v3.26.1
Segments (Tables)
 3 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of disaggregation of revenue by segment 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.
Schedule of 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.