| Reportable Segments The Company has two reportable segments, Natural Gas and Natural Gas Liquids, which comprise 100% of the Company's operating revenues. The CODM uses earnings before interest, income taxes, depreciation and amortization (EBITDA) to assess each of the Company's segments performance and to determine how to allocate resources. The CODM uses this measure, together with other non-financial measures, when assessing performance of the Company and establishing management's compensation. The Company provides segment expenses to its CODM on the same basis as the expenses are provided in the Company's income statement and used to calculate EBITDA. Refer to the Company's 2025 Annual Report on Form 10-K and Note 1 of this Quarterly Report on Form 10-Q for further information.
The tables below show financial information by segment (in millions):
| | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended September 30, 2026 | | | Natural Gas | | Natural Gas Liquids | | Total | | Revenue from external customers | | $ | 417.1 | | | $ | 196.5 | | | $ | 613.6 | | | | | | | | | | Less: | | | | | | | | Costs associated with service revenues | | $ | 1.9 | | | $ | 6.3 | | | | | Costs associated with product sales | | 37.7 | | | 114.3 | | | | | Operation and maintenance | | 72.3 | | | 13.8 | | | | | Administrative and general | | 55.1 | | | 7.3 | | | | | Taxes other than income taxes | | 32.5 | | | 3.3 | | | | | Loss on sale of assets, impairments and other | | 8.7 | | | 0.1 | | | | | Miscellaneous other income, net | | (1.8) | | | — | | | | | Segment EBITDA | | $ | 210.7 | | | $ | 51.4 | | | $ | 262.1 | | | | | | | | | | Reconciliation of profit or loss: | | | | | | | | | | | | | | | | | | | | | | Depreciation and amortization | | | | | | $ | 112.4 | | | Interest expense | | | | | | 34.9 | | | Interest income | | | | | | (0.9) | | | Consolidated income before income taxes | | | | | | $ | 115.7 | |
| | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended September 30, 2025 | | | Natural Gas | | Natural Gas Liquids | | Total | | Revenue from external customers | | $ | 358.7 | | | $ | 182.2 | | | $ | 540.9 | | | | | | | | | | Less: | | | | | | | | Costs associated with service revenues | | $ | 3.2 | | | $ | 5.2 | | | | | Costs associated with product sales | | — | | | 101.9 | | | | | Operation and maintenance | | 67.8 | | | 11.9 | | | | | Administrative and general | | 42.6 | | | 7.8 | | | | | Taxes other than income taxes | | 29.4 | | | 3.2 | | | | | Loss on sale of assets, impairments and other | | 0.2 | | | — | | | | | Miscellaneous other income, net | | (1.0) | | | — | | | | | Segment EBITDA | | $ | 216.5 | | | $ | 52.2 | | | $ | 268.7 | | | | | | | | | | Reconciliation of profit or loss: | | | | | | | | Depreciation and amortization | | | | | | $ | 106.2 | | | Interest expense | | | | | | 39.5 | | | Interest income | | | | | | (4.0) | | | Consolidated income before income taxes | | | | | | $ | 127.0 | |
| | | | | | | | | | | | | | | | | | | | | | | For the Nine Months Ended September 30, 2026 | | | Natural Gas | | Natural Gas Liquids | | Total | | Revenue from external customers | | $ | 1,246.1 | | | $ | 562.9 | | | $ | 1,809.0 | | | | | | | | | | Less: | | | | | | | | Costs associated with service revenues | | $ | 16.4 | | | $ | 16.1 | | | | | Costs associated with product sales | | 52.0 | | | 311.9 | | | | | Operation and maintenance | | 183.2 | | | 38.2 | | | | | Administrative and general | | 159.8 | | | 20.8 | | | | | Taxes other than income taxes | | 96.3 | | | 9.5 | | | | | Loss on sale of assets, impairments and other | | 8.4 | | | 0.1 | | | | | Miscellaneous other income, net | | (6.1) | | | (0.1) | | | | | Segment EBITDA | | $ | 736.1 | | | $ | 166.4 | | | $ | 902.5 | | | | | | | | | | Reconciliation of profit or loss: | | | | | | | | | | | | | | | | | | | | | | Depreciation and amortization | | | | | | $ | 333.8 | | | Interest expense | | | | | | 113.9 | | | Interest income | | | | | | (7.7) | | | Consolidated income before income taxes | | | | | | $ | 462.5 | |
| | | | | | | | | | | | | | | | | | | | | | | For the Nine Months Ended September 30, 2025 | | | Natural Gas | | Natural Gas Liquids | | Total | | Revenue from external customers | | $ | 1,131.8 | | | $ | 561.7 | | | $ | 1,693.5 | | | | | | | | | | Less: | | | | | | | | Costs associated with service revenues | | $ | 9.8 | | | $ | 13.8 | | | | | Costs associated with product sales | | — | | | 320.4 | | | | | Operation and maintenance | | 178.4 | | | 34.5 | | | | | Administrative and general | | 124.1 | | | 21.1 | | | | | Taxes other than income taxes | | 88.6 | | | 9.6 | | | | | Gain on sale of assets, impairments and other | | (0.7) | | | — | | | | | Miscellaneous other income, net | | (2.8) | | | — | | | | | Segment EBITDA | | $ | 734.4 | | | $ | 162.3 | | | $ | 896.7 | | | | | | | | | | Reconciliation of profit or loss: | | | | | | | | Depreciation and amortization | | | | | | $ | 330.6 | | | Interest expense | | | | | | 118.8 | | | Interest income | | | | | | (8.0) | | | Consolidated income before income taxes | | | | | | $ | 455.3 | |
Segment assets include Property, plant, and equipment – net, Intangible assets – net of accumulated amortization and Goodwill. The following table reflects segment assets (in millions): | | | | | | | | | | | | | As of September 30, 2026 | | As of December 31, 2025 | Natural Gas | $ | 8,014.4 | | | $ | 7,591.2 | | | Natural Gas Liquids | 1,448.9 | | | 1,483.8 | | Total Segment Assets | $ | 9,463.3 | | | $ | 9,075.0 | | | | | | | | | | | | | |
The following table reflects capital expenditures by segment (in millions): | | | | | | | | | | | | | For the Nine Months Ended September 30, | | 2026 | | 2025 | Natural Gas (1) | $ | 520.2 | | | $ | 198.7 | | | Natural Gas Liquids | 30.0 | | | 23.7 | | Total | $ | 550.2 | | | $ | 222.4 | |
(1)In the 2026 period, the Natural Gas segment also spent $205.7 million on the acquisition of Continuum.
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