Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

We evaluate the performance of our operating segments based on segment profit. Summarized financial information for our reportable segments is shown in the following tables (in millions):


	Permian		Louisiana		Oklahoma		North Texas		Corporate		Totals
Three Months Ended June 30, 2024
Natural gas sales	$	15.3	$	110.9	$	19.9	$	31.4	$	—	$	177.5
NGL sales	(6.2)		665.5		(0.6)		(3.6)		—		655.1
Crude oil and condensate sales	410.4		—		34.7		—		—		445.1
Other	—		—		—		0.9		—		0.9
Product sales	419.5		776.4		54.0		28.7		—		1,278.6

NGL sales—related parties	237.6		9.0		105.6		68.5		(420.7)		—
Crude oil and condensate sales—related parties	—		—		—		3.6		(3.6)		—
Product sales—related parties	237.6		9.0		105.6		72.1		(424.3)		—
Gathering and transportation	41.6		27.9		64.7		41.0		—		175.2
Processing	14.5		0.6		35.4		21.9		—		72.4
NGL services	—		13.9		—		—		—		13.9
Crude services	6.2		—		3.2		0.2		—		9.6
Other services	1.7		0.1		0.2		0.2		—		2.2
Midstream services	64.0		42.5		103.5		63.3		—		273.3


NGL services—related parties	—		—		—		1.0		(1.0)		—


Midstream services—related parties	—		—		—		1.0		(1.0)		—
Revenue from contracts with customers	721.1		827.9		263.1		165.1		(425.3)		1,551.9
Realized gain (loss) on derivatives	2.4		(7.3)		(1.0)		1.1		—		(4.8)
Change in fair value of derivatives	(1.3)		5.6		0.8		(1.1)		—		4.0
Total revenues	722.2		826.2		262.9		165.1		(425.3)		1,551.1
Cost of sales, exclusive of operating expenses and depreciation and amortization	(552.6)		(710.8)		(135.5)		(89.0)		425.3		(1,062.6)

Operating expenses	(76.5)		(31.1)		(23.9)		(23.7)		—		(155.2)
Segment profit	$	93.1	$	84.3	$	103.5	$	52.4	$	—	$	333.3










Capital expenditures	$	31.6	$	21.3	$	25.0	$	7.1	$	1.2	$	86.2


	Permian		Louisiana		Oklahoma		North Texas		Corporate		Totals
Three Months Ended June 30, 2023
Natural gas sales	$	76.4	$	92.5	$	32.9	$	16.7	$	—	$	218.5
NGL sales	—		648.6		0.4		(1.9)		—		647.1
Crude oil and condensate sales	294.4		52.6		26.7		—		—		373.7

Product sales	370.8		793.7		60.0		14.8		—		1,239.3

NGL sales—related parties	204.1		5.3		102.3		66.2		(377.9)		—
Crude oil and condensate sales—related parties	—		—		—		2.8		(2.8)		—
Product sales—related parties	204.1		5.3		102.3		69.0		(380.7)		—
Gathering and transportation	29.3		18.7		60.5		51.9		—		160.4
Processing	14.5		0.1		36.4		30.5		—		81.5
NGL services	—		17.4		—		0.1		—		17.5
Crude services	7.0		5.6		4.9		0.2		—		17.7
Other services	1.6		0.3		0.2		0.3		—		2.4
Midstream services	52.4		42.1		102.0		83.0		—		279.5


NGL services—related parties	—		—		—		0.8		(0.8)		—


Midstream services—related parties	—		—		—		0.8		(0.8)		—
Revenue from contracts with customers	627.3		841.1		264.3		167.6		(381.5)		1,518.8
Realized gain (loss) on derivatives	5.4		(7.8)		1.9		6.5		—		6.0
Change in fair value of derivatives	(7.9)		18.2		2.0		(7.0)		—		5.3
Total revenues	624.8		851.5		268.2		167.1		(381.5)		1,530.1
Cost of sales, exclusive of operating expenses and depreciation and amortization	(479.9)		(715.0)		(130.5)		(75.1)		381.5		(1,019.0)

Operating expenses	(53.1)		(32.0)		(27.0)		(24.7)		—		(136.8)
Segment profit	$	91.8	$	104.5	$	110.7	$	67.3	$	—	$	374.3











Capital expenditures	$	51.6	$	17.7	$	22.1	$	11.8	$	1.5	$	104.7


	Permian		Louisiana		Oklahoma		North Texas		Corporate		Totals
Six Months Ended June 30, 2024
Natural gas sales	$	119.5	$	230.5	$	52.7	$	56.3	$	—	$	459.0
NGL sales	(12.8)		1,433.6		(1.6)		(8.4)		—		1,410.8
Crude oil and condensate sales	747.0		—		65.6		—		—		812.6
Other	—		—		—		1.2		—		1.2
Product sales	853.7		1,664.1		116.7		49.1		—		2,683.6
Natural gas sales—related parties	—		0.1		—		—		(0.1)		—
NGL sales—related parties	495.2		18.5		214.3		139.1		(867.1)		—
Crude oil and condensate sales—related parties	—		—		—		6.9		(6.9)		—
Product sales—related parties	495.2		18.6		214.3		146.0		(874.1)		—
Gathering and transportation	81.3		52.3		120.5		86.6		—		340.7
Processing	31.5		1.2		69.0		49.5		—		151.2
NGL services	—		31.2		—		0.1		—		31.3
Crude services	10.0		0.1		6.9		0.4		—		17.4
Other services	3.6		0.2		0.3		0.5		—		4.6
Midstream services	126.4		85.0		196.7		137.1		—		545.2


NGL services—related parties	—		—		—		1.5		(1.5)		—


Midstream services—related parties	—		—		—		1.5		(1.5)		—
Revenue from contracts with customers	1,475.3		1,767.7		527.7		333.7		(875.6)		3,228.8
Realized loss on derivatives	(4.4)		(0.9)		(2.0)		(0.4)		—		(7.7)
Change in fair value of derivatives	(3.7)		(13.9)		(3.3)		(1.2)		—		(22.1)
Total revenues	1,467.2		1,752.9		522.4		332.1		(875.6)		3,199.0
Cost of sales, exclusive of operating expenses and depreciation and amortization	(1,134.7)		(1,500.3)		(283.3)		(170.3)		875.6		(2,213.0)

Operating expenses	(150.4)		(57.9)		(49.9)		(49.6)		—		(307.8)
Segment profit	$	182.1	$	194.7	$	189.2	$	112.2	$	—	$	678.2










Capital expenditures	$	80.2	$	52.9	$	36.8	$	17.6	$	2.1	$	189.6


	Permian		Louisiana		Oklahoma		North Texas		Corporate		Totals
Six Months Ended June 30, 2023
Natural gas sales	$	205.7	$	224.3	$	99.7	$	31.2	$	—	$	560.9
NGL sales	0.4		1,506.5		9.0		(2.9)		—		1,513.0
Crude oil and condensate sales	481.1		109.2		51.4		—		—		641.7

Product sales	687.2		1,840.0		160.1		28.3		—		2,715.6

NGL sales—related parties	441.6		9.7		220.3		145.7		(817.3)		—
Crude oil and condensate sales—related parties	—		—		—		5.5		(5.5)		—
Product sales—related parties	441.6		9.7		220.3		151.2		(822.8)		—
Gathering and transportation	52.6		38.7		115.3		104.0		—		310.6
Processing	28.5		0.4		71.7		62.6		—		163.2
NGL services	—		45.2		—		0.1		—		45.3
Crude services	13.0		12.1		9.4		0.4		—		34.9
Other services	3.3		0.7		0.3		0.5		—		4.8
Midstream services	97.4		97.1		196.7		167.6		—		558.8


NGL services—related parties	—		—		—		1.4		(1.4)		—


Midstream services—related parties	—		—		—		1.4		(1.4)		—
Revenue from contracts with customers	1,226.2		1,946.8		577.1		348.5		(824.2)		3,274.4
Realized gain (loss) on derivatives	1.4		(0.6)		3.9		14.6		—		19.3
Change in fair value of derivatives	(1.6)		9.2		0.6		(4.3)		—		3.9
Total revenues	1,226.0		1,955.4		581.6		358.8		(824.2)		3,297.6
Cost of sales, exclusive of operating expenses and depreciation and amortization	(937.0)		(1,688.9)		(324.5)		(164.7)		824.2		(2,290.9)

Operating expenses	(101.2)		(65.6)		(51.7)		(50.7)		—		(269.2)
Segment profit	$	187.8	$	200.9	$	205.4	$	143.4	$	—	$	737.5











Capital expenditures	$	108.3	$	30.0	$	47.8	$	29.9	$	2.8	$	218.8

The following table reconciles segment profit to income before non-controlling interest and income taxes in the consolidated statements of operations:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Segment profit	$	333.3	$	374.3	$	678.2	$	737.5
Depreciation and amortization	(162.6)		(165.3)		(327.9)		(325.7)
Impairments	—		—		(14.2)		—
Gain (loss) on disposition of assets	(0.9)		0.8		0.8		1.2
General and administrative	(30.2)		(27.9)		(85.4)		(57.4)
Interest expense, net of interest income	(66.7)		(68.8)		(132.1)		(137.3)

Income (loss) from unconsolidated affiliate investments	0.3		(4.6)		(0.5)		(4.7)
Other income	3.8		0.4		4.3		0.4
Income before non-controlling interest and income taxes	$	77.0	$	108.9	$	123.2	$	214.0

Schedule of Segment Assets

The table below represents information about segment assets as of June 30, 2024 and December 31, 2023 (in millions):


Segment Identifiable Assets:	June 30, 2024		December 31, 2023
Permian	$	2,813.0	$	2,813.6
Louisiana	2,000.9		2,031.8
Oklahoma	2,177.8		2,275.8
North Texas	943.7		1,017.7
Corporate (1)	216.9		189.7
Total identifiable assets	$	8,152.3	$	8,328.6

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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.