Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Net Assets (Liabilities) Measured on a Recurring Basis

Derivative assets and liabilities measured at fair value on a recurring basis are summarized below (in millions):

	Level 2
	December 31, 2023		December 31, 2022
Interest rate swaps (1)	$	0.9	$	—
Commodity derivatives (2)	$	13.6	$	25.7

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(1)The fair values of the interest rate swaps are estimated based on the difference between expected cash flows calculated at the contracted interest rates and the expected cash flows using observable benchmarks for the variable interest rates.

(2)The fair values of commodity derivatives represent the amount at which the instruments could be exchanged in a current arms-length transaction adjusted for our credit risk and/or the counterparty credit risk as required under ASC 820.

Schedule of the Estimated Fair Value of Financial Instruments

Considerable judgment is required to develop the estimates of fair value; thus, the estimates provided below are not necessarily indicative of the amount we could realize upon the sale or refinancing of such financial instruments (in millions):

	December 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities of long-term debt (1)	$	4,568.9	$	4,427.0	$	4,723.5	$	4,385.9
Contingent consideration (2)(3)	$	6.7	$	6.7	$	5.5	$	5.5

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(1)The carrying value of long-term debt, including current maturities of long-term debt, is reduced by debt issuance cost, net of accumulated amortization, of $32.1 million and $34.9 million as of December 31, 2023 and 2022, respectively. The respective fair values do not factor in debt issuance costs.

(2)Consideration for the Amarillo Rattler Acquisition included a contingent component capped at $15.0 million and payable, if at all, between 2024 and 2026 based on Diamondback E&P LLC’s drilling activity above historical levels. Estimated fair values were calculated using a discounted cash flow analysis that utilized Level 3 inputs.

(3)Consideration for the Central Oklahoma Acquisition included a contingent component, which is payable, if at all, between 2024 and 2027 based on fee revenue earned on certain contractually specified volumes for the annual periods beginning January 1, 2023 through December 31, 2026. Estimated fair values were calculated using a discounted cash flow analysis that utilized Level 3 inputs.