As of December 31, 2025, the Company owned investments in the following long-haul pipeline entities in the Permian Basin. These investments were accounted for using the equity method of accounting. For each EMI pipeline entity, the Company has the ability to exercise significant influence based on certain governance provisions and its participation in the significant activities and decisions that impact the management and economic performance of the EMI pipeline.


	December 31,
	2025				2024

	(In thousands, except for ownership percentages)
	Ownership		Amount		Ownership		Amount
PHP	55.5	%	$	1,591,384	55.5	%	$	1,607,323
Breviloba	33.0	%	417,341		33.0	%	428,383
EPIC(1)	—	%	—		27.5	%	82,172
			$	2,008,725			$	2,117,878

(1)The Company owned 27.5% of EPIC as of December 31, 2024. On October 31, 2025, the Company consummated the EPIC Sale (defined below) to sell all its equity interest in EPIC and received $504.2 million of upfront cash consideration.

During the third quarter 2024, the Company entered into an Equity Sale and Purchase Agreement with third parties to purchase a 12.5% equity interest in EPIC, increasing our total equity interest in EPIC to 27.5%. During the fourth quarter 2025, the Company consummated the previously announced Sale and Purchase Agreement with affiliates of Diamondback Energy, Inc. (together with the Company, the “Sellers”) and affiliates of Plains All American Pipeline, L.P. (the “Buyer”) to sell, collectively, 55% of the outstanding interests in EPIC (“EPIC Sale”). The Company received $504.2 million of upfront cash consideration in exchange for all of its respective interest in EPIC. In addition, the Company can receive approximately $96.0 million attributable to an earnout, payable upon the approval by the board of directors of the general partner of EPIC of one or more capital projects that achieve certain capacity expansion criteria. The Company recognized a net gain of $415.4 million for the year ended December 31, 2025 in relation to the EPIC Sale.

On June 4, 2024, the Company consummated the previously announced transaction contemplated by the Purchase and Sale Agreement dated as of May 9, 2024, to sell its 16% equity interest in GCX to GCX Pipeline, LLC (the "GCX Buyer") for an adjusted price of $524.4 million (the "GCX Sale"), including a $30.0 million earnout in cash upon the approval by the GCX board of directors of one or more capital projects that achieve certain capacity expansion criteria. The Company recognized a net gain of $89.8 million for the year ended December 31, 2024 in relation to this transaction.

As of December 31, 2025 and 2024, the unamortized net basis differences included in the EMI Pipelines’ investment balances were $193.6 million and $40.3 million, respectively. The increase was due to write off of unaccreted basis differences related to the EPIC Sale totaling $155.7 million. The basis differences represent differences in the Company’s contributions to date and the Company’s underlying equity in the separate net assets within the financial statements of the respective entities. Unamortized basis differences will be amortized into equity income over the useful lives of the underlying pipeline assets. In addition, there was capitalized interest of $23.0 million and $23.9 million as of December 31, 2025 and 2024, respectively. Capitalized interest is amortized on a straight-line basis into equity income.

The following table presents the activities in the Company’s EMIs:


	PHP		Breviloba		GCX		EPIC		Total

	(In thousands)
Balance at December 31, 2023	$	1,666,254	$	443,684	$	431,051	$	—	$	2,540,989
Acquisitions	—		—		—		85,417		85,417
Contributions	3,273		—		—		—		3,273
Distributions(1)	(236,285)		(42,156)		(15,610)		—		(294,051)
Disposition	—		—		(430,941)		—		(430,941)

Equity income (loss), net(2)	174,081		26,855		15,500		(3,245)		213,191
Balance at December 31, 2024	$	1,607,323	$	428,383	$	—	$	82,172	$	2,117,878
Contributions	1,206		—		—		—		1,206
Distributions(1)	(192,695)		(50,660)		—		(5,500)		(248,855)
Disposition	—		—		—		(87,855)		(87,855)
Equity income, net(2)	175,550		39,618		—		11,183		226,351
Balance at December 31, 2025	$	1,591,384	$	417,341	$	—	$	—	$	2,008,725

(1)For the year ended December 31, 2025, distributions consisted of a return on investment of $246.0 million, which was included in cash flows from operating activities, and a return of investment of $2.9 million, which was included in cash flows from investing activities. For the year ended December 31, 2024, distributions consisted of a return on investment of $290.0 million, which was included in cash flows from operating activities, and a return of investment of $4.1 million , which was included in cash flows from investing activities.

(2)For the year ended December 31, 2025, net of amortization and accretion of basis differences and capitalized interest, which represents undistributed earnings, the amortization (accretion) was $7.9 million from PHP, $0.7 million from Breviloba and $(5.3) million from EPIC. For the year ended December 31, 2024, net of amortization and (accretion) of basis differences and capitalized interest, which represents undistributed earnings, the amortization (accretion) was $7.9 million from PHP, $0.7 million from Breviloba, $2.7 million from GCX and $(3.2) million from EPIC.


	For the Year Ended December 31, 2024
	PHP		Breviloba		GCX(1)		EPIC

Statements of Operations	(In thousands)
Revenues	$	508,137	$	193,118	$	151,486	$	382,958
Operating income	326,338		87,301		110,679		92,566
Net income (loss)	327,335		87,886		110,458		(46,986)

	For the Year Ended December 31, 2023
	PHP		Breviloba		GCX		EPIC

Statements of Operations	(In thousands)
Revenues	$	401,668	$	188,921	$	364,223	$	347,436
Operating income	259,872		93,763		267,019		55,830
Net income (loss)	261,332		94,378		273,194		(77,825)


	December 31,
	2025						2024
	PHP		Breviloba		EPIC(2)		PHP		Breviloba		GCX(1)		EPIC

Balance Sheets	(In thousands)
Current assets	$	104,719	$	32,768	$	153,620	$	84,566	$	28,302	$	47,649	$	181,867
Noncurrent assets	2,429,988		1,198,086		1,854,701		2,474,121		1,237,862		1,524,798		1,937,058
Total assets	$	2,534,707	$	1,230,854	$	2,008,321	$	2,558,687	$	1,266,164	$	1,572,447	$	2,118,925

Current liabilities	$	32,261	$	12,412	$	44,272	$	42,636	$	14,639	$	21,973	$	80,994
Noncurrent liabilities	—		12,528		1,120,142		—		9,187		302		1,197,849
Equity	2,502,446		1,205,914		843,907		2,516,051		1,242,338		1,550,172		840,082
Total liabilities and equity	$	2,534,707	$	1,230,854	$	2,008,321	$	2,558,687	$	1,266,164	$	1,572,447	$	2,118,925