v3.25.4
Segments
 9 Months Ended
Dec. 31, 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 net 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 December 31,Nine Months Ended December 31,
2025202420252024
(in thousands)
Revenues:
Water Solutions:
Topic 606 revenues
Disposal service fees$182,787 $161,446 $537,249 $465,134 
Sale of recovered crude oil23,292 24,067 76,166 79,551 
Sale of water1,862 1,471 4,643 4,456 
Other service revenues567 269 1,443 1,359 
Non-Topic 606 revenues60 15 90 45 
Total Water Solutions revenues208,568 187,268 619,591 550,545 
Crude Oil Logistics:
Topic 606 revenues
Crude oil sales312,372 176,830 682,724 664,452 
Crude oil transportation and other sales6,480 17,160 21,197 50,024 
Non-Topic 606 revenues1,226 1,840 3,819 5,410 
Total Crude Oil Logistics revenues320,078 195,830 707,740 719,886 
Liquids Logistics:
Topic 606 revenues
Butane sales192,491 265,678 406,125 487,202 
Propane sales93,915 216,054 187,101 403,128 
Other products sales91,724 112,603 277,970 319,519 
Service revenues373 484 1,273 7,770 
Non-Topic 606 revenues2,485 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 revenues182 178 597 252 
Elimination of intersegment sales (2)— (184)(4)(380)
Total Corporate and Other revenues182 (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.”
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
WaterCrude OilLiquidsTotal
SolutionsLogisticsLogisticsSegments
(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 amortization62,279 
Interest expense63,834 
Loss on disposal or impairment of assets, net6,147 
Net unrealized gains on derivatives(3,015)
Lower of cost or net realizable value adjustments(2,491)
Loss on early extinguishment of liabilities, net1,000 
Asset retirement obligation accretion1,288 
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 expenditures55 
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
WaterCrude OilLiquidsTotal
SolutionsLogisticsLogisticsSegments
(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 amortization66,239 
Amortization in cost of sales - product110 
Interest expense63,058 
Loss on disposal or impairment of assets, net9,941 
Net unrealized gains on derivatives(2,129)
Lower of cost or net realizable value adjustments(615)
Revaluation of liabilities(2,960)
Asset retirement obligation accretion1,065 
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 expenditures8,513 
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
WaterCrude OilLiquidsTotal
SolutionsLogisticsLogisticsSegments
(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 amortization192,858 
Interest expense194,087 
Loss on disposal or impairment of assets, net3,542 
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 accretion3,829 
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 expenditures898 
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
WaterCrude OilLiquidsTotal
SolutionsLogisticsLogisticsSegments
(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 amortization190,278 
Amortization in cost of sales - product147 
Interest expense209,977 
Loss on disposal or impairment of assets, net784 
Net unrealized losses on derivatives5,393 
Lower of cost or net realizable value adjustments(16)
Revaluation of liabilities(2,960)
Asset retirement obligation accretion3,093 
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 expenditures17,617 
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.