XML 44 R35.htm IDEA: XBRL DOCUMENT v3.25.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Reportable Segment Information

Reportable segment information is shown in the following tables:

 

 

 

Three Months Ended March 31, 2025

 

 

 

Gathering and Processing

 

 

Logistics and Transportation

 

 

Total Reportable Segments

 

 

Other

 

 

Corporate
and
Eliminations

 

 

Total

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

$

200.7

 

 

$

3,932.5

 

 

$

4,133.2

 

 

$

(248.8

)

 

$

—

 

 

$

3,884.4

 

Fees from midstream services

 

 

475.1

 

 

 

202.0

 

 

 

677.1

 

 

 

—

 

 

 

—

 

 

 

677.1

 

 

 

675.8

 

 

 

4,134.5

 

 

 

4,810.3

 

 

 

(248.8

)

 

 

—

 

 

 

4,561.5

 

Intersegment revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

 

1,517.0

 

 

 

59.4

 

 

 

1,576.4

 

 

 

—

 

 

 

(1,576.4

)

 

 

—

 

Fees from midstream services

 

 

0.2

 

 

 

7.1

 

 

 

7.3

 

 

 

—

 

 

 

(7.3

)

 

 

—

 

 

 

1,517.2

 

 

 

66.5

 

 

 

1,583.7

 

 

 

—

 

 

 

(1,583.7

)

 

 

—

 

Revenues

 

$

2,193.0

 

 

$

4,201.0

 

 

$

6,394.0

 

 

$

(248.8

)

 

$

(1,583.7

)

 

$

4,561.5

 

Operating expenses

 

$

208.2

 

 

$

95.5

 

 

$

303.7

 

 

$

—

 

 

 

 

 

 

 

Other segment items (1)

 

 

1,382.6

 

 

 

3,458.8

 

 

 

4,841.4

 

 

 

—

 

 

 

 

 

 

 

Operating margin

 

 

602.2

 

 

 

646.7

 

 

 

1,248.9

 

 

 

(248.8

)

 

 

 

 

 

 

Other financial information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets (2)

 

$

13,727.9

 

 

$

8,821.1

 

 

$

22,549.0

 

 

$

—

 

 

$

251.3

 

 

$

22,800.3

 

Goodwill

 

 

45.2

 

 

 

—

 

 

 

45.2

 

 

 

—

 

 

 

—

 

 

 

45.2

 

Capital expenditures

 

 

433.2

 

 

 

174.7

 

 

 

607.9

 

 

 

—

 

 

 

10.4

 

 

 

618.3

 

 

 

 

Three Months Ended March 31, 2024

 

 

 

Gathering and Processing

 

 

Logistics and Transportation

 

 

Total Reportable Segments

 

 

Other

 

 

Corporate
and
Eliminations

 

 

Total

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

$

272.7

 

 

$

3,691.8

 

 

$

3,964.5

 

 

$

(22.1

)

 

$

—

 

 

$

3,942.4

 

Fees from midstream services

 

 

413.3

 

 

 

206.7

 

 

 

620.0

 

 

 

—

 

 

 

—

 

 

 

620.0

 

 

 

686.0

 

 

 

3,898.5

 

 

 

4,584.5

 

 

 

(22.1

)

 

 

—

 

 

 

4,562.4

 

Intersegment revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

 

1,131.0

 

 

 

46.9

 

 

 

1,177.9

 

 

 

—

 

 

 

(1,177.9

)

 

 

—

 

Fees from midstream services

 

 

(2.2

)

 

 

6.9

 

 

 

4.7

 

 

 

—

 

 

 

(4.7

)

 

 

—

 

 

 

1,128.8

 

 

 

53.8

 

 

 

1,182.6

 

 

 

—

 

 

 

(1,182.6

)

 

 

—

 

Revenues

 

$

1,814.8

 

 

$

3,952.3

 

 

$

5,767.1

 

 

$

(22.1

)

 

$

(1,182.6

)

 

$

4,562.4

 

Operating expenses

 

$

188.1

 

 

$

90.0

 

 

$

278.1

 

 

$

—

 

 

 

 

 

 

 

Other segment items (1)

 

 

1,070.3

 

 

 

3,330.2

 

 

 

4,400.5

 

 

 

—

 

 

 

 

 

 

 

Operating margin

 

 

556.4

 

 

 

532.1

 

 

 

1,088.5

 

 

 

(22.1

)

 

 

 

 

 

 

Other financial information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets (2)

 

$

12,815.6

 

 

$

7,870.1

 

 

$

20,685.7

 

 

$

3.1

 

 

$

157.3

 

 

$

20,846.1

 

Goodwill

 

 

45.2

 

 

 

—

 

 

 

45.2

 

 

 

—

 

 

 

—

 

 

 

45.2

 

Capital expenditures

 

 

435.0

 

 

 

293.6

 

 

 

728.6

 

 

 

—

 

 

 

1.1

 

 

 

729.7

 

 

 

(1)
“Other segment items” represents Product purchases and fuel.
(2)
Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, margin deposit, prepaids, property, plant and equipment and debt issuance costs for our revolving credit facility.
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,

 

 

 

2025

 

 

2024

 

Sales of commodities:

 

 

 

 

 

 

Revenue recognized from contracts with customers:

 

 

 

 

 

 

Natural gas

 

$

681.9

 

 

$

494.6

 

NGL

 

 

3,376.8

 

 

 

3,345.7

 

Condensate and crude oil

 

 

117.0

 

 

 

137.2

 

 

 

4,175.7

 

 

 

3,977.5

 

Non-customer revenue:

 

 

 

 

 

 

Derivative activities - Hedge

 

 

(6.1

)

 

 

(3.2

)

Derivative activities - Non-hedge (1)

 

 

(285.2

)

 

 

(31.9

)

 

 

(291.3

)

 

 

(35.1

)

Total sales of commodities

 

 

3,884.4

 

 

 

3,942.4

 

 

 

 

 

 

 

Fees from midstream services:

 

 

 

 

 

 

Revenue recognized from contracts with customers:

 

 

 

 

 

 

Gathering and processing

 

 

469.0

 

 

 

405.9

 

NGL transportation, fractionation and services

 

76.8

 

 

73.6

 

Storage, terminaling and export

 

 

131.8

 

 

 

125.7

 

Other

 

 

(0.5

)

 

14.8

 

Total fees from midstream services

 

 

677.1

 

 

 

620.0

 

 

 

 

 

 

 

Total revenues

 

$

4,561.5

 

 

$

4,562.4

 

 

(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,

 

 

 

2025

 

 

2024

 

Reconciliation of reportable segment operating
margin to income (loss) before income taxes:

 

 

 

 

 

 

Total reportable segments operating margin

 

$

1,248.9

 

 

$

1,088.5

 

Other operating margin

 

 

(248.8

)

 

 

(22.1

)

Depreciation and amortization expense

 

 

(367.6

)

 

 

(340.5

)

General and administrative expense

 

 

(94.5

)

 

 

(86.5

)

Other operating income (expense)

 

 

5.3

 

 

 

—

 

Interest expense, net

 

 

(197.1

)

 

 

(228.6

)

Equity earnings (loss)

 

 

5.5

 

 

 

2.8

 

Other, net

 

 

0.3

 

 

 

1.7

 

Income (loss) before income taxes

 

$

352.0

 

 

$

415.3