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Segment Information (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Summary of Financial Information
We evaluate the performance of our operating segments based on segment profit and adjusted gross margin. Adjusted gross margin is a non-GAAP financial measure. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for additional information. Summarized financial information for our reportable segments is shown in the following tables (in millions):
PermianLouisianaOklahomaNorth TexasCorporateTotals
Three Months Ended March 31, 2024
Natural gas sales$104.2 $119.6 $32.8 $24.9 $— $281.5 
NGL sales(6.6)768.1 (1.0)(4.8)— 755.7 
Crude oil and condensate sales336.6 — 30.9 — — 367.5 
Other— — — 0.3 — 0.3 
Product sales434.2 887.7 62.7 20.4 — 1,405.0 
Natural gas sales—related parties— 0.1 — — (0.1)— 
NGL sales—related parties257.6 9.5 108.7 70.6 (446.4)— 
Crude oil and condensate sales—related parties— — — 3.3 (3.3)— 
Product sales—related parties257.6 9.6 108.7 73.9 (449.8)— 
Gathering and transportation39.7 24.4 55.8 45.6 — 165.5 
Processing17.0 0.6 33.6 27.6 — 78.8 
NGL services— 17.3 — 0.1 — 17.4 
Crude services3.8 0.1 3.7 0.2 — 7.8 
Other services1.9 0.1 0.1 0.3 — 2.4 
Midstream services62.4 42.5 93.2 73.8 — 271.9 
NGL services—related parties— — — 0.5 (0.5)— 
Midstream services—related parties— — — 0.5 (0.5)— 
Revenue from contracts with customers754.2 939.8 264.6 168.6 (450.3)1,676.9 
Realized gain (loss) on derivatives(6.8)6.4 (1.0)(1.5)— (2.9)
Change in fair value of derivatives(2.4)(19.5)(4.1)(0.1)— (26.1)
Total revenues745.0 926.7 259.5 167.0 (450.3)1,647.9 
Cost of sales, exclusive of operating expenses and depreciation and amortization(582.1)(789.5)(147.8)(81.3)450.3 (1,150.4)
Adjusted gross margin162.9 137.2 111.7 85.7 — 497.5 
Operating expenses(73.9)(26.8)(26.0)(25.9)— (152.6)
Segment profit89.0 110.4 85.7 59.8 — 344.9 
Depreciation and amortization(43.6)(35.1)(56.5)(28.5)(1.6)(165.3)
Gross margin45.4 75.3 29.2 31.3 (1.6)179.6 
Impairments— — — (14.2)— (14.2)
Gain on disposition of assets— 1.7 — — — 1.7 
General and administrative— — — — (55.2)(55.2)
Interest expense, net of interest income— — — — (65.4)(65.4)
Loss from unconsolidated affiliate investments— — — — (0.8)(0.8)
Other income— — — — 0.5 0.5 
Income (loss) before non-controlling interest and income taxes$45.4 $77.0 $29.2 $17.1 $(122.5)$46.2 
Capital expenditures$48.6 $31.6 $11.8 $10.5 $0.9 $103.4 
PermianLouisianaOklahomaNorth TexasCorporateTotals
Three Months Ended March 31, 2023
Natural gas sales$129.3 $131.8 $66.8 $14.5 $— $342.4 
NGL sales0.4 857.9 8.6 (1.0)— 865.9 
Crude oil and condensate sales186.7 56.6 24.7 — — 268.0 
Product sales316.4 1,046.3 100.1 13.5 — 1,476.3 
NGL sales—related parties237.5 4.4 118.0 79.5 (439.4)— 
Crude oil and condensate sales—related parties— — — 2.7 (2.7)— 
Product sales—related parties237.5 4.4 118.0 82.2 (442.1)— 
Gathering and transportation23.3 20.0 54.8 52.1 — 150.2 
Processing14.0 0.3 35.3 32.1 — 81.7 
NGL services— 27.8 — — — 27.8 
Crude services6.0 6.5 4.5 0.2 — 17.2 
Other services1.7 0.4 0.1 0.2 — 2.4 
Midstream services45.0 55.0 94.7 84.6 — 279.3 
NGL services—related parties— — — 0.6 (0.6)— 
Midstream services—related parties— — — 0.6 (0.6)— 
Revenue from contracts with customers598.9 1,105.7 312.8 180.9 (442.7)1,755.6 
Realized gain (loss) on derivatives(4.0)7.2 2.0 8.1 — 13.3 
Change in fair value of derivatives6.3 (9.0)(1.4)2.7 — (1.4)
Total revenues601.2 1,103.9 313.4 191.7 (442.7)1,767.5 
Cost of sales, exclusive of operating expenses and depreciation and amortization(457.1)(973.9)(194.0)(89.6)442.7 (1,271.9)
Adjusted gross margin144.1 130.0 119.4 102.1 — 495.6 
Operating expenses(48.1)(33.6)(24.7)(26.0)— (132.4)
Segment profit96.0 96.4 94.7 76.1 — 363.2 
Depreciation and amortization(40.0)(38.3)(51.9)(28.8)(1.4)(160.4)
Gross margin56.0 58.1 42.8 47.3 (1.4)202.8 
Gain on disposition of assets— 0.1 0.2 0.1 — 0.4 
General and administrative— — — — (29.5)(29.5)
Interest expense, net of interest income— — — — (68.5)(68.5)
Loss from unconsolidated affiliate investments— — — — (0.1)(0.1)
Income (loss) before non-controlling interest and income taxes$56.0 $58.2 $43.0 $47.4 $(99.5)$105.1 
Capital expenditures$56.7 $12.3 $25.7 $18.1 $1.3 $114.1 
Schedule of Segment Assets
The table below represents information about segment assets as of March 31, 2024 and December 31, 2023 (in millions):
Segment Identifiable Assets:March 31, 2024December 31, 2023
Permian$2,784.9 $2,813.6 
Louisiana1,963.8 2,031.8 
Oklahoma2,214.0 2,275.8 
North Texas962.6 1,017.7 
Corporate (1)202.7 189.7 
Total identifiable assets$8,128.0 $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.