SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Segment Reporting Information, by Segment

The following tables present the operating results and other key financial measures for the individual operating segment as of and for the three months ended March 31, 2022 and 2021:


	Midstream Logistics		Pipeline Transportation		Corporate and Other(1)		Consolidated(2)

For the three months ended 3/31/2022	(In thousands)



Segment net income (loss) including noncontrolling interests	$	9,185	$	29,136	$	(16,932)	$	21,389
Add back:
Interest expense (income)	26,642		(1,614)		1,617		26,645
(Gain) on redemption of mandatorily redeemable Preferred units	—		—		(4,493)		(4,493)
Income tax expense (benefit)	457		(39)		258		676
Depreciation and amortization	60,893		130		—		61,023
Contract assets amortization	448		—		—		448
Proportionate EMI EBITDA	—		40,741		—		40,741
Share-based compensation	—		—		6,132		6,132
Loss on disposal of assets	110		—		—		110
Loss on debt extinguishment	129		—		—		129
Unrealized loss on derivatives	—		—		2,886		2,886

Integration costs	4,104		—		2,047		6,151
Acquisition transaction costs	4		—		5,672		5,676
Other one-time costs or amortization	918		—		277		1,195
Deduct:

Equity (income) from unconsolidated affiliates	—		27,917		—		27,917

Segment adjusted EBITDA	$	102,890	$	40,437	$	(2,536)	$	140,791


	Midstream Logistics		Pipeline Transportation		Corporate and Other(1)		Consolidated (2)

For the three months ended 3/31/2021	(In thousands)





Segment net income (loss) including noncontrolling interests	$	8,194	$	12,429	$	(2,487)	$	18,136
Add back:
Interest expense (income)	27,694		(2,145)		—		25,549


Depreciation and amortization	55,842		129		—		55,971
Contract assets amortization	448		—		—		448
Proportionate EMI EBITDA	—		16,256		—		16,256

Loss on disposal of assets	32		—		—		32
Gain on debt extinguishment	(239)		—		—		(239)

Derivatives loss due to Winter Storm Uri	13,456		—		—		13,456


Other one-time costs or amortization	389		8		(69)		328
Deduct:
Interest and other income	16		—		—		16
Equity (income) from unconsolidated affiliates	—		11,355		—		11,355

Segment adjusted EBITDA	$	105,800	$	15,322	$	(2,556)	$	118,566

(1) Corporate and Other represents those results that: (i) are not specifically attributable to a reportable segment; (ii) are not individually reportable or (iii) have not been allocated to a reportable segment for the purpose of evaluating their performance, including certain general and administrative expense items.

(2) Results do not include legacy ALTM prior to February 22, 2022. Refer to the Form 10-Q basis of presentation in Note 1—Description of the Organization and Summary of Significant Accounting Policies, for further information on the Company’s basis of presentation.

The following tables present the revenue for individual operating segment for the three months ended March 31, 2022 and 2021:


	Midstream Logistics		Pipeline Transportation		Corporate and Other(1)		Consolidated

For the three months ended 3/31/2022	(In thousands)
Revenue	$	255,373	$	—	$	—	$	255,373
Other revenue	1,874		2		—		$	1,876
Total segment operating revenue	$	257,247	$	2	$	—	$	257,249


	Midstream Logistics		Pipeline Transportation		Corporate and Other(1)		Consolidated

For the three months ended 3/31/2021	(In thousands)
Revenue	$	147,655	$	—	$	—	$	147,655
Other revenue	446		2		—		$	448
Total segment operating revenue	$	148,101	$	2	$	—	$	148,103

The following table present total assets for individual operation segment as of March 31, 2022 and December 31, 2021:


	March 31,		December 31,
	2022		2021

	(In thousands)
Midstream Logistics	$	3,624,556	$	2,916,774
Pipeline Transportation	2,383,390		635,784
Segment total assets	6,007,946		3,552,558
Corporate and other	5,711		648
Total assets	$	6,013,657	$	3,553,206