v3.25.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION 16. SEGMENT INFORMATION
The Company’s operating segments, which are equivalent to our reportable segments, have been identified based on their geographic location and reflect how the Company’s Chief Operating Decision Maker (“CODM”) assesses performance and allocates resources. The Company’s CODM, which is its Chief Executive Officer, primarily utilizes segment adjusted EBITDA as the key indicator in assessing the segment’s performance and allocating resources. Segment adjusted EBITDA is primarily used in the budgeting and forecasting process and the CODM regularly considers budget-to-actual variances when evaluating the performance of each segment and making decisions on the allocation of operating and capital resources to each individual segment.
•Rockies – Includes the Company’s midstream assets located in the Williston Basin and the DJ Basin.
•Permian – Includes the Company’s equity method investment in Double E.
•Piceance – Includes the Company’s midstream assets located in the Piceance Basin.
•Mid-Con – Includes the Company’s midstream assets located in the Barnett Shale and, following the Tall Oak Acquisition, the Arkoma Basin.
•Northeast – Includes the Company’s previously owned midstream assets located in the Utica and Marcellus shale plays and the previously owned equity method investment in Ohio Gathering that was focused on the Utica Shale. During the year ended December 31, 2024, the Company divested of its Northeast operations. See Note 3 - Acquisitions and Divestitures for additional information.
The following tables provide information about the Company’s reportable segments (in thousands):
Rockies
Permian
Piceance
Mid-Con
Northeast
Three Months Ended June 30, 2025
Revenues: (1)
Gathering services and related fees
$16,303 $— $15,634 $32,245 $— 
Natural gas, NGL’s and condensate sales
58,774 — 632 6,939 — 
Other revenues
5,242 911 1,298 2,239 — 
Total revenues
$80,319 $911 $17,564 $41,423 $— 
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing and other fees)
$49,842 $— $250 $95 $— 
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)
(14,272)— — — — 
Employee costs
5,220 — 1,541 2,379 — 
Materials, parts and other operating expenses
5,726 — 2,325 3,021 — 
Indirect and passthrough (3)
6,155 — 2,858 10,367 — 
Other segment items (2)
2,413 (7,389)116 661 — 
Segment Adjusted EBITDA
$25,235 $8,300 $10,474 $24,900 $— 
Rockies
Permian
Piceance
Mid-Con
Northeast
Six Months Ended June 30, 2025
Revenues: (1)
Gathering services and related fees
$32,348 $— $31,377 $64,622 $— 
Natural gas, NGL’s and condensate sales
113,598 — 1,538 10,536 — 
Other revenues
10,160 1,821 2,482 4,432 — 
Total revenues
$156,106 $1,821 $35,397 $79,590 $— 
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing and other fees)
$98,264 $— $542 $95 $— 
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)
(27,552)— — — — 
Employee costs
9,429 — 3,121 4,884 — 
Materials, parts and other operating expenses
10,212 — 4,130 5,925 — 
Indirect and passthrough (3)
10,370 — 5,154 20,232 — 
Other segment items (2)
5,279 (14,749)190 1,097 — 
Segment Adjusted EBITDA
$50,104 $16,570 $22,260 $47,357 $— 
Rockies
Permian
Piceance
Mid-Con
Northeast
Three Months Ended June 30, 2024
Revenues: (1)
Gathering services and related fees$16,323 $— $18,063 $8,829 $1,998 
Natural gas, NGL’s and condensate sales47,214 — 666 79 — 
Other revenues3,321 911 1,234 2,026 — 
Total revenues
$66,858 $911 $19,963 $10,934 $1,998 
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing and other fees)$40,695 $— $302 $— $— 
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)(11,393)— — — — 
Employee costs4,052 — 1,508 918 106 
Materials, parts and other operating expenses4,066 — 1,905 1,078 165 
Indirect and passthrough (3)
4,205 — 2,386 3,122 97 
Other segment items (2)
2,375 (6,786)1,014 396 17 
Segment Adjusted EBITDA$22,858 $7,697 $12,848 $5,420 $1,613 
Rockies
Permian
Piceance
Mid-Con
Northeast
Six Months Ended June 30, 2024
Revenues: (1)
Gathering services and related fees$32,839 $— $38,450 $17,058 $18,851 
Natural gas, NGL’s and condensate sales95,184 — 1,614 253 — 
Other revenues7,429 1,821 2,479 3,483 — 
Total revenues
$135,452 $1,821 $42,543 $20,794 $18,851 
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing and other fees)$81,677 $— $676 $— $— 
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)(22,567)— — — — 
Employee costs7,775 — 2,973 1,647 661 
Materials, parts and other operating expenses9,454 — 3,762 1,763 868 
Indirect and passthrough (3)
8,497 — 4,798 6,132 754 
Other segment items (2)
4,884 (13,141)2,253 732 (14,066)
Segment Adjusted EBITDA$45,732 $14,962 $28,081 $10,520 $30,634 
(1) The Company’s revenues are attributable solely to external customers located within the United States.
(2) For the three and six months ended June 30, 2025 and 2024, other segment items consist primarily of the following:
•Rockies - includes general and administrative expenses, operations and maintenance expenses and adjustments related to capital reimbursement activity;
•Permian - includes general and administrative expenses and the Company’s proportional adjusted EBITDA from its equity method investment in Double E;
•Piceance - includes general and administrative expenses, operations and maintenance expenses and adjustments related to capital reimbursement activity;
•Mid-Con - includes general and administrative expenses, operations and maintenance expenses, adjustments related to capital reimbursement activity, the amortization expense associated with the Company’s favorable and unfavorable gas gathering contracts; and
•Northeast - includes general and administrative expenses, operations and maintenance expense, the Company’s proportional adjusted EBITDA from its equity method investment in Ohio Gathering.
(3) Indirect and passthrough consist primarily of electricity expense incurred by the Company of which a portion is passed through to its customers.
Assets by reportable segment follow.
June 30, 2025December 31, 2024
(In thousands)
Assets(1):
Rockies$1,010,159 $917,293 
Permian280,941 285,280 
Piceance366,957 389,668 
Mid-Con742,683 746,549 
Northeast— — 
Total reportable segment assets
2,400,740 2,338,790 
Corporate and Other22,303 20,694 
Total assets
$2,423,043 $2,359,484 
(1) The Company’s long-lived assets are located within the United States.
Depreciation and amortization, including the amortization expense associated with the Company’s favorable and unfavorable gas gathering contracts as reported in other revenues, by reportable segment follow.
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
(In thousands)(In thousands)
Depreciation and amortization:
Rockies$10,711 $9,090 $20,464 $18,035 
Permian— — — — 
Piceance10,547 10,529 21,097 20,997 
Mid-Con(1)
8,634 4,054 16,692 8,109 
Northeast— — — 4,248 
Total reportable segment depreciation and amortization
29,892 23,673 58,253 51,389 
Corporate and Other397 479 788 865 
Total depreciation and amortization
$30,289 $24,152 $59,041 $52,254 
(1) Includes the amortization expense associated with the Company’s favorable and unfavorable gas gathering contracts as reported in Other revenues.
Cash paid for capital expenditures by reportable segment follow.
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
(In thousands)(In thousands)
Cash paid for capital expenditures:
Rockies$10,848 $7,910 $22,321 $20,468 
Permian— — — — 
Piceance110 188 1,200 873 
Mid-Con
14,504 119 21,726 525 
Northeast— 1,282 — 2,817 
Total reportable segment capital expenditures
25,462 9,499 45,247 24,683 
Corporate and Other928 1,023 1,749 2,237 
Total cash paid for capital expenditures
$26,390 $10,522 $46,996 $26,920 
For the purpose of evaluating segment performance, the Company excludes the effect of Corporate and Other revenues and expenses, such as certain general and administrative expenses (including compensation-related expenses and professional services fees), certain natural gas and crude oil marketing services, transaction costs, interest expense and income tax expense or benefit from segment adjusted EBITDA.
A reconciliation of total of reportable segments’ measure of profit to income or loss before income taxes and income from equity method investees follows.
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Reconciliation of segment adjusted EBITDA to income (loss) before income taxes:
Total segment adjusted EBITDA$68,909 $50,436 $136,291 $129,929 
Less:
Corporate and Other expense (1)
13,774 4,391 16,971 11,397 
Income from equity method investees(4,802)(4,280)(9,642)(14,918)
Interest expense23,864 31,457 46,401 69,303 
Depreciation and amortization (2)
30,289 24,152 59,041 52,254 
Proportional adjusted EBITDA for equity method investees (3)
7,444 6,842 14,848 27,517 
Adjustments related to capital reimbursement activity (4)
(1,930)(2,728)(3,876)(5,651)
Equity compensation2,362 2,086 4,737 4,858 
Loss on asset sales, net— 34 — 7 
Gain (loss) on sale of business— 2,192 43 (84,010)
Gain on sale of equity method investment— — — (126,261)
Long-lived asset impairment71 20 71 67,936 
Transaction costs and other2,817 5,738 7,747 13,828 
Loss on early extinguishment of debt— 4,964 — 4,964 
Income (loss) before income taxes$(4,980)$(24,432)$(50)$108,705 
(1)Corporate includes results that are not specifically attributable to a reportable segment or that have not been allocated to the Company’s reportable segments, for the three and six months ended June 30, 2025 other expense consisted primarily of a gain on the fair value remeasurement of the Tall Oak earn-out. For the three and six months ended June 30, 2024, other expense consisted primarily of gains on interest rate swaps.
(2)Includes the amortization expense associated with the Company’s favorable gas gathering contracts as reported in other revenues.
(3)The Company recorded financial results of its investment in Ohio Gathering on a one-month lag and is based on the financial information available to the Company during the reporting period. With the divestiture of Ohio Gathering in March 2024, proportional adjusted EBITDA includes financial results from December 1, 2023 through March 22, 2024.
(4)Contributions in aid of construction are recognized over the remaining term of the respective contract. The Company includes adjustments related to capital reimbursement activity in its calculation of segment adjusted EBITDA to account for revenue recognized from contributions in aid of construction.