v3.25.3
Reportable Segments
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Reportable Segments Reportable Segments
The Company has two reportable segments, Natural Gas and Natural Gas Liquids, which comprise 100% of the Company’s operating revenues. The Chief Operating Decision Maker (CODM) uses earnings before interest, income taxes, depreciation and amortization (EBITDA) to assess each of the Company’s segments performance and to determine how to allocate resources. The CODM uses this measure, together with other non-financial measures, when assessing performance of the Company and establishing management’s compensation. The Company provides segment expenses to its CODM on the same basis as the expenses are provided in the Company’s income statement and used to calculate EBITDA. Refer to the Company's 2024 Annual Report on Form 10-K for further information.

The tables below show financial information by segment (in millions):

For the Three Months Ended September 30, 2025
Natural Gas
Natural Gas LiquidsTotal
Revenues
Revenue from external customers$358.7 $182.2 $540.9 
Intrasegment revenues
12.1 — 12.1 
$370.8 $182.2 $553.0 
Reconciliation of revenues:
Elimination of intrasegment revenues
(12.1)
Total consolidated revenues$540.9 
Less:
Costs associated with service revenues$11.0 $5.2 
Costs associated with product sales— 101.9 
Operation and maintenance67.8 11.9 
Administrative and general46.9 7.8 
Taxes other than income taxes29.4 3.2 
Loss on sale of assets, impairments and other0.2 — 
Miscellaneous other income, net(1.0)— 
Segment EBITDA
$216.5 $52.2 $268.7 
Reconciliation of profit or loss:
Depreciation and amortization$106.2 
Interest expense39.5 
Interest income(4.0)
Consolidated income before income taxes
$127.0 
For the Three Months Ended September 30, 2024
Natural GasNatural Gas LiquidsTotal
Revenues
Revenue from external customers$320.6 $152.9 $473.5 
Intrasegment revenues
12.6 — 12.6 
$333.2 $152.9 $486.1 
Reconciliation of revenues:
Elimination of intrasegment revenues
(12.6)
Total consolidated revenues$473.5 
Less:
Costs associated with service revenues$9.4 $4.9 
Costs associated with product sales— 62.7 
Operation and maintenance64.6 13.6 
Administrative and general43.6 6.7 
Taxes other than income taxes26.7 3.5 
Loss on sale of assets, impairments and other
0.2 1.0 
Miscellaneous other income, net(0.4)— 
Segment EBITDA
$189.1 $60.5 $249.6 
Reconciliation of profit or loss:
Depreciation and amortization$105.7 
Interest expense46.8 
Interest income(9.7)
Consolidated income before income taxes
$106.8 
For the Nine Months Ended September 30, 2025
Natural Gas
Natural Gas LiquidsTotal
Revenues
Revenue from external customers$1,131.8 $561.7 $1,693.5 
Intrasegment revenues
38.0 — 38.0 
$1,169.8 $561.7 $1,731.5 
Reconciliation of revenues:
Elimination of intrasegment revenues
(38.0)
Total consolidated revenues$1,693.5 
Less:
Costs associated with service revenues$34.5 $13.8 
Costs associated with product sales— 320.4 
Operation and maintenance178.4 34.5 
Administrative and general137.4 21.1 
Taxes other than income taxes88.6 9.6 
Gain on sale of assets, impairments and other
(0.7)— 
Miscellaneous other income, net(2.8)— 
Segment EBITDA
$734.4 $162.3 $896.7 
Reconciliation of profit or loss:
Depreciation and amortization$330.6 
Interest expense118.8 
Interest income(8.0)
Consolidated income before income taxes
$455.3 
For the Nine Months Ended September 30, 2024
Natural GasNatural Gas LiquidsTotal
Revenues
Revenue from external customers$1,011.9 $449.6 $1,461.5 
Intrasegment revenues
37.3 — 37.3 
$1,049.2 $449.6 $1,498.8 
Reconciliation of revenues:
Elimination of intrasegment revenues
(37.3)
Total consolidated revenues$1,461.5 
Less:
Costs associated with service revenues$29.2 $14.2 
Costs associated with product sales— 205.4 
Operation and maintenance173.5 42.7 
Administrative and general131.7 20.2 
Taxes other than income taxes80.3 10.3 
(Gain) loss on sale of assets, impairments and other
(7.5)1.0 
Miscellaneous other income, net(4.2)(0.1)
Segment EBITDA
$646.2 $155.9 $802.1 
Reconciliation of profit or loss:
Depreciation and amortization$317.7 
Interest expense137.0 
Interest income(22.2)
Consolidated income before income taxes
$369.6 

Segment assets include Property, plant, and equipment – net, Intangible assets – net of accumulated amortization and Goodwill. The following table reflects segment assets (in millions):
As of September 30, 2025As of December 31, 2024
Natural Gas
$7,540.5 $7,490.1 
Natural Gas Liquids1,491.9 1,628.7 
Total Segment Assets
$9,032.4 $9,118.8 


The following table reflects capital expenditures by segment (in millions):
For the Nine Months Ended September 30,
20252024
Natural Gas
$198.7 $252.3 
Natural Gas Liquids23.7 39.6 
Total
$222.4 $291.9