Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions [Abstract]

Related Party Transactions

(4) Related Party Transactions

(a)    Transactions with the Cedar Cove JV

We process natural gas and purchase the related residue natural gas and NGLs from the Cedar Cove JV. Our transactions with the Cedar Cove JV for all periods presented were not material.

(b)    Transactions with GIP

GIP Repurchase Agreement. On January 16, 2024, we entered into a new repurchase agreement with GIP with terms substantially similar to the repurchase agreement with GIP for 2023 entered into on December 20, 2022, which repurchase agreement terminated on December 31, 2023 in accordance with its terms. The current repurchase agreement will renew for successive one-year terms (each, a “Renewal Year”) on January 1 of each Renewal Year, with the first Renewal Year beginning on January 1, 2025, unless either the Company or the GIP Entities elects to terminate the Repurchase Agreement prior to the start of any Renewal Year, during a two-week period in December preceding the applicable Renewal Year.

On September 16, 2024, in connection with the GIP/ONEOK Transaction, we gave notice to GIP of our election to terminate the repurchase agreement entered into on January 16 , 2024, in accordance with the terms of the repurchase agreement. The termination of the repurchase agreement was effective as of October 2, 2024, upon which date we repurchased the applicable number of common units representing GIP’s pro rata share of the aggregate number of common units repurchased by us during the three months ended September 30, 2024.

See “Note 8—Members’ Equity” for additional information on the activity related to the GIP repurchase agreement.

Transactions with Companies Affiliated with GIP. We may engage in various transactions with GIP’s affiliated entities, including GIP’s portfolio companies.