Segments (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Financial Data for Each Reportable Segment

The following tables reflect certain financial data for each reportable segment:

	Gathering		Processing and Storage		Terminaling and Export		Total Reportable Segments		Interest and Other		Consolidated
(in millions)
For the Three Months Ended June 30, 2024
Revenues and other income	$	195.5	$	139.5	$	30.5	$	365.5	$	-	$	365.5
Operating and maintenance expenses    (exclusive of depreciation shown    separately below)		50.8		27.3		9.4		87.5		-		87.5
Depreciation expense		31.5		14.6		4.4		50.5		-		50.5
General and administrative expenses		2.3		1.0		0.2		3.5		1.7		5.2
Income from equity investments		-		3.7		-		3.7		-		3.7
Interest expense, net		-		-		-		-		49.7		49.7
Income tax expense		-		-		-		-		16.0		16.0
Adjusted EBITDA		142.4		114.9		20.9		278.2
Capital expenditures		69.5		3.2		-		72.7
	Gathering		Processing and Storage		Terminaling and Export		Total Reportable Segments		Interest and Other		Consolidated
(in millions)
For the Three Months Ended June 30, 2023
Revenues and other income	$	174.5	$	122.8	$	26.7	$	324.0	$	-	$	324.0
Operating and maintenance expenses    (exclusive of depreciation shown    separately below)		43.8		23.8		5.5		73.1		-		73.1
Depreciation expense		28.2		14.5		4.3		47.0		-		47.0
General and administrative expenses		2.5		1.1		0.2		3.8		2.0		5.8
Income from equity investments		-		1.7		-		1.7		-		1.7
Interest expense, net		-		-		-		-		43.8		43.8
Income tax expense		-		-		-		-		8.1		8.1
Adjusted EBITDA		128.2		99.6		21.0		248.8
Capital expenditures		46.4		2.7		3.0		52.1

	Gathering		Processing and Storage		Terminaling and Export		Total Reportable Segments		Interest and Other		Consolidated
(in millions)
For the Six Months Ended June 30, 2024
Revenues and other income	$	383.6	$	278.6	$	58.9	$	721.1	$	-	$	721.1
Operating and maintenance expenses    (exclusive of depreciation shown    separately below)		97.1		52.5		16.0		165.6		-		165.6
Depreciation expense		62.3		29.3		8.7		100.3		-		100.3
General and administrative expenses		4.4		2.2		0.4		7.0		3.9		10.9
Income from equity investments		-		6.4		-		6.4		-		6.4
Interest expense, net		-		-		-		-		98.2		98.2
Income tax expense		-		-		-		-		30.3		30.3
Adjusted EBITDA		282.1		230.3		42.5		554.9
Capital expenditures		101.2		6.6		0.1		107.9
	Gathering		Processing and Storage		Terminaling and Export		Total Reportable Segments		Interest and Other		Consolidated
(in millions)
For the Six Months Ended June 30, 2023
Revenues and other income	$	339.2	$	237.2	$	52.6	$	629.0	$	-	$	629.0
Operating and maintenance expenses    (exclusive of depreciation shown    separately below)		82.2		44.0		9.4		135.6		-		135.6
Depreciation expense		57.0		29.0		8.4		94.4		-		94.4
General and administrative expenses		4.9		2.3		0.5		7.7		4.5		12.2
Income from equity investments		-		3.3		-		3.3		-		3.3
Interest expense, net		-		-		-		-		85.4		85.4
Income tax expense		-		-		-		-		14.6		14.6
Adjusted EBITDA		252.1		194.2		42.7		489.0
Capital expenditures		95.8		3.6		10.0		109.4

Reconciliation of Reportable Segment Adjusted EBITDA to Income Before Income Tax Expense

The following table presents a reconciliation of reportable segment Adjusted EBITDA to income before income tax expense:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Reconciliation of reportable segment Adjusted    EBITDA to income before income tax expense:
Total reportable segment Adjusted EBITDA	$	278.2	$	248.8	$	554.9	$	489.0
Less:
Depreciation expense		50.5		47.0		100.3		94.4
Unallocated general and administrative expenses		1.7		2.0		3.9		4.5
Interest expense, net		49.7		43.8		98.2		85.4
Income before income tax expense	$	176.3	$	156.0	$	352.5	$	304.7

Total Assets for Reportable Segments

Total assets for the reportable segments are as follows:

	June 30, 2024		December 31, 2023
(in millions)
Gathering	$	2,167.3	$	2,138.6
Processing and Storage(1)		1,018.7		1,048.4
Terminaling and Export		255.4		264.4
Interest and Other		608.7		338.1
Total assets	$	4,050.1	$	3,789.5

(1) Includes investment in equity investees of $89.2 million as of June 30, 2024 and $90.2 million as of December 31, 2023.