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v3.24.2.u1

Segments (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Financial Data for Each Reportable Segment | The following tables reflect certain financial data for each reportable segment:
|  | Gathering |  |  | Processing and Storage |  |  | Terminaling and Export |  |  | Total Reportable Segments |  |  | Interest and Other |  |  | Consolidated |
(in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
For the Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues and other income |  | $ | 195.5 |  |  | $ | 139.5 |  |  | $ | 30.5 |  |  | $ | 365.5 |  |  | $ | - |  |  | $ | 365.5 |
Operating and maintenance expenses (exclusive of depreciation shown separately below) |  |  | 50.8 |  |  |  | 27.3 |  |  |  | 9.4 |  |  |  | 87.5 |  |  |  | - |  |  |  | 87.5 |
Depreciation expense |  |  | 31.5 |  |  |  | 14.6 |  |  |  | 4.4 |  |  |  | 50.5 |  |  |  | - |  |  |  | 50.5 |
General and administrative expenses |  |  | 2.3 |  |  |  | 1.0 |  |  |  | 0.2 |  |  |  | 3.5 |  |  |  | 1.7 |  |  |  | 5.2 |
Income from equity investments |  |  | - |  |  |  | 3.7 |  |  |  | - |  |  |  | 3.7 |  |  |  | - |  |  |  | 3.7 |
Interest expense, net |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 49.7 |  |  |  | 49.7 |
Income tax expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 16.0 |  |  |  | 16.0 |
Adjusted EBITDA |  |  | 142.4 |  |  |  | 114.9 |  |  |  | 20.9 |  |  |  | 278.2 |  |  |  |  |  |  |
Capital expenditures |  |  | 69.5 |  |  |  | 3.2 |  |  |  | - |  |  |  | 72.7 |  |  |  |  |  |  |
|  | Gathering |  |  | Processing and Storage |  |  | Terminaling and Export |  |  | Total Reportable Segments |  |  | Interest and Other |  |  | Consolidated |
(in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
For the Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues and other income |  | $ | 174.5 |  |  | $ | 122.8 |  |  | $ | 26.7 |  |  | $ | 324.0 |  |  | $ | - |  |  | $ | 324.0 |
Operating and maintenance expenses (exclusive of depreciation shown separately below) |  |  | 43.8 |  |  |  | 23.8 |  |  |  | 5.5 |  |  |  | 73.1 |  |  |  | - |  |  |  | 73.1 |
Depreciation expense |  |  | 28.2 |  |  |  | 14.5 |  |  |  | 4.3 |  |  |  | 47.0 |  |  |  | - |  |  |  | 47.0 |
General and administrative expenses |  |  | 2.5 |  |  |  | 1.1 |  |  |  | 0.2 |  |  |  | 3.8 |  |  |  | 2.0 |  |  |  | 5.8 |
Income from equity investments |  |  | - |  |  |  | 1.7 |  |  |  | - |  |  |  | 1.7 |  |  |  | - |  |  |  | 1.7 |
Interest expense, net |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 43.8 |  |  |  | 43.8 |
Income tax expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 8.1 |  |  |  | 8.1 |
Adjusted EBITDA |  |  | 128.2 |  |  |  | 99.6 |  |  |  | 21.0 |  |  |  | 248.8 |  |  |  |  |  |  |
Capital expenditures |  |  | 46.4 |  |  |  | 2.7 |  |  |  | 3.0 |  |  |  | 52.1 |  |  |  |  |  |  |
|  | Gathering |  |  | Processing and Storage |  |  | Terminaling and Export |  |  | Total Reportable Segments |  |  | Interest and Other |  |  | Consolidated |
(in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
For the Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues and other income |  | $ | 383.6 |  |  | $ | 278.6 |  |  | $ | 58.9 |  |  | $ | 721.1 |  |  | $ | - |  |  | $ | 721.1 |
Operating and maintenance expenses (exclusive of depreciation shown separately below) |  |  | 97.1 |  |  |  | 52.5 |  |  |  | 16.0 |  |  |  | 165.6 |  |  |  | - |  |  |  | 165.6 |
Depreciation expense |  |  | 62.3 |  |  |  | 29.3 |  |  |  | 8.7 |  |  |  | 100.3 |  |  |  | - |  |  |  | 100.3 |
General and administrative expenses |  |  | 4.4 |  |  |  | 2.2 |  |  |  | 0.4 |  |  |  | 7.0 |  |  |  | 3.9 |  |  |  | 10.9 |
Income from equity investments |  |  | - |  |  |  | 6.4 |  |  |  | - |  |  |  | 6.4 |  |  |  | - |  |  |  | 6.4 |
Interest expense, net |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 98.2 |  |  |  | 98.2 |
Income tax expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 30.3 |  |  |  | 30.3 |
Adjusted EBITDA |  |  | 282.1 |  |  |  | 230.3 |  |  |  | 42.5 |  |  |  | 554.9 |  |  |  |  |  |  |
Capital expenditures |  |  | 101.2 |  |  |  | 6.6 |  |  |  | 0.1 |  |  |  | 107.9 |  |  |  |  |  |  |
|  | Gathering |  |  | Processing and Storage |  |  | Terminaling and Export |  |  | Total Reportable Segments |  |  | Interest and Other |  |  | Consolidated |
(in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
For the Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues and other income |  | $ | 339.2 |  |  | $ | 237.2 |  |  | $ | 52.6 |  |  | $ | 629.0 |  |  | $ | - |  |  | $ | 629.0 |
Operating and maintenance expenses (exclusive of depreciation shown separately below) |  |  | 82.2 |  |  |  | 44.0 |  |  |  | 9.4 |  |  |  | 135.6 |  |  |  | - |  |  |  | 135.6 |
Depreciation expense |  |  | 57.0 |  |  |  | 29.0 |  |  |  | 8.4 |  |  |  | 94.4 |  |  |  | - |  |  |  | 94.4 |
General and administrative expenses |  |  | 4.9 |  |  |  | 2.3 |  |  |  | 0.5 |  |  |  | 7.7 |  |  |  | 4.5 |  |  |  | 12.2 |
Income from equity investments |  |  | - |  |  |  | 3.3 |  |  |  | - |  |  |  | 3.3 |  |  |  | - |  |  |  | 3.3 |
Interest expense, net |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 85.4 |  |  |  | 85.4 |
Income tax expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 14.6 |  |  |  | 14.6 |
Adjusted EBITDA |  |  | 252.1 |  |  |  | 194.2 |  |  |  | 42.7 |  |  |  | 489.0 |  |  |  |  |  |  |
Capital expenditures |  |  | 95.8 |  |  |  | 3.6 |  |  |  | 10.0 |  |  |  | 109.4 |  |  |  |  |  |  |
Reconciliation of Reportable Segment Adjusted EBITDA to Income Before Income Tax Expense | The following table presents a reconciliation of reportable segment Adjusted EBITDA to income before income tax expense:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(in millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Reconciliation of reportable segment Adjusted EBITDA to income before income tax expense: |  |  |  |  |  |  |  |  |  |  |  |
Total reportable segment Adjusted EBITDA |  | $ | 278.2 |  |  | $ | 248.8 |  |  | $ | 554.9 |  |  | $ | 489.0 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation expense |  |  | 50.5 |  |  |  | 47.0 |  |  |  | 100.3 |  |  |  | 94.4 |
Unallocated general and administrative expenses |  |  | 1.7 |  |  |  | 2.0 |  |  |  | 3.9 |  |  |  | 4.5 |
Interest expense, net |  |  | 49.7 |  |  |  | 43.8 |  |  |  | 98.2 |  |  |  | 85.4 |
Income before income tax expense |  | $ | 176.3 |  |  | $ | 156.0 |  |  | $ | 352.5 |  |  | $ | 304.7 |
Total Assets for Reportable Segments | Total assets for the reportable segments are as follows:
|  | June 30, 2024 |  |  | December 31, 2023 |
(in millions) |  |  |  |  |  |
Gathering |  | $ | 2,167.3 |  |  | $ | 2,138.6 |
Processing and Storage(1) |  |  | 1,018.7 |  |  |  | 1,048.4 |
Terminaling and Export |  |  | 255.4 |  |  |  | 264.4 |
Interest and Other |  |  | 608.7 |  |  |  | 338.1 |
Total assets |  | $ | 4,050.1 |  |  | $ | 3,789.5 |
(1) Includes investment in equity investees of $89.2 million as of June 30, 2024 an d $90.2 million as of December 31, 2023.

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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