v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting [Table Text Block]
The following tables present financial information by segment for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues:
Fuel Distribution
Revenues from external customers$13,739 $5,096 $23,940 $9,999 
Intersegment revenues686 9 904 22 
14,425 5,105 24,844 10,021 
Pipeline Systems
Revenues from external customers202 181 396 354 
Intersegment revenues5 1 9 2 
207 182 405 356 
Terminals
Revenues from external customers183 113 332 216 
Intersegment revenues388 230 673 466 
571 343 1,005 682 
Refinery
Revenues from external customers135 — 281 — 
Intersegment revenues858 — 1,364 — 
993 — 1,645 — 
Eliminations(1,937)(240)(2,950)(490)
Total$14,259 $5,390 $24,949 $10,569 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cost of sales:
Fuel Distribution$13,534 $4,843 $22,717 $9,398 
Pipeline Systems12 (1)26 (1)
Terminals371 219 580 440 
Refinery815 — 1,423 — 
Eliminations(1,937)(240)(2,950)(490)
Total$12,795 $4,821 $21,796 $9,347 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating and lease expenses, excluding non-cash unit-based compensation:
Fuel Distribution$305 $74 $574 $146 
Pipeline Systems54 45 103 89 
Terminals75 43 138 85 
Refinery— — — — 
Total$434 $162 $815 $320 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
General and administrative expenses, excluding non-cash unit-based compensation:
Fuel Distribution$122 $26 $244 $46 
Pipeline Systems14 11 26 20 
Terminals12 10 23 17 
Refinery7 — 13 — 
Total$155 $47 $306 $83 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Other (1):
Fuel Distribution$(40)$(44)$276 $5 
Pipeline Systems(63)(50)(119)(101)
Terminals— — 44 3 
Refinery(4)— (9)— 
Total$(107)$(94)$192 $(93)
(1)    Other by segment includes Adjusted EBITDA from unconsolidated affiliates, unrealized gains and losses on commodity derivatives, inventory valuation adjustments and other less significant items, as applicable.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Segment Adjusted EBITDA:
Fuel Distribution$504 $206 $1,033 $426 
Pipeline Systems190 177 369 349 
Terminals113 71 220 137 
Refinery175 — 218 — 
Total$982 $454 $1,840 $912 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Reconciliation of net income to Adjusted EBITDA:
Net income$283 $86 $927 $293 
Depreciation, amortization and accretion282 154 568 310 
Interest expense, net204 123 405 244 
Non-cash unit-based compensation expense7 5 13 9 
(Gain) loss on disposal of assets and impairment charges3 (2)2 1 
Loss on extinguishment of debt— 17 1 19 
Unrealized (gains) losses on commodity derivatives(6)(7)50 (8)
Inventory valuation adjustments18 40 (426)(21)
Equity in earnings of unconsolidated affiliates(47)(31)(89)(63)
Adjusted EBITDA related to unconsolidated affiliates75 51 144 101 
Other non-cash adjustments84 11 131 22 
Income tax expense79 7 114 5 
Adjusted EBITDA (consolidated)$982 $454 $1,840 $912