v3.26.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION
15. 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.
•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 the Arkoma Basin.
•Piceance – Includes the Company’s midstream assets located in the Piceance Basin.
The following tables provide information about the Company’s reportable segments (in thousands):
Rockies
Permian
Piceance
Mid-Con
Three Months Ended March 31, 2026
Revenues: (1)
Gathering services and related fees
$14,718 $— $13,267 $31,585 
Natural gas, NGL’s and condensate sales
69,781 — 575 3,295 
Other revenues
1,604 947 1,140 2,230 
Total revenues
$86,103 $947 $14,982 $37,110 
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing, and other fees)$54,851 $— $— $— 
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)
(15,479)— — — 
Employee costs
5,472 — 1,582 2,747 
Materials, parts, and other operating expenses5,483 — 1,077 4,156 
Indirect and passthrough (3)
5,908 — 2,181 10,139 
Other segment items (2)
3,493 (7,783)572 741 
Segment Adjusted EBITDA
$26,375 $8,730 $9,570 $19,327 
Rockies
Permian
Piceance
Mid-Con
Three Months Ended March 31, 2025
Revenues: (1)
Gathering services and related fees$16,045 $— $15,743 $32,377 
Natural gas, NGL’s and condensate sales54,824 906 3,597 
Other revenues4,918 910 1,184 2,193 
Total revenues
$75,787 $910 $17,833 $38,167 
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing, and other fees)$48,422 $— $292 $— 
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)(13,280)— — — 
Employee costs4,209 — 1,580 2,505 
Materials, parts, and other operating expenses4,486 — 1,805 2,904 
Indirect and passthrough (3)
4,215 — 2,296 9,865 
Other segment items (2)
2,866 (7,360)74 436 
Segment Adjusted EBITDA$24,869 $8,270 $11,786 $22,457 
(1) The Company’s revenues are attributable solely to external customers located within the U.S.
(2) For the three months ended March 31, 2026 and 2025, 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;
•Piceance - includes general and administrative expenses, operations and maintenance expenses and adjustments related to capital reimbursement activity;
•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.
(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:
March 31, 2026December 31, 2025
(In thousands)
Assets (1):
Rockies$997,759 $983,074 
Permian269,766 283,090 
Mid-Con754,738 753,517 
Piceance336,182 341,957 
Total reportable segment assets
2,358,445 2,361,638 
Corporate and Other47,948 25,971 
Total assets
$2,406,393 $2,387,609 
(1) The Company’s long-lived assets are located within the U.S.
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:
Three Months Ended
March 31,
20262025
(In thousands)
Depreciation and amortization:
Rockies$10,757 $9,753 
Permian— — 
Mid-Con (1)
8,982 8,058 
Piceance6,876 10,550 
Total reportable segment depreciation and amortization
26,615 28,361 
Corporate and Other328 391 
Total depreciation and amortization
$26,943 $28,752 
(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:
Three Months Ended
March 31,
20262025
(In thousands)
Cash paid for capital expenditures:
Rockies$10,976 $11,473 
Mid-Con
7,320 7,222 
Piceance239 1,090 
Total reportable segment capital expenditures
18,535 19,785 
Corporate and Other742 821 
Total cash paid for capital expenditures
$19,277 $20,606 

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 follow:
Three Months Ended March 31,
20262025
(In thousands)
Reconciliation of segment adjusted EBITDA to income (loss) before income taxes:
Total segment adjusted EBITDA$64,002 $67,382 
Less:
Corporate and Other expense (1)
10,955 3,197 
Income from equity method investees(5,237)(4,840)
Interest expense25,013 22,537 
Depreciation and amortization (2)
26,943 28,752 
Proportional adjusted EBITDA for equity method investees7,871 7,404 
Adjustments related to capital reimbursement activity (3)
(2,825)(1,946)
Equity compensation3,036 2,375 
Loss on asset sales, net29 — 
Loss on sale of business— 43 
Transaction costs and other2,385 4,930 
Income (loss) before income taxes$(4,168)$4,930 
(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, including certain general and administrative expense items, transaction costs, acquisition integration costs, and interest expense. For the three months ended March 31, 2026, other expense consisted primarily of loss on the fair value remeasurement of the Tall Oak earn-out. For the three months ended March 31, 2025, other expense consisted primarily of a gain on the fair value remeasurement of the Tall Oak earn-out.
(2)Includes the amortization expense associated with the Company’s favorable gas gathering contracts as reported in other revenues.
(3)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.