The company acquired the STX Midstream pipeline system for $1.831 billion in December 2023, expanding its natural gas pipeline network.

Several expansion projects were placed in service in 2023, including the TGP East 300 Upgrade, Eagle Ford transport project, and PHP expansion, along with other projects in development.

The company constructed three additional landfill-based RNG facilities in 2023, increasing its renewable natural gas production capacity.

The company's strategy continues to focus on stable, fee-based energy transportation and storage assets, which are central to the energy infrastructure and energy transition.

Management emphasizes discipline in capital allocation decisions and in evaluating expansion projects and acquisition opportunities.

The company aims to maintain a strong financial profile and enhance and return value to its stockholders.

The company's businesses are dependent on the supply of and demand for the products they handle, and decreases in either could adversely impact the utilization of their assets.

The company faces competition from other pipelines and terminals, as well as other forms of transportation and storage, which could impact their ability to secure new project opportunities.

The company's revenues, cash flows, profitability and future growth depend on prevailing crude oil, NGL and natural gas prices, which are subject to large fluctuations.

The market for natural gas infrastructure is highly competitive, with new pipelines, storage facilities, treating facilities, and facilities for related services currently being built.

The company's refined petroleum products pipeline and terminal operations compete against proprietary pipelines, independent products pipelines and terminals, trucking and marine transportation firms.

The company's primary competitors for the sale of CO2 include suppliers that have an ownership interest in McElmo Dome, Bravo Dome and Sheep Mountain CO2 resources.

The company aims to increase utilization of existing assets while controlling costs, operating safely, and employing environmentally sound operating practices.

The company attempts to mitigate risk of reduced volumes and prices by negotiating contracts with longer terms, with higher per-unit pricing and for a greater percentage of available capacity.

The company integrates a culture of safety, emergency preparedness and environmental responsibility through its operations management system.

The company is focusing on energy transition related opportunities as part of its business strategy.

The company anticipates that GHG regulations will increase demand for carbon sequestration technologies, such as the techniques they have successfully demonstrated in their enhanced oil recovery operations within their CO2 business segment.

The company has invested in cybersecurity programs to protect its IT, OT and data systems from attacks, and has implemented a TSA-approved Cybersecurity Implementation Plan.

The company's board of directors approved an increase in the share repurchase authorization from $2 billion to $3 billion.

The company expects to declare dividends of $1.15 per share for 2024, a 2% increase from the 2023 declared dividends of $1.13 per share.

The company expects to invest $2.3 billion in expansion projects and contributions to joint ventures, or discretionary capital expenditures, during 2024.

The company aims to increase utilization of existing assets while employing environmentally sound operating practices.

The company is subject to various laws and regulations to reduce GHG emissions and is actively monitoring and reporting GHG emissions.

The company considers employee diversity an asset and supports equal opportunity employment, taking affirmative steps to employ and advance all persons without regard to protected categories.

The company's businesses are dependent on the supply of and demand for the products they handle, and decreases in either could adversely impact the utilization of their assets.

The company is subject to extensive federal, state and local laws and regulations, and new laws, policies, regulations, rulemaking and oversight could adversely impact earnings, cash flows and operations.

Unfavorable conditions such as a general slowdown of the global or U.S. economy, uncertainty and volatility in the financial markets, or inflation and rising interest rates, could materially adversely affect the company's operating results.