Reportable Segments

3 Months Ended

Mar. 31, 2026

The Company has two reportable segments, Natural Gas and Natural Gas Liquids, which comprise 100% of the Company's operating revenues. The CODM uses earnings before interest, income taxes, depreciation and amortization (EBITDA) to assess each of the Company's segments performance and to determine how to allocate resources. The CODM uses this measure, together with other non-financial measures, when assessing performance of the Company and establishing management's compensation. The Company provides segment expenses to its CODM on the same basis as the expenses are provided in the Company's income statement and used to calculate EBITDA. Refer to the Company's 2025 Annual Report on Form 10-K and Note 1 of this Quarterly Report on Form 10-Q for further information.

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


	For the Three Months Ended March 31, 2026
	Natural Gas		Natural Gas Liquids		Total
Revenue from external customers	$	432.8	$	190.3	$	623.1

Less:
Costs associated with service revenues	$	2.8	$	4.9
Costs associated with product sales	—		108.5
Operation and maintenance	50.0		10.1
Administrative and general	46.9		6.5
Taxes other than income taxes	32.5		3.2
Gain on sale of assets, impairments and other	(0.4)		—
Miscellaneous other income, net	(1.9)		—
Segment EBITDA	$	302.9	$	57.1	$	360.0

Reconciliation of profit or loss:


Depreciation and amortization					$	109.9
Interest expense					43.2
Interest income					(5.4)
Consolidated income before income taxes					$	212.3


	For the Three Months Ended March 31, 2025
	Natural Gas		Natural Gas Liquids		Total
Revenue from external customers	$	410.7	$	207.9	$	618.6

Less:
Costs associated with service revenues	$	3.7	$	4.3
Costs associated with product sales	—		122.9
Operation and maintenance	47.8		10.4
Administrative and general	41.8		6.5
Taxes other than income taxes	28.9		3.4
Gain on sale of assets, impairments and other	(1.0)		—
Miscellaneous other income, net	(1.1)		(0.1)
Segment EBITDA	$	290.6	$	60.5	$	351.1

Reconciliation of profit or loss:
Depreciation and amortization					$	105.5
Interest expense					39.5
Interest income					(1.0)
Consolidated income before income taxes					$	207.1

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 March 31, 2026		As of December 31, 2025
Natural Gas	$	7,664.4	$	7,591.2
Natural Gas Liquids	1,474.5		1,483.8
Total Segment Assets	$	9,138.9	$	9,075.0

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


	For the Three Months Ended March 31,
	2026		2025
Natural Gas	$	138.4	$	42.8
Natural Gas Liquids	5.2		8.8
Total	$	143.6	$	51.6

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Boardwalk Pipeline Partners, LP 10-Q