-of-way      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross $ 51 53  
Interstate Natural Gas FERC-Regulated | Construction work in process      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross 568 394  
Other      
Property, Plant and Equipment [Line Items]      
Accumulated depreciation, depletion and amortization (11,470) (11,774)  
Depreciable assets 23,293 23,324  
Property, plant and equipment, net 25,099 24,773  
Other | Pipelines      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross $ 8,933 9,631  
Other | Pipelines | Minimum      
Property, Plant and Equipment [Line Items]      
Straight-Line Estimated Useful Life 5 years    
Composite Depreciation Rates 0.09%    
Other | Pipelines | Maximum      
Property, Plant and Equipment [Line Items]      
Straight-Line Estimated Useful Life 40 years    
Composite Depreciation Rates 33.33%    
Other | Equipment      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross $ 20,243 19,974  
Other | Equipment | Minimum      
Property, Plant and Equipment [Line Items]      
Straight-Line Estimated Useful Life 5 years    
Composite Depreciation Rates 0.09%    
Other | Equipment | Maximum      
Property, Plant and Equipment [Line Items]      
Straight-Line Estimated Useful Life 40 years    
Composite Depreciation Rates 33.33%    
Other | Other      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross $ 5,587 5,493  
Other | Other | Minimum      
Property, Plant and Equipment [Line Items]      
Straight-Line Estimated Useful Life 3 years    
Composite Depreciation Rates 0.00%    
Other | Other | Maximum      
Property, Plant and Equipment [Line Items]      
Straight-Line Estimated Useful Life 10 years    
Composite Depreciation Rates 33.33%    
Other | Land and land rights-of-way      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross $ 786 798  
Other | Construction work in process      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross $ 1,020 $ 651  
v3.25.0.1
Investments - Equity investments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]      
Equity Investments $ 7,845 $ 7,874  
Earnings (Loss) from Equity Investments 890 838 $ 803
Amortization of excess cost of equity investments $ (50) (66) (75)
Related Party | NGPL Holdings, LLC      
Schedule of Equity Method Investments [Line Items]      
Interest rate, stated percentage 6.75%    
Note receivable $ 375 375  
Earnings from equity investments | Related Party | NGPL Holdings, LLC      
Schedule of Equity Method Investments [Line Items]      
Interest income $ 25 25 25
Citrus Corporation      
Schedule of Equity Method Investments [Line Items]      
Ownership Interest 50.00%    
Equity Investments $ 1,794 1,789  
Earnings (Loss) from Equity Investments $ 134 143 145
SNG      
Schedule of Equity Method Investments [Line Items]      
Ownership Interest 50.00%    
Equity Investments $ 1,734 1,668  
Earnings (Loss) from Equity Investments $ 145 140 145
PHP      
Schedule of Equity Method Investments [Line Items]      
Ownership Interest 27.74%    
Equity Investments $ 736 763  
Earnings (Loss) from Equity Investments $ 91 70 70
NGPL Holdings, LLC      
Schedule of Equity Method Investments [Line Items]      
Ownership Interest 37.50%    
Equity Investments $ 618 623  
Earnings (Loss) from Equity Investments $ 117 121 111
GCX      
Schedule of Equity Method Investments [Line Items]      
Ownership Interest 34.00%    
Equity Investments $ 566 566  
Earnings (Loss) from Equity Investments $ 91 93 91
Products (SE) Pipe Line Corporation      
Schedule of Equity Method Investments [Line Items]      
Ownership Interest 51.17%    
Equity Investments $ 371 369  
Earnings (Loss) from Equity Investments $ 72 65 51
MEP      
Schedule of Equity Method Investments [Line Items]      
Ownership Interest 50.00%    
Equity Investments $ 320 342  
Earnings (Loss) from Equity Investments $ 63 87 10
Utopia Holding LLC      
Schedule of Equity Method Investments [Line Items]      
Ownership Interest 50.00%    
Equity Investments $ 318 322  
Earnings (Loss) from Equity Investments $ 24 22 20
EagleHawk      
Schedule of Equity Method Investments [Line Items]      
Ownership Interest 25.00%    
Equity Investments $ 266 273  
Earnings (Loss) from Equity Investments $ 26 18 13
Gulf LNG      
Schedule of Equity Method Investments [Line Items]      
Ownership Interest 50.00%    
Equity Investments $ 240 275  
Earnings (Loss) from Equity Investments $ 26 25 24
Dos Caminos, LLC      
Schedule of Equity Method Investments [Line Items]      
Ownership Interest 50.00%    
Equity Investments $ 188 192  
Earnings (Loss) from Equity Investments $ 16 0 0
Red Cedar Gathering Company      
Schedule of Equity Method Investments [Line Items]      
Ownership Interest 49.00%    
Equity Investments $ 168 155  
Earnings (Loss) from Equity Investments $ 7 15 17
Cortez Pipeline Company      
Schedule of Equity Method Investments [Line Items]      
Ownership Interest 52.98%    
Equity Investments $ 30 30  
Earnings (Loss) from Equity Investments $ 27 25 30
Double Eagle Pipeline LLC      
Schedule of Equity Method Investments [Line Items]      
Ownership Interest 50.00%    
Equity Investments $ 8 14  
Earnings (Loss) from Equity Investments (6) (42) 18
Impairments of equity investments   67  
All others      
Schedule of Equity Method Investments [Line Items]      
Equity Investments 488 493  
Earnings (Loss) from Equity Investments $ 57 $ 56 $ 58
v3.25.0.1
Investments - Summary of Investments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]      
Revenues $ 15,100 $ 15,334 $ 19,200
Costs and expenses 10,716 11,071 15,135
Net income 2,720 2,486 2,625
Current assets 2,521 2,542  
Current liabilities 5,101 7,221  
Non-current liabilities 34,439 32,070  
Partners’/owners’ equity 30,531 30,306  
Equity Method Investment, Nonconsolidated Investee or Group of Investees      
Schedule of Equity Method Investments [Line Items]      
Revenues 6,607 6,249 6,234
Costs and expenses 4,541 4,262 4,309
Net income 2,066 1,987 $ 1,925
Current assets 1,355 1,922  
Non-current assets 24,465 24,337  
Current liabilities 2,223 1,558  
Non-current liabilities 9,181 10,108  
Partners’/owners’ equity $ 14,416 $ 14,593  
v3.25.0.1
Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
May 31, 2024
Dec. 31, 2022
Goodwill [Line Items]        
Gross goodwill $ 26,870     $ 26,751
Accumulated impairment losses (6,786)     (6,786)
Goodwill 20,084 $ 20,121   19,965
Acquisition of STX Midstream   156    
Acquisition (28)      
Divestitures (9)      
Natural Gas Pipelines        
Goodwill [Line Items]        
Gross goodwill 20,960     20,832
Accumulated impairment losses (4,240)     (4,240)
Goodwill 16,720 16,748   16,592
Acquisition of STX Midstream   156    
Acquisition (28)      
Divestitures 0      
Products Pipelines        
Goodwill [Line Items]        
Gross goodwill 2,796     2,796
Accumulated impairment losses (1,267)     (1,267)
Goodwill 1,529 1,529   1,529
Acquisition of STX Midstream   0    
Acquisition 0      
Divestitures 0      
Terminals        
Goodwill [Line Items]        
Gross goodwill 1,481     1,481
Accumulated impairment losses (679)     (679)
Goodwill 802 802   802
Acquisition of STX Midstream   0    
Acquisition 0      
Divestitures 0      
CO2        
Goodwill [Line Items]        
Gross goodwill 1,633     1,642
Accumulated impairment losses (600)     (600)
Goodwill 1,033 1,042   $ 1,042
Acquisition of STX Midstream   $ 0    
Acquisition 0      
Divestitures (9)      
ETV        
Goodwill [Line Items]        
Goodwill $ 114      
Minimum | Natural Gas Pipelines - Nonregulated        
Goodwill [Line Items]        
Fair value in excess of their respective carrying values (percentage)     10.00%  
Minimum | Natural Gas Pipelines - Regulated        
Goodwill [Line Items]        
Fair value in excess of their respective carrying values (percentage)     10.00%  
Minimum | Products Pipelines        
Goodwill [Line Items]        
Fair value in excess of their respective carrying values (percentage)     10.00%  
Minimum | Products Pipelines, Terminals        
Goodwill [Line Items]        
Fair value in excess of their respective carrying values (percentage)     10.00%  
Minimum | Terminals        
Goodwill [Line Items]        
Fair value in excess of their respective carrying values (percentage)     10.00%  
Minimum | CO2, Excluding ETV        
Goodwill [Line Items]        
Fair value in excess of their respective carrying values (percentage)     10.00%  
Minimum | ETV        
Goodwill [Line Items]        
Fair value in excess of their respective carrying values (percentage)     10.00%  
v3.25.0.1
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Jul. 31, 2024
Feb. 01, 2024
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]        
Total debt – KMI and Subsidiaries     $ 31,788 $ 31,929
Less: Current portion of debt     2,009 4,049
Total long-term debt – KMI and Subsidiaries(f)     29,779 27,880
Commercial paper notes        
Debt Instrument [Line Items]        
Less: Current portion of debt     $ 331 $ 1,989
Weighted average interest rate     4.60% 5.68%
Credit facility and commercial paper borrowings(a)        
Debt Instrument [Line Items]        
Less: Current portion of debt     $ 331 $ 1,989
EPC Building, LLC, promissory note, 3.967%, due January 2023 through December 2035 | EPC Building LLC        
Debt Instrument [Line Items]        
Interest rate, stated percentage     3.967%  
Total debt – KMI and Subsidiaries     $ 310 330
Trust I Preferred Securities, 4.75%, due March 2028(d) | Capital Trust I        
Debt Instrument [Line Items]        
Interest rate, stated percentage     4.75%  
Total debt – KMI and Subsidiaries     $ 221 221
Less: Current portion of debt     111 111
Other miscellaneous debt(e)        
Debt Instrument [Line Items]        
Total debt – KMI and Subsidiaries     205 234
Less: Current portion of debt     67 $ 49
Senior Notes        
Debt Instrument [Line Items]        
Proceeds from debt, net $ 1,235 $ 2,230    
Senior Notes | 4.15%, due February 2024        
Debt Instrument [Line Items]        
Interest rate, stated percentage       4.15%
Total debt – KMI and Subsidiaries     0 $ 650
Less: Current portion of debt     0 $ 650
Senior Notes | 4.30%, due May 2024        
Debt Instrument [Line Items]        
Interest rate, stated percentage       4.30%
Total debt – KMI and Subsidiaries     0 $ 600
Less: Current portion of debt     0 $ 600
Senior Notes | 4.25%, due September 2024        
Debt Instrument [Line Items]        
Interest rate, stated percentage       4.25%
Total debt – KMI and Subsidiaries     0 $ 650
Less: Current portion of debt     $ 0 650
Senior Notes | 4.30%, due June 2025        
Debt Instrument [Line Items]        
Interest rate, stated percentage     4.30%  
Total debt – KMI and Subsidiaries     $ 1,500 1,500
Less: Current portion of debt     $ 1,500 0
Senior Notes | 1.75%, due November 2026        
Debt Instrument [Line Items]        
Interest rate, stated percentage     1.75%  
Total debt – KMI and Subsidiaries     $ 500 500
Senior Notes | 6.70%, due February 2027        
Debt Instrument [Line Items]        
Interest rate, stated percentage     6.70%  
Total debt – KMI and Subsidiaries     $ 7 7
Senior Notes | 2.25%, due March 2027(c)        
Debt Instrument [Line Items]        
Interest rate, stated percentage     2.25%  
Total debt – KMI and Subsidiaries     $ 518 552
Senior Notes | 6.67%, due November 2027        
Debt Instrument [Line Items]        
Interest rate, stated percentage     6.67%  
Total debt – KMI and Subsidiaries     $ 7 7
Senior Notes | 4.30%, due March 2028        
Debt Instrument [Line Items]        
Interest rate, stated percentage     4.30%  
Total debt – KMI and Subsidiaries     $ 1,250 1,250
Senior Notes | 7.25%, due March 2028        
Debt Instrument [Line Items]        
Interest rate, stated percentage     7.25%  
Total debt – KMI and Subsidiaries     $ 32 32
Senior Notes | 6.95%, due June 2028        
Debt Instrument [Line Items]        
Interest rate, stated percentage     6.95%  
Total debt – KMI and Subsidiaries     $ 31 31
Senior Notes | 5.00%, due February 2029        
Debt Instrument [Line Items]        
Interest rate, stated percentage   5.00% 5.00%  
Total debt – KMI and Subsidiaries   $ 1,250 $ 1,250 0
Senior Notes | 5.10% due August 2029        
Debt Instrument [Line Items]        
Interest rate, stated percentage 5.10%   5.10%  
Total debt – KMI and Subsidiaries $ 500   $ 500 0
Senior Notes | 8.05%, due October 2030        
Debt Instrument [Line Items]        
Interest rate, stated percentage     8.05%  
Total debt – KMI and Subsidiaries     $ 234 234
Senior Notes | 2.00%, due February 2031        
Debt Instrument [Line Items]        
Interest rate, stated percentage     2.00%  
Total debt – KMI and Subsidiaries     $ 750 750
Senior Notes | 7.40%, due March 2031        
Debt Instrument [Line Items]        
Interest rate, stated percentage     7.40%  
Total debt – KMI and Subsidiaries     $ 300 300
Senior Notes | 7.80%, due August 2031        
Debt Instrument [Line Items]        
Interest rate, stated percentage     7.80%  
Total debt – KMI and Subsidiaries     $ 537 537
Senior Notes | 7.75%, due January 2032        
Debt Instrument [Line Items]        
Interest rate, stated percentage     7.75%  
Total debt – KMI and Subsidiaries     $ 1,005 1,005
Senior Notes | 7.75%, due March 2032        
Debt Instrument [Line Items]        
Interest rate, stated percentage     7.75%  
Total debt – KMI and Subsidiaries     $ 300 300
Senior Notes | 4.80%, due February 2033        
Debt Instrument [Line Items]        
Interest rate, stated percentage     4.80%  
Total debt – KMI and Subsidiaries     $ 750 750
Senior Notes | 5.20%, due June 2033        
Debt Instrument [Line Items]        
Interest rate, stated percentage     5.20%  
Total debt – KMI and Subsidiaries     $ 1,500 1,500
Senior Notes | 7.30%, due August 2033        
Debt Instrument [Line Items]        
Interest rate, stated percentage     7.30%  
Total debt – KMI and Subsidiaries     $ 500 500
Senior Notes | 5.40%, due February 2034        
Debt Instrument [Line Items]        
Interest rate, stated percentage   5.40% 5.40%  
Total debt – KMI and Subsidiaries   $ 1,000 $ 1,000 0
Senior Notes | 5.30%, due December 2034        
Debt Instrument [Line Items]        
Interest rate, stated percentage     5.30%  
Total debt – KMI and Subsidiaries     $ 750 750
Senior Notes | 5.80%, due March 2035        
Debt Instrument [Line Items]        
Interest rate, stated percentage     5.80%  
Total debt – KMI and Subsidiaries     $ 500 500
Senior Notes | 7.75%, due October 2035        
Debt Instrument [Line Items]        
Interest rate, stated percentage     7.75%  
Total debt – KMI and Subsidiaries     $ 1 1
Senior Notes | 6.40%, due January 2036        
Debt Instrument [Line Items]        
Interest rate, stated percentage     6.40%  
Total debt – KMI and Subsidiaries     $ 36 36
Senior Notes | 6.50%, due February 2037        
Debt Instrument [Line Items]        
Interest rate, stated percentage     6.50%  
Total debt – KMI and Subsidiaries     $ 400 400
Senior Notes | 7.42%, due February 2037        
Debt Instrument [Line Items]        
Interest rate, stated percentage     7.42%  
Total debt – KMI and Subsidiaries     $ 47 47
Senior Notes | 6.95%, due January 2038        
Debt Instrument [Line Items]        
Interest rate, stated percentage     6.95%  
Total debt – KMI and Subsidiaries     $ 1,175 1,175
Senior Notes | 6.50%, due September 2039        
Debt Instrument [Line Items]        
Interest rate, stated percentage     6.50%  
Total debt – KMI and Subsidiaries     $ 600 600
Senior Notes | 6.55%, due September 2040        
Debt Instrument [Line Items]        
Interest rate, stated percentage     6.55%  
Total debt – KMI and Subsidiaries     $ 400 400
Senior Notes | 7.50%, due November 2040        
Debt Instrument [Line Items]        
Interest rate, stated percentage     7.50%  
Total debt – KMI and Subsidiaries     $ 375 375
Senior Notes | 6.375%, due March 2041        
Debt Instrument [Line Items]        
Interest rate, stated percentage     6.375%  
Total debt – KMI and Subsidiaries     $ 600 600
Senior Notes | 5.625%, due September 2041        
Debt Instrument [Line Items]        
Interest rate, stated percentage     5.625%  
Total debt – KMI and Subsidiaries     $ 375 375
Senior Notes | 5.00%, due August 2042        
Debt Instrument [Line Items]        
Interest rate, stated percentage     5.00%  
Total debt – KMI and Subsidiaries     $ 625 625
Senior Notes | 4.70%, due November 2042        
Debt Instrument [Line Items]        
Interest rate, stated percentage     4.70%  
Total debt – KMI and Subsidiaries     $ 475 475
Senior Notes | 5.00%, due March 2043        
Debt Instrument [Line Items]        
Interest rate, stated percentage     5.00%  
Total debt – KMI and Subsidiaries     $ 700 700
Senior Notes | 5.50%, due March 2044        
Debt Instrument [Line Items]        
Interest rate, stated percentage     5.50%  
Total debt – KMI and Subsidiaries     $ 750 750
Senior Notes | 5.40%, due September 2044        
Debt Instrument [Line Items]        
Interest rate, stated percentage     5.40%  
Total debt – KMI and Subsidiaries     $ 550 550
Senior Notes | 5.55%, due June 2045        
Debt Instrument [Line Items]        
Interest rate, stated percentage     5.55%  
Total debt – KMI and Subsidiaries     $ 1,750 1,750
Senior Notes | 5.05%, due February 2046        
Debt Instrument [Line Items]        
Interest rate, stated percentage     5.05%  
Total debt – KMI and Subsidiaries     $ 800 800
Senior Notes | 5.20%, due March 2048        
Debt Instrument [Line Items]        
Interest rate, stated percentage     5.20%  
Total debt – KMI and Subsidiaries     $ 750 750
Senior Notes | 3.25%, due August 2050        
Debt Instrument [Line Items]        
Interest rate, stated percentage     3.25%  
Total debt – KMI and Subsidiaries     $ 500 500
Senior Notes | 3.60%, due February 2051        
Debt Instrument [Line Items]        
Interest rate, stated percentage     3.60%  
Total debt – KMI and Subsidiaries     $ 1,050 1,050
Senior Notes | 5.45%, due August 2052        
Debt Instrument [Line Items]        
Interest rate, stated percentage     5.45%  
Total debt – KMI and Subsidiaries     $ 750 750
Senior Notes | 5.95% due August 2054        
Debt Instrument [Line Items]        
Interest rate, stated percentage 5.95%   5.95%  
Total debt – KMI and Subsidiaries $ 750   $ 750 0
Senior Notes | 7.45%, due March 2098        
Debt Instrument [Line Items]        
Interest rate, stated percentage     7.45%  
Total debt – KMI and Subsidiaries     $ 26 26
Senior Notes | 7.00%, due March 2027 | TGP        
Debt Instrument [Line Items]        
Interest rate, stated percentage     7.00%  
Total debt – KMI and Subsidiaries     $ 300 300
Senior Notes | 7.00%, due October 2028 | TGP        
Debt Instrument [Line Items]        
Interest rate, stated percentage     7.00%  
Total debt – KMI and Subsidiaries     $ 400 400
Senior Notes | 2.90%, due March 2030 | TGP        
Debt Instrument [Line Items]        
Interest rate, stated percentage     2.90%  
Total debt – KMI and Subsidiaries     $ 1,000 1,000
Senior Notes | 8.375%, due June 2032 | TGP        
Debt Instrument [Line Items]        
Interest rate, stated percentage     8.375%  
Total debt – KMI and Subsidiaries     $ 240 240
Senior Notes | 7.625%, due April 2037 | TGP        
Debt Instrument [Line Items]        
Interest rate, stated percentage     7.625%  
Total debt – KMI and Subsidiaries     $ 300 300
Senior Notes | 7.50%, due November 2026 | EPNG        
Debt Instrument [Line Items]        
Interest rate, stated percentage     7.50%  
Total debt – KMI and Subsidiaries     $ 200 200
Senior Notes | 3.50%, due February 2032 | EPNG        
Debt Instrument [Line Items]        
Interest rate, stated percentage     3.50%  
Total debt – KMI and Subsidiaries     $ 300 300
Senior Notes | 8.375%, due June 2032 | EPNG        
Debt Instrument [Line Items]        
Interest rate, stated percentage     8.375%  
Total debt – KMI and Subsidiaries     $ 300 300
Senior Notes | 4.15%, due August 2026 | CIG        
Debt Instrument [Line Items]        
Interest rate, stated percentage     4.15%  
Total debt – KMI and Subsidiaries     $ 375 375
Senior Notes | 6.85%, due June 2037 | CIG        
Debt Instrument [Line Items]        
Interest rate, stated percentage     6.85%  
Total debt – KMI and Subsidiaries     $ 100 $ 100
v3.25.0.1
Debt - Additional Information (Details)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
$ / €
shares
Dec. 31, 2023
USD ($)
$ / €
Debt Instrument [Line Items]    
Aggregate principal amount $ 31,788 $ 31,929
Exchange rate | $ / € 1.0354 1.1039
Debt Fair Value Adjustments $ 102 $ 187
Commercial paper notes    
Debt Instrument [Line Items]    
Weighted average interest rate 4.60% 5.68%
Capital Trust I    
Debt Instrument [Line Items]    
Ownership percentage 100.00%  
Senior Notes    
Debt Instrument [Line Items]    
Redemption Price 100.00%  
2.250% Senior Notes due March 2027 | Senior Notes    
Debt Instrument [Line Items]    
Interest rate, stated percentage 2.25%  
Aggregate principal amount $ 518 $ 552
Change to debt as a result of changes in exchange rate $ (25) 9
Trust I Preferred Securities, 4.75%, due March 2028(d) | Capital Trust I    
Debt Instrument [Line Items]    
Interest rate, stated percentage 4.75%  
Aggregate principal amount $ 221 $ 221
Trust Convertible Preferred Securities Outstanding | shares 4.4  
Liquidation preference | $ / shares $ 50  
Conversion price | $ / shares $ 25.18  
Trust I Preferred Securities, 4.75%, due March 2028(d) | Capital Trust I | Class P    
Debt Instrument [Line Items]    
Conversion rate 0.7197  
v3.25.0.1
Debt - Schedule of Current Portion of Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Current portion of debt $ 2,009 $ 4,049
$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    
Debt Instrument [Line Items]    
Current portion of debt 331 $ 1,989
Maximum borrowing capacity 3,500  
4.15%, due February 2024 | Senior Notes    
Debt Instrument [Line Items]    
Interest rate, stated percentage   4.15%
Current portion of debt 0 $ 650
4.30%, due May 2024 | Senior Notes    
Debt Instrument [Line Items]    
Interest rate, stated percentage   4.30%
Current portion of debt 0 $ 600
4.25%, due September 2024 | Senior Notes    
Debt Instrument [Line Items]    
Interest rate, stated percentage   4.25%
Current portion of debt $ 0 $ 650
4.30%, due June 2025 | Senior Notes    
Debt Instrument [Line Items]    
Interest rate, stated percentage 4.30%  
Current portion of debt $ 1,500 0
Trust I Preferred Securities, 4.75%, due March 2028(d) | Capital Trust I    
Debt Instrument [Line Items]    
Interest rate, stated percentage 4.75%  
Current portion of debt $ 111 111
Current portion of other debt    
Debt Instrument [Line Items]    
Current portion of debt $ 67 $ 49
v3.25.0.1
Debt - Credit Facilities and Restrictive Covenants (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Line of Credit Facility [Line Items]    
Current portion of debt $ 2,009 $ 4,049
$3.5 billion credit facility due August 20, 2027    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 3,500  
Borrowing Capacity, Optional Increase $ 1,000  
Maximum ratio of consolidated total funded debt to consolidated earnings before interest income taxes DDA 5.50  
Current portion of debt $ 0 0
Letters of credit outstanding 57  
Remaining borrowing capacity $ 3,100  
$3.5 billion credit facility due August 20, 2027 | Minimum    
Line of Credit Facility [Line Items]    
Standby fee rate 0.10%  
$3.5 billion credit facility due August 20, 2027 | Maximum    
Line of Credit Facility [Line Items]    
Standby fee rate 0.25%  
$3.5 billion credit facility due August 20, 2027 | Secured Overnight Financing Rate (SOFR) | Minimum    
Line of Credit Facility [Line Items]    
Basis spread on variable rate 1.00%  
$3.5 billion credit facility due August 20, 2027 | Secured Overnight Financing Rate (SOFR) | Maximum    
Line of Credit Facility [Line Items]    
Basis spread on variable rate 1.75%  
$3.5 billion credit facility due August 20, 2027 | Federal Funds Rate    
Line of Credit Facility [Line Items]    
Basis spread on variable rate 0.50%  
$3.5 billion credit facility due August 20, 2027 | Eurodollar    
Line of Credit Facility [Line Items]    
Basis spread on variable rate 1.00%  
$3.5 billion credit facility due August 20, 2027 | SOFR Alternative Base Rate | Minimum    
Line of Credit Facility [Line Items]    
Basis spread on variable rate 0.10%  
$3.5 billion credit facility due August 20, 2027 | SOFR Alternative Base Rate | Maximum    
Line of Credit Facility [Line Items]    
Basis spread on variable rate 0.75%  
Commercial paper notes    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity $ 3,500  
Debt term 270 days  
Current portion of debt $ 331 $ 1,989
v3.25.0.1
Debt - Schedule of Maturities of Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
2025 $ 2,009  
2026 1,102  
2027 872  
2028 1,867  
2029 1,781  
Thereafter 24,157  
Total debt – KMI and Subsidiaries $ 31,788 $ 31,929
v3.25.0.1
Debt - Schedule of Debt Fair Value Adjustments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
Purchase accounting debt fair value adjustments $ 385 $ 430
Carrying value adjustment to hedged debt (241) (236)
Unamortized portion of proceeds received from the early termination of interest rate swap agreements(a) 167 185
Unamortized debt discounts, net (70) (67)
Unamortized debt issuance costs (139) (125)
Total debt fair value adjustments $ 102 $ 187
Weighted-average amortization period of the unamortized premium from the termination of interest rate swaps 10 years  
v3.25.0.1
Debt - Schedule of Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Carrying value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total debt $ 31,890 $ 32,116
Estimated fair value(a)    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total debt 30,794 31,370
Estimated fair value(a) | Capital Trust I | Trust I preferred securities, 4.75%, due March 2028    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Convertible Debt $ 201 $ 207
v3.25.0.1
Debt - Interest Rates, Interest Rate Swaps and Contingent Debt (Details)
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
Debt, weighted average interest rate 5.83% 5.84%
v3.25.0.1
Share-based Compensation and Employee Benefits - Summary of Stock Compensation Plans (Details) - Restricted Stock Awards - Class P
 12 Months Ended
Dec. 31, 2024
shares
Directors' Plan  
Share-based Compensation  
Total number of shares of Class P common stock authorized 1,190,000
Vesting period 6 months
Grants during the period (shares) 17,940
LTIP  
Share-based Compensation  
Total number of shares of Class P common stock authorized 63,000,000
Grants during the period (shares) 4,273,000
LTIP | Minimum  
Share-based Compensation  
Vesting period 1 year
LTIP | Maximum  
Share-based Compensation  
Vesting period 10 years
v3.25.0.1
Share-based Compensation and Employee Benefits - Summary of Activity and Related Balances of Restricted Stock Awards (Details) - Restricted Stock Awards - Class P - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Shares      
Outstanding at end of period (shares) 13,000    
LTIP      
Shares      
Outstanding at beginning of period (shares) 12,861    
Granted (shares) 4,273    
Vested (shares) (3,310)    
Forfeited (shares) (419)    
Outstanding at end of period (shares) 13,405 12,861  
Weighted Average Grant Date Fair Value      
Outstanding at beginning of period (dollars per share) $ 17.41    
Granted (dollars per share) 20.27 $ 17.41 $ 17.31
Vested (dollars per share) 17.48    
Forfeited (dollars per share) 17.52    
Outstanding at end of period (dollars per share) $ 18.30 $ 17.41  
v3.25.0.1
Share-based Compensation and Employee Benefits - Summary of Additional Information Related to Restricted Stock Awards (Details) - LTIP - Restricted Stock Awards - Class P - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average grant date fair value per share $ 20.27 $ 17.41 $ 17.31
Intrinsic value of awards vested during the year $ 70 $ 93 $ 47
Restricted stock awards expense 64 63 60
Restricted stock awards capitalized 10 $ 10 $ 9
Unrecognized restricted stock awards compensation costs, less estimated forfeitures $ 123    
Weighted average remaining amortization period 2 years 29 days    
v3.25.0.1
Share-based Compensation and Employee Benefits - Pensions and Other Postretirement Benefit Plans - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Savings plan - defined contribution plan      
Pension and Other Postretirement Benefit Plans      
Percentage of eligible compensation contributed 5.00%    
Plan vesting period 2 years    
Plan cost $ 56 $ 53 $ 51
Pension Benefits      
Pension and Other Postretirement Benefit Plans      
Percentage of employees covered 100.00%    
Vesting period 3 years    
Settlements   $ 179  
OPEB      
Pension and Other Postretirement Benefit Plans      
Medicare participation, age 65    
Actuarial Assumptions and Sensitivity Analysis      
Weighted-average annual rate of increase in the per capita cost of covered health care benefits 8.03%    
Ultimate health care cost trend rate 4.00%    
v3.25.0.1
Share-based Compensation and Employee Benefits - Benefit Obligation, Plan Assets and Funded Status (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits      
Change in benefit obligation:      
Benefit obligation at beginning of period $ 1,902 $ 2,077  
Service cost 52 55 $ 55
Interest cost 91 107 57
Actuarial (gain) loss (82) 14  
Benefits paid (154) (132)  
Participant contributions 0 0  
Settlements 0 (219)  
Other 0 0  
Benefit obligation at end of period 1,809 1,902 2,077
Change in plan assets:      
Fair value of plan assets at beginning of period 1,562 1,741  
Actual return on plan assets 156 122  
Employer contributions 50 50  
Participant contributions 0 0  
Benefits paid (154) (132)  
Settlements 0 (219)  
Other 0 0  
Fair value of plan assets at end of period 1,614 1,562 1,741
Funded status - net (liability) asset at December 31, (195) (340)  
Amounts recognized in the consolidated balance sheets:      
Non-current benefit asset(a) 0 0  
Current benefit liability 0 0  
Non-current benefit liability (195) (340)  
Funded status - net (liability) asset at December 31, (195) (340)  
Amounts of pre-tax accumulated other comprehensive (loss) income recognized in the consolidated balance sheets:      
Unrecognized net actuarial (loss) gain (230) (384)  
Unrecognized prior service credit 0 0  
Accumulated other comprehensive (loss) income (230) (384)  
Information related to plans whose accumulated benefit obligations exceeded the fair value of plan assets:      
Accumulated benefit obligation 1,782 1,870  
Fair value of plan assets 1,614 1,562  
OPEB      
Change in benefit obligation:      
Benefit obligation at beginning of period 177 195  
Service cost 1 1 1
Interest cost 8 10 5
Actuarial (gain) loss 8 (6)  
Benefits paid (26) (25)  
Participant contributions 1 1  
Settlements 0 0  
Other 0 1  
Benefit obligation at end of period 169 177 195
Change in plan assets:      
Fair value of plan assets at beginning of period 323 302  
Actual return on plan assets 33 44  
Employer contributions 0 0  
Participant contributions 1 1  
Benefits paid (26) (25)  
Settlements 0 0  
Other 0 1  
Fair value of plan assets at end of period 331 323 $ 302
Funded status - net (liability) asset at December 31, 162 146  
Amounts recognized in the consolidated balance sheets:      
Non-current benefit asset(a) 278 263  
Current benefit liability (14) (14)  
Non-current benefit liability (102) (103)  
Funded status - net (liability) asset at December 31, 162 146  
Amounts of pre-tax accumulated other comprehensive (loss) income recognized in the consolidated balance sheets:      
Unrecognized net actuarial (loss) gain 139 149  
Unrecognized prior service credit 2 3  
Accumulated other comprehensive (loss) income 141 152  
Information related to plans whose accumulated benefit obligations exceeded the fair value of plan assets:      
Accumulated benefit obligation 117 119  
Fair value of plan assets 2 2  
OPEB | Other Affiliates      
Amounts recognized in the consolidated balance sheets:      
Non-current benefit asset(a) $ 59 $ 53  
v3.25.0.1
Share-based Compensation and Employee Benefits - Target Asset Allocation (Details)
Dec. 31, 2024
Pension Benefits | Equities | Minimum  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target allocation percentage 42.00%
Pension Benefits | Equities | Maximum  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target allocation percentage 52.00%
Pension Benefits | Fixed Income Securities | Minimum  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target allocation percentage 37.00%
Pension Benefits | Fixed Income Securities | Maximum  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target allocation percentage 47.00%
Pension Benefits | Real Estate | Minimum  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target allocation percentage 2.00%
Pension Benefits | Real Estate | Maximum  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target allocation percentage 12.00%
Pension Benefits | Company Securities | Minimum  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target allocation percentage 0.00%
Pension Benefits | Company Securities | Maximum  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target allocation percentage 10.00%
OPEB | Cash | Minimum  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target allocation percentage 0.00%
OPEB | Cash | Maximum  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target allocation percentage 23.00%
OPEB | Equities | Minimum  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target allocation percentage 43.00%
OPEB | Equities | Maximum  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target allocation percentage 71.00%
OPEB | Fixed Income Securities | Minimum  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target allocation percentage 26.00%
OPEB | Fixed Income Securities | Maximum  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target allocation percentage 50.00%
v3.25.0.1
Share-based Compensation and Employee Benefits - Fair Value of Pension and OPEB Assets by Level of Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Total plan assets fair value $ 1,614 $ 1,562 $ 1,741
Pension Benefits | Total      
Defined Benefit Plan Disclosure [Line Items]      
Total plan assets fair value 583 585  
Pension Benefits | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Total plan assets fair value 203 143  
Pension Benefits | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Total plan assets fair value 380 442  
Pension Benefits | Measured at NAV      
Defined Benefit Plan Disclosure [Line Items]      
Total plan assets fair value 1,031 977  
Pension Benefits | Short-term Investment Funds | Total      
Defined Benefit Plan Disclosure [Line Items]      
Total plan assets fair value 0 32  
Pension Benefits | Short-term Investment Funds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Total plan assets fair value 0 0  
Pension Benefits | Short-term Investment Funds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Total plan assets fair value 0 32  
Pension Benefits | Short-term Investment Funds | Measured at NAV      
Defined Benefit Plan Disclosure [Line Items]      
Total plan assets fair value 29 0  
Pension Benefits | Equities | Total      
Defined Benefit Plan Disclosure [Line Items]      
Total plan assets fair value 203 143  
Pension Benefits | Equities | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Total plan assets fair value 203 143  
Pension Benefits | Equities | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Total plan assets fair value 0 0  
Pension Benefits | Fixed Income Securities | Total      
Defined Benefit Plan Disclosure [Line Items]      
Total plan assets fair value 380 410  
Pension Benefits | Fixed Income Securities | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Total plan assets fair value 0 0  
Pension Benefits | Fixed Income Securities | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Total plan assets fair value 380 410  
Pension Benefits | Common/Collective Trusts | Measured at NAV      
Defined Benefit Plan Disclosure [Line Items]      
Total plan assets fair value $ 1,002 $ 976  
Pension Benefits | Common/Collective Trusts Invested in Equity Securities | Measured at NAV      
Defined Benefit Plan Disclosure [Line Items]      
Percentage of category allocated to investments 66.00% 64.00%  
Pension Benefits | Common/Collective Trusts Invested in Fixed Income Securities | Measured at NAV      
Defined Benefit Plan Disclosure [Line Items]      
Percentage of category allocated to investments 22.00% 23.00%  
Pension Benefits | Common/Collective Trusts Invested in Real Estate | Measured at NAV      
Defined Benefit Plan Disclosure [Line Items]      
Percentage of category allocated to investments 12.00% 13.00%  
Pension Benefits | Private Limited Partnerships | Measured at NAV      
Defined Benefit Plan Disclosure [Line Items]      
Total plan assets fair value $ 0 $ 1  
OPEB      
Defined Benefit Plan Disclosure [Line Items]      
Total plan assets fair value 331 323 $ 302
OPEB | Short-term Investment Funds | Total      
Defined Benefit Plan Disclosure [Line Items]      
Total plan assets fair value 3 5  
OPEB | Short-term Investment Funds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Total plan assets fair value 0 0  
OPEB | Short-term Investment Funds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Total plan assets fair value 3 5  
OPEB | Common/Collective Trusts | Measured at NAV      
Defined Benefit Plan Disclosure [Line Items]      
Total plan assets fair value $ 328 $ 318  
OPEB | Common/Collective Trusts Invested in Equity Securities | Measured at NAV      
Defined Benefit Plan Disclosure [Line Items]      
Percentage of category allocated to investments 62.00% 62.00%  
OPEB | Common/Collective Trusts Invested in Fixed Income Securities | Measured at NAV      
Defined Benefit Plan Disclosure [Line Items]      
Percentage of category allocated to investments 38.00% 38.00%  
Class P | Pension Benefits | Equities | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Amount of KMI securities invested in $ 167 $ 107  
v3.25.0.1
Share-based Compensation and Employee Benefits - Schedule of Expected Payment of Future Benefits and Employer Contributions (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Pension Benefits  
Defined Benefit Plan Disclosure [Line Items]  
Contributions expected in 2025 $ 50
Benefit payments expected in:  
2025 189
2026 189
2027 184
2028 179
2029 175
2030 - 2034 767
OPEB  
Defined Benefit Plan Disclosure [Line Items]  
Contributions expected in 2025 0
Benefit payments expected in:  
2025 23
2026 22
2027 20
2028 19
2029 17
2030 - 2034 $ 67
v3.25.0.1
Share-based Compensation and Employee Benefits - Schedule of Weighted-Average Actuarial Assumptions (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits      
Assumptions related to benefit obligations:      
Discount rate 5.58% 5.13%  
Rate of compensation increase 3.50% 3.50%  
Interest crediting rate 3.78% 3.85%  
Assumptions related to benefit costs:      
Discount rate 5.13% 5.41% 2.74%
Expected return on plan assets 7.00% 7.00% 6.50%
Rate of compensation increase 3.50% 3.50% 3.50%
Interest crediting rate 3.85% 3.50% 3.01%
OPEB      
Assumptions related to benefit obligations:      
Discount rate 5.44% 5.08%  
Assumptions related to benefit costs:      
Discount rate 5.08% 5.38% 2.56%
Expected return on plan assets 6.00% 6.00% 5.75%
v3.25.0.1
Share-based Compensation and Employee Benefits - Schedule of Components of Net Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits      
Components of net benefit cost (credit):      
Service cost $ 52 $ 55 $ 55
Interest cost 91 107 57
Expected return on assets (106) (117) (142)
Amortization of prior service cost (credit) 0 1 1
Amortization of net actuarial loss (gain) 22 35 29
Settlement loss 0 46 0
Net benefit cost (credit) 59 127 0
Other changes in plan assets and benefit obligations recognized in OCI:      
Net (gain) loss arising during period (132) 10 (11)
Amortization or settlement recognition of net actuarial (loss) gain (22) (81) (29)
Amortization of prior service (cost) credit 0 (1) (1)
Total recognized in OCI(a) (154) (72) (41)
Total recognized in net benefit cost (credit) and OCI (95) 55 (41)
Pension Benefits | Other Plans      
Other changes in plan assets and benefit obligations recognized in OCI:      
Total recognized in OCI(a) 1   4
OPEB      
Components of net benefit cost (credit):      
Service cost 1 1 1
Interest cost 8 10 5
Expected return on assets (14) (13) (17)
Amortization of prior service cost (credit) (3) (3) (3)
Amortization of net actuarial loss (gain) (17) (16) (18)
Settlement loss 0 0 0
Net benefit cost (credit) (25) (21) (32)
Other changes in plan assets and benefit obligations recognized in OCI:      
Net (gain) loss arising during period (6) (30) 24
Amortization or settlement recognition of net actuarial (loss) gain 16 16 17
Amortization of prior service (cost) credit 1 1 2
Total recognized in OCI(a) 11 (13) 43
Total recognized in net benefit cost (credit) and OCI $ (14) $ (34) $ 11
v3.25.0.1
Stockholders' Equity - Common Equity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended 86 Months Ended
Jan. 22, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Feb. 12, 2025
Jul. 19, 2017
Dec. 19, 2014
Class of Stock [Line Items]              
Common share buy-back program, amount           $ 3,000  
Total value of shares repurchased   $ 7 $ 522 $ 368      
Average repurchase price per share   $ 16.50 $ 16.56 $ 16.94      
Per share cash dividend declared for the period   1.15 1.13 1.11      
Per share cash dividend paid in the period   $ 1.1450 $ 1.1250 $ 1.1025      
Subsequent Event              
Class of Stock [Line Items]              
Total value of shares repurchased         $ 1,472    
Average repurchase price per share         $ 17.09    
Remaining repurchase authorization amount         $ 1,500    
Per share cash dividend declared for the period $ 0.2875            
Equity distribution agreement | Class P              
Class of Stock [Line Items]              
Value of Stock Available for Sale Under Equity Distribution Agreement             $ 5,000
Shares, Issued   0 0 0      
Common stock              
Class of Stock [Line Items]              
Total value of shares repurchased       $ 1      
Total number of shares repurchased   1 32 21      
Common stock | Subsequent Event              
Class of Stock [Line Items]              
Total number of shares repurchased         86    
v3.25.0.1
Stockholders' Equity - New Accounting Pronouncements (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Equity $ 31,867 $ 31,729 $ 32,114 $ 31,921
Additional paid-in capital        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Equity $ 41,237 $ 41,190 $ 41,673 41,806
Impact of Adoption of ASU        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Equity       (11)
Impact of Adoption of ASU | Additional paid-in capital        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Equity       (11)
Impact of Adoption of ASU | Accounting Standards Update 2020-06        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Unamortized debt discount       14
Impact of Adoption of ASU | Accounting Standards Update 2020-06 | Additional paid-in capital        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Equity       $ (11)
v3.25.0.1
Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance $ 31,729 $ 32,114 $ 31,921
Balance 31,867 31,729 32,114
Net unrealized gains/(losses) on cash flow hedge derivatives      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance (44) (164) (172)
Other comprehensive (loss) gain before reclassifications (29) 155 (312)
Losses (gains) reclassified from accumulated other comprehensive loss 40 (35) 320
Net current-period change in accumulated other comprehensive loss 11 120 8
Balance (33) (44) (164)
Pension and other postretirement liability adjustments      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance (173) (238) (239)
Other comprehensive (loss) gain before reclassifications 111 65 1
Losses (gains) reclassified from accumulated other comprehensive loss 0 0 0
Net current-period change in accumulated other comprehensive loss 111 65 1
Balance (62) (173) (238)
Total Accumulated other comprehensive loss      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance (217) (402) (411)
Other comprehensive (loss) gain before reclassifications 82 220 (311)
Losses (gains) reclassified from accumulated other comprehensive loss 40 (35) 320
Net current-period change in accumulated other comprehensive loss 122 185 9
Balance $ (95) $ (217) $ (402)
v3.25.0.1
Related Party Transactions (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Balance sheet location      
Accounts receivable $ 1,506 $ 1,588  
Other current assets 246 333  
Assets 71,407 71,020  
Current portion of debt 2,009 4,049  
Accounts Payable 1,395 1,366  
Other current liabilities 878 1,021  
Long-term Debt, Excluding Current Maturities 29,881 28,067  
Other long-term liabilities and deferred credits 2,488 2,615  
Total Liabilities 39,540 39,291  
Income statement location      
Revenues 15,100 15,334 $ 19,200
Operating Costs, Expenses and Other      
Other operating expenses (92) (13) (39)
Related Party      
Balance sheet location      
Accounts receivable 48 45  
Other current assets 1 2  
Assets 49 47  
Current portion of debt 5 5  
Accounts Payable 21 16  
Other current liabilities 8 3  
Long-term Debt, Excluding Current Maturities 132 137  
Other long-term liabilities and deferred credits 60 54  
Total Liabilities 226 215  
Income statement location      
Revenues 346 172 172
Operating Costs, Expenses and Other      
Costs of sales 145 132 134
Other operating expenses $ 69 $ 57 $ 50
v3.25.0.1
Commitments and Contingent Liabilities Rights-of-way obligations (Details)
$ in Millions
Dec. 31, 2024
USD ($)
ROW  
Other Commitments [Line Items]  
Contractual Obligation $ 66
v3.25.0.1
Commitments and Contingent Liabilities Contingent Debt (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
investees
Dec. 31, 2023
USD ($)
investees
Indirect Guarantee of Indebtedness    
Guarantor Obligations [Line Items]    
Guarantor Obligations, Maximum Exposure, Undiscounted $ 149 $ 154
Cortez Pipeline Company    
Guarantor Obligations [Line Items]    
Percentage of Debt Guaranteed 100.00% 100.00%
Cortez Pipeline Company | Indirect Guarantee of Indebtedness    
Guarantor Obligations [Line Items]    
Number of equity investees subject to contingent obligation | investees 1 1
Long-term Debt | Cortez Pipeline Company | Indirect Guarantee of Indebtedness    
Guarantor Obligations [Line Items]    
Guarantor Obligations, Maximum Exposure, Undiscounted $ 120 $ 120
v3.25.0.1
Risk Management - Energy Commodity Price Risk Management (Details) - Short - Energy commodity derivative contracts
 12 Months Ended
Dec. 31, 2024
Bcf
MMBbls
Designated as Hedging Instrument | Crude Oil Fixed Price  
Derivative [Line Items]  
Net open position | MMBbls (16.8)
Designated as Hedging Instrument | Natural Gas Fixed Price  
Derivative [Line Items]  
Net open position | Bcf (64.8)
Designated as Hedging Instrument | Natural Gas Basis  
Derivative [Line Items]  
Net open position | Bcf (36.7)
Not Designated as Hedging Instrument | Crude Oil Fixed Price  
Derivative [Line Items]  
Net open position | MMBbls (1.0)
Not Designated as Hedging Instrument | Crude Oil Basis  
Derivative [Line Items]  
Net open position | MMBbls (0.2)
Not Designated as Hedging Instrument | Natural Gas Fixed Price  
Derivative [Line Items]  
Net open position | Bcf (7.0)
Not Designated as Hedging Instrument | Natural Gas Basis  
Derivative [Line Items]  
Net open position | Bcf (66.2)
Not Designated as Hedging Instrument | NGL Fixed Price  
Derivative [Line Items]  
Net open position | MMBbls (1.3)
v3.25.0.1
Risk Management - Interest Rate Risk Management (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Variable-to-fixed interest rate contracts | Not Designated as Hedging Instrument  
Derivative [Line Items]  
Notional amount $ 1,500
Fair Value Hedging | Fixed-to-variable interest rate contracts | Designated as Hedging Instrument  
Derivative [Line Items]  
Notional amount 4,750
Current Portion of Debt | Fixed-to-variable interest rate contracts  
Derivative [Line Items]  
Principal amount of hedged senior notes 1,500
Long-term Debt | Fixed-to-variable interest rate contracts  
Derivative [Line Items]  
Principal amount of hedged senior notes $ 3,250
v3.25.0.1
Risk Management - Foreign Currency Risk Management (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Cash Flow Hedging | Cross Currency Swap Contract  
Derivative [Line Items]  
Notional amount $ 543
v3.25.0.1
Risk Management - Fair Value of Derivative Contracts (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Asset derivatives $ 62 $ 178
Liability derivatives (389) (395)
Energy commodity derivative contracts    
Derivatives, Fair Value [Line Items]    
Asset derivatives 35 140
Liability derivatives (106) (113)
Foreign currency contracts    
Derivatives, Fair Value [Line Items]    
Liability derivatives (29) (4)
Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Asset derivatives 39 126
Liability derivatives (337) (386)
Designated as Hedging Instrument | Energy commodity derivative contracts    
Derivatives, Fair Value [Line Items]    
Asset derivatives 19 89
Liability derivatives (54) (104)
Designated as Hedging Instrument | Energy commodity derivative contracts | Other Current Assets    
Derivatives, Fair Value [Line Items]    
Asset derivatives 10 77
Designated as Hedging Instrument | Energy commodity derivative contracts | (Other Current Liabilities)    
Derivatives, Fair Value [Line Items]    
Liability derivatives (46) (75)
Designated as Hedging Instrument | Energy commodity derivative contracts | Deferred Charges and Other Assets    
Derivatives, Fair Value [Line Items]    
Asset derivatives 9 12
Designated as Hedging Instrument | Energy commodity derivative contracts | (Other Long-Term Liabilities and Deferred Credits)    
Derivatives, Fair Value [Line Items]    
Liability derivatives (8) (29)
Designated as Hedging Instrument | Interest rate contracts    
Derivatives, Fair Value [Line Items]    
Asset derivatives 20 37
Liability derivatives (254) (278)
Designated as Hedging Instrument | Interest rate contracts | Other Current Assets    
Derivatives, Fair Value [Line Items]    
Asset derivatives 1 0
Designated as Hedging Instrument | Interest rate contracts | (Other Current Liabilities)    
Derivatives, Fair Value [Line Items]    
Liability derivatives (51) (120)
Designated as Hedging Instrument | Interest rate contracts | Deferred Charges and Other Assets    
Derivatives, Fair Value [Line Items]    
Asset derivatives 19 37
Designated as Hedging Instrument | Interest rate contracts | (Other Long-Term Liabilities and Deferred Credits)    
Derivatives, Fair Value [Line Items]    
Liability derivatives (203) (158)
Designated as Hedging Instrument | Foreign currency contracts    
Derivatives, Fair Value [Line Items]    
Asset derivatives 0 0
Liability derivatives (29) (4)
Designated as Hedging Instrument | Foreign currency contracts | Other Current Assets    
Derivatives, Fair Value [Line Items]    
Asset derivatives 0 0
Designated as Hedging Instrument | Foreign currency contracts | (Other Current Liabilities)    
Derivatives, Fair Value [Line Items]    
Liability derivatives (3) (2)
Designated as Hedging Instrument | Foreign currency contracts | Deferred Charges and Other Assets    
Derivatives, Fair Value [Line Items]    
Asset derivatives 0 0
Designated as Hedging Instrument | Foreign currency contracts | (Other Long-Term Liabilities and Deferred Credits)    
Derivatives, Fair Value [Line Items]    
Liability derivatives (26) (2)
Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Asset derivatives 23 52
Liability derivatives (52) (9)
Not Designated as Hedging Instrument | Energy commodity derivative contracts    
Derivatives, Fair Value [Line Items]    
Asset derivatives 15 52
Liability derivatives (50) (9)
Not Designated as Hedging Instrument | Energy commodity derivative contracts | Other Current Assets    
Derivatives, Fair Value [Line Items]    
Asset derivatives 14 49
Not Designated as Hedging Instrument | Energy commodity derivative contracts | (Other Current Liabilities)    
Derivatives, Fair Value [Line Items]    
Liability derivatives (35) (8)
Not Designated as Hedging Instrument | Energy commodity derivative contracts | Deferred Charges and Other Assets    
Derivatives, Fair Value [Line Items]    
Asset derivatives 1 3
Not Designated as Hedging Instrument | Energy commodity derivative contracts | (Other Long-Term Liabilities and Deferred Credits)    
Derivatives, Fair Value [Line Items]    
Liability derivatives (15) (1)
Not Designated as Hedging Instrument | Interest rate contracts    
Derivatives, Fair Value [Line Items]    
Asset derivatives 8 0
Liability derivatives (2) 0
Not Designated as Hedging Instrument | Interest rate contracts | Other Current Assets    
Derivatives, Fair Value [Line Items]    
Asset derivatives 4 0
Not Designated as Hedging Instrument | Interest rate contracts | (Other Current Liabilities)    
Derivatives, Fair Value [Line Items]    
Liability derivatives 0 0
Not Designated as Hedging Instrument | Interest rate contracts | Deferred Charges and Other Assets    
Derivatives, Fair Value [Line Items]    
Asset derivatives 4 0
Not Designated as Hedging Instrument | Interest rate contracts | (Other Long-Term Liabilities and Deferred Credits)    
Derivatives, Fair Value [Line Items]    
Liability derivatives $ 2 $ 0
v3.25.0.1
Risk Management - FV Input Level - Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Gross amount $ 62 $ 178
Energy commodity derivative contracts    
Derivative [Line Items]    
Gross amount 35 140
Contracts available for netting (19) (16)
Cash collateral held(a) 0 0
Net amount 16 124
Interest rate contracts    
Derivative [Line Items]    
Gross amount 27 38
Contracts available for netting 0 0
Cash collateral held(a) 0 0
Net amount 27 38
Level 1 | Energy commodity derivative contracts    
Derivative [Line Items]    
Gross amount 6 65
Level 1 | Interest rate contracts    
Derivative [Line Items]    
Gross amount 0 0
Level 2 | Energy commodity derivative contracts    
Derivative [Line Items]    
Gross amount 29 75
Level 2 | Interest rate contracts    
Derivative [Line Items]    
Gross amount 27 38
Level 3 | Energy commodity derivative contracts    
Derivative [Line Items]    
Gross amount 0 0
Level 3 | Interest rate contracts    
Derivative [Line Items]    
Gross amount $ 0 $ 0
v3.25.0.1
Risk Management - FV Input Level - Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Gross amount $ (389) $ (395)
Energy commodity derivative contracts    
Derivative [Line Items]    
Gross amount (106) (113)
Contracts available for netting 19 16
Cash collateral posted   (85)
Cash collateral posted(a) 52  
Net amount (35) (182)
Interest rate contracts    
Derivative [Line Items]    
Gross amount (254) (278)
Contracts available for netting 0 0
Cash collateral posted   0
Cash collateral posted(a) 0  
Net amount (254) (278)
Foreign currency contracts    
Derivative [Line Items]    
Gross amount (29) (4)
Contracts available for netting 0 0
Cash collateral posted   0
Cash collateral posted(a) 0  
Net amount (29) (4)
Level 1 | Energy commodity derivative contracts    
Derivative [Line Items]    
Gross amount (17) (17)
Level 1 | Interest rate contracts    
Derivative [Line Items]    
Gross amount 0 0
Level 1 | Foreign currency contracts    
Derivative [Line Items]    
Gross amount 0 0
Level 2 | Energy commodity derivative contracts    
Derivative [Line Items]    
Gross amount (89) (96)
Level 2 | Interest rate contracts    
Derivative [Line Items]    
Gross amount (254) (278)
Level 2 | Foreign currency contracts    
Derivative [Line Items]    
Gross amount (29) (4)
Level 3 | Energy commodity derivative contracts    
Derivative [Line Items]    
Gross amount 0 0
Level 3 | Interest rate contracts    
Derivative [Line Items]    
Gross amount 0 0
Level 3 | Foreign currency contracts    
Derivative [Line Items]    
Gross amount $ 0 $ 0
v3.25.0.1
Risk Management - FV Hedging Effect on Income Statements (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]      
Cumulative amount of fair value hedging adjustments included in "Debt fair value adjustments" $ 241 $ 236  
Designated as Hedging Instrument | Fair Value Hedging | Interest rate contracts      
Derivative [Line Items]      
Location Interest, net Interest, net Interest, net
Gain/(loss) recognized in income on derivatives and related hedged item $ (3) $ 138 $ (738)
Designated as Hedging Instrument | Fair Value Hedging | Hedged Fixed Rate Debt      
Derivative [Line Items]      
Location Interest, net Interest, net Interest, net
Gain/(loss) recognized in income on derivatives and related hedged item $ 5 $ (132) $ 743
Cumulative amount of fair value hedging adjustments included in "Debt fair value adjustments" $ 241    
v3.25.0.1
Risk Management - CF Hedging Effect on the Income Statements (Details) - Designated as Hedging Instrument - Cash Flow Hedging - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]      
Gain/(loss) recognized in OCI on derivative $ (37) $ 202 $ (404)
Gain/(loss) reclassified from Accumulated OCI into income (52) 47 (415)
Loss to be reclassified within twelve months 37    
Energy commodity derivative contracts      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain/(loss) recognized in OCI on derivative (26) 182 (338)
Energy commodity derivative contracts | Revenues—Commodity sales      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain/(loss) reclassified from Accumulated OCI into income 7 103 (491)
Energy commodity derivative contracts | Costs of sales      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain/(loss) reclassified from Accumulated OCI into income (29) (73) 144
Energy commodity derivative contracts | Write-down of hedged inventory      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain/(loss) reclassified from Accumulated OCI into income     121
Interest rate contracts      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain/(loss) recognized in OCI on derivative 13 (10) 7
Interest rate contracts | Interest, net      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain/(loss) reclassified from Accumulated OCI into income 4 0 0
Foreign currency contracts      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain/(loss) recognized in OCI on derivative (24) 30 (73)
Foreign currency contracts | Other, net      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain/(loss) reclassified from Accumulated OCI into income $ (34) $ 17 $ (68)
v3.25.0.1
Risk Management - Not Designated as Hedges Effect on Income Statements (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]      
Gain/(loss) recognized in income on derivatives $ (66) $ 178 $ (74)
Natural gas, crude and NGL derivative contract settlements      
Derivative [Line Items]      
Gain/(loss) recognized in income on derivatives 8 58 (11)
Revenues—Commodity sales | Energy commodity derivative contracts      
Derivative [Line Items]      
Gain/(loss) recognized in income on derivatives 20 75 137
Costs of sales | Energy commodity derivative contracts      
Derivative [Line Items]      
Gain/(loss) recognized in income on derivatives (89) 100 (190)
Earnings from equity investments | Energy commodity derivative contracts      
Derivative [Line Items]      
Gain/(loss) recognized in income on derivatives 0 2 (11)
Interest, net | Interest rate contracts      
Derivative [Line Items]      
Gain/(loss) recognized in income on derivatives $ 3 $ 1 $ (10)
v3.25.0.1
Risk Management - Credit Risks (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Credit Derivatives [Line Items]    
Additional Collateral, Aggregate Fair Value $ 25  
Energy commodity derivative contracts    
Credit Derivatives [Line Items]    
Letters of credit outstanding 0 $ 0
Cash margin, asset 52  
Variation margin, asset 0 0
Variation margin, liability   85
Other Current Liabilities | Contract and Over the Counter | Energy commodity derivative contracts    
Credit Derivatives [Line Items]    
Cash margin   $ 63
Restricted Cash | Contract and Over the Counter | Energy commodity derivative contracts    
Credit Derivatives [Line Items]    
Cash margin, asset 104  
Initial margin requirement 52  
Variation margin, asset $ 52  
v3.25.0.1
Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers $ 13,483 $ 13,647 $ 18,128
Leasing services(d) 1,400 1,368 1,302
Derivatives adjustments on commodity sales 27 178 (354)
Other 190 141 124
Total other revenues 1,617 1,687 1,072
Total revenues 15,100 15,334 19,200
Firm services      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 4,957 4,537 4,515
Fee-based services      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 2,597 2,502 2,360
Total services      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 7,554 7,039 6,875
Natural gas sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 2,340 2,666 6,260
Product sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 3,486 3,884 4,913
Other sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 103 58 80
Total commodity sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 5,929 6,608 11,253
Total revenues 5,957 6,786 10,897
Natural Gas Pipelines      
Disaggregation of Revenue [Line Items]      
Total revenues 8,930 9,152 12,659
Products Pipelines      
Disaggregation of Revenue [Line Items]      
Total revenues 2,955 3,066 3,418
Terminals      
Disaggregation of Revenue [Line Items]      
Total revenues 2,013 1,911 1,789
CO2      
Disaggregation of Revenue [Line Items]      
Total revenues 1,202 1,205 1,334
Operating Segments | Natural Gas Pipelines      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 8,225 8,312 12,172
Leasing services(d) 459 475 474
Derivatives adjustments on commodity sales 113 285 (26)
Other 145 96 66
Total other revenues 717 856 514
Total revenues 8,942 9,168 12,686
Operating Segments | Natural Gas Pipelines | Firm services      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 3,893 3,543 3,547
Operating Segments | Natural Gas Pipelines | Fee-based services      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 1,044 1,008 926
Operating Segments | Natural Gas Pipelines | Total services      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 4,937 4,551 4,473
Operating Segments | Natural Gas Pipelines | Natural gas sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 2,303 2,631 6,198
Operating Segments | Natural Gas Pipelines | Product sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 965 1,110 1,433
Operating Segments | Natural Gas Pipelines | Other sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 20 20 68
Operating Segments | Natural Gas Pipelines | Total commodity sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 3,288 3,761 7,699
Operating Segments | Products Pipelines      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 2,723 2,842 3,201
Leasing services(d) 209 200 194
Derivatives adjustments on commodity sales (1) 0 (3)
Other 24 24 26
Total other revenues 232 224 217
Total revenues 2,955 3,066 3,418
Operating Segments | Products Pipelines | Firm services      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 220 171 207
Operating Segments | Products Pipelines | Fee-based services      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 1,059 1,036 962
Operating Segments | Products Pipelines | Total services      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 1,279 1,207 1,169
Operating Segments | Products Pipelines | Natural gas sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 0 0 0
Operating Segments | Products Pipelines | Product sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 1,444 1,635 2,032
Operating Segments | Products Pipelines | Other sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 0 0 0
Operating Segments | Products Pipelines | Total commodity sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 1,444 1,635 2,032
Operating Segments | Terminals      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 1,356 1,279 1,218
Leasing services(d) 666 638 574
Derivatives adjustments on commodity sales 0 0 0
Other 0 0 0
Total other revenues 666 638 574
Total revenues 2,022 1,917 1,792
Operating Segments | Terminals | Firm services      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 846 819 763
Operating Segments | Terminals | Fee-based services      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 460 427 426
Operating Segments | Terminals | Total services      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 1,306 1,246 1,189
Operating Segments | Terminals | Natural gas sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 0 0 0
Operating Segments | Terminals | Product sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 50 33 29
Operating Segments | Terminals | Other sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 0 0 0
Operating Segments | Terminals | Total commodity sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 50 33 29
Operating Segments | CO2      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 1,202 1,240 1,567
Leasing services(d) 66 55 60
Derivatives adjustments on commodity sales (85) (107) (325)
Other 21 21 32
Total other revenues 2 (31) (233)
Total revenues 1,204 1,209 1,334
Operating Segments | CO2 | Firm services      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 2 1 1
Operating Segments | CO2 | Fee-based services      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 41 40 46
Operating Segments | CO2 | Total services      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 43 41 47
Operating Segments | CO2 | Natural gas sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 43 43 82
Operating Segments | CO2 | Product sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 1,031 1,114 1,426
Operating Segments | CO2 | Other sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 85 42 12
Operating Segments | CO2 | Total commodity sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 1,159 1,199 1,520
Corporate and Eliminations      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers (23) (26) (30)
Leasing services(d) 0 0 0
Derivatives adjustments on commodity sales 0 0 0
Other 0 0 0
Total other revenues 0 0 0
Total revenues (23) (26) (30)
Corporate and Eliminations | Firm services      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers (4) 3 (3)
Corporate and Eliminations | Fee-based services      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers (7) (9) 0
Corporate and Eliminations | Total services      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers (11) (6) (3)
Corporate and Eliminations | Natural gas sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers (6) (8) (20)
Corporate and Eliminations | Product sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers (4) (8) (7)
Corporate and Eliminations | Other sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers (2) (4) 0
Corporate and Eliminations | Total commodity sales      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers $ (12) $ (20) $ (27)
v3.25.0.1
Revenue Recognition - Contract Balances (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2024
Contract Assets    
Contract assets balances $ 34 $ 15
Transfer to accounts receivable   25
Contract Liabilities    
Contract liability balances 415 377
Transfer to revenues   97
Long-Term Terminaling Customer    
Contract Liabilities    
Proceeds from Customers 843  
Lease services liability 643 587
Contract liability balances $ 195 $ 187
v3.25.0.1
Revenue Recognition - Revenue Allocated to Remaining Performance Obligations (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Estimated Revenue $ 34,640
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year [Axis]: 2025-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligation, period of recognition 1 year
Estimated Revenue $ 5,038
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligation, period of recognition 1 year
Estimated Revenue $ 4,292
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligation, period of recognition 1 year
Estimated Revenue $ 3,541
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligation, period of recognition 1 year
Estimated Revenue $ 3,088
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligation, period of recognition 1 year
Estimated Revenue $ 2,725
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year [Axis]: 2030-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligation, period of recognition
Estimated Revenue $ 15,956
v3.25.0.1
Reportable Segments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Revenues $ 15,100 $ 15,334 $ 19,200
Costs of sales (4,337) (4,938) (9,255)
Taxes, other than income taxes (433) (421) (441)
Earnings from equity investments 890 838 803
Net income 2,720 2,486 2,625
Depreciation, depletion and amortization 2,354 2,250 2,186
Amortization of excess cost of equity investments (50) (66) (75)
General and administrative and corporate charges (736) (759) (593)
Interest, net (1,844) (1,797) (1,513)
Income Tax Expense (687) (715) (710)
Capital Expenditures 2,629 2,317 1,621
Investments 7,845 7,874  
Other intangibles, net 1,760 1,957  
Assets 71,407 71,020  
Non-cash mark-to-market derivative hedge contract (72) 126 (56)
Operating Segments      
Segment Reporting Information [Line Items]      
Net income 8,391 8,073 7,702
Other      
Segment Reporting Information [Line Items]      
Revenues (23) (26) (30)
Depreciation, depletion and amortization 22 24 24
Capital Expenditures 34 36 32
Investments 0 0  
Other intangibles, net 0 0  
Assets 697 624  
Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Revenues (23) (26) (30)
Natural Gas Pipelines      
Segment Reporting Information [Line Items]      
Revenues 8,930 9,152 12,659
Natural Gas Pipelines | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 8,942 9,168 12,686
Costs of sales (2,837) (3,258) (7,171)
Labor (322) (300) (282)
Fuel and power (74) (79) (78)
Field - non-labor(a) (854) (801) (763)
Taxes, other than income taxes (269) (262) (268)
Earnings from equity investments 782 776 683
Other segment items(b) 59 38 (6)
Net income 5,427 5,282 4,801
Depreciation, depletion and amortization 1,105 1,041 1,096
Capital Expenditures 1,654 1,299 666
Investments 7,252 7,273  
Other intangibles, net 687 742  
Assets 50,402 49,883  
Non-cash mark-to-market derivative hedge contract (75) 122 (64)
Natural Gas Pipelines | Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Revenues (12) (16) (27)
Products Pipelines      
Segment Reporting Information [Line Items]      
Revenues 2,955 3,066 3,418
Products Pipelines | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 2,955 3,066 3,418
Costs of sales (1,394) (1,588) (1,972)
Labor (128) (121) (99)
Fuel and power (92) (88) (81)
Field - non-labor(a) (193) (185) (194)
Taxes, other than income taxes (43) (42) (45)
Earnings from equity investments 66 23 68
Other segment items(b) 2 (3) 12
Net income 1,173 1,062 1,107
Depreciation, depletion and amortization 365 367 336
Capital Expenditures 210 221 0
Investments 387 390  
Other intangibles, net 597 687  
Assets 8,639 8,781  
Non-cash mark-to-market derivative hedge contract   1  
Products Pipelines | Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Revenues 0 0 0
Terminals      
Segment Reporting Information [Line Items]      
Revenues 2,013 1,911 1,789
Terminals | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 2,022 1,917 1,792
Costs of sales (42) (33) (26)
Labor (273) (254) (239)
Fuel and power (20) (19) (17)
Field - non-labor(a) (558) (535) (518)
Taxes, other than income taxes (53) (55) (53)
Earnings from equity investments 8 9 14
Other segment items(b) 15 10 22
Net income 1,099 1,040 975
Depreciation, depletion and amortization 508 493 458
Capital Expenditures 385 406 552
Investments 132 130  
Other intangibles, net 18 26  
Assets 8,086 8,235  
Terminals | Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Revenues (9) (6) (3)
CO2      
Segment Reporting Information [Line Items]      
Revenues 1,202 1,205 1,334
CO2 | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 1,204 1,209 1,334
Costs of sales (82) (77) (109)
Labor (50) (49) (41)
Fuel and power (153) (137) (132)
Field - non-labor(a) (241) (232) (207)
Taxes, other than income taxes (60) (55) (65)
Earnings from equity investments 34 30 38
Other segment items(b) 40 0 1
Net income 692 689 819
Depreciation, depletion and amortization 354 325 272
Capital Expenditures 346 355 371
Investments 74 81  
Other intangibles, net 458 502  
Assets 3,583 3,497  
Non-cash mark-to-market derivative hedge contract (2) (4) 11
CO2 | Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Revenues $ (2) $ (4) $ 0
Revenue Benchmark | Customer Concentration Risk      
Segment Reporting Information [Line Items]      
Concentration Risk, Percentage Meet Certain Threshold 10.00% 10.00% 10.00%
v3.25.0.1
Reportable Segments Geographical information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Revenues $ 15,100 $ 15,334 $ 19,200
Long-term assets, excluding goodwill and other intangibles 47,042 46,400 44,501
U.S.      
Segment Reporting Information [Line Items]      
Revenues 15,057 15,255 19,036
Long-term assets, excluding goodwill and other intangibles 46,972 46,328 44,425
Canada      
Segment Reporting Information [Line Items]      
Long-term assets, excluding goodwill and other intangibles 0 0 1
Mexico and other foreign      
Segment Reporting Information [Line Items]      
Revenues 43 79 164
Long-term assets, excluding goodwill and other intangibles $ 70 $ 72 $ 75
v3.25.0.1
Leases - Lessee (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lease, Cost [Abstract]      
Operating leases $ 80 $ 71 $ 62
Short-term and variable leases 131 127 101
Total lease cost 211 198 163
Lessee, Operating Lease, Description [Abstract]      
Operating cash flows from operating leases (170) (157) (132)
Investing cash flows from operating leases (41) (41) (31)
ROU assets obtained in exchange for operating lease obligations, net of retirements 36 56 22
Amortization of ROU assets $ 68 $ 58 $ 50
Weighted average remaining lease term 8 years 1 month 24 days 8 years 8 months 19 days 9 years 9 months 18 days
Weighted average discount rate 4.84% 4.59% 4.26%
Assets and Liabilities, Lessee [Abstract]      
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Deferred charges and other assets Deferred charges and other assets  
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other current liabilities Other current liabilities  
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other long-term liabilities and deferred credits Other long-term liabilities and deferred credits  
ROU assets $ 253 $ 285  
Short-term lease liability 60 55  
Long-term lease liability 193 $ 230  
Lessee, Operating Lease, Liability, Payment, Due [Abstract]      
2025 72    
2026 48    
2027 36    
2028 25    
2029 23    
Thereafter 122    
Total lease payments 326    
Less: Interest (73)    
Present value of lease liabilities $ 253    
v3.25.0.1
Litigation and Environmental - Other Commercial Matters (Details) - Pending Litigation
$ in Millions
 12 Months Ended
Dec. 31, 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, Damages Sought, Value $ 100
Loss Contingency, Pending Claims, Number | claims 6
v3.25.0.1
Litigation and Environmental - General (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Loss Contingency, Information about Litigation Matters [Abstract]    
Estimated Litigation Liability $ 48 $ 23
v3.25.0.1
Litigation and Environmental - Portland (Details) - Environmental Protection Agency - Portland Harbor Superfund Site, Willamette River, Portland, Oregon
$ in Billions
 12 Months Ended
Dec. 31, 2024
USD ($)
Terminals
Parties
KMBT  
Site Contingency [Line Items]  
Number of Liquid Terminals 2
KMLT  
Site Contingency [Line Items]  
Site Contingency, Loss Exposure Not Accrued, Best Estimate | $ $ 2.8
Number of Liquid Terminals 2
Loss Contingency, Number of Defendants | Parties 90
Site Contingency, Disbursement Period, Estimate, Accrued 10 years
v3.25.0.1
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 ($)
Dec. 31, 2024
Lower Passaic River Study Area | EPA Proposed Consent Decree          
Site Contingency [Line Items]          
Loss Contingency, Number of Defendants | Parties   85      
Litigation Settlement, Amount Awarded to Other Party | $   $ 150      
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 | EPA preferred alternative estimate          
Site Contingency [Line Items]          
Site Contingency, Loss Exposure Not Accrued, Best Estimate | $       $ 1,700  
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 | Litigation Dismissed | 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    
v3.25.0.1
Litigation and Environmental - Louisiana Governmental (Details) - Coastal Zone
Mar. 29, 2019
Parties
Nov. 08, 2013
Parties
Dec. 31, 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 of Orleans, Louisiana | SNG      
Loss Contingencies [Line Items]      
Loss Contingency, Number of Defendants | Parties 10    
v3.25.0.1
Litigation and Environmental - Environmental Matters - General (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Loss Contingency, Information about Litigation Matters [Abstract]    
Accrual for Environmental Loss Contingencies $ 188 $ 199
Recorded Third-Party Environmental Recoveries Receivable $ 10 $ 11
Environmental Loss Contingency, Statement Of Financial Position [Extensible Enumeration], Not Disclosed Flag true true
v3.25.0.1
Label Element Value
Accounting Standards Update [Extensible Enumeration] us-gaap_AccountingStandardsUpdateExtensibleList Accounting Standards Update 2020-06 [Member]