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Segment Data (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following is a summary of business segment operating performance as measured by segment EBITDA for the periods indicated:

						Three Months Ended September 30, 2025
						Gathering and Processing						Wholesale Marketing and Terminalling						Storage and Transportation						Investments in Pipeline Joint Ventures						Total
Net revenues:
Affiliate (1)						$	51,165					$	56,816					$	23,035					$	—					$	131,016
Third party						81,044						47,925						1,292						—						130,261
Total revenue						132,209						104,741						24,327						—						261,277
Cost of materials and other						31,394						85,378						12,924						—						129,696
Operating expenses						30,891						2,341						5,200						—						38,432
Income from equity method investments						—						—						—						(21,878)						(21,878)
Other segment items (2)						373						2,819						(47)						—						3,145
Segment EBITDA						69,551						14,203						6,250						21,878						111,882
Reconciling items to consolidated net income before income taxes:
Corporate expenses and other																														9,904
Depreciation and amortization																														34,799
Interest income																														(26,716)
Interest expense																														47,991
Income tax expense																														344
Net income																														$	45,560

						Three Months Ended September 30, 2024
						Gathering and Processing						Wholesale Marketing and Terminalling						Storage and Transportation						Investments in Pipeline Joint Ventures						Total
Net revenues:
Affiliate (1)						$	39,910					$	51,682					$	23,307					$	—					$	114,899
Third party						41,617						55,256						2,298						—						99,171
Total revenue						81,527						106,938						25,605						—						214,070
Cost of materials and other						20,061						83,834						13,588						—						117,483
Operating expenses						18,371						3,438						4,731						—						26,540
Income from equity method investments						—						—						—						(15,602)						(15,602)
Other segment items (2)						715						(579)						(240)						—						(104)
Segment EBITDA						42,380						20,245						7,526						15,602						85,753
Reconciling items to consolidated net income before income taxes:
Corporate expenses and other																														16,572
Depreciation and amortization																														21,204
Amortization of marketing contract intangible																														601
Interest income																														(23,470)
Interest expense																														37,022
Income tax expense																														150
Net income																														$	33,674

						Nine Months Ended September 30, 2025
						Gathering and Processing						Wholesale Marketing and Terminalling						Storage and Transportation						Investments in Pipeline Joint Ventures						Total
Net revenues:
Affiliate (1)						$	128,830					$	173,891					$	68,699					$	—					$	371,420
Third party						239,749						142,164						4,224						—						386,137
Total revenue						368,579						316,055						72,923						—						757,557
Cost of materials and other						77,486						259,527						41,041						—						378,054
Operating expenses						92,988						7,311						14,155						—						114,454
Income from equity method investments						—						—						—						(42,564)						(42,564)
Other segment items (2)						(3,332)						2,838						36						—						(458)
Segment EBITDA						201,437						46,379						17,691						42,564						308,071
Reconciling items to consolidated net income before income taxes:
Corporate expenses and other																														30,518
Depreciation and amortization																														89,612
Interest income																														(72,801)
Interest expense																														130,803
Income tax expense																														771
Net income																														$	129,168

						Nine Months Ended September 30, 2024
						Gathering and Processing						Wholesale Marketing and Terminalling						Storage and Transportation						Investments in Pipeline Joint Ventures						Total
Net revenues:
Affiliate (1)						$	143,992					$	175,463					$	91,897					$	—					$	411,352
Third party						126,061						186,345						7,015						—						319,421
Total revenue						270,053						361,808						98,912						—						730,773
Cost of materials and other						57,590						279,639						41,951						—						379,180
Operating expenses						57,622						10,539						14,286						—						82,447
Income from equity method investments						—						—						—						(31,974)						(31,974)
Other segment items (2)						22						(4,094)						270						—						(3,802)
Segment EBITDA						154,819						75,724						42,405						31,974						304,922
Reconciling items to consolidated net income before income taxes:
Corporate expenses and other																														31,848
Depreciation and amortization																														71,906
Amortization of marketing contract intangible																														4,206
Interest income																														(23,498)
Interest expense																														112,547
Income tax expense																														533
Net income																														$	107,380

(1) Affiliate revenue for the wholesale marketing and terminalling segment is presented net of amortization expense pertaining to the marketing contract intangible of $0.6 million and $4.2 million for the three and nine months ended September 30, 2024. There was no amortization recorded during the three and nine months ended September 30, 2025, related to this intangible, as the associated agreement was terminated on August 5, 2024.

(2) Other segment items include general and administrative expense, other operating (income) loss and other income. Additionally, the wholesale marketing and terminalling segment includes amortization of the marketing contract intangible for the three and nine months ended September 30, 2024.

The following is a summary of other segment information for the periods indicated:

						Three Months Ended September 30, 2025
						Gathering and Processing						Wholesale Marketing and Terminalling						Storage and Transportation						Investments in Pipeline Joint Ventures						Corporate and Other						Consolidated
Depreciation and amortization						$	31,801					$	811					$	1,411					$	—					$	776					$	34,799
Capital spending (1)						$	47,594					$	647					$	1,389					$	—					$	—					$	49,630

						Three Months Ended September 30, 2024
						Gathering and Processing						Wholesale Marketing and Terminalling						Storage and Transportation						Investments in Pipeline Joint Ventures						Corporate and Other						Consolidated
Depreciation and amortization						$	16,424					$	2,796					$	1,218					$	—					$	766					$	21,204
Amortization of marketing contract intangible						$	—					$	601					$	—					$	—					$	—					$	601
Capital spending (1)						$	62,086					$	1,202					$	1,910					$	—					$	—					$	65,198

						Nine Months Ended September 30, 2025
						Gathering and Processing						Wholesale Marketing and Terminalling						Storage and Transportation						Investments in Pipeline Joint Ventures						Corporate and Other						Consolidated
Depreciation and amortization						$	80,609					$	2,715					$	3,993					$	—					$	2,295					$	89,612
Capital spending (1)						$	236,123					$	802					$	3,837					$	—					$	—					$	240,762

						Nine Months Ended September 30, 2024
						Gathering and Processing						Wholesale Marketing and Terminalling						Storage and Transportation						Investments in Pipeline Joint Ventures						Corporate and Other						Consolidated
Depreciation and amortization						$	56,640					$	6,143					$	6,515					$	—					$	2,608					$	71,906
Amortization of marketing contract intangible						$	—					$	4,206					$	—					$	—					$	—					$	4,206
Capital spending (1)						$	84,160					$	1,223					$	5,167					$	—					$	—					$	90,550

(1) Capital spending includes additions on an accrual basis.

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

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X

- References

No definition available.

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