v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION
16. SEGMENT INFORMATION
The Company’s operating segments, which are equivalent to our reportable segments, have been identified based on their geographic location and reflect how the Company’s Chief Operating Decision Maker (“CODM”) assesses performance and allocates resources. The Company’s CODM, which is its Chief Executive Officer, primarily utilizes segment adjusted EBITDA as the key indicator in assessing the segment’s performance and allocating resources. Segment adjusted EBITDA is primarily used in the budgeting and forecasting process and the CODM regularly considers budget-to-actual variances when evaluating the performance of each segment and making decisions on the allocation of operating and capital resources to each individual segment.
•Rockies – Includes the Company’s midstream assets located in the Williston Basin and the DJ Basin.
•Permian – Includes the Company’s equity method investment in Double E.
•Mid-Con – Includes the Company’s midstream assets located in the Barnett Shale and the Arkoma Basin.
•Piceance – Includes the Company’s midstream assets located in the Piceance Basin.
The following tables provide information about the Company’s reportable segments (in thousands):
Rockies
Permian
Mid-Con
Piceance
Three Months Ended June 30, 2026
Revenues: (1)
Gathering services and related fees
$15,583 $— $34,057 $13,060 
Natural gas, NGLs and condensate sales79,716 — 3,950 450 
Other revenues
4,588 947 1,480 1,182 
Total revenues
$99,887 $947 $39,487 $14,692 
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing and other fees)
$64,686 $— $— $— 
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)
(15,594)— — — 
Employee costs
5,308 — 2,462 1,620 
Materials, parts and other operating expenses
6,102 — 4,683 1,573 
Indirect and passthrough (3)
6,056 — 10,221 2,258 
Other segment items (2)
2,970 (8,417)760 579 
Segment Adjusted EBITDA
$30,359 $9,364 $21,361 $8,662 
Rockies
Permian
Mid-Con
Piceance
Six Months Ended June 30, 2026
Revenues: (1)
Gathering services and related fees
$30,301 $— $65,642 $26,327 
Natural gas, NGLs and condensate sales149,497 — 7,245 1,025 
Other revenues
6,192 1,894 3,710 2,322 
Total revenues
$185,990 $1,894 $76,597 $29,674 
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing, and other fees)$119,537 $— $— $— 
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)
(31,073)— — — 
Employee costs
10,780 — 5,209 3,202 
Materials, parts, and other operating expenses11,585 — 8,839 2,650 
Indirect and passthrough (3)
11,964 — 20,360 4,439 
Other segment items (2)
6,463 (16,200)1,501 1,151 
Segment Adjusted EBITDA
$56,734 $18,094 $40,688 $18,232 
Rockies
Permian
Mid-Con
Piceance
Three Months Ended June 30, 2025
Revenues: (1)
Gathering services and related fees$16,303 $— $32,245 $15,634 
Natural gas, NGLs and condensate sales58,774 — 6,939 632 
Other revenues5,242 911 2,239 1,298 
Total revenues
$80,319 $911 $41,423 $17,564 
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing and other fees)$49,842 $— $95 $250 
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)(14,272)— — — 
Employee costs5,220 — 2,379 1,541 
Materials, parts and other operating expenses5,726 — 3,021 2,325 
Indirect and passthrough (3)
6,155 — 10,367 2,858 
Other segment items (2)
2,413 (7,389)661 116 
Segment Adjusted EBITDA$25,235 $8,300 $24,900 $10,474 
Rockies
Permian
Mid-Con
Piceance
Six Months Ended June 30, 2025
Revenues: (1)
Gathering services and related fees$32,348 $— $64,622 $31,377 
Natural gas, NGLs and condensate sales113,598 — 10,536 1,538 
Other revenues10,160 1,821 4,432 2,482 
Total revenues
$156,106 $1,821 $79,590 $35,397 
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing, and other fees)$98,264 $— $95 $542 
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)(27,552)— — — 
Employee costs9,429 — 4,884 3,121 
Materials, parts, and other operating expenses10,212 — 5,925 4,130 
Indirect and passthrough (3)
10,370 — 20,232 5,154 
Other segment items (2)
5,279 (14,749)1,097 190 
Segment Adjusted EBITDA$50,104 $16,570 $47,357 $22,260 
(1) The Company’s revenues are attributable solely to external customers located within the U.S.
(2) For the three and six months ended June 30, 2026 and 2025, other segment items consist primarily of the following:
•Rockies - includes general and administrative expenses, operations and maintenance expenses and adjustments related to capital reimbursement activity;
•Permian - includes general and administrative expenses and the Company’s proportional adjusted EBITDA from its equity method investment in Double E;
•Piceance - includes general and administrative expenses, operations and maintenance expenses and adjustments related to capital reimbursement activity;
•Mid-Con - includes general and administrative expenses, operations and maintenance expenses, adjustments related to capital reimbursement activity, the amortization expense associated with the Company’s favorable and unfavorable gas gathering contracts.
(3) Indirect and passthrough consist primarily of electricity expense incurred by the Company of which a portion is passed through to its customers.
Assets by reportable segment follow:
June 30, 2026December 31, 2025
(In thousands)
Assets (1):
Rockies$1,007,745 $983,074 
Permian279,368 283,090 
Mid-Con750,121 753,517 
Piceance329,429 341,957 
Total reportable segment assets
2,366,663 2,361,638 
Corporate and Other40,717 25,971 
Total assets
$2,407,380 $2,387,609 
(1) The Company’s long-lived assets are located within the U.S.
Depreciation and amortization, including the amortization expense associated with the Company’s favorable and unfavorable gas gathering contracts as reported in other revenues, by reportable segment follow:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(In thousands)
Depreciation and amortization:
Rockies$10,886 $10,711 $21,643 $20,464 
Permian— — — — 
Mid-Con (1)
8,996 8,634 17,978 16,692 
Piceance6,850 10,547 13,726 21,097 
Total reportable segment depreciation and amortization
26,732 29,892 53,347 58,253 
Corporate and Other353 397 681 788 
Total depreciation and amortization
$27,085 $30,289 $54,028 $59,041 
(1) Includes the amortization expense associated with the Company’s favorable and unfavorable gas gathering contracts as reported in Other revenues.
Cash paid for capital expenditures by reportable segment follow:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(In thousands)
Cash paid for capital expenditures:
Rockies$17,013 $10,848 $27,989 $22,321 
Mid-Con
6,807 14,504 14,127 21,726 
Piceance524 110 763 1,200 
Total reportable segment capital expenditures
24,344 25,462 42,879 45,247 
Corporate and Other649 928 1,391 1,749 
Total cash paid for capital expenditures
$24,993 $26,390 $44,270 $46,996 

For the purpose of evaluating segment performance, the Company excludes the effect of Corporate and Other revenues and expenses, such as certain general and administrative expenses (including compensation-related expenses and professional services fees), certain natural gas and crude oil marketing services, transaction costs, interest expense, and income tax expense or benefit from segment adjusted EBITDA.
A reconciliation of total of reportable segments’ measure of profit to income or loss before income taxes and income from equity method investees follow:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In thousands)
Reconciliation of segment adjusted EBITDA to income (loss) before income taxes:
Total segment adjusted EBITDA$69,746 $68,909 $133,748 $136,291 
Less:
Corporate and Other expense (1)
7,420 13,774 18,375 16,971 
Income from equity method investees(5,832)(4,802)(11,069)(9,642)
Interest expense27,403 23,864 52,416 46,401 
Depreciation and amortization (2)
27,085 30,289 54,028 59,041 
Proportional adjusted EBITDA for equity method investees8,465 7,444 16,336 14,848 
Adjustments related to capital reimbursement activity (3)
(2,830)(1,930)(5,655)(3,876)
Equity compensation2,298 2,362 5,334 4,737 
Gain (loss) on asset sales, net(26)— 3 — 
Loss on sale of business— — — 43 
Long-lived asset impairment— 71 — 71 
Transaction costs and other130 2,817 2,515 7,747 
Income (loss) before income taxes$5,633 $(4,980)$1,465 $(50)
(1)Corporate includes results that are not specifically attributable to a reportable segment or that have not been allocated to the Company’s reportable segments, including certain general and administrative expense items, transaction costs, acquisition integration costs, and interest expense. For the three and six months ended June 30, 2026, other expense consisted primarily of a gain on the fair value of interest rate swaps offset by a loss on the fair value remeasurement of the Tall Oak earn-out. For the three and six months ended June 30, 2025, other expense consisted primarily of a gain on the fair value remeasurement of the Tall Oak earn-out.
(2)Includes the amortization expense associated with the Company’s favorable gas gathering contracts as reported in other revenues.
(3)Contributions in aid of construction are recognized over the remaining term of the respective contract. The Company includes adjustments related to capital reimbursement activity in its calculation of segment adjusted EBITDA to account for revenue recognized from contributions in aid of construction.