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Segment Data
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Data Segment Data
We aggregate our operating segments into four reportable segments: (i) gathering and processing; (ii) wholesale marketing and terminalling; (iii) storage and transportation; and (iv) investment in pipeline joint ventures. Operations that are not specifically included in the reportable segments are included in Corporate and other segment.
The CODM evaluates performance based on EBITDA for planning and forecasting purposes. EBITDA is an important measure used by management to evaluate the financial performance of our core operations. EBITDA is not a GAAP measure, but the components of EBITDA are computed using amounts that are determined in accordance with GAAP. A reconciliation of EBITDA to Net Income is included in the tables below. We define EBITDA as net income (loss) before net interest expense, income tax expense, depreciation and amortization expense, including amortization of marketing contract intangible, which is included as a component of net revenues in our accompanying consolidated statements of income.
Assets by segment are not a measure used to assess the performance of the Partnership by the CODM and thus is not disclosed.
The following is a summary of business segment operating performance as measured by EBITDA for the periods indicated (in thousands):
Year Ended December 31, 2023
(In thousands)
Gathering and Processing (1)
Wholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Net revenues:
Affiliate (2)
$212,537 $218,997 $132,269 $— $— $563,803 
Third party158,573 286,704 11,329 — — 456,606 
Total revenue$371,110 $505,701 $143,598 $— $— $1,020,409 
Segment EBITDA$199,463 $106,512 $63,850 $31,424 $(30,969)$370,280 
Depreciation and amortization72,181 7,055 9,839 — 3,309 92,384 
Amortization of marketing contract intangible— 7,211 — — — 7,211 
Interest expense, net— — — — 143,244 143,244 
Income tax expense1,205 
Net income$126,236 
Capital spending (3)
$74,683 $2,111 $4,548 $— $— $81,342 
Year Ended December 31, 2022
(In thousands)Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Net revenues:
Affiliate (2)
$185,845 $173,084 $120,482 $— $— $479,411 
Third party119,582 415,800 21,614 — — 556,996 
Total revenue$305,427 $588,884 $142,096 $— $— $1,036,407 
Segment EBITDA$175,250 $83,098 $56,269 $31,683 $(34,363)$311,937 
Depreciation and amortization47,206 6,308 8,591 — 883 62,988 
Amortization of marketing contract intangible— 7,211 — — — 7,211 
Interest expense, net— — — — 82,304 82,304 
Income tax expense382 
Net income$159,052 
Capital spending (3)
$122,594 $1,548 $6,528 $— $— $130,670 
Year ended December 31, 2021
(In thousands)Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Net revenues:
Affiliate (2)
$157,182 $147,793 $113,851 $— $— $418,826 
Third party4,670 265,464 11,942 — — 282,076 
Total revenue$161,852 $413,257 $125,793 $— $— $700,902 
Segment EBITDA$126,818 $79,597 $56,929 $24,575 $(22,742)$265,177 
Depreciation and amortization22,394 5,547 8,588 — 6,241 42,770 
Amortization of marketing contract intangible— 7,211 — — — 7,211 
Interest expense, net— — — — 50,221 50,221 
Income tax expense153 
Net income$164,822 
Capital spending (3)
$22,262 $3,622 $1,567 $— $— $27,451 
(1) EBITDA includes $14.8 million of goodwill impairment expense for the year ended December 31, 2023. Refer to Note 8 - Goodwill for further information.
(2) Affiliate revenue for the wholesale marketing and terminalling segment is presented net of amortization expense pertaining to the marketing contract intangible.
(3) Capital spending includes additions on an accrual basis. Capital spending for the year ended December 31, 2021 excludes contributions to equity method investments amounting to $1.4 million. There were no contributions made during the years ended December 31, 2023 and 2022.