v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities:    
Net income (loss) $ (3,166) $ 4,634
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Deferred income taxes (996) 233
Depreciation and amortization 26,943 28,752
Noncash lease expense 681 2,349
Amortization of debt issuance costs and other 2,571 968
Equity compensation 3,036 2,375
Income from equity method investee - Double E (5,237) (4,840)
Distributions from equity method investee - Double E 7,595 6,694
Loss on asset sales, net 29 0
(Gain) loss on earn-out remeasurement 503 (9,023)
Loss on sale of business 0 43
Unrealized loss on interest rate swaps 529 1,870
Changes in operating assets and liabilities:    
Accounts receivable (4,437) (3,378)
Trade accounts payable (1,014) 7,870
Accrued expenses 11,711 7,114
Deferred revenue, net (1,808) (1,879)
Ad valorem taxes payable (5,214) (4,449)
Accrued interest (20,154) (12,730)
Accrued environmental remediation, net (137) (35)
Other, net (4,565) (10,538)
Net cash provided by operating activities 6,870 16,030
Investing activities:    
Capital expenditures (19,277) (20,606)
Investment in equity method investee - Double E 0 (2,488)
Other, net (86) 0
Net cash used in investing activities (19,363) (93,091)
Financing activities:    
Borrowings on Amended and Restated ABL Facility 78,000 90,000
Debt repayments - Amended and Restated ABL Facility (75,000) (250,000)
Distributions and redemption of Subsidiary Series A Preferred Units (143,226) (1,628)
Distributions on Series A Preferred Stock (49,416) (3,359)
Related party shares issued for cash, net 41,459 0
Related party settlement of Tall Oak earn-out (21,304) 0
Debt issuance costs (8,052) (4,832)
Other, net (3,127) (3,155)
Net cash provided by financing activities 42,336 81,466
Net change in cash, cash equivalents and restricted cash 29,843 4,405
Cash, cash equivalents and restricted cash, beginning of period 19,679 25,199
Cash, cash equivalents and restricted cash, end of period 49,522 29,604
Moonrise Acquisition    
Investing activities:    
Cash consideration paid for the acquisition of Moonrise, net of cash acquired 0 (69,997)
New Permian Transmission Credit Facility    
Financing activities:    
Borrowings under New Permian Transmission Facility 340,000 0
Permian Transmission Term Loan    
Financing activities:    
Debt repayments - Legacy Permian Transmission Term Loan (116,998) (3,998)
Additional 2029 Secured Notes    
Financing activities:    
Issuance of Additional 2029 Secured Notes $ 0 $ 258,438