Overview Key strengths Key risks Significant operating scale, being one of the largest, most-integrated midstream systems in the U.S. A decline in commodity prices could modestly lower its operating margins under multiple business segments and potentially lower future growth prospects. Diversified and integrated asset footprint connecting various basins, including the prolific Permian Basin. The partnership pays out a substantial amount of its cash flow in the form of distributions and unit buybacks. High percentage of fee-based contracts helps limit commodity price risk. Leverage forecast of about 3x over the next two years, with strong operating and financial flexibility. The partnership ended fiscal 2024 with an S&P Global Ratings-adjusted EBITDA of about $9.9 billion and an S&P Global Ratings-adjusted leverage of
