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Segment Information
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Segment Information
(15) Segment Information

Starting in the first quarter of 2021, we began evaluating the financial performance of our segments by including realized and unrealized gains and losses resulting from commodity swaps activity in the Permian, Louisiana, Oklahoma, and North Texas segments. Commodity swaps activity was previously reported in the Corporate segment. We have recast segment information for all presented periods prior to the first quarter of 2021 to conform to current period presentation. Identification of the majority of our operating segments is based principally upon geographic regions served:

•Permian Segment. The Permian segment includes our natural gas gathering, processing, and transmission activities and our crude oil operations in the Midland and Delaware Basins in West Texas and Eastern New Mexico;

•Louisiana Segment. The Louisiana segment includes our natural gas and NGL pipelines, natural gas processing plants, natural gas and NGL storage facilities, and fractionation facilities located in Louisiana and our crude oil operations in ORV;

•Oklahoma Segment. The Oklahoma segment includes our natural gas gathering, processing, and transmission activities, and our crude oil operations in the Cana-Woodford, Arkoma-Woodford, northern Oklahoma Woodford, STACK, and CNOW shale areas;

•North Texas Segment. The North Texas segment includes our natural gas gathering, processing, and transmission activities in North Texas; and

•Corporate Segment. The Corporate segment includes our unconsolidated affiliate investments in the Cedar Cove JV in Oklahoma, our ownership interest in GCF in South Texas, and our general corporate assets and expenses.
We evaluate the performance of our operating segments based on segment profit and adjusted gross margin. Adjusted gross margin is a non-GAAP financial measure. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for additional information. Summarized financial information for our reportable segments is shown in the following tables (in millions):
PermianLouisianaOklahomaNorth TexasCorporateTotals
Year Ended December 31, 2021
Natural gas sales$609.4 $693.5 $213.4 $150.0 $— $1,666.3 
NGL sales0.9 3,353.1 2.0 1.1 — 3,357.1 
Crude oil and condensate sales677.4 212.0 81.2 — — 970.6 
Product sales1,287.7 4,258.6 296.6 151.1 — 5,994.0 
NGL sales—related parties1,008.4 129.7 630.8 447.0 (2,215.9)— 
Crude oil and condensate sales—related parties— — 0.1 7.1 (7.2)— 
Product sales—related parties1,008.4 129.7 630.9 454.1 (2,223.1)— 
Gathering and transportation46.8 64.7 186.9 157.0 — 455.4 
Processing29.1 2.4 98.7 108.3 — 238.5 
NGL services— 82.6 — 0.3 — 82.9 
Crude services18.4 39.3 12.8 0.7 — 71.2 
Other services0.2 1.7 0.6 0.5 — 3.0 
Midstream services94.5 190.7 299.0 266.8 — 851.0 
Crude services—related parties— — 0.3 — (0.3)— 
Other services—related parties— 2.4 — — (2.4)— 
Midstream services—related parties— 2.4 0.3 — (2.7)— 
Revenue from contracts with customers2,390.6 4,581.4 1,226.8 872.0 (2,225.8)6,845.0 
Cost of sales, exclusive of operating expenses and depreciation and amortization (1)(1,996.1)(4,091.2)(796.6)(531.8)2,225.8 (5,189.9)
Realized loss on derivatives(75.6)(42.3)(22.6)(6.2)— (146.7)
Change in fair value of derivatives(7.7)0.7 — (5.4)— (12.4)
Adjusted gross margin311.2 448.6 407.6 328.6 — 1,496.0 
Operating expenses(81.5)(123.7)(80.0)(77.7)— (362.9)
Segment profit229.7 324.9 327.6 250.9 — 1,133.1 
Depreciation and amortization(139.9)(141.0)(204.3)(114.3)(8.0)(607.5)
Impairments— (0.6)— — (0.2)(0.8)
Gain on disposition of assets— 1.2 — 0.3 — 1.5 
General and administrative— — — — (107.8)(107.8)
Interest expense, net of interest income— — — — (238.7)(238.7)
Loss from unconsolidated affiliates— — — — (11.5)(11.5)
Income (loss) before non-controlling interest and income taxes$89.8 $184.5 $123.3 $136.9 $(366.2)$168.3 
Capital expenditures$141.6 $9.3 $30.4 $11.9 $2.8 $196.0 
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(1)Includes related party cost of sales of $17.9 million for the year ended December 31, 2021.
PermianLouisianaOklahomaNorth TexasCorporateTotals
Year Ended December 31, 2020
Natural gas sales$150.1 $330.5 $153.1 $70.3 $— $704.0 
NGL sales0.2 1,545.4 2.8 — — 1,548.4 
Crude oil and condensate sales558.1 126.7 40.3 — — 725.1 
Product sales708.4 2,002.6 196.2 70.3 — 2,977.5 
NGL sales—related parties312.6 31.4 296.4 115.2 (755.6)— 
Crude oil and condensate sales—related parties0.6 — (0.1)3.6 (4.1)— 
Product sales—related parties313.2 31.4 296.3 118.8 (759.7)— 
Gathering and transportation42.8 46.5 228.7 179.2 — 497.2 
Processing24.1 2.0 123.6 132.6 — 282.3 
NGL services— 75.8 — 0.2 — 76.0 
Crude services16.8 45.2 16.5 0.2 — 78.7 
Other services1.2 1.6 0.4 0.9 — 4.1 
Midstream services84.9 171.1 369.2 313.1 — 938.3 
Crude services—related parties— — 0.3 — (0.3)— 
Midstream services—related parties— — 0.3 — (0.3)— 
Revenue from contracts with customers1,106.5 2,205.1 862.0 502.2 (760.0)3,915.8 
Cost of sales, exclusive of operating expenses and depreciation and amortization (1)(842.2)(1,787.0)(365.5)(153.8)760.0 (2,388.5)
Realized loss on derivatives(1.1)(6.0)(4.4)— — (11.5)
Change in fair value of derivatives1.1 (6.5)(4.5)(0.6)— (10.5)
Adjusted gross margin264.3 405.6 487.6 347.8 — 1,505.3 
Operating expenses(94.2)(120.0)(82.2)(77.4)— (373.8)
Segment profit170.1 285.6 405.4 270.4 — 1,131.5 
Depreciation and amortization(125.2)(145.8)(216.9)(143.4)(7.3)(638.6)
Impairments(184.6)(170.0)(0.7)— (7.5)(362.8)
Gain (loss) on disposition of assets(11.2)0.1 0.3 2.0 — (8.8)
General and administrative— — — — (103.3)(103.3)
Interest expense, net of interest income— — — — (223.3)(223.3)
Gain on extinguishment of debt— — — — 32.0 32.0 
Income from unconsolidated affiliates— — — — 0.6 0.6 
Other income— — — — 0.3 0.3 
Income (loss) before non-controlling interest and income taxes$(150.9)$(30.1)$188.1 $129.0 $(308.5)$(172.4)
Capital expenditures$181.1 $44.6 $17.9 $16.9 $2.1 $262.6 
____________________________
(1)Includes related party cost of sales of $8.7 million for the year ended December 31, 2020.
PermianLouisianaOklahomaNorth TexasCorporateTotals
Year Ended December 31, 2019
Natural gas sales$94.3 $416.6 $236.4 $129.3 $— $876.6 
NGL sales0.9 1,725.6 19.6 30.9 — 1,777.0 
Crude oil and condensate sales1,975.0 291.9 109.6 — — 2,376.5 
Product sales2,070.2 2,434.1 365.6 160.2 — 5,030.1 
Natural gas sales—related parties0.4 — — — (0.4)— 
NGL sales—related parties347.7 25.7 421.1 94.8 (889.3)— 
Crude oil and condensate sales—related parties13.5 1.7 — 5.5 (20.7)— 
Product sales—related parties361.6 27.4 421.1 100.3 (910.4)— 
Gathering and transportation48.8 58.3 234.5 196.4 — 538.0 
Processing30.5 3.2 138.2 143.0 — 314.9 
NGL services— 50.6 — 0.1 — 50.7 
Crude services19.2 51.9 19.8 — — 90.9 
Other services12.0 0.7 0.1 1.1 — 13.9 
Midstream services110.5 164.7 392.6 340.6 — 1,008.4 
NGL services—related parties— (3.4)— — 3.4 — 
Crude services—related parties— — 1.8 — (1.8)— 
Midstream services—related parties— (3.4)1.8 — 1.6 — 
Revenue from contracts with customers2,542.3 2,622.8 1,181.1 601.1 (908.8)6,038.5 
Cost of sales, exclusive of operating expenses and depreciation and amortization (1)(2,283.9)(2,181.6)(627.0)(208.8)908.8 (4,392.5)
Realized gain on derivatives9.4 5.1 — — — 14.5 
Change in fair value of derivatives1.5 (1.8)— 0.2 — (0.1)
Adjusted gross margin269.3 444.5 554.1 392.5 — 1,660.4 
Operating expenses(112.9)(147.3)(104.0)(102.9)— (467.1)
Segment profit156.4 297.2 450.1 289.6 — 1,193.3 
Depreciation and amortization(119.8)(154.1)(194.9)(139.8)(8.4)(617.0)
Impairments(3.5)(188.7)(813.5)(127.8)— (1,133.5)
Gain (loss) on disposition of assets(0.3)2.6 0.1 (0.5)— 1.9 
General and administrative— — — — (152.6)(152.6)
Loss on secured term loan receivable— — — — (52.9)(52.9)
Interest expense, net of interest income— — — — (216.0)(216.0)
Loss from unconsolidated affiliates— — — — (16.8)(16.8)
Other income— — — — 0.9 0.9 
Income (loss) before non-controlling interest and income taxes$32.8 $(43.0)$(558.2)$21.5 $(445.8)$(992.7)
Capital expenditures$364.5 $99.9 $238.1 $39.0 $6.9 $748.4 
____________________________
(1)Includes related party cost of sales of $21.7 million for the year ended December 31, 2019.
The table below represents information about segment assets as of December 31, 2021 and 2020 (in millions):
Segment Identifiable Assets:December 31, 2021December 31, 2020
Permian$2,358.6 $2,236.3 
Louisiana2,428.6 2,312.4 
Oklahoma2,619.5 2,847.6 
North Texas896.8 1,008.6 
Corporate (1)179.7 146.0 
Total identifiable assets$8,483.2 $8,550.9 
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(1)Accounts receivable and accrued revenue sold to the SPV for collateral under the AR Facility are included within the Permian, Louisiana, Oklahoma, and North Texas segments.