| Schedule of Segment Reporting Information, by Segment |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Midstream Logistics | | Pipeline Transportation | | Corporate and Other(1) | | Elimination | | Consolidated | | | | | | | | | | | | For the three months ended March 31, 2025 | | (In thousands) | | Revenue | | $ | 438,025 | | | $ | 2,406 | | | $ | — | | | $ | — | | | $ | 440,431 | | | Other revenue | | 2,830 | | 2 | | | — | | | — | | | 2,832 | | Intersegment revenue(2) | | — | | | 4,804 | | | — | | | (4,804) | | | — | | | Total segment operating revenue | | 440,855 | | | 7,212 | | | — | | | (4,804) | | | 443,263 | | Costs of sales (excluding depreciation and amortization expense) | | (223,360) | | | (4) | | | — | | | — | | | (223,364) | | Intersegment costs of sales | | (4,804) | | | — | | | — | | | 4,804 | | | — | | Operating expenses(3) | | (69,909) | | | (485) | | | — | | | — | | | (70,394) | | | General and administrative expenses | | (7,125) | | | (372) | | | (30,095) | | | — | | | (37,592) | | | Proportionate EMI EBITDA | | — | | | 87,530 | | | — | | | — | | | 87,530 | | Other segment items(4) | | 24,541 | | | — | | | 26,033 | | | — | | | 50,574 | | Segment Adjusted EBITDA(5) | | $ | 160,198 | | | $ | 93,881 | | | $ | (4,062) | | | $ | — | | | $ | 250,017 | | | | | | | | | | | | | Reconciliation of segment adjusted EBITDA to income before income taxes | | | | | | | | | | | Segment Adjusted EBITDA(5) | | $ | 160,198 | | | $ | 93,881 | | | $ | (4,062) | | | $ | — | | | $ | 250,017 | | Add back: | | | | | | | | | | | | Other interest income | | — | | | — | | | 790 | | | — | | | 790 | | | | | | | | | | | | | | | | | | | | | | | | | Equity in earnings of unconsolidated affiliates | | — | | | 57,478 | | | — | | | — | | | 57,478 | | Deduct: | | | | | | | | | | | | Interest expense | | 28 | | | — | | | 55,686 | | | — | | | 55,714 | | | Depreciation and amortization expenses | | 90,359 | | | 2,308 | | | 6 | | | — | | | 92,673 | | Contract assets amortization | | 1,656 | | | — | | | — | | | — | | | 1,656 | | | Proportionate EMI EBITDA | | — | | | 87,530 | | | — | | | — | | | 87,530 | | Share-based compensation | | — | | | — | | | 20,653 | | | — | | | 20,653 | | Gain on disposal of assets | | (40) | | | — | | | — | | | — | | | (40) | | Commodity hedging unrealized loss | | 18,127 | | | — | | | — | | | — | | | 18,127 | | | | | | | | | | | | | | | | | | | | | | | | | Integration costs | | 2,475 | | | — | | | 1,063 | | | — | | | 3,538 | | | | | | | | | | | | | | Other one-time costs or amortization | | 2,288 | | | — | | | 4,317 | | | — | | | 6,605 | | Income (loss) before income taxes | | $ | 45,305 | | | $ | 61,521 | | | $ | (84,997) | | | $ | — | | | $ | 21,829 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Midstream Logistics | | Pipeline Transportation | | Corporate and Other(1) | | Elimination | | Consolidated | | | | | | | | | | | | For the three months ended March 31, 2024 | | (In thousands) | | Revenue | | $ | 336,688 | | | $ | 2,074 | | | $ | — | | | $ | — | | | $ | 338,762 | | | Other revenue | | 2,630 | | | 2 | | | — | | | — | | | 2,632 | | Intersegment revenue(2) | | — | | | 6,215 | | | — | | | (6,215) | | | — | | | Total segment operating revenue | | 339,318 | | | 8,291 | | | — | | | (6,215) | | | 341,394 | | | Costs of sales (excluding depreciation and amortization expense) | | (153,695) | | | 8 | | | — | | | — | | | (153,687) | | Intersegment costs of sales | | (6,215) | | | — | | | — | | | 6,215 | | | — | | Operating expenses(3) | | (48,970) | | | (728) | | | — | | | — | | | (49,698) | | | General and administrative expenses | | (4,287) | | | (452) | | | (29,397) | | | — | | | (34,136) | | | Proportionate EMI EBITDA | | — | | | 88,402 | | | — | | | — | | | 88,402 | | Other segment items(4) | | 16,834 | | | — | | | 24,450 | | | — | | | 41,284 | | Segment Adjusted EBITDA(5) | | $ | 142,985 | | | $ | 95,521 | | | $ | (4,947) | | | $ | — | | | $ | 233,559 | | | | | | | | | | | | | Reconciliation of segment adjusted EBITDA to income before income taxes | | | | | | | | | | | Segment Adjusted EBITDA(5) | | $ | 142,985 | | | $ | 95,521 | | | $ | (4,947) | | | $ | — | | | $ | 233,559 | | | Add back: | | | | | | | | | | | | Other interest income | | — | | | — | | | 577 | | | — | | | 577 | | | Equity in earnings of unconsolidated affiliates | | — | | | 60,469 | | | — | | | — | | | 60,469 | | | Deduct: | | | | | | | | | | | | Interest expense | | 16 | | | — | | | 47,451 | | | — | | | 47,467 | | | Depreciation and amortization expenses | | 71,310 | | | 2,290 | | | 6 | | | — | | | 73,606 | | | Contract assets amortization | | 1,655 | | | — | | | — | | | — | | | 1,655 | | | Proportionate EMI EBITDA | | — | | | 88,402 | | | — | | | — | | | 88,402 | | | Share-based compensation | | — | | | — | | | 22,561 | | | — | | | 22,561 | | | Loss on disposal of assets | | 4,166 | | | — | | | — | | | — | | | 4,166 | | | Commodity hedging unrealized loss | | 15,088 | | | — | | | — | | | — | | | 15,088 | | | Integration costs | | 41 | | | — | | | — | | | — | | | 41 | | | Other one-time costs or amortization | | 536 | | | — | | | 1,889 | | | — | | | 2,425 | | | Income (loss) before income taxes | | $ | 50,173 | | | $ | 65,298 | | | $ | (76,277) | | | $ | — | | | $ | 39,194 | |
(1)Corporate and Other represents those results that: (i) are not specifically attributable to an operating segment; (ii) are not individually reportable or (iii) have not been allocated to a reportable segment for the purpose of evaluating their performance, including certain general and administrative expense items. Items included here to reconcile operating segments’ profit and loss with the Company’s consolidated profit and loss. (2)The Company accounts for intersegment sales at market prices, while it accounts for asset transfers at book value. Intersegment revenue is eliminated at consolidation. (3)Operating expenses includes ad valorem taxes. (4)Other segment items include certain other income items, share-based compensation, one-time or nonrecurring cost adjustments related to amortization of contract costs, commodity hedging unrealized loss, integration cost and other one-time cost or amortization. (5)Segment Adjusted EBITDA is a non-GAAP measure; please see Key Performance Metrics in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form 10-Q, for a definition and reconciliation to the GAAP measure. The following tables present other segment expenses that are not included in the segment profit measurements above for the three months ended March 31, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Midstream Logistics | | Pipeline Transportation | | Corporate and Other (1) | | Consolidated | | | | | | | | | | For the three months ended March 31, 2025 | | (In thousands) | | Income tax expenses | | $ | — | | | $ | — | | | $ | 2,567 | | | $ | 2,567 | | Capital expenditures(3)(4) | | $ | 81,232 | | | $ | 243 | | | $ | — | | | $ | 81,475 | | | | | | | | | | | For the three months ended March 31, 2024 | | | | | | | | | | Income tax expenses | | $ | — | | | $ | — | | | $ | 3,787 | | | $ | 3,787 | | Capital expenditure(3)(4) | | $ | 58,627 | | | $ | 1,571 | | | $ | — | | | $ | 60,198 | |
| | | | | | | | | | | | | | | | | March 31, | | December 31, | | | 2025 | | 2024 | | | | | | Total assets | | (In thousands) | | Midstream Logistics | | $ | 4,541,372 | | | $ | 4,326,954 | | Pipeline Transportation(2) | | 2,263,321 | | | 2,270,403 | | | Segment total assets | | 6,804,693 | | | 6,597,357 | | Corporate and other(1) | | 225,990 | | | 217,580 | | | Total assets | | $ | 7,030,683 | | | $ | 6,814,937 | |
(1)Corporate and Other represents those results that: (i) are not specifically attributable to an operating segment; (ii) are not individually reportable or (iii) have not been allocated to a reportable segment for the purpose of evaluating their performance, including certain general and administrative expense items. Items included here to reconcile operating segments profit and loss with the Company’s consolidated profit and loss. (2)Pipeline Transportation includes investment in unconsolidated affiliates of $2.11 billion and $2.12 billion as of March 31, 2025 and December 31, 2024, respectively. (3)Excludes capital assets acquired in the Company’s business combination that is included in the Midstream Logistic segment. See Note 2—Business Combinations in the Notes to our Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for additional information. (4)Excludes contributions, acquisition and divestiture of equity interest in the Company’s EMIs included in the Pipeline Transportation segment assets. See Note 6—Equity Method Investments in the Notes to our Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for additional information.
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