SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Segment Reporting Information, by Segment

The following tables present the Segment Adjusted EBITDA of the Company’s reportable segments and reconciliations of the segment profits to consolidated income before income tax expenses for the three months ended March 31, 2026 and 2025:


	Midstream Logistics		Pipeline Transportation		Corporate and Other(1)		Elimination		Consolidated

For the three months ended March 31, 2026	(In thousands)
Revenue	$	403,720	$	2,285	$	—	$	—	$	406,005
Other revenue	3,962		9		—		—		3,971
Intersegment revenue(2)	—		6,824		—		(6,824)		—
Total segment operating revenue	407,682		9,118		—		(6,824)		409,976
Costs of sales (excluding depreciation and amortization)	(188,588)		(136)		—		—		(188,724)
Intersegment costs of sales	(6,824)		—		—		6,824		—
Operating expenses(3)	(78,302)		(774)		—		—		(79,076)
General and administrative expenses	(5,510)		(260)		(38,430)		—		(44,200)
Proportionate EMI EBITDA	—		70,029		—		—		70,029
Other segment items(4)	50,463		—		32,732		—		83,195
Segment Adjusted EBITDA(5)	$	178,921	$	77,977	$	(5,698)	$	—	$	251,200

Reconciliation of Segment Adjusted EBITDA to income (loss) before income taxes
Segment Adjusted EBITDA(5)	$	178,921	$	77,977	$	(5,698)	$	—	$	251,200
Add back:
Other interest income	—		—		167		—		167
Gain on disposal of assets, net	19		—		—		—		19


Equity in earnings of unconsolidated affiliates	—		51,188		—		—		51,188
Deduct:
Interest expense	48		—		53,372		—		53,420
Depreciation and amortization expenses	99,498		2,329		6		—		101,833
Amortization of contract costs	1,950		—		—		—		1,950
Proportionate EMI EBITDA	—		70,029		—		—		70,029
Share-based compensation	—		—		20,663		—		20,663

Commodity hedging unrealized loss	46,987		—		—		—		46,987


Integration costs	—		—		368		—		368

Litigation costs	—		—		11,613		—		11,613
Other one-time costs or amortization	1,526		—		88		—		1,614
Income (loss) before income taxes	$	28,931	$	56,807	$	(91,641)	$	—	$	(5,903)


	Midstream Logistics		Pipeline Transportation		Corporate and Other(1)		Elimination		Consolidated

For the three months ended March 31, 2025	(In thousands)
Revenue	$	438,025	$	2,406	$	—	$	—	$	440,431
Other revenue	2,830		2		—		—		2,832
Intersegment revenue(2)	—		4,804		—		(4,804)		—
Total segment operating revenue	440,855		7,212		—		(4,804)		443,263
Costs of sales (excluding depreciation and amortization)	(223,360)		(4)		—		—		(223,364)
Intersegment costs of sales	(4,804)		—		—		4,804		—
Operating expenses(3)	(69,909)		(485)		—		—		(70,394)
General and administrative expenses	(7,125)		(372)		(30,095)		—		(37,592)
Proportionate EMI EBITDA	—		87,530		—		—		87,530
Other segment items(4)	24,541		—		26,033		—		50,574
Segment Adjusted EBITDA(5)	$	160,198	$	93,881	$	(4,062)	$	—	$	250,017

Reconciliation of Segment Adjusted EBITDA to income (loss) before income taxes
Segment Adjusted EBITDA(5)	$	160,198	$	93,881	$	(4,062)	$	—	$	250,017
Add back:
Other interest income	—		—		790		—		790
Gain on disposal of assets, net	40		—		—		—		40


Equity in earnings of unconsolidated affiliates	—		57,478		—		—		57,478
Deduct:
Interest expense	28		—		55,686		—		55,714
Depreciation and amortization expenses	90,359		2,308		6		—		92,673
Amortization of contract costs	1,656		—		—		—		1,656
Proportionate EMI EBITDA	—		87,530		—		—		87,530
Share-based compensation	—		—		20,653		—		20,653

Commodity hedging unrealized loss	18,127		—		—		—		18,127


Integration costs	2,475		—		1,063		—		3,538

Litigation costs	—		—		3,015		—		3,015
Other one-time costs or amortization	2,288		—		1,302		—		3,590
Income (loss) before income taxes	$	45,305	$	61,521	$	(84,997)	$	—	$	21,829

Corporate and Other represents those results that: (i) are not specifically attributable to an operating segment; (ii) are not individually reportable or (iii) have not been allocated to a reportable segment for the purpose of evaluating their performance, including certain general and administrative expense items. Items included here to reconcile operating segments’ profit and loss with the Company’s consolidated profit and loss.

(2)The Company accounts for intersegment sales at market prices, while it accounts for asset transfers at book value. Intersegment revenue is eliminated at consolidation.

(3)Operating expenses include ad valorem taxes.

(4)Other segment items include certain other income items, share-based compensation, adjustments related to amortization of contract costs, commodity hedging unrealized gain or loss, integration costs, litigation costs and other one-time costs or amortization.

(5)Segment Adjusted EBITDA is a non-GAAP measure; please see Key Performance Metrics in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form 10-Q, for a definition and reconciliation to the GAAP measure.

The following tables present other segment expenses that are not included in the segment profit measurements above for the three months ended March 31, 2026 and 2025:


	Midstream Logistics		Pipeline Transportation		Corporate and Other (1)		Consolidated

For the three months ended March 31, 2026	(In thousands)
Income tax benefit	$	—	$	—	$	(778)	$	(778)
Capital expenditure	$	92,575	$	1,309	$	—	$	93,884

For the three months ended March 31, 2025
Income tax expenses	$	—	$	—	$	2,567	$	2,567
Capital expenditure(2)(3)	$	81,232	$	243	$	—	$	81,475


	March 31,		December 31,
	2026		2025

Total assets:	(In thousands)
Midstream Logistics(4)	$	4,724,647	$	4,714,723
Pipeline Transportation(5)	2,137,517		2,153,280
Segment total assets	6,862,164		6,868,003
Corporate and other(1)	248,579		227,608
Total assets	$	7,110,743	$	7,095,611

(1)Corporate and Other activities represents those results that: (i) are not specifically attributable to an operating segment; (ii) are not individually reportable or (iii) have not been allocated to a reportable segment for the purpose of evaluating their performance, including certain general and administrative expense items. Items included here to reconcile operating segments profit and loss with the Company’s consolidated profit and loss.

(2)Excludes capital assets acquired in business combinations and included in the Midstream Logistics segment. See Note 2—Business Combinations in the Notes to our Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for additional information.

(3)Excludes contributions or acquisitions made in the Company’s EMIs that are included in the Pipeline Transportation segment. See Note 6—Equity Method Investments in the Notes to our Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for additional information.

(4)The Midstream Logistics segment includes goodwill of $5.1 million as of March 31, 2026 and December 31, 2025.

(5)The Pipeline Transportation segment includes investments in unconsolidated affiliates of $1.99 billion and $2.01 billion as of March 31, 2026 and December 31, 2025, respectively.