v3.26.1
Segment Data
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Data Segment Data
We review operating results in four reportable segments: (i) gathering and processing; (ii) wholesale marketing and terminalling; (iii) storage and transportation; and (iv) investment in pipeline joint ventures. Operations that are not specifically included in the reportable segments are included in corporate and other. The Partnership defines its segments based on how internally reported financial information is regularly reviewed by its chief operating decision maker ("CODM") to analyze financial performance, make decisions and allocate resources.
The CODM is the President of the Partnership. The CODM evaluates performance based on segment EBITDA for planning and forecasting purposes. The CODM considers budget to actual variances on a monthly basis when making decisions about allocation of operating and capital resources to each segment. Segment EBITDA is an important measure used by management to evaluate the financial performance of our core operations. We define segment EBITDA as net income before net interest expense, income taxes, depreciation, amortization, and proportional interest, taxes, depreciation and amortization of equity method investments. Segment data for prior periods has been restated and is consistent with the current year presentation. A reconciliation of segment EBITDA to net income is included in the tables below.
Assets by segment is not a measure used to assess the performance of the Partnership by the CODM and thus is not disclosed.
The following table summarizes segment operating results, as measured by segment EBITDA, for the periods presented:
Three Months Ended June 30, 2026
Gathering and Processing
Wholesale Marketing and Terminalling
Storage and Transportation
Investments in Pipeline Joint Ventures
Total
Net revenues:
Affiliate (1)
$
63,137 
$
115,853 
$
25,774 
$
— 
$
204,764 
Third party
132,002 
46,875 
1,119 
— 
179,996 
Total revenue
195,139 
162,728 
26,893 
— 
384,760 
Cost of materials and other
71,939 
151,562 
13,934 
— 
237,435 
Operating expenses
29,739 
2,551 
5,377 
— 
37,667 
Proportional EBITDA from equity method investments
— 
— 
— 
(20,710)
(20,710)
Other segment items (2)
75 
5 
(29)
— 
51 
Segment EBITDA
93,386 
8,610 
7,611 
20,710 
130,317 
Reconciling items to consolidated net income before income taxes:
Corporate expenses and other
10,277 
Proportional interest, taxes, depreciation and amortization from equity-method investments
6,219 
Depreciation and amortization
37,405 
Interest income
(22,545)
Interest expense
70,090 
Income tax expense
— 
Net income
$
28,871 
Three Months Ended June 30, 2025
Gathering and Processing
Wholesale Marketing and Terminalling
Storage and Transportation
Investments in Pipeline Joint Ventures
Total
Net revenues:
Affiliate (1)
$
39,098 
$
52,367 
$
22,618 
$
— 
$
114,083 
Third party
78,669 
52,248 
1,350 
— 
132,267 
Total revenue
117,767 
104,615 
23,968 
— 
246,350 
Cost of materials and other
21,748 
84,496 
13,090 
— 
119,334 
Operating expenses
31,516 
1,171 
3,794 
— 
36,481 
Proportional EBITDA from equity method investments
— 
— 
— 
(17,041)
(17,041)
Other segment items (1)
556 
9 
57 
— 
622 
Segment EBITDA
63,947 
18,939 
7,027 
17,041 
106,954 
Reconciling items to consolidated net income before income taxes:
Corporate expenses and other
10,360 
Proportional interest, taxes, depreciation and amortization from equity-method investments
6,505 
Depreciation and amortization
27,097 
Interest income
(23,538)
Interest expense
41,711 
Income tax expense
245 
Net income
$
44,574 
Six Months Ended June 30, 2026
Gathering and Processing
Wholesale Marketing and Terminalling
Storage and Transportation
Investments in Pipeline Joint Ventures
Total
Net revenues:
Affiliate
$
112,383 
$
209,779 
$
49,292 
$
— 
$
371,454 
Third party
237,432 
70,745 
2,595 
— 
310,772 
Total revenue
349,815 
280,524 
51,887 
— 
682,226 
Cost of materials and other
122,240 
256,694 
27,072 
— 
406,006 
Operating expenses
62,178 
5,423 
11,503 
— 
79,104 
Proportional EBITDA from equity method investments
— 
— 
— 
(39,029)
(39,029)
Other segment items (1)
1,391 
35 
(54)
— 
1,372 
Segment EBITDA
$
164,006 
$
18,372 
$
13,366 
$
39,029 
234,773 
Reconciling items to consolidated net income before income taxes:
Corporate expenses and other
19,877 
Proportional interest, taxes, depreciation and amortization from equity-method investments
12,915 
Depreciation and amortization
73,906 
Interest income
(54,830)
Interest expense
121,682 
Income tax expense
— 
Net income
$
61,223 
Six Months Ended June 30, 2025
Gathering and Processing
Wholesale Marketing and Terminalling
Storage and Transportation
Investments in Pipeline Joint Ventures
Total
Net revenues:
Affiliate
$
77,665 
$
117,075 
$
45,664 
$
— 
$
240,404 
Third party
158,705 
94,239 
2,932 
— 
255,876 
Total revenue
236,370 
211,314 
48,596 
— 
496,280 
Cost of materials and other
46,092 
174,149 
28,117 
— 
248,358 
Operating expenses
62,097 
4,970 
8,955 
— 
76,022 
Proportional EBITDA from equity method investments
— 
— 
— 
(33,856)
(33,856)
Other segment items (1)
(3,705)
19 
83 
— 
(3,603)
Segment EBITDA
$
131,886 
$
32,176 
$
11,441 
$
33,856 
209,359 
Reconciling items to consolidated net income before income taxes:
Corporate expenses and other
20,614 
Proportional interest, taxes, depreciation and amortization from equity-method investments
13,170 
Depreciation and amortization
54,813 
Interest income
(46,085)
Interest expense
82,812 
Income tax expense
427 
Net income
$
83,608 
(1) Other segment items include general and administrative expense, other operating (income) loss and other income.
The following is a summary of other segment information for the periods presented:
Three Months Ended June 30, 2026
Gathering and Processing
Wholesale Marketing and Terminalling
Storage and Transportation
Investments in Pipeline Joint Ventures
Corporate and Other
Consolidated
Depreciation and amortization
$
33,870 
$
762 
$
2,000 
$
— 
$
773 
$
37,405 
Interest income
$
10,004 
$
4,089 
$
8,452 
$
— 
$
— 
$
22,545 
Capital spending (1)
$
59,623 
$
450 
$
801 
$
— 
$
— 
$
60,874 
Three Months Ended June 30, 2025
Gathering and Processing
Wholesale Marketing and Terminalling
Storage and Transportation
Investments in Pipeline Joint Ventures
Corporate and Other
Consolidated
Depreciation and amortization
$
24,085 
$
952 
$
1,301 
$
— 
$
759 
$
27,097 
Interest income
$
11,113 
$
4,109 
$
8,316 
$
— 
$
— 
$
23,538 
Capital spending (1)
$
117,218 
$
65 
$
1,906 
$
— 
$
— 
$
119,189 
Six Months Ended June 30, 2026
Gathering and Processing
Wholesale Marketing and Terminalling
Storage and Transportation
Investments in Pipeline Joint Ventures
Corporate and Other
Consolidated
Depreciation and amortization
$
67,111 
$
1,530 
$
3,725 
$
— 
$
1,540 
$
73,906 
Interest income
$
20,162 
$
8,106 
$
26,562 
$
— 
$
— 
$
54,830 
Capital spending (1)
$
109,142 
$
561 
$
996 
$
— 
$
— 
$
110,699 
Six Months Ended June 30, 2025
Gathering and Processing
Wholesale Marketing and Terminalling
Storage and Transportation
Investments in Pipeline Joint Ventures
Corporate and Other
Consolidated
Depreciation and amortization
$
48,808 
$
1,904 
$
2,582 
$
— 
$
1,519 
$
54,813 
Interest income
$
22,478 
$
8,270 
$
15,337 
$
— 
$
— 
$
46,085 
Capital spending (1)
$
188,529 
$
155 
$
2,448 
$
— 
$
— 
$
191,132 
(1) Capital spending includes additions on an accrual basis.