Overview Key strengths Key risks Significant operating scale, being one of the largest, most-integrated midstream systems in the U.S. The partnership pays out a substantial amount of its cash flow in the form of distributions and unit buybacks. Diversified and integrated asset footprint connecting various basins, including the prolific Permian Basin. A decline in commodity prices could lower its operating margins under multiple business segments and potentially lower future growth prospects. High percentage of fee-based contracts helps limit commodity price risk.Strong operating and financial flexibility. In 2021, the operating margins across each of the partnership?s segments saw an improvement over 2020, driven by higher volumes across all segments as demand and commodity price environment improved. This was slightly offset by
