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Segment Information (Tables)

9 Months Ended

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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- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information.

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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