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Segments
 3 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segments Segments
Our operations are organized into three reportable segments: (i) Water Solutions, (ii) Crude Oil Logistics and (iii) Liquids Logistics. These segments have been identified based on the differing products and services, regulatory environment and the expertise required for these operations. Our Liquids Logistics reportable segment includes operating segments that have been aggregated based on the nature of the products and services provided. Our chief operating decision maker (“CODM”) is our chief executive officer. Adjusted EBITDA is reviewed by the CODM to evaluate performance and make business decisions. We define Adjusted EBITDA for Water Solutions as revenue minus operating and general and administrative expense, which excludes, accretion expense for asset retirement obligations (“Accretion Expense”) and legal and advisory costs associated with acquisitions and dispositions (“Acquisition Expense”), and plus or minus other reconciling items. We define Adjusted EBITDA for Crude Oil Logistics and Liquid Logistics as revenue minus cost of sales, which excludes unrealized gains and losses on derivatives, lower of cost or realizable value adjustments and plus or minus other reconciling segment items. The calculation of Adjusted EBITDA for our three reportable segments is presented in the Reportable Segment Information tables below.

See Note 1 for a discussion of the products and services of our reportable segments. The remainder of our business operations is presented as “Corporate and Other” and consists of certain corporate expenses that are not allocated to the reportable segments and the amounts to eliminate intercompany or intersegment transactions. Intercompany or intersegment transactions are recorded based on prices negotiated between the segments. Intrasegment transaction eliminations are recorded within each reportable segment. All of the tables below do not include amounts related to our refined products and biodiesel businesses, as those amounts have been classified as discontinued operations within our unaudited condensed consolidated statements of operations for all periods presented (see Note 1).
Disaggregation of Revenue

The following table summarizes revenues related to our segments for the periods indicated:
Three Months Ended June 30,
20252024
(in thousands)
Revenues:
Water Solutions:
Topic 606 revenues
Disposal service fees$174,635 $147,973 
Sale of recovered crude oil24,808 30,776 
Sale of water1,419 2,285 
Other service revenues403 361 
Non-Topic 606 revenues15 15 
Total Water Solutions revenues201,280 181,410 
Crude Oil Logistics:
Topic 606 revenues
Crude oil sales158,528 262,609 
Crude oil transportation and other sales7,730 15,816 
Non-Topic 606 revenues1,373 1,790 
Total Crude Oil Logistics revenues167,631 280,215 
Liquids Logistics:
Topic 606 revenues
Butane sales99,642 98,030 
Propane sales61,480 97,358 
Other products sales89,765 97,197 
Service revenues438 2,327 
Non-Topic 606 revenues1,760 2,809 
Total Liquids Logistics revenues (1)253,085 297,721 
Corporate and Other:
Topic 606 revenues
Service revenues164 — 
Elimination of intersegment sales (2)(4)(112)
Total Corporate and Other revenues160 (112)
Total revenues$622,156 $759,234 
(1)    During the three months ended June 30, 2025 and 2024, our Liquids Logistics revenues included $15.0 million and $24.1 million of non-US revenues, respectively.
(2)    For the three months ended June 30, 2024, the elimination of intersegment sales, which was included in the Crude Oil Logistics segment in our June 30, 2024 Quarterly Report, is now included in “Corporate and Other.”
Reportable Segment Information

The following tables set forth certain selected financial information for our segments for the periods indicated:
Three Months Ended June 30, 2025
WaterCrude OilLiquidsTotal Corporate
SolutionsLogisticsLogisticsSegmentsand OtherConsolidated
(in thousands)
Revenues$201,280 $167,631 $253,085 $621,996 $160 $622,156 
Cost of sales (1)1,658 148,249 243,376 393,283 (4)393,279 
Operating, general and administrative expenses (2)55,605 9,799 6,843 72,247 11,786 84,033 
Other (3)(1,148)— 5 (1,143)271 (872)
Adjusted EBITDA$142,869 $9,583 $2,871 $155,323 $(11,351)$143,972 
Depreciation and amortization66,585 
Interest expense65,545 
Gain on disposal or impairment of assets, net(9,199)
Net unrealized gains on derivatives(7,525)
Lower of cost or net realizable value adjustments(2,944)
Gain on early extinguishment of liabilities, net(1,492)
Asset retirement obligation accretion1,260 
Adjustments related to unconsolidated entities (4)24 
Other (5)1,635 
Income from continuing operations before income taxes$30,083 
Capital expenditures (6)$18,974 $403 $1,650 $21,027 $25 $21,052 
Total assets (7)$2,730,370 $1,071,790 $338,743 $4,140,903 $47,353 $4,188,256 
(1)     Amount excludes net unrealized gains and losses on derivatives and lower of cost or net realizable value adjustments.
(2)     Amount excludes Accretion Expense and Acquisition Expense.
(3)    Amount includes Adjusted EBITDA related to our unconsolidated entities, interest income and certain other non-operating income and expense items less Adjusted EBITDA related to our noncontrolling interests.
(4)    Amount represents the sum of the amount excluded from our equity in earnings of unconsolidated entities, including, depreciation and amortization, interest expense, and gains and losses on disposal or impairment of assets.
(5)    Amount includes the net of Adjusted EBITDA related to our noncontrolling interests, unrealized gains and losses on investments and marketable securities and certain other non-operating income and expense items.
(6)    Amount includes additions to property, plant and equipment and intangible assets, including the acquisition of assets.
(7)    Total assets includes $17.6 million of non-US total assets.
Three Months Ended June 30, 2024
WaterCrude OilLiquidsTotalCorporate
SolutionsLogisticsLogisticsSegmentsand OtherConsolidated
(in thousands)
Revenues$181,410 $280,215 $297,721 $759,346 $(112)$759,234 
Cost of sales (1)1,860 251,589 281,067 534,516 (112)534,404 
Operating, general and administrative expenses (2)53,174 9,993 10,920 74,087 11,392 85,479 
Other (3)(773)2 2 (769)38 (731)
Adjusted EBITDA$125,603 $18,635 $5,736 $149,974 $(11,354)$138,620 
Depreciation and amortization62,164 
Interest expense69,739 
Gain on disposal or impairment of assets, net(10,666)
Net unrealized losses on derivatives4,912 
Lower of cost or net realizable value adjustments(13)
Asset retirement obligation accretion1,003 
Adjustments related to unconsolidated entities (4)71 
Other (5)(1,394)
Income from continuing operations before income taxes$12,804 
Capital expenditures (6)$64,684 $1,096 $3,556 $69,336 $8,195 $77,531 
Total assets (7)$2,812,964 $1,354,972 $620,148 $4,788,084 $51,495 $4,839,579 
(1)     Amount excludes net unrealized gains and losses on derivatives and lower of cost or net realizable value adjustments.
(2)     Amount excludes Accretion Expense and Acquisition Expense.
(3)    Amount includes Adjusted EBITDA related to our unconsolidated entities, interest income and certain other non-operating income and expense items less Adjusted EBITDA related to our noncontrolling interests.
(4)    Amount represents the sum of the amount excluded from our equity in earnings of unconsolidated entities, including, depreciation and amortization, interest expense, and gains and losses on disposal or impairment of assets.
(5)    Amount includes the net of Adjusted EBITDA related to our noncontrolling interests, unrealized gains and losses on investments and marketable securities and certain other non-operating income and expense items.
(6)    Amount includes additions to property, plant and equipment and intangible assets, including the acquisition of assets.
(7)    Total assets includes $23.1 million of non-US total assets.