Segment Data

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Data

Segment Data

We review operating results in four reportable segments: (i) gathering and processing; (ii) wholesale marketing and terminalling; (iii) storage and transportation; and (iv) investment in pipeline joint ventures. Operations that are not specifically included in the reportable segments are included in corporate and other. The Partnership defines its segments based on how internally reported financial information is regularly reviewed by its chief operating decision maker ("CODM") to analyze financial performance, make decisions and allocate resources.

The CODM is the President of the Partnership. The CODM evaluates performance based on segment EBITDA for planning and forecasting purposes. The CODM considers budget to actual variances on a monthly basis when making decisions about allocation of operating and capital resources to each segment. Segment EBITDA is an important measure used by management to evaluate the financial performance of our core operations. We define segment EBITDA as net income before net interest expense, income taxes, depreciation, amortization, and proportional interest, taxes, depreciation and amortization of equity method investments. Segment data for prior periods has been restated and is consistent with the current year presentation. A reconciliation of segment EBITDA to net income is included in the tables below.

Assets by segment is not a measure used to assess the performance of the Partnership by the CODM and thus is not disclosed.

The following table summarizes segment operating results, as measured by segment EBITDA, for the periods presented:

	Three Months Ended March 31, 2026
	Gathering and Processing		Wholesale Marketing and Terminalling		Storage and Transportation		Investments in Pipeline Joint Ventures		Total
Net revenues:
Affiliate	$	49,246	$	93,926	$	23,518	$	—	$	166,690
Third party	105,430		23,870		1,476		—		130,776
Total revenue	154,676		117,796		24,994		—		297,466
Cost of materials and other	50,301		105,132		13,138		—		168,571
Operating expenses	32,439		2,872		6,126		—		41,437
Proportional EBITDA from equity method investments	—		—		—		(18,319)		(18,319)
Other segment items (1)	1,316		30		(25)		—		1,321
Segment EBITDA	$	70,620	$	9,762	$	5,755	$	18,319	104,456
Reconciling items to consolidated net income before income taxes:
Corporate expenses and other									9,600
Proportional interest, taxes, depreciation and amortization from equity-method investments									6,696
Depreciation and amortization									36,501
Interest income									(32,285)
Interest expense									51,592
Income tax expense									—
Net income									$	32,352

	Three Months Ended March 31, 2025
	Gathering and Processing		Wholesale Marketing and Terminalling		Storage and Transportation		Investments in Pipeline Joint Ventures		Total
Net revenues:
Affiliate	$	38,567	$	64,708	$	23,046	$	—	$	126,321
Third party	80,036		41,991		1,582		—		123,609
Total revenue	118,603		106,699		24,628		—		249,930
Cost of materials and other	24,344		89,653		15,027		—		129,024
Operating expenses	30,581		3,799		5,161		—		39,541
Proportional EBITDA from equity method investments	—		—		—		(16,815)		(16,815)
Other segment items (1)	(4,261)		10		26		—		(4,225)
Segment EBITDA	$	67,939	$	13,237	$	4,414	$	16,815	102,405
Reconciling items to consolidated net income before income taxes:
Corporate expenses and other									10,254
Proportional interest, taxes, depreciation and amortization from equity-method investments									6,665
Depreciation and amortization									27,716
Interest income									(22,547)
Interest expense									41,101
Income tax expense									182
Net income									$	39,034

(1) Other segment items include general and administrative expense, other operating (income) loss and other income.

The following is a summary of other segment information for the periods presented:

	Three Months Ended March 31, 2026
	Gathering and Processing		Wholesale Marketing and Terminalling		Storage and Transportation		Investments in Pipeline Joint Ventures		Corporate and Other		Consolidated
Depreciation and amortization	$	33,241	$	768	$	1,725	$	—	$	767	$	36,501
Interest income	$	10,158	$	4,017	$	18,110	$	—	$	—	$	32,285
Capital spending (1)	$	49,519	$	111	$	195	$	—	$	—	$	49,825

	Three Months Ended March 31, 2025
	Gathering and Processing		Wholesale Marketing and Terminalling		Storage and Transportation		Investments in Pipeline Joint Ventures		Corporate and Other		Consolidated
Depreciation and amortization	$	24,723	$	952	$	1,281	$	—	$	760	$	27,716
Interest income	$	11,365	$	4,161	$	7,021	$	—	$	—	$	22,547
Capital spending (1)	$	71,311	$	90	$	542	$	—	$	—	$	71,943

(1) Capital spending includes additions on an accrual basis.