v3.25.3
Investment in Unconsolidated Affiliates
9 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments in and Advances to Affiliates, Schedule of Investments Investments in Unconsolidated Affiliates
The carrying value of our investment in J.C. Nolan was $121 million and $123 million as of September 30, 2025 and December 31, 2024, respectively. For the three months ended September 30, 2025 and 2024, we recorded equity in earnings from J.C. Nolan of $2 million and $1 million, respectively. For the nine months ended September 30, 2025 and 2024, we recorded equity in earnings from J.C. Nolan of $5 million.
The carrying value of our investment in ET-S Permian, which was formed in July 2024, was $1.16 billion and $1.21 billion as of September 30, 2025 and December 31, 2024, respectively. We recorded equity in earnings from ET-S Permian of $38 million for the three months ended September 30, 2025 and $98 million for the nine months ended September 30, 2025. We recorded equity in earnings from ET-S Permian of $30 million for the three and nine months ended September 30, 2024.
The following tables present selected balance sheet and income statement data for ET-S Permian:
September 30,
2025
December 31,
2024
Current assets
$4,629 $273 
Property, plant and equipment, net3,341 3,302 
Other assets316 311 
Total assets$8,286 $3,886 
Current liabilities$4,691 $106 
Non-current liabilities33 50 
Equity3,562 3,730 
Total liabilities and equity$8,286 $3,886 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenues (1)
$5,735 $3,701 $14,827 $3,701 
Operating income119 91 308 91 
Net income118 90 303 90 
(1) Includes transactions with affiliates for the three and nine months ended September 30, 2025 of $5.65 billion and $14.55 billion, respectively,