Investments in Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2024

Investments in Unconsolidated Affiliates

Schedule of reconciliation of investments in unconsolidated affiliates

					Total Investment
					in Unconsolidated
(in thousands)	Joint Venture		Stonewall		Affiliates
Balance as of December 31, 2022	$	526,652		126,115		652,767
Additional investments		—		262		262
Equity in earnings of unconsolidated affiliates (1)		98,194		7,262		105,456
Distributions from unconsolidated affiliates		(116,025)		(15,810)		(131,835)
Balance as of December 31, 2023		508,821		117,829		626,650
Additional investments		—		2,393		2,393
Equity in earnings of unconsolidated affiliates (1)		102,474		8,099		110,573
Distributions from unconsolidated affiliates		(120,930)		(14,730)		(135,660)
Balance as of December 31, 2024	$	490,365		113,591		603,956

(1) As adjusted for the amortization of the difference between the cost of the equity investments in the Joint Venture and Stonewall and the amount of the underlying equity in the net assets of the Joint Venture and Stonewall as of March 12, 2019.

Combined Balance Sheets

	December 31,
(in thousands)	2023		2024
Current assets	$	68,894		79,680
Noncurrent assets		1,460,004		1,412,844
Total assets	$	1,528,898		1,492,524
Current liabilities	$	7,711		9,319
Noncurrent liabilities		4,028		3,630
Noncontrolling interest		146,094		139,368
Partners' capital		1,371,065		1,340,207
Total liabilities and partners' capital	$	1,528,898		1,492,524

Statements of Combined Operations

	Year Ended December 31,
(in thousands)	2022		2023		2024
Revenues	$	357,730		388,717		407,553
Operating expenses		153,383		156,678		163,134
Income from operations		204,347		232,039		244,419
Net income attributable to unconsolidated affiliates, including noncontrolling interest		248,458		269,471		284,190
Net income attributable to unconsolidated affiliates		257,458		278,545		293,252