v3.26.1
Segments (Tables)
 12 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of disaggregation of revenue by segment
The following table summarizes revenues related to our segments for the periods indicated:
Year Ended March 31,
202620252024
(in thousands)
Revenues:
Water Solutions:
Topic 606 revenues
Disposal service fees$714,686 $637,098 $598,046 
Sale of recovered crude oil114,617 109,008 107,367 
Sale of water7,288 7,625 11,594 
Other service revenues2,211 1,896 13,030 
Non-Topic 606 revenues112 60 781 
Total Water Solutions revenues838,914 755,687 730,818 
Crude Oil Logistics:
Topic 606 revenues
Crude oil sales1,020,241 806,653 1,597,238 
Crude oil transportation and other sales29,331 66,263 50,151 
Non-Topic 606 revenues5,059 6,986 9,222 
Total Crude Oil Logistics revenues1,054,631 879,902 1,656,611 
Liquids Logistics:
Topic 606 revenues
Butane sales553,626 648,303 627,400 
Propane sales336,078 751,376 735,698 
Other products sales360,210 411,687 377,744 
Service revenues2,670 8,414 8,209 
Non-Topic 606 revenues9,612 13,832 17,374 
Total Liquids Logistics revenues (1)1,262,196 1,833,612 1,766,425 
Corporate and Other:
Topic 606 revenues
Service revenues422 401 — 
Elimination of intersegment sales(4)(416)(547)
Total Corporate and Other revenues418 (15)(547)
Total revenues$3,156,159 $3,469,186 $4,153,307 
(1)    During the years ended March 31, 2026, 2025 and 2024, our Liquids Logistics revenues included $138.6 million, $128.2 million and $132.1 million of non-US revenues, respectively.
Schedule of reportable segment information
The following tables set forth certain selected financial information for our segments for the periods indicated:
Year Ended March 31, 2026
Water SolutionsCrude Oil LogisticsLiquids Logistics Consolidated
(in thousands)
Revenues$838,914 $1,054,631 $1,262,196 $3,155,741 
Cost of sales (1)8,064 954,738 1,180,769 2,143,571 
Operating, general and administrative expenses (2)222,749 40,919 35,946 299,614 
Other (3)(5,375)(33)2 (5,406)
Adjusted EBITDA$602,726 $58,941 $45,483 $707,150 
Reconciling items:
Plus - all other Adjusted EBITDA(46,947)
Less:
Depreciation and amortization254,831 
Amortization in cost of sales - service 1,068 
Interest expense257,490 
Loss on disposal or impairment of assets, net256,322 
Net unrealized losses on derivatives36,478 
Lower of cost or net realizable value adjustments(2,890)
Revaluation of liabilities4,415 
Loss on early extinguishment of liabilities, net16,749 
Asset retirement obligation accretion5,174 
Equity-based compensation11,206 
Adjustments related to unconsolidated entities (4)24 
Other (5)(1,885)
Loss from continuing operations before income taxes (6)$(178,779)
Segment capital expenditures$221,255 $6,735 $7,064 $235,054 
All other capital expenditures1,431 
Total capital expenditures (7)$236,485 
Segment assets (8)$2,809,556 $923,685 $387,966 $4,121,207 
All other assets (8)54,332 
Total assets (8) (9)$4,175,539 
(1)    Amount excludes net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments and amortization expense for certain intangible assets. Amount also excludes the difference in value recorded to cost of sales-product related to the misclassification of line fill within inventories (see Note 2).
(2)    Amount excludes Accretion Expense and Acquisition Expense.
(3)    Amount includes Adjusted EBITDA related to our unconsolidated entities, interest income and certain other non-operating income and expense items less Adjusted EBITDA related to our noncontrolling interests.
(4)    Amount represents the sum of the amount excluded from our equity in earnings of unconsolidated entities, including, depreciation and amortization, interest expense and gains and losses on the disposal or impairment of assets.
(5)    Amount includes the net of Adjusted EBITDA related to our noncontrolling interests, unrealized gains and losses on investments and marketable securities, certain other non-operating income and expense items and the difference in value recorded to cost of sales-product related to the misclassification of line fill within inventories (see Note 2.
(6)    Total domestic loss from continuing operations before income taxes for the year ended March 31, 2026 was $180.9 million and total non-US income from continuing operations before income taxes for the year ended March 31, 2026 was $2.1 million.
(7)    Amount includes additions to property, plant and equipment and intangible assets, including the acquisition of assets.
(8)    Information is presented as of March 31, 2026.
(9)    Total assets includes $12.6 million of non-US total assets.
Year Ended March 31, 2025
Water SolutionsCrude Oil LogisticsLiquids LogisticsTotal Segments
(in thousands)
Revenues$755,687 $879,902 $1,833,612 $3,469,201 
Cost of sales (1)(2,106)772,665 1,730,396 2,500,955 
Operating, general and administrative expenses (2)217,223 40,866 51,314 309,403 
Other (3)1,426 2 1,467 2,895 
Adjusted EBITDA$541,996 $66,373 $53,369 $661,738 
Reconciling items:
Plus - all other Adjusted EBITDA(38,846)
Less:
Depreciation and amortization254,732 
Amortization in cost of sales - product257 
Interest expense280,078 
Loss on disposal or impairment of assets, net31,448 
Net unrealized losses on derivatives3,366 
Lower of cost or net realizable value adjustments2,916 
Revaluation of liabilities(6,705)
Asset retirement obligation accretion4,200 
Adjustments related to unconsolidated entities (4)427 
Other (5)(7,931)
Income from continuing operations before income taxes (6)$60,104 
Segment capital expenditures$208,168 $6,915 $12,200 $227,283 
All other capital expenditures17,967 
Total capital expenditures (7)$245,250 
Total segment assets (8)$2,794,777 $1,198,501 $548,901 $4,542,179 
All other assets (8)67,261 
Total assets (8) (9)$4,609,440 
(1)    Amount excludes net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments and amortization expense for certain intangible assets.
(2)    Amount excludes Accretion Expense and Acquisition Expense.
(3)    Amount includes Adjusted EBITDA related to our unconsolidated entities, interest income and certain other non-operating income and expense items less Adjusted EBITDA related to our noncontrolling interests.
(4)    Amount represents the sum of the amount excluded from our equity in earnings of unconsolidated entities, including, depreciation and amortization, interest expense and gains and losses on the disposal or impairment of assets.
(5)    Amount includes the net of Adjusted EBITDA related to our noncontrolling interests, unrealized gains and losses on investments and marketable securities and certain other non-operating income and expense items.
(6)     Total domestic income from continuing operations before income taxes for the year ended March 31, 2025 was $57.4 million and total non-US income from continuing operations before income taxes for the year ended March 31, 2025 was $2.7 million.
(7)    Amount includes additions to property, plant and equipment and intangible assets, including the acquisition of assets.
(8)    Information is presented as of March 31, 2025.
(9)    Total assets includes $13.7 million of non-US total assets.
Year Ended March 31, 2024
 Water SolutionsCrude Oil LogisticsLiquids LogisticsTotal Segments
(in thousands)
Revenues$730,818 $1,656,611 $1,766,425 $4,153,854 
Cost of sales (1)10,909 1,527,236 1,657,523 3,195,668 
Operating, general and administrative expenses (2)215,300 42,589 55,600 313,489 
Other (3)3,699 101 (15)3,785 
Adjusted EBITDA$508,308 $86,887 $53,287 $648,482 
Reconciling items:
Plus - all other Adjusted EBITDA(55,068)
Less:
Depreciation and amortization266,114 
Interest expense269,804 
Loss on disposal or impairment of assets, net115,936 
Net unrealized losses on derivatives63,762 
CMA Differential Roll net gains (4)(71,285)
Lower of cost or net realizable value adjustments(2,408)
Loss on early extinguishment of liabilities, net55,281 
Revaluation of liabilities2,680 
Asset retirement obligation accretion2,619 
Equity-based compensation1,098 
Acquisition expense (5)48,116 
Adjustments related to unconsolidated entities (6)384 
Other (7)(2,417)
Loss from continuing operations before income taxes (8)   $(156,270)
Segment capital expenditures $145,048 $6,905 $15,791 $167,744 
All other capital expenditures2,323 
Total capital expenditures (9)$170,067 
Segment assets (10) $2,885,041 $1,368,461 $686,885 $4,940,387 
All other assets (10)79,707 
Total assets (10) (11)$5,020,094 
(1)    Amount excludes net unrealized gains and losses on derivatives and lower of cost or net realizable value adjustments.
(2)    Amount excludes Accretion Expense.
(3)    Amount includes Adjusted EBITDA related to our unconsolidated entities, interest income and certain other non-operating income and expense items less Adjusted EBITDA related to our noncontrolling interests.
(4)    In our Crude Oil Logistics segment, we purchase certain crude oil barrels using the West Texas Intermediate (“WTI”) calendar month average (“CMA”) price and sell the crude oil barrels using the WTI CMA price plus the Argus CMA Differential Roll Component (“CMA Differential Roll”) per our contracts. To eliminate the volatility of the CMA Differential Roll, we entered into derivative instrument positions in January 2021 to secure a margin per month from May 2021 through December 2023. Due to the nature of these positions, the cash flow and earnings recognized on a GAAP basis differed from period to period depending on the current crude oil price and future estimated crude oil price which were valued utilizing third-party market quoted prices. We recognized in Adjusted EBITDA the gains and losses from the derivative instrument positions entered into in January 2021 to properly align with the physical margin we hedged each month through the term of this transaction.
(5)    Amount includes the accrued judgment related to the LCT legal matter, excluding interest (see Note 8) and the write-off of the legal costs related to the LCT legal matter that were originally allocated to the GP.
(6)    Amount represents the sum of the amount excluded from our equity in earnings of unconsolidated entities, including, depreciation and amortization, interest expense and gains and losses on the disposal or impairment of assets.
(7)    Amount includes the net of Adjusted EBITDA related to our noncontrolling interests, unrealized gains and losses on investments and marketable securities and certain other non-operating income and expense items.
(8)    Total domestic loss from continuing operations before income taxes for the year ended March 31, 2024 was $159.1 million and total non-US income from continuing operations before income taxes for the year ended March 31, 2024 was $2.8 million.
(9)    Amount includes additions to property, plant and equipment and intangible assets, including the acquisition of assets.
(10)    Information is presented as of March 31, 2024.
(11)    Total assets includes $22.1 million of non-US total assets.