v3.26.1
Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Net revenues        
Net revenues $ 384,760 $ 246,350 $ 682,226 $ 496,280
Cost of sales:        
Operating expenses (excluding depreciation and amortization presented below) 42,794 37,525 89,390 78,155
Depreciation and amortization 36,914 25,879 72,267 52,377
Total cost of sales 318,670 182,765 569,230 378,945
Operating expenses related to wholesale business (excluding depreciation and amortization presented below) 543 549 992 904
General and administrative expenses 3,280 8,944 7,554 17,808
Depreciation and amortization 491 1,218 1,639 2,436
Other operating expense (income), net (120) 438 906 (3,848)
Total operating costs and expenses 322,864 193,914 580,321 396,245
Operating income 61,896 52,436 101,905 100,035
Interest income (22,545) (23,538) (54,830) (46,085)
Interest expense 70,090 41,711 121,682 82,812
Income from equity method investments (14,491) (10,536) (26,114) (20,686)
Other income, net (29) (20) (56) (41)
Total non-operating expenses, net 33,025 7,617 40,682 16,000
Income before income tax expense 28,871 44,819 61,223 84,035
Income tax expense 0 245 0 427
Net income 28,871 44,574 61,223 83,608
Comprehensive income $ 28,871 $ 44,574 $ 61,223 $ 83,608
Net income per limited partner unit:        
Basic (in dollars per unit) $ 0.54 $ 0.83 $ 1.15 $ 1.56
Diluted (in dollars per unit) $ 0.54 $ 0.83 $ 1.15 $ 1.56
Weighted average common units outstanding:        
Basic (in units) 53,175,413 53,445,803 53,343,964 53,524,792
Diluted (in units) 53,240,181 53,473,271 53,430,114 53,553,227
Affiliated Entity        
Net revenues        
Net revenues [1] $ 204,764 $ 114,083 $ 371,454 $ 240,404
Cost of sales:        
Cost of materials and other [1] 148,955 84,411 257,140 174,377
Nonrelated Party        
Net revenues        
Net revenues 179,996 132,267 310,772 255,876
Cost of sales:        
Cost of materials and other $ 90,007 $ 34,950 $ 150,433 $ 74,036
[1] See Note 3 for a description of our material affiliate revenue and purchases transactions.