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v3.25.2

Segment Data | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Data | Segment Data We review operating results in 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. 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 segment 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. Segment EBITDA is an important measure used by management to evaluate the financial performance of our core operations. We define segment 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 and comprehensive income. A reconciliation of segment EBITDA to net Income is included in the tables below. 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 segment EBITDA for the periods indicated:
|  | Three Months Ended June 30, 2025
|  | Gathering and Processing |  | Wholesale Marketing and Terminalling |  | Storage and Transportation |  | Investments in Pipeline Joint Ventures |  | Total
Net revenues: |  |  |  |  |  |  |  |  |  |
Affiliate (1) |  | $ | 39,098 |  |  | $ | 52,367 |  |  | $ | 22,618 |  |  | $ | — |  |  | $ | 114,083 |
Third party |  | 78,669 |  |  | 52,248 |  |  | 1,350 |  |  | — |  |  | 132,267 |
Total revenue |  | 117,767 |  |  | 104,615 |  |  | 23,968 |  |  | — |  |  | 246,350 |
Cost of materials and other |  | 21,748 |  |  | 84,496 |  |  | 13,090 |  |  | — |  |  | 119,334 |
Operating expenses |  | 31,516 |  |  | 1,171 |  |  | 3,794 |  |  | — |  |  | 36,481 |
Income from equity method investments |  | — |  |  | — |  |  | — |  |  | (10,536) |  |  | (10,536) |
Other segment items (2) |  | 556 |  |  | 9 |  |  | 57 |  |  | — |  |  | 622 |
Segment EBITDA |  | 63,947 |  |  | 18,939 |  |  | 7,027 |  |  | 10,536 |  |  | 100,449 |
Reconciling items to consolidated net income before income taxes: |  |  |  |  |  |  |  |  |  |
Corporate expenses and other |  |  |  |  |  |  |  |  |  | 10,360 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  | 27,097 |
Interest income |  |  |  |  |  |  |  |  |  | (23,538) |
Interest expense |  |  |  |  |  |  |  |  |  | 41,711 |
Income tax expense |  |  |  |  |  |  |  |  |  | 245 |
Net income |  |  |  |  |  |  |  |  |  | $ | 44,574 |
|  | Three Months Ended June 30, 2024
|  | Gathering and Processing |  | Wholesale Marketing and Terminalling |  | Storage and Transportation |  | Investments in Pipeline Joint Ventures |  | Total
Net revenues: |  |  |  |  |  |  |  |  |  |
Affiliate (1) |  | $ | 51,529 |  |  | $ | 70,899 |  |  | $ | 34,400 |  |  | $ | — |  |  | $ | 156,828 |
Third party |  | 41,114 |  |  | 64,701 |  |  | 1,985 |  |  | — |  |  | 107,800 |
Total revenue |  | 92,643 |  |  | 135,600 |  |  | 36,385 |  |  | — |  |  | 264,628 |
Cost of materials and other |  | 19,660 |  |  | 103,901 |  |  | 14,470 |  |  | — |  |  | 138,031 |
Operating expenses |  | 19,546 |  |  | 3,273 |  |  | 4,534 |  |  | — |  |  | 27,353 |
Income from equity method investments |  | — |  |  | — |  |  | — |  |  | (7,882) |  |  | (7,882) |
Other segment items (2) |  | (1,243) |  |  | (1,779) |  |  | 629 |  |  | — |  |  | (2,393) |
Segment EBITDA |  | 54,680 |  |  | 30,205 |  |  | 16,752 |  |  | 7,882 |  |  | 109,519 |
Reconciling items to consolidated net income before income taxes: |  |  |  |  |  |  |  |  |  |
Corporate expenses and other |  |  |  |  |  |  |  |  |  | 7,127 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  | 24,207 |
Amortization of marketing contract intangible |  |  |  |  |  |  |  |  |  | 1,802 |
Interest income |  |  |  |  |  |  |  |  |  | (28) |
Interest expense |  |  |  |  |  |  |  |  |  | 35,296 |
Income tax expense |  |  |  |  |  |  |  |  |  | 57 |
Net income |  |  |  |  |  |  |  |  |  | $ | 41,058 |
|  | Six Months Ended June 30, 2025
|  | Gathering and Processing |  | Wholesale Marketing and Terminalling |  | Storage and Transportation |  | Investments in Pipeline Joint Ventures |  | Total
Net revenues: |  |  |  |  |  |  |  |  |  |
Affiliate (1) |  | $ | 77,665 |  |  | $ | 117,075 |  |  | $ | 45,664 |  |  | $ | — |  |  | $ | 240,404 |
Third party |  | 158,705 |  |  | 94,239 |  |  | 2,932 |  |  | — |  |  | 255,876 |
Total revenue |  | 236,370 |  |  | 211,314 |  |  | 48,596 |  |  | — |  |  | 496,280 |
Cost of materials and other |  | 46,092 |  |  | 174,149 |  |  | 28,117 |  |  | — |  |  | 248,358 |
Operating expenses |  | 62,097 |  |  | 4,970 |  |  | 8,955 |  |  | — |  |  | 76,022 |
Income from equity method investments |  | — |  |  | — |  |  | — |  |  | (20,686) |  |  | (20,686) |
Other segment items (2) |  | (3,705) |  |  | 19 |  |  | 83 |  |  | — |  |  | (3,603) |
Segment EBITDA |  | 131,886 |  |  | 32,176 |  |  | 11,441 |  |  | 20,686 |  |  | 196,189 |
Reconciling items to consolidated net income before income taxes: |  |  |  |  |  |  |  |  |  |
Corporate expenses and other |  |  |  |  |  |  |  |  |  | 20,614 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  | 54,813 |
Interest income |  |  |  |  |  |  |  |  |  | (46,085) |
Interest expense |  |  |  |  |  |  |  |  |  | 82,812 |
Income tax expense |  |  |  |  |  |  |  |  |  | 427 |
Net income |  |  |  |  |  |  |  |  |  | $ | 83,608 |
|  | Six Months Ended June 30, 2024
|  | Gathering and Processing |  | Wholesale Marketing and Terminalling |  | Storage and Transportation |  | Investments in Pipeline Joint Ventures |  | Total
Net revenues: |  |  |  |  |  |  |  |  |  |
Affiliate (1) |  | $ | 104,082 |  |  | $ | 123,781 |  |  | $ | 68,590 |  |  | $ | — |  |  | $ | 296,453 |
Third party |  | 84,444 |  |  | 131,089 |  |  | 4,717 |  |  | — |  |  | 220,250 |
Total revenue |  | 188,526 |  |  | 254,870 |  |  | 73,307 |  |  | — |  |  | 516,703 |
Cost of materials and other |  | 37,529 |  |  | 195,805 |  |  | 28,363 |  |  | — |  |  | 261,697 |
Operating expenses |  | 39,251 |  |  | 7,101 |  |  | 9,555 |  |  | — |  |  | 55,907 |
Income from equity method investments |  | — |  |  | — |  |  | — |  |  | (16,372) |  |  | (16,372) |
Other segment items (2) |  | (693) |  |  | (3,515) |  |  | 510 |  |  | — |  |  | (3,698) |
Segment EBITDA |  | 112,439 |  |  | 55,479 |  |  | 34,879 |  |  | 16,372 |  |  | 219,169 |
Reconciling items to consolidated net income before income taxes: |  |  |  |  |  |  |  |  |  |
Corporate expenses and other |  |  |  |  |  |  |  |  |  | 15,276 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  | 50,702 |
Amortization of marketing contract intangible |  |  |  |  |  |  |  |  |  | 3,605 |
Interest income |  |  |  |  |  |  |  |  |  | (28) |
Interest expense |  |  |  |  |  |  |  |  |  | 75,525 |
Income tax expense |  |  |  |  |  |  |  |  |  | 383 |
Net income |  |  |  |  |  |  |  |  |  | $ | 73,706 |
(1) Affiliate revenue for the wholesale marketing and terminalling segment is presented net of amortization expense pertaining to the marketing contract intangible of $1.8 million and $3.6 million for the three and six months ended June 30, 2024. There was no amortization recorded during the three and six months ended June 30, 2025, related to this intangible, as the associated agreement was terminated on August 5, 2024. (2) Other segment items include general and administrative expense, other operating (income) loss and other income. Additionally, the wholesale marketing and terminalling segment includes amortization of the marketing contract intangible for the three and six months ended June 30, 2024. The following is a summary of other segment information for the periods indicated:
|  | Three Months Ended June 30, 2025
|  | Gathering and Processing |  | Wholesale Marketing and Terminalling |  | Storage and Transportation |  | Investments in Pipeline Joint Ventures |  | Corporate and Other |  | Consolidated
Depreciation and amortization |  | $ | 24,085 |  |  | $ | 952 |  |  | $ | 1,301 |  |  | $ | — |  |  | $ | 759 |  |  | $ | 27,097 |
Capital spending (1) |  | $ | 117,218 |  |  | $ | 65 |  |  | $ | 1,906 |  |  | $ | — |  |  | $ | — |  |  | $ | 119,189 |
|  | Three Months Ended June 30, 2024
|  | Gathering and Processing |  | Wholesale Marketing and Terminalling |  | Storage and Transportation |  | Investments in Pipeline Joint Ventures |  | Corporate and Other |  | Consolidated
Depreciation and amortization |  | $ | 19,062 |  |  | $ | 1,635 |  |  | $ | 2,522 |  |  | $ | — |  |  | $ | 988 |  |  | $ | 24,207 |
Amortization of marketing contract intangible |  | $ | — |  |  | $ | 1,802 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,802 |
Capital spending (1) |  | $ | 7,351 |  |  | $ | 105 |  |  | $ | 2,731 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,187 |
|  | Six Months Ended June 30, 2025
|  | Gathering and Processing |  | Wholesale Marketing and Terminalling |  | Storage and Transportation |  | Investments in Pipeline Joint Ventures |  | Corporate and Other |  | Consolidated
Depreciation and amortization |  | $ | 48,808 |  |  | $ | 1,904 |  |  | $ | 2,582 |  |  | $ | — |  |  | $ | 1,519 |  |  | $ | 54,813 |
Capital spending (1) |  | $ | 188,529 |  |  | $ | 155 |  |  | $ | 2,448 |  |  | $ | — |  |  | $ | — |  |  | $ | 191,132 |
|  | Six Months Ended June 30, 2024
|  | Gathering and Processing |  | Wholesale Marketing and Terminalling |  | Storage and Transportation |  | Investments in Pipeline Joint Ventures |  | Corporate and Other |  | Consolidated
Depreciation and amortization |  | $ | 40,216 |  |  | $ | 3,347 |  |  | $ | 5,297 |  |  | $ | — |  |  | $ | 1,842 |  |  | $ | 50,702 |
Amortization of marketing contract intangible |  | $ | — |  |  | $ | 3,605 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,605 |
Capital spending (1) |  | $ | 22,074 |  |  | $ | 21 |  |  | $ | 3,257 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,352 |
(1) Capital spending includes additions on an accrual basis.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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