v3.26.3
Segment Reporting
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting [Text Block] Segment Reporting
Description of Segments
Our consolidated financial statements reflect four reportable segments: Fuel Distribution, Pipeline Systems, Terminals and Refinery.
Fuel Distribution. Our Fuel Distribution segment supplies fuel to customers that include independently operated dealer and distributor stations, commission agent operators and commercial businesses. In addition, we supply our directly operated convenience retail facilities. Our Fuel Distribution segment also includes income from the Partnership’s properties that are leased, in addition to credit card services, franchise royalties and retail operations in North America and the Greater Caribbean.
Pipeline Systems. Our Pipeline Systems segment includes an integrated pipeline and terminal network comprised of approximately 6,000 miles of refined product pipeline (including the pipeline of J.C. Nolan), approximately 6,000 miles of crude oil pipeline (including the pipelines of ET-S Permian), approximately 2,000 miles of ammonia pipeline and 69 terminals.
Terminals. Our Terminals segment is composed of four transmix processing facilities and 102 refined product terminals (18 in Europe, six in Hawaii, nine in Canada, 20 in the Greater Caribbean and 49 in the continental United States).
Refinery. Our Refinery segment includes the Burnaby Refinery, which was acquired in the Parkland Acquisition, with an operational capacity of approximately 55,000 barrels per day. The refinery consumes primarily sweet conventional crude oil and sweet synthetic crude oil to produce gasoline, diesel and jet fuel among other products.
Segment Operating Results
We report Adjusted EBITDA by segment as a measure of segment performance. We define Adjusted EBITDA as net income before net interest expense, income tax expense, depreciation, amortization and accretion expense, non-cash compensation expense, gains and losses on disposal of assets, non-cash impairment charges, losses on extinguishment of debt, unrealized gains and losses on commodity derivatives, inventory valuation adjustments, certain foreign currency transaction gains and losses and certain other operating expenses reflected in net income that we do not believe are indicative of ongoing core operations. Inventory valuation adjustments that are excluded from the calculation of Adjusted EBITDA represent changes in lower of cost or market reserves on the Partnership's inventory; these amounts are unrealized valuation adjustments applied to fuel volumes remaining in inventory at the end of the period.
The following tables present financial information by segment for the three and nine months ended September 30, 2026 and 2025:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Revenues:
Fuel Distribution
Revenues from external customers$17,540 $5,742 $41,480 $15,741 
Intersegment revenues706 8 1,610 30 
18,246 5,750 43,090 15,771 
Pipeline Systems
Revenues from external customers192 185 588 539 
Intersegment revenues7 14 16 16 
199 199 604 555 
Terminals
Revenues from external customers180 105 512 321 
Intersegment revenues476 250 1,149 716 
656 355 1,661 1,037 
Refinery
Revenues from external customers117 — 398 — 
Intersegment revenues853 — 2,217 — 
970 — 2,615 — 
Eliminations(2,042)(272)(4,992)(762)
Total$18,029 $6,032 $42,978 $16,601 
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Cost of sales:
Fuel Distribution$17,322 $5,421 $40,039 $14,819 
Pipeline Systems14 10 40 9 
Terminals448 227 1,028 667 
Refinery727 — 2,150 — 
Eliminations(2,042)(272)(4,992)(762)
Total$16,469 $5,386 $38,265 $14,733 
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Operating and lease expenses, excluding non-cash unit-based compensation:
Fuel Distribution$257 $83 $831 $229 
Pipeline Systems50 52 153 141 
Terminals73 45 211 130 
Refinery— — — — 
Total$380 $180 $1,195 $500 
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
General and administrative expenses, excluding non-cash unit-based compensation:
Fuel Distribution$108 $27 $352 $73 
Pipeline Systems14 13 40 33 
Terminals13 7 36 24 
Refinery8 — 21 — 
Total$143 $47 $449 $130 
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Other (1):
Fuel Distribution$36 $(13)$312 $(8)
Pipeline Systems(45)(58)(164)(159)
Terminals— 1 44 4 
Refinery(3)— (12)— 
Total$(12)$(70)$180 $(163)
(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 September 30,Nine Months Ended September 30,
2026202520262025
Segment Adjusted EBITDA:
Fuel Distribution$523 $232 $1,556 $658 
Pipeline Systems166 182 535 531 
Terminals122 75 342 212 
Refinery238 — 456 — 
Total$1,049 $489 $2,889 $1,401 
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Reconciliation of net income to Adjusted EBITDA:
Net income$499 $137 $1,426 $430 
Depreciation, amortization and accretion280 159 848 469 
Interest expense, net197 131 602 375 
Non-cash unit-based compensation expense7 5 20 14 
Loss on disposal of assets and impairment charges10 3 12 4 
Loss on extinguishment of debt1 12 2 31 
Unrealized (gains) losses on commodity derivatives(57)15 (7)7 
Inventory valuation adjustments(19)(10)(445)(31)
Equity in earnings of unconsolidated affiliates(31)(40)(120)(103)
Adjusted EBITDA related to unconsolidated affiliates56 58 200 159 
Other non-cash adjustments— 8 131 30 
Income tax expense106 11 220 16 
Adjusted EBITDA (consolidated)$1,049 $489 $2,889 $1,401