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v3.24.3

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Reportable Segment Information | Reportable segment information is shown in the following tables:
|  | Three Months Ended September 30, 2024 |
|  | Gathering and Processing |  |  | Logistics and Transportation |  |  | Other |  |  | Corporate and Eliminations |  |  | Total |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  | $ | 247.8 |  |  | $ | 2,986.9 |  |  | $ | (17.7 | ) |  | $ | — |  |  | $ | 3,217.0 |
Fees from midstream services |  |  | 431.9 |  |  |  | 202.9 |  |  |  | — |  |  |  | — |  |  |  | 634.8 |
|  |  | 679.7 |  |  |  | 3,189.8 |  |  |  | (17.7 | ) |  |  | — |  |  |  | 3,851.8 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  |  | 884.7 |  |  |  | 27.8 |  |  |  | — |  |  |  | (912.5 | ) |  |  | — |
Fees from midstream services |  |  | 2.3 |  |  |  | 6.8 |  |  |  | — |  |  |  | (9.1 | ) |  |  | — |
|  |  | 887.0 |  |  |  | 34.6 |  |  |  | — |  |  |  | (921.6 | ) |  |  | — |
Revenues |  | $ | 1,566.7 |  |  | $ | 3,224.4 |  |  | $ | (17.7 | ) |  | $ | (921.6 | ) |  | $ | 3,851.8 |
Operating margin (1) |  | $ | 584.3 |  |  | $ | 619.2 |  |  | $ | (17.7 | ) |  |  |  |  |  |
Other financial information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets (2) |  | $ | 13,201.9 |  |  | $ | 8,525.3 |  |  | $ | 1.5 |  |  | $ | 175.1 |  |  | $ | 21,903.8 |
Goodwill |  | $ | 45.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 45.2 |
Capital expenditures |  | $ | 485.3 |  |  | $ | 251.9 |  |  | $ | — |  |  | $ | 10.3 |  |  | $ | 747.5 |
|  | Three Months Ended September 30, 2023 |
|  | Gathering and Processing |  |  | Logistics and Transportation |  |  | Other |  |  | Corporate and Eliminations |  |  | Total |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  | $ | 231.3 |  |  | $ | 3,176.5 |  |  | $ | (33.5 | ) |  | $ | — |  |  | $ | 3,374.3 |
Fees from midstream services |  |  | 337.4 |  |  |  | 184.9 |  |  |  | — |  |  |  | — |  |  |  | 522.3 |
|  |  | 568.7 |  |  |  | 3,361.4 |  |  |  | (33.5 | ) |  |  | — |  |  |  | 3,896.6 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  |  | 1,298.8 |  |  |  | 49.0 |  |  |  | — |  |  |  | (1,347.8 | ) |  |  | — |
Fees from midstream services |  |  | 0.6 |  |  |  | 11.5 |  |  |  | — |  |  |  | (12.1 | ) |  |  | — |
|  |  | 1,299.4 |  |  |  | 60.5 |  |  |  | — |  |  |  | (1,359.9 | ) |  |  | — |
Revenues |  | $ | 1,868.1 |  |  | $ | 3,421.9 |  |  | $ | (33.5 | ) |  | $ | (1,359.9 | ) |  | $ | 3,896.6 |
Operating margin (1) |  | $ | 505.0 |  |  | $ | 457.4 |  |  | $ | (33.5 | ) |  |  |  |  |  |
Other financial information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets (2) |  | $ | 12,405.7 |  |  | $ | 7,568.0 |  |  | $ | 7.8 |  |  | $ | 208.1 |  |  | $ | 20,189.6 |
Goodwill |  | $ | 45.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 45.2 |
Capital expenditures |  | $ | 421.5 |  |  | $ | 229.7 |  |  | $ | — |  |  | $ | 3.8 |  |  | $ | 655.0 |
|  | Nine Months Ended September 30, 2024 |
|  | Gathering and Processing |  |  | Logistics and Transportation |  |  | Other |  |  | Corporate and Eliminations |  |  | Total |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  | $ | 774.7 |  |  | $ | 9,437.8 |  |  | $ | (86.3 | ) |  | $ | — |  |  | $ | 10,126.2 |
Fees from midstream services |  |  | 1,236.5 |  |  |  | 613.5 |  |  |  | — |  |  |  | — |  |  |  | 1,850.0 |
|  |  | 2,011.2 |  |  |  | 10,051.3 |  |  |  | (86.3 | ) |  |  | — |  |  |  | 11,976.2 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  |  | 2,888.2 |  |  |  | 100.5 |  |  |  | — |  |  |  | (2,988.7 | ) |  |  | — |
Fees from midstream services |  |  | 0.3 |  |  |  | 20.8 |  |  |  | — |  |  |  | (21.1 | ) |  |  | — |
|  |  | 2,888.5 |  |  |  | 121.3 |  |  |  | — |  |  |  | (3,009.8 | ) |  |  | — |
Revenues |  | $ | 4,899.7 |  |  | $ | 10,172.6 |  |  | $ | (86.3 | ) |  | $ | (3,009.8 | ) |  | $ | 11,976.2 |
Operating margin (1) |  | $ | 1,713.4 |  |  | $ | 1,699.0 |  |  | $ | (86.3 | ) |  |  |  |  |  |
Other financial information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets (2) |  | $ | 13,201.9 |  |  | $ | 8,525.3 |  |  | $ | 1.5 |  |  | $ | 175.1 |  |  | $ | 21,903.8 |
Goodwill |  | $ | 45.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 45.2 |
Capital expenditures |  | $ | 1,359.2 |  |  | $ | 954.3 |  |  | $ | — |  |  | $ | 10.4 |  |  | $ | 2,323.9 |
|  | Nine Months Ended September 30, 2023 |
|  | Gathering and Processing |  |  | Logistics and Transportation |  |  | Other |  |  | Corporate and Eliminations |  |  | Total |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  | $ | 787.1 |  |  | $ | 9,232.6 |  |  | $ | 294.3 |  |  | $ | — |  |  | $ | 10,314.0 |
Fees from midstream services |  |  | 979.7 |  |  |  | 527.1 |  |  |  | — |  |  |  | — |  |  |  | 1,506.8 |
|  |  | 1,766.8 |  |  |  | 9,759.7 |  |  |  | 294.3 |  |  |  | — |  |  |  | 11,820.8 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  |  | 3,621.8 |  |  |  | 210.2 |  |  |  | — |  |  |  | (3,832.0 | ) |  |  | — |
Fees from midstream services |  |  | 1.7 |  |  |  | 32.9 |  |  |  | — |  |  |  | (34.6 | ) |  |  | — |
|  |  | 3,623.5 |  |  |  | 243.1 |  |  |  | — |  |  |  | (3,866.6 | ) |  |  | — |
Revenues |  | $ | 5,390.3 |  |  | $ | 10,002.8 |  |  | $ | 294.3 |  |  | $ | (3,866.6 | ) |  | $ | 11,820.8 |
Operating margin (1) |  | $ | 1,545.9 |  |  | $ | 1,394.4 |  |  | $ | 294.3 |  |  |  |  |  |  |
Other financial information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets (2) |  | $ | 12,405.7 |  |  | $ | 7,568.0 |  |  | $ | 7.8 |  |  | $ | 208.1 |  |  | $ | 20,189.6 |
Goodwill |  | $ | 45.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 45.2 |
Capital expenditures |  | $ | 1,081.7 |  |  | $ | 645.0 |  |  | $ | — |  |  | $ | 15.5 |  |  | $ | 1,742.2 |
(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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Sales of commodities: |  |  |  |  |  |  |  |  |  |  |  |
Revenue recognized from contracts with customers: |  |  |  |  |  |  |  |  |  |  |  |
Natural gas |  | $ | 168.4 |  |  | $ | 606.0 |  |  | $ | 821.7 |  |  | $ | 1,835.9 |
NGL |  |  | 2,959.5 |  |  |  | 2,635.4 |  |  |  | 9,024.7 |  |  |  | 7,651.6 |
Condensate and crude oil |  |  | 123.2 |  |  |  | 117.7 |  |  |  | 405.5 |  |  |  | 393.1 |
|  |  | 3,251.1 |  |  |  | 3,359.1 |  |  |  | 10,251.9 |  |  |  | 9,880.6 |
Non-customer revenue: |  |  |  |  |  |  |  |  |  |  |  |
Derivative activities - Hedge |  |  | 30.2 |  |  |  | 22.2 |  |  |  | 59.3 |  |  |  | 117.2 |
Derivative activities - Non-hedge (1) |  |  | (64.3 | ) |  |  | (7.0 | ) |  |  | (185.0 | ) |  |  | 316.2 |
|  |  | (34.1 | ) |  |  | 15.2 |  |  |  | (125.7 | ) |  |  | 433.4 |
Total sales of commodities |  |  | 3,217.0 |  |  |  | 3,374.3 |  |  |  | 10,126.2 |  |  |  | 10,314.0 |
Fees from midstream services: |  |  |  |  |  |  |  |  |  |  |  |
Revenue recognized from contracts with customers: |  |  |  |  |  |  |  |  |  |  |  |
Gathering and processing |  |  | 426.4 |  |  |  | 333.3 |  |  |  | 1,218.0 |  |  |  | 966.3 |
NGL transportation, fractionation and services |  |  | 72.8 |  |  |  | 71.1 |  |  |  | 221.5 |  |  |  | 190.5 |
Storage, terminaling and export |  |  | 122.0 |  |  |  | 102.2 |  |  |  | 362.3 |  |  |  | 302.3 |
Other |  |  | 13.6 |  |  |  | 15.7 |  |  |  | 48.2 |  |  |  | 47.7 |
Total fees from midstream services |  |  | 634.8 |  |  |  | 522.3 |  |  |  | 1,850.0 |  |  |  | 1,506.8 |
Total revenues |  | $ | 3,851.8 |  |  | $ | 3,896.6 |  |  | $ | 11,976.2 |  |  | $ | 11,820.8 |
(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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Reconciliation of reportable segment operating margin to income (loss) before income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Gathering and Processing operating margin |  | $ | 584.3 |  |  | $ | 505.0 |  |  | $ | 1,713.4 |  |  | $ | 1,545.9 |
Logistics and Transportation operating margin |  |  | 619.2 |  |  |  | 457.4 |  |  |  | 1,699.0 |  |  |  | 1,394.4 |
Other operating margin |  |  | (17.7 | ) |  |  | (33.5 | ) |  |  | (86.3 | ) |  |  | 294.3 |
Depreciation and amortization expense |  |  | (355.4 | ) |  |  | (331.3 | ) |  |  | (1,044.5 | ) |  |  | (988.2 | )
General and administrative expense |  |  | (102.6 | ) |  |  | (90.0 | ) |  |  | (287.4 | ) |  |  | (253.4 | )
Other operating income (expense) |  |  | 0.4 |  |  |  | (2.5 | ) |  |  | 0.7 |  |  |  | (2.0 | )
Interest expense, net |  |  | (184.9 | ) |  |  | (175.1 | ) |  |  | (589.5 | ) |  |  | (509.8 | )
Equity earnings (loss) |  |  | 2.2 |  |  |  | 3.0 |  |  |  | 7.9 |  |  |  | 6.2 |
Gain (loss) from financing activities |  |  | — |  |  |  | — |  |  |  | (0.8 | ) |  |  | — |
Other, net |  |  | (0.4 | ) |  |  | (0.1 | ) |  |  | 1.1 |  |  |  | (5.0 | )
Income (loss) before income taxes |  | $ | 545.1 |  |  | $ | 332.9 |  |  | $ | 1,413.6 |  |  | $ | 1,482.4 |

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