XML 33 R23.htm IDEA: XBRL DOCUMENT v3.25.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION 16. SEGMENT INFORMATION
The Company’s operating segments, which are equivalent to our reportable segments, have been identified based on their geographic location and reflect how the Company’s Chief Operating Decision Maker (“CODM”) assesses performance and allocates resources. The Company’s CODM, which is its Chief Executive Officer, primarily utilizes segment adjusted EBITDA as the key indicator in assessing the segment’s performance and allocating resources. Segment adjusted EBITDA is primarily used in the budgeting and forecasting process and the CODM regularly considers budget-to-actual variances when evaluating the performance of each segment and making decisions on the allocation of operating and capital resources to each individual segment.
•Rockies – Includes the Company’s midstream assets located in the Williston Basin and the DJ Basin.
•Permian – Includes the Company’s equity method investment in Double E.
•Piceance – Includes the Company’s midstream assets located in the Piceance Basin.
•Mid-Con – Includes the Company’s midstream assets located in the Barnett Shale and, following the Tall Oak Acquisition, the Arkoma Basin.
•Northeast – Includes the Company’s previously owned midstream assets located in the Utica and Marcellus shale plays and the previously owned equity method investment in Ohio Gathering that was focused on the Utica Shale. During the year ended December 31, 2024, the Company divested of its Northeast operations. See Note 3 - Acquisitions and Divestitures for additional information.
The following tables provide information about the Company’s reportable segments (in thousands):
Rockies
Permian
Piceance
Mid-Con
Northeast
Three Months Ended September 30, 2025
Revenues: (1)
Gathering services and related fees
$16,394 $— $15,417 $33,548 $— 
Natural gas, NGL’s and condensate sales
66,234 — 319 4,526 — 
Other revenues
4,435 910 2,905 2,195 — 
Total revenues
$87,063 $910 $18,641 $40,269 $— 
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing and other fees)
$53,780 $— $134 $(87)$— 
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)
(15,691)— — — — 
Employee costs
5,395 — 1,518 2,505 — 
Materials, parts and other operating expenses
5,922 — 1,596 3,770 — 
Indirect and passthrough (3)
5,860 — 2,590 9,632 — 
Other segment items (2)
2,798 (7,765)294 893 — 
Segment Adjusted EBITDA
$28,999 $8,675 $12,509 $23,556 $— 
Rockies
Permian
Piceance
Mid-Con
Northeast
Nine Months Ended September 30, 2025
Revenues: (1)
Gathering services and related fees
$48,742 $— $46,794 $98,170 $— 
Natural gas, NGL’s and condensate sales
179,832 — 1,857 15,062 — 
Other revenues
14,595 2,731 5,387 6,627 — 
Total revenues
$243,169 $2,731 $54,038 $119,859 $— 
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing and other fees)
$152,044 $— $676 $8 $— 
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)
(43,243)— — — — 
Employee costs
14,824 — 4,639 7,389 — 
Materials, parts and other operating expenses
16,134 — 5,726 9,695 — 
Indirect and passthrough (3)
16,230 — 7,744 29,864 — 
Other segment items (2)
8,077 (22,514)484 1,990 — 
Segment Adjusted EBITDA
$79,103 $25,245 $34,769 $70,913 $— 
Rockies
Permian
Piceance
Mid-Con
Northeast
Three Months Ended September 30, 2024
Revenues: (1)
Gathering services and related fees$15,302 $— $17,604 $11,107 $— 
Natural gas, NGL’s and condensate sales47,733 — 510 — — 
Other revenues4,615 910 1,492 3,142 — 
Total revenues
$67,650 $910 $19,606 $14,249 $— 
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing and other fees)$41,485 $— $219 $— $— 
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)(13,455)— — — — 
Employee costs4,149 — 1,663 950 — 
Materials, parts and other operating expenses3,912 — 1,784 1,469 — 
Indirect and passthrough (3)
4,305 — 2,614 4,206 — 
Other segment items (2)
2,404 (7,562)495 346 — 
Segment Adjusted EBITDA$24,850 $8,472 $12,831 $7,278 $— 
Rockies
Permian
Piceance
Mid-Con
Northeast
Nine Months Ended September 30, 2024
Revenues: (1)
Gathering services and related fees$48,141 $— $56,054 $28,165 $18,851 
Natural gas, NGL’s and condensate sales142,917 — 2,124 253 — 
Other revenues12,044 2,731 3,971 6,625 — 
Total revenues
$203,102 $2,731 $62,149 $35,043 $18,851 
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing and other fees)$123,162 $— $895 $— $— 
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)(36,022)— — — — 
Employee costs11,924 — 4,636 2,597 661 
Materials, parts and other operating expenses13,366 — 5,546 3,232 868 
Indirect and passthrough (3)
12,802 — 7,412 10,338 754 
Other segment items (2)
7,288 (20,703)2,748 1,078 (14,066)
Segment Adjusted EBITDA$70,582 $23,434 $40,912 $17,798 $30,634 
(1) The Company’s revenues are attributable solely to external customers located within the United States.
(2) For the three and nine months ended September 30, 2025 and 2024, other segment items consist primarily of the following:
•Rockies - includes general and administrative expenses, operations and maintenance expenses and adjustments related to capital reimbursement activity;
•Permian - includes general and administrative expenses and the Company’s proportional adjusted EBITDA from its equity method investment in Double E;
•Piceance - includes general and administrative expenses, operations and maintenance expenses and adjustments related to capital reimbursement activity;
•Mid-Con - includes general and administrative expenses, operations and maintenance expenses, adjustments related to capital reimbursement activity, the amortization expense associated with the Company’s favorable and unfavorable gas gathering contracts; and
•Northeast - includes general and administrative expenses, operations and maintenance expense, the Company’s proportional adjusted EBITDA from its equity method investment in Ohio Gathering.
(3) Indirect and passthrough consist primarily of electricity expense incurred by the Company of which a portion is passed through to its customers.
Assets by reportable segment follow.
September 30, 2025December 31, 2024
(In thousands)
Assets(1):
Rockies$999,301 $917,293 
Permian278,845 285,280 
Piceance350,999 389,668 
Mid-Con756,616 746,549 
Northeast— — 
Total reportable segment assets
2,385,761 2,338,790 
Corporate and Other27,753 20,694 
Total assets
$2,413,514 $2,359,484 
(1) The Company’s long-lived assets are located within the United States.
Depreciation and amortization, including the amortization expense associated with the Company’s favorable and unfavorable gas gathering contracts as reported in other revenues, by reportable segment follow.
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
(In thousands)
Depreciation and amortization:
Rockies$10,453 $9,143 $30,917 $27,178 
Permian— — — — 
Piceance9,379 10,524 30,476 31,521 
Mid-Con(1)
8,851 4,076 25,543 12,185 
Northeast— — — 4,248 
Total reportable segment depreciation and amortization
28,683 23,743 86,936 75,132 
Corporate and Other407 31 1,195 896 
Total depreciation and amortization
$29,090 $23,774 $88,131 $76,028 
(1) Includes the amortization expense associated with the Company’s favorable and unfavorable gas gathering contracts as reported in Other revenues.
Cash paid for capital expenditures by reportable segment follow.
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
(In thousands)
Cash paid for capital expenditures:
Rockies$8,375 $8,743 $30,696 $29,211 
Permian— — — — 
Piceance331 1,405 1,531 2,278 
Mid-Con
13,484 161 35,210 686 
Northeast— 163 — 2,980 
Total reportable segment capital expenditures
22,190 10,472 67,437 35,155 
Corporate and Other724 469 2,473 2,706 
Total cash paid for capital expenditures
$22,914 $10,941 $69,910 $37,861 
For the purpose of evaluating segment performance, the Company excludes the effect of Corporate and Other revenues and expenses, such as certain general and administrative expenses (including compensation-related expenses and professional services fees), certain natural gas and crude oil marketing services, transaction costs, interest expense and income tax expense or benefit from segment adjusted EBITDA.
A reconciliation of total of reportable segments’ measure of profit to income or loss before income taxes and income from equity method investees follows.
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In thousands)
Reconciliation of segment adjusted EBITDA to income (loss) before income taxes:
Total segment adjusted EBITDA$73,739 $53,431 $210,030 $183,360 
Less:
Corporate and Other expense (1)
10,421 10,201 27,392 21,598 
Income from equity method investees(5,548)(4,910)(15,190)(19,828)
Interest expense24,191 25,712 70,592 95,015 
Depreciation and amortization (2)
29,090 23,774 88,131 76,028 
Proportional adjusted EBITDA for equity method investees (3)
7,820 7,585 22,668 35,102 
Adjustments related to capital reimbursement activity (4)
(2,480)(2,283)(6,356)(7,934)
Equity compensation2,064 1,840 6,801 6,698 
(Gain) loss on asset sales, net120 (6)120 1 
(Gain) loss on sale of business539 1,672 582 (82,338)
Gain on sale of equity method investment— — — (126,261)
Long-lived asset impairment— — 71 67,936 
Transaction costs and other1,985 2,579 9,732 16,407 
Loss on early extinguishment of debt— 42,235 — 47,199 
Income (loss) before income taxes$5,537 $(54,968)$5,487 $53,737 
(1)Corporate includes results that are not specifically attributable to a reportable segment or that have not been allocated to the Company’s reportable segments, for the three and nine months ended September 30, 2025 other expense consisted primarily of a gain on the fair value remeasurement of the Tall Oak earn-out. For the three and nine months ended September 30, 2024, other expense consisted primarily of gains on interest rate swaps.
(2)Includes the amortization expense associated with the Company’s favorable gas gathering contracts as reported in other revenues.
(3)The Company recorded financial results of its investment in Ohio Gathering on a one-month lag and is based on the financial information available to the Company during the reporting period. With the divestiture of Ohio Gathering in March 2024, proportional adjusted EBITDA includes financial results from December 1, 2023 through March 22, 2024.
(4)Contributions in aid of construction are recognized over the remaining term of the respective contract. The Company includes adjustments related to capital reimbursement activity in its calculation of segment adjusted EBITDA to account for revenue recognized from contributions in aid of construction.