v3.26.1
Segments
 3 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segments Segments
Our operations are organized into three reportable segments: (i) Water Solutions, (ii) Crude Oil Logistics and (iii) Liquids Logistics. These segments have been identified based on the differing products and services, regulatory environment and the expertise required for these operations. Our Liquids Logistics reportable segment includes operating segments that have been aggregated based on the nature of the products and services provided. Our chief operating decision maker (“CODM”) is our chief executive officer. Adjusted EBITDA is reviewed by the CODM to evaluate performance and make business decisions. We define Adjusted EBITDA for Water Solutions as revenue minus operating and general and administrative expense, which excludes accretion expense for asset retirement obligations (“Accretion Expense”) and legal and advisory costs associated with acquisitions and dispositions (“Acquisition Expense”), and plus or minus other reconciling items. We define Adjusted EBITDA for Crude Oil Logistics and Liquid Logistics as revenue minus cost of sales, which excludes unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments and plus or minus other reconciling segment items. The calculation of Adjusted EBITDA for our three reportable segments is presented in the Reportable Segment Information tables below.

See Note 1 for a discussion of the products and services of our reportable segments. The remainder of our business operations is presented as “Corporate and Other” and consists of certain corporate expenses that are not allocated to the reportable segments and the amounts to eliminate intercompany or intersegment transactions. Intercompany or intersegment transactions are recorded based on prices negotiated between the segments. Intrasegment transactions eliminations are recorded within each reportable segment. None of the tables below include amounts related to our refined products and biodiesel businesses, as those amounts have been classified as discontinued operations within our unaudited condensed consolidated statements of operations for all periods presented see (see Note 15).
Disaggregation of Revenue

The following table summarizes revenues related to our segments for the periods indicated:
Three Months Ended June 30,
20262025
(in thousands)
Revenues:
Water Solutions:
Topic 606 revenues
Disposal service fees$199,897 $174,635 
Sale of recovered crude oil51,866 24,808 
Sale of water1,718 1,419 
Other service revenues854 403 
Non-Topic 606 revenues21 15 
Total Water Solutions revenues254,356 201,280 
Crude Oil Logistics:
Topic 606 revenues
Crude oil sales430,714 158,528 
Crude oil transportation and other sales7,506 7,730 
Non-Topic 606 revenues1,240 1,373 
Total Crude Oil Logistics revenues439,460 167,631 
Liquids Logistics:
Topic 606 revenues
Butane sales144,431 99,642 
Propane sales39,709 61,480 
Other products sales105,440 89,765 
Service revenues5,020 438 
Non-Topic 606 revenues1,416 1,760 
Total Liquids Logistics revenues (1)296,016 253,085 
Corporate and Other:
Topic 606 revenues
Service revenues160 164 
Elimination of intersegment sales— (4)
Total Corporate and Other revenues160 160 
Total revenues$989,992 $622,156 
(1)    During the three months ended June 30, 2026 and 2025, our Liquids Logistics revenues included $21.7 million and $15.0 million of non-US revenues, respectively.
Reportable Segment Information

The following tables set forth certain selected financial information for our segments for the periods indicated:
Three Months Ended June 30, 2026
WaterCrude OilLiquidsTotal
SolutionsLogisticsLogisticsSegments
(in thousands)
Revenues$254,356 $439,460 $296,016 $989,832 
Cost of sales (1)13,542 421,102 278,597 713,241 
Operating, general and administrative expenses (2)63,296 9,748 7,134 80,178 
Other (3)2,338 31 — 2,369 
Adjusted EBITDA$179,856 $8,641 $10,285 $198,782 
Reconciling items:
Plus - all other Adjusted EBITDA(12,564)
Less:
Depreciation and amortization61,895 
Amortization in cost of sales - service1,602 
Interest expense67,068 
Loss on disposal or impairment of assets, net1,916 
Net unrealized gains on derivatives(39,360)
Lower of cost or net realizable value adjustments6,288 
Asset retirement obligation accretion1,376 
Equity-based compensation1,991 
Other (4)3,695 
Income from continuing operations before income taxes (5)$79,747 
Segment capital expenditures$107,981 $1,326 $2,428 $111,735 
All other capital expenditures363 
Total capital expenditures (6)$112,098 
Segment assets (7)$2,903,855 $891,950 $346,559 $4,142,364 
All other assets (7)37,720 
Total assets (7) (8)$4,180,084 
(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. For Crude Oil Logistics, the amount also excludes $2.6 million of realized losses from derivatives associated with crude oil barrels reclassified as linefill as of March 31, 2026.
(2)    Amount excludes Accretion Expense and Acquisition Expense.
(3)    Amount includes interest income and certain other non-operating income and expense items less Adjusted EBITDA related to our noncontrolling interests.
(4)    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.
(5)    Total domestic income from continuing operations before income taxes for the quarter ended June 30, 2026 was $78.7 million and total non-US income from continuing operations before income taxes for the quarter ended June 30, 2026 was $1.0 million.
(6)    Amount includes additions to property, plant and equipment and intangible assets, including the acquisition of assets.
(7)    Information is presented as of June 30, 2026.
(8)    Total assets includes $14.1 million of non-US total assets.
Three Months Ended June 30, 2025
WaterCrude OilLiquidsTotal
SolutionsLogisticsLogisticsSegments
(in thousands)
Revenues$201,280 $167,631 $253,085 $621,996 
Cost of sales (1)1,658 148,249 243,376 393,283 
Operating, general and administrative expenses (2)55,605 9,799 6,843 72,247 
Other (3)(1,148)— 5 (1,143)
Adjusted EBITDA$142,869 $9,583 $2,871 $155,323 
Reconciling items:
Plus - all other Adjusted EBITDA(11,351)
Less:
Depreciation and amortization66,585 
Interest expense65,545 
Gain on disposal or impairment of assets, net(9,199)
Net unrealized gains on derivatives(7,525)
Lower of cost or net realizable value adjustments(2,944)
Gain on early extinguishment of liabilities, net(1,492)
Asset retirement obligation accretion1,260 
Adjustments related to unconsolidated entities (4)24 
Other (5)1,635 
Income from continuing operations before income taxes (6)$30,083 
Segment capital expenditures$18,974 $403 $1,650 $21,027 
All other capital expenditures25 
Total capital expenditures (7)$21,052 
Segment assets (8)$2,730,370 $1,071,790 $338,743 $4,140,903 
All other assets (8)47,353 
Total assets (8) (9)$4,188,256 
(1)    Amount excludes net unrealized gains and losses on derivatives and lower of cost or net realizable value adjustments.
(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 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 quarter ended June 30, 2025 was $29.1 million and total non-US income from continuing operations before income taxes for the quarter ended June 30, 2025 was $1.0 million.
(7)    Amount includes additions to property, plant and equipment and intangible assets, including the acquisition of assets.
(8)    Information is presented as of June 30, 2025.
(9)    Total assets includes $17.6 million of non-US total assets.