Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Segment Reporting Information, by Segment

Financial information by segment (in millions):


	For the Year Ended December 31, 2025
	Natural Gas		Natural Gas Liquids		Total
Revenues
Revenue from external customers	$	1,540.8	$	765.0	$	2,305.8
Intrasegment revenues	50.7		—		50.7
	$	1,591.5	$	765.0	$	2,356.5
Reconciliation of revenues:

Elimination of intrasegment revenues					(50.7)
Total consolidated revenues					$	2,305.8

Less:
Costs associated with service revenues	$	48.5	$	19.3
Costs associated with product sales	—		441.0
Operation and maintenance	273.6		48.3
Administrative and general	188.7		28.4
Taxes other than income taxes	117.3		12.4
Loss on sale of assets, impairments and other	0.2		—
Miscellaneous other income, net	(3.9)		—
Segment EBITDA	$	967.1	$	215.6	$	1,182.7

Reconciliation of profit or loss:


Depreciation and amortization					$	438.9
Interest expense					161.2
Interest income					(13.8)
Consolidated income before income taxes					$	596.4


	For the Year Ended December 31, 2024
	Natural Gas		Natural Gas Liquids		Total
Revenues
Revenue from external customers	$	1,392.7	$	635.4	$	2,028.1
Intrasegment revenues	49.4		—		49.4
	$	1,442.1	$	635.4	$	2,077.5
Reconciliation of revenues:
Elimination of intrasegment revenues					(49.4)
Total consolidated revenues					$	2,028.1

Less:
Costs associated with service revenues	$	41.1	$	19.0
Costs associated with product sales	—		303.5
Operation and maintenance	253.1		57.2
Administrative and general	176.9		27.6
Taxes other than income taxes	109.0		13.1
(Gain) loss on sale of assets, impairments and other	(6.6)		1.1
Miscellaneous other income, net	(6.1)		—
Segment EBITDA	$	874.7	$	213.9	$	1,088.6

Reconciliation of profit or loss:
Depreciation and amortization					$	424.8
Interest expense					182.9
Interest income					(31.1)
Consolidated income before income taxes					$	512.0


	For the Year Ended December 31, 2023
	Natural Gas		Natural Gas Liquids		Total
Revenues
Revenue from external customers	$	1,284.7	$	333.0	$	1,617.7
Intrasegment revenues	30.0		—		30.0
	$	1,314.7	$	333.0	$	1,647.7
Reconciliation of revenues:
Elimination of intrasegment revenues					(30.0)
Total consolidated revenues					$	1,617.7

Less:
Costs associated with service revenues	$	37.1	$	15.3
Costs associated with product sales	—		87.8
Operation and maintenance	229.1		51.9
Administrative and general	151.7		24.1
Taxes other than income taxes	106.1		9.4
Loss on sale of assets, impairments and other	0.3		—
Miscellaneous other income, net	(4.0)		(0.1)
Segment EBITDA	$	794.4	$	144.6	$	939.0

Reconciliation of profit or loss:
Depreciation and amortization					$	408.7
Interest expense					155.6
Interest income					(12.1)
Consolidated income before income taxes					$	386.8

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


	For the Year Ended December 31,
	2025		2024		2023
Natural Gas	$	320.3	$	340.6	$	321.5
Natural Gas Liquids	33.6		51.8		60.9
Total	$	353.9	$	392.4	$	382.4

Reconciliation of Assets from Segment to Consolidated

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


	As of December 31,
	2025		2024
Natural Gas	$	7,591.2	$	7,490.1
Natural Gas Liquids	1,483.8		1,628.7
Total Segment Assets	9,075.0		9,118.8
Total current assets	1,179.7		401.1
Gas stored underground and Other assets	258.7		259.5
Total Assets	$	10,513.4	$	9,779.4