v3.25.4

Segments (Tables)

9 Months Ended

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.

X

- 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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

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X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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