v3.25.3
SEGMENTS - Schedule of Adjusted EBITDA (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Total segment operating revenue [1] $ 463,969 $ 396,362 $ 1,333,970 $ 1,097,213
Costs of sales (excluding depreciation and amortization expense) [2],[3] (235,391) (144,586) (615,452) (444,786)
Operating expenses (83,236) (61,700) (228,234) (161,678)
General and administrative expenses (30,096) (29,619) (91,932) (94,846)
Proportionate EMI EBITDA 87,715 88,229 263,345 262,553
Other segment items 39,673 16,997 73,887 75,188
Segment adjusted EBITDA 242,634 265,683 735,584 733,644
Other interest income 166 572 1,274 1,459
(Gain) loss on disposal of assets, net (50) 0 15 (4,090)
Gain on sale of equity method investment 0 29,953 0 89,837
Commodity hedging unrealized gain 6,485 8,817 13,131 1,935
Equity in earnings of unconsolidated affiliates 58,289 53,244 174,472 169,668
Interest expense 61,721 66,029 173,949 167,545
Depreciation and amortization expense 95,409 87,583 281,845 236,250
Amortization of contract costs 1,744 1,655 5,054 4,965
Share-based compensation 14,229 15,171 44,577 52,868
Loss on debt extinguishment 0 0 635 525
Contingent liabilities fair value adjustment 5,700 1,400 5,700 1,400
Integration costs 6,650 2,540 12,621 5,091
Acquisition / divestiture transaction costs 812 31 812 3,538
Other one-time costs or amortization 3,916 3,717 15,708 8,448
Income before income taxes 16,658 91,914 120,230 249,270
Product and Service        
Segment Reporting Information [Line Items]        
Total segment operating revenue 460,946 393,523 1,325,621 1,088,802
Other revenue        
Segment Reporting Information [Line Items]        
Total segment operating revenue 3,023 2,839 8,349 8,411
Operating Segments | Midstream Logistics        
Segment Reporting Information [Line Items]        
Total segment operating revenue 461,642 394,168 1,326,802 1,090,358
Costs of sales (excluding depreciation and amortization expense) (236,001) (144,648) (615,624) (444,767)
Operating expenses (82,486) (61,010) (226,283) (159,455)
General and administrative expenses (6,610) (6,542) (18,731) (13,766)
Proportionate EMI EBITDA 0 0 0 0
Other segment items 20,606 (1,597) 14,870 11,083
Segment adjusted EBITDA 151,358 173,623 462,763 464,165
Other interest income 0 0 0 0
(Gain) loss on disposal of assets, net (50)   15 (4,090)
Gain on sale of equity method investment   0   0
Commodity hedging unrealized gain 6,485 8,817 13,131 1,935
Equity in earnings of unconsolidated affiliates 0 0 0 0
Interest expense 37 2,666 97 5,273
Depreciation and amortization expense 93,095 85,273 274,903 229,336
Amortization of contract costs 1,744 1,655 5,054 4,965
Share-based compensation 0 0 0 0
Loss on debt extinguishment     0 0
Contingent liabilities fair value adjustment 5,700 1,400 5,700 1,400
Integration costs 6,552 1,208 10,999 1,792
Acquisition / divestiture transaction costs 0 0 0 0
Other one-time costs or amortization (12) 1,657 3,702 4,048
Income before income taxes 37,707 88,581 175,454 215,196
Operating Segments | Midstream Logistics | Product and Service        
Segment Reporting Information [Line Items]        
Total segment operating revenue 458,621 391,331 1,318,459 1,082,236
Operating Segments | Midstream Logistics | Other revenue        
Segment Reporting Information [Line Items]        
Total segment operating revenue 3,021 2,837 8,343 8,122
Operating Segments | Pipeline Transportation        
Segment Reporting Information [Line Items]        
Total segment operating revenue 8,120 8,942 25,439 26,143
Costs of sales (excluding depreciation and amortization expense) 610 62 172 (19)
Operating expenses (750) (690) (1,951) (2,223)
General and administrative expenses (241) (409) (901) (1,263)
Proportionate EMI EBITDA 87,715 88,229 263,345 262,553
Other segment items 0 0 0 0
Segment adjusted EBITDA 95,454 96,134 286,104 285,191
Other interest income 0 0 0 0
(Gain) loss on disposal of assets, net 0   0 0
Gain on sale of equity method investment   29,953   89,837
Commodity hedging unrealized gain 0 0 0 0
Equity in earnings of unconsolidated affiliates 58,289 53,244 174,472 169,668
Interest expense 0 0 0 0
Depreciation and amortization expense 2,308 2,305 6,924 6,897
Amortization of contract costs 0 0 0 0
Share-based compensation 0 0 0 0
Loss on debt extinguishment     0 0
Contingent liabilities fair value adjustment 0 0 0 0
Integration costs 0 0 0 0
Acquisition / divestiture transaction costs 0 0 0 0
Other one-time costs or amortization 0 0 0 0
Income before income taxes 63,720 88,797 190,307 275,246
Operating Segments | Pipeline Transportation | Product and Service        
Segment Reporting Information [Line Items]        
Total segment operating revenue 2,325 2,192 7,162 6,566
Operating Segments | Pipeline Transportation | Other revenue        
Segment Reporting Information [Line Items]        
Total segment operating revenue 2 2 6 289
Corporate And Eliminations        
Segment Reporting Information [Line Items]        
Total segment operating revenue 0 0 0 0
Costs of sales (excluding depreciation and amortization expense) 0 0 0 0
Corporate and Other        
Segment Reporting Information [Line Items]        
Total segment operating revenue 0 0 0 0
Costs of sales (excluding depreciation and amortization expense) 0 0 0 0
Operating expenses 0 0 0 0
General and administrative expenses (23,245) (22,668) (72,300) (79,817)
Proportionate EMI EBITDA 0 0 0 0
Other segment items 19,067 18,594 59,017 64,105
Segment adjusted EBITDA (4,178) (4,074) (13,283) (15,712)
Other interest income 166 572 1,274 1,459
(Gain) loss on disposal of assets, net 0   0 0
Gain on sale of equity method investment   0   0
Commodity hedging unrealized gain 0 0 0 0
Equity in earnings of unconsolidated affiliates 0 0 0 0
Interest expense 61,684 63,363 173,852 162,272
Depreciation and amortization expense 6 5 18 17
Amortization of contract costs 0 0 0 0
Share-based compensation 14,229 15,171 44,577 52,868
Loss on debt extinguishment     635 525
Contingent liabilities fair value adjustment 0 0 0 0
Integration costs 98 1,332 1,622 3,299
Acquisition / divestiture transaction costs 812 31 812 3,538
Other one-time costs or amortization 3,928 2,060 12,006 4,400
Income before income taxes (84,769) (85,464) (245,531) (241,172)
Corporate and Other | Product and Service        
Segment Reporting Information [Line Items]        
Total segment operating revenue 0 0 0 0
Corporate and Other | Other revenue        
Segment Reporting Information [Line Items]        
Total segment operating revenue 0 0 0 0
Intersegment Eliminations        
Segment Reporting Information [Line Items]        
Total segment operating revenue (5,793) (6,748) (18,271) (19,288)
Costs of sales (excluding depreciation and amortization expense) 5,793 6,748 18,271 19,288
Operating expenses 0 0 0 0
General and administrative expenses 0 0 0 0
Proportionate EMI EBITDA 0 0 0 0
Other segment items 0 0 0 0
Segment adjusted EBITDA 0 0 0 0
Other interest income 0 0 0 0
(Gain) loss on disposal of assets, net 0   0 0
Gain on sale of equity method investment   0   0
Commodity hedging unrealized gain 0 0 0 0
Equity in earnings of unconsolidated affiliates 0 0 0 0
Interest expense 0 0 0 0
Depreciation and amortization expense 0 0 0 0
Amortization of contract costs 0 0 0 0
Share-based compensation 0 0 0 0
Loss on debt extinguishment     0 0
Contingent liabilities fair value adjustment 0 0 0 0
Integration costs 0 0 0
Acquisition / divestiture transaction costs 0 0 0 0
Other one-time costs or amortization 0 0 0 0
Income before income taxes 0 0 0 0
Intersegment Eliminations | Product and Service        
Segment Reporting Information [Line Items]        
Total segment operating revenue 0 0 0 0
Intersegment Eliminations | Other revenue        
Segment Reporting Information [Line Items]        
Total segment operating revenue 0 0 0 0
Intersegment Eliminations | Midstream Logistics        
Segment Reporting Information [Line Items]        
Total segment operating revenue 0 0 0 0
Costs of sales (excluding depreciation and amortization expense) (5,793) (6,748) (18,271) (19,288)
Intersegment Eliminations | Pipeline Transportation        
Segment Reporting Information [Line Items]        
Total segment operating revenue 5,793 6,748 18,271 19,288
Costs of sales (excluding depreciation and amortization expense) $ 0 $ 0 $ 0 $ 0
[1] Includes amounts associated with related parties of nil and $17.2 million for the nine months ended September 30, 2025 and 2024, respectively. No operating revenue associated with related parties for the three months ended September 30, 2025 and 2024.
[2] Costs of sales (excluding depreciation and amortization) is net of gas service revenues totaling $88.3 million and $60.2 million for the three months ended September 30, 2025 and 2024, respectively, $224.1 million and $159.4 million for the nine months ended September 30, 2025 and 2024, respectively, for certain volumes where we act as principal.
[3] Includes amounts associated with related parties of $6.6 million and $12.8 million for the three months ended September 30, 2025 and 2024, respectively, and $18.3 million and $48.7 million for the nine months ended September 30, 2025 and 2024, respectively.