Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2026

Schedule of income tax (benefit) expense

The following table presents income tax (benefit) expense for the periods indicated:


	Year Ended March 31,
	2026		2025		2024
	(in thousands)
Current income tax expense (benefit):
Federal	$	—	$	501	$	(106)
State	920		1,276		1,934
Foreign	260		410		830
Total	1,180		2,187		2,658
Deferred income tax benefit:
Federal	(1,456)		(7,070)		(1,080)
State	—		(2)		(120)
Total	(1,456)		(7,072)		(1,200)
Income tax (benefit) expense	$	(276)	$	(4,885)	$	1,458

Amounts in the table above do not include income tax (benefit) expense related to our refined products and biodiesel businesses, as these amounts have been classified within discontinued operations within our consolidated statements of operations (see Note 18).

Schedule of income taxes paid (net of income tax refunds)

The following table presents income taxes paid (net of income tax refunds) for the periods indicated:


	Year Ended March 31,
	2026		2025		2024
	(in thousands)
Federal	$	1,893	$	1,420	$	1,119
State	925		4,343		1,265
Foreign	431		410		829
Total	$	3,249	$	6,173	$	3,213

Amounts in the table above do not include income taxes paid (net of income tax refunds) related to our refined products and biodiesel businesses, as these amounts have been classified within discontinued operations within our consolidated statements of cash flows.

The following table presents income taxes paid (net of income tax refunds) which exceeded five percent of total income taxes paid (net of income tax refunds) in the following jurisdictions for the periods indicated:


	Year Ended March 31,
	2026		2025		2024
	(in thousands)
State
Texas	$	675	$	977	$	560
New Mexico	*		*		$	206
Foreign
Canada	$	431	$	410	$	829

* Jurisdiction is below the five percent disaggregation threshold for the period presented.

Schedule of inventories

Inventories consist of the following at the dates indicated:


	March 31,
	2026		2025
	(in thousands)
Butane	$	26,200	$	22,674
Crude oil	25,173		23,962
Propane	7,320		11,847
Other	8,658		11,433
Total	$	67,351	$	69,916

Amounts in the table above do not include assets classified as either held for sale or discontinued operations within our March 31, 2025 consolidated balance sheet (see Note 18).

Schedule of other noncurrent assets

Other noncurrent assets consist of the following at the dates indicated:


	March 31,
	2026		2025
	(in thousands)
Linefill (1)	$	284	$	5,240
Loan receivable (2)	—		3,089
Other (3)	39,616		11,646
Total	$	39,900	$	19,975

(1) Represents minimum volumes of product we are required to leave on certain third-party owned pipelines under long-term shipment commitments. At March 31, 2026 and 2025, linefill consisted of 6,981 and 90,881 barrels of crude oil, respectively. Linefill held in pipelines we own is included within property, plant and equipment (see Note 4).

(2) Represents the noncurrent portion of loan receivables, net of allowances for expected credit losses, primarily related to the sale of certain saltwater disposal assets (see Note 17). At March 31, 2026 and 2025, the loan receivable balance (which includes interest receivable) was $3.3 million and $6.1 million, respectively, of which $3.3 million and $3.0 million, respectively, are recorded within prepaid expenses and other current assets in our consolidated balance sheets.

(3) At March 31, 2026 and 2025, other consisted of $27.2 million and $2.9 million, respectively, of capitalized costs to obtain contracts with customers.

Amounts in the table above do not include assets classified as either held for sale or discontinued operations within our March 31, 2025 consolidated balance sheet (see Note 18).

Schedule of accrued expenses and other payables

Accrued expenses and other payables consist of the following at the dates indicated:


	March 31,
	2026		2025
	(in thousands)
Accrued compensation and benefits	$	75,243	$	45,081
Derivative liabilities	31,619		6,427
Accrued interest	27,265		25,308
Distributions payable	18,753		29,845
Excise and other tax liabilities	13,750		13,100
Other	17,554		15,472
Total	$	184,184	$	135,233

Amounts in the table above do not include liabilities classified as either held for sale or discontinued operations within our March 31, 2025 consolidated balance sheet (see Note 18).

Schedule of variable interest entities

The following table summarizes the balances related to the VIEs that are consolidated in our consolidated balance sheets at the dates indicated (excluding intercompany eliminations at the time of consolidation) as well as our equity in the VIEs:


	March 31,
	2026		2025
	(in thousands)
Cash and cash equivalents	$	96	$	14
Accounts receivable-affiliates	312		135
Prepaid expenses and other current assets	281		108
Property, plant and equipment, net	15,527		15,984
Accounts payable	(45)		(24)
Accrued expenses and other payables	(225)		(190)
Current maturities of long-term debt	(1,957)		(1,805)
Long-term debt, net	(7,867)		(9,818)
Redeemable noncontrolling interest	(559)		(424)
Partnership's equity in VIEs	$	5,563	$	3,980

Schedule of redeemable noncontrolling interest

The following table summarizes changes in our redeemable noncontrolling interest in our consolidated balance sheets (in thousands):


Redeemable noncontrolling interests at March 31, 2024	$	—
Contributions from redeemable noncontrolling interest owners (Note 17)	378
Net income from continuing operations attributable to redeemable noncontrolling interests	46

Redeemable noncontrolling interests at March 31, 2025	424
Contributions from redeemable noncontrolling interest owners	379
Net loss from continuing operations attributable to redeemable noncontrolling interests	(244)

Redeemable noncontrolling interests at March 31, 2026	$	559

Schedule of contingent consideration liabilities

The following table summarizes changes in our contingent consideration liabilities (in thousands):


Contingent consideration liabilities at March 31, 2024	$	24,810
Liabilities settled	(2,308)
Valuation adjustment (1)	(6,705)
Contingent consideration liabilities at March 31, 2025 (2)	15,797
Liabilities settled	(2,212)
Valuation adjustment (3)	4,415
Contingent consideration liabilities at March 31, 2026 (4)	$	18,000

(1) Decrease due primarily to lower expected produced water volumes from our customers, resulting in a decrease to the expected future royalty payment.

(2) Includes $2.0 million which is recorded within accrued expenses and other payables and $13.8 million which is recorded within other noncurrent liabilities in our March 31, 2025 consolidated balance sheet.

(3) Increase due primarily to higher expected produced water volumes from our customers, resulting in an increase to the expected future royalty payment.

(4) Includes $2.2 million which is recorded within accrued expenses and other payables and $15.8 million which is recorded within other noncurrent liabilities in our March 31, 2026 consolidated balance sheet.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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