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Segments (Tables)

3 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of disaggregation of revenue by segment

The following table summarizes revenues related to our segments for the periods indicated:

						Three Months Ended June 30,
						2025						2024
						(in thousands)
Revenues:
Water Solutions:
Topic 606 revenues
Disposal service fees						$	174,635					$	147,973
Sale of recovered crude oil						24,808						30,776
Sale of water						1,419						2,285
Other service revenues						403						361
Non-Topic 606 revenues						15						15
Total Water Solutions revenues						201,280						181,410
Crude Oil Logistics:
Topic 606 revenues
Crude oil sales						158,528						262,609
Crude oil transportation and other sales						7,730						15,816
Non-Topic 606 revenues						1,373						1,790
Total Crude Oil Logistics revenues						167,631						280,215
Liquids Logistics:
Topic 606 revenues
Butane sales						99,642						98,030
Propane sales						61,480						97,358
Other products sales						89,765						97,197
Service revenues						438						2,327
Non-Topic 606 revenues						1,760						2,809
Total Liquids Logistics revenues (1)						253,085						297,721
Corporate and Other:
Topic 606 revenues
Service revenues						164						—
Elimination of intersegment sales (2)						(4)						(112)
Total Corporate and Other revenues						160						(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.”

Schedule of 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
						Water						Crude Oil						Liquids						Total						Corporate
						Solutions						Logistics						Logistics						Segments						and Other						Consolidated
						(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 amortization																																				66,585
Interest expense																																				65,545
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 accretion																																				1,260
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
						Water						Crude Oil						Liquids						Total						Corporate
						Solutions						Logistics						Logistics						Segments						and Other						Consolidated
						(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 amortization																																				62,164
Interest expense																																				69,739
Gain on disposal or impairment of assets, net																																				(10,666)
Net unrealized losses on derivatives																																				4,912
Lower of cost or net realizable value adjustments																																				(13)
Asset retirement obligation accretion																																				1,003
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.

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- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

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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.

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