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Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The table below presents the purchase price (in thousands):
Base purchase price:$624,700 
Add: closing net working capital (as defined in the 3 Bear Purchase Agreement)
3,600 
Less: closing indebtedness (as defined in the 3 Bear Purchase Agreement)
(80,618)
Cash paid for the adjusted purchase price547,682 
Cash paid to payoff 3 Bear credit agreement (as defined in the 3 Bear Purchase Agreement)80,618 
Purchase price$628,300 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the fair values of assets acquired and liabilities assumed in the Delaware Gathering Acquisition as of June 1, 2022 (in thousands):
Assets acquired:
Cash and cash equivalents$2,678 
Accounts receivables, net28,859 
Inventories1,836 
Other current assets986 
Property, plant and equipment382,799 
Operating lease right-of-use assets7,427 
Goodwill14,848 
Customer relationship intangible, net210,000 
Rights-of-way13,490 
Other non-current assets500
Total assets acquired663,423 
Liabilities assumed:
Accounts payable8,020 
Accrued expenses and other current liabilities22,382 
Current portion of operating lease liabilities1,029 
Asset retirement obligations2,261 
Operating lease liabilities, net of current portion1,431 
Total liabilities assumed35,123 
Fair value of net assets acquired$628,300 
Business Acquisition, Pro Forma Information
The following table summarizes the unaudited pro forma financial information of the Partnership assuming the Delaware Gathering Acquisition had occurred on January 1, 2021. The unaudited pro forma financial information has been adjusted to give effect to certain pro forma adjustments that are directly related to the Delaware Gathering Acquisition based on available information and certain assumptions that management believes are factually supportable. The most significant pro forma adjustments relate to (i) incremental interest expense and amortization of deferred financing costs associated with revolving credit facility borrowings incurred in connection with the Delaware Gathering Acquisition, (ii) incremental depreciation resulting from the estimated fair values of acquired property, plant and equipment, (iii) incremental amortization resulting from the estimated fair value of the acquired customer relationship intangibles, (iv) accounting policy alignment and (v) transaction costs. The unaudited pro forma financial information excludes any expected cost savings or other synergies as a result of the Delaware Gathering Acquisition. The unaudited pro forma financial information is not necessarily indicative of the results of operations that would have been achieved had the Delaware Gathering Acquisition been effective as of the date presented, nor is it indicative of future operating results of the combined company. Actual results may differ significantly from the unaudited pro forma financial information.
Three Months Ended March 31,
(in thousands, except per unit data)2022
Net sales$256,940 
Net income attributable to partners$29,881 
Net income per limited partner unit:
Basic income per unit$0.69 
Diluted income per unit$0.69