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Segment Data | 12 Months Ended
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Dec. 31, 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. As of the fourth quarter of 2025, we define segment EBITDA as net income (loss) before net interest expense, income tax expense, depreciation, amortization, and proportional interest, taxes, depreciation and amortization of equity method investments. Segment data for prior periods has been restated and is consistent with the current year presentation. 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:
|  | Year Ended December 31, 2025
|  | Gathering and Processing |  | Wholesale Marketing and Terminalling |  | Storage and Transportation |  | Investments in Pipeline Joint Ventures |  | Total
Net revenues: |  |  |  |  |  |  |  |  |  |
Affiliate (1) |  | $ | 170,330 |  |  | $ | 237,007 |  |  | $ | 92,134 |  |  | $ | — |  |  | $ | 499,471 |
Third party |  | 327,767 |  |  | 180,628 |  |  | 5,457 |  |  | — |  |  | 513,852 |
Total revenue |  | 498,097 |  |  | 417,635 |  |  | 97,591 |  |  | — |  |  | 1,013,323 |
Cost of materials and other |  | 113,202 |  |  | 342,187 |  |  | 53,794 |  |  | — |  |  | 509,183 |
Operating expenses |  | 128,213 |  |  | 9,359 |  |  | 18,363 |  |  | — |  |  | 155,935 |
Proportional EBITDA from equity method investments |  | — |  |  | — |  |  | — |  |  | (88,150) |  |  | (88,150) |
Other segment items (2) |  | (2,845) |  |  | 3,155 |  |  | (419) |  |  | — |  |  | (109) |
Segment EBITDA |  | $ | 259,527 |  |  | $ | 62,934 |  |  | $ | 25,853 |  |  | $ | 88,150 |  |  | 436,464 |
Reconciling items to consolidated net income before income taxes: |  |  |  |  |  |  |  |  |  |
Corporate expenses and other |  |  |  |  |  |  |  |  |  | 40,810 |
Proportional interest, taxes, depreciation and amortization from equity-method investments |  |  |  |  |  |  |  |  |  | 26,357 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  | 125,600 |
Interest income |  |  |  |  |  |  |  |  |  | (112,517) |
Interest expense |  |  |  |  |  |  |  |  |  | 179,296 |
Income tax expense |  |  |  |  |  |  |  |  |  | 458 |
Net income |  |  |  |  |  |  |  |  |  | $ | 176,460 |
|  | Year Ended December 31, 2024
|  | Gathering and Processing |  | Wholesale Marketing and Terminalling |  | Storage and Transportation |  | Investments in Pipeline Joint Ventures |  | Total
Net revenues: |  |  |  |  |  |  |  |  |  |
Affiliate (1) |  | $ | 180,763 |  |  | $ | 221,503 |  |  | $ | 115,516 |  |  | $ | — |  |  | $ | 517,782 |
Third party |  | 183,956 |  |  | 230,019 |  |  | 8,879 |  |  | — |  |  | 422,854 |
Total revenue |  | 364,719 |  |  | 451,522 |  |  | 124,395 |  |  | — |  |  | 940,636 |
Cost of materials and other |  | 77,037 |  |  | 349,049 |  |  | 57,539 |  |  | — |  |  | 483,625 |
Operating expenses |  | 80,317 |  |  | 14,820 |  |  | 18,299 |  |  | — |  |  | 113,436 |
Proportional EBITDA from equity method investments |  | — |  |  | — |  |  | — |  |  | (59,098) |  |  | (59,098) |
Other segment items (2) |  | 215 |  |  | (4,076) |  |  | 232 |  |  | — |  |  | (3,629) |
Segment EBITDA |  | $ | 207,150 |  |  | $ | 91,729 |  |  | $ | 48,325 |  |  | $ | 59,098 |  |  | 406,302 |
Reconciling items to consolidated net income before income taxes: |  |  |  |  |  |  |  |  |  |
Corporate expenses and other |  |  |  |  |  |  |  |  |  | 43,592 |
Proportional interest, taxes, depreciation and amortization from equity-method investments |  |  |  |  |  |  |  |  |  | 15,797 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  | 96,375 |
Amortization of marketing contract intangible |  |  |  |  |  |  |  |  |  | 4,206 |
Interest income |  |  |  |  |  |  |  |  |  | (47,792) |
Interest expense |  |  |  |  |  |  |  |  |  | 150,960 |
Income tax expense |  |  |  |  |  |  |  |  |  | 479 |
Net income |  |  |  |  |  |  |  |  |  | $ | 142,685 |
|  | Year ended December 31, 2023
|  | Gathering and Processing |  | Wholesale Marketing and Terminalling |  | Storage and Transportation |  | Investments in Pipeline Joint Ventures |  | Total
Net revenues: |  |  |  |  |  |  |  |  |  |
Affiliate (1) |  | $ | 212,537 |  |  | $ | 218,997 |  |  | $ | 132,269 |  |  | $ | — |  |  | $ | 563,803 |
Third party |  | 158,573 |  |  | 286,704 |  |  | 11,329 |  |  | — |  |  | 456,606 |
Total revenue |  | 371,110 |  |  | 505,701 |  |  | 143,598 |  |  | — |  |  | 1,020,409 |
Cost of materials and other |  | 83,118 |  |  | 388,536 |  |  | 63,710 |  |  | — |  |  | 535,364 |
Operating expenses |  | 75,136 |  |  | 17,796 |  |  | 18,104 |  |  | 9 |  |  | 111,045 |
Proportional EBITDA from equity method investments |  | — |  |  | — |  |  | — |  |  | (38,231) |  |  | (38,231) |
Other segment items (2) |  | 13,393 |  |  | (7,143) |  |  | (2,066) |  |  | — |  |  | 4,184 |
Segment EBITDA |  | $ | 199,463 |  |  | $ | 106,512 |  |  | $ | 63,850 |  |  | $ | 38,222 |  |  | 408,047 |
Reconciling items to consolidated net income before income taxes: |  |  |  |  |  |  |  |  |  |
Corporate expenses and other |  |  |  |  |  |  |  |  |  | 30,969 |
Proportional interest, taxes, depreciation and amortization from equity-method investments |  |  |  |  |  |  |  |  |  | 6,798 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  | 92,384 |
Amortization of marketing contract intangible |  |  |  |  |  |  |  |  |  | 7,211 |
Interest expense |  |  |  |  |  |  |  |  |  | 143,244 |
Income tax expense |  |  |  |  |  |  |  |  |  | 1,205 |
Net income |  |  |  |  |  |  |  |  |  | $ | 126,236 |
(1) Affiliate revenue for the wholesale marketing and terminalling segment is presented net of amortization expense pertaining to the marketing contract intangible of $4.2 million and $7.2 million for the years ended December 31, 2024 and 2023, respectively. There was no amortization recorded during the year ended December 31, 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 years ended December 31, 2024 and 2023.
The following is a summary of other segment information for the periods indicated:
|  | Year Ended December 31, 2025
|  | Gathering and Processing |  | Wholesale Marketing and Terminalling |  | Storage and Transportation |  | Investments in Pipeline Joint Ventures |  | Corporate and Other |  | Consolidated
Depreciation and amortization |  | $ | 113,451 |  |  | $ | 3,465 |  |  | $ | 5,633 |  |  | $ | — |  |  | $ | 3,051 |  |  | $ | 125,600 |
Interest income |  | $ | 43,764 |  |  | $ | 16,154 |  |  | $ | 52,599 |  |  | $ | — |  |  | $ | — |  |  | $ | 112,517 |
Capital spending (1) |  | $ | 266,496 |  |  | $ | 1,469 |  |  | $ | 6,398 |  |  | $ | — |  |  | $ | — |  |  | $ | 274,363 |
|  | Year Ended December 31, 2024
|  | Gathering and Processing |  | Wholesale Marketing and Terminalling |  | Storage and Transportation |  | Investments in Pipeline Joint Ventures |  | Corporate and Other |  | Consolidated
Depreciation and amortization |  | $ | 80,144 |  |  | $ | 5,256 |  |  | $ | 7,609 |  |  | $ | — |  |  | $ | 3,366 |  |  | $ | 96,375 |
Interest income |  | $ | 23,338 |  |  | $ | 8,546 |  |  | $ | 15,908 |  |  | $ | — |  |  | $ | — |  |  | $ | 47,792 |
Amortization of marketing contract intangible |  | $ | — |  |  | $ | 4,206 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,206 |
Capital spending (1) |  | $ | 128,927 |  |  | $ | 2,727 |  |  | $ | 8,332 |  |  | $ | — |  |  | $ | — |  |  | $ | 139,986 |
|  | Year ended December 31, 2023
|  | Gathering and Processing |  | Wholesale Marketing and Terminalling |  | Storage and Transportation |  | Investments in Pipeline Joint Ventures |  | Corporate and Other |  | Consolidated
Depreciation and amortization |  | $ | 72,181 |  |  | $ | 7,055 |  |  | $ | 9,839 |  |  | $ | — |  |  | $ | 3,309 |  |  | $ | 92,384 |
Amortization of marketing contract intangible |  | $ | — |  |  | $ | 7,211 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,211 |
Capital spending (1) |  | $ | 74,683 |  |  | $ | 2,111 |  |  | $ | 4,548 |  |  | $ | — |  |  | $ | — |  |  | $ | 81,342 |
(1) Capital spending includes additions on an accrual basis.

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- Definition The entire disclosure for reporting segments including data and tables. 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