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Segments
 6 Months Ended
Sep. 30, 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 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 September 30,Six Months Ended September 30,
2025202420252024
(in thousands)
Revenues:
Water Solutions:
Topic 606 revenues
Disposal service fees$179,827 $155,715 $354,462 $303,688 
Sale of recovered crude oil28,066 24,708 52,874 55,484 
Sale of water1,362 700 2,781 2,985 
Other service revenues473 729 876 1,090 
Non-Topic 606 revenues15 15 30 30 
Total Water Solutions revenues209,743 181,867 411,023 363,277 
Crude Oil Logistics:
Topic 606 revenues
Crude oil sales211,824 225,013 370,352 487,622 
Crude oil transportation and other sales6,987 17,048 14,717 32,864 
Non-Topic 606 revenues1,220 1,780 2,593 3,570 
Total Crude Oil Logistics revenues220,031 243,841 387,662 524,056 
Liquids Logistics:
Topic 606 revenues
Butane sales113,992 123,494 213,634 221,524 
Propane sales31,706 89,716 93,186 187,074 
Other products sales96,481 109,719 186,246 206,916 
Service revenues462 4,959 900 7,286 
Non-Topic 606 revenues2,011 2,886 3,771 5,695 
Total Liquids Logistics revenues (1)244,652 330,774 497,737 628,495 
Corporate and Other:
Topic 606 revenues
Service revenues251 74 415 74 
Elimination of intersegment sales (2)— (84)(4)(196)
Total Corporate and Other revenues251 (10)411 (122)
Total revenues$674,677 $756,472 $1,296,833 $1,515,706 
(1)    During the three months ended September 30, 2025 and 2024, our Liquids Logistics revenues included $21.0 million and $27.4 million of non-US revenues, respectively, and during the six months ended September 30, 2025 and 2024, our Liquids Logistics revenues included $36.0 million and $51.5 million of non-US revenues, respectively.
(2)    For the three months and six months ended September 30, 2024, the elimination of intersegment sales, which was included in the Crude Oil Logistics segment in our September 30, 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 September 30, 2025
WaterCrude OilLiquidsTotal
SolutionsLogisticsLogisticsSegments
(in thousands)
Revenues$209,743 $220,031 $244,652 $674,426 
Cost of sales (1)1,081 193,076 224,663 418,820 
Operating, general and administrative expenses (2)55,601 10,402 9,468 75,471 
Other (3)(1,159)— — (1,159)
Adjusted EBITDA$151,902 $16,553 $10,521 $178,976 
Reconciling items:
Plus - all other Adjusted EBITDA(11,643)
Less:
Depreciation and amortization63,994 
Interest expense64,708 
Loss on disposal or impairment of assets, net6,594 
Net unrealized gains on derivatives(317)
Lower of cost or net realizable value adjustments2,519 
Asset retirement obligation accretion1,281 
Other (4)(1,197)
Income from continuing operations before income taxes$29,751 
Segment capital expenditures$47,261 $1,387 $1,627 $50,275 
All other capital expenditures818 
Total capital expenditures (5)$51,093 
Total segment assets (6)$2,714,235 $1,138,420 $396,462 $4,249,117 
All other assets (6)52,468 
Total assets (6) (7)$4,301,585 
(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 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 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 September 30, 2025.
(7)    Total assets includes $21.4 million of non-US total assets.
Three Months Ended September 30, 2024
WaterCrude OilLiquidsTotal
SolutionsLogisticsLogisticsSegments
(in thousands)
Revenues$181,867 $243,841 $330,774 $756,482 
Cost of sales (1)(953)215,704 304,991 519,742 
Operating, general and administrative expenses (2)54,238 10,873 14,384 79,495 
Other (3)280 (1)(20)259 
Adjusted EBITDA$128,862 $17,263 $11,379 $157,504 
Reconciling items:
Plus - all other Adjusted EBITDA(8,090)
Less:
Depreciation and amortization61,875 
Amortization in cost of sales - product37 
Interest expense77,180 
Loss on disposal or impairment of assets, net1,509 
Net unrealized losses on derivatives2,610 
Lower of cost or net realizable value adjustments612 
Asset retirement obligation accretion1,025 
Adjustments related to unconsolidated entities (4)108 
Other (5)(3,209)
Income from continuing operations before income taxes$7,667 
Segment capital expenditures$87,596 $1,743 $3,967 $93,306 
All other capital expenditures909 
Total capital expenditures (6)$94,215 
Segment assets (7)$2,855,015 $1,282,369 $706,900 $4,844,284 
All other assets (7)45,895 
Total assets (7) (8)$4,890,179 
(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 September 30, 2024.
(8)    Total assets includes $29.7 million of non-US total assets.
Six Months Ended September 30, 2025
WaterCrude OilLiquidsTotal
SolutionsLogisticsLogisticsSegments
(in thousands)
Revenues$411,023 $387,662 $497,737 $1,296,422 
Cost of sales (1)2,739 341,325 468,039 812,103 
Operating, general and administrative expenses (2)111,206 20,201 16,311 147,718 
Other (3)(2,307)— 5 (2,302)
Adjusted EBITDA$294,771 $26,136 $13,392 $334,299 
Reconciling items:
Plus - all other Adjusted EBITDA(22,994)
Less:
Depreciation and amortization130,579 
Interest expense130,253 
Gain on disposal or impairment of assets, net(2,605)
Net unrealized gains on derivatives(7,842)
Lower of cost or net realizable value adjustments(425)
Gain on early extinguishment of liabilities, net(1,492)
Asset retirement obligation accretion2,541 
Adjustments related to unconsolidated entities (4)24 
Other (5)438 
Income from continuing operations before income taxes$59,834 
Segment capital expenditures$66,235 $1,790 $3,277 $71,302 
All other capital expenditures843 
Total capital expenditures (6)$72,145 
(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.
Six Months Ended September 30, 2024
WaterCrude OilLiquidsTotal
SolutionsLogisticsLogisticsSegments
(in thousands)
Revenues$363,277 $524,056 $628,495 $1,515,828 
Cost of sales (1)907 467,293 586,058 1,054,258 
Operating, general and administrative expenses (2)107,412 20,866 25,304 153,582 
Other (3)(493)1 (18)(510)
Adjusted EBITDA$254,465 $35,898 $17,115 $307,478 
Reconciling items:
Plus: all other Adjusted EBITDA(19,444)
Less:
Depreciation and amortization124,039 
Amortization in cost of sales37 
Interest expense146,919 
Gain on disposal or impairment of assets, net(9,157)
Net unrealized losses on derivatives7,522 
Lower of cost or net realizable value adjustments599 
Asset retirement obligation accretion2,028 
Adjustments related to unconsolidated entities (4)179 
Other (5)(4,603)
Income from continuing operations before income taxes$20,471 
Segment capital expenditures$152,280 $2,839 $7,523 $162,642 
All other capital expenditures9,104 
Total capital expenditures (6)$171,746 
(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.