Note 5.    Property and Equipment

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Property and equipment consisted of the following (in thousands):

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Property and equipment includes retail gasoline station assets held for sale of $5.3 million and $5.2 million at June 30, 2025 and December 31, 2024, respectively.

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At June 30, 2025, the Partnership had a $37.7 million remaining net book value of long-lived assets at its West Coast facility, including $30.5 million related to the Partnership’s ethanol plant acquired in 2013. The Partnership would need to take certain measures to prepare the facility for ethanol production in order to place the plant into service and commence depreciation. Therefore, the $30.5 million related to the ethanol plant was included in property and equipment and classified as idle plant assets at both June 30, 2025 and December 31, 2024.

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If the Partnership is unable to generate cash flows to support the recoverability of the plant and facility assets, this may become an indicator of potential impairment of the West Coast facility. The Partnership believes these assets are recoverable but continues to monitor the market for ethanol, the continued business development of this facility for ethanol or other product transloading, and the related impact this may have on the facility’s operating cash flows and whether this would constitute an impairment indicator.

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Evaluation of Long-Lived Asset Impairment

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The Partnership recognized impairment charges relating to construction in process assets allocated to the GDSO segment in the amount of $0.2 million for each of the three and six months ended June 30, 2025, which are included in long-lived asset impairment in the accompanying consolidated statements of operations. No impairment charges were recognized for the three and six months ended June 30, 2024.

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