XML 79 R54.htm IDEA: XBRL DOCUMENT
v3.25.4

Segment Reporting (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following tables present financial information by segment for the years ended December 31, 2025, 2024 and 2023.
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Revenues: |  |  |  |  |
Fuel Distribution |  |  |  |  |
Revenues from external customers | $ | 23,862 |  |  | $ | 21,781 |  |  | $ | 22,955 |
Intersegment revenues | 71 |  |  | 41 |  |  | 31 |
| 23,933 |  |  | 21,822 |  |  | 22,986 |
Pipeline Systems |  |  |  |  |
Revenues from external customers | 729 |  |  | 562 |  |  | 1 |
Intersegment revenues | 22 |  |  | 3 |  |  | — |
| 751 |  |  | 565 |  |  | 1 |
Terminals |  |  |  |  |
Revenues from external customers | 433 |  |  | 350 |  |  | 112 |
Intersegment revenues | 971 |  |  | 985 |  |  | 373 |
| 1,404 |  |  | 1,335 |  |  | 485 |
Refinery |  |  |  |  |
Revenues from external customers | 177 |  |  | — |  |  | — |
Intersegment revenues | 297 |  |  | — |  |  | — |
| 474 |  |  | — |  |  | — |
Eliminations | (1,361) |  |  | (1,029) |  |  | (404) |
Total | $ | 25,201 |  |  | $ | 22,693 |  |  | $ | 23,068 |
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Cost of sales: |  |  |  |  |
Fuel Distribution | $ | 22,419 |  |  | $ | 20,635 |  |  | $ | 21,761 |
Pipeline Systems | 13 |  |  | 30 |  |  | (2) |
Terminals | 904 |  |  | 959 |  |  | 348 |
Refinery | 434 |  |  | — |  |  | — |
Eliminations | (1,361) |  |  | (1,029) |  |  | (404) |
Total | $ | 22,409 |  |  | $ | 20,595 |  |  | $ | 21,703 |
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Operating and lease expenses, excluding non-cash unit-based compensation: |  |  |  |  |
Fuel Distribution | $ | 492 |  |  | $ | 325 |  |  | $ | 350 |
Pipeline Systems | 196 |  |  | 136 |  |  | 2 |
Terminals | 181 |  |  | 150 |  |  | 67 |
Refinery | 5 |  |  | — |  |  | — |
Total | $ | 874 |  |  | $ | 611 |  |  | $ | 419 |
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
General and administrative expenses, excluding non-cash unit-based compensation: |  |  |  |  |
Fuel Distribution | $ | 206 |  |  | $ | 88 |  |  | $ | 113 |
Pipeline Systems | 42 |  |  | 123 |  |  | — |
Terminals | 33 |  |  | 55 |  |  | 1 |
Refinery | 1 |  |  | — |  |  | — |
Total | $ | 282 |  |  | $ | 266 |  |  | $ | 114 |
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Other(1): |  |  |  |  |
Fuel Distribution | $ | (174) |  |  | $ | (134) |  |  | $ | (103) |
Pipeline Systems | (218) |  |  | (101) |  |  | (10) |
Terminals | (13) |  |  | (1) |  |  | (19) |
Refinery | (6) |  |  | — |  |  | — |
Total | $ | (411) |  |  | $ | (236) |  |  | $ | (132) |
(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.
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Segment Adjusted EBITDA: |  |  |  |  |
Fuel Distribution | $ | 990 |  |  | $ | 908 |  |  | $ | 865 |
Pipeline Systems | 718 |  |  | 377 |  |  | 11 |
Terminals | 299 |  |  | 172 |  |  | 88 |
Refinery | 40 |  |  | — |  |  | — |
Total | $ | 2,047 |  |  | $ | 1,457 |  |  | $ | 964 |
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Reconciliation of net income to Adjusted EBITDA: |  |  |  |  |
Net income | $ | 527 |  |  | $ | 874 |  |  | $ | 394 |
Depreciation, amortization and accretion | 688 |  |  | 368 |  |  | 187 |
Interest expense, net | 541 |  |  | 391 |  |  | 217 |
Non-cash unit-based compensation expense | 19 |  |  | 17 |  |  | 17 |
(Gain) loss on disposal of assets and impairment charges | (6) |  |  | 45 |  |  | (7) |
Loss on extinguishment of debt | 31 |  |  | 2 |  |  | — |
Unrealized (gains) losses on commodity derivatives | (11) |  |  | 12 |  |  | (21) |
Inventory valuation adjustments | 156 |  |  | 86 |  |  | 114 |
Equity in earnings of unconsolidated affiliates | (143) |  |  | (60) |  |  | (5) |
Adjusted EBITDA related to unconsolidated affiliates | 221 |  |  | 101 |  |  | 10 |
Gain on West Texas Sale | — |  |  | (586) |  |  | — |
Other non-cash adjustments | (38) |  |  | 32 |  |  | 22 |
Income tax expense | 62 |  |  | 175 |  |  | 36 |
Adjusted EBITDA (consolidated) | $ | 2,047 |  |  | $ | 1,457 |  |  | $ | 964 |
Additions to property, plant and equipment (excluding acquisitions) by reportable segment were as follows:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Fuel Distribution | $ | 339 |  |  | $ | 231 |  |  | $ | 182 |
Pipeline Systems | 87 |  |  | 44 |  |  | 5 |
Terminals | 124 |  |  | 69 |  |  | 28 |
Refinery | 27 |  |  | — |  |  | — |
Total | $ | 577 |  |  | $ | 344 |  |  | $ | 215 |
The following table shows total revenues by geographic area:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
United States | $ | 22,495 |  |  | $ | 22,649 |  |  | $ | 23,068 |
Canada | 1,703 |  |  | — |  |  | — |
Foreign | 1,003 |  |  | 44 |  |  | — |
Total | $ | 25,201 |  |  | $ | 22,693 |  |  | $ | 23,068 |
The following table shows long-lived assets by geographic area:
| December 31, 2025 |  | December 31, 2024 |  |
United States | $ | 9,053 |  |  | $ | 7,907 |  |  |
Canada | 4,268 |  |  | — |  |  |
Foreign | 1,536 |  |  | 244 |  |  |
Total | $ | 14,857 |  |  | $ | 8,151 |  |  |

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration