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Revenue from Contracts with Customers (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30, |  |  |
thousands |  | 2026 |  | 2025 |  | 2026 |  | 2025 |  |  |
Revenue from customers |  |  |  |  |  |  |  |  |  |  |
Service revenues – fee based |  | $ | 980,096 |  |  | $ | 851,419 |  |  | $ | 1,913,398 |  |  | $ | 1,674,616 |  |  |  |
Service revenues – product based |  | 112,641 |  |  | 50,442 |  |  | 201,408 |  |  | 109,694 |  |  |  |
Product sales |  | 124,763 |  |  | 40,280 |  | 224,379 |  |  | 74,749 |  |  |
Total revenue from customers |  | 1,217,500 |  |  | 942,141 |  | 2,339,185 |  |  | 1,859,059 |  |  |
Revenue from other than customers |  |  |  |  |  |  |  |  |  |  |
Other |  | 7,219 |  |  | 181 |  |  | 9,113 |  |  | 379 |  |  |  |
Total revenues and other |  | $ | 1,224,719 |  |  | $ | 942,322 |  |  | $ | 2,348,298 |  |  | $ | 1,859,438 |  |  |  |
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 (1) |  | (3,602) |  |  |  |
Additional estimated revenues recognized (2) |  | 6,753 |  |  |  |
Amounts acquired with the acquisition of Brazos Delaware (3) |  | 900 |  |  |  |
Contract assets balance at June 30, 2026 |  | $ | 14,566 |  |  |  |
Contract assets at June 30, 2026 |  |  |  |  |
Other current assets |  | $ | 7,208 |  |  |  |
Other assets |  | 7,358 |  |  |  |
Total contract assets from contracts with customers |  | $ | 14,566 |  |  |  |
_________________________________________________________________________________________ (1)Includes $(2.7) million for the three months ended June 30, 2026. (2)Includes $(0.4) million for the three months ended June 30, 2026. (3)See Note 3. 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 (1) |  | (3,900) |  |  |  |
Revenues recognized that were included in the contract liability balance at the beginning of the period (2) |  | (56,552) |  |  |  |
Non-cash consideration received for WES unit redemption from Occidental, net of revenues recognized in the period (3) |  | 572,712 |  |  |  |
Amounts acquired with the acquisition of Brazos Delaware (4) |  | 5,588 |  |  |  |
Contract liabilities balance at June 30, 2026 |  | $ | 1,284,996 |  |  |  |
Contract liabilities at June 30, 2026 |  |  |  |  |
Accrued liabilities |  | $ | 192,031 |  |  |  |
Other liabilities |  | 1,092,965 |  |  |  |
Total contract liabilities from contracts with customers |  | $ | 1,284,996 |  |  |  |
________________________________________________________________________________________ (1)Includes $(10.1) million for the three months ended June 30, 2026. (2)Includes $(24.3) million for the three months ended June 30, 2026. (3)See Note 6. (4)See Note 3.
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 |  | $ | 741,693 |  |
2027 |  | 1,685,247 |  |
2028 |  | 1,208,166 |  |
2029 |  | 912,123 |  |
2030 |  | 765,191 |  |
Thereafter |  | 2,554,054 |  |
Total |  | $ | 7,866,474 |  |

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- 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 + Details
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- 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 + Details
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- 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 + Details
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