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Revenue from Contracts with Customers | 6 Months Ended
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Jun. 30, 2026
Revenue from Contract with Customer [Abstract] |
Revenue from Contracts with Customers | 2. REVENUE FROM CONTRACTS WITH CUSTOMERS 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. Receivables from customers, which are included in accounts receivable, net on the consolidated balance sheets, were $933.5 million and $737.0 million as of June 30, 2026, and December 31, 2025, respectively. Contract assets primarily relate to (i) revenue accrued but not yet billed under cost-of-service contracts with fixed and variable fees and (ii) accrued deficiency fees the Partnership expects to charge customers once the related performance periods are completed. 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. 2. REVENUE FROM CONTRACTS WITH CUSTOMERS Contract liabilities primarily relate to (i) consideration received from customers for which revenue recognition is deferred and (ii) aid-in-construction payments received from customers that must be recognized over the expected period of customer benefit. 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. Transaction price allocated to remaining performance obligations. Revenues expected to be recognized from certain performance obligations that are unsatisfied (or partially unsatisfied) as of June 30, 2026, are presented in the table below. The Partnership applies the optional exemptions in Revenue from Contracts with Customers (Topic 606) and does not disclose consideration for remaining performance obligations with an original expected duration of one year or less or for variable consideration related to unsatisfied (or partially unsatisfied) performance obligations. 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 The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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