v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating revenues:      
Total revenues [1] $ 1,764,389 $ 1,482,929 $ 1,256,412
Operating costs and expenses:      
Costs of sales (excluding depreciation and amortization expenses) [2],[3] 785,948 620,618 515,721
Operating expenses 271,402 195,970 161,520
Ad valorem taxes 28,851 24,714 21,622
General and administrative expenses 130,616 134,157 97,906
Depreciation and amortization expenses 382,645 324,197 280,986
Loss on disposal of assets, net 8 4,040 19,402
Total operating costs and expenses 1,599,470 1,303,696 1,097,157
Operating income 164,919 179,233 159,255
Other income (expense):      
Interest and other income 3,983 2,802 2,004
Loss on debt extinguishment (635) (525) (1,876)
Gain on sale of equity method investment 415,409 89,802 0
Interest expense (233,371) (217,235) (205,854)
Equity in earnings of unconsolidated affiliates 226,351 213,191 200,015
Total other income (expense), net 411,737 88,035 (5,711)
Income before income taxes 576,656 267,268 153,544
Income tax expense (benefit) 50,728 23,035 (232,908)
Net income including noncontrolling interest 525,928 244,233 386,452
Net income attributable to Common Unit limited partners 347,668 164,219 97,010
Net income attributable to holders of Class A Common Stock $ 178,260 $ 80,014 $ 289,442
Net income attributable to Class A Common Shareholders, per share      
Basic (in USD per share) $ 2.66 $ 1.03 $ 5.25
Diluted (in USD per share) $ 2.63 $ 1.02 $ 2.52
Weighted-average shares      
Basic (in shares) 61,962 59,284 51,823
Diluted (in shares) 62,665 60,115 146,197
Service revenue      
Operating revenues:      
Total revenues $ 445,496 $ 408,000 $ 417,751
Product revenue      
Operating revenues:      
Total revenues 1,307,228 1,062,986 822,410
Other revenue      
Operating revenues:      
Total revenues $ 11,665 $ 11,943 $ 16,251
[1] Includes amounts associated with related parties of nil, $17.2 million and $104.1 million for the years ended December 31, 2025, 2024 and 2023, respectively. Refer to Note 18—Related Party Transactions in the Notes to our Consolidated Financial Statements in this Annual Report for further information
[2] Includes amounts associated with related parties of $28.5 million, $58.5 million and $59.1 million for the years ended December 31, 2025, 2024 and 2023, respectively. Refer to Note 18—Related Party Transactions in the Notes to our Consolidated Financial Statements in this Annual Report for further information.
[3] Cost of sales (excluding depreciation and amortization expenses) is net of gas service revenues totaling $315.6 million, $219.7 million and $148.3 million for the years ended December 31, 2025, 2024 and 2023, respectively, for certain volumes where we act as principal.