SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Segment Reporting Information, by Segment

The following tables present the Segment Adjusted EBITDA of the Company’s reportable segments and reconciliations of the segment profits to consolidated income before income tax expenses for the years ended December 31, 2025, 2024 and 2023:


	Midstream Logistics		Pipeline Transportation		Corporate and Other(1)		Elimination		Consolidated

For the year ended December 31, 2025	(In thousands)
Revenue	$	1,743,171	$	9,553	$	—	$	—	$	1,752,724
Other revenue	11,657		8		—		—		11,665
Intersegment revenue(2)	—		25,212		—		(25,212)		—
Total segment operating revenue	1,754,828		34,773		—		(25,212)		1,764,389
Costs of sales (excluding depreciation and amortization expenses)	(785,615)		(333)		—		—		(785,948)
Intersegment costs of sales	(25,212)		—		—		25,212		—
Operating expenses(3)	(297,621)		(2,632)		—		—		(300,253)
General and administrative expenses	(23,878)		(1,122)		(105,616)		—		(130,616)
Proportionate EMI EBITDA	—		339,448		—		—		339,448
Other segment items(4)	13,343		—		87,341		—		100,684
Segment Adjusted EBITDA(5)	$	635,845	$	370,134	$	(18,275)	$	—	$	987,704

Reconciliation of segment profit to income before income taxes
Segment Adjusted EBITDA(5)	$	635,845	$	370,134	$	(18,275)	$	—	$	987,704
Add back:
Other interest income	—		—		1,510		—		1,510

Commodity hedging unrealized gain	18,871		—		—		—		18,871
Gain on sale of equity method investment	—		415,409		—		—		415,409
Equity in earnings of unconsolidated affiliates	—		226,351		—		—		226,351
Deduct:
Interest expense	138		—		233,233		—		233,371
Depreciation and amortization expenses	373,388		9,234		23		—		382,645
Contract assets amortization	6,794		—		—		—		6,794
Proportionate EMI EBITDA	—		339,448		—		—		339,448
Share-based compensation	—		—		62,617		—		62,617
Loss on disposal of assets, net	8		—		—		—		8

Loss on debt extinguishment	—		—		635		—		635
Contingent liabilities fair value adjustment	5,190		—		—		—		5,190
Integration costs	13,169		—		1,789		—		14,958
Acquisition / divestiture transaction costs	—		—		275		—		275
Litigation costs	—		—		19,708		—		19,708
Other one-time costs and amortization	4,588		—		2,952		—		7,540
Income (loss) before income taxes	$	251,441	$	663,212	$	(337,997)	$	—	$	576,656


	Midstream Logistics		Pipeline Transportation		Corporate and Other(1)		Elimination		Consolidated

For the year ended December 31, 2024	(In thousands)
Revenue	$	1,461,898	$	9,088	$	—	$	—	$	1,470,986
Other revenue	11,652		291		—		—		11,943
Intersegment revenue(2)	—		26,099		—		(26,099)		—
Total segment operating revenue	1,473,550		35,478		—		(26,099)		1,482,929
Costs of sales (excluding depreciation and amortization expenses)	(620,617)		(1)		—				(620,618)
Intersegment costs of sales	(26,099)		—		—		26,099		—
Operating expenses(3)	(217,780)		(2,904)		—		—		(220,684)
General and administrative expenses	(19,623)		(1,689)		(112,845)		—		(134,157)
Proportionate EMI EBITDA	—		346,666		—		—		346,666
Other segment items(4)	25,452		—		91,530		—		116,982
Segment Adjusted EBITDA(5)	$	614,883	$	377,550	$	(21,315)	$	—	$	971,118

Reconciliation of Segment Adjusted EBITDA to income before income taxes
Segment Adjusted EBITDA(5)	$	614,883	$	377,550	$	(21,315)	$	—	$	971,118
Add back:
Other interest income	—		—		1,988		—		1,988

Gain on sale of equity method investment	—		89,802		—		—		89,802
Equity in earnings of unconsolidated affiliates	—		213,191		—		—		213,191
Deduct:
Interest expense	81		—		217,154		—		217,235
Depreciation and amortization expenses	314,970		9,204		23		—		324,197
Contract assets amortization	6,621		—		—		—		6,621
Proportionate EMI EBITDA	—		346,666		—		—		346,666
Share-based compensation	—		—		76,536		—		76,536
Loss on disposal of assets, net	4,040		—		—		—		4,040
Commodity hedging unrealized loss	10,788		—		—		—		10,788
Loss on debt extinguishment	—		—		525		—		525
Contingent liabilities fair value adjustment	200		—		—		—		200
Integration costs	2,110		—		3,716		—		5,826
Acquisition transaction costs	—		—		4,096		—		4,096
Litigation costs	229		—		5,845		—		6,074
Other one-time costs or amortization	4,690		—		1,337		—		6,027
Income (loss) before income taxes	$	271,154	$	324,673	$	(328,559)	$	—	$	267,268


	Midstream Logistics		Pipeline Transportation		Corporate and Other(1)		Elimination		Consolidated

For the year ended December 31, 2023	(In thousands)
Revenue	$	1,236,304	$	3,857	$	—	$	—	$	1,240,161
Other revenue	13,343		2,908		—		—		16,251
Intersegment revenue(2)	—		1,678		—		(1,678)		—
Total segment operating revenue	1,249,647		8,443		—		(1,678)		1,256,412
Costs of sales (excluding depreciation and amortization expenses)	(514,035)		(1,686)		—		—		(515,721)
Intersegment costs of sales	(1,678)		—		—		1,678		—
Operating expenses(3)	(182,684)		(458)		—		—		(183,142)
General and administrative expenses	(17,216)		(1,265)		(79,425)		—		(97,906)
Proportionate EMI EBITDA	—		306,072		—		—		306,072
Other segment items(4)	9,156		—		63,959		—		73,115
Segment Adjusted EBITDA(5)	$	543,190	$	311,106	$	(15,466)	$	—	$	838,830

Reconciliation of segment profit to income before income taxes
Segment Adjusted EBITDA(5)	$	543,190	$	311,106	$	(15,466)	$	—	$	838,830
Add back:
Other interest income	—		—		677		—		677
Warrant valuation adjustment	—		—		88		—		88
Commodity hedging unrealized gain	4,291		—		—		—		4,291
Equity in earnings from unconsolidated affiliates	—		200,015		—		—		200,015
Deduct:
Interest expense	47		—		205,807		—		205,854
Depreciation and amortization expenses	275,568		5,395		23		—		280,986
Contract assets amortization	6,620		—		—		—		6,620
Proportionate EMI EBITDA	—		306,072		—		—		306,072
Share-based compensation	—		—		55,983		—		55,983
Loss on disposal of assets, net	19,402		—		—		—		19,402
Loss on debt extinguishment	—		—		1,876		—		1,876
Integration costs	59		—		956		—		1,015
Acquisition transaction costs	33		—		615		—		648
Litigation costs	1,154		—		2,978		—		4,132
Other one-time costs or amortization	4,842		—		2,927		—		7,769
Income (loss) before income taxes	$	239,756	$	199,654	$	(285,866)	$	—	$	153,544

(1)Corporate and Other represents those results that: (i) are not specifically attributable to an operating segment; (ii) are not individually reportable; or (iii) have not been allocated to a reportable segment for the purpose of evaluating their performance, including certain general and administrative expense items. Items included here to reconcile operating segments profit and loss with the Company’s consolidated profit and loss.

(2)The Company accounts for intersegment sales at market prices, while it accounts for asset transfers at book value. Intersegment revenue is eliminated at consolidation.

(3)Operating expenses includes ad valorem taxes.

(4)Other segment items include certain other income items, share-based compensation, adjustments related to amortization of contract costs, fair value adjustments to contingent liabilities, commodity hedging unrealized gain or loss, integration costs, acquisition/divestiture costs, litigation costs and other one-time costs or amortization.

(5)Segment adjusted EBITDA is a non-GAAP measure; please see Key Performance Metrics in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Annual Report, for a definition and reconciliation to the GAAP measure.

The following tables present supplemental segment information that are not included in the segment profit measurements above for the years ended December 31, 2025, 2024 and 2023:


	Midstream Logistics		Pipeline Transportation		Corporate and Other(1)		Consolidated

For the year ended December 31, 2025	(In thousands)
Income tax expense	$	—	$	—	$	50,728	$	50,728
Total capital expenditures(2)(3)	528,482		1,189		—		529,671


	Midstream Logistics		Pipeline Transportation		Corporate and Other(1)		Consolidated

For the year ended December 31, 2024	(In thousands)
Income tax expense	$	—	$	—	$	23,035	$	23,035
Total capital expenditures(2)(3)	273,783		2,080		10		275,873


	Midstream Logistics		Pipeline Transportation		Corporate and Other(1)		Consolidated

For the year ended December 31, 2023	(In thousands)
Income tax benefit	$	—	$	—	$	(232,908)	$	(232,908)
Total capital expenditures(2)(3)	234,879		94,675		—		329,554


	December 31,		December 31,
	2025		2024

Total assets:	(In thousands)
Midstream Logistics(4)	$	4,714,723	$	4,326,954
Pipeline Transportation(5)	2,153,280		2,270,403
Segment total assets	6,868,003		6,597,357
Corporate and Other	227,608		217,580
Total assets	$	7,095,611	$	6,814,937

(2)Excludes capital assets acquired in the Company’s business combinations that are included in the Midstream Logistic segment. See Note 3—Business Combinations in the Notes to our Consolidated Financial Statements in this Annual Report for additional information.

(3)Excludes contributions, acquisition and divestiture of equity interest in the Company’s EMIs that are included in Pipeline Transportation segment. See Note 7—Equity Method Investments in the Notes to our Consolidated Financial Statements in this Annual Report for additional information.

(4)Midstream Logistics segment included goodwill of $5.1 million as of December 31, 2025 and 2024.

(5)Pipeline Transportation segment included investment in unconsolidated affiliates of $2.01 billion and $2.12 billion as of December 31, 2025 and 2024, respectively.