v3.25.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2025
Revenue Recognition [Abstract]  
Revenue Recognition Revenue Recognition
Revenue from Contracts with Customers
The following tables reflect the disaggregation of our revenues by major category for the three months ended September 30, 2025 and 2024, respectively:
Three Months Ended
September 30, 2025
Offshore pipeline transportationMarine transportationOnshore transportation and servicesConsolidated
Fee-based revenues$143,306 $77,058 $20,759 $241,123 
Product sales— — 157,480 157,480 
Sulfur services— — 15,398 15,398 
Total revenues$143,306 $77,058 $193,637 $414,001 
Three Months Ended
September 30, 2024
Offshore pipeline transportationMarine transportationOnshore transportation and servicesConsolidated
Fee-based revenues$101,119 $78,496 $15,363 $194,978 
Product sales— — 185,267 185,267 
Sulfur services— — 17,046 17,046 
Total revenues$101,119 $78,496 $217,676 $397,291 
The following tables reflect the disaggregation of our revenues by major category for the nine months ended September 30, 2025 and 2024, respectively:
Nine Months Ended
September 30, 2025
Offshore pipeline transportationMarine transportationOnshore transportation and servicesConsolidated
Fee-based revenues$377,563 $237,319 $50,977 $665,859 
Product sales— — 469,628 469,628 
Sulfur services— — 54,173 54,173 
Total revenues$377,563 $237,319 $574,778 $1,189,660 

Nine Months Ended
September 30, 2024
Offshore pipeline transportationMarine transportationOnshore transportation and servicesConsolidated
Fee-based revenues$302,133 $243,941 $44,849 $590,923 
Product sales— — 610,635 610,635 
Sulfur services— — 60,359 60,359 
Total revenues$302,133 $243,941 $715,843 $1,261,917 
We recognize revenue upon the satisfaction of its performance obligations under its contracts. The timing of revenue recognition varies for our different revenue streams. In general, the timing includes recognition of revenue over time as services are being performed as well as recognition of revenue at a point in time for delivery of products.
Contract Assets and Liabilities
The table below depicts our contract asset and liability balances at September 30, 2025 and December 31, 2024:
Contract AssetsContract Liabilities
Other AssetsAccrued LiabilitiesOther Long-Term Liabilities
Balance at December 31, 2024
$5,174 $41,618 $82,164 
Balance at September 30, 2025
7,049 30,023 70,161 
For the nine months ended September 30, 2025 and 2024, we recognized revenue of $30.5 million and $9.1 million, respectively, that was included in contract liabilities at the beginning of the period.
Transaction Price Allocations to Remaining Performance Obligations
We are required to disclose the aggregate amount of our transaction prices that are allocated to unsatisfied performance obligations as of September 30, 2025. However, we are permitted to utilize the following exemptions:
1)Performance obligations that are part of a contract with an expected duration of one year or less;
2)Revenue recognized from the satisfaction of performance obligations where we have a right to consideration in an amount that corresponds directly with the value provided to customers; and
3)Contracts that contain variable consideration, such as index-based pricing or variable volumes, that is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that is part of a series.
The majority of our contracts qualify for one of these exemptions. For the remaining contract types that involve revenue recognition over a long-term period and include long-term fixed consideration (adjusted for indexing as required), we determined our allocations of transaction price that relate to unsatisfied performance obligations. For our tiered pricing offshore transportation contracts, we provide firm capacity for both fixed and variable consideration over a long-term period. Therefore, we have allocated the remaining contract value to future periods. In our onshore transportation and services segment, we have certain contractual arrangements in which we receive fixed minimum payments for our obligation to provide minimum capacity on our pipelines and related assets.
The following chart depicts how we expect to recognize revenues for future periods related to these contracts:
Offshore Pipeline TransportationOnshore Transportation and Services
Remainder of 2025$63,574 $7,474 
2026208,220 29,931 
2027139,001 14,022 
202861,214 10,000 
202930,361 2,500 
Thereafter83,789 — 
Total$586,159 $63,927