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Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Summary of Revenue from Contracts with Customers Table

The following table summarizes revenue from contracts with customers:

												Three Months Ended March 31,
thousands																		2026						2025
Revenue from customers
Service revenues – fee based																		$	933,302					$	823,197
Service revenues – product based																		88,767						59,252
Product sales																		99,616						34,469
Total revenue from customers																		1,121,685						916,918
Revenue from other than customers
Other																		1,894						198
Total revenues and other																		$	1,123,579					$	917,116

Contract Balances Tables

The following table summarizes activity related to contract assets from contracts with customers:

thousands
Contract assets balance at December 31, 2025						$	10,515
Amounts transferred to Accounts receivable, net that were included in the contract assets balance at the beginning of the period						(867)
Additional estimated revenues recognized						7,154
Contract assets balance at March 31, 2026						$	16,802
Contract assets at March 31, 2026
Other current assets						$	10,013
Other assets						6,789
Total contract assets from contracts with customers						$	16,802

The following table summarizes activity related to contract liabilities from contracts with customers:

thousands
Contract liabilities balance at December 31, 2025						$	767,148
Cash received or receivable, excluding revenues recognized during the period						6,197
Revenues recognized that were included in the contract liability balance at the beginning of the period						(32,262)
Non-cash consideration received for WES unit redemption from Occidental, net of revenues recognized in the period (1)						594,271
Contract liabilities balance at March 31, 2026						$	1,335,354
Contract liabilities at March 31, 2026
Accrued liabilities						$	185,942
Other liabilities						1,149,412
Total contract liabilities from contracts with customers						$	1,335,354

________________________________________________________________________________________

(1)See Note 6.

Expected Revenue Recognition from Satisfaction of Performance Obligations Table

Therefore, the following table represents only a portion of expected future revenues from existing contracts, as most future revenues from customers are dependent on future variable customer volumes and, in some cases, variable commodity prices for those volumes.

thousands
Remainder of 2026						$	1,142,973
2027						1,660,240
2028						1,182,021
2029						872,245
2030						727,346
Thereafter						2,395,391
Total						$	7,980,216

X

- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

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X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

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X

- Definition

Tabular disclosure of expected timing for satisfying remaining performance obligation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(1)
-SubTopic 10
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

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