v3.25.4

Segments (Tables) | 9 Months Ended
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Dec. 31, 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 December 31, |  | Nine Months Ended December 31,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (in thousands)
Revenues: |  |  |  |  |  |  |  |
Water Solutions: |  |  |  |  |  |  |  |
Topic 606 revenues |  |  |  |  |  |  |  |
Disposal service fees |  | $ | 182,787 |  |  | $ | 161,446 |  |  | $ | 537,249 |  |  | $ | 465,134 |
Sale of recovered crude oil |  | 23,292 |  |  | 24,067 |  |  | 76,166 |  |  | 79,551 |
Sale of water |  | 1,862 |  |  | 1,471 |  |  | 4,643 |  |  | 4,456 |
Other service revenues |  | 567 |  |  | 269 |  |  | 1,443 |  |  | 1,359 |
Non-Topic 606 revenues |  | 60 |  |  | 15 |  |  | 90 |  |  | 45 |
Total Water Solutions revenues |  | 208,568 |  |  | 187,268 |  |  | 619,591 |  |  | 550,545 |
Crude Oil Logistics: |  |  |  |  |  |  |  |
Topic 606 revenues |  |  |  |  |  |  |  |
Crude oil sales |  | 312,372 |  |  | 176,830 |  |  | 682,724 |  |  | 664,452 |
Crude oil transportation and other sales |  | 6,480 |  |  | 17,160 |  |  | 21,197 |  |  | 50,024 |
Non-Topic 606 revenues |  | 1,226 |  |  | 1,840 |  |  | 3,819 |  |  | 5,410 |
Total Crude Oil Logistics revenues |  | 320,078 |  |  | 195,830 |  |  | 707,740 |  |  | 719,886 |
Liquids Logistics: |  |  |  |  |  |  |  |
Topic 606 revenues |  |  |  |  |  |  |  |
Butane sales |  | 192,491 |  |  | 265,678 |  |  | 406,125 |  |  | 487,202 |
Propane sales |  | 93,915 |  |  | 216,054 |  |  | 187,101 |  |  | 403,128 |
Other products sales |  | 91,724 |  |  | 112,603 |  |  | 277,970 |  |  | 319,519 |
Service revenues |  | 373 |  |  | 484 |  |  | 1,273 |  |  | 7,770 |
Non-Topic 606 revenues |  | 2,485 |  |  | 4,503 |  |  | 6,256 |  |  | 10,198 |
Total Liquids Logistics revenues (1) |  | 380,988 |  |  | 599,322 |  |  | 878,725 |  |  | 1,227,817 |
Corporate and Other: |  |  |  |  |  |  |  |
Topic 606 revenues |  |  |  |  |  |  |  |
Service revenues |  | 182 |  |  | 178 |  |  | 597 |  |  | 252 |
Elimination of intersegment sales (2) |  | — |  |  | (184) |  |  | (4) |  |  | (380) |
Total Corporate and Other revenues |  | 182 |  |  | (6) |  |  | 593 |  |  | (128) |
Total revenues |  | $ | 909,816 |  |  | $ | 982,414 |  |  | $ | 2,206,649 |  |  | $ | 2,498,120 |
(1) During the three months ended December 31, 2025 and 2024, our Liquids Logistics revenues included $32.9 million and $41.3 million of non-US revenues, respectively, and during the nine months ended December 31, 2025 and 2024, our Liquids Logistics revenues included $68.9 million and $92.7 million of non-US revenues, respectively. (2) For the three months and nine months ended December 31, 2024, the elimination of intersegment sales, which was included in the Crude Oil Logistics segment in our December 31, 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 December 31, 2025
|  | Water |  | Crude Oil |  | Liquids |  | Total
|  | Solutions |  | Logistics |  | Logistics |  | Segments
|  | (in thousands)
Revenues |  | $ | 208,568 |  |  | $ | 320,078 |  |  | $ | 380,988 |  |  | $ | 909,634 |
Cost of sales (1) |  | 1,307 |  |  | 294,259 |  |  | 356,013 |  |  | 651,579 |
Operating, general and administrative expenses (2) |  | 51,348 |  |  | 10,461 |  |  | 9,779 |  |  | 71,588 |
Other (3) |  | (1,417) |  |  | — |  |  | — |  |  | (1,417) |
Adjusted EBITDA |  | $ | 154,496 |  |  | $ | 15,358 |  |  | $ | 15,196 |  |  | $ | 185,050 |
Reconciling items: |  |  |  |  |  |  |  |
Plus - all other Adjusted EBITDA |  |  |  |  |  |  |  | (12,522) |
Less: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  | 62,279 |
Interest expense |  |  |  |  |  |  |  | 63,834 |
Loss on disposal or impairment of assets, net |  |  |  |  |  |  |  | 6,147 |
Net unrealized gains on derivatives |  |  |  |  |  |  |  | (3,015) |
Lower of cost or net realizable value adjustments |  |  |  |  |  |  |  | (2,491) |
Loss on early extinguishment of liabilities, net |  |  |  |  |  |  |  | 1,000 |
Asset retirement obligation accretion |  |  |  |  |  |  |  | 1,288 |
Other (4) |  |  |  |  |  |  |  | (4,589) |
Income from continuing operations before income taxes |  |  |  |  |  |  |  | $ | 48,075 |
Segment capital expenditures |  | $ | 126,115 |  |  | $ | 1,729 |  |  | $ | 1,561 |  |  | $ | 129,405 |
All other capital expenditures |  |  |  |  |  |  |  | 55 |
Total capital expenditures (5) |  |  |  |  |  |  |  | $ | 129,460 |
Total segment assets (6) |  | $ | 2,789,446 |  |  | $ | 1,128,525 |  |  | $ | 408,904 |  |  | $ | 4,326,875 |
All other assets (6) |  |  |  |  |  |  |  | 55,710 |
Total assets (6) (7) |  |  |  |  |  |  |  | $ | 4,382,585 |
(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 interest income and certain other non-operating income and expense items less Adjusted EBITDA related to our noncontrolling interests. (4) 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. (5) Amount includes additions to property, plant and equipment and intangible assets, including the acquisition of assets. (6) Information is presented as of December 31, 2025. (7) Total assets includes $18.8 million of non-US total assets.
|  | Three Months Ended December 31, 2024
|  | Water |  | Crude Oil |  | Liquids |  | Total
|  | Solutions |  | Logistics |  | Logistics |  | Segments
|  | (in thousands)
Revenues |  | $ | 187,268 |  |  | $ | 195,830 |  |  | $ | 599,322 |  |  | $ | 982,420 |
Cost of sales (1) |  | 2,391 |  |  | 167,948 |  |  | 567,900 |  |  | 738,239 |
Operating, general and administrative expenses (2) |  | 52,307 |  |  | 10,529 |  |  | 14,338 |  |  | 77,174 |
Other (3) |  | 91 |  |  | 1 |  |  | 1,481 |  |  | 1,573 |
Adjusted EBITDA |  | $ | 132,661 |  |  | $ | 17,354 |  |  | $ | 18,565 |  |  | $ | 168,580 |
Reconciling items: |  |  |  |  |  |  |  |
Plus - all other Adjusted EBITDA |  |  |  |  |  |  |  | (10,551) |
Less: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  | 66,239 |
Amortization in cost of sales - product |  |  |  |  |  |  |  | 110 |
Interest expense |  |  |  |  |  |  |  | 63,058 |
Loss on disposal or impairment of assets, net |  |  |  |  |  |  |  | 9,941 |
Net unrealized gains on derivatives |  |  |  |  |  |  |  | (2,129) |
Lower of cost or net realizable value adjustments |  |  |  |  |  |  |  | (615) |
Revaluation of liabilities |  |  |  |  |  |  |  | (2,960) |
Asset retirement obligation accretion |  |  |  |  |  |  |  | 1,065 |
Adjustments related to unconsolidated entities (4) |  |  |  |  |  |  |  | 106 |
Other (5) |  |  |  |  |  |  |  | (252) |
Income from continuing operations before income taxes |  |  |  |  |  |  |  | $ | 23,466 |
Segment capital expenditures |  | $ | 21,714 |  |  | $ | 2,349 |  |  | $ | 2,317 |  |  | $ | 26,380 |
All other capital expenditures |  |  |  |  |  |  |  | 8,513 |
Total capital expenditures (6) |  |  |  |  |  |  |  | $ | 34,893 |
Segment assets (7) |  | $ | 2,808,143 |  |  | $ | 1,271,412 |  |  | $ | 705,523 |  |  | $ | 4,785,078 |
All other assets (7) |  |  |  |  |  |  |  | 63,394 |
Total assets (7) (8) |  |  |  |  |  |  |  | $ | 4,848,472 |
(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) Information is presented as of December 31, 2024. (8) Total assets includes $27.6 million of non-US total assets.
|  | Nine Months Ended December 31, 2025
|  | Water |  | Crude Oil |  | Liquids |  | Total
|  | Solutions |  | Logistics |  | Logistics |  | Segments
|  | (in thousands)
Revenues |  | $ | 619,591 |  |  | $ | 707,740 |  |  | $ | 878,725 |  |  | $ | 2,206,056 |
Cost of sales (1) |  | 4,046 |  |  | 635,584 |  |  | 824,052 |  |  | 1,463,682 |
Operating, general and administrative expenses (2) |  | 162,554 |  |  | 30,662 |  |  | 26,090 |  |  | 219,306 |
Other (3) |  | (3,724) |  |  | — |  |  | 5 |  |  | (3,719) |
Adjusted EBITDA |  | $ | 449,267 |  |  | $ | 41,494 |  |  | $ | 28,588 |  |  | $ | 519,349 |
Reconciling items: |  |  |  |  |  |  |  |
Plus - all other Adjusted EBITDA |  |  |  |  |  |  |  | (35,516) |
Less: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  | 192,858 |
Interest expense |  |  |  |  |  |  |  | 194,087 |
Loss on disposal or impairment of assets, net |  |  |  |  |  |  |  | 3,542 |
Net unrealized gains on derivatives |  |  |  |  |  |  |  | (10,857) |
Lower of cost or net realizable value adjustments |  |  |  |  |  |  |  | (2,916) |
Gain on early extinguishment of liabilities, net |  |  |  |  |  |  |  | (492) |
Asset retirement obligation accretion |  |  |  |  |  |  |  | 3,829 |
Adjustments related to unconsolidated entities (4) |  |  |  |  |  |  |  | 24 |
Other (5) |  |  |  |  |  |  |  | (4,151) |
Income from continuing operations before income taxes |  |  |  |  |  |  |  | $ | 107,909 |
Segment capital expenditures |  | $ | 192,350 |  |  | $ | 3,519 |  |  | $ | 4,838 |  |  | $ | 200,707 |
All other capital expenditures |  |  |  |  |  |  |  | 898 |
Total capital expenditures (6) |  |  |  |  |  |  |  | $ | 201,605 |
(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.
|  | Nine Months Ended December 31, 2024
|  | Water |  | Crude Oil |  | Liquids |  | Total
|  | Solutions |  | Logistics |  | Logistics |  | Segments
|  | (in thousands)
Revenues |  | $ | 550,545 |  |  | $ | 719,886 |  |  | $ | 1,227,817 |  |  | $ | 2,498,248 |
Cost of sales (1) |  | 3,298 |  |  | 635,241 |  |  | 1,153,958 |  |  | 1,792,497 |
Operating, general and administrative expenses (2) |  | 159,719 |  |  | 31,395 |  |  | 39,642 |  |  | 230,756 |
Other (3) |  | (402) |  |  | 2 |  |  | 1,463 |  |  | 1,063 |
Adjusted EBITDA |  | $ | 387,126 |  |  | $ | 53,252 |  |  | $ | 35,680 |  |  | $ | 476,058 |
Reconciling items: |  |  |  |  |  |  |  |
Plus - all other Adjusted EBITDA |  |  |  |  |  |  |  | (29,995) |
Less: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  | 190,278 |
Amortization in cost of sales - product |  |  |  |  |  |  |  | 147 |
Interest expense |  |  |  |  |  |  |  | 209,977 |
Loss on disposal or impairment of assets, net |  |  |  |  |  |  |  | 784 |
Net unrealized losses on derivatives |  |  |  |  |  |  |  | 5,393 |
Lower of cost or net realizable value adjustments |  |  |  |  |  |  |  | (16) |
Revaluation of liabilities |  |  |  |  |  |  |  | (2,960) |
Asset retirement obligation accretion |  |  |  |  |  |  |  | 3,093 |
Adjustments related to unconsolidated entities (4) |  |  |  |  |  |  |  | 285 |
Other (5) |  |  |  |  |  |  |  | (4,855) |
Income from continuing operations before income taxes |  |  |  |  |  |  |  | $ | 43,937 |
Segment capital expenditures |  | $ | 173,994 |  |  | $ | 5,188 |  |  | $ | 9,840 |  |  | $ | 189,022 |
All other capital expenditures |  |  |  |  |  |  |  | 17,617 |
Total capital expenditures (6) |  |  |  |  |  |  |  | $ | 206,639 |
(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.

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