v3.26.1
Segment Data (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
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.