| Reportable Segment Information |
The following tables show reportable segment information for the periods presented:
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Three Months Ended March 31, 2026 |
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Gathering and Processing |
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Logistics and Transportation |
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Total Reportable Segments |
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Other |
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Corporate
and
Eliminations |
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Total |
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Revenues |
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Sales of commodities |
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$ |
285.6 |
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$ |
3,169.3 |
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$ |
3,454.9 |
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$ |
(110.3 |
) |
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$ |
— |
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$ |
3,344.6 |
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Fees from midstream services |
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574.5 |
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175.6 |
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750.1 |
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— |
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— |
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750.1 |
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860.1 |
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3,344.9 |
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4,205.0 |
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(110.3 |
) |
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— |
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4,094.7 |
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Intersegment revenues |
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Sales of commodities |
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918.3 |
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57.1 |
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975.4 |
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— |
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(975.4 |
) |
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— |
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Fees from midstream services |
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(0.9 |
) |
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9.2 |
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8.3 |
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— |
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(8.3 |
) |
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— |
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917.4 |
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66.3 |
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983.7 |
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— |
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(983.7 |
) |
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— |
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Revenues |
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$ |
1,777.5 |
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$ |
3,411.2 |
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$ |
5,188.7 |
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$ |
(110.3 |
) |
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$ |
(983.7 |
) |
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$ |
4,094.7 |
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Operating expenses |
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$ |
233.6 |
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$ |
100.2 |
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$ |
333.8 |
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$ |
— |
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Other segment items (1) |
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840.4 |
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2,537.7 |
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3,378.1 |
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— |
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Operating margin |
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703.5 |
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773.3 |
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1,476.8 |
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(110.3 |
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Other financial information: |
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Total assets (2) |
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$ |
16,468.3 |
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$ |
10,381.3 |
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$ |
26,849.6 |
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$ |
0.1 |
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$ |
257.6 |
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$ |
27,107.3 |
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Goodwill |
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118.9 |
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— |
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118.9 |
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— |
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— |
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118.9 |
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Capital expenditures |
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581.8 |
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358.7 |
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940.5 |
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— |
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7.8 |
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948.3 |
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Three Months Ended March 31, 2025 |
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Gathering and Processing |
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Logistics and Transportation |
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Total Reportable Segments |
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Other |
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Corporate
and
Eliminations |
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Total |
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Revenues |
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Sales of commodities |
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$ |
200.7 |
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$ |
3,932.5 |
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$ |
4,133.2 |
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$ |
(248.8 |
) |
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$ |
— |
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$ |
3,884.4 |
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Fees from midstream services |
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475.1 |
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202.0 |
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677.1 |
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— |
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— |
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677.1 |
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675.8 |
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4,134.5 |
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4,810.3 |
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(248.8 |
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— |
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4,561.5 |
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Intersegment revenues |
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Sales of commodities |
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1,517.0 |
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59.4 |
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1,576.4 |
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— |
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(1,576.4 |
) |
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— |
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Fees from midstream services |
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0.2 |
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7.1 |
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7.3 |
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— |
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(7.3 |
) |
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— |
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1,517.2 |
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66.5 |
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1,583.7 |
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— |
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(1,583.7 |
) |
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— |
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Revenues |
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$ |
2,193.0 |
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$ |
4,201.0 |
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$ |
6,394.0 |
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$ |
(248.8 |
) |
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$ |
(1,583.7 |
) |
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$ |
4,561.5 |
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Operating expenses |
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$ |
208.2 |
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$ |
95.5 |
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$ |
303.7 |
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$ |
— |
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Other segment items (1) |
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1,382.6 |
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3,458.8 |
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4,841.4 |
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— |
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Operating margin |
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602.2 |
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646.7 |
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1,248.9 |
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(248.8 |
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Other financial information: |
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Total assets (2) |
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$ |
13,727.9 |
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$ |
8,821.1 |
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$ |
22,549.0 |
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$ |
— |
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$ |
251.3 |
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$ |
22,800.3 |
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Goodwill |
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45.2 |
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— |
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45.2 |
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— |
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— |
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45.2 |
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Capital expenditures |
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433.2 |
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174.7 |
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607.9 |
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— |
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10.4 |
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618.3 |
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(1)“Other segment items” represents Product purchases and fuel. (2)Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.
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| Revenues Disaggregated by Product and Service |
The following table shows our consolidated revenues disaggregated by product and service for the periods presented:
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Three Months Ended March 31, |
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2026 |
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2025 |
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Sales of commodities: |
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Revenue recognized from contracts with customers: |
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Natural gas |
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$ |
473.7 |
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$ |
681.9 |
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NGL |
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2,982.8 |
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3,376.8 |
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Condensate and crude oil |
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131.8 |
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117.0 |
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3,588.3 |
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4,175.7 |
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Non-customer revenue: |
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Derivative activities - Hedge |
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(0.2 |
) |
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(6.1 |
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Derivative activities - Non-hedge (1) |
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(243.5 |
) |
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(285.2 |
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(243.7 |
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(291.3 |
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Total sales of commodities |
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3,344.6 |
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3,884.4 |
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Fees from midstream services: |
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Revenue recognized from contracts with customers: |
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Gathering and processing |
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559.7 |
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469.0 |
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NGL transportation, fractionation and services |
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68.5 |
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73.2 |
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Storage, terminaling and export |
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123.1 |
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135.4 |
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Other |
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(1.2 |
) |
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(0.5 |
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Total fees from midstream services |
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750.1 |
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677.1 |
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Total revenues |
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$ |
4,094.7 |
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$ |
4,561.5 |
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(1)Represents derivative activities that are not designated as hedging instruments under ASC 815.
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| Reconciliation of Reportable Segment Operating Margin to Income (Loss) Before Income Taxes |
The following table shows a reconciliation of reportable segment Operating margin to Income (loss) before income taxes for the periods presented:
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Three Months Ended March 31, |
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2026 |
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2025 |
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Reconciliation of reportable segment operating
margin to income (loss) before income taxes: |
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Total reportable segments operating margin |
$ |
1,476.8 |
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$ |
1,248.9 |
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Other operating margin |
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(110.3 |
) |
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(248.8 |
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Depreciation and amortization expense |
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(426.0 |
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(367.6 |
) |
General and administrative expense |
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(107.8 |
) |
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(94.5 |
) |
Other operating income (expense) |
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14.2 |
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5.3 |
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Interest expense, net |
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(227.6 |
) |
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(197.1 |
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Equity earnings (loss) |
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8.6 |
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5.5 |
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Other, net |
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(16.6 |
) |
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0.3 |
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Income (loss) before income taxes |
$ |
611.3 |
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$ |
352.0 |
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