Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Segment Reporting Information, by Segment

The tables below show financial information by segment (in millions):


	For the Three Months Ended March 31, 2025
	Natural Gas		Natural Gas Liquids		Total
Revenues
Revenue from external customers	$	410.7	$	207.9	$	618.6
Intrasegment revenues	13.0		—		13.0
	$	423.7	$	207.9	$	631.6
Reconciliation of revenues:

Elimination of intrasegment revenues					(13.0)
Total consolidated revenues					$	618.6

Less:
Costs associated with service revenues	$	12.0	$	4.3
Costs associated with product sales	—		122.9
Operation and maintenance	47.8		10.4
Administrative and general	46.5		6.5
Taxes other than income taxes	28.9		3.4
Gain on sale of assets, impairments and other	(1.0)		—
Miscellaneous other income, net	(1.1)		(0.1)
Segment EBITDA	$	290.6	$	60.5	$	351.1

Reconciliation of profit or loss:


Depreciation and amortization					$	105.5
Interest expense					39.5
Interest income					(1.0)
Consolidated income before income taxes					$	207.1


	For the Three Months Ended March 31, 2024
	Natural Gas		Natural Gas Liquids		Total
Revenues
Revenue from external customers	$	373.3	$	137.2	$	510.5
Intrasegment revenues	12.4		—		12.4
	$	385.7	$	137.2	$	522.9
Reconciliation of revenues:
Elimination of intrasegment revenues					(12.4)
Total consolidated revenues					$	510.5

Less:
Costs associated with service revenues	$	10.0	$	4.7
Costs associated with product sales	—		63.8
Operation and maintenance	46.5		12.4
Administrative and general	47.2		7.0
Taxes other than income taxes	28.3		3.4
Gain on sale of assets, impairments and other	(7.7)		—
Miscellaneous other income, net	(2.9)		(0.1)
Segment EBITDA	$	264.3	$	46.0	$	310.3

Reconciliation of profit or loss:
Depreciation and amortization					$	105.5
Interest expense					43.3
Interest income					(3.7)
Consolidated income before income taxes					$	165.2

Segment assets include Property, plant, and equipment – net, Intangible assets – net of accumulated amortization and Goodwill. The following table reflects segment assets (in millions):


	Segment Assets
	As of March 31, 2025		As of December 31, 2024
Natural Gas	$	7,547.0	$	7,490.1
Natural Gas Liquids	1,510.9		1,628.7
Total Segment Assets	$	9,057.9	$	9,118.8

The following table reflects capital expenditures by segment (in millions):


	Capital Expenditures
	For the Three Months Ended March 31,
	2025		2024
Natural Gas	$	42.8	$	79.0
Natural Gas Liquids	8.8		18.3
Total	$	51.6	$	97.3