Other Matters

6 Months Ended

Sep. 30, 2025

Other Matters [Abstract]

Other Matters

Other Matters

Sale of Marketable Equity Securities

As of March 31, 2025, we owned 1,468,337 shares of Prairie Operating Co. (“Prairie”), which were sold during the six months ended September 30, 2025 for $6.0 million. We recognized a loss on sale of $0.6 million within other (expense) income, net in our unaudited condensed consolidated statement of operations for the six months ended September 30, 2025. This loss, combined with the $0.8 million gain on sale recognized during the three months ended March 31, 2025, resulted in an overall gain of $0.2 million on the sale of all Prairie shares we owned.

Dispositions

Water Solutions

Sale of Certain Investments in Unconsolidated Entities and Related Assets

On April 14, 2025, we sold certain investments in unconsolidated entities, property, plant and equipment and intangible assets to a third-party for total consideration of $40.3 million in cash, plus working capital. As discussed below, we recorded a loss of $8.0 million to write down certain investments in unconsolidated entities and related assets to fair value less cost to sell within loss on disposal or impairment of assets, net in our consolidated statement of operations for the year ended March 31, 2025. We also recorded a loss of $1.0 million on the sale within loss (gain) on disposal or impairment of assets, net in our unaudited condensed consolidated statement of operations for the six months ended September 30, 2025. We classified the assets and liabilities as held for sale as of March 31, 2025 (see Note 16).

Liquids Logistics

Wholesale Propane Disposition and Sale of Refined Products Business

On April 30, 2025, we completed the Wholesale Propane Disposition and the sale of our refined products business for total consideration of approximately $156.3 million in cash, plus working capital. We recorded a gain on each transaction totaling a combined $55.7 million, of which $17.3 million is recorded within loss (gain) on disposal or impairment of assets, net in our unaudited condensed consolidated statement of operations for the six months ended September 30, 2025 and $38.4 million is recorded within discontinued operations (see Note 16).

Crude Oil Logistics

Sale of Certain Railcars

As of March 31, 2025, we entered into definitive agreements with third-parties to sell 135 railcars, which have been classified as held for sale (see Note 16). During the six months ended September 30, 2025, we sold all of these railcars for total consideration of $6.7 million in cash and recognized a gain of $2.1 million within loss (gain) on disposal or impairment of assets, net in our unaudited condensed consolidated statement of operations.

In a separate transaction, on May 16, 2025, we sold 68 railcars to a third-party for total consideration of $2.1 million in cash and we recorded a gain of $0.1 million within loss (gain) on disposal or impairment of assets, net in our unaudited condensed consolidated statement of operations for the six months ended September 30, 2025.