XML 27 R20.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Segments | 6 Months Ended
--- | ---
Jun. 30, 2024
Segment Reporting [Abstract] |
Segments | Note 11. Segments Our operations are located in the United States and are organized into three reportable segments: (1) gathering, (2) processing and storage and (3) terminaling and export. Our reportable segments comprise the structure used by our Chief Executive Officer and Chief Financial Officer, who, collectively, have been determined to be our Chief Operating Decision Maker (“CODM”) to make key operating decisions and assess performance. These segments are strategic business units with differing products and services. Interest and Other includes certain functional departments that do not recognize revenues. Our CODM evaluates the segments’ operating performance based on Adjusted EBITDA, defined as net income (loss) before interest expense, income tax expense (benefit), and depreciation and amortization, as further adjusted for other non-cash, non‑recurring items, if applicable. For all of the segments, the CODM uses segment Adjusted EBITDA in the annual budgeting and monthly forecasting process. The CODM considers budget-to-current forecast and prior forecast-to-current forecast variances for Adjusted EBITDA on a monthly basis for evaluating performance of each segment and making decisions about allocating capital and other resources to each 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 |  |  |  |  |  |  |
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 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.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration