Xplr Infrastructure Lp's Business Segments

XPLR, through its ownership in XPLR OpCo, holds a partial ownership interest in a clean energy infrastructure portfolio spanning 28 U.S. states, with approximately 10 gigawatts of net generating capacity as of December 31, 2025. The portfolio, one of the largest U.S. generators of wind and solar energy based on 2025 net generation MWh, includes wind capacity of 8,069 MW, solar capacity of 1,718 MW, and battery storage capacity of 274 MW. Contract expirations for these assets range from 2026 to 2051. In 2025, XPLR OpCo generated about 26.0 million MWh from wind, 4.0 million MWh from solar, and discharged 0.4 million MWh from battery storage. Most output is sold under long-term, fixed-price power purchase agreements (PPAs), with significant revenue from contracts with Pacific Gas and Electric Company and Southern California Edison Company. XPLR's ownership structure includes a controlling general partner interest and approximately 48.8% limited partner interest in XPLR OpCo. The company plans to invest in its existing portfolio through renewable energy repowering projects, co-located battery storage, and renewing or extending PPAs, as well as pursuing investments adjacent to current projects to generate incremental cash flows and growth opportunities. XPLR divested from natural gas pipeline assets in 2023 and 2025.

XPLR operates a single reportable segment through its ownership interest in XPLR OpCo, which holds partial ownership in clean energy infrastructure assets. This segment generates revenue primarily from various non-affiliated parties under long-term power purchase agreements (PPAs). The chief executive officer of XPLR serves as the chief operating decision maker, evaluating segment results, including net income attributable to XPLR, for financial planning, performance analysis, and resource allocation. Key segment expenses include operations and maintenance, depreciation and amortization, interest expense, and income tax benefits. Other segment items encompass goodwill impairment charges, gains on disposal of businesses and assets, taxes other than income taxes, equity in earnings of equity method investees, equity in earnings or losses of non-economic ownership interests, other net items, and income or loss from discontinued operations. Capital expenditures and other investments amounted to $958 million in 2025, $241 million in 2024, and $1,269 million in 2023. Net property, plant, and equipment totaled $15,366 million in 2025, $14,555 million in 2024, and $14,837 million in 2023. Total assets were reported at $19,595 million in 2025, $20,292 million in 2024, and $22,511 million in 2023. Investments in equity method investees were $625 million in 2025, $631 million in 2024, and $617 million in 2023. Assets held for sale related to investments in equity method investees were $0 in 2025, $1,153 million in 2024, and $1,236 million in 2023. In January 2023, a subsidiary of XPLR sold a 62 MW wind project in Barnes County, North Dakota, for approximately $50 million. On February 10, 2026, XPLR OpCo entered into a sale and co-investment agreement with NextEra Energy Resources Development, LLC, a subsidiary of NextEra Energy Resources (NEER), to sell certain interconnection assets and rights at multiple sites. The agreement includes options to co-invest in battery storage projects through joint ventures with NEER.