Subsequent Event(s)

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Event(s)

Subsequent Event(s)

We have evaluated events that occurred after December 31, 2020 through the issuance of these consolidated financial statements. Any material subsequent events that occurred during this time have been properly recognized or disclosed in the consolidated financial statements and accompanying notes.

Distribution

On January 20, 2021, the Board declared a cash distribution of $0.4600 per limited partner unit and $0.2363 per limited partner preferred unit for the three months ended December 31, 2020. The distribution was paid on February 12, 2021 to unitholders of record as of February 2, 2021.

Assets Held for Sale

On January 25, 2021, we executed an agreement to divest the 12” segment of the Auger pipeline, effective March 1, 2021. The remainder of the Auger pipeline will continue to operate under the ownership of Pecten. As a result of the divestment, we expect to record an impairment charge of approximately $3 million during the first quarter of 2021.

2019 Omnibus Agreement

On February 16, 2021, pursuant to the 2019 Omnibus Agreement, the Board approved a decrease to the annual general and administrative fee for 2021 based on a change in the cost of the services provided. The annual fee for 2021 will be $10 million for the provision of certain services provided by SPLC to us.