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Operating Income by Segment
Shows how much profit each part of the business generates after operating costs, revealing which segments drive cash flow, where margins are strongest or weakest, and how changes in commodity prices or costs will affect overall earnings.Upstream is the clear source of quarters of wild volatility, while Gathering and Transmission deliver steadily rising, contractable cash generation; management is explicitly converting upstream production into fee‑like midstream value through power and LNG offtakes, MVP Southgate acceleration, compression rollouts and tuck‑ins like BlackLine. That strategic shift should dampen earnings cyclicality over time, but the large quarter‑to‑quarter upstream spikes and the $85M capital pull‑forward keep near‑term free‑cash‑flow and execution risk elevated.
Date | Upstream | Gathering | Transmission | Intersegment Eliminations and Other |
|---|---|---|---|---|
Jun 30, 2026 | $109.38M | $216.74M | $93.00M | -$25.09M |
Mar 31, 2026 | $1.73B | $218.27M | $116.02M | -$24.61M |
Dec 31, 2025 | $748.90M | $197.42M | $96.64M | -$26.84M |
Sep 30, 2025 | $370.34M | $202.63M | $85.39M | -$55.14M |
Jun 30, 2025 | $1.01B | $205.41M | $90.06M | -$168.53M |
Mar 31, 2025 | $191.79M | $231.20M | $103.15M | -$29.89M |
Dec 31, 2024 | $503.53M | $234.30M | $86.23M | -$42.62M |
Sep 30, 2024 | -$235.43M | $191.31M | $54.57M | -$292.28M |
Jun 30, 2024 | -$7.01M | $53.87M | $0.00 | -$43.89M |
Mar 31, 2024 | $142.54M | $52.00M | $0.00 | -$11.82M |