EX-99 2 a2025ex99segmentreorganiza.htm EX-99.1 Document

Exhibit 99.1
For the year ended December 31, 2024WestMountainCentralEnergy ServicesTotal
(In thousands)
Revenues from external customers$1,182,959 $662,892 $817,872 $234,652 $2,898,375 
Intersegment revenues197,074 135,947 213,672 54,872 601,565 
Total segment revenue1,380,033 798,839 1,031,544 289,524 3,499,940 
Other revenues1
16,104 
Less: Elimination of intersegment revenue617,039 
Total consolidated revenue$2,899,005 
Cost of revenue excluding depreciation, depletion and amortization
1,084,319 652,066 843,977 219,255 
Selling, general and administrative expenses excluding depreciation, depletion and amortization
84,714 33,377 56,460 10,207 
Other segment items2
(1,331)108 502 104 
Total segment EBITDA$209,669 $113,504 $131,609 $60,166 $514,948 
Consolidated income before income taxes$270,994 
Plus:
Depreciation, depletion and amortization136,871 
Interest expense, net3
46,409 
Less unallocated amounts:
Other corporate revenue
630 
Other corporate expenses
(61,304)
Total segment EBITDA$514,948 
Capital Expenditures$91,412 $48,322 $55,365 $117,730 $312,829 
Assets$1,276,458 $355,078 $706,795 $252,130 $2,590,461 
Other assets4,560,924 
Elimination of intercompany receivables and investment in subsidiaries4,300,183 
Total consolidated assets$2,851,202 
__________________
1Other revenues is comprised of revenue included within our corporate services.
2Other segment items is comprised of other income (expense) items on the income statement.
3Interest expense, net is interest expense net of interest income.

1

For the year ended December 31, 2023WestMountainCentralEnergy ServicesTotal
(In thousands)
Revenues from external customers$1,125,843 $633,617 $824,908 $245,186 $2,829,554 
Intersegment revenues195,223 133,328 235,875 57,373 621,799 
Total segment revenue1,321,066 766,945 1,060,783 302,559 3,451,353 
Other revenues1
12,414 
Less: Elimination of intersegment revenue633,417 
Total consolidated revenue$2,830,350 
Cost of revenue excluding depreciation, depletion and amortization
1,053,031 633,596 893,412 214,668 
Selling, general and administrative expenses excluding depreciation, depletion and amortization
89,497 30,264 51,049 9,809 
Other segment items2
(1,234)57 331 42 
Total segment EBITDA$177,304 $103,142 $116,653 $78,124 $475,223 
Consolidated income before income taxes245,308 
Plus:
Depreciation, depletion and amortization123,805 
Interest expense, net3
52,891 
Less unallocated amounts:
Other corporate revenue
796 
Other corporate expenses
(54,015)
Total segment EBITDA$475,223 
Capital Expenditures$53,165 $25,506 $39,302 $4,099 $122,072 
Assets$1,214,460 $315,661 $663,134 $128,383 $2,321,638 
Other assets4,049,800 
Elimination of intercompany receivables and investment in subsidiaries3,771,625 
Total consolidated assets$2,599,813 
__________________
1Other revenues is comprised of revenue included within our corporate services.
2Other segment items is comprised of other income (expense) items on the income statement.
3Interest expense, net is interest expense net of interest income.
2

For the year ended December 31, 2022WestMountainCentralEnergy ServicesTotal
(In thousands)
Revenues from external customers$1,016,804 $541,910 $777,150 $198,713 $2,534,577 
Intersegment revenues186,752 110,095 242,563 54,006 593,416 
Total segment revenue1,203,556 652,005 1,019,713 252,719 3,127,993 
Other revenues1
618 
Less: Elimination of intersegment revenue593,882 
Total consolidated revenue$2,534,729 
Cost of revenue excluding depreciation, depletion and amortization
988,972 552,215 896,919 216,787 
Selling, general and administrative expenses excluding depreciation, depletion and amortization
65,431 27,171 36,165 7,624 
Other segment items2
(1,224)(15)(57)2 
Total segment EBITDA$147,929 $72,604 $86,572 $28,310 $335,415 
Consolidated income before income taxes158,821 
Plus:
Depreciation, depletion and amortization117,798 
Interest expense, net3
30,121 
Less unallocated amounts:
Other corporate revenue
152 
Other corporate expenses
(28,827)
Total segment EBITDA$335,415 
Capital Expenditures$92,159 $35,098 $46,574 $5,651 $179,482 
Assets$1,180,964 $293,121 $607,200 $138,323 $2,219,608 
Other assets3,439,435 
Elimination of intercompany receivables and investment in subsidiaries3,364,724 
Total consolidated assets$2,294,319 
__________________
1Other revenues is comprised of revenue included within our corporate services.
2Other segment items is comprised of other income (expense) items on the income statement.
3Interest expense, net is interest expense net of interest income.
3

Three Months Ended March 31, 2024
WestMountainCentralEnergy ServicesTotal
(In thousands)
Revenues from external customers$197,539 $59,825 $60,964 $11,116 $329,444 
Intersegment revenues28,516 3,962 6,097 2,981 41,556 
Total segment revenue226,055 63,787 67,061 14,097 371,000 
Other revenues1
5,142 
Less: Elimination of intersegment revenue46,552 
Total consolidated revenue$329,590 
Cost of revenue excluding depreciation, depletion and amortization186,788 61,287 71,636 14,204 
Selling, general and administrative expenses excluding depreciation, depletion and amortization19,730 8,607 14,225 2,420 
Other segment items2
(126)43 78 44 
Total segment EBITDA$19,411 $(6,064)$(18,722)$(2,483)$(7,858)
Consolidated income before income taxes(63,955)
Plus:
Depreciation, depletion and amortization32,212 
Interest expense, net3
11,147 
Less unallocated amounts:
Other corporate revenue146 
Other corporate expenses(12,884)
Total segment EBITDA$(7,858)
At March 31, 2024WestMountainCentralEnergy ServicesTotal
Capital Expenditures$18,581 $8,498 $6,582 $2,394 $36,055 
Assets$1,202,549 $309,451 $603,182 $160,892 $2,276,074 
Other assets3,971,565 
Elimination of intercompany receivables and investment in subsidiaries3,733,996 
Total consolidated assets$2,513,643 
__________________
1Other revenues is comprised of revenue included within our corporate services.
2Other segment items is comprised of other income (expense) items on the income statement.
3Interest expense, net is interest expense net of interest income.
4

Three Months Ended June 30, 2024Six Months Ended June 30, 2024
WestMountainCentralEnergy ServicesTotalWestMountainCentralEnergy ServicesTotal
(In thousands)
Revenues from external customers$332,052 $193,769 $214,603 $66,243 $806,667 $529,591 $253,595 $275,565 $77,360 $1,136,111 
Intersegment revenues55,507 36,778 55,077 13,447 160,809 84,023 40,740 61,173 16,428 202,364 
Total segment revenue387,559 230,547 269,680 79,690 967,476 613,614 294,335 336,738 93,788 1,338,475 
Other revenues1
4,511 9,654 
Less: Elimination of intersegment revenue165,081 211,633 
Total consolidated revenue$806,906 $1,136,496 
Cost of revenue excluding depreciation, depletion and amortization297,220 180,361 222,566 58,152 484,009 241,648 294,200 72,357 
Selling, general and administrative expenses excluding depreciation, depletion and amortization21,342 7,085 11,285 2,183 41,073 15,693 25,510 4,603 
Other segment items2
(446)18 359 12 (570)60 438 56 
Total segment EBITDA$68,551 $43,119 $36,188 $19,367 $167,225 $87,962 $37,054 $17,466 $16,884 $159,366 
Consolidated income before income taxes104,114 40,160 
Plus:
Depreciation, depletion and amortization34,512 66,724 
Interest expense, net3
12,809 23,955 
Less unallocated amounts:
Other corporate revenue239 385 
Other corporate expenses(16,029)(28,912)
Total segment EBITDA$167,225 $159,366 
At June 30, 2024WestMountainCentralEnergy ServicesTotal
Capital Expenditures$44,282 $25,025 $30,218 $6,124 $105,649 
Assets$1,293,685 $374,353 $695,878 $191,189 $2,555,105 
Other assets4,223,726 
Elimination of intercompany receivables and investment in subsidiaries4,095,969 
Total consolidated assets$2,682,862 
________________
1Other revenues is comprised of revenue included within our corporate services.
2Other segment items is comprised of other income (expense) items on the income statement.
3Interest expense, net is interest expense net of interest income.
5

Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
WestMountainCentralEnergy ServicesTotalWestMountainCentralEnergy ServicesTotal
(In thousands)
Revenues from external customers$382,811 $261,118 $354,815 $106,486 $1,105,230 $912,403 $514,713 $630,379 $183,846 $2,241,341 
Intersegment revenues72,336 65,281 110,905 25,308 273,830 156,359 106,021 172,079 41,735 476,194 
Total segment revenue455,147 326,399 465,720 131,794 1,379,060 1,068,762 620,734 802,458 225,581 2,717,535 
Other revenues1
3,132 12,786 
Less: Elimination of intersegment revenue276,899 488,532 
Total consolidated revenue$1,105,293 $2,241,789 
Cost of revenue excluding depreciation, depletion and amortization346,945 258,805 370,894 95,902 830,953 500,453 665,095 168,258 
Selling, general and administrative expenses excluding depreciation, depletion and amortization22,494 8,194 15,058 2,224 63,567 23,887 40,568 6,827 
Other segment items2
(297)46 62 40 (868)106 500 97 
Total segment EBITDA$85,411 $59,446 $79,830 $33,708 $258,395 $173,374 $96,500 $97,295 $50,593 $417,762 
Consolidated income before income taxes197,688 237,848 
Plus:
Depreciation, depletion and amortization34,796 101,519 
Interest expense, net3
12,113 36,069 
Less unallocated amounts:
Other corporate revenue63 448 
Other corporate expenses(13,861)(42,774)
Total segment EBITDA$258,395 $417,762 
At September 30, 2024WestMountainCentralEnergy ServicesTotal
Capital Expenditures$58,304 $27,298 $37,065 $8,248 $130,915 
Assets$1,362,477 $392,668 $713,742 $165,469 $2,634,356 
Other assets4,396,786 
Elimination of intercompany receivables and investment in subsidiaries4,147,025 
Total consolidated assets$2,884,117 
__________________
1Other revenues is comprised of revenue included within our corporate services.
2Other segment items is comprised of other income (expense) items on the income statement.
3Interest expense, net is interest expense net of interest income.
6