Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Summarized financial information for our reportable segments is shown in the following tables (in millions):


	Permian		Louisiana		Oklahoma		North Texas		Corporate		Totals
Year Ended December 31, 2023
Natural gas sales	$	453.4	$	444.7	$	184.5	$	76.6	$	—	$	1,159.2
NGL sales	(12.0)		3,031.2		8.5		(6.2)		—		3,021.5
Crude oil and condensate sales	1,250.0		215.6		109.3		—		—		1,574.9

Product sales	1,691.4		3,691.5		302.3		70.4		—		5,755.6

NGL sales—related parties	927.9		22.4		465.6		295.9		(1,711.8)		—
Crude oil and condensate sales—related parties	—		—		—		10.5		(10.5)		—
Product sales—related parties	927.9		22.4		465.6		306.4		(1,722.3)		—
Gathering and transportation	114.6		79.9		236.8		203.9		—		635.2
Processing	60.1		1.6		144.4		123.4		—		329.5
NGL services	—		87.3		—		0.2		—		87.5
Crude services	23.9		19.6		17.5		0.7		—		61.7
Other services	7.3		1.3		0.5		0.8		—		9.9
Midstream services	205.9		189.7		399.2		329.0		—		1,123.8


NGL services—related parties	—		—		—		3.7		(3.7)		—


Midstream services—related parties	—		—		—		3.7		(3.7)		—
Revenue from contracts with customers	2,825.2		3,903.6		1,167.1		709.5		(1,726.0)		6,879.4
Realized gain on derivatives	3.0		2.6		6.5		20.7		—		32.8
Change in fair value of derivatives	(5.0)		4.1		(2.2)		(9.0)		—		(12.1)
Total revenues	2,823.2		3,910.3		1,171.4		721.2		(1,726.0)		6,900.1
Cost of sales, exclusive of operating expenses and depreciation and amortization	(2,205.5)		(3,388.4)		(645.6)		(342.6)		1,726.0		(4,856.1)
Adjusted gross margin	617.7		521.9		525.8		378.6		—		2,044.0
Operating expenses	(221.3)		(130.3)		(103.8)		(102.8)		—		(558.2)
Segment profit	396.4		391.6		422.0		275.8		—		1,485.8
Depreciation and amortization	(166.6)		(151.3)		(217.7)		(115.8)		(5.7)		(657.1)
Gross margin	229.8		240.3		204.3		160.0		(5.7)		828.7
Impairments	—		(20.7)		—		—		—		(20.7)
Gain (loss) on disposition of assets	0.2		(2.0)		0.9		1.2		—		0.3
General and administrative	—		—		—		—		(115.5)		(115.5)

Interest expense, net of interest income	—		—		—		—		(271.7)		(271.7)

Loss from unconsolidated affiliate investments	—		—		—		—		(8.2)		(8.2)
Other loss	—		—		—		—		(0.1)		(0.1)
Income (loss) before non-controlling interest and income taxes	$	230.0	$	217.6	$	205.2	$	161.2	$	(401.2)	$	412.8

Capital expenditures	$	267.3	$	68.6	$	69.2	$	75.5	$	6.2	$	486.8


	Permian		Louisiana		Oklahoma		North Texas		Corporate		Totals
Year Ended December 31, 2022
Natural gas sales	$	1,078.7	$	1,128.4	$	367.5	$	139.0	$	—	$	2,713.6
NGL sales	(1.5)		4,196.6		10.8		1.4		—		4,207.3
Crude oil and condensate sales	1,158.6		350.0		135.4		—		—		1,644.0

Product sales	2,235.8		5,675.0		513.7		140.4		—		8,564.9

NGL sales—related parties	1,495.6		97.7		774.6		543.6		(2,911.5)		—
Crude oil and condensate sales—related parties	—		—		0.3		12.3		(12.6)		—
Product sales—related parties	1,495.6		97.7		774.9		555.9		(2,924.1)		—
Gathering and transportation	72.6		75.5		187.5		185.7		—		521.3
Processing	39.2		1.5		119.7		125.9		—		286.3
NGL services	—		82.0		—		0.2		—		82.2
Crude services	21.4		33.3		14.9		0.7		—		70.3
Other services	0.8		1.6		(0.3)		0.7		—		2.8
Midstream services	134.0		193.9		321.8		313.2		—		962.9


NGL services—related parties	—		—		—		1.6		(1.6)		—
Crude services—related parties	—		—		0.1		—		(0.1)		—
Other services—related parties	—		0.2		—		—		(0.2)		—
Midstream services—related parties	—		0.2		0.1		1.6		(1.9)		—
Revenue from contracts with customers	3,865.4		5,966.8		1,610.5		1,011.1		(2,926.0)		9,527.8
Realized gain (loss) on derivatives	(9.0)		2.9		(13.1)		(6.7)		—		(25.9)
Change in fair value of derivatives	9.6		7.7		5.6		17.3		—		40.2
Total revenues	3,866.0		5,977.4		1,603.0		1,021.7		(2,926.0)		9,542.1
Cost of sales, exclusive of operating expenses and depreciation and amortization	(3,280.3)		(5,462.4)		(1,124.4)		(631.7)		2,926.0		(7,572.8)
Adjusted gross margin	585.7		515.0		478.6		390.0		—		1,969.3
Operating expenses	(200.2)		(140.7)		(90.9)		(93.1)		—		(524.9)
Segment profit	385.5		374.3		387.7		296.9		—		1,444.4
Depreciation and amortization	(154.5)		(156.5)		(201.8)		(121.1)		(5.5)		(639.4)
Gross margin	231.0		217.8		185.9		175.8		(5.5)		805.0

Gain (loss) on disposition of assets	0.1		(13.8)		0.5		(4.8)		—		(18.0)
General and administrative	—		—		—		—		(125.2)		(125.2)

Interest expense, net of interest income	—		—		—		—		(245.0)		(245.0)
Loss on extinguishment of debt	—		—		—		—		(6.2)		(6.2)
Loss from unconsolidated affiliate investments	—		—		—		—		(5.6)		(5.6)
Other income	—		—		—		—		0.8		0.8
Income (loss) before non-controlling interest and income taxes	$	231.1	$	204.0	$	186.4	$	171.0	$	(386.7)	$	405.8

Capital expenditures	$	210.2	$	33.7	$	63.8	$	22.8	$	7.1	$	337.6


	Permian		Louisiana		Oklahoma		North Texas		Corporate		Totals
Year Ended December 31, 2021
Natural gas sales	$	609.4	$	693.5	$	213.4	$	150.0	$	—	$	1,666.3
NGL sales	0.9		3,353.1		2.0		1.1		—		3,357.1
Crude oil and condensate sales	677.4		212.0		81.2		—		—		970.6

Product sales	1,287.7		4,258.6		296.6		151.1		—		5,994.0

NGL sales—related parties	1,008.4		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 parties	1,008.4		129.7		630.9		454.1		(2,223.1)		—
Gathering and transportation	46.8		64.7		186.9		157.0		—		455.4
Processing	29.1		2.4		98.7		108.3		—		238.5
NGL services	—		82.6		—		0.3		—		82.9
Crude services	18.4		39.3		12.8		0.7		—		71.2
Other services	0.2		1.7		0.6		0.5		—		3.0
Midstream services	94.5		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 customers	2,390.6		4,581.4		1,226.8		872.0		(2,225.8)		6,845.0
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)
Total revenues	2,307.3		4,539.8		1,204.2		860.4		(2,225.8)		6,685.9
Cost of sales, exclusive of operating expenses and depreciation and amortization	(1,996.1)		(4,091.2)		(796.6)		(531.8)		2,225.8		(5,189.9)
Adjusted gross margin	311.2		448.6		407.6		328.6		—		1,496.0
Operating expenses	(81.5)		(123.7)		(80.0)		(77.7)		—		(362.9)
Segment profit	229.7		324.9		327.6		250.9		—		1,133.1
Depreciation and amortization	(139.9)		(141.0)		(204.3)		(114.3)		(8.0)		(607.5)
Gross margin	89.8		183.9		123.3		136.6		(8.0)		525.6
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 affiliate investments	—		—		—		—		(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

Schedule of Segment Assets

The table below represents information about segment assets as of December 31, 2023 and 2022 (in millions):


Segment Identifiable Assets:	December 31, 2023		December 31, 2022
Permian	$	2,813.6	$	2,661.4
Louisiana	2,031.8		2,310.7
Oklahoma	2,275.8		2,420.4
North Texas	1,017.7		1,094.6
Corporate (1)	189.7		163.9
Total identifiable assets	$	8,328.6	$	8,651.0

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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.