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Segments (Tables)

6 Months Ended

Jun. 30, 2025

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, 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

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, 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 Reportable Segments

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.

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- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

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Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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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.

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