The company completed the Magellan acquisition on September 25, 2023, for a total consideration of $14.1 billion. This acquisition strategically diversifies the company's asset base and allows for significant expected synergies.

The company is constructing a new 125 MBbl/d NGL fractionator in Mont Belvieu, Texas, and is looping the West Texas NGL pipeline, which will more than double the NGL capacity out of the Permian Basin. They have also begun work to expand the Elk Creek pipeline.

In February 2024, the FERC approved the Saguaro Connector Pipeline's Presidential Permit application to construct new international border-crossing facilities at the U.S. and Mexico border. This will connect upstream with a potential intrastate pipeline and a new pipeline under development in Mexico.

The company reached an agreement with insurers to settle claims related to the Medford incident for a total of $930 million, resulting in a one-time settlement gain of $779 million. This demonstrates management's ability to resolve significant issues.

The company increased its quarterly dividend to 99 cents per share and authorized a $2.0 billion share repurchase program, demonstrating a focus on shareholder returns while maintaining financial strength.

The company experienced increased volumes across its system in 2023 compared to 2022, highlighting the extensive and integrated assets located in, and connected with, some of the most productive shale basins.

The company's earnings are primarily fee-based, but they are still exposed to commodity price risk, and lower commodity prices could reduce crude oil, natural gas, and NGL production, which could decrease the demand for their services.

Increasing expectations that companies address ESG issues, including climate change, may result in a reduction in the demand for hydrocarbon products, restrictions on their use, or increased use of alternative energy sources.

The company's operations are subject to operational hazards and unforeseen interruptions, including leaks, pipeline ruptures, damage by third parties, and extreme weather conditions, which could affect their business.

The company competes for natural gas, NGL, refined products and crude oil volumes with other midstream companies, major integrated oil companies and independent exploration and production companies.

The company believes its assets are located strategically, connecting diverse supply areas to market and demand centers, which helps them compete effectively.

The company's ability to compete is affected by the quality of services provided, producer drilling activity, fees charged, proximity to supply areas and markets, and cost of and access to capital.

The utilization rates for natural gas processing plants increased to 77% in 2023 from 70% in 2022, due primarily to increased producer activity in the Rocky Mountain and Mid-Continent regions.

The company is focused on maintaining low methane gas release rates through expanded implementation of improved practices to limit the release of natural gas during pipeline and facility maintenance and operations.

The company is making capital investments to access and connect new supplies with end-user demand, increase capacity, and improve operating efficiency, which are all aimed at improving efficiency and reducing costs.

The company is evaluating the development of renewable energy and low-carbon projects, including opportunities that may complement their extensive midstream assets and expertise.

The company is looking for ways to reduce GHG emissions and utilize more efficient technologies, and are evaluating the development of renewable energy and low-carbon projects.

The company has implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of critical systems and information, and takes a cross-disciplinary approach to cybersecurity and physical security.

The Board of Directors authorized a share repurchase program to buy up to $2.0 billion of outstanding common stock, signaling confidence in the company's financial position.

The company increased its quarterly dividend to 99 cents per share, and announced a targeted 3% to 4% annual dividend growth rate, demonstrating a commitment to shareholder returns.

The company is focusing on capital projects that provide value-added products and services that contribute to long-term growth, profitability and business diversification.

The company qualified for inclusion in the S&P Global Sustainability Yearbook for the fourth consecutive year and the Dow Jones Sustainability North American Index, demonstrating a commitment to sustainability.

The company has achieved reductions totaling approximately 1.1 million metric tons of carbon dioxide equivalents from their combined Scope 1 and Scope 2 GHG emissions.

The company participates in Our Nation's Energy (ONE) Future Coalition to voluntarily report methane emission reductions and is a participant in American Petroleum Institute's The Environmental Partnership.

The company experienced increased volumes across its system in 2023, compared with 2022, highlighting the extensive and integrated assets located in, and connected with, some of the most productive shale basins, refining regions and demand centers in the United States.

The company is exposed to volatile commodity prices, which can affect their earnings and cash flows, and they are using derivative instruments and physical-forward contracts to mitigate this risk.

Uncertainty or adverse changes in economic conditions worldwide, in the United States, or in the economic regions in which they operate, could negatively affect the crude oil and natural gas markets, resulting in reduced demand and increased price competition for their services and products.