v3.25.2
Leases
6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases
(5) Leases
Balance Sheet Summary as of June 30, 2025 and December 31, 2024
The following table summarizes the right-of-use (“ROU”) asset and lease liability balances for the Partnership’s operating and finance leases at June 30, 2025 and December 31, 2024:
(in thousands)June 30, 2025December 31, 2024
Operating LeasesFinance LeasesOperating LeasesFinance Leases
ROU asset, net
Equipment, real estate and other$1,639 $24,768 $1,794 $24,995 
Railcars14,233  16,357 — 
Lease liability
Equipment, real estate and other$154 $21,836 $231 $21,003 
Railcars13,921  16,168 — 
Lease Expense Summary for the Three and Six Months Ended June 30, 2025 and 2024
We recognize operating lease expense within Direct operating expenses (exclusive of depreciation and amortization) and Cost of materials and other, and finance lease expense within Depreciation and amortization, on a straight-line basis over the
lease term. For the three and six months ended June 30, 2025 and 2024, we recognized lease expense comprised of the following components:
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands)2025202420252024
Operating lease expense$1,478 $1,418 $3,220 $2,576 
Finance lease expense:
Amortization of ROU asset253 — 458 — 
Interest expense on lease liability579 — 1,054 — 
Short-term lease expense607 812 1,161 1,501 
Leases
(5) Leases
Balance Sheet Summary as of June 30, 2025 and December 31, 2024
The following table summarizes the right-of-use (“ROU”) asset and lease liability balances for the Partnership’s operating and finance leases at June 30, 2025 and December 31, 2024:
(in thousands)June 30, 2025December 31, 2024
Operating LeasesFinance LeasesOperating LeasesFinance Leases
ROU asset, net
Equipment, real estate and other$1,639 $24,768 $1,794 $24,995 
Railcars14,233  16,357 — 
Lease liability
Equipment, real estate and other$154 $21,836 $231 $21,003 
Railcars13,921  16,168 — 
Lease Expense Summary for the Three and Six Months Ended June 30, 2025 and 2024
We recognize operating lease expense within Direct operating expenses (exclusive of depreciation and amortization) and Cost of materials and other, and finance lease expense within Depreciation and amortization, on a straight-line basis over the
lease term. For the three and six months ended June 30, 2025 and 2024, we recognized lease expense comprised of the following components:
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands)2025202420252024
Operating lease expense$1,478 $1,418 $3,220 $2,576 
Finance lease expense:
Amortization of ROU asset253 — 458 — 
Interest expense on lease liability579 — 1,054 — 
Short-term lease expense607 812 1,161 1,501