v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Operating revenues:        
Total revenues $ 581,440 $ 426,738 $ 991,416 $ 870,001
Operating costs and expenses:        
Costs of sales (excluding depreciation and amortization) [1],[2] 237,592 156,697 426,316 380,061
Operating expenses 71,922 68,045 142,223 131,648
Ad valorem taxes 8,393 6,559 17,168 13,350
General and administrative expenses 26,261 24,244 70,461 61,836
Depreciation and amortization expenses 103,331 93,763 205,164 186,436
Gain on disposal of assets, net (36) (25) (55) (65)
Total operating costs and expenses 447,463 349,283 861,277 773,266
Operating income 133,977 77,455 130,139 96,735
Other income (expense):        
Interest and other income 297 2,732 464 3,517
Loss on debt extinguishment 0 (635) 0 (635)
Interest expense (54,121) (56,514) (107,541) (112,228)
Equity in earnings of unconsolidated affiliates 57,383 58,705 108,571 116,183
Total other income, net 3,559 4,288 1,494 6,837
Income before income taxes 137,536 81,743 131,633 103,572
Income tax expense 14,423 7,327 13,645 9,894
Net income including noncontrolling interest 123,113 74,416 117,988 93,678
Net income attributable to Common Unit limited partners 73,574 50,771 70,116 63,903
Net income attributable to holders of Class A Common Stock $ 49,539 $ 23,645 $ 47,872 $ 29,775
Net income attributable to holders of Class A Common Stock, per share        
Basic (in USD per share) $ 0.65 $ 0.33 $ 0.62 $ 0.38
Diluted (in USD per share) $ 0.64 $ 0.33 $ 0.61 $ 0.38
Weighted-average shares        
Basic (in shares) 75,138 61,721 70,550 60,946
Diluted (in shares) 75,812 62,228 71,449 61,693
Service revenue        
Operating revenues:        
Total revenues $ 86,891 $ 112,654 $ 180,663 $ 240,580
Product revenue        
Operating revenues:        
Total revenues 490,800 311,590 803,033 624,095
Other revenue        
Operating revenues:        
Total revenues $ 3,749 $ 2,494 $ 7,720 $ 5,326
[1] Costs of sales (excluding depreciation and amortization) is net of gas service revenues totaling $110.6 million and $73.6 million for the three months ended June 30, 2026 and 2025, respectively, and $212.8 million and $135.8 million for the six months ended June 30, 2026 and 2025, respectively, for certain volumes where we function as principal.
[2] Includes amounts associated with related parties of $8.2 million and $7.0 million for the three months ended June 30, 2026 and 2025, respectively, and $15.4 million and $11.7 million for the six months ended June 30, 2026 and 2025, respectively.