v3.26.1
Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Sales of natural gas, NGLs and oil. Under the Company's natural gas, NGLs and oil sales contracts, the Company generally considers the delivery of each unit (million British thermal units (MMBtu) or barrel (Bbl)) to be a separate performance obligation. These performance obligations are satisfied at a point in time upon delivery to the designated sales point, at which time control transfers to the customer. Sales of natural gas, NGLs and oil presented in the Statements of Condensed Consolidated Operations represent the Company's share of revenues net of royalties and exclude revenue interests owned by others. When selling natural gas, NGLs and oil on behalf of royalty or working interest owners, the Company acts as an agent and reports the revenue on a net basis.

Pipeline revenue. The Company provides gathering, transmission and storage services under firm and interruptible service contracts. Firm service contracts generally require the customer to pay a firm reservation fee, which is a fixed, monthly fee to reserve an agreed-upon amount of pipeline or storage capacity regardless of whether the customer uses the capacity. The Company recognizes firm reservation fee revenue evenly over the contract period as it satisfies its stand-ready obligation to provide capacity. Revenue from volumetric-based fees is recognized as services are performed based on volumes gathered, transported or stored, and the amount invoiced generally corresponds to the value of the Company's performance. Interruptible service contracts require the customer to pay volumetric-based fees and generally do not guarantee access to the pipeline or storage facility. Certain gathering agreements include minimum volume commitments (MVCs), for which revenue is recognized when the performance obligation is satisfied.
Disaggregated revenue information. The table below provides disaggregated information on the Company's revenues. Certain other revenue contracts are outside the scope of ASU 2014-09, Revenue from Contracts with Customers. These contracts are reported in pipeline and other revenues in the Statements of Condensed Consolidated Operations. Derivative contracts are also outside the scope of ASU 2014-09.
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(Thousands)
Revenues from contracts with customers:
Upstream sales
Natural gas$1,424,315 $1,539,205 $4,678,665 $3,589,155 
NGLs152,906 145,104 310,015 318,920 
Oil32,793 16,190 61,269 37,151 
Sales of natural gas, NGLs and oil1,610,014 1,700,499 5,049,949 3,945,226 
Gathering pipeline revenue
Firm reservation fees 171,030 169,597 334,112 336,288 
Volumetric-based fees170,298 150,672 342,191 319,294 
Total Gathering pipeline revenue341,328 320,269 676,303 655,582 
Transmission pipeline revenue
Firm reservation fees106,220 96,535 232,847 214,387 
Volumetric-based fees34,945 38,048 69,770 66,467 
Total Transmission pipeline revenue141,165 134,583 302,617 280,854 
Intersegment eliminations and other(336,186)(317,675)(660,316)(628,692)
Total revenues from contracts with customers (a)1,756,321 1,837,676 5,368,553 4,252,970 
Other sources of revenue:
Gain (loss) on derivatives44,640 719,964 (193,629)41,045 
Other revenues8,979 79 13,752 3,554 
Total other sources of revenue53,619 720,043 (179,877)44,599 
Total operating revenues$1,809,940 $2,557,719 $5,188,676 $4,297,569 

(a)For revenue from contracts with customers for which the Company had satisfied its performance obligations and held an unconditional right to consideration, the Company recorded accounts receivable of $673.4 million and $1,159.0 million as of June 30, 2026 and December 31, 2025, respectively.
Summary of remaining performance obligations. The following table summarizes the transaction price allocated to the Company's remaining obligations on all contracts with fixed consideration as of June 30, 2026.

2026 (a)2027202820292030ThereafterTotal
(Thousands)
Upstream natural gas sales$6,863 $7,540 $— $— $— $— $14,403 
Gathering firm reservation fee revenue:
Third-party 47,078 86,260 86,260 86,260 86,260 288,112 680,230 
Affiliate 50,927 101,508 97,701 97,701 103,978 1,403,698 1,855,513 
Total98,005 187,768 183,961 183,961 190,238 1,691,810 2,535,743 
Gathering revenues from MVCs:
Third-party 51,765 96,926 87,901 74,032 63,236 140,649 514,509 
Affiliate 206,989 410,621 411,740 410,622 408,323 1,634,129 3,482,424 
Total258,754 507,547 499,641 484,654 471,559 1,774,778 3,996,933 
Transmission firm reservation fee revenue:
Third-party 90,284 178,467 172,539 169,923 166,411 662,365 1,439,989 
Affiliate 132,082 262,637 260,776 260,445 260,445 1,704,604 2,880,989 
Total222,366 441,104 433,315 430,368 426,856 2,366,969 4,320,978 
Total remaining performance obligations$585,988 $1,143,959 $1,116,917 $1,098,983 $1,088,653 $5,833,557 $10,868,057 

(a)July 1 through December 31.

As of June 30, 2026, based on total projected contractual revenues, the Company's firm gathering contracts had weighted average remaining terms of approximately 10 years for third-party contracts and 12 years for affiliate contracts.
As of June 30, 2026, based on total projected contractual revenues, the Company's firm transmission and storage contracts had weighted average remaining terms of approximately 10 years for third-party contracts and 12 years for affiliate contracts.