Business mix
- It operates in four segments: Natural Gas Gathering and Processing; Natural Gas Liquids; Natural Gas Pipelines; and Refined Products and Crude.
- The company owns natural gas gathering pipelines and processing plants in the Mid-Continent, Permian Basin, North Texas, Gulf Coast region, and Rocky Mountain regions; and provides midstream services to producers of NGLs.
- It also owns NGL gathering and distribution pipelines, fractionation, terminal and storage facilities; and transports refined products, including gasoline, diesel fuel, aviation fuel, kerosene, and heating oil.
- In addition, the company transports and stores natural gas through regulated interstate and intrastate natural gas transmission pipelines, and natural gas storage facilities.
Current key questions
- How sensitive are revenue and cash flow to commodity prices, production volumes, and demand in oil & gas midstream?
- Can capital spending, reserves, decline rates, and operating costs support durable free cash flow?
- Do balance-sheet discipline and shareholder returns remain resilient across the energy cycle?
