Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

17. SUBSEQUENT EVENTS

On February 21, 2024, the Partnership announced its entry into definitive agreements for the divestment of the following assets: (i) the 33.75% interest in the Marcellus Interest systems, (ii) the 15.00% interest in Panola Pipeline Company, LLC (“Panola”), (iii) the 25.00% interest in Enterprise EF78 LLC (the “Mont Belvieu JV”), (iv) the 20.00% interest in Whitethorn Pipeline Company LLC (“Whitethorn LLC”), and (v) the 20.00% interest in Saddlehorn Pipeline Company LLC (“Saddlehorn”). As disclosed in Note 1—Summary of Significant Accounting Policies and Basis of Presentation within this Form 10-K, the interest in the Marcellus Interest systems is proportionately consolidated, while the interests in Panola, the Mont Belvieu JV, Whitethorn LLC, and Saddlehorn are accounted for under the equity method of accounting. The sale of the interests in the Mont Belvieu JV and Whitethorn LLC on February 16, 2024, also resolved outstanding legal proceedings associated with those assets. The sale of the Marcellus Interest systems, Panola, and Saddlehorn are expected to close in the first or second quarters of 2024, subject to customary closing conditions. The divestments are expected to result in combined proceeds of $790.0 million for an estimated aggregate net gain on sale of approximately $300.0 million. The proceeds payable under each transaction will be subject to customary adjustments calculated at closing.