v3.25.1
SEGMENTS - Schedule of Adjusted EBITDA (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Total segment operating revenue [1] $ 443,263 $ 341,394
Costs of sales (excluding depreciation and amortization expense) [2],[3] (223,364) (153,687)
Operating expenses (70,394) (49,698)
General and administrative expenses (37,592) (34,136)
Proportionate EMI EBITDA 87,530 88,402
Other segment items 50,574 41,284
Segment adjusted EBITDA 250,017 233,559
Other interest income 790 577
Equity in earnings of unconsolidated affiliates 57,478 60,469
Interest expense 55,714 47,467
Depreciation and amortization expenses 92,673 73,606
Contract assets amortization 1,656 1,655
Share-based compensation 20,653 22,561
Gain on disposal of assets (40) 4,166
Commodity hedging unrealized loss 18,127 15,088
Integration costs 3,538 41
Other one-time costs or amortization 6,605 2,425
Income (loss) before income taxes 21,829 39,194
Product and Service    
Segment Reporting Information [Line Items]    
Total segment operating revenue 440,431 338,762
Other revenue    
Segment Reporting Information [Line Items]    
Total segment operating revenue 2,832 2,632
Operating Segments | Midstream Logistics    
Segment Reporting Information [Line Items]    
Total segment operating revenue 440,855 339,318
Costs of sales (excluding depreciation and amortization expense) (223,360) (153,695)
Operating expenses (69,909) (48,970)
General and administrative expenses (7,125) (4,287)
Proportionate EMI EBITDA 0 0
Other segment items 24,541 16,834
Segment adjusted EBITDA 160,198 142,985
Other interest income 0 0
Equity in earnings of unconsolidated affiliates 0 0
Interest expense 28 16
Depreciation and amortization expenses 90,359 71,310
Contract assets amortization 1,656 1,655
Share-based compensation 0 0
Gain on disposal of assets (40) 4,166
Commodity hedging unrealized loss 18,127 15,088
Integration costs 2,475 41
Other one-time costs or amortization 2,288 536
Income (loss) before income taxes 45,305 50,173
Operating Segments | Midstream Logistics | Product and Service    
Segment Reporting Information [Line Items]    
Total segment operating revenue 438,025 336,688
Operating Segments | Midstream Logistics | Other revenue    
Segment Reporting Information [Line Items]    
Total segment operating revenue 2,830 2,630
Operating Segments | Pipeline Transportation    
Segment Reporting Information [Line Items]    
Total segment operating revenue 7,212 8,291
Costs of sales (excluding depreciation and amortization expense) (4) 8
Operating expenses (485) (728)
General and administrative expenses (372) (452)
Proportionate EMI EBITDA 87,530 88,402
Other segment items 0 0
Segment adjusted EBITDA 93,881 95,521
Other interest income 0 0
Equity in earnings of unconsolidated affiliates 57,478 60,469
Interest expense 0 0
Depreciation and amortization expenses 2,308 2,290
Contract assets amortization 0 0
Share-based compensation 0 0
Gain on disposal of assets 0 0
Commodity hedging unrealized loss 0 0
Integration costs 0 0
Other one-time costs or amortization 0 0
Income (loss) before income taxes 61,521 65,298
Operating Segments | Pipeline Transportation | Product and Service    
Segment Reporting Information [Line Items]    
Total segment operating revenue 2,406 2,074
Operating Segments | Pipeline Transportation | Other revenue    
Segment Reporting Information [Line Items]    
Total segment operating revenue 2 2
Corporate And Eliminations    
Segment Reporting Information [Line Items]    
Total segment operating revenue 0 0
Costs of sales (excluding depreciation and amortization expense) 0 0
Corporate and Other    
Segment Reporting Information [Line Items]    
Total segment operating revenue 0 0
Costs of sales (excluding depreciation and amortization expense) 0 0
Operating expenses 0 0
General and administrative expenses (30,095) (29,397)
Proportionate EMI EBITDA 0 0
Other segment items 26,033 24,450
Segment adjusted EBITDA (4,062) (4,947)
Other interest income 790 577
Equity in earnings of unconsolidated affiliates 0 0
Interest expense 55,686 47,451
Depreciation and amortization expenses 6 6
Contract assets amortization 0 0
Share-based compensation 20,653 22,561
Gain on disposal of assets 0 0
Commodity hedging unrealized loss 0 0
Integration costs 1,063 0
Other one-time costs or amortization 4,317 1,889
Income (loss) before income taxes (84,997) (76,277)
Corporate and Other | Product and Service    
Segment Reporting Information [Line Items]    
Total segment operating revenue 0 0
Corporate and Other | Other revenue    
Segment Reporting Information [Line Items]    
Total segment operating revenue 0 0
Intersegment Eliminations    
Segment Reporting Information [Line Items]    
Total segment operating revenue (4,804) (6,215)
Costs of sales (excluding depreciation and amortization expense) 4,804 6,215
Operating expenses 0 0
General and administrative expenses 0 0
Proportionate EMI EBITDA 0 0
Other segment items 0 0
Segment adjusted EBITDA 0 0
Other interest income 0 0
Equity in earnings of unconsolidated affiliates 0 0
Interest expense 0 0
Depreciation and amortization expenses 0 0
Contract assets amortization 0 0
Share-based compensation 0 0
Gain on disposal of assets 0 0
Commodity hedging unrealized loss 0 0
Integration costs 0 0
Other one-time costs or amortization 0 0
Income (loss) before income taxes 0 0
Intersegment Eliminations | Product and Service    
Segment Reporting Information [Line Items]    
Total segment operating revenue 0 0
Intersegment Eliminations | Other revenue    
Segment Reporting Information [Line Items]    
Total segment operating revenue 0 0
Intersegment Eliminations | Midstream Logistics    
Segment Reporting Information [Line Items]    
Total segment operating revenue 0 0
Costs of sales (excluding depreciation and amortization expense) (4,804) (6,215)
Intersegment Eliminations | Pipeline Transportation    
Segment Reporting Information [Line Items]    
Total segment operating revenue 4,804 6,215
Costs of sales (excluding depreciation and amortization expense) $ 0 $ 0
[1] Includes amounts associated with related parties of nil and $17.2 million for the three months ended March 31, 2025 and 2024, respectively.
[2] Costs of sales (exclusive of depreciation and amortization) is net of gas service fees totaling $62.2 million and $44.5 million for the three months ended March 31, 2025 and 2024, respectively, for certain volumes where we act as principal.
[3] Includes amounts associated with related parties of $4.7 million and $23.3 million for the three months ended March 31, 2025 and 2024, respectively