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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Reportable Segment Information | Reportable segment information is shown in the following tables:
|  | Three Months Ended June 30, 2024 |
|  | Gathering and Processing |  |  | Logistics and Transportation |  |  | Other |  |  | Corporate and Eliminations |  |  | Total |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  | $ | 254.3 |  |  | $ | 2,783.4 |  |  | $ | (46.6 | ) |  | $ | — |  |  | $ | 2,991.1 |
Fees from midstream services |  |  | 391.3 |  |  |  | 179.6 |  |  |  | — |  |  |  | — |  |  |  | 570.9 |
|  |  | 645.6 |  |  |  | 2,963.0 |  |  |  | (46.6 | ) |  |  | — |  |  |  | 3,562.0 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  |  | 872.9 |  |  |  | 25.8 |  |  |  | — |  |  |  | (898.7 | ) |  |  | — |
Fees from midstream services |  |  | (0.1 | ) |  |  | 7.1 |  |  |  | — |  |  |  | (7.0 | ) |  |  | — |
|  |  | 872.8 |  |  |  | 32.9 |  |  |  | — |  |  |  | (905.7 | ) |  |  | — |
Revenues |  | $ | 1,518.4 |  |  | $ | 2,995.9 |  |  | $ | (46.6 | ) |  | $ | (905.7 | ) |  | $ | 3,562.0 |
Operating margin (1) |  | $ | 572.6 |  |  | $ | 547.7 |  |  | $ | (46.6 | ) |  |  |  |  |  |
Other financial information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets (2) |  | $ | 12,956.0 |  |  | $ | 8,117.7 |  |  | $ | 0.5 |  |  | $ | 190.0 |  |  | $ | 21,264.2 |
Goodwill |  | $ | 45.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 45.2 |
Capital expenditures |  | $ | 438.9 |  |  | $ | 408.8 |  |  | $ | — |  |  | $ | (1.0 | ) |  | $ | 846.7 |
|  | Three Months Ended June 30, 2023 |
|  | Gathering and Processing |  |  | Logistics and Transportation |  |  | Other |  |  | Corporate and Eliminations |  |  | Total |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  | $ | 268.0 |  |  | $ | 2,494.7 |  |  | $ | 151.9 |  |  | $ | — |  |  | $ | 2,914.6 |
Fees from midstream services |  |  | 321.6 |  |  |  | 167.5 |  |  |  | — |  |  |  | — |  |  |  | 489.1 |
|  |  | 589.6 |  |  |  | 2,662.2 |  |  |  | 151.9 |  |  |  | — |  |  |  | 3,403.7 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  |  | 976.0 |  |  |  | 83.0 |  |  |  | — |  |  |  | (1,059.0 | ) |  |  | — |
Fees from midstream services |  |  | 0.6 |  |  |  | 10.9 |  |  |  | — |  |  |  | (11.5 | ) |  |  | — |
|  |  | 976.6 |  |  |  | 93.9 |  |  |  | — |  |  |  | (1,070.5 | ) |  |  | — |
Revenues |  | $ | 1,566.2 |  |  | $ | 2,756.1 |  |  | $ | 151.9 |  |  | $ | (1,070.5 | ) |  | $ | 3,403.7 |
Operating margin (1) |  | $ | 502.5 |  |  | $ | 408.0 |  |  | $ | 151.9 |  |  |  |  |  |  |
Other financial information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets (2) |  | $ | 12,316.5 |  |  | $ | 6,890.4 |  |  | $ | 13.4 |  |  | $ | 241.5 |  |  | $ | 19,461.8 |
Goodwill |  | $ | 45.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 45.2 |
Capital expenditures |  | $ | 390.7 |  |  | $ | 238.7 |  |  | $ | — |  |  | $ | 3.5 |  |  | $ | 632.9 |
|  | Six Months Ended June 30, 2024 |
|  | Gathering and Processing |  |  | Logistics and Transportation |  |  | Other |  |  | Corporate and Eliminations |  |  | Total |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  | $ | 527.2 |  |  | $ | 6,485.9 |  |  | $ | (68.7 | ) |  | $ | — |  |  | $ | 6,944.4 |
Fees from midstream services |  |  | 804.4 |  |  |  | 375.6 |  |  |  | — |  |  |  | — |  |  |  | 1,180.0 |
|  |  | 1,331.6 |  |  |  | 6,861.5 |  |  |  | (68.7 | ) |  |  | — |  |  |  | 8,124.4 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  |  | 2,003.5 |  |  |  | 72.7 |  |  |  | — |  |  |  | (2,076.2 | ) |  |  | — |
Fees from midstream services |  |  | (2.0 | ) |  |  | 14.1 |  |  |  | — |  |  |  | (12.1 | ) |  |  | — |
|  |  | 2,001.5 |  |  |  | 86.8 |  |  |  | — |  |  |  | (2,088.3 | ) |  |  | — |
Revenues |  | $ | 3,333.1 |  |  | $ | 6,948.3 |  |  | $ | (68.7 | ) |  | $ | (2,088.3 | ) |  | $ | 8,124.4 |
Operating margin (1) |  | $ | 1,128.9 |  |  | $ | 1,079.8 |  |  | $ | (68.7 | ) |  |  |  |  |  |
Other financial information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets (2) |  | $ | 12,956.0 |  |  | $ | 8,117.7 |  |  | $ | 0.5 |  |  | $ | 190.0 |  |  | $ | 21,264.2 |
Goodwill |  | $ | 45.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 45.2 |
Capital expenditures |  | $ | 873.9 |  |  | $ | 702.4 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 1,576.4 |
|  | Six Months Ended June 30, 2023 |
|  | Gathering and Processing |  |  | Logistics and Transportation |  |  | Other |  |  | Corporate and Eliminations |  |  | Total |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  | $ | 555.8 |  |  | $ | 6,056.2 |  |  | $ | 327.7 |  |  | $ | — |  |  | $ | 6,939.7 |
Fees from midstream services |  |  | 642.1 |  |  |  | 342.4 |  |  |  | — |  |  |  | — |  |  |  | 984.5 |
|  |  | 1,197.9 |  |  |  | 6,398.6 |  |  |  | 327.7 |  |  |  | — |  |  |  | 7,924.2 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  |  | 2,323.0 |  |  |  | 161.2 |  |  |  | — |  |  |  | (2,484.2 | ) |  |  | — |
Fees from midstream services |  |  | 1.1 |  |  |  | 21.7 |  |  |  | — |  |  |  | (22.8 | ) |  |  | — |
|  |  | 2,324.1 |  |  |  | 182.9 |  |  |  | — |  |  |  | (2,507.0 | ) |  |  | — |
Revenues |  | $ | 3,522.0 |  |  | $ | 6,581.5 |  |  | $ | 327.7 |  |  | $ | (2,507.0 | ) |  | $ | 7,924.2 |
Operating margin (1) |  | $ | 1,040.9 |  |  | $ | 937.1 |  |  | $ | 327.7 |  |  |  |  |  |  |
Other financial information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets (2) |  | $ | 12,316.5 |  |  | $ | 6,890.4 |  |  | $ | 13.4 |  |  | $ | 241.5 |  |  | $ | 19,461.8 |
Goodwill |  | $ | 45.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 45.2 |
Capital expenditures |  | $ | 660.2 |  |  | $ | 415.3 |  |  | $ | — |  |  | $ | 11.7 |  |  | $ | 1,087.2 |
(1) Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues. (2) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facility.
Revenues Disaggregated by Product and Service | The following table shows our consolidated revenues disaggregated by product and service for the periods presented:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Sales of commodities: |  |  |  |  |  |  |  |  |  |  |  |
Revenue recognized from contracts with customers: |  |  |  |  |  |  |  |  |  |  |  |
Natural gas |  | $ | 158.6 |  |  | $ | 413.8 |  |  | $ | 653.3 |  |  | $ | 1,229.9 |
NGL |  |  | 2,744.0 |  |  |  | 2,151.7 |  |  |  | 6,100.4 |  |  |  | 5,016.3 |
Condensate and crude oil |  |  | 145.1 |  |  |  | 154.1 |  |  |  | 282.4 |  |  |  | 275.3 |
|  |  | 3,047.7 |  |  |  | 2,719.6 |  |  |  | 7,036.1 |  |  |  | 6,521.5 |
Non-customer revenue: |  |  |  |  |  |  |  |  |  |  |  |
Derivative activities - Hedge |  |  | 32.2 |  |  |  | 49.8 |  |  |  | 29.0 |  |  |  | 95.0 |
Derivative activities - Non-hedge (1) |  |  | (88.8 | ) |  |  | 145.2 |  |  |  | (120.7 | ) |  |  | 323.2 |
|  |  | (56.6 | ) |  |  | 195.0 |  |  |  | (91.7 | ) |  |  | 418.2 |
Total sales of commodities |  |  | 2,991.1 |  |  |  | 2,914.6 |  |  |  | 6,944.4 |  |  |  | 6,939.7 |
Fees from midstream services: |  |  |  |  |  |  |  |  |  |  |  |
Revenue recognized from contracts with customers: |  |  |  |  |  |  |  |  |  |  |  |
Gathering and processing |  |  | 385.7 |  |  |  | 317.4 |  |  |  | 791.5 |  |  |  | 632.8 |
NGL transportation, fractionation and services |  |  | 50.8 |  |  |  | 63.4 |  |  |  | 113.6 |  |  |  | 119.4 |
Storage, terminaling and export |  |  | 114.5 |  |  |  | 91.4 |  |  |  | 240.3 |  |  |  | 200.2 |
Other |  |  | 19.9 |  |  |  | 16.9 |  |  |  | 34.6 |  |  |  | 32.1 |
Total fees from midstream services |  |  | 570.9 |  |  |  | 489.1 |  |  |  | 1,180.0 |  |  |  | 984.5 |
Total revenues |  | $ | 3,562.0 |  |  | $ | 3,403.7 |  |  | $ | 8,124.4 |  |  | $ | 7,924.2 |
(1) Represents derivative activities that are not designated as hedging instruments under ASC 815.
Reconciliation of Reportable Segment Operating Margin to Income (Loss) Before Income Taxes | The following table shows a reconciliation of reportable segment Operating margin to Income (loss) before income taxes for the periods presented:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Reconciliation of reportable segment operating margin to income (loss) before income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Gathering and Processing operating margin |  | $ | 572.6 |  |  | $ | 502.5 |  |  | $ | 1,128.9 |  |  | $ | 1,040.9 |
Logistics and Transportation operating margin |  |  | 547.7 |  |  |  | 408.0 |  |  |  | 1,079.8 |  |  |  | 937.1 |
Other operating margin |  |  | (46.6 | ) |  |  | 151.9 |  |  |  | (68.7 | ) |  |  | 327.7 |
Depreciation and amortization expense |  |  | (348.6 | ) |  |  | (332.1 | ) |  |  | (689.1 | ) |  |  | (656.9 | )
General and administrative expense |  |  | (98.3 | ) |  |  | (81.0 | ) |  |  | (184.8 | ) |  |  | (163.4 | )
Other operating income (expense) |  |  | 0.2 |  |  |  | — |  |  |  | 0.3 |  |  |  | 0.6 |
Interest expense, net |  |  | (176.0 | ) |  |  | (166.6 | ) |  |  | (404.6 | ) |  |  | (334.7 | )
Equity earnings (loss) |  |  | 2.9 |  |  |  | 3.4 |  |  |  | 5.6 |  |  |  | 3.2 |
Gain (loss) from financing activities |  |  | (0.8 | ) |  |  | — |  |  |  | (0.8 | ) |  |  | — |
Other, net |  |  | 0.1 |  |  |  | (2.2 | ) |  |  | 2.1 |  |  |  | (5.1 | )
Income (loss) before income taxes |  | $ | 453.2 |  |  | $ | 483.9 |  |  | $ | 868.7 |  |  | $ | 1,149.4 |

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