Partners' Capital |
6 Months Ended |
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Jun. 30, 2025 | |
Temporary Equity Disclosure [Abstract] | |
Partners' Capital | Partners’ Capital On February 7, 2025, the Company completed a public offering of 12.9 million common units at a price to the public of $15.50 per common unit, less underwriting discounts and commissions (the “February 2025 Offering”). On February 12, 2025, the underwriters of the public offering fully exercised their option to purchase an additional 1.9 million common units at a price to the public of $15.50 per common unit, less underwriting discounts and commissions. The sale of the Company’s common units resulted in gross proceeds of $230.0 million and net proceeds of $221.1 million, after deducting underwriting fees and offering expenses. Proceeds from the offering were used to repay a portion of the Term Loan Credit Agreement and Revolving Credit Agreement. On September 9, 2024, the Company completed a public offering of 7.3 million common units at a price to the public of $16.50 per common unit, less underwriting discounts and commissions. On September 24, 2024, the underwriters of the public offering partially exercised their option to purchase an additional 1.0 million common units at a price to the public of $16.50 per common unit, less underwriting discounts and commissions. The sale of the Company’s common units resulted in gross proceeds of $136.8 million and net proceeds of $128.9 million, after deducting underwriting fees and offering expenses. Proceeds from the offering were used to fund the Western Kansas Acquisition and the Ardmore Basin Acquisition. As of June 30, 2025 and December 31, 2024, the Company had 118.3 million and 103.5 million common units outstanding, respectively. The Company distributed $0.79 per unit for total cash distributions of $93.5 million for the three months ended June 30, 2025. The Company distributed $1.29 per unit for total cash distributions of $152.7 million for the six months ended June 30, 2025.
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