Property, Plant and Equipment and Intangible Assets

3 Months Ended

Mar. 31, 2026

Property Plant And Equipment And Intangible Assets [Abstract]

Property, Plant and Equipment and Intangible Assets

Note 5 — Property, Plant and Equipment and Intangible Assets


	March 31, 2026			December 31, 2025			Estimated Useful Lives (In Years)
Gathering systems	$	12,815.9		$	12,431.3		5 to 20
Processing and fractionation facilities		11,672.4			10,477.3		5 to 25
Terminaling and storage facilities		1,668.5			1,648.4		5 to 25
Transportation assets		4,774.8			4,536.0		10 to 50
Other property, plant and equipment		621.8			586.5		3 to 25
Land		215.2			209.3		—
Construction in progress		2,461.7			2,804.9		—
Finance lease right-of-use assets		520.7			507.4		5 to 14
Property, plant and equipment		34,751.0			33,201.1
Accumulated depreciation, amortization and impairment		(12,980.1	)		(12,666.3	)
Property, plant and equipment, net	$	21,770.9		$	20,534.8

Intangible assets		5,031.0			4,378.0		10 to 20
Accumulated amortization and impairment		(2,829.8	)		(2,726.6	)
Intangible assets, net	$	2,201.2		$	1,651.4

During the three months ended March 31, 2026 and 2025 depreciation expense was $322.8 million and $286.1 million, respectively.

Intangible Assets

Intangible assets consist of customer contracts and customer relationships acquired in our business combinations. The fair value of these acquired intangible assets were determined at the date of acquisition based on the present values of estimated future cash flows. Amortization expense attributable to these assets is recorded over the periods in which we benefit from services provided to customers.

During the three months ended March 31, 2026 and 2025, amortization expense was $103.2 million and $81.5 million, respectively.

The estimated annual amortization expense for intangible assets is approximately $412.9 million, $377.3 million, $327.1 million, $286.2 million and $240.4 million for each of the years 2026 through 2030, respectively.

The following table shows the changes in our intangible assets for the period presented:


	Three Months Ended March 31, 2026
Balance at beginning of period	$	1,651.4
Additions from Stakeholder Acquisition		653.0
Amortization		(103.2	)
Balance at end of period	$	2,201.2