| Reportable Segment Information |
Reportable segment information is shown in the following tables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2025 |
|
|
|
Gathering and Processing |
|
|
Logistics and Transportation |
|
|
Total Reportable Segments |
|
|
Other |
|
|
Corporate
and
Eliminations |
|
|
Total |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of commodities |
|
$ |
203.3 |
|
|
$ |
3,152.5 |
|
|
$ |
3,355.8 |
|
|
$ |
280.5 |
|
|
$ |
— |
|
|
$ |
3,636.3 |
|
Fees from midstream services |
|
|
410.6 |
|
|
|
213.2 |
|
|
|
623.8 |
|
|
|
— |
|
|
|
— |
|
|
|
623.8 |
|
|
|
|
613.9 |
|
|
|
3,365.7 |
|
|
|
3,979.6 |
|
|
|
280.5 |
|
|
|
— |
|
|
|
4,260.1 |
|
Intersegment revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of commodities |
|
|
1,131.5 |
|
|
|
49.2 |
|
|
|
1,180.7 |
|
|
|
— |
|
|
|
(1,180.7 |
) |
|
|
— |
|
Fees from midstream services |
|
|
0.3 |
|
|
|
7.5 |
|
|
|
7.8 |
|
|
|
— |
|
|
|
(7.8 |
) |
|
|
— |
|
|
|
|
1,131.8 |
|
|
|
56.7 |
|
|
|
1,188.5 |
|
|
|
— |
|
|
|
(1,188.5 |
) |
|
|
— |
|
Revenues |
|
$ |
1,745.7 |
|
|
$ |
3,422.4 |
|
|
$ |
5,168.1 |
|
|
$ |
280.5 |
|
|
$ |
(1,188.5 |
) |
|
$ |
4,260.1 |
|
Operating expenses |
|
$ |
219.4 |
|
|
$ |
105.4 |
|
|
$ |
324.8 |
|
|
$ |
— |
|
|
|
|
|
|
|
Other segment items (1) |
|
|
938.7 |
|
|
|
2,684.6 |
|
|
|
3,623.3 |
|
|
|
— |
|
|
|
|
|
|
|
Operating margin |
|
|
587.6 |
|
|
|
632.4 |
|
|
|
1,220.0 |
|
|
|
280.5 |
|
|
|
|
|
|
|
Other financial information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (2) |
|
$ |
13,937.9 |
|
|
$ |
9,333.0 |
|
|
$ |
23,270.9 |
|
|
$ |
0.1 |
|
|
$ |
241.8 |
|
|
$ |
23,512.8 |
|
Goodwill |
|
|
45.2 |
|
|
|
— |
|
|
|
45.2 |
|
|
|
— |
|
|
|
— |
|
|
|
45.2 |
|
Capital expenditures |
|
|
461.0 |
|
|
|
421.8 |
|
|
|
882.8 |
|
|
|
— |
|
|
|
9.7 |
|
|
|
892.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2024 |
|
|
|
Gathering and Processing |
|
|
Logistics and Transportation |
|
|
Total Reportable Segments |
|
|
Other |
|
|
Corporate
and
Eliminations |
|
|
Total |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of commodities |
|
$ |
254.3 |
|
|
$ |
2,759.0 |
|
|
$ |
3,013.3 |
|
|
$ |
(46.6 |
) |
|
$ |
— |
|
|
$ |
2,966.7 |
|
Fees from midstream services |
|
|
391.3 |
|
|
|
204.0 |
|
|
|
595.3 |
|
|
|
— |
|
|
|
— |
|
|
|
595.3 |
|
|
|
|
645.6 |
|
|
|
2,963.0 |
|
|
|
3,608.6 |
|
|
|
(46.6 |
) |
|
|
— |
|
|
|
3,562.0 |
|
Intersegment revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of commodities |
|
|
872.5 |
|
|
|
25.8 |
|
|
|
898.3 |
|
|
|
— |
|
|
|
(898.3 |
) |
|
|
— |
|
Fees from midstream services |
|
|
0.3 |
|
|
|
7.1 |
|
|
|
7.4 |
|
|
|
— |
|
|
|
(7.4 |
) |
|
|
— |
|
|
|
|
872.8 |
|
|
|
32.9 |
|
|
|
905.7 |
|
|
|
— |
|
|
|
(905.7 |
) |
|
|
— |
|
Revenues |
|
$ |
1,518.4 |
|
|
$ |
2,995.9 |
|
|
$ |
4,514.3 |
|
|
$ |
(46.6 |
) |
|
$ |
(905.7 |
) |
|
$ |
3,562.0 |
|
Operating expenses |
|
$ |
205.7 |
|
|
$ |
85.4 |
|
|
$ |
291.1 |
|
|
$ |
— |
|
|
|
|
|
|
|
Other segment items (1) |
|
|
740.1 |
|
|
|
2,362.8 |
|
|
|
3,102.9 |
|
|
|
— |
|
|
|
|
|
|
|
Operating margin |
|
|
572.6 |
|
|
|
547.7 |
|
|
|
1,120.3 |
|
|
|
(46.6 |
) |
|
|
|
|
|
|
Other financial information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (2) |
|
$ |
12,956.0 |
|
|
$ |
8,117.7 |
|
|
$ |
21,073.7 |
|
|
$ |
0.5 |
|
|
$ |
190.0 |
|
|
$ |
21,264.2 |
|
Goodwill |
|
|
45.2 |
|
|
|
— |
|
|
|
45.2 |
|
|
|
— |
|
|
|
— |
|
|
|
45.2 |
|
Capital expenditures |
|
|
438.9 |
|
|
|
408.8 |
|
|
|
847.7 |
|
|
|
— |
|
|
|
(1.0 |
) |
|
|
846.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2025 |
|
|
|
Gathering and Processing |
|
|
Logistics and Transportation |
|
|
Total Reportable Segments |
|
|
Other |
|
|
Corporate
and
Eliminations |
|
|
Total |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of commodities |
|
$ |
404.0 |
|
|
$ |
7,085.0 |
|
|
$ |
7,489.0 |
|
|
$ |
31.7 |
|
|
$ |
— |
|
|
$ |
7,520.7 |
|
Fees from midstream services |
|
|
885.7 |
|
|
|
415.2 |
|
|
|
1,300.9 |
|
|
|
— |
|
|
|
— |
|
|
|
1,300.9 |
|
|
|
|
1,289.7 |
|
|
|
7,500.2 |
|
|
|
8,789.9 |
|
|
|
31.7 |
|
|
|
— |
|
|
|
8,821.6 |
|
Intersegment revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of commodities |
|
|
2,648.5 |
|
|
|
108.6 |
|
|
|
2,757.1 |
|
|
|
— |
|
|
|
(2,757.1 |
) |
|
|
— |
|
Fees from midstream services |
|
|
0.5 |
|
|
|
14.6 |
|
|
|
15.1 |
|
|
|
— |
|
|
|
(15.1 |
) |
|
|
— |
|
|
|
|
2,649.0 |
|
|
|
123.2 |
|
|
|
2,772.2 |
|
|
|
— |
|
|
|
(2,772.2 |
) |
|
|
— |
|
Revenues |
|
$ |
3,938.7 |
|
|
$ |
7,623.4 |
|
|
$ |
11,562.1 |
|
|
$ |
31.7 |
|
|
$ |
(2,772.2 |
) |
|
$ |
8,821.6 |
|
Operating expenses |
|
$ |
427.6 |
|
|
$ |
200.9 |
|
|
$ |
628.5 |
|
|
$ |
— |
|
|
|
|
|
|
|
Other segment items (1) |
|
|
2,321.3 |
|
|
|
6,143.4 |
|
|
|
8,464.7 |
|
|
|
— |
|
|
|
|
|
|
|
Operating margin |
|
|
1,189.8 |
|
|
|
1,279.1 |
|
|
|
2,468.9 |
|
|
|
31.7 |
|
|
|
|
|
|
|
Other financial information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (2) |
|
$ |
13,937.9 |
|
|
$ |
9,333.0 |
|
|
$ |
23,270.9 |
|
|
$ |
0.1 |
|
|
$ |
241.8 |
|
|
$ |
23,512.8 |
|
Goodwill |
|
|
45.2 |
|
|
|
— |
|
|
|
45.2 |
|
|
|
— |
|
|
|
— |
|
|
|
45.2 |
|
Capital expenditures |
|
|
894.2 |
|
|
|
596.5 |
|
|
|
1,490.7 |
|
|
|
— |
|
|
|
20.1 |
|
|
|
1,510.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2024 |
|
|
|
Gathering and Processing |
|
|
Logistics and Transportation |
|
|
Total Reportable Segments |
|
|
Other |
|
|
Corporate
and
Eliminations |
|
|
Total |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of commodities |
|
$ |
527.2 |
|
|
$ |
6,450.8 |
|
|
$ |
6,978.0 |
|
|
$ |
(68.7 |
) |
|
$ |
— |
|
|
$ |
6,909.3 |
|
Fees from midstream services |
|
|
804.4 |
|
|
|
410.7 |
|
|
|
1,215.1 |
|
|
|
— |
|
|
|
— |
|
|
|
1,215.1 |
|
|
|
|
1,331.6 |
|
|
|
6,861.5 |
|
|
|
8,193.1 |
|
|
|
(68.7 |
) |
|
|
— |
|
|
|
8,124.4 |
|
Intersegment revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of commodities |
|
|
2,003.5 |
|
|
|
72.7 |
|
|
|
2,076.2 |
|
|
|
— |
|
|
|
(2,076.2 |
) |
|
|
— |
|
Fees from midstream services |
|
|
(2.0 |
) |
|
|
14.1 |
|
|
|
12.1 |
|
|
|
— |
|
|
|
(12.1 |
) |
|
|
— |
|
|
|
|
2,001.5 |
|
|
|
86.8 |
|
|
|
2,088.3 |
|
|
|
— |
|
|
|
(2,088.3 |
) |
|
|
— |
|
Revenues |
|
$ |
3,333.1 |
|
|
$ |
6,948.3 |
|
|
$ |
10,281.4 |
|
|
$ |
(68.7 |
) |
|
$ |
(2,088.3 |
) |
|
$ |
8,124.4 |
|
Operating expenses |
|
$ |
393.7 |
|
|
$ |
175.4 |
|
|
$ |
569.1 |
|
|
$ |
— |
|
|
|
|
|
|
|
Other segment items (1) |
|
|
1,810.5 |
|
|
|
5,693.1 |
|
|
|
7,503.6 |
|
|
|
— |
|
|
|
|
|
|
|
Operating margin |
|
|
1,128.9 |
|
|
|
1,079.8 |
|
|
|
2,208.7 |
|
|
|
(68.7 |
) |
|
|
|
|
|
|
Other financial information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (2) |
|
$ |
12,956.0 |
|
|
$ |
8,117.7 |
|
|
$ |
21,073.7 |
|
|
$ |
0.5 |
|
|
$ |
190.0 |
|
|
$ |
21,264.2 |
|
Goodwill |
|
|
45.2 |
|
|
|
— |
|
|
|
45.2 |
|
|
|
— |
|
|
|
— |
|
|
|
45.2 |
|
Capital expenditures |
|
|
873.9 |
|
|
|
702.4 |
|
|
|
1,576.3 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
1,576.4 |
|
(1)“Other segment items” represents Product purchases and fuel. (2)Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, margin deposit, prepaids, property, plant and equipment and debt issuance costs for our revolving credit facility.
|
| Revenues Disaggregated by Product and Service |
The following table shows our consolidated revenues disaggregated by product and service for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Sales of commodities: |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue recognized from contracts with customers: |
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas |
|
$ |
458.2 |
|
|
$ |
158.6 |
|
|
$ |
1,140.1 |
|
|
$ |
653.3 |
|
NGL |
|
|
2,832.9 |
|
|
|
2,719.6 |
|
|
|
6,209.7 |
|
|
|
6,065.3 |
|
Condensate and crude oil |
|
|
111.3 |
|
|
|
145.1 |
|
|
|
228.3 |
|
|
|
282.4 |
|
|
|
|
3,402.4 |
|
|
|
3,023.3 |
|
|
|
7,578.1 |
|
|
|
7,001.0 |
|
Non-customer revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative activities - Hedge |
|
|
27.7 |
|
|
|
32.2 |
|
|
|
21.6 |
|
|
|
29.0 |
|
Derivative activities - Non-hedge (1) |
|
|
206.2 |
|
|
|
(88.8 |
) |
|
|
(79.0 |
) |
|
|
(120.7 |
) |
|
|
|
233.9 |
|
|
|
(56.6 |
) |
|
|
(57.4 |
) |
|
|
(91.7 |
) |
Total sales of commodities |
|
|
3,636.3 |
|
|
|
2,966.7 |
|
|
|
7,520.7 |
|
|
|
6,909.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees from midstream services: |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue recognized from contracts with customers: |
|
|
|
|
|
|
|
|
|
|
|
|
Gathering and processing |
|
|
403.7 |
|
|
|
385.7 |
|
|
|
872.7 |
|
|
|
791.5 |
|
NGL transportation, fractionation and services |
|
83.2 |
|
|
|
75.2 |
|
|
|
160.0 |
|
|
|
148.7 |
|
Storage, terminaling and export |
|
|
120.9 |
|
|
|
114.5 |
|
|
|
252.7 |
|
|
|
240.3 |
|
Other |
|
|
16.0 |
|
|
19.9 |
|
|
15.5 |
|
|
|
34.6 |
|
Total fees from midstream services |
|
|
623.8 |
|
|
|
595.3 |
|
|
|
1,300.9 |
|
|
|
1,215.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
$ |
4,260.1 |
|
|
$ |
3,562.0 |
|
|
$ |
8,821.6 |
|
|
$ |
8,124.4 |
|
(1)Represents derivative activities that are not designated as hedging instruments under ASC 815.
|