v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net income (loss) $ 1,399 $ 406
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Deferred income taxes 72 (553)
Depreciation and amortization 54,028 59,041
Noncash lease expense 1,554 3,897
Amortization of debt issuance costs and other 3,813 1,979
Equity compensation 5,334 4,737
Income from equity method investee - Double E (11,069) (9,642)
Distributions from equity method investee - Double E 15,519 13,955
Loss on asset sales, net 3 0
(Gain) loss on earn-out remeasurement 503 (8,479)
Loss on sale of business 0 43
Unrealized (gain) loss on interest rate swaps (406) 3,250
Long-lived asset impairments 0 71
Changes in operating assets and liabilities:    
Accounts receivable (17,450) (4,040)
Trade accounts payable (10,310) 5,753
Accrued expenses 18,710 (9,435)
Deferred revenue, net (2,707) (2,960)
Ad valorem taxes payable (2,964) (543)
Accrued interest (2,379) 5,242
Accrued environmental remediation, net (313) (147)
Other, net (2,535) (9,332)
Net cash provided by operating activities 50,802 53,243
Investing activities:    
Capital expenditures (44,270) (46,996)
Investment in equity method investee - Double E (6,508) (3,063)
Other, net 14 0
Net cash used in investing activities (50,764) (120,056)
Financing activities:    
Borrowings on Amended and Restated ABL Facility 83,000 95,000
Debt repayments - Amended and Restated ABL Facility (117,000) (260,000)
Distributions and redemption of Subsidiary Series A Preferred Units (143,226) (3,256)
Distributions on Series A Preferred Stock (51,277) (6,741)
Related party shares issued for cash, net 41,459 0
Related party settlement of Tall Oak earn-out (21,304) 0
Repurchase of shares under Share Repurchase Program (1,009) 0
Debt issuance costs (8,082) (4,835)
Other, net (3,520) (3,382)
Net cash provided by financing activities 12,043 67,118
Net change in cash, cash equivalents and restricted cash 12,081 305
Cash, cash equivalents and restricted cash, beginning of period 19,679 25,199
Cash, cash equivalents and restricted cash, end of period 31,760 25,504
Moonrise Acquisition    
Investing activities:    
Cash consideration paid for the acquisition of Moonrise, net of cash acquired 0 (69,997)
New Permian Transmission Credit Facility    
Financing activities:    
Borrowings under New Permian Transmission Facility 350,000 0
Permian Transmission Term Loan    
Financing activities:    
Debt repayments - Legacy Permian Transmission Term Loan (116,998) (8,106)
Additional 2029 Secured Notes    
Financing activities:    
Issuance of Additional 2029 Secured Notes $ 0 $ 258,438