v3.26.1
Segments (Tables)
3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Financial Data for Each Reportable Segment

The following tables reflect certain financial data for each reportable segment:

 

 

 

Gathering

 

 

Processing and Storage

 

 

Terminaling and Export

 

 

Total Reportable Segments

 

 

Interest and Other

 

 

Consolidated

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income

 

$

204.1

 

 

$

148.4

 

 

$

37.6

 

 

$

390.1

 

 

$

-

 

 

$

390.1

 

Operating and maintenance expenses
   (exclusive of depreciation shown
   separately below)

 

 

49.7

 

 

 

29.3

 

 

 

6.6

 

 

 

85.6

 

 

 

-

 

 

 

85.6

 

Depreciation expense

 

 

37.7

 

 

 

16.4

 

 

 

4.4

 

 

 

58.5

 

 

 

-

 

 

 

58.5

 

General and administrative expenses

 

 

4.1

 

 

 

1.4

 

 

 

0.3

 

 

 

5.8

 

 

 

2.1

 

 

 

7.9

 

Income from equity investments

 

 

-

 

 

 

3.2

 

 

 

-

 

 

 

3.2

 

 

 

-

 

 

 

3.2

 

Interest expense, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

55.4

 

 

 

55.4

 

Income tax expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

28.2

 

 

 

28.2

 

Adjusted EBITDA

 

 

150.3

 

 

 

120.9

 

 

 

30.7

 

 

 

301.9

 

 

 

 

 

 

 

Capital expenditures

 

 

5.8

 

 

 

4.6

 

 

 

-

 

 

 

10.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gathering

 

 

Processing and Storage

 

 

Terminaling and Export

 

 

Total Reportable Segments

 

 

Interest and Other

 

 

Consolidated

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income

 

$

203.6

 

 

$

147.8

 

 

$

30.6

 

 

$

382.0

 

 

$

-

 

 

$

382.0

 

Operating and maintenance expenses
   (exclusive of depreciation shown
   separately below)

 

 

50.4

 

 

 

27.7

 

 

 

7.5

 

 

 

85.6

 

 

 

-

 

 

 

85.6

 

Depreciation expense

 

 

32.4

 

 

 

14.7

 

 

 

4.4

 

 

 

51.5

 

 

 

-

 

 

 

51.5

 

General and administrative expenses

 

 

3.0

 

 

 

1.7

 

 

 

0.3

 

 

 

5.0

 

 

 

2.5

 

 

 

7.5

 

Income from equity investments

 

 

-

 

 

 

3.4

 

 

 

-

 

 

 

3.4

 

 

 

-

 

 

 

3.4

 

Interest expense, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

56.4

 

 

 

56.4

 

Income tax expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

23.0

 

 

 

23.0

 

Adjusted EBITDA

 

 

150.2

 

 

 

121.8

 

 

 

22.8

 

 

 

294.8

 

 

 

 

 

 

 

Capital expenditures

 

 

47.7

 

 

 

2.4

 

 

 

-

 

 

 

50.1

 

 

 

 

 

 

 

Reconciliation of Reportable Segment Adjusted EBITDA to Income Before Income Tax Expense

The following table presents a reconciliation of reportable segment Adjusted EBITDA to income before income tax expense:

 

 

Three Months Ended March 31,

 

(in millions)

 

2026

 

 

2025

 

Reconciliation of reportable segment Adjusted
   EBITDA to income before income tax expense:

 

 

 

 

 

 

Total reportable segment Adjusted EBITDA

 

$

301.9

 

 

$

294.8

 

Less:

 

 

 

 

 

 

   Depreciation expense

 

 

58.5

 

 

 

51.5

 

   Unallocated general and administrative expenses

 

 

2.1

 

 

 

2.5

 

   Interest expense, net

 

 

55.4

 

 

 

56.4

 

Income before income tax expense

 

$

185.9

 

 

$

184.4

 

 

Total Assets for Reportable Segments

Total assets for the reportable segments are as follows:

 

 

 

 

 

 

March 31, 2026

 

 

December 31, 2025

 

(in millions)

 

 

 

 

 

 

Gathering

 

$

2,386.3

 

 

$

2,413.7

 

Processing and Storage(1)

 

 

949.7

 

 

 

962.8

 

Terminaling and Export

 

 

228.9

 

 

 

230.8

 

Total reportable segments assets

 

 

3,564.9

 

 

 

3,607.3

 

Interest and Other

 

 

752.3

 

 

 

781.0

 

Total consolidated assets

 

$

4,317.2

 

 

$

4,388.3

 

(1) Includes investment in equity investees of $80.0 million as of March 31, 2026 and $81.5 million as of December 31, 2025.