v3.25.2
Segment Data
 6 Months Ended
Jun. 30, 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. We define segment EBITDA as net income (loss) before net interest expense, income tax expense, depreciation and amortization expense, including amortization of marketing contract intangible, which is included as a component of net revenues in our accompanying condensed consolidated statements of income and comprehensive income. 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:
Three Months Ended June 30, 2025
Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesTotal
Net revenues:
Affiliate (1)
$39,098 $52,367 $22,618 $— $114,083 
Third party78,669 52,248 1,350 — 132,267 
Total revenue117,767 104,615 23,968 — 246,350 
Cost of materials and other21,748 84,496 13,090 — 119,334 
Operating expenses31,516 1,171 3,794 — 36,481 
Income from equity method investments— — — (10,536)(10,536)
Other segment items (2)
556 9 57 — 622 
Segment EBITDA63,947 18,939 7,027 10,536 100,449 
Reconciling items to consolidated net income before income taxes:
Corporate expenses and other10,360 
Depreciation and amortization27,097 
Interest income(23,538)
Interest expense41,711 
Income tax expense245 
Net income$44,574 
Three Months Ended June 30, 2024
Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesTotal
Net revenues:
Affiliate (1)
$51,529 $70,899 $34,400 $— $156,828 
Third party41,114 64,701 1,985 — 107,800 
Total revenue92,643 135,600 36,385 — 264,628 
Cost of materials and other19,660 103,901 14,470 — 138,031 
Operating expenses19,546 3,273 4,534 — 27,353 
Income from equity method investments— — — (7,882)(7,882)
Other segment items (2)
(1,243)(1,779)629 — (2,393)
Segment EBITDA54,680 30,205 16,752 7,882 109,519 
Reconciling items to consolidated net income before income taxes:
Corporate expenses and other7,127 
Depreciation and amortization24,207 
Amortization of marketing contract intangible1,802 
Interest income(28)
Interest expense35,296 
Income tax expense57 
Net income$41,058 
Six Months Ended June 30, 2025
Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesTotal
Net revenues:
Affiliate (1)
$77,665 $117,075 $45,664 $— $240,404 
Third party158,705 94,239 2,932 — 255,876 
Total revenue236,370 211,314 48,596 — 496,280 
Cost of materials and other46,092 174,149 28,117 — 248,358 
Operating expenses62,097 4,970 8,955 — 76,022 
Income from equity method investments— — — (20,686)(20,686)
Other segment items (2)
(3,705)19 83 — (3,603)
Segment EBITDA131,886 32,176 11,441 20,686 196,189 
Reconciling items to consolidated net income before income taxes:
Corporate expenses and other20,614 
Depreciation and amortization54,813 
Interest income(46,085)
Interest expense82,812 
Income tax expense427 
Net income$83,608 
Six Months Ended June 30, 2024
Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesTotal
Net revenues:
Affiliate (1)
$104,082 $123,781 $68,590 $— $296,453 
Third party84,444 131,089 4,717 — 220,250 
Total revenue188,526 254,870 73,307 — 516,703 
Cost of materials and other37,529 195,805 28,363 — 261,697 
Operating expenses39,251 7,101 9,555 — 55,907 
Income from equity method investments— — — (16,372)(16,372)
Other segment items (2)
(693)(3,515)510 — (3,698)
Segment EBITDA112,439 55,479 34,879 16,372 219,169 
Reconciling items to consolidated net income before income taxes:
Corporate expenses and other15,276 
Depreciation and amortization50,702 
Amortization of marketing contract intangible3,605 
Interest income(28)
Interest expense75,525 
Income tax expense383 
Net income$73,706 
(1) Affiliate revenue for the wholesale marketing and terminalling segment is presented net of amortization expense pertaining to the marketing contract intangible of $1.8 million and $3.6 million for the three and six months ended June 30, 2024. There was no amortization recorded during the three and six months ended June 30, 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 three and six months ended June 30, 2024.
The following is a summary of other segment information for the periods indicated:
Three Months Ended June 30, 2025
Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Depreciation and amortization$24,085 $952 $1,301 $— $759 $27,097 
Capital spending (1)
$117,218 $65 $1,906 $— $— $119,189 
Three Months Ended June 30, 2024
Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Depreciation and amortization$19,062 $1,635 $2,522 $— $988 $24,207 
Amortization of marketing contract intangible$— $1,802 $— $— $— $1,802 
Capital spending (1)
$7,351 $105 $2,731 $— $— $10,187 
Six Months Ended June 30, 2025
Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Depreciation and amortization$48,808 $1,904 $2,582 $— $1,519 $54,813 
Capital spending (1)
$188,529 $155 $2,448 $— $— $191,132 
Six Months Ended June 30, 2024
Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Depreciation and amortization$40,216 $3,347 $5,297 $— $1,842 $50,702 
Amortization of marketing contract intangible$— $3,605 $— $— $— $3,605 
Capital spending (1)
$22,074 $21 $3,257 $— $— $25,352 
(1) Capital spending includes additions on an accrual basis.