DEI Document
DEI Document - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-16417 | |
Entity Registrant Name | NuStar Energy L.P. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 74-2956831 | |
Entity Address, Street | 19003 IH-10 West | |
Entity Address, City | San Antonio | |
Entity Address, State | TX | |
Entity Address, Zip Code | 78257 | |
City Area Code | 210 | |
Entity Local Phone Number | 918-2000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Partnership Units Outstanding | 125,895,543 | |
Entity Central Index Key | 0001110805 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Limited Partner [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Units | |
Trading Symbol | NS | |
Security Exchange Name | NYSE | |
Series A Preferred Limited Partner [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 8.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units | |
Trading Symbol | NSprA | |
Security Exchange Name | NYSE | |
Series B Preferred Limited Partner [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 7.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units | |
Trading Symbol | NSprB | |
Security Exchange Name | NYSE | |
Series C Preferred Limited Partner [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 9.00% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units | |
Trading Symbol | NSprC | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 4,371 | $ 14,489 |
Accounts receivable, net | 156,651 | 149,971 |
Inventories | 17,336 | 15,397 |
Prepaid and other current assets | 21,236 | 24,067 |
Total current assets | 199,594 | 203,924 |
Property, plant and equipment, at cost | 5,739,619 | 5,733,685 |
Accumulated depreciation and amortization | (2,452,390) | (2,330,602) |
Property, plant and equipment, net | 3,287,229 | 3,403,083 |
Intangible assets, net | 485,471 | 513,696 |
Goodwill | 732,356 | 732,356 |
Other long-term assets, net | 207,646 | 120,627 |
Total assets | 4,912,296 | 4,973,686 |
Current liabilities: | ||
Accounts payable | 74,168 | 67,765 |
Current portion of finance leases | 4,725 | 4,416 |
Accrued interest payable | 78,312 | 37,607 |
Accrued liabilities | 84,433 | 76,072 |
Taxes other than income tax | 14,527 | 10,607 |
Total current liabilities | 256,165 | 196,467 |
Long-term debt, less current portion of finance leases | 3,398,006 | 3,293,415 |
Deferred income tax liability | 3,258 | 3,219 |
Other long-term liabilities | 212,743 | 131,299 |
Total liabilities | 3,870,172 | 3,624,400 |
Commitments and contingencies (Note 5) | ||
Series D preferred limited partners (0 and 16,346,650 units outstanding as of September 30, 2023 and December 31, 2022, respectively) (Note 6) | 0 | 446,970 |
Partners’ equity (Note 7): | ||
Common limited partners (125,895,543 and 110,818,718 units outstanding as of September 30, 2023 and December 31, 2022, respectively) | 317,279 | 177,620 |
Accumulated other comprehensive loss | (31,456) | (31,605) |
Total partners’ equity | 1,042,124 | 902,316 |
Total liabilities, mezzanine equity and partners’ equity | 4,912,296 | 4,973,686 |
Series A Preferred Limited Partner [Member] | ||
Partners’ equity (Note 7): | ||
Preferred limited partners | 218,307 | 218,307 |
Series B Preferred Limited Partner [Member] | ||
Partners’ equity (Note 7): | ||
Preferred limited partners | 371,476 | 371,476 |
Series C Preferred Limited Partner [Member] | ||
Partners’ equity (Note 7): | ||
Preferred limited partners | $ 166,518 | $ 166,518 |
CONSOLIDATED BALANCE SHEETS (pa
CONSOLIDATED BALANCE SHEETS (parenthetical) - shares | Sep. 30, 2023 | Dec. 31, 2022 |
Series D preferred units outstanding | 0 | 16,346,650 |
Limited partners common units outstanding | 125,895,543 | 110,818,718 |
Series A Preferred Limited Partner [Member] | ||
Preferred units outstanding | 9,060,000 | 9,060,000 |
Series B Preferred Limited Partner [Member] | ||
Preferred units outstanding | 15,400,000 | 15,400,000 |
Series C Preferred Limited Partner [Member] | ||
Preferred units outstanding | 6,900,000 | 6,900,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Impairment loss | $ 0 | $ 0 | $ 0 | $ 46,122 |
General and administrative expenses (excluding depreciation and amortization expense) | 35,083 | 27,676 | 95,428 | 82,656 |
Other depreciation and amortization expense | 1,080 | 1,935 | 3,672 | 5,582 |
Total costs and expenses | 295,002 | 301,361 | 845,423 | 973,896 |
Gain on sale of assets | 0 | 0 | 41,075 | 0 |
Operating income | 115,298 | 111,882 | 378,153 | 279,367 |
Income before income tax expense | 52,329 | 61,063 | 206,785 | 133,472 |
Net income | 51,195 | 59,633 | 203,272 | 131,144 |
Costs and expenses: | ||||
Interest expense, net | (63,125) | (52,294) | (178,666) | (153,053) |
Other income, net | 156 | 1,475 | 7,298 | 7,158 |
Income tax expense | $ 1,134 | $ 1,430 | $ 3,513 | $ 2,328 |
Basic net income (loss) per common unit (Note 8) | $ (0.07) | $ 0.20 | $ 0.34 | $ 0.18 |
Diluted net income (loss) per common unit (Note 8) | $ (0.07) | $ 0.20 | $ 0.34 | $ 0.18 |
Basic weighted-average common units outstanding | 119,218,622 | 110,310,921 | 113,698,898 | 110,265,359 |
Diluted weighted-average common units outstanding | 119,218,622 | 110,310,921 | 113,698,898 | 110,265,359 |
Comprehensive income | $ 51,132 | $ 59,746 | $ 203,421 | $ 173,063 |
Service [Member] | ||||
Revenues: | ||||
Total revenues | 289,945 | 277,380 | 850,578 | 820,752 |
Costs and expenses: | ||||
Operating expenses (excluding depreciation and amortization expense) | 94,052 | 91,286 | 276,577 | 272,636 |
Depreciation and amortization expense | 63,215 | 63,140 | 187,799 | 188,683 |
Total costs associated with service revenues/Costs associated with product sales | 157,267 | 154,426 | 464,376 | 461,319 |
Product [Member] | ||||
Revenues: | ||||
Total revenues | 120,355 | 135,863 | 331,923 | 432,511 |
Costs and expenses: | ||||
Total costs associated with service revenues/Costs associated with product sales | 101,572 | 117,324 | 281,947 | 378,217 |
Product and Service [Member] | ||||
Revenues: | ||||
Total revenues | $ 410,300 | $ 413,243 | $ 1,182,501 | $ 1,253,263 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ 203,272 | $ 131,144 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 191,471 | 194,265 |
Amortization of unit-based compensation | 11,652 | 9,861 |
Amortization of debt related items | 8,060 | 7,663 |
Gain on sale of assets | (41,075) | 0 |
Gain from insurance recoveries | 0 | (625) |
Impairment loss | 0 | 46,122 |
Changes in current assets and current liabilities (Note 9) | 41,562 | 32,839 |
Increase in other long-term assets, net | (2,033) | (2,332) |
(Decrease) increase in other long-term liabilities | (52) | 525 |
Other, net | (6,456) | (5,684) |
Net cash provided by operating activities | 406,401 | 413,778 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (101,094) | (111,437) |
Change in accounts payable related to capital expenditures | 5,635 | (9,716) |
Proceeds from insurance recoveries | 12,395 | 5,805 |
Proceeds from sale or disposition of assets, net of transaction costs | 102,781 | 59,643 |
Net cash provided by (used in) investing activities | 19,717 | (55,705) |
Cash Flows from Financing Activities: | ||
Proceeds from long-term debt borrowings | 841,200 | 588,100 |
Long-term debt repayments | (739,500) | (706,000) |
Proceeds from issuance of common units, net of issuance costs | 221,899 | 0 |
Redemption of Series D preferred units | (518,680) | 0 |
Distributions to preferred unitholders | (93,050) | (94,493) |
Distributions to common unitholders | (133,086) | (132,288) |
Other, net | (14,785) | (12,207) |
Net cash used in financing activities | (436,002) | (356,888) |
Effect of foreign exchange rate changes on cash | 30 | 750 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (9,854) | 1,935 |
Cash, cash equivalents and restricted cash as of the beginning of the period | 23,377 | 14,439 |
Cash, cash equivalents and restricted cash as of the end of the period | $ 13,523 | $ 16,374 |
CONSOLIDATED STATEMENTS OF PART
CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY AND MEZZANINE EQUITY - USD ($) $ in Thousands | Total | AOCI [Member] | Preferred Limited Partner [Member] | Common Limited Partner [Member] | Series D Preferred Limited Partner [Member] |
Partners' capital - beginning balance at Dec. 31, 2021 | $ 981,825 | $ (73,978) | $ 756,301 | $ 299,502 | |
Temporary equity - beginning balance at Dec. 31, 2021 | 616,439 | ||||
Partners' capital and temporary equity - beginning balance at Dec. 31, 2021 | 1,598,264 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | 131,144 | 0 | 47,515 | 36,066 | |
Net income (loss) excluding portion attributable to temporary equity | 83,581 | ||||
Net income, temporary equity | $ 47,563 | ||||
Other comprehensive income (loss) | 41,919 | 41,919 | |||
Cash distributions to partners | (47,515) | (132,288) | |||
Cash distributions to partners, temporary equity | (47,563) | ||||
Unit-based compensation | 12,133 | 12,133 | |||
Series D Preferred Unit accretion, common | (14,205) | (14,205) | |||
Series D Preferred Unit accretion, temporary equity | 14,205 | ||||
Series D Preferred Unit accretion, total | 0 | ||||
Other | (8) | 0 | 0 | (8) | |
Other, temporary equity | (3) | ||||
Other, including temporary equity | (11) | ||||
Partners' capital - ending balance at Sep. 30, 2022 | 925,442 | (32,059) | 756,301 | 201,200 | |
Temporary equity - ending balance at Sep. 30, 2022 | 630,641 | ||||
Partners' capital and temporary equity - ending balance at Sep. 30, 2022 | 1,556,083 | ||||
Partners' capital - beginning balance at Jun. 30, 2022 | 944,640 | (32,172) | 756,301 | 220,511 | |
Temporary equity - beginning balance at Jun. 30, 2022 | 625,751 | ||||
Partners' capital and temporary equity - beginning balance at Jun. 30, 2022 | 1,570,391 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | 59,633 | 0 | 16,608 | 27,170 | |
Net income (loss) excluding portion attributable to temporary equity | 43,778 | ||||
Net income, temporary equity | 15,855 | ||||
Other comprehensive income (loss) | 113 | 113 | |||
Cash distributions to partners | (16,608) | (44,124) | |||
Cash distributions to partners, temporary equity | (15,855) | ||||
Unit-based compensation | 2,542 | 2,542 | |||
Series D Preferred Unit accretion, common | (4,890) | (4,890) | |||
Series D Preferred Unit accretion, temporary equity | 4,890 | ||||
Series D Preferred Unit accretion, total | 0 | ||||
Other | (9) | 0 | 0 | (9) | |
Other, temporary equity | 0 | ||||
Other, including temporary equity | (9) | ||||
Partners' capital - ending balance at Sep. 30, 2022 | 925,442 | (32,059) | 756,301 | 201,200 | |
Temporary equity - ending balance at Sep. 30, 2022 | 630,641 | ||||
Partners' capital and temporary equity - ending balance at Sep. 30, 2022 | 1,556,083 | ||||
Partners' capital - beginning balance at Dec. 31, 2022 | 902,316 | (31,605) | 756,301 | 177,620 | |
Temporary equity - beginning balance at Dec. 31, 2022 | 446,970 | ||||
Partners' capital and temporary equity - beginning balance at Dec. 31, 2022 | 1,349,286 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | 203,272 | 0 | 66,779 | 111,878 | |
Net income (loss) excluding portion attributable to temporary equity | 178,657 | ||||
Net income, temporary equity | 24,615 | ||||
Other comprehensive income (loss) | 149 | 149 | |||
Cash distributions to partners | (66,779) | (133,086) | |||
Cash distributions to partners, temporary equity | (24,615) | ||||
Issuance of common units | 221,829 | ||||
Unit-based compensation | 10,816 | 10,816 | |||
Series D Preferred Unit accretion, common | (7,171) | (7,171) | |||
Series D Preferred Unit accretion, temporary equity | 7,171 | ||||
Series D Preferred Unit accretion, total | 0 | ||||
Series D preferred unit redemptions | (518,680) | (64,542) | (454,138) | ||
Other | (65) | 0 | 0 | (65) | |
Other, temporary equity | (3) | ||||
Other, including temporary equity | (68) | ||||
Partners' capital - ending balance at Sep. 30, 2023 | 1,042,124 | (31,456) | 756,301 | 317,279 | |
Temporary equity - ending balance at Sep. 30, 2023 | 0 | ||||
Partners' capital and temporary equity - ending balance at Sep. 30, 2023 | 1,042,124 | ||||
Partners' capital - beginning balance at Jun. 30, 2023 | 869,317 | (31,393) | 756,301 | 144,409 | |
Temporary equity - beginning balance at Jun. 30, 2023 | 230,264 | ||||
Partners' capital and temporary equity - beginning balance at Jun. 30, 2023 | 1,099,581 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | 51,195 | 0 | 23,083 | 24,660 | |
Net income (loss) excluding portion attributable to temporary equity | 47,743 | ||||
Net income, temporary equity | 3,452 | ||||
Other comprehensive income (loss) | (63) | (63) | |||
Cash distributions to partners | (23,083) | (44,362) | |||
Cash distributions to partners, temporary equity | (3,452) | ||||
Issuance of common units | 221,829 | ||||
Unit-based compensation | 3,426 | 3,426 | |||
Series D Preferred Unit accretion, common | (197) | (197) | |||
Series D Preferred Unit accretion, temporary equity | 197 | ||||
Series D Preferred Unit accretion, total | 0 | ||||
Series D preferred unit redemptions | (262,936) | (32,475) | (230,461) | ||
Other | (11) | 0 | 0 | (11) | |
Other, temporary equity | $ 0 | ||||
Other, including temporary equity | (11) | ||||
Partners' capital - ending balance at Sep. 30, 2023 | 1,042,124 | $ (31,456) | $ 756,301 | $ 317,279 | |
Temporary equity - ending balance at Sep. 30, 2023 | 0 | ||||
Partners' capital and temporary equity - ending balance at Sep. 30, 2023 | $ 1,042,124 |
CONSOLIDATED STATEMENTS OF PA_2
CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY AND MEZZANINE EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Common Limited Partner [Member] | ||||
Cash distributions paid, per unit | $ 0.40 | $ 0.40 | $ 1.20 | $ 1.20 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | ORGANIZATION AND BASIS OF PRESENTATION Organization and Operations NuStar Energy L.P. (NYSE: NS) is a Delaware limited partnership primarily engaged in the transportation, terminalling and storage of petroleum products and renewable fuels and the transportation of anhydrous ammonia. Unless otherwise indicated, the terms “NuStar Energy,” “NS,” “the Partnership,” “we,” “our” and “us” are used in this report to refer to NuStar Energy L.P., to one or more of our consolidated subsidiaries or to all of them taken as a whole. Our business is managed under the direction of the board of directors of NuStar GP, LLC, the general partner of our general partner, Riverwalk Logistics, L.P., both of which are indirectly wholly owned subsidiaries of ours. We conduct our operations through our subsidiaries, primarily NuStar Logistics, L.P. (NuStar Logistics) and NuStar Pipeline Operating Partnership L.P. (NuPOP). We have three business segments: pipeline, storage and fuels marketing. Recent Developments Redemptions of Series D Preferred Units. In the second and third quarters of 2023, we redeemed the remaining 16,346,650 Series D Preferred Units, as defined in Note 6, for an aggregate net redemption price of $518.7 million. See Note 6 for additional information on these redemptions. Issuance of Common Units. On August 11, 2023, we issued 14,950,000 common units representing limited partner interests at a price of $15.35 per unit for net proceeds of approximately $222.0 million. We used these proceeds to repay outstanding borrowings under our Revolving Credit Agreement, as defined in Note 4. Debt Amendments. On June 30, 2023, we amended our Revolving Credit Agreement, primarily to extend the maturity date from April 27, 2025 to January 27, 2027. On June 29, 2023, we amended our Receivables Financing Agreement, as defined in Note 4, to extend the scheduled termination date from January 31, 2025 to July 1, 2026. See Note 4 for more information. Basis of Presentation These unaudited condensed consolidated financial statements include the accounts of the Partnership and subsidiaries in which the Partnership has a controlling interest. Inter-partnership balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included, and all disclosures are adequate. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022. |
DISPOSITIONS
DISPOSITIONS | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISPOSITIONS | DISPOSITIONS Sale-Leaseback Transaction On March 21, 2023, we sold our corporate headquarters facility and approximately 24 acres of underlying land located in San Antonio, Texas (the Corporate Headquarters) for an aggregate cash sales price of $103.0 million and immediately entered into an operating lease agreement (the Lease Agreement) to lease back the Corporate Headquarters for an initial term of 20 years, with two renewal options of ten years each (the Sale-Leaseback Transaction). Upon closing of the sale in the first quarter of 2023, the Sale-Leaseback Transaction qualified as a completed sale, and we recognized a gain of $41.1 million, which is presented in “Gain on sale of assets” on the condensed consolidated statements of comprehensive income. We entered into the Sale-Leaseback Transaction in order to monetize the Corporate Headquarters and used the proceeds to repay outstanding borrowings on our Revolving Credit Agreement. Pursuant to the Lease Agreement, rent for the initial term starts at $6.4 million per year and increases annually by 2.5%. At inception of the lease, right-of-use assets and lease liabilities associated with the Sale-Leaseback Transaction assumed a reasonably certain term of 20 years and were included in our consolidated balance sheet as follows (thousands of dollars): Operating lease right-of-use assets: Other long-term assets, net $ 82,230 Operating lease liabilities: Accrued liabilities $ 710 Other long-term liabilities 81,498 Total operating lease liabilities $ 82,208 Following our entrance into the Sale-Leaseback Transaction, the weighted-average discount rate for our operating leases was 6.1%. Point Tupper Terminal Disposition On April 29, 2022, we sold the equity interests in our wholly owned subsidiaries that owned our Point Tupper terminal facility in Nova Scotia, Canada (the Point Tupper Terminal Operations) to EverWind Fuels for $60.0 million. The terminal facility had a storage capacity of 7.8 million barrels and was included in the storage segment. We used the sales proceeds to reduce debt and improve our debt metrics. During the first quarter of 2022, we determined that the Point Tupper Terminal Operations met the criteria to be classified as held for sale. We compared the carrying value of the Point Tupper Terminal Operations, which included $42.2 million in cumulative foreign currency translation losses accumulated since our acquisition of the Point Tupper terminal facility in 2005, to its fair value less costs to sell, and we recognized a pre-tax impairment loss of $46.1 million in the first quarter of 2022, which is presented in “Impairment loss” on the condensed consolidated statements of comprehensive income. We believe that the sales price of $60.0 million provided a reasonable indication of the fair value of the Point Tupper Terminal Operations as it represented an exit price in an orderly transaction between market participants. The sales price was a quoted price for identical assets and liabilities in a market that was not active and, thus, our fair value estimate fell within Level 2 of the fair value hierarchy. Upon closing in the second quarter of 2022, we released $39.6 million of foreign currency translation losses from accumulated other comprehensive loss and finalized our sales price, resulting in a gain of $1.6 million, which was presented in “ Other income, net |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERS Contract Assets and Contract Liabilities The following table provides information about contract assets and contract liabilities from contracts with customers: 2023 2022 Contract Assets Contract Liabilities Contract Assets Contract Liabilities (Thousands of Dollars) Balances as of January 1: Current portion $ 2,612 $ (17,647) $ 2,336 $ (15,443) Noncurrent portion 304 (41,405) 504 (46,027) Total 2,916 (59,052) 2,840 (61,470) Activity: Additions 3,878 (51,196) 3,806 (32,895) Transfer to accounts receivable (5,556) — (4,224) — Transfer to revenues — 36,564 (83) 38,158 Total (1,678) (14,632) (501) 5,263 Balances as of September 30: Current portion 466 (29,887) 1,977 (14,327) Noncurrent portion 772 (43,797) 362 (41,880) Total $ 1,238 $ (73,684) $ 2,339 $ (56,207) Current contract assets are included in “Prepaid and other current assets” and noncurrent contract assets are included in “Other long-term assets, net” on the consolidated balance sheets. The current portion of contract liabilities is included in “Accrued liabilities” and the noncurrent portion of contract liabilities is included in “Other long-term liabilities” on the consolidated balance sheets. Remaining Performance Obligations The following table presents our estimated revenue from contracts with customers for remaining performance obligations that has not yet been recognized, representing our contractually committed revenue as of September 30, 2023: Remaining Performance Obligations (Thousands of Dollars) 2023 (remaining) $ 107,616 2024 360,981 2025 236,718 2026 169,712 2027 81,920 Thereafter 125,903 Total $ 1,082,850 Our contractually committed revenue, for purposes of the tabular presentation above, is generally limited to customer contracts that have fixed pricing and fixed volume terms and conditions, including contracts with payment obligations for minimum volume commitments. Disaggregation of Revenues The following table disaggregates our revenues: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Thousands of Dollars) Pipeline segment: Crude oil pipelines $ 100,525 $ 101,865 $ 290,314 $ 281,999 Refined products and ammonia pipelines 124,839 107,143 354,934 316,257 Total pipeline segment revenues from contracts with customers 225,364 209,008 645,248 598,256 Storage segment: Throughput terminals 21,868 26,933 73,022 84,303 Storage terminals (excluding lessor revenues) 42,013 40,694 127,078 138,502 Total storage segment revenues from contracts with customers 63,881 67,627 200,100 222,805 Lessor revenues 11,323 10,765 33,970 32,291 Total storage segment revenues 75,204 78,392 234,070 255,096 Fuels marketing segment: Revenues from contracts with customers 109,732 125,843 303,185 399,912 Consolidation and intersegment eliminations — — (2) (1) Total revenues $ 410,300 $ 413,243 $ 1,182,501 $ 1,253,263 |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Revolving Credit Agreement On June 30, 2023, we amended our $1.0 billion unsecured revolving credit agreement (as amended, the Revolving Credit Agreement), primarily to extend the maturity date from April 27, 2025 to January 27, 2027. The amendment also includes a requirement that we certify that the sum of our Revolving Credit Agreement availability and unrestricted cash balance is no less than $150.0 million on a pro forma basis prior to using any borrowings under the Revolving Credit Agreement to redeem certain unsecured indebtedness or our Series D Preferred Units. As of September 30, 2023, the Revolving Credit Agreement had $665.4 million available for borrowing and $330.0 million of borrowings outstanding. Letters of credit issued under the Revolving Credit Agreement totaled $4.6 million as of September 30, 2023, and limit the amount we can borrow under the Revolving Credit Agreement. Obligations under the Revolving Credit Agreement are guaranteed by NuStar Energy and NuPOP. The Revolving Credit Agreement provides for U.S. dollar borrowings, which bear interest, at our option, based on an alternative base rate or a SOFR-based rate. The Revolving Credit Agreement and certain fees under the Receivables Financing Agreement are the only debt arrangements with interest rates that are subject to adjustment if our debt rating is downgraded (or upgraded) by certain credit rating agencies. As of September 30, 2023, our weighted-average interest rate related to borrowings under the Revolving Credit Agreement was 7.9%. The Revolving Credit Agreement is subject to maximum consolidated debt coverage ratio and minimum consolidated interest coverage ratio requirements, which may limit the amount we can borrow to an amount that is less than the total amount available for borrowing. For a rolling period of four quarters, the Consolidated Debt Coverage Ratio (as defined in the Revolving Credit Agreement) may not exceed 5.00-to-1.00, and the Consolidated Interest Coverage Ratio (as defined in the Revolving Credit Agreement) must not be less than 1.75-to-1.00. As of September 30, 2023, we believe that we are in compliance with these financial covenants. Receivables Financing Agreement NuStar Energy and NuStar Finance LLC (NuStar Finance), a special purpose entity and wholly owned subsidiary of NuStar Energy, are parties to a $100.0 million receivables financing agreement with a third-party lender (as amended, the Receivables Financing Agreement) and agreements with certain of NuStar Energy’s wholly owned subsidiaries (collectively with the Receivables Financing Agreement, the Securitization Program). Under the Securitization Program, certain of NuStar Energy’s wholly owned subsidiaries sell their accounts receivable to NuStar Finance on an ongoing basis, and NuStar Finance provides the newly acquired accounts receivable as collateral for its revolving borrowings under the Receivables Financing Agreement. On June 29, 2023, we amended the Receivables Financing Agreement to extend the scheduled termination date from January 31, 2025 to July 1, 2026. As of September 30, 2023, the amount of borrowings outstanding under the Receivables Financing Agreement totaled $72.6 million, the interest rate related to outstanding borrowings was 7.0% and $137.5 million of our accounts receivable was included in the Securitization Program. Fair Value of Long-Term Debt The estimated fair values and carrying amounts of long-term debt, excluding finance leases, were as follows: September 30, 2023 December 31, 2022 (Thousands of Dollars) Fair value $ 3,320,299 $ 3,169,664 Carrying amount $ 3,348,006 $ 3,242,289 We have estimated the fair value of our publicly traded notes based upon quoted prices in active markets; therefore, we determined that the fair value of our publicly traded notes falls in Level 1 of the fair value hierarchy. With regard to our other debt, for which a quoted market price is not available, we have estimated the fair value using a discounted cash flow analysis using current incremental borrowing rates for similar types of borrowing arrangements and determined that the fair value falls in Level 2 of the fair value hierarchy. The carrying amount includes unamortized debt issuance costs. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIESWe have contingent liabilities resulting from various litigation, claims and commitments. We record accruals for loss contingencies when losses are considered probable and can be reasonably estimated. Legal fees associated with defending the Partnership in legal matters are expensed as incurred. We accrued $1.2 million and $0.3 million for contingent losses as of September 30, 2023 and December 31, 2022, respectively. The amount that will ultimately be paid related to such matters may differ from the recorded accruals, and the timing of such payments is uncertain. We evaluate each contingent loss at least quarterly, and more frequently as each matter progresses and develops over time, and we do not believe that the resolution of any particular claim or proceeding, or all matters in the aggregate, would have a material adverse effect on our results of operations, financial position or liquidity. |
SERIES D CUMULATIVE CONVERTIBLE
SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNITS | 9 Months Ended |
Sep. 30, 2023 | |
Temporary Equity Disclosure [Abstract] | |
SERIES D CUMULATIVE COVERTIBLE PREFERRED UNITS | SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNITS Redemptions In the second and third quarters of 2023, we redeemed all of our outstanding Series D Cumulative Convertible Preferred Units (the Series D Preferred Units), primarily with borrowings under our Revolving Credit Agreement, which had been partially paid down with proceeds from the Sale-Leaseback Transaction in the first quarter of 2023 and with proceeds from the issuance of common units in the third quarter of 2023. On the notification dates for each redemption, those Series D Preferred Units became mandatorily redeemable; therefore, we reclassified those Series D Preferred Units from mezzanine equity to liability-classified mandatorily redeemable Series D Preferred Units valued at the redemption price, excluding accrued distributions (Net Redemption Price). We recorded the difference between the carrying value of those Series D Preferred Units prior to reclassification and the Net Redemption Price as a deemed distribution, which reduced our common equity and was subtracted from net income to arrive at net (loss) income attributable to common units in the calculation of basic and diluted net (loss) income per common unit. At each closing, we accounted for the redemptions as extinguishments of debt. Distributions accrued for redeemed units from the notification dates to the redemption dates for the three and nine months ended September 30, 2023 totaled $3.1 million and $4.8 million, respectively, and are reported in “Interest expense, net” on the condensed consolidated statements of comprehensive income. Information related to the Series D Preferred Unit redemptions is shown below (thousands of dollars, except unit and per unit data): September 12, 2023 Redemption July 31, 2023 Redemption June 30, 2023 Redemption Notification date August 14, 2023 June 29, 2023 May 25, 2023 Units redeemed 8,286,650 2,560,000 5,500,000 Redemption price per unit, including accrued distributions $ 32.59 $ 32.18 $ 31.88 Redemption price, including accrued distributions $ 270,062 $ 82,381 $ 175,340 Accrued distributions 7,126 1,152 825 Net Redemption Price $ 262,936 $ 81,229 $ 174,515 Carrying value of units at notification date $ 230,461 $ 71,210 $ 152,467 Net Redemption Price 262,936 81,229 174,515 Loss to common limited partners attributable to redemption $ (32,475) $ (10,019) $ (22,048) For the three and nine months ended September 30, 2023, we recorded losses of $0.27 and $0.57 per common unit, respectively, attributable to the Series D Preferred Unit redemptions. Units Outstanding The following is a summary of our Series D Preferred Units outstanding: Transaction Date Price per Unit Number of Units Units outstanding as of January 1, 2022 23,246,650 Repurchase November 22, 2022 $ 32.73 (6,900,000) Units outstanding as of December 31, 2022 16,346,650 Redemption June 30, 2023 $ 31.88 (5,500,000) Redemption July 31, 2023 $ 32.18 (2,560,000) Redemption September 12, 2023 $ 32.59 (8,286,650) Units outstanding as of September 30, 2023 — Distributions Prior to their redemption and/or repurchase, we allocated net income to our Series D Preferred Units equal to the amount of distributions earned during the period. Distributions on the Series D Preferred Units were payable out of any legally available funds, accrued and were cumulative from the original issuance dates and were payable on the 15th day (or next business day) of each of March, June, September and December, beginning September 17, 2018, to holders of record on the first business day of each payment month. The distribution rates on the Series D Preferred Units were as follows: (i) 9.75% per annum ($0.619 per unit per distribution period) for the first two years; (ii) 10.75% per annum ($0.682 per unit per distribution period) for years three through five; and (iii) the greater of 13.75% per annum ($0.872 per unit per distribution period) or the distribution per common unit thereafter. The distribution rate on our Series D Preferred Units increased on June 15, 2023, to the greater of 13.75% per annum ($0.872 per unit per distribution period) or the distribution per common unit. The total distribution for the applicable periods in the table below excludes amounts reported in “Interest expense, net” as described above under “Redemptions.” Distribution information on our Series D Preferred Units was as follows: Distribution Period Distribution Rate per Unit Total Distribution (Thousands of Dollars) June 15, 2023 - September 12, 2023 $ 0.872 $ 5,134 March 15, 2023 - June 14, 2023 $ 0.682 $ 10,315 December 15, 2022 - March 14, 2023 $ 0.682 $ 11,148 September 15, 2022 - December 14, 2022 $ 0.682 $ 14,337 June 15, 2022 - September 14, 2022 $ 0.682 $ 15,854 March 15, 2022 - June 14, 2022 $ 0.682 $ 15,854 December 15, 2021 - March 14, 2022 $ 0.682 $ 15,854 |
PARTNERS' EQUITY
PARTNERS' EQUITY | 9 Months Ended |
Sep. 30, 2023 | |
Partners' Capital Notes [Abstract] | |
PARTNERS' EQUITY | PARTNERS’ EQUITY Series A, B and C Preferred Units We allocate net income to our 8.50% Series A, 7.625% Series B and 9.00% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (collectively, the Series A, B and C Preferred Units) equal to the amount of distributions earned during the period. Distributions on our Series A, B and C Preferred Units are payable out of any legally available funds, accrue and are cumulative from the original issuance dates, and are payable on the 15th day (or next business day) of each of March, June, September and December of each year to holders of record on the first business day of each payment month. Information on our Series A, B and C Preferred Units is shown below: Units Units Issued and Outstanding as of September 30, 2023 Optional Redemption Date/Date When Distribution Rate Became Floating Floating Annual Rate (as a Percentage of the $25.00 Liquidation Preference per Unit) Series A Preferred Units 9,060,000 December 15, 2021 Three-month LIBOR (a) plus 6.766% Series B Preferred Units 15,400,000 June 15, 2022 Three-month LIBOR (a) plus 5.643% Series C Preferred Units 6,900,000 December 15, 2022 Three-month LIBOR (a) plus 6.88% (a) Beginning with the distribution period starting on September 15, 2023, LIBOR was replaced with the corresponding CME Term SOFR plus the applicable tenor spread adjustment of 0.26161%. Distribution information on our Series A, B and C Preferred Units is as follows (thousands of dollars, except per unit data): Series A Preferred Units Series B Preferred Units Series C Preferred Units Distribution Period Distribution Rate per Unit Total Distribution Distribution Rate per Unit Total Distribution Distribution Rate per Unit Total Distribution September 15, 2023 - December 14, 2023 $ 0.77736 $ 7,043 $ 0.70717 $ 10,890 $ 0.78448 $ 5,413 June 15, 2023 - September 14, 2023 $ 0.76715 $ 6,950 $ 0.69696 $ 10,733 $ 0.77428 $ 5,343 March 15, 2023 - June 14, 2023 $ 0.73169 $ 6,629 $ 0.66150 $ 10,187 $ 0.73881 $ 5,098 December 15, 2022 - March 14, 2023 $ 0.71889 $ 6,513 $ 0.64871 $ 9,990 $ 0.72602 $ 5,010 September 15, 2022 - December 14, 2022 $ 0.64059 $ 5,804 $ 0.57040 $ 8,784 $ 0.56250 $ 3,881 June 15, 2022 - September 14, 2022 $ 0.54808 $ 4,966 $ 0.47789 $ 7,360 $ 0.56250 $ 3,881 March 15, 2022 - June 14, 2022 $ 0.47817 $ 4,332 $ 0.47657 $ 7,339 $ 0.56250 $ 3,881 December 15, 2021 - March 14, 2022 $ 0.43606 $ 3,951 $ 0.47657 $ 7,339 $ 0.56250 $ 3,881 On October 25, 2023, our Board of Directors declared distributions with respect to the Series A, B and C Preferred Units to be paid on December 15, 2023. Common Limited Partners Issuance of Common Units. On August 11, 2023, we issued 14,950,000 common units representing limited partner interests at a price of $15.35 per unit for proceeds of approximately $222.0 million, net of approximately $7.5 million of issuance costs. We used these proceeds to repay outstanding borrowings under our Revolving Credit Agreement. Distributions. We make quarterly distributions to common unitholders of 100% of our “Available Cash,” generally defined as cash receipts less cash disbursements, including distributions to our preferred units, and cash reserves established by the general partner, in its sole discretion. These quarterly distributions are declared and paid within 45 days subsequent to each quarter-end. The common unitholders receive a distribution each quarter as determined by the Board of Directors, subject to limitation by the distributions in arrears, if any, on our preferred units. On October 25, 2023, our Board of Directors declared distributions with respect to our common units for the quarter ended September 30, 2023. The following table summarizes information about cash distributions to our common limited partners applicable to the period in which the distributions were earned: Quarter Ended Cash Distributions Total Cash Record Date Payment Date (Thousands of Dollars) September 30, 2023 $ 0.40 $ 50,358 November 7, 2023 November 14, 2023 June 30, 2023 $ 0.40 $ 44,363 August 8, 2023 August 14, 2023 March 31, 2023 $ 0.40 $ 44,396 May 8, 2023 May 12, 2023 December 31, 2022 $ 0.40 $ 44,328 February 8, 2023 February 14, 2023 Accumulated Other Comprehensive Income (Loss) (AOCI) The balance of and changes in the components included in AOCI were as follows: Three Months Ended September 30, 2023 2022 Foreign Currency Translation Cash Flow Hedges Pension and Other Postretirement Benefits Total Foreign Currency Translation Cash Flow Hedges Pension and Other Postretirement Benefits Total (Thousands of Dollars) Balance as of July 1 $ 746 $ (33,360) $ 1,221 $ (31,393) $ (153) $ (35,436) $ 3,417 $ (32,172) Other comprehensive (loss) income before reclassification adjustments (42) — — (42) 15 — — 15 Net gain on pension costs reclassified into other income, net — — (737) (737) — — (422) (422) Net loss on cash flow hedges reclassified into interest expense, net — 725 — 725 — 525 — 525 Other — — (9) (9) — — (5) (5) Other comprehensive (loss) income (42) 725 (746) (63) 15 525 (427) 113 Balance as of September 30 $ 704 $ (32,635) $ 475 $ (31,456) $ (138) $ (34,911) $ 2,990 $ (32,059) Nine Months Ended September 30, 2023 2022 Foreign Cash Flow Pension and Total Foreign Cash Flow Pension and Total (Thousands of Dollars) Balance as of January 1 $ 62 $ (34,380) $ 2,713 $ (31,605) $ (41,761) $ (36,486) $ 4,269 $ (73,978) Other comprehensive income before reclassification adjustments 642 — — 642 1,977 — — 1,977 Sale of Point Tupper Terminal Operations reclassified into net income (Note 2) — — — — 39,646 — — 39,646 Net gain on pension costs reclassified into other income, net — — (2,210) (2,210) — — (1,262) (1,262) Net loss on cash flow hedges reclassified into interest expense, net — 1,745 — 1,745 — 1,575 — 1,575 Other — — (28) (28) — — (17) (17) Other comprehensive income (loss) 642 1,745 (2,238) 149 41,623 1,575 (1,279) 41,919 Balance as of September 30 $ 704 $ (32,635) $ 475 $ (31,456) $ (138) $ (34,911) $ 2,990 $ (32,059) As of September 30, 2023, we expect to reclassify a loss of $3.5 million to “Interest expense, net” within the next 12 months associated with unwound forward-starting interest rate swaps. |
NET INCOME (LOSS) PER COMMON UN
NET INCOME (LOSS) PER COMMON UNIT | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER COMMON UNIT | NET INCOME (LOSS) PER COMMON UNIT Basic and diluted net income (loss) per common unit is determined pursuant to the two-class method. Under this method, all earnings are allocated to our limited partners and participating securities based on their respective rights to receive distributions earned during the period. Participating securities include restricted units awarded under our long-term incentive plans and, from June 15, 2023 to their redemption on September 12, 2023, the Series D Preferred Units. We compute basic net income (loss) per common unit by dividing net income (loss) attributable to common units by the weighted-average number of common units outstanding during the period. We compute diluted net income (loss) per common unit by dividing net income (loss) attributable to common units by the sum of (i) the weighted average number of common units outstanding during the period and (ii) the effect of dilutive potential common units outstanding during the period. The Series D Preferred Units contained certain unitholder conversion and redemption features, and we used the if-converted method to calculate the dilutive effect of the conversion or redemption feature that would have been most advantageous to the Series D preferred unitholders. The effect of the assumed conversion or redemption of the Series D Preferred Units outstanding, prior to their redemption and/or repurchase, was antidilutive for all periods presented; therefore, we did not include such conversion in the computation of diluted net (loss) income per common unit. The following table details the calculation of basic and diluted net (loss) income per common unit: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Thousands of Dollars, Except Unit and Per Unit Data) Net income $ 51,195 $ 59,633 $ 203,272 $ 131,144 Distributions to preferred limited partners (26,535) (32,463) (91,394) (95,078) Distributions to common limited partners (50,358) (44,125) (139,117) (132,418) Distribution equivalent rights to restricted units (651) (614) (1,990) (1,864) Distributions in excess of income $ (26,349) $ (17,569) $ (29,229) $ (98,216) Distributions to common limited partners $ 50,358 $ 44,125 $ 139,117 $ 132,418 Allocation of distributions in excess of income to common limited partners (26,349) (17,569) (29,229) (98,216) Series D Preferred Unit accretion (197) (4,890) (7,171) (14,205) Series D Preferred Unit redemptions (32,475) — (64,542) — Net (loss) income attributable to common units $ (8,663) $ 21,666 $ 38,175 $ 19,997 Basic and diluted weighted-average common units outstanding 119,218,622 110,310,921 113,698,898 110,265,359 Basic and diluted net (loss) income per common unit $ (0.07) $ 0.20 $ 0.34 $ 0.18 |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 9 Months Ended |
Sep. 30, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION Changes in current assets and current liabilities were as follows: Nine Months Ended September 30, 2023 2022 (Thousands of Dollars) Decrease (increase) in current assets: Accounts receivable $ (18,953) $ (8,093) Inventories (1,939) 984 Other current assets 2,853 (3,055) Increase (decrease) in current liabilities: Accounts payable 4,354 8,336 Accrued interest payable 40,705 40,271 Accrued liabilities 9,940 (7,610) Taxes other than income tax 4,602 2,006 Changes in current assets and current liabilities $ 41,562 $ 32,839 The above changes in current assets and current liabilities may differ from changes between amounts reflected in the applicable consolidated balance sheets due to: • the change in the amount accrued for capital expenditures; • the effect of accrued compensation expense paid with fully vested common unit awards; and • current assets and current liabilities disposed of during the period. Other supplemental cash flow information is as follows: Nine Months Ended September 30, 2023 2022 (Thousands of Dollars) Cash paid for interest, net of amount capitalized $ 131,112 $ 105,238 Cash paid for income taxes, net of tax refunds received $ 2,980 $ 4,063 Right-of-use assets obtained in exchange for operating lease liabilities $ 82,372 $ 10,050 Right-of-use assets obtained in exchange for finance lease liabilities $ 2,806 $ 2,254 Restricted cash, representing legally restricted funds that are unavailable for general use, is included in “Other long-term assets, net” on the consolidated balance sheets. “Cash, cash equivalents and restricted cash” on the consolidated statements of cash flows is included in the consolidated balance sheets as follows: September 30, 2023 December 31, 2022 (Thousands of Dollars) Cash and cash equivalents $ 4,371 $ 14,489 Other long-term assets, net 9,152 8,888 Cash, cash equivalents and restricted cash $ 13,523 $ 23,377 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Our reportable business segments consist of the pipeline, storage and fuels marketing segments. Our segments represent strategic business units that offer different services and products. We evaluate the performance of each segment based on its respective operating income, before general and administrative expenses and certain non-segmental depreciation and amortization expense. General and administrative expenses are not allocated to the operating segments since those expenses relate primarily to the overall management at the entity level. Results of operations for the reportable segments were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Thousands of Dollars) Revenues: Pipeline $ 225,364 $ 209,008 $ 645,248 $ 598,256 Storage 75,204 78,392 234,070 255,096 Fuels marketing 109,732 125,843 303,185 399,912 Consolidation and intersegment eliminations — — (2) (1) Total revenues $ 410,300 $ 413,243 $ 1,182,501 $ 1,253,263 Operating income: Pipeline $ 125,953 $ 110,365 $ 353,615 $ 307,070 Storage 17,348 22,609 61,327 38,841 Fuels marketing 8,160 8,519 21,236 21,694 Total segment operating income 151,461 141,493 436,178 367,605 Gain on sale of assets — — 41,075 — General and administrative expenses 35,083 27,676 95,428 82,656 Other depreciation and amortization expense 1,080 1,935 3,672 5,582 Total operating income $ 115,298 $ 111,882 $ 378,153 $ 279,367 Total assets by reportable segment were as follows: September 30, 2023 December 31, 2022 (Thousands of Dollars) Pipeline $ 3,301,928 $ 3,360,685 Storage 1,403,369 1,438,609 Fuels marketing 53,353 37,763 Total segment assets 4,758,650 4,837,057 Other partnership assets 153,646 136,629 Total consolidated assets $ 4,912,296 $ 4,973,686 |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation | Inter-partnership balances and transactions have been eliminated in consolidation. |
Basis of Presentation | These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included, and all disclosures are adequate. All such adjustments are of a normal recurring nature unless disclosed otherwise. |
NET INCOME (LOSS) PER COMMON _2
NET INCOME (LOSS) PER COMMON UNIT (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income (Loss) per Common Unit | Basic and diluted net income (loss) per common unit is determined pursuant to the two-class method. Under this method, all earnings are allocated to our limited partners and participating securities based on their respective rights to receive distributions earned during the period. Participating securities include restricted units awarded under our long-term incentive plans and, from June 15, 2023 to their redemption on September 12, 2023, the Series D Preferred Units. We compute basic net income (loss) per common unit by dividing net income (loss) attributable to common units by the weighted-average number of common units outstanding during the period. We compute diluted net income (loss) per common unit by dividing net income (loss) attributable to common units by the sum of (i) the weighted average number of common units outstanding during the period and (ii) the effect of dilutive potential common units outstanding during the period. The Series D Preferred Units contained certain unitholder conversion and redemption features, and we used the if-converted method to calculate the dilutive effect of the conversion or redemption feature that would have been most advantageous to the Series D preferred unitholders. The effect of the assumed conversion or redemption of the Series D Preferred Units outstanding, prior to their redemption and/or repurchase, was antidilutive for all periods presented; therefore, we did not include such conversion in the computation of diluted net (loss) income per common unit. |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Restricted Cash | Restricted cash, representing legally restricted funds that are unavailable for general use, is included in “Other long-term assets, net” on the consolidated balance sheets. |
DISPOSITIONS (Tables)
DISPOSITIONS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale-Leaseback Transaction - Right-of-Use Assets and Lease Liabilities [Table Text Block] | At inception of the lease, right-of-use assets and lease liabilities associated with the Sale-Leaseback Transaction assumed a reasonably certain term of 20 years and were included in our consolidated balance sheet as follows (thousands of dollars): Operating lease right-of-use assets: Other long-term assets, net $ 82,230 Operating lease liabilities: Accrued liabilities $ 710 Other long-term liabilities 81,498 Total operating lease liabilities $ 82,208 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability [Table Text Block] | The following table provides information about contract assets and contract liabilities from contracts with customers: 2023 2022 Contract Assets Contract Liabilities Contract Assets Contract Liabilities (Thousands of Dollars) Balances as of January 1: Current portion $ 2,612 $ (17,647) $ 2,336 $ (15,443) Noncurrent portion 304 (41,405) 504 (46,027) Total 2,916 (59,052) 2,840 (61,470) Activity: Additions 3,878 (51,196) 3,806 (32,895) Transfer to accounts receivable (5,556) — (4,224) — Transfer to revenues — 36,564 (83) 38,158 Total (1,678) (14,632) (501) 5,263 Balances as of September 30: Current portion 466 (29,887) 1,977 (14,327) Noncurrent portion 772 (43,797) 362 (41,880) Total $ 1,238 $ (73,684) $ 2,339 $ (56,207) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | The following table presents our estimated revenue from contracts with customers for remaining performance obligations that has not yet been recognized, representing our contractually committed revenue as of September 30, 2023: Remaining Performance Obligations (Thousands of Dollars) 2023 (remaining) $ 107,616 2024 360,981 2025 236,718 2026 169,712 2027 81,920 Thereafter 125,903 Total $ 1,082,850 |
Disaggregation of Revenue [Table Text Block] | The following table disaggregates our revenues: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Thousands of Dollars) Pipeline segment: Crude oil pipelines $ 100,525 $ 101,865 $ 290,314 $ 281,999 Refined products and ammonia pipelines 124,839 107,143 354,934 316,257 Total pipeline segment revenues from contracts with customers 225,364 209,008 645,248 598,256 Storage segment: Throughput terminals 21,868 26,933 73,022 84,303 Storage terminals (excluding lessor revenues) 42,013 40,694 127,078 138,502 Total storage segment revenues from contracts with customers 63,881 67,627 200,100 222,805 Lessor revenues 11,323 10,765 33,970 32,291 Total storage segment revenues 75,204 78,392 234,070 255,096 Fuels marketing segment: Revenues from contracts with customers 109,732 125,843 303,185 399,912 Consolidation and intersegment eliminations — — (2) (1) Total revenues $ 410,300 $ 413,243 $ 1,182,501 $ 1,253,263 |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Fair Value and Carrying Value of Debt [Table Text Block] | The estimated fair values and carrying amounts of long-term debt, excluding finance leases, were as follows: September 30, 2023 December 31, 2022 (Thousands of Dollars) Fair value $ 3,320,299 $ 3,169,664 Carrying amount $ 3,348,006 $ 3,242,289 |
SERIES D CUMULATIVE CONVERTIB_2
SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNITS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Temporary Equity Disclosure [Abstract] | |
Schedule of Series D Preferred Units [Table Text Block] | Information related to the Series D Preferred Unit redemptions is shown below (thousands of dollars, except unit and per unit data): September 12, 2023 Redemption July 31, 2023 Redemption June 30, 2023 Redemption Notification date August 14, 2023 June 29, 2023 May 25, 2023 Units redeemed 8,286,650 2,560,000 5,500,000 Redemption price per unit, including accrued distributions $ 32.59 $ 32.18 $ 31.88 Redemption price, including accrued distributions $ 270,062 $ 82,381 $ 175,340 Accrued distributions 7,126 1,152 825 Net Redemption Price $ 262,936 $ 81,229 $ 174,515 Carrying value of units at notification date $ 230,461 $ 71,210 $ 152,467 Net Redemption Price 262,936 81,229 174,515 Loss to common limited partners attributable to redemption $ (32,475) $ (10,019) $ (22,048) The following is a summary of our Series D Preferred Units outstanding: Transaction Date Price per Unit Number of Units Units outstanding as of January 1, 2022 23,246,650 Repurchase November 22, 2022 $ 32.73 (6,900,000) Units outstanding as of December 31, 2022 16,346,650 Redemption June 30, 2023 $ 31.88 (5,500,000) Redemption July 31, 2023 $ 32.18 (2,560,000) Redemption September 12, 2023 $ 32.59 (8,286,650) Units outstanding as of September 30, 2023 — Distribution Period Distribution Rate per Unit Total Distribution (Thousands of Dollars) June 15, 2023 - September 12, 2023 $ 0.872 $ 5,134 March 15, 2023 - June 14, 2023 $ 0.682 $ 10,315 December 15, 2022 - March 14, 2023 $ 0.682 $ 11,148 September 15, 2022 - December 14, 2022 $ 0.682 $ 14,337 June 15, 2022 - September 14, 2022 $ 0.682 $ 15,854 March 15, 2022 - June 14, 2022 $ 0.682 $ 15,854 December 15, 2021 - March 14, 2022 $ 0.682 $ 15,854 |
PARTNERS' EQUITY (Tables)
PARTNERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Distribution Made to Preferred Limited Partner [Line Items] | |
Schedule of Preferred Units [Table Text Block] | Information on our Series A, B and C Preferred Units is shown below: Units Units Issued and Outstanding as of September 30, 2023 Optional Redemption Date/Date When Distribution Rate Became Floating Floating Annual Rate (as a Percentage of the $25.00 Liquidation Preference per Unit) Series A Preferred Units 9,060,000 December 15, 2021 Three-month LIBOR (a) plus 6.766% Series B Preferred Units 15,400,000 June 15, 2022 Three-month LIBOR (a) plus 5.643% Series C Preferred Units 6,900,000 December 15, 2022 Three-month LIBOR (a) plus 6.88% (a) Beginning with the distribution period starting on September 15, 2023, LIBOR was replaced with the corresponding CME Term SOFR plus the applicable tenor spread adjustment of 0.26161%. Distribution information on our Series A, B and C Preferred Units is as follows (thousands of dollars, except per unit data): Series A Preferred Units Series B Preferred Units Series C Preferred Units Distribution Period Distribution Rate per Unit Total Distribution Distribution Rate per Unit Total Distribution Distribution Rate per Unit Total Distribution September 15, 2023 - December 14, 2023 $ 0.77736 $ 7,043 $ 0.70717 $ 10,890 $ 0.78448 $ 5,413 June 15, 2023 - September 14, 2023 $ 0.76715 $ 6,950 $ 0.69696 $ 10,733 $ 0.77428 $ 5,343 March 15, 2023 - June 14, 2023 $ 0.73169 $ 6,629 $ 0.66150 $ 10,187 $ 0.73881 $ 5,098 December 15, 2022 - March 14, 2023 $ 0.71889 $ 6,513 $ 0.64871 $ 9,990 $ 0.72602 $ 5,010 September 15, 2022 - December 14, 2022 $ 0.64059 $ 5,804 $ 0.57040 $ 8,784 $ 0.56250 $ 3,881 June 15, 2022 - September 14, 2022 $ 0.54808 $ 4,966 $ 0.47789 $ 7,360 $ 0.56250 $ 3,881 March 15, 2022 - June 14, 2022 $ 0.47817 $ 4,332 $ 0.47657 $ 7,339 $ 0.56250 $ 3,881 December 15, 2021 - March 14, 2022 $ 0.43606 $ 3,951 $ 0.47657 $ 7,339 $ 0.56250 $ 3,881 |
Distributions Made to Limited Partner, by Distribution [Table Text Block] | The following table summarizes information about cash distributions to our common limited partners applicable to the period in which the distributions were earned: Quarter Ended Cash Distributions Total Cash Record Date Payment Date (Thousands of Dollars) September 30, 2023 $ 0.40 $ 50,358 November 7, 2023 November 14, 2023 June 30, 2023 $ 0.40 $ 44,363 August 8, 2023 August 14, 2023 March 31, 2023 $ 0.40 $ 44,396 May 8, 2023 May 12, 2023 December 31, 2022 $ 0.40 $ 44,328 February 8, 2023 February 14, 2023 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The balance of and changes in the components included in AOCI were as follows: Three Months Ended September 30, 2023 2022 Foreign Currency Translation Cash Flow Hedges Pension and Other Postretirement Benefits Total Foreign Currency Translation Cash Flow Hedges Pension and Other Postretirement Benefits Total (Thousands of Dollars) Balance as of July 1 $ 746 $ (33,360) $ 1,221 $ (31,393) $ (153) $ (35,436) $ 3,417 $ (32,172) Other comprehensive (loss) income before reclassification adjustments (42) — — (42) 15 — — 15 Net gain on pension costs reclassified into other income, net — — (737) (737) — — (422) (422) Net loss on cash flow hedges reclassified into interest expense, net — 725 — 725 — 525 — 525 Other — — (9) (9) — — (5) (5) Other comprehensive (loss) income (42) 725 (746) (63) 15 525 (427) 113 Balance as of September 30 $ 704 $ (32,635) $ 475 $ (31,456) $ (138) $ (34,911) $ 2,990 $ (32,059) Nine Months Ended September 30, 2023 2022 Foreign Cash Flow Pension and Total Foreign Cash Flow Pension and Total (Thousands of Dollars) Balance as of January 1 $ 62 $ (34,380) $ 2,713 $ (31,605) $ (41,761) $ (36,486) $ 4,269 $ (73,978) Other comprehensive income before reclassification adjustments 642 — — 642 1,977 — — 1,977 Sale of Point Tupper Terminal Operations reclassified into net income (Note 2) — — — — 39,646 — — 39,646 Net gain on pension costs reclassified into other income, net — — (2,210) (2,210) — — (1,262) (1,262) Net loss on cash flow hedges reclassified into interest expense, net — 1,745 — 1,745 — 1,575 — 1,575 Other — — (28) (28) — — (17) (17) Other comprehensive income (loss) 642 1,745 (2,238) 149 41,623 1,575 (1,279) 41,919 Balance as of September 30 $ 704 $ (32,635) $ 475 $ (31,456) $ (138) $ (34,911) $ 2,990 $ (32,059) |
NET INCOME (LOSS) PER COMMON _3
NET INCOME (LOSS) PER COMMON UNIT (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income (Loss) Per Common Unit [Table Text Block] | The following table details the calculation of basic and diluted net (loss) income per common unit: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Thousands of Dollars, Except Unit and Per Unit Data) Net income $ 51,195 $ 59,633 $ 203,272 $ 131,144 Distributions to preferred limited partners (26,535) (32,463) (91,394) (95,078) Distributions to common limited partners (50,358) (44,125) (139,117) (132,418) Distribution equivalent rights to restricted units (651) (614) (1,990) (1,864) Distributions in excess of income $ (26,349) $ (17,569) $ (29,229) $ (98,216) Distributions to common limited partners $ 50,358 $ 44,125 $ 139,117 $ 132,418 Allocation of distributions in excess of income to common limited partners (26,349) (17,569) (29,229) (98,216) Series D Preferred Unit accretion (197) (4,890) (7,171) (14,205) Series D Preferred Unit redemptions (32,475) — (64,542) — Net (loss) income attributable to common units $ (8,663) $ 21,666 $ 38,175 $ 19,997 Basic and diluted weighted-average common units outstanding 119,218,622 110,310,921 113,698,898 110,265,359 Basic and diluted net (loss) income per common unit $ (0.07) $ 0.20 $ 0.34 $ 0.18 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Changes in Current Assets and Liabilities [Table Text Block] | Changes in current assets and current liabilities were as follows: Nine Months Ended September 30, 2023 2022 (Thousands of Dollars) Decrease (increase) in current assets: Accounts receivable $ (18,953) $ (8,093) Inventories (1,939) 984 Other current assets 2,853 (3,055) Increase (decrease) in current liabilities: Accounts payable 4,354 8,336 Accrued interest payable 40,705 40,271 Accrued liabilities 9,940 (7,610) Taxes other than income tax 4,602 2,006 Changes in current assets and current liabilities $ 41,562 $ 32,839 |
Schedule of Supplemental Cash Flow Information [Table Text Block] | Other supplemental cash flow information is as follows: Nine Months Ended September 30, 2023 2022 (Thousands of Dollars) Cash paid for interest, net of amount capitalized $ 131,112 $ 105,238 Cash paid for income taxes, net of tax refunds received $ 2,980 $ 4,063 Right-of-use assets obtained in exchange for operating lease liabilities $ 82,372 $ 10,050 Right-of-use assets obtained in exchange for finance lease liabilities $ 2,806 $ 2,254 |
Schedule of Cash and Cash Equivalents [Table Text Block] | “Cash, cash equivalents and restricted cash” on the consolidated statements of cash flows is included in the consolidated balance sheets as follows: September 30, 2023 December 31, 2022 (Thousands of Dollars) Cash and cash equivalents $ 4,371 $ 14,489 Other long-term assets, net 9,152 8,888 Cash, cash equivalents and restricted cash $ 13,523 $ 23,377 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Results of operations for the reportable segments were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Thousands of Dollars) Revenues: Pipeline $ 225,364 $ 209,008 $ 645,248 $ 598,256 Storage 75,204 78,392 234,070 255,096 Fuels marketing 109,732 125,843 303,185 399,912 Consolidation and intersegment eliminations — — (2) (1) Total revenues $ 410,300 $ 413,243 $ 1,182,501 $ 1,253,263 Operating income: Pipeline $ 125,953 $ 110,365 $ 353,615 $ 307,070 Storage 17,348 22,609 61,327 38,841 Fuels marketing 8,160 8,519 21,236 21,694 Total segment operating income 151,461 141,493 436,178 367,605 Gain on sale of assets — — 41,075 — General and administrative expenses 35,083 27,676 95,428 82,656 Other depreciation and amortization expense 1,080 1,935 3,672 5,582 Total operating income $ 115,298 $ 111,882 $ 378,153 $ 279,367 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Total assets by reportable segment were as follows: September 30, 2023 December 31, 2022 (Thousands of Dollars) Pipeline $ 3,301,928 $ 3,360,685 Storage 1,403,369 1,438,609 Fuels marketing 53,353 37,763 Total segment assets 4,758,650 4,837,057 Other partnership assets 153,646 136,629 Total consolidated assets $ 4,912,296 $ 4,973,686 |
ORGANIZATION AND BASIS OF PRE_3
ORGANIZATION AND BASIS OF PRESENTATION Narrative 1 (Details) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of business segments | 3 |
ORGANIZATION AND BASIS OF PRE_4
ORGANIZATION AND BASIS OF PRESENTATION Narrative 2 Series D Preferred Units (Details) - Series D Preferred Limited Partner [Member] - USD ($) $ in Thousands | 6 Months Ended | |||
Sep. 12, 2023 | Jul. 31, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | |
Class of Stock [Line Items] | ||||
Series D Preferred Units redeemed, units | 8,286,650 | 2,560,000 | 5,500,000 | 16,346,650 |
Aggregate net redemption price | $ 518,700 |
ORGANIZATION AND BASIS OF PRE_5
ORGANIZATION AND BASIS OF PRESENTATION Narrative 3 - Issuance of Common Units (Details) - Common Limited Partner [Member] $ / shares in Units, $ in Millions | Aug. 11, 2023 USD ($) $ / shares shares |
Class of Stock [Line Items] | |
Common units issued | shares | 14,950,000 |
Common units issued, price per unit | $ / shares | $ 15.35 |
Net proceeds from issuance of common units | $ | $ 222 |
DISPOSITIONS Narrative 1 - Sale
DISPOSITIONS Narrative 1 - Sale Leaseback Transaction (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Mar. 21, 2023 USD ($) | Sep. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
Sale Leaseback Transaction [Line Items] | ||||||
Cash sales price | $ 102,781 | $ 59,643 | ||||
Gain on Sale-Leaseback Transaction | $ 0 | $ 0 | $ 41,075 | $ 0 | ||
Corporate headquarters facility and underlying land | ||||||
Sale Leaseback Transaction [Line Items] | ||||||
Number of acres of land sold | 24 | |||||
Cash sales price | $ 103,000 | |||||
Initial term | 20 years | |||||
Number of renewal periods | 2 | |||||
Renewal terms | 10 years | |||||
Rent, annual increase rate | 2.50% | |||||
Operating lease, reasonably certain lease term | 20 years | |||||
Corporate headquarters facility and underlying land | Gain on sale of assets | ||||||
Sale Leaseback Transaction [Line Items] | ||||||
Gain on Sale-Leaseback Transaction | $ 41,100 | |||||
Corporate headquarters facility and underlying land | April 1, 2023 - March 31, 2024 | ||||||
Sale Leaseback Transaction [Line Items] | ||||||
Rent for initial term, starting rent for first year | $ 6,400 |
DISPOSITIONS Table 1 - Sale Lea
DISPOSITIONS Table 1 - Sale Leaseback Transaction (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Sale Leaseback Transaction [Line Items] | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other long-term assets, net |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other long-term liabilities |
Corporate headquarters facility and underlying land | |
Sale Leaseback Transaction [Line Items] | |
Operating lease, right-of-use assets | $ 82,230 |
Operating lease, liabilities, current | 710 |
Operating lease, liabilities, long-term | 81,498 |
Operating lease, liabilities, total | $ 82,208 |
DISPOSITIONS Narrative 2 Operat
DISPOSITIONS Narrative 2 Operating Lease Information (Details) | Mar. 31, 2023 |
Discontinued Operations and Disposal Groups [Abstract] | |
Operating lease, weighted average discount rate, percent | 6.10% |
DISPOSITIONS Narrative 3 - Poin
DISPOSITIONS Narrative 3 - Point Tupper Terminal Disposition (Details) $ in Thousands, bbl in Millions | 3 Months Ended | 9 Months Ended | |||||
Apr. 29, 2022 USD ($) bbl | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
Segment Information | |||||||
Proceeds from sale of business | $ 60,000 | ||||||
Foreign currency translation losses | $ 42,200 | ||||||
Impairment loss | $ 0 | $ 0 | $ 0 | $ 46,122 | |||
Foreign currency translation losses released | $ 39,600 | ||||||
Gain on sale | $ 1,600 | ||||||
Gain on sale, location on consolidated statement of comprehensive income (loss) [Extensible Enumeration] | Other income, net | ||||||
Impairment loss | |||||||
Segment Information | |||||||
Impairment loss | $ 46,100 | ||||||
Storage Segment | |||||||
Segment Information | |||||||
Storage capacity sold (barrels) | bbl | 7.8 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS Table 1 - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Contract assets | ||||
Total | $ 1,238 | $ 2,339 | $ 2,916 | $ 2,840 |
Additions | 3,878 | 3,806 | ||
Transfer to accounts receivable | (5,556) | (4,224) | ||
Transfer to revenues, contract assets | 0 | (83) | ||
Total activity | (1,678) | (501) | ||
Contract liabilities | ||||
Total | (73,684) | (56,207) | (59,052) | (61,470) |
Additions | (51,196) | (32,895) | ||
Transfer to revenues, contract liabilities | 36,564 | 38,158 | ||
Total activity | (14,632) | 5,263 | ||
Prepaid and other current assets | ||||
Contract assets | ||||
Current portion | 466 | 1,977 | 2,612 | 2,336 |
Accrued liabilities | ||||
Contract liabilities | ||||
Current portion | (29,887) | (14,327) | (17,647) | (15,443) |
Other long-term assets, net | ||||
Contract assets | ||||
Noncurrent portion | 772 | 362 | 304 | 504 |
Other long-term liabilities | ||||
Contract liabilities | ||||
Noncurrent portion | $ (43,797) | $ (41,880) | $ (41,405) | $ (46,027) |
REVENUE FROM CONTRACTS WITH C_4
REVENUE FROM CONTRACTS WITH CUSTOMERS Table 2 - Expected Timing of Satisfaction of Performance Obligations (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 1,082,850 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 3 months |
Revenue, remaining performance obligation, amount | $ 107,616 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 360,981 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 236,718 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 169,712 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 81,920 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | |
Revenue, remaining performance obligation, amount | $ 125,903 |
REVENUE FROM CONTRACTS WITH C_5
REVENUE FROM CONTRACTS WITH CUSTOMERS Table 3 - Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Intersegment Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 0 | $ 0 | $ (2) | $ (1) |
Pipeline Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 225,364 | 209,008 | 645,248 | 598,256 |
Pipeline Segment | Crude Oil Pipelines [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 100,525 | 101,865 | 290,314 | 281,999 |
Pipeline Segment | Refined Products and Ammonia Pipelines [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 124,839 | 107,143 | 354,934 | 316,257 |
Storage Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 63,881 | 67,627 | 200,100 | 222,805 |
Lessor revenues | 11,323 | 10,765 | 33,970 | 32,291 |
Total revenues | 75,204 | 78,392 | 234,070 | 255,096 |
Storage Segment | Throughput Terminal [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 21,868 | 26,933 | 73,022 | 84,303 |
Storage Segment | Storage Terminal [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 42,013 | 40,694 | 127,078 | 138,502 |
Fuels Marketing Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 109,732 | 125,843 | 303,185 | 399,912 |
Operating Segments, Net of Intersegment Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 410,300 | $ 413,243 | $ 1,182,501 | $ 1,253,263 |
DEBT Narrative 1 - Revolving Cr
DEBT Narrative 1 - Revolving Credit Agreement (Details) $ in Thousands | 12 Months Ended |
Sep. 30, 2023 USD ($) | |
Debt Instrument [Line Items] | |
Maximum consolidated debt coverage ratio (as defined in the Revolving Credit Agreement) | 5 |
Minimum consolidated interest coverage ratio (as defined in the Revolving Credit Agreement) | 1.75 |
Revolving Credit Agreement [Member] | Unsecured Debt | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 1,000,000 |
Line of credit facility, requirement, pro forma amount | 150,000 |
Current remaining borrowing capacity | 665,400 |
Long-term debt | 330,000 |
Letters of credit outstanding, amount | $ 4,600 |
Line of credit facility, weighted-average interest rate | 7.90% |
DEBT Narrative 2 - Receivables
DEBT Narrative 2 - Receivables Financing Agreement (Details) - Receivables Financing Agreement [Member] - Secured Debt $ in Thousands | Sep. 30, 2023 USD ($) |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 100,000 |
Long-term debt | $ 72,600 |
Interest rate | 7% |
Debt instrument, collateral amount | $ 137,500 |
DEBT Table - Fair Value of Long
DEBT Table - Fair Value of Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Fair value, long-term debt, excluding finance leases | $ 3,320,299 | $ 3,169,664 |
Long-term debt, excluding finance leases | $ 3,348,006 | $ 3,242,289 |
COMMITMENTS AND CONTINGENCIES N
COMMITMENTS AND CONTINGENCIES Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loss contingency accrual, at carrying value | $ 1.2 | $ 0.3 |
SERIES D CUMULATIVE CONVERTIB_3
SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNITS Narrative 1 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Interest expense, net | ||
Temporary Equity [Line Items] | ||
Series D Preferred Units, distributions on mandatorily redeemable units | $ 3,100 | $ 4,800 |
SERIES D CUMULATIVE CONVERTIB_4
SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNITS Table 1 - Unit redemptions (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||||||||||||
Sep. 12, 2023 USD ($) $ / shares shares | Aug. 14, 2023 USD ($) | Jul. 31, 2023 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 29, 2023 USD ($) | May 25, 2023 USD ($) | Jun. 30, 2023 USD ($) $ / shares | Jul. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) $ / shares | Sep. 12, 2023 USD ($) $ / shares | Jun. 14, 2023 USD ($) | Mar. 14, 2023 USD ($) | Dec. 14, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 14, 2022 USD ($) | Jun. 14, 2022 USD ($) | Mar. 14, 2022 USD ($) | Sep. 30, 2023 USD ($) shares | Sep. 30, 2023 USD ($) $ / shares | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Temporary Equity [Line Items] | |||||||||||||||||||||||
Series D Preferred Units, carrying value of units at notification date | $ 230,264 | $ 230,264 | $ 0 | $ 630,641 | $ 0 | $ 0 | $ 630,641 | $ 446,970 | $ 625,751 | $ 616,439 | |||||||||||||
Deemed distribution/Loss to common limited partners attributable to Series D Preferred Unit redemption | $ (32,475) | 0 | $ (64,542) | 0 | |||||||||||||||||||
Preferred Stock Redeemed September 12, 2023 | |||||||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||||||
Series D Preferred Units, carrying value of units at notification date | $ 230,461 | ||||||||||||||||||||||
Deemed distribution/Loss to common limited partners attributable to Series D Preferred Unit redemption | $ (32,475) | ||||||||||||||||||||||
Preferred Stock Redeemed July 31, 2023 | |||||||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||||||
Series D Preferred Units, carrying value of units at notification date | $ 71,210 | ||||||||||||||||||||||
Deemed distribution/Loss to common limited partners attributable to Series D Preferred Unit redemption | $ (10,019) | ||||||||||||||||||||||
Preferred Stock Redeemed June 30, 2023 | |||||||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||||||
Series D Preferred Units, carrying value of units at notification date | $ 152,467 | ||||||||||||||||||||||
Deemed distribution/Loss to common limited partners attributable to Series D Preferred Unit redemption | $ (22,048) | ||||||||||||||||||||||
Loss per common limited partner unit attributable to redemption of Series D preferred units | $ / shares | $ (0.27) | $ (0.57) | |||||||||||||||||||||
Series D Preferred Limited Partner [Member] | |||||||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||||||
Series D Preferred Units redeemed, units | shares | 8,286,650 | 2,560,000 | 5,500,000 | 16,346,650 | |||||||||||||||||||
Series D preferred units redeemed, redemption price per unit, including accrued distributions | $ / shares | 32.59 | 32.18 | 31.88 | 31.88 | 32.59 | ||||||||||||||||||
Series D Preferred Units redeemed, aggregate purchase price, including accrued distributions | $ 270,062 | $ 82,381 | $ 175,340 | ||||||||||||||||||||
Series D Preferred Units, accrued distributions | $ 3,452 | $ 5,134 | $ 10,315 | $ 11,148 | $ 14,337 | $ 15,855 | $ 15,854 | $ 15,854 | $ 15,854 | $ 24,615 | $ 47,563 | ||||||||||||
Net redemption price | $ 518,700 | ||||||||||||||||||||||
Series D Preferred Limited Partner [Member] | Preferred Stock Redeemed September 12, 2023 | |||||||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||||||
Series D Preferred Units, accrued distributions | $ 7,126 | ||||||||||||||||||||||
Net redemption price | $ 262,936 | ||||||||||||||||||||||
Series D Preferred Limited Partner [Member] | Preferred Stock Redeemed July 31, 2023 | |||||||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||||||
Series D Preferred Units, accrued distributions | $ 1,152 | ||||||||||||||||||||||
Net redemption price | $ 81,229 | ||||||||||||||||||||||
Series D Preferred Limited Partner [Member] | Preferred Stock Redeemed June 30, 2023 | |||||||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||||||
Series D Preferred Units, accrued distributions | $ 825 | ||||||||||||||||||||||
Net redemption price | $ 174,515 |
SERIES D CUMULATIVE CONVERTIB_5
SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNITS Table 2 - Units Outstanding (Details) | 6 Months Ended | ||||||
Sep. 12, 2023 $ / shares shares | Jul. 31, 2023 $ / shares shares | Jun. 30, 2023 $ / shares shares | Nov. 22, 2022 $ / shares shares | Sep. 30, 2023 shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | |
Class of Stock [Line Items] | |||||||
Series D preferred units outstanding | 0 | 16,346,650 | |||||
Series D Preferred Limited Partner [Member] | |||||||
Class of Stock [Line Items] | |||||||
Series D preferred units repurchased, price per unit | $ / shares | 32.73 | ||||||
Series D preferred units redeemed, redemption price per unit, including accrued distributions | $ / shares | 32.59 | 32.18 | 31.88 | ||||
Series D preferred units outstanding | 0 | 16,346,650 | 23,246,650 | ||||
Series D preferred units repurchased | (6,900,000) | ||||||
Series D Preferred Units redeemed, units | (8,286,650) | (2,560,000) | (5,500,000) | (16,346,650) |
SERIES D CUMULATIVE CONVERTIB_6
SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNITS Narrative 2 - Distributions (Details) - Series D Preferred Limited Partner [Member] - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 12, 2023 | Jun. 14, 2023 | Mar. 14, 2023 | Dec. 14, 2022 | Sep. 14, 2022 | Jun. 14, 2022 | Mar. 14, 2022 | Sep. 30, 2023 | |
Class of Stock [Line Items] | ||||||||
Cash distributions per unit applicable to limited partners | $ 0.872 | $ 0.682 | $ 0.682 | $ 0.682 | $ 0.682 | $ 0.682 | $ 0.682 | |
Preferred Stock, Distributions, Period - June 29, 2018 to June 14, 2020 [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred units distribution percentage, per annum | 9.75% | |||||||
Cash distributions per unit applicable to limited partners | $ 0.619 | |||||||
Preferred Stock, Distributions, Period - June 15, 2020 to June 14, 2023 | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred units distribution percentage, per annum | 10.75% | |||||||
Cash distributions per unit applicable to limited partners | $ 0.682 | |||||||
Minimum [Member] | Preferred Stock, Distributions, Period - June 15, 2023 to September 12, 2023 | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred units distribution percentage, per annum | 13.75% | |||||||
Cash distributions per unit applicable to limited partners | $ 0.872 |
SERIES D CUMULATIVE CONVERTIB_7
SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNITS Table 3 - Distributions (Details) - Series D Preferred Limited Partner [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2023 | Sep. 12, 2023 | Jun. 14, 2023 | Mar. 14, 2023 | Dec. 14, 2022 | Sep. 30, 2022 | Sep. 14, 2022 | Jun. 14, 2022 | Mar. 14, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Class of Stock [Line Items] | |||||||||||
Cash distributions per unit applicable to limited partners | $ 0.872 | $ 0.682 | $ 0.682 | $ 0.682 | $ 0.682 | $ 0.682 | $ 0.682 | ||||
Series D Preferred Units, accrued distributions | $ 3,452 | $ 5,134 | $ 10,315 | $ 11,148 | $ 14,337 | $ 15,855 | $ 15,854 | $ 15,854 | $ 15,854 | $ 24,615 | $ 47,563 |
Preferred Stock, Distributions, Period - June 15, 2023 to September 12, 2023 | Minimum [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred units distribution percentage, per annum | 13.75% | ||||||||||
Cash distributions per unit applicable to limited partners | $ 0.872 |
PARTNERS' EQUITY Narrative 1 (D
PARTNERS' EQUITY Narrative 1 (Details) | 9 Months Ended |
Sep. 30, 2023 | |
Series A Preferred Limited Partner [Member] | November 25, 2016 - December 14, 2021 | |
Class of Stock [Line Items] | |
Preferred units distribution percentage | 8.50% |
Series B Preferred Limited Partner [Member] | April 28, 2017 - June 14, 2022 | |
Class of Stock [Line Items] | |
Preferred units distribution percentage | 7.625% |
Series C Preferred Limited Partner [Member] | November 30, 2017 - December 14, 2022 | |
Class of Stock [Line Items] | |
Preferred units distribution percentage | 9% |
PARTNERS' EQUITY Table 1 - Cash
PARTNERS' EQUITY Table 1 - Cash Distributions - Preferred Units (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||||
Nov. 30, 2017 | Apr. 28, 2017 | Nov. 25, 2016 | Dec. 14, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Series A Preferred Limited Partner [Member] | ||||||
Preferred Units [Line Items] | ||||||
Preferred units issued | 9,060,000 | |||||
Preferred units outstanding | 9,060,000 | 9,060,000 | ||||
Series A Preferred Limited Partner [Member] | Subsequent Event [Member] | ||||||
Preferred Units [Line Items] | ||||||
Tenor spread adjustment | 0.26161% | |||||
Series A Preferred Limited Partner [Member] | December 15, 2021 and Thereafter | ||||||
Preferred Units [Line Items] | ||||||
Preferred units, liquidation preference, per unit | $ 25 | |||||
Series A Preferred Limited Partner [Member] | December 15, 2021 and Thereafter | ||||||
Preferred Units [Line Items] | ||||||
Preferred units, distribution payment rate, basis spread | 6.766% | |||||
Series B Preferred Limited Partner [Member] | ||||||
Preferred Units [Line Items] | ||||||
Preferred units issued | 15,400,000 | |||||
Preferred units outstanding | 15,400,000 | 15,400,000 | ||||
Series B Preferred Limited Partner [Member] | Subsequent Event [Member] | ||||||
Preferred Units [Line Items] | ||||||
Tenor spread adjustment | 0.26161% | |||||
Series B Preferred Limited Partner [Member] | June 15, 2022 and Thereafter | ||||||
Preferred Units [Line Items] | ||||||
Preferred units, liquidation preference, per unit | $ 25 | |||||
Series B Preferred Limited Partner [Member] | June 15, 2022 and Thereafter | ||||||
Preferred Units [Line Items] | ||||||
Preferred units, distribution payment rate, basis spread | 5.643% | |||||
Series C Preferred Limited Partner [Member] | ||||||
Preferred Units [Line Items] | ||||||
Preferred units issued | 6,900,000 | |||||
Preferred units outstanding | 6,900,000 | 6,900,000 | ||||
Series C Preferred Limited Partner [Member] | Subsequent Event [Member] | ||||||
Preferred Units [Line Items] | ||||||
Tenor spread adjustment | 0.26161% | |||||
Series C Preferred Limited Partner [Member] | December 15, 2022 and Thereafter | ||||||
Preferred Units [Line Items] | ||||||
Preferred units, liquidation preference, per unit | $ 25 | |||||
Series C Preferred Limited Partner [Member] | December 15, 2022 and Thereafter | ||||||
Preferred Units [Line Items] | ||||||
Preferred units, distribution payment rate, basis spread | 6.88% |
PARTNERS' EQUITY Table 2 - Cash
PARTNERS' EQUITY Table 2 - Cash Distributions - Preferred Units - Floating Distribution Rate (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||||
Dec. 14, 2023 | Sep. 14, 2023 | Jun. 14, 2023 | Mar. 14, 2023 | Dec. 14, 2022 | Sep. 14, 2022 | Jun. 14, 2022 | Mar. 14, 2022 | |
Series A Preferred Limited Partner [Member] | ||||||||
Distribution Made to Preferred Limited Partner [Line Items] | ||||||||
Per unit distribution, variable, per quarter | $ 0.76715 | $ 0.73169 | $ 0.71889 | $ 0.64059 | $ 0.54808 | $ 0.47817 | $ 0.43606 | |
Distributions to partners, variable | $ 6,950 | $ 6,629 | $ 6,513 | $ 5,804 | $ 4,966 | $ 4,332 | $ 3,951 | |
Series B Preferred Limited Partner [Member] | ||||||||
Distribution Made to Preferred Limited Partner [Line Items] | ||||||||
Per unit distribution, variable, per quarter | $ 0.69696 | $ 0.66150 | $ 0.64871 | $ 0.57040 | $ 0.47789 | |||
Distributions to partners, variable | $ 10,733 | $ 10,187 | $ 9,990 | $ 8,784 | $ 7,360 | |||
Preferred unit distribution, per unit | $ 0.47657 | $ 0.47657 | ||||||
Distributions to partners, fixed | $ 7,339 | $ 7,339 | ||||||
Series C Preferred Limited Partner [Member] | ||||||||
Distribution Made to Preferred Limited Partner [Line Items] | ||||||||
Per unit distribution, variable, per quarter | $ 0.77428 | $ 0.73881 | $ 0.72602 | |||||
Distributions to partners, variable | $ 5,343 | $ 5,098 | $ 5,010 | |||||
Preferred unit distribution, per unit | $ 0.56250 | $ 0.56250 | $ 0.56250 | $ 0.56250 | ||||
Distributions to partners, fixed | $ 3,881 | $ 3,881 | $ 3,881 | $ 3,881 | ||||
Subsequent Event [Member] | Series A Preferred Limited Partner [Member] | ||||||||
Distribution Made to Preferred Limited Partner [Line Items] | ||||||||
Per unit distribution, variable, per quarter | $ 0.77736 | |||||||
Distributions to partners, variable | $ 7,043 | |||||||
Subsequent Event [Member] | Series B Preferred Limited Partner [Member] | ||||||||
Distribution Made to Preferred Limited Partner [Line Items] | ||||||||
Per unit distribution, variable, per quarter | $ 0.70717 | |||||||
Distributions to partners, variable | $ 10,890 | |||||||
Subsequent Event [Member] | Series C Preferred Limited Partner [Member] | ||||||||
Distribution Made to Preferred Limited Partner [Line Items] | ||||||||
Per unit distribution, variable, per quarter | $ 0.78448 | |||||||
Distributions to partners, variable | $ 5,413 |
PARTNERS' EQUITY Narrative 2 -
PARTNERS' EQUITY Narrative 2 - Issuance of Common Units (Details) - Common Limited Partner [Member] $ / shares in Units, $ in Millions | Aug. 11, 2023 USD ($) $ / shares shares |
Class of Stock [Line Items] | |
Common units issued | shares | 14,950,000 |
Common units issued, price per unit | $ / shares | $ 15.35 |
Net proceeds from issuance of common units | $ 222 |
Common unit issuance costs | $ 7.5 |
PARTNERS' EQUITY Narrative 3 -
PARTNERS' EQUITY Narrative 3 - Distributions (Details) | 9 Months Ended |
Sep. 30, 2023 | |
Partners' Capital Notes [Abstract] | |
Percent of available cash distributed | 100% |
Number of days after each quarter-end within which distribution is declared and paid to common unitholders | 45 |
PARTNERS' EQUITY Table 3 - Cash
PARTNERS' EQUITY Table 3 - Cash Distributions - Common Limited Partners (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Partners' Capital Notes [Abstract] | |||||||
Common limited partners' distribution, per unit | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.40 | |||
Common limited partners' distribution | $ 50,358 | $ 44,363 | $ 44,396 | $ 44,328 | $ 44,125 | $ 139,117 | $ 132,418 |
PARTNERS' EQUITY Table 4 - Bala
PARTNERS' EQUITY Table 4 - Balance of and Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ (31,605) | |||
Ending balance | $ (31,456) | (31,456) | ||
Loss to be reclassified during next 12 months, forward-starting interest rate swaps | (3,500) | (3,500) | ||
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 746 | $ (153) | 62 | $ (41,761) |
Other comprehensive (loss) income before reclassification adjustments | (42) | 15 | 642 | 1,977 |
Other | 0 | 0 | 0 | 0 |
Other comprehensive (loss) income | (42) | 15 | 642 | 41,623 |
Ending balance | 704 | (138) | 704 | (138) |
Foreign Currency Translation [Member] | Point Tupper Terminal Disposition | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net (gain) loss reclassified from AOCI | 0 | 39,646 | ||
Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (33,360) | (35,436) | (34,380) | (36,486) |
Other comprehensive (loss) income before reclassification adjustments | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Other comprehensive (loss) income | 725 | 525 | 1,745 | 1,575 |
Ending balance | (32,635) | (34,911) | (32,635) | (34,911) |
Pension and Other Postretirement Benefits [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 1,221 | 3,417 | 2,713 | 4,269 |
Other comprehensive (loss) income before reclassification adjustments | 0 | 0 | 0 | 0 |
Other | (9) | (5) | (28) | (17) |
Other comprehensive (loss) income | (746) | (427) | (2,238) | (1,279) |
Ending balance | 475 | 2,990 | 475 | 2,990 |
Total [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (31,393) | (32,172) | (31,605) | (73,978) |
Other comprehensive (loss) income before reclassification adjustments | (42) | 15 | 642 | 1,977 |
Other | (9) | (5) | (28) | (17) |
Other comprehensive (loss) income | (63) | 113 | 149 | 41,919 |
Ending balance | (31,456) | (32,059) | (31,456) | (32,059) |
Total [Member] | Point Tupper Terminal Disposition | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net (gain) loss reclassified from AOCI | 0 | 39,646 | ||
Interest expense, net | Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net (gain) loss reclassified from AOCI | 725 | 525 | 1,745 | 1,575 |
Interest expense, net | Total [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net (gain) loss reclassified from AOCI | 725 | 525 | 1,745 | 1,575 |
Pension Plan [Member] | Other income, net | Pension and Other Postretirement Benefits [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net (gain) loss reclassified from AOCI | (737) | (422) | (2,210) | (1,262) |
Pension Plan [Member] | Other income, net | Total [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net (gain) loss reclassified from AOCI | $ (737) | $ (422) | $ (2,210) | $ (1,262) |
NET INCOME (LOSS) PER COMMON _4
NET INCOME (LOSS) PER COMMON UNIT Table - Net Income (Loss) per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |||||||
Net income (loss) | $ 51,195 | $ 59,633 | $ 203,272 | $ 131,144 | |||
Distributions to preferred limited partners | (26,535) | (32,463) | (91,394) | (95,078) | |||
Distributions to common limited partners | (50,358) | $ (44,363) | $ (44,396) | $ (44,328) | (44,125) | (139,117) | (132,418) |
Distribution equivalent rights to restricted units | (651) | (614) | (1,990) | (1,864) | |||
Distributions in excess of income | (26,349) | (17,569) | (29,229) | (98,216) | |||
Distributions to common limited partners | 50,358 | $ 44,363 | $ 44,396 | $ 44,328 | 44,125 | 139,117 | 132,418 |
Allocation of distributions in excess of income to common limited partners | (26,349) | (17,569) | (29,229) | (98,216) | |||
Series D Preferred Unit accretion | (197) | (4,890) | (7,171) | (14,205) | |||
Series D Preferred Unit redemptions | (32,475) | 0 | (64,542) | 0 | |||
Net (loss) income attributable to common units | $ (8,663) | $ 21,666 | $ 38,175 | $ 19,997 | |||
Basic weighted-average common units outstanding | 119,218,622 | 110,310,921 | 113,698,898 | 110,265,359 | |||
Diluted weighted-average common units outstanding | 119,218,622 | 110,310,921 | 113,698,898 | 110,265,359 | |||
Basic net income (loss) per common unit | $ (0.07) | $ 0.20 | $ 0.34 | $ 0.18 | |||
Diluted net income (loss) per common unit | $ (0.07) | $ 0.20 | $ 0.34 | $ 0.18 |
SUPPLEMENTAL CASH FLOW INFORM_4
SUPPLEMENTAL CASH FLOW INFORMATION - Table 1 - Changes in Current Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | ||
Decrease (increase) in accounts receivable | $ (18,953) | $ (8,093) |
Decrease (increase) in inventories | (1,939) | 984 |
Decrease (increase) in other currrent assets | 2,853 | (3,055) |
Increase (decrease) in accounts payable | 4,354 | 8,336 |
Increase (decrease) in accrued interest payable | 40,705 | 40,271 |
Increase (decrease) in accrued liabilities | 9,940 | (7,610) |
Increase (decrease) in taxes other than income tax | 4,602 | 2,006 |
Changes in current assets and current liabilities | $ 41,562 | $ 32,839 |
SUPPLEMENTAL CASH FLOW INFORM_5
SUPPLEMENTAL CASH FLOW INFORMATION - Table 2 - Other Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | ||
Cash paid for interest, net of amount capitalized | $ 131,112 | $ 105,238 |
Cash paid for income taxes, net of tax refunds received | 2,980 | 4,063 |
Right-of-use assets obtained in exchange for operating lease liabilities | 82,372 | 10,050 |
Right-of-use assets obtained in exchange for finance lease liabilities | $ 2,806 | $ 2,254 |
SUPPLEMENTAL CASH FLOW INFORM_6
SUPPLEMENTAL CASH FLOW INFORMATION - Table 3 - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Supplemental Cash Flow Information [Abstract] | ||||
Cash and cash equivalents | $ 4,371 | $ 14,489 | ||
Restricted cash | 9,152 | 8,888 | ||
Cash, cash equivalents and restricted cash | $ 13,523 | $ 23,377 | $ 16,374 | $ 14,439 |
Restricted cash, location on consolidated balance sheets [Extensible Enumeration] | Other long-term assets, net | Other long-term assets, net |
SEGMENT INFORMATION Table 1 - R
SEGMENT INFORMATION Table 1 - Results of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating income: | ||||
Operating income (loss) | $ 115,298 | $ 111,882 | $ 378,153 | $ 279,367 |
Gain on sale of assets | 0 | 0 | 41,075 | 0 |
General and administrative expenses | 35,083 | 27,676 | 95,428 | 82,656 |
Other depreciation and amortization expense | 1,080 | 1,935 | 3,672 | 5,582 |
Storage Segment | ||||
Revenues: | ||||
Revenues | 75,204 | 78,392 | 234,070 | 255,096 |
Operating Segments, Net of Intersegment Eliminations | ||||
Revenues: | ||||
Revenues | 410,300 | 413,243 | 1,182,501 | 1,253,263 |
Operating Segments [Member] | ||||
Operating income: | ||||
Operating income (loss) | 151,461 | 141,493 | 436,178 | 367,605 |
Operating Segments [Member] | Pipeline Segment | ||||
Revenues: | ||||
Revenues | 225,364 | 209,008 | 645,248 | 598,256 |
Operating income: | ||||
Operating income (loss) | 125,953 | 110,365 | 353,615 | 307,070 |
Operating Segments [Member] | Storage Segment | ||||
Revenues: | ||||
Revenues | 75,204 | 78,392 | 234,070 | 255,096 |
Operating income: | ||||
Operating income (loss) | 17,348 | 22,609 | 61,327 | 38,841 |
Operating Segments [Member] | Fuels Marketing Segment | ||||
Revenues: | ||||
Revenues | 109,732 | 125,843 | 303,185 | 399,912 |
Operating income: | ||||
Operating income (loss) | 8,160 | 8,519 | 21,236 | 21,694 |
Intersegment Eliminations [Member] | ||||
Revenues: | ||||
Revenues | 0 | 0 | (2) | (1) |
Corporate, Non-Segment [Member] | ||||
Operating income: | ||||
Gain on sale of assets | 0 | 0 | 41,075 | 0 |
General and administrative expenses | 35,083 | 27,676 | 95,428 | 82,656 |
Other depreciation and amortization expense | $ 1,080 | $ 1,935 | $ 3,672 | $ 5,582 |
SEGMENT INFORMATION Table 2 - A
SEGMENT INFORMATION Table 2 - Assets by Reportable Segment (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Segment Information | ||
Total consolidated assets | $ 4,912,296 | $ 4,973,686 |
Operating Segments [Member] | ||
Segment Information | ||
Total consolidated assets | 4,758,650 | 4,837,057 |
Operating Segments [Member] | Pipeline Segment | ||
Segment Information | ||
Total consolidated assets | 3,301,928 | 3,360,685 |
Operating Segments [Member] | Storage Segment | ||
Segment Information | ||
Total consolidated assets | 1,403,369 | 1,438,609 |
Operating Segments [Member] | Fuels Marketing Segment | ||
Segment Information | ||
Total consolidated assets | 53,353 | 37,763 |
Corporate, Non-Segment [Member] | ||
Segment Information | ||
Total consolidated assets | $ 153,646 | $ 136,629 |