v3.25.4
SEGMENTS - Schedule of Adjusted EBITDA (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Total revenues [1] $ 1,764,389 $ 1,482,929 $ 1,256,412
Costs of sales (excluding depreciation and amortization expenses) [2],[3] (785,948) (620,618) (515,721)
Operating expenses (300,253) (220,684) (183,142)
General and administrative expenses (130,616) (134,157) (97,906)
Proportionate EMI EBITDA 339,448 346,666 306,072
Other segment items 100,684 116,982 73,115
Segment Adjusted EBITDA 987,704 971,118 838,830
Other interest income 1,510 1,988 677
Warrants fair value adjustment 0 0 88
Loss on disposal of assets, net 8 4,040 19,402
Commodity hedging unrealized gain (loss) 18,871 10,788 4,291
Gain on sale of equity method investment 415,409 89,802 0
Equity in earnings of unconsolidated affiliates 226,351 213,191 200,015
Interest expense 233,371 217,235 205,854
Depreciation and amortization expenses 382,645 324,197 280,986
Contract assets amortization 6,794 6,621 6,620
Share-based compensation 62,617 76,536 55,983
Loss on debt extinguishment 635 525 1,876
Contingent liabilities fair value adjustment 5,190 200 0
Integration costs 14,958 5,826 1,015
Acquisition / divestiture transaction costs 275 4,096 648
Litigation costs 19,708 6,074 4,132
Other one-time costs and amortization 7,540 6,027 7,769
Income (loss) before income taxes 576,656 267,268 153,544
Product and Service      
Segment Reporting Information [Line Items]      
Total revenues 1,752,724 1,470,986 1,240,161
Other revenue      
Segment Reporting Information [Line Items]      
Total revenues 11,665 11,943 16,251
Operating Segments | Midstream Logistics      
Segment Reporting Information [Line Items]      
Total revenues 0 1,473,550 1,249,647
Costs of sales (excluding depreciation and amortization expenses) (785,615) (620,617) (514,035)
Operating expenses (297,621) (217,780) (182,684)
General and administrative expenses (23,878) (19,623) (17,216)
Proportionate EMI EBITDA 0 0 0
Other segment items 13,343 25,452 9,156
Segment Adjusted EBITDA 635,845 614,883 543,190
Other interest income 0 0 0
Warrants fair value adjustment     0
Loss on disposal of assets, net 8 4,040 19,402
Commodity hedging unrealized gain (loss) 18,871 10,788 4,291
Gain on sale of equity method investment 0 0  
Equity in earnings of unconsolidated affiliates 0 0 0
Interest expense 138 81 47
Depreciation and amortization expenses 373,388 314,970 275,568
Contract assets amortization 6,794 6,621 6,620
Share-based compensation 0 0 0
Loss on debt extinguishment 0 0 0
Contingent liabilities fair value adjustment 5,190 200  
Integration costs 13,169 2,110 59
Acquisition / divestiture transaction costs 0 0 33
Litigation costs 0 229 1,154
Other one-time costs and amortization 4,588 4,690 4,842
Income (loss) before income taxes 251,441 271,154 239,756
Operating Segments | Pipeline Transportation      
Segment Reporting Information [Line Items]      
Total revenues 25,212 35,478 8,443
Costs of sales (excluding depreciation and amortization expenses) (333) (1) (1,686)
Operating expenses (2,632) (2,904) (458)
General and administrative expenses (1,122) (1,689) (1,265)
Proportionate EMI EBITDA 339,448 346,666 306,072
Other segment items 0 0 0
Segment Adjusted EBITDA 370,134 377,550 311,106
Other interest income 0 0 0
Warrants fair value adjustment     0
Loss on disposal of assets, net 0 0 0
Commodity hedging unrealized gain (loss) 0 0 0
Gain on sale of equity method investment 415,409 89,802  
Equity in earnings of unconsolidated affiliates 226,351 213,191 200,015
Interest expense 0 0 0
Depreciation and amortization expenses 9,234 9,204 5,395
Contract assets amortization 0 0 0
Share-based compensation 0 0 0
Loss on debt extinguishment 0 0 0
Contingent liabilities fair value adjustment 0 0  
Integration costs 0 0 0
Acquisition / divestiture transaction costs 0 0 0
Litigation costs 0 0 0
Other one-time costs and amortization 0 0 0
Income (loss) before income taxes 663,212 324,673 199,654
Operating Segments | Product and Service | Midstream Logistics      
Segment Reporting Information [Line Items]      
Total revenues 1,743,171 1,461,898 1,236,304
Operating Segments | Product and Service | Pipeline Transportation      
Segment Reporting Information [Line Items]      
Total revenues 9,553 9,088 3,857
Operating Segments | Other revenue | Midstream Logistics      
Segment Reporting Information [Line Items]      
Total revenues 11,657 11,652 13,343
Operating Segments | Other revenue | Pipeline Transportation      
Segment Reporting Information [Line Items]      
Total revenues 8 291 2,908
Corporate and Eliminations      
Segment Reporting Information [Line Items]      
Total revenues 0 0 0
Costs of sales (excluding depreciation and amortization expenses) 0 0 0
Corporate and Other      
Segment Reporting Information [Line Items]      
Total revenues 0 0 0
Costs of sales (excluding depreciation and amortization expenses) 0 0 0
Operating expenses 0 0 0
General and administrative expenses (105,616) (112,845) (79,425)
Proportionate EMI EBITDA 0 0 0
Other segment items 87,341 91,530 63,959
Segment Adjusted EBITDA (18,275) (21,315) (15,466)
Other interest income 1,510 1,988 677
Warrants fair value adjustment     88
Loss on disposal of assets, net 0 0 0
Commodity hedging unrealized gain (loss) 0 0 0
Gain on sale of equity method investment 0 0  
Equity in earnings of unconsolidated affiliates 0 0 0
Interest expense 233,233 217,154 205,807
Depreciation and amortization expenses 23 23 23
Contract assets amortization 0 0 0
Share-based compensation 62,617 76,536 55,983
Loss on debt extinguishment 635 525 1,876
Contingent liabilities fair value adjustment 0 0  
Integration costs 1,789 3,716 956
Acquisition / divestiture transaction costs 275 4,096 615
Litigation costs 19,708 5,845 2,978
Other one-time costs and amortization 2,952 1,337 2,927
Income (loss) before income taxes (337,997) (328,559) (285,866)
Corporate and Other | Product and Service      
Segment Reporting Information [Line Items]      
Total revenues 0 0 0
Corporate and Other | Other revenue      
Segment Reporting Information [Line Items]      
Total revenues 0 0 0
Elimination      
Segment Reporting Information [Line Items]      
Total revenues (25,212) (26,099) (1,678)
Costs of sales (excluding depreciation and amortization expenses) 25,212 26,099 1,678
Operating expenses 0 0 0
General and administrative expenses 0 0 0
Proportionate EMI EBITDA 0 0 0
Other segment items 0 0 0
Segment Adjusted EBITDA 0 0 0
Other interest income 0 0 0
Warrants fair value adjustment     0
Loss on disposal of assets, net 0 0 0
Commodity hedging unrealized gain (loss) 0 0 0
Gain on sale of equity method investment 0 0  
Equity in earnings of unconsolidated affiliates 0 0 0
Interest expense 0 0 0
Depreciation and amortization expenses 0 0 0
Contract assets amortization 0 0 0
Share-based compensation 0 0 0
Loss on debt extinguishment 0 0 0
Contingent liabilities fair value adjustment 0 0  
Integration costs 0 0 0
Acquisition / divestiture transaction costs 0 0 0
Litigation costs 0 0 0
Other one-time costs and amortization 0 0 0
Income (loss) before income taxes 0 0 0
Elimination | Midstream Logistics      
Segment Reporting Information [Line Items]      
Total revenues 1,754,828 0 0
Costs of sales (excluding depreciation and amortization expenses) (25,212) (26,099) (1,678)
Elimination | Pipeline Transportation      
Segment Reporting Information [Line Items]      
Total revenues 34,773 26,099 1,678
Costs of sales (excluding depreciation and amortization expenses) 0 0 0
Elimination | Product and Service      
Segment Reporting Information [Line Items]      
Total revenues 0 0 0
Elimination | Other revenue      
Segment Reporting Information [Line Items]      
Total revenues $ 0 $ 0 $ 0
[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.