The company, incorporated in Oklahoma, is a midstream service provider specializing in gathering, processing, fractionation, transportation, storage, and marine export services. It operates a network of approximately 60,000 miles of pipelines, transporting natural gas, natural gas liquids (NGLs), refined products, and crude oil. The company's operations are organized into four main segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude.
The company generates revenue primarily through fee-based service contracts, which help mitigate exposure to commodity price volatility. In the Natural Gas Gathering and Processing segment, revenue is earned by gathering raw natural gas, processing it to remove NGLs, and delivering residue gas to pipelines. The Natural Gas Liquids segment involves gathering, fractionating, and distributing NGLs, with earnings from fee-based services and transportation. In the Natural Gas Pipelines segment, revenue comes from transporting and storing residue natural gas for industrial customers and utilities. The Refined Products and Crude segment earns from transportation tariffs, storage services, and marketing activities.
The company's primary customers include major and independent oil and gas producers, petrochemical companies, and utilities. Key factors impacting business performance include crude oil and natural gas drilling and production, economic conditions, geopolitical events, and commodity prices. The company faces competition from other midstream companies and integrated oil firms, with service quality, operational efficiency, and proximity to supply areas being crucial competitive factors. Recent acquisitions have expanded its asset base, particularly in the Permian Basin and Mid-Continent regions.