Revenues (Tables)

9 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

The following tables present the Company's revenues disaggregated by type of service by segment (in millions):


	For the Three Months Ended September 30, 2026
	Natural Gas		Natural Gas Liquids		Total
Revenues from Contracts with Customers
Firm Service (1)	$	372.6	$	154.3	$	526.9
Interruptible Service	15.5		—		15.5
Other revenues	27.7		32.7		60.4
Total Revenues from Contracts with Customers	415.8		187.0		602.8
Other operating revenues (2)	1.3		9.5		10.8
Total Operating Revenues	$	417.1	$	196.5	$	613.6

(1)Revenues earned from contracts with minimum volume commitments (MVCs) are included in firm service given the stand-ready nature of the performance obligation and the guaranteed nature of the fees over the contract term.

(2)Other operating revenues include certain revenues earned from operating leases, pipeline management fees and other activities that are not considered central and ongoing major business operations of the Company and do not represent revenues earned from contracts with customers.


	For the Three Months Ended September 30, 2025
	Natural Gas		Natural Gas Liquids		Total
Revenues from Contracts with Customers
Firm Service (1)	$	341.3	$	148.0	$	489.3
Interruptible Service	15.9		—		15.9
Other revenues	0.4		24.9		25.3
Total Revenues from Contracts with Customers	357.6		172.9		530.5
Other operating revenues (2)	1.1		9.3		10.4
Total Operating Revenues	$	358.7	$	182.2	$	540.9

(1)Revenues earned from contracts with MVCs are included in firm service given the stand-ready nature of the performance obligation and the guaranteed nature of the fees over the contract term.


	For the Nine Months Ended September 30, 2026
	Natural Gas		Natural Gas Liquids		Total
Revenues from Contracts with Customers
Firm Service (1)	$	1,134.6	$	417.5	$	1,552.1
Interruptible Service	57.2		—		57.2
Other revenues	49.3		117.7		167.0
Total Revenues from Contracts with Customers	1,241.1		535.2		1,776.3
Other operating revenues (2)	5.0		27.7		32.7
Total Operating Revenues	$	1,246.1	$	562.9	$	1,809.0

(1)Revenues earned from contracts with MVCs are included in firm service given the stand-ready nature of the performance obligation and the guaranteed nature of the fees over the contract term.


	For the Nine Months Ended September 30, 2025
	Natural Gas		Natural Gas Liquids		Total
Revenues from Contracts with Customers
Firm Service (1)	$	1,073.8	$	442.5	$	1,516.3
Interruptible Service	49.5		—		49.5
Other revenues	4.7		91.5		96.2
Total Revenues from Contracts with Customers	1,128.0		534.0		1,662.0
Other operating revenues (2)	3.8		27.7		31.5
Total Operating Revenues	$	1,131.8	$	561.7	$	1,693.5

(1)Revenues earned from contracts with MVCs are included in firm service given the stand-ready nature of the performance obligation and the guaranteed nature of the fees over the contract term.

Contract Liabilities

Significant changes in the contract liability balances during the nine months ended September 30, 2026, were as follows (in millions):


	Contract Liabilities
Balance as of December 31, 2025 (1)	$	19.1
Revenues recognized that were included in the contract liability balances at the beginning of the period	(4.0)
Increases due to cash received, excluding amounts recognized as revenues during the period	4.8
Balance as of September 30, 2026 (1)	$	19.9

(1)As of September 30, 2026, and December 31, 2025, $5.7 million and $3.9 million were recorded in Other Current Liabilities (current portion), and $14.2 million and $15.2 million were recorded in Other Liabilities (noncurrent portion).

Significant changes in the contract liability balances during the nine months ended September 30, 2025, were as follows (in millions):


	Contract Liabilities
Balance as of December 31, 2024 (1)	$	17.9
Revenues recognized that were included in the contract liability balances at the beginning of the period	(1.3)
Increases due to cash received, excluding amounts recognized as revenues during the period	0.5

Balance as of September 30, 2025 (1)	$	17.1

(1)As of September 30, 2025, and December 31, 2024, $1.6 million and $1.8 million were recorded in Other Current Liabilities (current portion), and $15.5 million and $16.1 million were recorded in Other Liabilities (noncurrent portion).

Remaining Performance Obligation

The following table includes estimated operating revenues expected to be recognized in the future related to agreements that contain performance obligations that were unsatisfied as of September 30, 2026. The amounts presented primarily consist of fixed fees or MVCs which are typically recognized over time as the performance obligation is satisfied, in accordance with firm service contracts, or at a point in time as guaranteed minimum fees associated with the performance obligation are satisfied under certain ethane supply contracts. For the Company's customers that are charged maximum tariff rates related to its Federal Energy Regulatory Commission regulated operating subsidiaries, the amounts below reflect the current tariff rate for such services for the term of the agreements; however, the tariff rates may be subject to future adjustments. The Company has elected to exclude the following from the table: (a) unsatisfied performance obligations from usage fees associated with its firm services because of the variable nature of such services; (b) unsatisfied performance obligations from the ethane commodity indexed portion of ethane supply contracts because of the variable nature of ethane prices; and (c) consideration in contracts that is recognized in revenue as invoiced, such as for interruptible services and retail sales of natural gas. The estimated revenues reflected in the table include estimated revenues that are anticipated under executed precedent or long-term firm transportation agreements for growth projects that are contingent upon, among other things, receipt of required regulatory approvals and permits and are subject to construction risk.


	In millions
	2026 (1)		2027		Thereafter		Total
Estimated revenues from contracts with customers from unsatisfied performance obligations as of September 30, 2026	$	447.5	$	1,566.5	$	18,208.0	$	20,222.0
Operating revenues which are fixed and determinable (operating leases)	7.0		28.5		109.0		144.5
Total projected operating revenues under committed firm agreements as of September 30, 2026 (2)	$	454.5	$	1,595.0	$	18,317.0	$	20,366.5

(1)The 2026 period is for the remaining three months ending December 31, 2026. For the nine months ended September 30, 2026, the Company recognized $1,266.7 million of fixed fee revenues for the fulfillment of performance obligations.

(2)The estimated revenues from contracts with customers from unsatisfied performance obligations as of September 30, 2026, that are anticipated under executed precedent or long-term firm transportation agreements associated with the Company's growth projects are $9.6 billion.