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Segment Data
 3 Months Ended
Mar. 31, 2024
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 condensed 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):
Three Months Ended March 31, 2024
(In thousands)Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Net revenues:
Affiliate (1)
$52,553 $52,882 $34,190 $— $— $139,625 
Third party43,330 66,388 2,732 — — 112,450 
Total revenue$95,883 $119,270 $36,922 $— $— $252,075 
Segment EBITDA$57,772 $25,274 $18,127 $8,477 $(8,149)$101,501 
Depreciation and amortization21,154 1,712 2,775 — 854 26,495 
Amortization of customer contract intangible— 1,803 — — — 1,803 
Interest expense, net— — — — 40,229 40,229 
Income tax expense326 
Net income$32,648 
Capital spending (2)
$14,723 $(84)$526 $— $— $15,165 
Three Months Ended March 31, 2023
(In thousands)Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Net revenues:
Affiliate (1)
$52,761 $33,751 $38,487 $— $— $124,999 
Third party39,671 78,558 297 — — 118,526 
Total revenue$92,432 $112,309 $38,784 $— $— $243,525 
Segment EBITDA$55,445 $21,954 $13,422 $6,316 $(3,979)$93,158 
Depreciation and amortization16,447 1,689 2,102 — 867 21,105 
Amortization of customer contract intangible— 1,803 — — — 1,803 
Interest expense, net— — — — 32,581 32,581 
Income tax expense302 
Net income$37,367 
Capital spending (2)
$32,789 $3,116 $196 $— $— $36,101 
(1) Affiliate revenue for the wholesale marketing and terminalling segment is presented net of amortization expense pertaining to the marketing contract intangible.
(2) Capital spending includes additions on an accrual basis.