Segment Data | Segment Data We aggregate our operating segments into four reportable segments: (i) gathering and processing; (ii) wholesale marketing and terminalling; (iii) storage and transportation; and (iv) investment in pipeline joint ventures. Operations that are not specifically included in the reportable segments are included in Corporate and other segment. The CODM evaluates performance based on EBITDA for planning and forecasting purposes. EBITDA is an important measure used by management to evaluate the financial performance of our core operations. EBITDA is not a GAAP measure, but the components of EBITDA are computed using amounts that are determined in accordance with GAAP. A reconciliation of EBITDA to Net Income is included in the tables below. We define EBITDA as net income (loss) before net interest expense, income tax expense, depreciation and amortization expense, including amortization of marketing contract intangible, which is included as a component of net revenues in our accompanying condensed consolidated statements of income and comprehensive income. Assets by segment are not a measure used to assess the performance of the Partnership by the CODM and thus is not disclosed. The following is a summary of business segment operating performance as measured by EBITDA for the periods indicated (in thousands): Three Months Ended June 30, 2024 (In thousands) Gathering and Processing Wholesale Marketing and Terminalling Storage and Transportation Investments in Pipeline Joint Ventures Corporate and Other Consolidated Net revenues: Affiliate (1) $ 51,529 $ 70,899 $ 34,400 $ — $ — $ 156,828 Third party 41,114 64,701 1,985 — — 107,800 Total revenue $ 92,643 $ 135,600 $ 36,385 $ — $ — $ 264,628 Segment EBITDA $ 54,680 $ 30,205 $ 16,752 $ 7,882 $ (7,127) $ 102,392 Depreciation and amortization 19,062 1,635 2,522 — 988 24,207 Amortization of customer contract intangible — 1,802 — — — 1,802 Interest expense, net — — — — 35,268 35,268 Income tax expense 57 Net income $ 41,058 Capital spending (2) $ 7,351 $ 105 $ 2,731 $ — $ — $ 10,187 Three Months Ended June 30, 2023 (In thousands) Gathering and Processing Wholesale Marketing and Terminalling Storage and Transportation Investments in Pipeline Joint Ventures Corporate and Other Consolidated Net revenues: Affiliate (1) $ 49,182 $ 52,076 $ 31,735 $ — $ — $ 132,993 Third party 44,055 66,751 3,112 — — 113,918 Total revenue $ 93,237 $ 118,827 $ 34,847 $ — $ — $ 246,911 Segment EBITDA $ 52,663 $ 27,983 $ 14,978 $ 7,285 $ (10,129) $ 92,780 Depreciation and amortization 18,801 1,880 2,304 — 742 23,727 Amortization of customer contract intangible — 1,802 — — — 1,802 Interest expense, net — — — — 35,099 35,099 Income tax expense 256 Net income $ 31,896 Capital spending (2) $ 18,877 $ (2,712) $ 3,215 $ — $ — $ 19,380 Six Months Ended June 30, 2024 (In thousands) Gathering and Processing Wholesale Marketing and Terminalling Storage and Transportation Investments in Pipeline Joint Ventures Corporate and Other Consolidated Net revenues: Affiliate (1) $ 104,082 $ 123,781 $ 68,590 $ — $ — $ 296,453 Third party 84,444 131,089 4,717 — — 220,250 Total revenue $ 188,526 $ 254,870 $ 73,307 $ — $ — $ 516,703 Segment EBITDA $ 112,439 $ 55,479 $ 34,879 $ 16,372 $ (15,276) $ 203,893 Depreciation and amortization 40,216 3,347 5,297 — 1,842 50,702 Amortization of marketing contract intangible — 3,605 — — — 3,605 Interest expense, net — — — — 75,497 75,497 Income tax expense 383 Net income $ 73,706 Capital spending (3) $ 22,074 $ 21 $ 3,257 $ — $ — $ 25,352 Six Months Ended June 30, 2023 (In thousands) Gathering and Processing Wholesale Marketing and Terminalling Storage and Transportation Investments in Pipeline Joint Ventures Corporate and Other Consolidated Net revenues: Affiliate (1) $ 101,943 $ 85,827 $ 70,222 $ — $ — $ 257,992 Third party 83,726 145,309 3,409 — — 232,444 Total revenue $ 185,669 $ 231,136 $ 73,631 $ — $ — $ 490,436 Segment EBITDA $ 108,108 $ 49,937 $ 28,400 $ 13,601 $ (14,108) $ 185,938 Depreciation and amortization 35,248 3,569 4,406 — 1,609 44,832 Amortization of marketing contract intangible — 3,605 — — — 3,605 Interest expense, net — — — — 67,680 67,680 Income tax expense 558 Net income $ 69,263 Capital spending (2) $ 51,666 $ 404 $ 3,411 $ — $ — $ 55,481 (1) Affiliate revenue for the wholesale marketing and terminalling segment is presented net of amortization expense pertaining to the marketing contract intangible. (2) Capital spending includes additions on an accrual basis. |