Transactions with Related Parties

6 Months Ended

Jun. 30, 2024

Related Party Transactions [Abstract]

Transactions with Related Parties

Transactions with Related Parties

The transactions with related parties were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues:
Revenues from services and fees to Poseidon(1)	$	6,025	$	5,454	$	11,008	$	9,046
Costs and expenses:
Amounts paid to our CEO in connection with the use of his aircraft	$	165	$	165	$	330	$	330
Charges for products purchased from Poseidon(1)	298		1,755		584		2,037

(1)We own a 64% interest in Poseidon.

Our CEO, Mr. Grant E. Sims, owns an aircraft which is used by us for business purposes in the course of operations. We pay Mr. Sims a fixed monthly fee and reimburse the aircraft management company for costs related to our usage of the aircraft, including fuel and the actual out-of-pocket costs. Based on current market rates for chartering of private aircraft under long-term, priority arrangements with industry recognized chartering companies, we believe that the terms of this arrangement reflect what we would expect to obtain in an arms-length transaction.

Transactions with Unconsolidated Affiliates

Poseidon

We provide management, administrative and pipeline operator services to Poseidon under an Operation and Management Agreement. Currently, that agreement automatically renews annually unless terminated by either party (as defined in the agreement). Our revenues for the three and six months ended June 30, 2024 include $2.6 million and $5.2 million, respectively, of fees we earned through the provision of services under that agreement. Our revenues for the three and six months ended June 30, 2023 include $2.5 million and $5.0 million, respectively, of fees we earned through the provision of services under that agreement. At June 30, 2024 and December 31, 2023, Poseidon owed us $2.9 million and $1.9 million for services rendered