v3.26.1
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
18. 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.
As of December 31, 2025, the Company’s reportable segments are:
•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.
•Mid-Con – Includes the Company’s midstream assets located in the Barnett Shale and, following the Tall Oak Acquisition, the Arkoma Basin.
•Piceance – Includes the Company’s midstream assets located in the Piceance 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 table provides information about the Company’s reportable segments:
Rockies
Permian
Mid-Con
Piceance
Northeast
Year Ended December 31, 2025
Revenues: (1)
Gathering services and related fees
$62,760 $— $131,538 $61,379 $— 
Natural gas, NGL’s and condensate sales
244,478 — 18,554 2,027 — 
Other revenues
22,113 3,641 9,140 6,461 — 
Total revenues
$329,351 $3,641 $159,232 $69,867 $— 
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing, and other fees)$206,504 $— $8 $675 $— 
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing, and other fees)(58,048)— — — — 
Employee costs
20,388 — 10,222 6,403 — 
Materials, parts, and, other operating expenses20,805 — 13,576 7,195 — 
Indirect and passthrough (3)
22,154 — 40,252 9,779 — 
Other segment items (2)
10,613 (30,339)2,797 1,041 — 
Segment Adjusted EBITDA
$106,935 $33,980 $92,377 $44,774 $— 
Rockies
Permian
Mid-Con
Piceance
Northeast
Year Ended December 31, 2024
Revenues: (1)
Gathering services and related fees$63,219 $— $45,659 $73,115 $18,851 
Natural gas, NGL’s and condensate sales190,535 — 1,717 2,775 — 
Other revenues14,757 3,641 9,515 5,109 — 
Total revenues
$268,511 $3,641 $56,891 $80,999 $18,851 
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing, and other fees)$164,342 $— $— $1,138 $— 
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing, and other fees)(50,628)— 129 — — 
Employee costs16,379 — 3,822 6,480 661 
Materials, parts and, other operating expenses17,936 — 4,960 7,769 868 
Indirect and passthrough (3)
16,811 — 15,837 9,924 754 
Other segment items (2)
9,844 (27,586)1,498 2,984 (14,066)
Segment Adjusted EBITDA$93,827 $31,227 $30,645 $52,704 $30,634 
Rockies
Permian
Mid-Con
Piceance
Northeast
Year Ended December 31, 2023
Revenues: (1)
Gathering services and related fees$65,869 $— $37,508 $81,041 $63,805 
Natural gas, NGL’s and condensate sales173,688 — 778 4,788 — 
Other revenues15,474 3,570 6,831 5,588 — 
Total revenues
$255,031 $3,570 $45,117 $91,417 $63,805 
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing, and other fees)$149,655 $— $— $2,357 $— 
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing, and other fees)(39,550)— — — — 
Employee costs15,516 — 3,214 5,935 2,622 
Materials, parts and, other operating expenses18,158 — 2,977 7,206 3,453 
Indirect and passthrough (3)
17,244 — 12,234 10,439 2,869 
Other segment items (2)
6,618 (20,637)521 5,731 (39,388)
Segment Adjusted EBITDA$87,390 $24,207 $26,171 $59,749 $94,249 
(1) The Company’s revenues are attributable solely to external customers located within the U.S.
(2) For the year ended December 31, 2025 and 2024 and 2023, 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;
•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. In 2023 other segment items additionally includes other income;
•Piceance - includes general and administrative expenses, operations and maintenance expenses and adjustments related to capital reimbursement activity;
•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.
December 31,
20252024
(in thousands)
Assets: (1)
Rockies$983,074 $917,293 
Permian283,090 285,280 
Mid-Con
753,517 746,549 
Piceance341,957 389,668 
Northeast— — 
Total reportable segment assets
2,361,638 2,338,790 
Corporate and Other25,971 20,694 
Total assets
$2,387,609 $2,359,484 
(1) The Company’s long-lived assets are located within the U.S.
Counterparties accounting for a significant portion of total revenues were as follows:
Year ended December 31,
202520242023
Percentage of total revenues:
Counterparty A - Piceance**10 %
Counterparty B - Rockies, Mid-Con29 %17 %13 %
Counterparty C - Rockies
*13 %*
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* Less than 10% in the aggregate
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.
Year ended December 31,
202520242023
(In thousands)
Depreciation and amortization:
Rockies$41,586 $36,319 $36,148 
Mid-Con(1)
34,327 17,705 16,171 
Piceance37,569 42,012 52,014 
Northeast— 4,248 17,856 
Total reportable segment depreciation and amortization
113,482 100,284 122,189 
Corporate and Other1,615 1,301 1,513 
Total depreciation and amortization
$115,097 $101,585 $123,702 
(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.
Year ended December 31,
20252024
(In thousands)
Cash paid for capital expenditures:
Rockies$39,713 $44,092 
Mid-Con
44,202 1,312 
Piceance1,774 2,361 
Northeast— 2,980 
Total reportable segment capital expenditures
85,689 50,745 
Corporate and Other3,353 2,866 
Total cash paid for capital expenditures
$89,042 $53,611 
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.
Year ended December 31,
202520242023
(In thousands)
Reconciliation of Segment Adjusted EBITDA to income (loss) before income taxes:
Total Segment Adjusted EBITDA$278,066 $239,037 $291,766 
Less:
Corporate and other expense (1)
45,769 26,697 26,898 
Income from equity method investee
(20,784)(24,197)(33,829)
Interest expense
94,737 115,446 140,784 
Depreciation and amortization (2)
115,097 101,585 123,702 
Proportional Adjusted EBITDA for equity method investees (3)
30,536 42,038 61,070 
Adjustments related to capital reimbursement activity (4)
(9,023)(9,909)(9,874)
Equity compensation
7,798 8,561 6,566 
(Gain) loss on asset sales, net
486 1 (260)
(Gain) loss on sale of business
582 (82,187)47 
Gain on sale of equity method investment— (126,261)— 
Long-lived asset impairment
2,725 68,260 540 
Transaction costs and other12,550 35,425 3,813 
Loss on early extinguishment of debt
— 50,075 10,934 
Income (loss) before income taxes
$(2,407)$33,503 $(38,625)
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(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 years ended December 31, 2025, 2024 and 2023, Other expense consists primarily of gain 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, for the year ended December 31, 2024, 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.