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Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information
(11) Segment Information

We manage and report our operations primarily according to the geography and the nature of the activity. We have five reportable segments:

•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 transmission pipelines, natural gas processing plants, natural gas and NGL storage facilities, and fractionation facilities located in Louisiana and, prior to its sale in November 2023, 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 Cana-Woodford, Arkoma-Woodford, northern Oklahoma Woodford, STACK, and adjacent areas;

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

•Corporate Segment. The Corporate segment includes our unconsolidated affiliate investments in the Cedar Cove JV in Oklahoma, GCF in South Texas, and the Matterhorn JV in West Texas, as well as our corporate assets and expenses.
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):
PermianLouisianaOklahomaNorth TexasCorporateTotals
Three Months Ended September 30, 2024
Natural gas sales$6.6 $100.8 $23.3 $41.5 $— $172.2 
NGL sales(9.7)672.4 0.5 (5.1)— 658.1 
Crude oil and condensate sales429.5 — 31.6 — — 461.1 
Other— — — 0.9 — 0.9 
Product sales426.4 773.2 55.4 37.3 — 1,292.3 
Natural gas sales—related parties— — 0.4 — (0.4)— 
NGL sales—related parties227.3 10.0 103.9 69.0 (410.2)— 
Crude oil and condensate sales—related parties— — — 2.7 (2.7)— 
Product sales—related parties227.3 10.0 104.3 71.7 (413.3)— 
Gathering and transportation50.8 28.7 70.5 42.5 — 192.5 
Processing14.2 0.5 36.1 23.8 — 74.6 
NGL services— 15.7 — 0.1 — 15.8 
Crude services6.7 — 3.1 0.2 — 10.0 
Other services1.2 — 0.1 0.1 — 1.4 
Midstream services72.9 44.9 109.8 66.7 — 294.3 
NGL services—related parties— — — 1.5 (1.5)— 
Midstream services—related parties— — — 1.5 (1.5)— 
Revenue from contracts with customers726.6 828.1 269.5 177.2 (414.8)1,586.6 
Realized gain (loss) on derivatives3.4 (1.9)0.1 2.2 — 3.8 
Change in fair value of derivatives2.6 11.3 3.0 1.1 — 18.0 
Total revenues732.6 837.5 272.6 180.5 (414.8)1,608.4 
Cost of sales, exclusive of operating expenses and depreciation and amortization(533.7)(709.8)(140.1)(98.8)414.8 (1,067.6)
Operating expenses(56.0)(28.0)(27.1)(22.9)— (134.0)
Segment profit$142.9 $99.7 $105.4 $58.8 $— $406.8 
Capital expenditures$29.7 $15.7 $20.5 $8.4 $0.8 $75.1 
PermianLouisianaOklahomaNorth TexasCorporateTotals
Three Months Ended September 30, 2023
Natural gas sales$132.9 $101.8 $42.3 $22.7 $— $299.7 
NGL sales(4.8)746.6 (2.0)0.7 — 740.5 
Crude oil and condensate sales345.2 78.0 24.7 — — 447.9 
Product sales473.3 926.4 65.0 23.4 — 1,488.1 
NGL sales—related parties247.4 5.3 126.0 78.7 (457.4)— 
Crude oil and condensate sales—related parties— — — 2.3 (2.3)— 
Product sales—related parties247.4 5.3 126.0 81.0 (459.7)— 
Gathering and transportation30.5 19.5 60.5 49.8 — 160.3 
Processing15.3 0.5 36.2 29.9 — 81.9 
NGL services— 20.5 — 0.1 — 20.6 
Crude services5.6 5.7 3.7 0.1 — 15.1 
Other services1.7 0.2 0.1 0.2 — 2.2 
Midstream services53.1 46.4 100.5 80.1 — 280.1 
NGL services—related parties— — — 1.2 (1.2)— 
Midstream services—related parties— — — 1.2 (1.2)— 
Revenue from contracts with customers773.8 978.1 291.5 185.7 (460.9)1,768.2 
Realized gain (loss) on derivatives(4.4)— 0.9 4.4 — 0.9 
Change in fair value of derivatives(7.4)(6.0)(4.1)(5.4)— (22.9)
Total revenues762.0 972.1 288.3 184.7 (460.9)1,746.2 
Cost of sales, exclusive of operating expenses and depreciation and amortization(604.3)(850.0)(157.1)(94.2)460.9 (1,244.7)
Operating expenses(55.0)(35.0)(26.6)(26.7)— (143.3)
Segment profit$102.7 $87.1 $104.6 $63.8 $— $358.2 
Capital expenditures$82.9 $23.1 $11.5 $17.0 $2.0 $136.5 
PermianLouisianaOklahomaNorth TexasCorporateTotals
Nine Months Ended September 30, 2024
Natural gas sales$126.1 $331.3 $76.0 $97.8 $— $631.2 
NGL sales(22.5)2,106.0 (1.1)(13.5)— 2,068.9 
Crude oil and condensate sales1,176.5 — 97.2 — — 1,273.7 
Other— — — 2.1 — 2.1 
Product sales1,280.1 2,437.3 172.1 86.4 — 3,975.9 
Natural gas sales—related parties— 0.1 0.4 — (0.5)— 
NGL sales—related parties722.5 28.5 318.2 208.1 (1,277.3)— 
Crude oil and condensate sales—related parties— — — 9.6 (9.6)— 
Product sales—related parties722.5 28.6 318.6 217.7 (1,287.4)— 
Gathering and transportation132.1 81.0 191.0 129.1 — 533.2 
Processing45.7 1.7 105.1 73.3 — 225.8 
NGL services— 46.9 — 0.2 — 47.1 
Crude services16.7 0.1 10.0 0.6 — 27.4 
Other services4.8 0.2 0.4 0.6 — 6.0 
Midstream services199.3 129.9 306.5 203.8 — 839.5 
NGL services—related parties— — — 3.0 (3.0)— 
Midstream services—related parties— — — 3.0 (3.0)— 
Revenue from contracts with customers2,201.9 2,595.8 797.2 510.9 (1,290.4)4,815.4 
Realized gain (loss) on derivatives(1.0)(2.8)(1.9)1.8 — (3.9)
Change in fair value of derivatives(1.1)(2.6)(0.3)(0.1)— (4.1)
Total revenues2,199.8 2,590.4 795.0 512.6 (1,290.4)4,807.4 
Cost of sales, exclusive of operating expenses and depreciation and amortization(1,668.4)(2,210.1)(423.4)(269.1)1,290.4 (3,280.6)
Operating expenses(206.4)(85.9)(77.0)(72.5)— (441.8)
Segment profit$325.0 $294.4 $294.6 $171.0 $— $1,085.0 
Capital expenditures$109.9 $68.6 $57.3 $26.0 $2.9 $264.7 
PermianLouisianaOklahomaNorth TexasCorporateTotals
Nine Months Ended September 30, 2023
Natural gas sales$338.6 $326.1 $142.0 $53.9 $— $860.6 
NGL sales(4.4)2,253.1 7.0 (2.2)— 2,253.5 
Crude oil and condensate sales826.3 187.2 76.1 — — 1,089.6 
Product sales1,160.5 2,766.4 225.1 51.7 — 4,203.7 
NGL sales—related parties689.0 15.0 346.3 224.4 (1,274.7)— 
Crude oil and condensate sales—related parties— — — 7.8 (7.8)— 
Product sales—related parties689.0 15.0 346.3 232.2 (1,282.5)— 
Gathering and transportation83.1 58.2 175.8 153.8 — 470.9 
Processing43.8 0.9 107.9 92.5 — 245.1 
NGL services— 65.7 — 0.2 — 65.9 
Crude services18.6 17.8 13.1 0.5 — 50.0 
Other services5.0 0.9 0.4 0.7 — 7.0 
Midstream services150.5 143.5 297.2 247.7 — 838.9 
NGL services—related parties— — — 2.6 (2.6)— 
Midstream services—related parties— — — 2.6 (2.6)— 
Revenue from contracts with customers2,000.0 2,924.9 868.6 534.2 (1,285.1)5,042.6 
Realized gain (loss) on derivatives(3.0)(0.6)4.8 19.0 — 20.2 
Change in fair value of derivatives(9.0)3.2 (3.5)(9.7)— (19.0)
Total revenues1,988.0 2,927.5 869.9 543.5 (1,285.1)5,043.8 
Cost of sales, exclusive of operating expenses and depreciation and amortization(1,541.3)(2,538.9)(481.6)(258.9)1,285.1 (3,535.6)
Operating expenses(156.2)(100.6)(78.3)(77.4)— (412.5)
Segment profit$290.5 $288.0 $310.0 $207.2 $— $1,095.7 
Capital expenditures$191.2 $53.1 $59.3 $46.9 $4.8 $355.3 

The following table reconciles segment profit to income before non-controlling interest and income taxes in the consolidated statements of operations:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Segment profit$406.8 $358.2 $1,085.0 $1,095.7 
Depreciation and amortization(186.1)(163.8)(514.0)(489.5)
Impairments(71.0)(20.7)(85.2)(20.7)
Gain (loss) on disposition of assets(0.7)0.6 0.1 1.8 
General and administrative(30.0)(30.4)(115.4)(87.8)
Interest expense, net of interest income(67.7)(67.9)(199.8)(205.2)
Gain on extinguishment of debt9.5 — 9.5 — 
Income (loss) from unconsolidated affiliate investments(11.6)1.0 (12.1)(3.7)
Other income (expense)0.9 (0.6)5.2 (0.2)
Income before non-controlling interest and income taxes$50.1 $76.4 $173.3 $290.4 
The table below represents information about segment assets as of September 30, 2024 and December 31, 2023 (in millions):
Segment Identifiable Assets:September 30, 2024December 31, 2023
Permian$2,749.7 $2,813.6 
Louisiana1,888.4 2,031.8 
Oklahoma2,121.5 2,275.8 
North Texas927.6 1,017.7 
Corporate (1)196.6 189.7 
Total identifiable assets$7,883.8 $8,328.6 
____________________________
(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.