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Segment Data
 12 Months Ended
Dec. 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 Partnership defines its segments based on how internally reported financial information is regularly reviewed by its chief operating decision maker ("CODM") to analyze financial performance, make decisions and allocate resources.
The CODM is the President of the Partnership. The CODM evaluates performance based on EBITDA for planning and forecasting purposes. The CODM considers budget to actual variances on a monthly basis when making decisions about allocation of operating and capital resources to each segment. 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 and comprehensive 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, 2024
(In thousands)Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Net revenues:
Affiliate (1)
$180,763 $221,503 $115,516 $— $— $517,782 
Third party183,956 230,019 8,879 — — 422,854 
Total revenue$364,719 $451,522 $124,395 $— $— $940,636 
Cost of materials and other77,037 349,049 57,539 — 110 483,735 
Operating expenses80,317 14,820 18,299 — 9,298 122,734 
Income from equity method investments— — — (43,301)— (43,301)
Other segment items (3)
215 (4,076)232 — 34,184 30,555 
Segment EBITDA $207,150 $91,729 $48,325 $43,301 $(43,592)$346,913 
Depreciation and amortization80,144 5,256 7,609 — 3,366 96,375 
Amortization of marketing contract intangible— 4,206 — — — 4,206 
Interest income(23,338)(8,546)(15,908)— — (47,792)
Interest expense— — — — 150,960 150,960 
Income tax expense479 
Net income$142,685 
Capital spending (2)
$128,927 $2,727 $8,332 $— $— $139,986 
Year Ended December 31, 2023
(In thousands)Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Net revenues:
Affiliate (1)
$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 
Cost of materials and other83,118 388,536 63,710 — (2,737)532,627 
Operating expenses75,136 17,796 18,104 9 7,056 118,101 
Income from equity method investments— — — (31,433)— (31,433)
Other segment items (3)
13,393 (7,143)(2,066)— 26,650 30,834 
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— — — — 143,244 143,244 
Income tax expense1,205 
Net income$126,236 
Capital spending (2)
$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 (1)
$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 
Cost of materials and other81,525 491,453 66,953 — 1,432 641,363 
Operating expenses48,211 19,458 17,843 — 2,795 88,307 
Income from equity method investments— — — (31,683)— (31,683)
Other segment items (3)
441 (5,125)1,031 30,136 26,483 
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— — — — 82,304 82,304 
Income tax expense382
Net income$159,052 
Capital spending (2)
$122,594 $1,548 $6,528 $— $— $130,670 
(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.
(3) Other segment items include general and administrative expense, gain on disposal of assets, other income, net and the amortization of the marketing contract intangible in the wholesale marketing and terminalling segment. Additionally, our gathering and processing segment includes $14.8 million of goodwill impairment expense for the year ended December 31, 2023.