Acquisitions (Tables)

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combination

The table below presents the purchase price (in thousands):

Base purchase price:	$	291,561
Less: Adjusted Net Working Capital (as defined in the Gravity Acquisition Agreement)	3,814
Plus: Various closing adjustments	5,433
Adjusted purchase price	$	300,808
Cash paid	$	209,297
Fair value of common units issued	91,511
Purchase price	$	300,808

Business Combination, Recognized Asset Acquired and Liability Assumed

The following table summarizes the fair values of assets acquired and liabilities assumed in the Gravity Acquisition as of January 2, 2025 (in thousands):

Assets acquired:
Cash and cash equivalents	$	5,317
Accounts receivables	16,433
Inventories	1,851
Other current assets	1,681
Property, plant and equipment	191,485
Operating lease right-of-use assets	107
Customer relationship intangible (1)	66,271
Other intangibles (1)	31,921
Other non-current assets	59
Total assets acquired	315,125
Liabilities assumed:
Accounts payable	2,459
Accrued expenses and other current liabilities	5,733
Current portion of operating lease liabilities	54
Asset retirement obligations	6,022
Operating lease liabilities, net of current portion	49
Total liabilities assumed	14,317
Fair value of net assets acquired	$	300,808

(1)The acquired intangible assets amount includes the following identified intangibles:

•Customer relationship intangible that is subject to amortization with a fair value of $66.3 million, amortized over approximately 32 years.

•Rights-of-way intangibles are valued at $31.9 million, the majority of which have an indefinite life.