Year Ended December 31, 2024

Gathering and Processing

Logistics and Transportation

Total Reportable Segments

Other

Corporate
and
Eliminations

Total

Revenues

Sales of commodities

$

1,032.8

$

13,023.6

$

14,056.4

$

(164.6

)

$

—

$

13,891.8

Fees from midstream services

1,656.7

833.0

2,489.7

—

—

2,489.7

2,689.5

13,856.6

16,546.1

(164.6

)

—

16,381.5

Intersegment revenues

Sales of commodities

4,118.5

146.1

4,264.6

—

(4,264.6

)

—

Fees from midstream services

0.4

27.7

28.1

—

(28.1

)

—

4,118.9

173.8

4,292.7

—

(4,292.7

)

—

Revenues

$

6,808.4

$

14,030.4

$

20,838.8

$

(164.6

)

$

(4,292.7

)

$

16,381.5

Operating expenses

814.6

362.3

1,176.9

—

Other segment items (1)

3,681.4

11,313.0

14,994.4

—

Operating margin

$

2,312.4

$

2,355.1

$

4,667.5

$

(164.6

)

Other financial information:

Total assets (2)

$

13,576.6

$

8,921.6

$

22,498.2

$

1.9

$

234.0

$

22,734.1

Goodwill

$

45.2

$

—

$

45.2

$

—

$

—

$

45.2

Capital expenditures

$

1,955.3

$

1,216.6

$

3,171.9

$

—

$

19.9

$

3,191.8

Year Ended December 31, 2023

Gathering and Processing

Logistics and Transportation

Total Reportable Segments

Other

Corporate
and
Eliminations

Total

Revenues

Sales of commodities

$

1,076.1

$

12,610.5

$

13,686.6

$

275.5

$

—

$

13,962.1

Fees from midstream services

1,366.5

731.7

2,098.2

—

—

2,098.2

2,442.6

13,342.2

15,784.8

275.5

—

16,060.3

Intersegment revenues

Sales of commodities

4,786.3

267.9

5,054.2

—

(5,054.2

)

—

Fees from midstream services

2.6

45.7

48.3

—

(48.3

)

—

4,788.9

313.6

5,102.5

—

(5,102.5

)

—

Revenues

$

7,231.5

$

13,655.8

$

20,887.3

$

275.5

$

(5,102.5

)

$

16,060.3

Operating expenses

746.6

332.0

1,078.6

$

—

Other segment items (1)

4,402.7

11,375.1

15,777.8

—

Operating margin

$

2,082.2

$

1,948.7

$

4,030.9

$

275.5

Other financial information:

Total assets (2)

$

12,685.2

$

7,777.8

$

20,463.0

$

4.2

$

204.6

$

20,671.8

Goodwill

$

45.2

$

—

$

45.2

$

—

$

—

$

45.2

Capital expenditures

$

1,514.7

$

910.0

$

2,424.7

$

—

$

18.9

$

2,443.6

Year Ended December 31, 2022

Gathering and Processing

Logistics and Transportation

Total Reportable Segments

Other

Corporate
and
Eliminations

Total

Revenues

Sales of commodities

$

919.7

$

18,448.7

$

19,368.4

$

(302.4

)

$

—

$

19,066.0

Fees from midstream services

1,157.3

706.5

1,863.8

—

—

1,863.8

2,077.0

19,155.2

21,232.2

(302.4

)

—

20,929.8

Intersegment revenues

Sales of commodities

9,169.4

541.7

9,711.1

—

(9,711.1

)

—

Fees from midstream services

0.6

45.2

45.8

—

(45.8

)

—

9,170.0

586.9

9,756.9

—

(9,756.9

)

—

Revenues

$

11,247.0

$

19,742.1

$

30,989.1

$

(302.4

)

$

(9,756.9

)

$

20,929.8

Operating expenses

611.8

300.2

912.0

$

—

Other segment items (1)

8,654.2

17,985.6

26,639.8

—

Operating margin

$

1,981.0

$

1,456.3

$

3,437.3

$

(302.4

)

Other financial information:

Total assets (2)

$

12,133.6

$

7,175.7

$

19,309.3

$

—

$

250.7

$

19,560.0

Goodwill

$

45.2

$

—

$

45.2

$

—

$

—

$

45.2

Capital expenditures

$

918.1

$

453.0

$

1,371.1

$

—

$

23.3

$

1,394.4

Year Ended December 31,

2024

2023

2022

Reconciliation of reportable segment operating
margin to income (loss) before income taxes:

Total reportable segments operating margin

$

4,667.5

$

4,030.9

$

3,437.3

Other operating margin

(164.6

)

275.5

(302.4

)

Depreciation and amortization expense

(1,423.0

)

(1,329.6

)

(1,096.0

)

General and administrative expense

(384.9

)

(348.7

)

(309.7

)

Other operating income (expense)

0.4

(1.5

)

(0.2

)

Interest expense, net

(767.2

)

(687.8

)

(446.1

)

Equity earnings (loss)

9.4

9.0

9.1

Gain (loss) from financing activities

(0.8

)

(2.1

)

(49.6

)

Gain (loss) from sale of equity method investment

—

—

435.9

Other, net

1.2

(3.2

)

(15.1

)

Income (loss) before income taxes

$

1,938.0

$

1,942.5

$

1,663.2