Revenues (Tables)

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

The following tables present the Company's revenues disaggregated by type of service by segment (in millions):


	For the Three Months Ended June 30, 2025
	Natural Gas		Natural Gas Liquids		Eliminations		Total
Revenues from Contracts with Customers
Firm Service (1)	$	347.4	$	141.7	$	(8.2)	$	480.9
Interruptible Service	21.0		—		(0.4)		20.6
Other revenues	1.1		20.4		—		21.5
Total Revenues from Contracts with Customers	369.5		162.1		(8.6)		523.0
Other operating revenues (2)	5.8		9.5		(4.3)		11.0
Total Operating Revenues	$	375.3	$	171.6	$	(12.9)	$	534.0

(1)Revenues earned from contracts with minimum volume commitments (MVCs) are included in firm service given the stand-ready nature of the performance obligation and the guaranteed nature of the fees over the contract term.

(2)Other operating revenues include certain revenues earned from operating leases, pipeline management fees, intrasegment licensing fees and other activities that are not considered central and ongoing major business operations of the Company and do not represent revenues earned from contracts with customers.


	For the Three Months Ended June 30, 2024
	Natural Gas		Natural Gas Liquids		Eliminations		Total
Revenues from Contracts with Customers
Firm Service (1)	$	304.5	$	108.1	$	(7.8)	$	404.8
Interruptible Service	20.1		—		—		20.1
Other revenues	0.4		42.0		—		42.4
Total Revenues from Contracts with Customers	325.0		150.1		(7.8)		467.3
Other operating revenues (2)	5.3		9.4		(4.5)		10.2
Total Operating Revenues	$	330.3	$	159.5	$	(12.3)	$	477.5

(1)Revenues earned from contracts with MVCs are included in firm service given the stand-ready nature of the performance obligation and the guaranteed nature of the fees over the contract term.


	For the Six Months Ended June 30, 2025
	Natural Gas		Natural Gas Liquids		Eliminations		Total
Revenues from Contracts with Customers
Firm Service (1)	$	749.0	$	294.5	$	(16.5)	$	1,027.0
Interruptible Service	34.0		—		(0.4)		33.6
Other revenues	4.3		66.6		—		70.9
Total Revenues from Contracts with Customers	787.3		361.1		(16.9)		1,131.5
Other operating revenues (2)	11.7		18.4		(9.0)		21.1
Total Operating Revenues	$	799.0	$	379.5	$	(25.9)	$	1,152.6

(1)Revenues earned from contracts with MVCs are included in firm service given the stand-ready nature of the performance obligation and the guaranteed nature of the fees over the contract term.


	For the Six Months Ended June 30, 2024
	Natural Gas		Natural Gas Liquids		Eliminations		Total
Revenues from Contracts with Customers
Firm Service (1)	$	666.6	$	193.7	$	(15.3)	$	845.0
Interruptible Service	32.0		—		—		32.0
Other revenues	6.7		84.3		—		91.0
Total Revenues from Contracts with Customers	705.3		278.0		(15.3)		968.0
Other operating revenues (2)	10.7		18.7		(9.4)		20.0
Total Operating Revenues	$	716.0	$	296.7	$	(24.7)	$	988.0

(1)Revenues earned from contracts with MVCs are included in firm service given the stand-ready nature of the performance obligation and the guaranteed nature of the fees over the contract term.

Contract Liabilities

Significant changes in the contract liability balances during the six months ended June 30, 2025, were as follows (in millions):


	Contract Liabilities
Balance as of December 31, 2024 (1)	$	17.9
Revenues recognized that were included in the contract liability balances at the beginning of the period	(1.0)
Increases due to cash received, excluding amounts recognized as revenues during the period	2.2
Balance as of June 30, 2025 (1)	$	19.1

(1)As of June 30, 2025, and December 31, 2024, $3.7 million and $1.8 million were recorded in Other Current Liabilities (current portion), and $15.4 million and $16.1 million were recorded in Other Liabilities (noncurrent portion).

Significant changes in the contract liability balances during the six months ended June 30, 2024, were as follows (in millions):


	Contract Liabilities
Balance as of December 31, 2023 (1)	$	21.4
Revenues recognized that were included in the contract liability balances at the beginning of the period	(2.2)
Increases due to cash received, excluding amounts recognized as revenues during the period	2.8

Balance as of June 30, 2024 (1)	$	22.0

(1)As of June 30, 2024, and December 31, 2023, $4.7 million and $3.5 million were recorded in Other Current Liabilities (current portion), and $17.3 million and $17.9 million were recorded in Other Liabilities (noncurrent portion).

Remaining Performance Obligation

The following table includes estimated operating revenues expected to be recognized in the future related to agreements that contain performance obligations that were unsatisfied as of June 30, 2025. The amounts presented primarily consist of fixed fees or MVCs which are typically recognized over time as the performance obligation is satisfied, in accordance with firm service contracts, or at a point in time as guaranteed minimum fees associated with the performance obligation are satisfied under certain ethane supply contracts. For the Company's customers that are charged maximum tariff rates related to its Federal Energy Regulatory Commission regulated operating subsidiaries, the amounts below reflect the current tariff rate for such services for the term of the agreements; however, the tariff rates may be subject to future adjustment. The Company has elected to exclude the following from the table: (a) unsatisfied performance obligations from usage fees associated with its firm services because of the variable nature of such services; (b) unsatisfied performance obligations from the ethane commodity indexed portion of ethane supply contracts because of the variable nature of ethane prices, and (c) consideration in contracts that is recognized in revenue as invoiced, such as for interruptible services. The estimated revenues reflected in the table include estimated revenues that are anticipated under executed precedent transportation agreements for growth projects that are subject to regulatory approvals and other conditions.


	In millions
	2025 (1)		2026		Thereafter		Total

Estimated revenues from contracts with customers from unsatisfied performance obligations as of June 30, 2025 (2)	$	786.0	$	1,466.5	$	12,260.0	$	14,512.5
Operating revenues which are fixed and determinable (operating leases)	14.0		27.5		136.0		177.5
Total projected operating revenues under committed firm agreements as of June 30, 2025 (3)	$	800.0	$	1,494.0	$	12,396.0	$	14,690.0

(1)The 2025 period is for the remaining six months ending December 31, 2025. For the six months ended June 30, 2025, the Company recognized $812.1 million of fixed fee revenues for the fulfillment of performance obligations.

(2)In March 2024, the Company executed a 108-year firm storage agreement with a customer. The estimated annual revenue from this contract is $3.1 million, with $328.5 million of unsatisfied performance obligations included in the “Thereafter” column. Per the tariff provisions, this customer was required to provide 90 days of collateral and the Company can suspend services due to non-payment.

(3)The estimated revenues from contracts with customers from unsatisfied performance obligations as of June 30, 2025, that are anticipated under executed precedent transportation agreements associated with the Company's growth projects are $4.6 billion.