v3.26.1
SEGMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting
The following tables present the Segment Adjusted EBITDA of the Company’s reportable segments and reconciliations of the segment profits to consolidated income before income tax expenses for the three months ended June 30, 2026 and 2025:
Midstream LogisticsPipeline Transportation
Corporate and Other(1)
Elimination
Consolidated
For the three months ended June 30, 2026
(In thousands)
Revenue$575,599 $2,092 $— $— $577,691 
Other revenue3,737 12 — — 3,749 
Intersegment revenue(2)
— 6,556 — (6,556)— 
Total segment operating revenue579,336 8,660 — (6,556)581,440 
Costs of sales (excluding depreciation and amortization)
(238,087)495 — — (237,592)
Intersegment costs of sales
(6,556)— — 6,556 — 
Operating expenses(3)
(79,512)(803)— — (80,315)
General and administrative expenses(4,509)(229)(21,523)— (26,261)
Proportionate EMI EBITDA— 74,878 — — 74,878 
Other segment items(4)
(45,906)— 14,540 — (31,366)
Segment Adjusted EBITDA(5)
$204,766 $83,001 $(6,983)$— $280,784 
Reconciliation of Segment Adjusted EBITDA to income (loss) before income taxes
Segment Adjusted EBITDA(5)
$204,766 $83,001 $(6,983)$— $280,784 
Add back:
Other interest income— — 297 — 297 
Gain on disposal of assets, net
36 — — — 36 
Commodity hedging unrealized gain49,598 — — — 49,598 
Equity in earnings of unconsolidated affiliates— 57,383 — — 57,383 
Deduct:
Interest expense55 — 54,066 — 54,121 
Depreciation and amortization expenses100,994 2,331 6 — 103,331 
Contract assets amortization
2,054 — — — 2,054 
Proportionate EMI EBITDA— 74,878 — — 74,878 
Share-based compensation
— — 9,064 — 9,064 
Litigation costs— — 5,375 — 5,375 
Other one-time costs or amortization1,638 — 101 — 1,739 
Income (loss) before income taxes
$149,659 $63,175 $(75,298)$— $137,536 
Midstream LogisticsPipeline Transportation
Corporate and Other(1)
EliminationConsolidated
For the three months ended June 30, 2025
(In thousands)
Revenue$421,813 $2,431 $— $— $424,244 
Other revenue2,492 2 — — 2,494 
Intersegment revenue(2)
— 7,674 — (7,674)— 
Total segment operating revenue424,305 10,107 — (7,674)426,738 
Costs of sales (excluding depreciation and amortization)
(156,263)(434)— — (156,697)
Intersegment costs of sales
(7,674)— — 7,674 — 
Operating expenses(3)
(73,888)(716)— — (74,604)
General and administrative expenses(4,996)(288)(18,960)— (24,244)
Proportionate EMI EBITDA— 88,100 — — 88,100 
Other segment items(4)
(30,277)— 13,917 — (16,360)
Segment Adjusted EBITDA(5)
$151,207 $96,769 $(5,043)$— $242,933 
Reconciliation of Segment Adjusted EBITDA to income (loss) before income taxes
Segment Adjusted EBITDA(5)
$151,207 $96,769 $(5,043)$— $242,933 
Add back:
Other interest income— — 318 — 318 
Gain on disposal of assets, net
25 — — — 25 
Commodity hedging unrealized gain37,743 — — — 37,743 
Equity in earnings of unconsolidated affiliates— 58,705 — — 58,705 
Deduct:
Interest expense32 — 56,482 — 56,514 
Depreciation and amortization expenses91,449 2,309 5 — 93,763 
Contract assets amortization1,655 — — — 1,655 
Proportionate EMI EBITDA— 88,100 — — 88,100 
Share-based compensation— — 9,695 — 9,695 
Loss on debt extinguishment— — 635 — 635 
Integration costs1,972 — 461 — 2,433 
Litigation costs— — 2,381 — 2,381 
Other one-time costs or amortization1,425 — 1,380 — 2,805 
Income (loss) before income taxes$92,442 $65,065 $(75,764)$— $81,743 
Midstream LogisticsPipeline Transportation
Corporate and Other(1)
Elimination
Consolidated
For the six months ended June 30, 2026
(In thousands)
Revenue$979,319 $4,377 $— $— $983,696 
Other revenue7,698 22 — — 7,720 
Intersegment revenue(2)
— 13,380 — (13,380)— 
Total segment operating revenue987,017 17,779 — (13,380)991,416 
Costs of sales (excluding depreciation and amortization expense)
(426,674)358 — — (426,316)
Intersegment costs of sales
(13,380)— — 13,380 — 
Operating expenses(3)
(157,814)(1,577)— — (159,391)
General and administrative expenses(10,019)(489)(59,953)— (70,461)
Proportionate EMI EBITDA— 144,907 — — 144,907 
Other segment items(4)
4,557 — 47,272 — 51,829 
Segment Adjusted EBITDA(5)
$383,687 $160,978 $(12,681)$— $531,984 
Reconciliation of Segment Adjusted EBITDA to income (loss) before income taxes
Segment Adjusted EBITDA(5)
$383,687 $160,978 $(12,681)$— $531,984 
Add back:
Other interest income— — 464 — 464 
Gain on disposal of assets, net
55 — — — 55 
Commodity hedging unrealized gain
2,611 — — — 2,611 
Equity in earnings of unconsolidated affiliates— 108,571 — — 108,571 
Deduct:
Interest expense103 — 107,438 — 107,541 
Depreciation and amortization expenses200,492 4,660 12 — 205,164 
Contract assets amortization
4,004 — — — 4,004 
Proportionate EMI EBITDA— 144,907 — — 144,907 
Share-based compensation
— — 29,727 — 29,727 
Integration costs— — 368 — 368 
Litigation costs— — 16,988 — 16,988 
Other one-time costs or amortization3,164 — 189 — 3,353 
Income (loss) before income taxes
$178,590 $119,982 $(166,939)$— $131,633 
Midstream LogisticsPipeline Transportation
Corporate and Other(1)
Elimination
Consolidated
For the six months ended June 30, 2025
(In thousands)
Revenue$859,838 $4,837 $— $— $864,675 
Other revenue5,322 4 — — 5,326 
Intersegment revenue(2)
— 12,478 — (12,478)— 
Total segment operating revenue865,160 17,319 — (12,478)870,001 
Costs of sales (excluding depreciation and amortization expense)
(379,623)(438)— — (380,061)
Intersegment costs of sales
(12,478)— — 12,478 — 
Operating expenses(3)
(143,797)(1,201)— — (144,998)
General and administrative expenses(12,121)(660)(49,055)— (61,836)
Proportionate EMI EBITDA— 175,630 — — 175,630 
Other segment items(4)
(5,736)— 39,950 — 34,214 
Segment Adjusted EBITDA(5)
$311,405 $190,650 $(9,105)$— $492,950 
Reconciliation of Segment Adjusted EBITDA to income (loss) before income taxes
Segment Adjusted EBITDA(5)
$311,405 $190,650 $(9,105)$— $492,950 
Add back:
Other interest income— — 1,108 — 1,108 
Commodity hedging unrealized gain19,616 — — — 19,616 
Gain on sale of equity method investment65 — — — 65 
Equity in earnings of unconsolidated affiliates— 116,183 — — 116,183 
Deduct:
Interest expense60 — 112,168 — 112,228 
Depreciation and amortization expenses181,808 4,616 12 — 186,436 
Contract assets amortization
3,310 — — — 3,310 
Proportionate EMI EBITDA— 175,630 — — 175,630 
Share-based compensation
— — 30,348 — 30,348 
Loss on debt extinguishment— — 635 — 635 
Integration costs4,447 — 1,524 — 5,971 
Litigation costs— — 5,396 — 5,396 
Other one-time costs or amortization3,714 — 2,682 — 6,396 
Income (loss) before income taxes
$137,747 $126,587 $(160,762)$— $103,572 
(1)Corporate and Other represents those results that: (i) are not specifically attributable to an operating segment; (ii) are not individually reportable or (iii) have not been allocated to a reportable segment for the purpose of evaluating their performance, including certain general and administrative expense items. Items are included here to reconcile the operating segments’ profit and loss with the Company’s consolidated results.
(2)The Company accounts for intersegment sales at market prices, while it accounts for asset transfers at book value. Intersegment revenue is eliminated at consolidation.
(3)Operating expenses include ad valorem taxes.
(4)Other segment items include certain other income items, share-based compensation, adjustments related to amortization of contract costs, commodity hedging unrealized gain or loss, integration costs, litigation costs and other one-time costs or amortization.
(5)Segment Adjusted EBITDA is a non-GAAP measure; please see Key Performance Metrics in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form 10-Q, for a definition and reconciliation to the GAAP measure.
The following tables present other segment expenses that are not included in the segment profit measurements above for the three and six months ended June 30, 2026 and 2025:
Midstream Logistics Pipeline Transportation
Corporate and Other (1)
Consolidated
For the three months ended June 30, 2026
(In thousands)
Income tax benefit
$— $— $14,423 $14,423 
Capital expenditure
$107,135 $3,340 $— $110,475 
For the three months ended June 30, 2025
Income tax expense$— $— $7,327 $7,327 
Capital expenditure(2)(3)
$135,931 $1 $— $135,932 

Midstream Logistics Pipeline Transportation
Corporate and Other (1)
Consolidated
For the six months ended June 30, 2026
(In thousands)
Income tax benefit
$— $— $13,645 $13,645 
Capital expenditure
$199,709 $4,650 $— $204,359 
For the six months ended June 30, 2025
Income tax expense$— $— $9,894 $9,894 
Capital expenditure(2)(3)
$217,164 $243 $— $217,407 

June 30,December 31,
20262025
Total assets:
(In thousands)
Midstream Logistics(4)
$4,739,727 $4,714,723 
Pipeline Transportation(5)
2,131,855 2,153,280 
Segment total assets6,871,582 6,868,003 
Corporate and other(1)
330,888 227,608 
Total assets$7,202,470 $7,095,611 
(1)Corporate and Other activities represent those results that: (i) are not specifically attributable to an operating segment; (ii) are not individually reportable or (iii) have not been allocated to a reportable segment for the purpose of evaluating their performance, including certain general and administrative expense items. Items are included here to reconcile the operating segments’ profit and loss with the Company’s consolidated results.
(2)Excludes capital assets acquired in business combinations that are included in the Midstream Logistics segment. See Note 2—Business Combinations in the Notes to our Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for additional information.
(3)Excludes contributions or acquisitions made in the Company’s EMIs that are included in the Pipeline Transportation segment. See Note 6—Equity Method Investments in the Notes to our Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for additional information.
(4)Midstream Logistics segment included goodwill of $5.1 million as of June 30, 2026 and December 31, 2025.
(5)The Pipeline Transportation segment includes investments in unconsolidated affiliates of $1.99 billion and $2.01 billion as of June 30, 2026 and December 31, 2025, respectively.