Revenue Recognition

3 Months Ended

Mar. 31, 2025

Revenue Recognition [Abstract]

Revenue Recognition

Revenue Recognition

Revenue from Contracts with Customers

The following tables reflect the disaggregation of our revenues by major category for the three months ended March 31, 2025 and 2024, respectively:

	Three Months Ended March 31, 2025
	Offshore pipeline transportation		Marine transportation		Onshore transportation and services		Consolidated
Fee-based revenues	$	108,887	$	80,644	$	13,505	$	203,036
Product Sales	—		—		174,263		174,263
Refinery Services	—		—		21,012		21,012
Total revenues	$	108,887	$	80,644	$	208,780	$	398,311

	Three Months Ended March 31, 2024
	Offshore pipeline transportation		Marine transportation		Onshore transportation and services		Consolidated
Fee-based revenues	$	101,990	$	83,574	$	13,287	$	198,851
Product Sales	—		—		212,709		212,709
Refinery Services	—		—		22,887		22,887
Total revenues	$	101,990	$	83,574	$	248,883	$	434,447

The Company recognizes revenue upon the satisfaction of its performance obligations under its contracts. The timing of revenue recognition varies for our different revenue streams. In general, the timing includes recognition of revenue over time as services are being performed as well as recognition of revenue at a point in time for delivery of products.

Contract Assets and Liabilities

The table below depicts our contract asset and liability balances at December 31, 2024 and March 31, 2025:

	Contract Assets		Contract Liabilities
	Other Assets		Accrued Liabilities		Other Long-Term Liabilities
Balance at December 31, 2024	$	5,174	$	41,618	$	82,164
Balance at March 31, 2025	5,834		37,988		77,114

For the three months ended March 31, 2025 and 2024, we recognized revenue of $11.0 million and $3.1 million, respectively, that was included in contract liabilities at the beginning of the period.

Transaction Price Allocations to Remaining Performance Obligations

We are required to disclose the aggregate amount of our transaction prices that are allocated to unsatisfied performance obligations as of March 31, 2025. However, we are permitted to utilize the following exemptions:

1)Performance obligations that are part of a contract with an expected duration of one year or less;

2)Revenue recognized from the satisfaction of performance obligations where we have a right to consideration in an amount that corresponds directly with the value provided to customers; and

3)Contracts that contain variable consideration, such as index-based pricing or variable volumes, that is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that is part of a series.

The majority of our contracts qualify for one of these exemptions. For the remaining contract types that involve revenue recognition over a long-term period and include long-term fixed consideration (adjusted for indexing as required), we determined our allocations of transaction price that relate to unsatisfied performance obligations. For our tiered pricing offshore transportation contracts, we provide firm capacity for both fixed and variable consideration over a long-term period. Therefore, we have allocated the remaining contract value to future periods. In our onshore transportation and services segment, we have certain contractual arrangements in which we receive fixed minimum payments for our obligation to provide minimum capacity on our pipelines and related assets.

The following chart depicts how we expect to recognize revenues for future periods related to these contracts:

	Offshore Pipeline Transportation		Onshore Transportation and Services
Remainder of 2025	$	116,183	$	22,270
2026	121,034		29,931
2027	75,069		14,763
2028	42,184		10,000
2029	30,398		2,500
Thereafter	83,887		—
Total	$	468,755	$	79,464