Fair Value of Financial Instruments (Tables)

3 Months Ended

Jun. 30, 2026

Schedule of estimated fair value measurements of assets and liabilities

The following table summarizes, by level within the fair value hierarchy, the estimated fair values of our derivative assets and liabilities reported in our unaudited condensed consolidated balance sheets at the dates indicated:


	June 30, 2026				March 31, 2026
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
	(in thousands)
Level 1 measurements	$	3,568	$	(6,123)	$	6,118	$	(14,478)
Level 2 measurements	984		(9,243)		219		(33,807)
	4,552		(15,366)		6,337		(48,285)

Netting of counterparty contracts (1)	(3,584)		3,584		(6,186)		6,186
Net cash collateral provided	712		1,843		5,658		8,360
Derivatives	$	1,680	$	(9,939)	$	5,809	$	(33,739)

(1) Relates to commodity derivative assets and liabilities that are expected to be net settled on an exchange or through a master netting arrangement with the counterparty. Our physical contracts that do not qualify as normal purchase normal sale transactions are not subject to such master netting arrangements.

Schedule of location of derivative assets and liabilities reported in the unaudited condensed consolidated balance sheets

The following table summarizes the accounts that include our derivative assets and liabilities in our unaudited condensed consolidated balance sheets at the dates indicated:


	June 30, 2026		March 31, 2026
	(in thousands)
Prepaid expenses and other current assets	$	802	$	5,809
Other noncurrent assets	878		—
Accrued expenses and other payables	(9,924)		(31,619)
Other noncurrent liabilities	(15)		(2,120)
Net derivative liability	$	(8,259)	$	(27,930)

Schedule of open derivative contract positions

The following table summarizes our open derivative contract positions at the dates indicated. We do not account for these derivatives as hedges.


Contracts	Settlement Period	Net Long (Short) Notional Units (in barrels)	Fair Value of Net Assets (Liabilities)
		(in thousands)
At June 30, 2026:
Crude oil fixed-price (1)	July 2026–December 2027	(374)	$	(5,664)
Propane fixed-price (1)	July 2026–September 2027	212	523
Butane fixed-price (1)	July 2026–March 2027	(884)	(4,488)
Variable-to-fixed interest rate swaps (2)	July 2026–April 2028		451
Other	July 2026–March 2027		(1,636)
			(10,814)
Net cash collateral provided			2,555
Net derivative liability			$	(8,259)

At March 31, 2026:
Crude oil fixed-price (1)	April 2026–September 2027	(580)	$	(23,656)
Propane fixed-price (1)	April 2026–March 2027	(163)	153
Butane fixed-price (1)	April 2026–March 2027	(1,277)	(12,003)
Variable-to-fixed interest rate swaps (2)	April 2026–April 2028		(1,169)
Other	April 2026–March 2027		(5,273)
			(41,948)
Net cash collateral provided			14,018
Net derivative liability			$	(27,930)

(1) We may have fixed price physical purchases, including inventory, offset by floating price physical sales or floating price physical purchases offset by fixed price physical sales. These contracts are derivatives we have entered into as an economic hedge against the risk of mismatches between fixed and floating price physical obligations.

(2) See further discussion of these instruments in “Interest Rate Risk” below.

Schedule of fair value estimates of fixed-rate notes

The following table provides fair value estimates of our fixed-rate notes at June 30, 2026 (in thousands):


2029 Senior Secured Notes	$	928,875
2032 Senior Secured Notes	$	1,329,571