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Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Net revenues        
Revenues $ 214,070 $ 275,824 $ 730,773 $ 766,260
Cost of sales:        
Operating expenses (excluding depreciation and amortization presented below) 27,746 32,611 88,895 85,302
Depreciation and amortization 19,969 23,261 67,882 65,494
Total cost of sales 165,225 206,500 536,039 555,645
Operating expenses related to wholesale business (excluding depreciation and amortization presented below) 174 392 569 1,397
General and administrative expenses 15,745 5,545 26,624 19,666
Depreciation and amortization 1,235 1,324 4,024 3,923
Other operating income, net (117) (491) (1,294) (804)
Total operating costs and expenses 182,262 213,270 565,962 579,827
Operating income 31,808 62,554 164,811 186,433
Interest income (23,470) 0 (23,498) 0
Interest expense 37,022 36,901 112,547 104,581
Income from equity method investments (15,602) (9,296) (31,974) (22,897)
Other expense (income), net 34 (3) (177) (24)
Total non-operating (income) expenses, net (2,016) 27,602 56,898 81,660
Income before income tax expense 33,824 34,952 107,913 104,773
Income tax expense 150 127 533 685
Net income attributable to partners 33,674 34,825 107,380 104,088
Comprehensive income attributable to partners $ 33,674 $ 34,825 $ 107,380 $ 104,088
Net income per limited partner unit:        
Basic (in dollars per unit) $ 0.71 $ 0.80 $ 2.32 $ 2.39
Diluted (in dollars per unit) $ 0.71 $ 0.80 $ 2.32 $ 2.39
Weighted average limited partner units outstanding:        
Basic (in units) 47,109,008 43,588,316 46,248,003 43,578,636
Diluted (in units) 47,135,101 43,604,792 46,269,423 43,598,547
Affiliated Entity        
Net revenues        
Revenues [1] $ 114,899 $ 156,411 $ 411,352 $ 414,403
Cost of sales:        
Cost of materials and other [1] 84,015 115,149 279,962 298,262
Third Party        
Net revenues        
Revenues 99,171 119,413 319,421 351,857
Cost of sales:        
Cost of materials and other $ 33,495 $ 35,479 $ 99,300 $ 106,587
[1] See Note 3 for a description of our material affiliate revenue and purchases transactions.