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Segments
 6 Months Ended
Jun. 30, 2025
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 net interest expense, income tax expense (benefit), and depreciation and amortization, as further adjusted to eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance, such as transaction costs, other income and other non-cash and 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, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income

 

$

222.4

 

 

$

157.9

 

 

$

33.9

 

 

$

414.2

 

 

$

-

 

 

$

414.2

 

Operating and maintenance expenses
   (exclusive of depreciation shown
   separately below)

 

 

54.7

 

 

 

30.6

 

 

 

8.8

 

 

 

94.1

 

 

 

-

 

 

 

94.1

 

Depreciation expense

 

 

32.7

 

 

 

14.8

 

 

 

4.3

 

 

 

51.8

 

 

 

-

 

 

 

51.8

 

General and administrative expenses

 

 

3.2

 

 

 

1.9

 

 

 

0.2

 

 

 

5.3

 

 

 

2.8

 

 

 

8.1

 

Income from equity investments

 

 

-

 

 

 

4.0

 

 

 

-

 

 

 

4.0

 

 

 

-

 

 

 

4.0

 

Interest expense, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

55.4

 

 

 

55.4

 

Income tax expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

29.1

 

 

 

29.1

 

Adjusted EBITDA

 

 

164.5

 

 

 

129.4

 

 

 

24.9

 

 

 

318.8

 

 

 

 

 

 

 

Capital expenditures

 

 

65.1

 

 

 

4.8

 

 

 

0.1

 

 

 

70.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 Six Months Ended June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income

 

$

426.0

 

 

$

305.7

 

 

$

64.5

 

 

$

796.2

 

 

$

-

 

 

$

796.2

 

Operating and maintenance expenses
   (exclusive of depreciation shown
   separately below)

 

 

105.1

 

 

 

58.3

 

 

 

16.3

 

 

 

179.7

 

 

 

-

 

 

 

179.7

 

Depreciation expense

 

 

65.1

 

 

 

29.5

 

 

 

8.7

 

 

 

103.3

 

 

 

-

 

 

 

103.3

 

General and administrative expenses

 

 

6.2

 

 

 

3.6

 

 

 

0.5

 

 

 

10.3

 

 

 

5.3

 

 

 

15.6

 

Income from equity investments

 

 

-

 

 

 

7.4

 

 

 

-

 

 

 

7.4

 

 

 

-

 

 

 

7.4

 

Interest expense, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

111.8

 

 

 

111.8

 

Income tax expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

52.1

 

 

 

52.1

 

Adjusted EBITDA

 

 

314.7

 

 

 

251.2

 

 

 

47.7

 

 

 

613.6

 

 

 

 

 

 

 

Capital expenditures

 

 

112.8

 

 

 

7.2

 

 

 

0.1

 

 

 

120.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

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, 2024

 

(in millions)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Reconciliation of reportable segment Adjusted
   EBITDA to income before income tax expense:

 

 

 

 

 

 

 

 

 

 

 

 

Total reportable segment Adjusted EBITDA

 

$

318.8

 

 

$

278.2

 

 

$

613.6

 

 

$

554.9

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

   Depreciation expense

 

 

51.8

 

 

 

50.5

 

 

 

103.3

 

 

 

100.3

 

   Unallocated general and administrative expenses

 

 

2.8

 

 

 

1.7

 

 

 

5.3

 

 

 

3.9

 

   Interest expense, net

 

 

55.4

 

 

 

49.7

 

 

 

111.8

 

 

 

98.2

 

Income before income tax expense

 

$

208.8

 

 

$

176.3

 

 

$

393.2

 

 

$

352.5

 

 

Total assets for the reportable segments are as follows:

 

 

 

 

 

 

June 30, 2025

 

 

December 31, 2024

 

(in millions)

 

 

 

 

 

 

Gathering

 

$

2,350.6

 

 

$

2,299.0

 

Processing and Storage(1)

 

 

986.5

 

 

 

1,010.9

 

Terminaling and Export

 

 

239.9

 

 

 

248.1

 

Total reportable segments assets

 

 

3,577.0

 

 

 

3,558.0

 

Interest and Other

 

 

846.1

 

 

 

593.0

 

Total consolidated assets

 

$

4,423.1

 

 

$

4,151.0

 

(1) Includes investment in equity investees of $84.8 million as of June 30, 2025 and $87.0 million as of December 31, 2024.