Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Segment Reporting Information, by Segment

Segment information for the periods presented below was as follows:


	Offshore pipeline transportation		Marine transportation		Onshore transportation and services		Total

















Three Months Ended March 31, 2026
Revenues:
External Customers	$	147,416	$	80,045	$	219,094	$	446,555
Intersegment Revenue(1)	(135)		—		135		—
Total revenues of reportable segments(2)	$	147,281	$	80,045	$	219,229	$	446,555
Segment Operating Expenses	(43,170)		(52,121)		(58,125)		(153,416)
Segment Product Costs	—		—		(140,093)		(140,093)
Other Segment Items(3)	2,977		(7)		424		3,394
Segment Margin(4)	$	107,088	$	27,917	$	21,435	$	156,440

	Offshore pipeline transportation		Marine transportation		Onshore transportation and services		Total
Three Months Ended March 31, 2025
Total revenues of reportable segments(2)(5)	$	108,887	$	80,644	$	208,780	$	398,311
Segment Operating Expenses	(32,936)		(50,889)		(68,009)		(151,834)
Segment Product Costs	—		—		(127,691)		(127,691)
Other Segment Items(3)	597		266		1,746		2,609
Segment Margin(4)	$	76,548	$	30,021	$	14,826	$	121,395

(1)Intersegment sales were conducted under terms that we believe were no more or less favorable than then-existing market conditions.

(2)Total revenues of reportable segments in the table above agrees to “Total revenues” as seen in our Unaudited Condensed Consolidated Statements of Operations for each respective period.

(3)Other Segment Items primarily includes adjustments related to the difference in timing of cash receipts for certain contractual agreements (applicable to our offshore pipeline transportation and onshore transportation and services segments), segment general and administrative expenses less the non-cash effects of our LTIP plan (applicable to all reportable segments), net effects of our noncontrolling interests (applicable to our offshore pipeline transportation segment), adjustments to include distributable cash generated by our equity investees (applicable to our offshore pipeline transportation and onshore transportation and services segments), and unrealized gains and losses from the valuation of our commodity derivative transactions (excluding fair value hedges) (applicable to our offshore pipeline transportation and onshore transportation and services segment).

(4)A reconciliation of Income (loss) from continuing operations before income taxes to total Segment Margin for the periods is presented below.

(5)There were no intersegment revenues for the three months ending March 31, 2025.

Total assets by reportable segment were as follows:


	March 31, 2026		December 31, 2025
Offshore pipeline transportation	$	2,722,655	$	2,755,595
Marine transportation	616,456		618,474
Onshore transportation and services	1,456,973		1,452,971
Total reportable segment assets	$	4,796,084	$	4,827,040
Other assets	40,630		33,663
Total consolidated assets	$	4,836,714	$	4,860,703

Total growth and maintenance capital expenditures for fixed and intangible assets (including enhancements to existing facilities and construction of growth projects as well as contributions to equity investees) by reportable segment for the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended March 31,
		2026		2025
Offshore pipeline transportation(1)		$	6,295	$	29,314
Marine transportation		13,922		16,990
Onshore transportation and services		5,218		3,176
Total reportable segment capital expenditures		$	25,435	$	49,480
Other		804		427
Total consolidated capital expenditures		$	26,239	$	49,907

(1)Capital expenditures in our offshore pipeline transportation segment for the three months ended March 31, 2026 and 2025 represent 100% of the costs incurred, including those funded by our noncontrolling interest holder.

Reconciliation of Segment Margin to (Loss) Income from Continuing Operations

Reconciliation of Income (loss) from continuing operations before income taxes to total Segment Margin:


	Three Months Ended March 31,
		2026		2025
Income (loss) from continuing operations before income taxes		$	19,257	$	(36,417)
Net income attributable to noncontrolling interests		(12,345)		(8,769)

Corporate general and administrative expenses		17,238		41,676
Depreciation, amortization and accretion		61,148		59,011
Interest expense, net		67,978		70,038
Adjustment to include distributable cash generated by equity investees not included in income and exclude equity in investees net income(1)		5,521		6,092
Unrealized losses (gains) on derivative transactions excluding fair value hedges, net of changes in inventory value		815		(71)
Other non-cash items		(4,618)		(2,722)


Loss on extinguishment of debt		3,540		844
Differences in timing of cash receipts for certain contractual arrangements(2)		(2,094)		(8,287)




Total Segment Margin		$	156,440	$	121,395

(1)Includes distributions attributable to the quarter and received during or promptly following such quarter.

(2)Includes the difference in timing of cash receipts from customers during the period and the revenue we recognize in accordance with GAAP on our related contracts.