v3.25.3
Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block] Segment Reporting
Description of Segments
Our consolidated financial statements reflect three reportable segments: Fuel Distribution, Pipeline Systems and Terminals.
Fuel Distribution. Our Fuel Distribution segment supplies motor fuel to independently-operated dealer stations, distributors, commission agents and other consumers. Also included in our Fuel Distribution segment is lease income from properties that we lease or sublease, as well as the Partnership’s credit card services, franchise royalties and retail operations in Hawaii and New Jersey.
Pipeline Systems. As of September 30, 2025, our Pipeline Systems segment included an integrated pipeline and terminal network comprised of approximately 6,000 miles of refined product pipeline (including the pipeline of J.C. Nolan), approximately 6,000 miles of crude oil pipeline (including the pipeline of ET-S Permian), approximately 2,000 miles of ammonia pipeline and 67 terminals.
Terminals. As of September 30, 2025, our Terminals segment was composed of four transmix processing facilities and 56 refined product terminals (two in Europe, six in Hawaii and 48 in the continental United States).
Segment Operating Results
We report Adjusted EBITDA by segment as a measure of segment performance. We define Adjusted EBITDA as earnings before net interest expense, income taxes, depreciation, amortization and accretion expense, non-cash unit-based compensation expense, gains and losses on disposal of assets, non-cash impairment charges, losses on extinguishment of debt, unrealized gains and losses on commodity derivatives, inventory valuation adjustments, and certain other operating expenses reflected in net income that we do not believe are indicative of ongoing core operations. Inventory valuation adjustments that are excluded from the calculation of Adjusted EBITDA represent changes in lower of cost or market reserves on the Partnership's inventory. These amounts are unrealized valuation adjustments applied to fuel volumes remaining in inventory at the end of the period.
The following tables present financial information by segment for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenues:
Fuel Distribution
Revenues from external customers$5,742 $5,473 $15,741 $16,838 
Intersegment revenues8 10 30 30 
5,750 5,483 15,771 16,868 
Pipeline Systems
Revenues from external customers185 164 539 341 
Intersegment revenues14 — 16 — 
199 164 555 341 
Terminals
Revenues from external customers105 114 321 245 
Intersegment revenues250 248 716 758 
355 362 1,037 1,003 
Eliminations(272)(258)(762)(788)
Total$6,032 $5,751 $16,601 $17,424 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cost of sales:
Fuel Distribution$5,421 $5,319 $14,819 $15,983 
Pipeline Systems10 5 9 9 
Terminals227 261 667 747 
Eliminations(272)(258)(762)(788)
Total$5,386 $5,327 $14,733 $15,951 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Operating and lease expenses, excluding non-cash unit-based compensation:
Fuel Distribution$83 $83 $229 $239 
Pipeline Systems52 45 141 84 
Terminals45 41 130 100 
Total$180 $169 $500 $423 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
General and administrative expenses, excluding non-cash unit-based compensation:
Fuel Distribution$27 $15 $73 $58 
Pipeline Systems13 26 33 112 
Terminals7 10 24 46 
Total$47 $51 $130 $216 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Other(1):
Fuel Distribution$(13)$(187)$(8)$(128)
Pipeline Systems(58)(48)(159)(53)
Terminals1 (17)4 (3)
Total$(70)$(252)$(163)$(184)
(1)    Other includes Adjusted EBITDA from unconsolidated affiliates, unrealized gains and losses on commodity derivatives, inventory valuation adjustments and other less significant items, as applicable.
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Segment Adjusted EBITDA:
Fuel Distribution$232 $253 $658 $716 
Pipeline Systems182 136 531 189 
Terminals75 67 212 113 
Total$489 $456 $1,401 $1,018 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Reconciliation of net income to Adjusted EBITDA:
Net income$137 $2 $430 $733 
Depreciation, amortization and accretion159 95 469 216 
Interest expense, net131 116 375 274 
Non-cash unit-based compensation expense5 4 14 12 
(Gain) loss on disposal of assets and impairment charges3 (2)4 52 
Loss on extinguishment of debt12 — 31 2 
Unrealized losses on commodity derivatives15 1 7 8 
Inventory valuation adjustments(10)197 (31)99 
Equity in earnings of unconsolidated affiliates(40)(31)(103)(35)
Adjusted EBITDA related to unconsolidated affiliates58 47 159 53 
Gain on West Texas Sale— — — (598)
Other non-cash adjustments8 12 30 31 
Income tax expense11 15 16 171 
Adjusted EBITDA (consolidated)$489 $456 $1,401 $1,018 
September 30,
2025		December 31, 2024
Assets:
Fuel Distribution$6,273 $6,047 
Pipeline Systems5,990 6,213 
Terminals2,267 1,944 
Total segment assets14,530 14,204 
Other partnership assets3,315 171 
Total assets$17,845 $14,375