Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Segment Reporting Information, by Segment

The tables below show financial information by segment (in millions):


	For the Three Months Ended September 30, 2025
	Natural Gas		Natural Gas Liquids		Total
Revenues
Revenue from external customers	$	358.7	$	182.2	$	540.9
Intrasegment revenues	12.1		—		12.1
	$	370.8	$	182.2	$	553.0
Reconciliation of revenues:

Elimination of intrasegment revenues					(12.1)
Total consolidated revenues					$	540.9

Less:
Costs associated with service revenues	$	11.0	$	5.2
Costs associated with product sales	—		101.9
Operation and maintenance	67.8		11.9
Administrative and general	46.9		7.8
Taxes other than income taxes	29.4		3.2
Loss on sale of assets, impairments and other	0.2		—
Miscellaneous other income, net	(1.0)		—
Segment EBITDA	$	216.5	$	52.2	$	268.7

Reconciliation of profit or loss:


Depreciation and amortization					$	106.2
Interest expense					39.5
Interest income					(4.0)
Consolidated income before income taxes					$	127.0


	For the Three Months Ended September 30, 2024
	Natural Gas		Natural Gas Liquids		Total
Revenues
Revenue from external customers	$	320.6	$	152.9	$	473.5
Intrasegment revenues	12.6		—		12.6
	$	333.2	$	152.9	$	486.1
Reconciliation of revenues:
Elimination of intrasegment revenues					(12.6)
Total consolidated revenues					$	473.5

Less:
Costs associated with service revenues	$	9.4	$	4.9
Costs associated with product sales	—		62.7
Operation and maintenance	64.6		13.6
Administrative and general	43.6		6.7
Taxes other than income taxes	26.7		3.5
Loss on sale of assets, impairments and other	0.2		1.0
Miscellaneous other income, net	(0.4)		—
Segment EBITDA	$	189.1	$	60.5	$	249.6

Reconciliation of profit or loss:
Depreciation and amortization					$	105.7
Interest expense					46.8
Interest income					(9.7)
Consolidated income before income taxes					$	106.8


	For the Nine Months Ended September 30, 2025
	Natural Gas		Natural Gas Liquids		Total
Revenues
Revenue from external customers	$	1,131.8	$	561.7	$	1,693.5
Intrasegment revenues	38.0		—		38.0
	$	1,169.8	$	561.7	$	1,731.5
Reconciliation of revenues:

Elimination of intrasegment revenues					(38.0)
Total consolidated revenues					$	1,693.5

Less:
Costs associated with service revenues	$	34.5	$	13.8
Costs associated with product sales	—		320.4
Operation and maintenance	178.4		34.5
Administrative and general	137.4		21.1
Taxes other than income taxes	88.6		9.6
Gain on sale of assets, impairments and other	(0.7)		—
Miscellaneous other income, net	(2.8)		—
Segment EBITDA	$	734.4	$	162.3	$	896.7

Reconciliation of profit or loss:


Depreciation and amortization					$	330.6
Interest expense					118.8
Interest income					(8.0)
Consolidated income before income taxes					$	455.3


	For the Nine Months Ended September 30, 2024
	Natural Gas		Natural Gas Liquids		Total
Revenues
Revenue from external customers	$	1,011.9	$	449.6	$	1,461.5
Intrasegment revenues	37.3		—		37.3
	$	1,049.2	$	449.6	$	1,498.8
Reconciliation of revenues:
Elimination of intrasegment revenues					(37.3)
Total consolidated revenues					$	1,461.5

Less:
Costs associated with service revenues	$	29.2	$	14.2
Costs associated with product sales	—		205.4
Operation and maintenance	173.5		42.7
Administrative and general	131.7		20.2
Taxes other than income taxes	80.3		10.3
(Gain) loss on sale of assets, impairments and other	(7.5)		1.0
Miscellaneous other income, net	(4.2)		(0.1)
Segment EBITDA	$	646.2	$	155.9	$	802.1

Reconciliation of profit or loss:
Depreciation and amortization					$	317.7
Interest expense					137.0
Interest income					(22.2)
Consolidated income before income taxes					$	369.6

Segment assets include Property, plant, and equipment – net, Intangible assets – net of accumulated amortization and Goodwill. The following table reflects segment assets (in millions):


	As of September 30, 2025		As of December 31, 2024
Natural Gas	$	7,540.5	$	7,490.1
Natural Gas Liquids	1,491.9		1,628.7
Total Segment Assets	$	9,032.4	$	9,118.8

The following table reflects capital expenditures by segment (in millions):


	For the Nine Months Ended September 30,
	2025		2024
Natural Gas	$	198.7	$	252.3
Natural Gas Liquids	23.7		39.6
Total	$	222.4	$	291.9

Boardwalk Pipeline Partners, LP 10-Q