Segment Information (Tables)

9 Months Ended

Sep. 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 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 sales	429.5		—		31.6		—		—		461.1
Other	—		—		—		0.9		—		0.9
Product sales	426.4		773.2		55.4		37.3		—		1,292.3
Natural gas sales—related parties	—		—		0.4		—		(0.4)		—
NGL sales—related parties	227.3		10.0		103.9		69.0		(410.2)		—
Crude oil and condensate sales—related parties	—		—		—		2.7		(2.7)		—
Product sales—related parties	227.3		10.0		104.3		71.7		(413.3)		—
Gathering and transportation	50.8		28.7		70.5		42.5		—		192.5
Processing	14.2		0.5		36.1		23.8		—		74.6
NGL services	—		15.7		—		0.1		—		15.8
Crude services	6.7		—		3.1		0.2		—		10.0
Other services	1.2		—		0.1		0.1		—		1.4
Midstream services	72.9		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 customers	726.6		828.1		269.5		177.2		(414.8)		1,586.6
Realized gain (loss) on derivatives	3.4		(1.9)		0.1		2.2		—		3.8
Change in fair value of derivatives	2.6		11.3		3.0		1.1		—		18.0
Total revenues	732.6		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


	Permian		Louisiana		Oklahoma		North Texas		Corporate		Totals
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 sales	345.2		78.0		24.7		—		—		447.9

Product sales	473.3		926.4		65.0		23.4		—		1,488.1

NGL sales—related parties	247.4		5.3		126.0		78.7		(457.4)		—
Crude oil and condensate sales—related parties	—		—		—		2.3		(2.3)		—
Product sales—related parties	247.4		5.3		126.0		81.0		(459.7)		—
Gathering and transportation	30.5		19.5		60.5		49.8		—		160.3
Processing	15.3		0.5		36.2		29.9		—		81.9
NGL services	—		20.5		—		0.1		—		20.6
Crude services	5.6		5.7		3.7		0.1		—		15.1
Other services	1.7		0.2		0.1		0.2		—		2.2
Midstream services	53.1		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 customers	773.8		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 revenues	762.0		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


	Permian		Louisiana		Oklahoma		North Texas		Corporate		Totals
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 sales	1,176.5		—		97.2		—		—		1,273.7
Other	—		—		—		2.1		—		2.1
Product sales	1,280.1		2,437.3		172.1		86.4		—		3,975.9
Natural gas sales—related parties	—		0.1		0.4		—		(0.5)		—
NGL sales—related parties	722.5		28.5		318.2		208.1		(1,277.3)		—
Crude oil and condensate sales—related parties	—		—		—		9.6		(9.6)		—
Product sales—related parties	722.5		28.6		318.6		217.7		(1,287.4)		—
Gathering and transportation	132.1		81.0		191.0		129.1		—		533.2
Processing	45.7		1.7		105.1		73.3		—		225.8
NGL services	—		46.9		—		0.2		—		47.1
Crude services	16.7		0.1		10.0		0.6		—		27.4
Other services	4.8		0.2		0.4		0.6		—		6.0
Midstream services	199.3		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 customers	2,201.9		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 revenues	2,199.8		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


	Permian		Louisiana		Oklahoma		North Texas		Corporate		Totals
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 sales	826.3		187.2		76.1		—		—		1,089.6

Product sales	1,160.5		2,766.4		225.1		51.7		—		4,203.7

NGL sales—related parties	689.0		15.0		346.3		224.4		(1,274.7)		—
Crude oil and condensate sales—related parties	—		—		—		7.8		(7.8)		—
Product sales—related parties	689.0		15.0		346.3		232.2		(1,282.5)		—
Gathering and transportation	83.1		58.2		175.8		153.8		—		470.9
Processing	43.8		0.9		107.9		92.5		—		245.1
NGL services	—		65.7		—		0.2		—		65.9
Crude services	18.6		17.8		13.1		0.5		—		50.0
Other services	5.0		0.9		0.4		0.7		—		7.0
Midstream services	150.5		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 customers	2,000.0		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 revenues	1,988.0		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,
	2024		2023		2024		2023
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 debt	9.5		—		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

Schedule of Segment Assets

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


Segment Identifiable Assets:	September 30, 2024		December 31, 2023
Permian	$	2,749.7	$	2,813.6
Louisiana	1,888.4		2,031.8
Oklahoma	2,121.5		2,275.8
North Texas	927.6		1,017.7
Corporate (1)	196.6		189.7
Total identifiable assets	$	7,883.8	$	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.