Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Reportable Segment Information

Reportable segment information is shown in the following tables:

	Three Months Ended March 31, 2023
	Gathering and Processing		Logistics and Transportation		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	287.9	$	3,561.3	$	175.8	$	—		$	4,025.0
Fees from midstream services		320.4		175.1		—		—			495.5
		608.3		3,736.4		175.8		—			4,520.5
Intersegment revenues
Sales of commodities		1,347.0		78.2		—		(1,425.2	)		—
Fees from midstream services		0.5		10.8		—		(11.3	)		—
		1,347.5		89.0		—		(1,436.5	)		—
Revenues	$	1,955.8	$	3,825.4	$	175.8	$	(1,436.5	)	$	4,520.5
Operating margin (1)	$	538.4	$	529.1	$	175.8
Other financial information:
Total assets (2)	$	12,199.9	$	6,558.4	$	4.2	$	263.0		$	19,025.5
Goodwill	$	45.2	$	—	$	—	$	—		$	45.2
Capital expenditures	$	269.5	$	176.6	$	—	$	8.2		$	454.3

	Three Months Ended March 31, 2022
	Gathering and Processing		Logistics and Transportation		Other			Corporate and Eliminations			Total
Revenues
Sales of commodities	$	134.6	$	4,609.9	$	(178.3	)	$	—		$	4,566.2
Fees from midstream services		210.4		182.5		—			—			392.9
		345.0		4,792.4		(178.3	)		—			4,959.1
Intersegment revenues
Sales of commodities		2,030.6		124.3		—			(2,154.9	)		—
Fees from midstream services		0.3		10.8		—			(11.1	)		—
		2,030.9		135.1		—			(2,166.0	)		—
Revenues	$	2,375.9	$	4,927.5	$	(178.3	)	$	(2,166.0	)	$	4,959.1
Operating margin (1)	$	397.6	$	352.1	$	(178.3	)
Other financial information:
Total assets (2)	$	7,932.2	$	7,214.8	$	1.6		$	146.8		$	15,295.4
Goodwill	$	45.2	$	—	$	—		$	—		$	45.2
Capital expenditures	$	133.0	$	25.2	$	—		$	4.3		$	162.5

(1)Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues.

(2)Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

Revenues Disaggregated by Product and Service

The following table shows our consolidated revenues disaggregated by product and service for the periods presented:

	Three Months Ended March 31,
	2023		2022
Sales of commodities:
Revenue recognized from contracts with customers:
Natural gas	$	816.1	$	964.3
NGL		2,864.5		3,806.5
Condensate and crude oil		121.2		118.1
		3,801.8		4,888.9
Non-customer revenue:
Derivative activities - Hedge		45.2		(145.7	)
Derivative activities - Non-hedge (1)		178.0		(177.0	)
		223.2		(322.7	)
Total sales of commodities		4,025.0		4,566.2
Fees from midstream services:
Revenue recognized from contracts with customers:
Gathering and processing		315.5		206.0
NGL transportation, fractionation and services		56.1		65.8
Storage, terminaling and export		108.8		100.9
Other		15.1		20.2
Total fees from midstream services		495.5		392.9
Total revenues	$	4,520.5	$	4,959.1

(1)Represents derivative activities that are not designated as hedging instruments under ASC 815.

Reconciliation of Reportable Segment Operating Margin to Income (Loss) Before Income Taxes

The following table shows a reconciliation of reportable segment Operating margin to Income (loss) before income taxes for the periods presented:

	Three Months Ended March 31,
	2023			2022
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Gathering and Processing operating margin	$	538.4		$	397.6
Logistics and Transportation operating margin		529.1			352.1
Other operating margin		175.8			(178.3	)
Depreciation and amortization expense		(324.8	)		(209.1	)
General and administrative expense		(82.4	)		(67.1	)
Other operating income (expense)		0.6			0.5
Interest expense, net		(168.0	)		(93.6	)
Equity earnings (loss)		(0.2	)		5.6
Gain (loss) from financing activities		—			(15.8	)
Other, net		(3.0	)		(0.4	)
Income (loss) before income taxes	$	665.5		$	191.5