Investments in Unconsolidated Affiliates

6 Months Ended

Jun. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Affiliates

Note 6 – Investments in Unconsolidated Affiliates

Our investments in unconsolidated affiliates consist of the following:

Gathering and Processing Segment

•

50% operated ownership interest in Little Missouri 4.

Logistics and Transportation Segment

•

38.8% operated ownership interest in Gulf Coast Fractionators (“GCF”);

•

50% operated ownership interest in Cayenne Pipeline, LLC (“Cayenne”); and

•

17.5% non-operated ownership interest in the Blackcomb and Traverse pipelines, which are currently under construction, held by a joint venture (“Blackcomb”).

The terms of these joint venture agreements do not afford us the degree of control required for consolidating the entities in our consolidated financial statements, but do afford us the significant influence required to employ the equity method of accounting.

The following table shows the activity related to our investments in unconsolidated affiliates:


	Balance at December 31, 2024		Equity Earnings (Loss)			Cash Distributions			Contributions (1)		Balance at June 30, 2025
Little Missouri 4	$	84.3	$	7.6		$	(9.7	)	$	5.1	$	87.3
GCF		66.4		0.2			—			0.9		67.5
Cayenne		12.3		3.0			(1.4	)		—		13.9
Blackcomb		30.3		(0.2	)		—			69.8		99.9
Total	$	193.3	$	10.6		$	(11.1	)	$	75.8	$	268.6

(1)

Includes capitalized interest of $1.9 million related to our contributions to Blackcomb.