| Reportable Segment Information |
The following tables show reportable segment information for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2026 |
|
|
|
Gathering and Processing |
|
|
Logistics and Transportation |
|
|
Total Reportable Segments |
|
|
Other |
|
|
Corporate
and
Eliminations |
|
|
Total |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of commodities |
|
$ |
310.8 |
|
|
$ |
3,179.0 |
|
|
$ |
3,489.8 |
|
|
$ |
103.1 |
|
|
$ |
— |
|
|
$ |
3,592.9 |
|
Fees from midstream services |
|
|
565.9 |
|
|
|
281.3 |
|
|
|
847.2 |
|
|
|
— |
|
|
|
— |
|
|
|
847.2 |
|
|
|
|
876.7 |
|
|
|
3,460.3 |
|
|
|
4,337.0 |
|
|
|
103.1 |
|
|
|
— |
|
|
|
4,440.1 |
|
Intersegment revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of commodities |
|
|
433.6 |
|
|
|
25.4 |
|
|
|
459.0 |
|
|
|
— |
|
|
|
(459.0 |
) |
|
|
— |
|
Fees from midstream services |
|
|
— |
|
|
|
10.3 |
|
|
|
10.3 |
|
|
|
— |
|
|
|
(10.3 |
) |
|
|
— |
|
|
|
|
433.6 |
|
|
|
35.7 |
|
|
|
469.3 |
|
|
|
— |
|
|
|
(469.3 |
) |
|
|
— |
|
Revenues |
|
$ |
1,310.3 |
|
|
$ |
3,496.0 |
|
|
$ |
4,806.3 |
|
|
$ |
103.1 |
|
|
$ |
(469.3 |
) |
|
$ |
4,440.1 |
|
Operating expenses |
|
$ |
240.9 |
|
|
$ |
114.3 |
|
|
$ |
355.2 |
|
|
$ |
— |
|
|
|
|
|
|
|
Other segment items (1) |
|
|
336.8 |
|
|
|
2,433.4 |
|
|
|
2,770.2 |
|
|
|
— |
|
|
|
|
|
|
|
Operating margin |
|
|
732.6 |
|
|
|
948.3 |
|
|
|
1,680.9 |
|
|
|
103.1 |
|
|
|
|
|
|
|
Other financial information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (2) |
|
$ |
17,550.7 |
|
|
$ |
10,649.6 |
|
|
$ |
28,200.3 |
|
|
$ |
0.9 |
|
|
$ |
313.9 |
|
|
$ |
28,515.1 |
|
Goodwill |
|
|
118.9 |
|
|
|
— |
|
|
|
118.9 |
|
|
|
— |
|
|
|
— |
|
|
|
118.9 |
|
Capital expenditures |
|
|
711.1 |
|
|
|
440.1 |
|
|
|
1,151.2 |
|
|
|
— |
|
|
|
13.2 |
|
|
|
1,164.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2025 |
|
|
|
Gathering and Processing |
|
|
Logistics and Transportation |
|
|
Total Reportable Segments |
|
|
Other |
|
|
Corporate
and
Eliminations |
|
|
Total |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of commodities |
|
$ |
203.3 |
|
|
$ |
3,152.5 |
|
|
$ |
3,355.8 |
|
|
$ |
280.5 |
|
|
$ |
— |
|
|
$ |
3,636.3 |
|
Fees from midstream services |
|
|
410.6 |
|
|
|
213.2 |
|
|
|
623.8 |
|
|
|
— |
|
|
|
— |
|
|
|
623.8 |
|
|
|
|
613.9 |
|
|
|
3,365.7 |
|
|
|
3,979.6 |
|
|
|
280.5 |
|
|
|
— |
|
|
|
4,260.1 |
|
Intersegment revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of commodities |
|
|
1,131.5 |
|
|
|
49.2 |
|
|
|
1,180.7 |
|
|
|
— |
|
|
|
(1,180.7 |
) |
|
|
— |
|
Fees from midstream services |
|
|
0.3 |
|
|
|
7.5 |
|
|
|
7.8 |
|
|
|
— |
|
|
|
(7.8 |
) |
|
|
— |
|
|
|
|
1,131.8 |
|
|
|
56.7 |
|
|
|
1,188.5 |
|
|
|
— |
|
|
|
(1,188.5 |
) |
|
|
— |
|
Revenues |
|
$ |
1,745.7 |
|
|
$ |
3,422.4 |
|
|
$ |
5,168.1 |
|
|
$ |
280.5 |
|
|
$ |
(1,188.5 |
) |
|
$ |
4,260.1 |
|
Operating expenses |
|
$ |
219.4 |
|
|
$ |
105.4 |
|
|
$ |
324.8 |
|
|
$ |
— |
|
|
|
|
|
|
|
Other segment items (1) |
|
|
938.7 |
|
|
|
2,684.6 |
|
|
|
3,623.3 |
|
|
|
— |
|
|
|
|
|
|
|
Operating margin |
|
|
587.6 |
|
|
|
632.4 |
|
|
|
1,220.0 |
|
|
|
280.5 |
|
|
|
|
|
|
|
Other financial information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (2) |
|
$ |
13,937.9 |
|
|
$ |
9,333.0 |
|
|
$ |
23,270.9 |
|
|
$ |
0.1 |
|
|
$ |
241.8 |
|
|
$ |
23,512.8 |
|
Goodwill |
|
|
45.2 |
|
|
|
— |
|
|
|
45.2 |
|
|
|
— |
|
|
|
— |
|
|
|
45.2 |
|
Capital expenditures |
|
|
461.0 |
|
|
|
421.8 |
|
|
|
882.8 |
|
|
|
— |
|
|
|
9.7 |
|
|
|
892.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2026 |
|
|
|
Gathering and Processing |
|
|
Logistics and Transportation |
|
|
Total Reportable Segments |
|
|
Other |
|
|
Corporate
and
Eliminations |
|
|
Total |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of commodities |
|
$ |
596.4 |
|
|
$ |
6,348.3 |
|
|
$ |
6,944.7 |
|
|
$ |
(7.2 |
) |
|
$ |
— |
|
|
$ |
6,937.5 |
|
Fees from midstream services |
|
|
1,140.4 |
|
|
|
456.9 |
|
|
|
1,597.3 |
|
|
|
— |
|
|
|
— |
|
|
|
1,597.3 |
|
|
|
|
1,736.8 |
|
|
|
6,805.2 |
|
|
|
8,542.0 |
|
|
|
(7.2 |
) |
|
|
— |
|
|
|
8,534.8 |
|
Intersegment revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of commodities |
|
|
1,351.9 |
|
|
|
82.5 |
|
|
|
1,434.4 |
|
|
|
— |
|
|
|
(1,434.4 |
) |
|
|
— |
|
Fees from midstream services |
|
|
(0.9 |
) |
|
|
19.5 |
|
|
|
18.6 |
|
|
|
— |
|
|
|
(18.6 |
) |
|
|
— |
|
|
|
|
1,351.0 |
|
|
|
102.0 |
|
|
|
1,453.0 |
|
|
|
— |
|
|
|
(1,453.0 |
) |
|
|
— |
|
Revenues |
|
$ |
3,087.8 |
|
|
$ |
6,907.2 |
|
|
$ |
9,995.0 |
|
|
$ |
(7.2 |
) |
|
$ |
(1,453.0 |
) |
|
$ |
8,534.8 |
|
Operating expenses |
|
$ |
474.5 |
|
|
$ |
214.5 |
|
|
$ |
689.0 |
|
|
$ |
— |
|
|
|
|
|
|
|
Other segment items (1) |
|
|
1,177.2 |
|
|
|
4,971.1 |
|
|
|
6,148.3 |
|
|
|
— |
|
|
|
|
|
|
|
Operating margin |
|
|
1,436.1 |
|
|
|
1,721.6 |
|
|
|
3,157.7 |
|
|
|
(7.2 |
) |
|
|
|
|
|
|
Other financial information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (2) |
|
$ |
17,550.7 |
|
|
$ |
10,649.6 |
|
|
$ |
28,200.3 |
|
|
$ |
0.9 |
|
|
$ |
313.9 |
|
|
$ |
28,515.1 |
|
Goodwill |
|
|
118.9 |
|
|
|
— |
|
|
|
118.9 |
|
|
|
— |
|
|
|
— |
|
|
|
118.9 |
|
Capital expenditures |
|
|
1,292.9 |
|
|
|
798.8 |
|
|
|
2,091.7 |
|
|
|
— |
|
|
|
21.0 |
|
|
|
2,112.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2025 |
|
|
|
Gathering and Processing |
|
|
Logistics and Transportation |
|
|
Total Reportable Segments |
|
|
Other |
|
|
Corporate
and
Eliminations |
|
|
Total |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of commodities |
|
$ |
404.0 |
|
|
$ |
7,085.0 |
|
|
$ |
7,489.0 |
|
|
$ |
31.7 |
|
|
$ |
— |
|
|
$ |
7,520.7 |
|
Fees from midstream services |
|
|
885.7 |
|
|
|
415.2 |
|
|
|
1,300.9 |
|
|
|
— |
|
|
|
— |
|
|
|
1,300.9 |
|
|
|
|
1,289.7 |
|
|
|
7,500.2 |
|
|
|
8,789.9 |
|
|
|
31.7 |
|
|
|
— |
|
|
|
8,821.6 |
|
Intersegment revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of commodities |
|
|
2,648.5 |
|
|
|
108.6 |
|
|
|
2,757.1 |
|
|
|
— |
|
|
|
(2,757.1 |
) |
|
|
— |
|
Fees from midstream services |
|
|
0.5 |
|
|
|
14.6 |
|
|
|
15.1 |
|
|
|
— |
|
|
|
(15.1 |
) |
|
|
— |
|
|
|
|
2,649.0 |
|
|
|
123.2 |
|
|
|
2,772.2 |
|
|
|
— |
|
|
|
(2,772.2 |
) |
|
|
— |
|
Revenues |
|
$ |
3,938.7 |
|
|
$ |
7,623.4 |
|
|
$ |
11,562.1 |
|
|
$ |
31.7 |
|
|
$ |
(2,772.2 |
) |
|
$ |
8,821.6 |
|
Operating expenses |
|
$ |
427.6 |
|
|
$ |
200.9 |
|
|
$ |
628.5 |
|
|
$ |
— |
|
|
|
|
|
|
|
Other segment items (1) |
|
|
2,321.3 |
|
|
|
6,143.4 |
|
|
|
8,464.7 |
|
|
|
— |
|
|
|
|
|
|
|
Operating margin |
|
|
1,189.8 |
|
|
|
1,279.1 |
|
|
|
2,468.9 |
|
|
|
31.7 |
|
|
|
|
|
|
|
Other financial information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (2) |
|
$ |
13,937.9 |
|
|
$ |
9,333.0 |
|
|
$ |
23,270.9 |
|
|
$ |
0.1 |
|
|
$ |
241.8 |
|
|
$ |
23,512.8 |
|
Goodwill |
|
|
45.2 |
|
|
|
— |
|
|
|
45.2 |
|
|
|
— |
|
|
|
— |
|
|
|
45.2 |
|
Capital expenditures |
|
|
894.2 |
|
|
|
596.5 |
|
|
|
1,490.7 |
|
|
|
— |
|
|
|
20.1 |
|
|
|
1,510.8 |
|
(1)“Other segment items” represents Product purchases and fuel. (2)Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.
|
| Revenues Disaggregated by Product and Service |
The following table shows our consolidated revenues disaggregated by product and service for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Sales of commodities: |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue recognized from contracts with customers: |
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas |
|
$ |
(312.6 |
) |
|
$ |
458.2 |
|
|
$ |
161.1 |
|
|
$ |
1,140.1 |
|
NGL |
|
|
3,759.8 |
|
|
|
2,832.9 |
|
|
|
6,742.6 |
|
|
|
6,209.7 |
|
Condensate and crude oil |
|
|
203.5 |
|
|
|
111.3 |
|
|
|
335.3 |
|
|
|
228.3 |
|
|
|
|
3,650.7 |
|
|
|
3,402.4 |
|
|
|
7,239.0 |
|
|
|
7,578.1 |
|
Non-customer revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative activities - Hedge |
|
|
10.3 |
|
|
|
27.7 |
|
|
|
10.1 |
|
|
|
21.6 |
|
Derivative activities - Non-hedge (1) |
|
|
(68.1 |
) |
|
|
206.2 |
|
|
|
(311.6 |
) |
|
|
(79.0 |
) |
|
|
|
(57.8 |
) |
|
|
233.9 |
|
|
|
(301.5 |
) |
|
|
(57.4 |
) |
Total sales of commodities |
|
|
3,592.9 |
|
|
|
3,636.3 |
|
|
|
6,937.5 |
|
|
|
7,520.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees from midstream services: |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue recognized from contracts with customers: |
|
|
|
|
|
|
|
|
|
|
|
|
Gathering and processing |
|
|
553.0 |
|
|
|
403.7 |
|
|
|
1,112.7 |
|
|
|
872.7 |
|
NGL transportation, fractionation and services |
|
120.6 |
|
|
|
78.4 |
|
|
|
189.1 |
|
|
|
151.6 |
|
Storage, terminaling and export |
|
|
162.2 |
|
|
|
125.7 |
|
|
|
285.3 |
|
|
|
261.1 |
|
Other |
|
|
11.4 |
|
|
|
16.0 |
|
|
|
10.2 |
|
|
|
15.5 |
|
Total fees from midstream services |
|
|
847.2 |
|
|
|
623.8 |
|
|
|
1,597.3 |
|
|
|
1,300.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
$ |
4,440.1 |
|
|
$ |
4,260.1 |
|
|
$ |
8,534.8 |
|
|
$ |
8,821.6 |
|
(1)Represents derivative activities that are not designated as hedging instruments under ASC 815.
|