Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 30, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | Blueknight Energy Partners, L.P. | |
Entity Central Index Key | 0001392091 | |
Trading Symbol | bkep | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Units | |
Series A Preferred Unit [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 35,125,202 | |
Common Unit [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 41,198,088 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 972 | $ 558 |
Accounts receivable, net | 15,039 | 23,716 |
Receivables from related parties, net | 1,006 | 1,110 |
Other current assets | 7,783 | 8,692 |
Total current assets | 24,800 | 34,076 |
Property, plant and equipment, net of accumulated depreciation of $274,404 and $287,964 at December 31, 2019, and September 30, 2020, respectively | 222,881 | 232,777 |
Goodwill | 6,728 | 6,728 |
Debt issuance costs, net | 1,591 | 2,344 |
Operating lease assets | 9,009 | 10,758 |
Intangible assets, net | 12,029 | 14,088 |
Other noncurrent assets | 1,047 | 1,169 |
Total assets | 278,085 | 301,940 |
Current liabilities: | ||
Accounts payable | 2,281 | 3,125 |
Accounts payable to related parties | 837 | 2,460 |
Contingent liability with related party (Note 8) | 12,221 | |
Accrued interest payable | 318 | 293 |
Accrued property taxes payable | 3,451 | 3,247 |
Accrued payroll | 4,794 | 4,823 |
Current operating lease liability | 1,827 | 2,391 |
Other current liabilities | 2,802 | 2,627 |
Total current liabilities | 34,187 | 54,576 |
Other long-term liabilities | 927 | 2,417 |
Noncurrent operating lease liability | 7,221 | 8,529 |
Long-term debt | 260,592 | 255,592 |
Commitments and contingencies (Note 13) | ||
Partners’ capital(deficit): | ||
Common unitholders (40,830,051 and 41,198,088 units issued and outstanding at December 31, 2019, and September 30, 2020, respectively) | 349,160 | 356,777 |
Preferred unitholders (35,125,202 units issued and outstanding at both dates) | 253,923 | 253,923 |
General partner interest (1.6% interest with 1,225,409 general partner units outstanding at both dates) | (632,149) | (632,023) |
Total partners’ deficit | (29,066) | (21,323) |
Total liabilities and partners’ deficit | 278,085 | 301,940 |
Third Party [Member] | ||
Current liabilities: | ||
Accrued crude oil purchases | 3,668 | 6,706 |
Unearned revenue | 3,874 | 1,942 |
Related Party [Member] | ||
Current liabilities: | ||
Accrued crude oil purchases | 7,425 | 11,807 |
Unearned revenue | 2,910 | 2,934 |
Long-term unearned revenue with related parties | $ 4,224 | $ 2,149 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accumulated depreciation | $ 287,964 | $ 274,404 |
Common units, issued (in shares) | 41,198,088 | 40,830,051 |
Common units, outstanding (in shares) | 41,198,088 | 40,830,051 |
Preferred units, issued (in shares) | 35,125,202 | 35,125,202 |
Preferred units, outstanding (in shares) | 35,125,202 | 35,125,202 |
General partner units, interest | 1.60% | 1.60% |
General partner units, outstanding (in shares) | 1,225,409 | 1,225,409 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue | $ 69,125 | $ 74,863 | $ 171,948 | $ 233,280 |
Revenue | 16,632 | 16,871 | 46,290 | 46,183 |
Total revenue | 85,757 | 91,734 | 218,238 | 279,463 |
Costs and expenses: | ||||
Operating expense | 23,715 | 25,215 | 73,066 | 78,432 |
General and administrative expense | 3,401 | 3,840 | 11,008 | 10,495 |
Asset impairment expense | 83 | 6,417 | 2,316 | |
Total costs and expenses | 69,576 | 80,801 | 195,295 | 255,198 |
Gain (loss) on disposal of assets | 509 | (40) | 426 | 1,765 |
Operating income | 16,690 | 10,893 | 23,369 | 26,030 |
Other income (expenses): | ||||
Other income | 176 | 69 | 969 | 475 |
Interest expense | (2,472) | (3,989) | (8,586) | (12,394) |
Income before income taxes | 14,394 | 6,973 | 15,752 | 14,111 |
Provision for income taxes | 1 | 14 | 8 | 39 |
Net income | 14,393 | 6,959 | 15,744 | 14,072 |
Allocation of net income (loss) for calculation of earnings per unit: | ||||
General partner interest in net income | 228 | 110 | 249 | 268 |
Preferred interest in net income | 6,278 | 6,278 | 18,836 | 18,836 |
Net income (loss) available to limited partners | $ 7,887 | $ 571 | $ (3,341) | $ (5,032) |
Basic net income (loss) per common unit (in dollars per share) | $ 0.19 | $ 0.01 | $ (0.08) | $ (0.12) |
Diluted net income (loss) per common unit (in dollars per share) | $ 0.18 | $ 0.01 | $ (0.08) | $ (0.12) |
Weighted average common units outstanding - basic (in shares) | 41,166 | 40,811 | 41,072 | 40,735 |
Weighted average common units outstanding - diluted (in shares) | 77,646 | 40,811 | 41,072 | 40,735 |
Third Party [Member] | ||||
Revenue | $ 9,142 | $ 11,444 | $ 27,051 | $ 31,004 |
Costs and expenses: | ||||
Cost of product sales | 19,833 | 18,972 | 41,133 | 64,069 |
Related Party [Member] | ||||
Revenue | 7,490 | 5,427 | 19,239 | 15,179 |
Costs and expenses: | ||||
Cost of product sales | 22,627 | 32,691 | 63,671 | 99,886 |
Service [Member] | Third Party [Member] | ||||
Revenue | 12,886 | 15,716 | 39,935 | 47,318 |
Service [Member] | Related Party [Member] | ||||
Revenue | 4,849 | 3,934 | 12,945 | 12,189 |
Product [Member] | Third Party [Member] | ||||
Revenue | $ 51,390 | $ 55,213 | $ 119,068 | $ 173,773 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Partners' Capital (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | Limited Partner [Member] | Preferred Partner [Member] | General Partner [Member] |
Balance at Dec. 31, 2018 | $ (6,896) | $ 370,972 | $ 253,923 | $ (631,791) |
Net income (loss) | 14,072 | (4,983) | 18,836 | 219 |
Equity-based incentive compensation | 652 | 637 | 15 | |
Distributions | (25,905) | (6,658) | (18,836) | (411) |
Proceeds from sale of common units pursuant to the Employee Unit Purchase Plan | 176 | 176 | ||
Balance at Sep. 30, 2019 | (17,901) | 360,144 | 253,923 | (631,968) |
Balance at Jun. 30, 2019 | (17,168) | 360,861 | 253,923 | (631,952) |
Net income (loss) | 6,959 | 574 | 6,278 | 107 |
Equity-based incentive compensation | 289 | 284 | 5 | |
Distributions | (8,084) | (1,678) | (6,278) | (128) |
Proceeds from sale of common units pursuant to the Employee Unit Purchase Plan | 103 | 103 | ||
Balance at Sep. 30, 2019 | (17,901) | 360,144 | 253,923 | (631,968) |
Balance at Dec. 31, 2019 | (21,323) | 356,777 | 253,923 | (632,023) |
Net income (loss) | 15,744 | (3,341) | 18,836 | 249 |
Equity-based incentive compensation | 640 | 630 | 10 | |
Distributions | (24,297) | (5,076) | (18,836) | (385) |
Proceeds from sale of common units pursuant to the Employee Unit Purchase Plan | 170 | 170 | ||
Balance at Sep. 30, 2020 | (29,066) | 349,160 | 253,923 | (632,149) |
Balance at Jun. 30, 2020 | (35,678) | 342,651 | 253,923 | (632,252) |
Net income (loss) | 14,393 | 7,887 | 6,278 | 228 |
Equity-based incentive compensation | 213 | 210 | 3 | |
Distributions | (8,109) | (1,703) | (6,278) | (128) |
Proceeds from sale of common units pursuant to the Employee Unit Purchase Plan | 115 | 115 | ||
Balance at Sep. 30, 2020 | $ (29,066) | $ 349,160 | $ 253,923 | $ (632,149) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Partners' Capital (Deficit) (Unaudited) (Parentheticals) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Limited Partner [Member] | ||||
Common units issued pursuant to the Employee Unit Purchase Plan (in shares) | 104,954 | 98,631 | 158,326 | 161,971 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 15,744 | $ 14,072 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 17,698 | 19,211 |
Amortization of debt issuance costs | 753 | 754 |
Tangible asset impairment charge | 6,417 | 2,316 |
Gain on disposal of assets | (426) | (1,765) |
Equity-based incentive compensation | 640 | 652 |
Changes in assets and liabilities: | ||
Decrease in accounts receivable | 8,677 | 7,128 |
Decrease (increase) in receivables from related parties | 104 | (830) |
Decrease in other current assets | 3,032 | 3,615 |
Decrease in other non-current assets | 1,767 | 2,255 |
Decrease in accounts payable | (379) | (250) |
Increase (decrease) in payables to related parties | (1,256) | 535 |
Increase (decrease) in accrued interest payable | 25 | (176) |
Increase in accrued property taxes | 204 | 612 |
Increase in unearned revenue | 318 | 1,557 |
Increase (decrease) in accrued payroll | (29) | 169 |
Decrease in other accrued liabilities | (2,145) | (2,926) |
Net cash provided by operating activities | 43,900 | 38,284 |
Cash flows from investing activities: | ||
Acquisition of DEVCO from Ergon (Note 8) | (12,221) | |
Capital expenditures | (12,381) | (9,428) |
Proceeds from sale of assets | 2,409 | 7,089 |
Net cash used in investing activities | (22,193) | (2,339) |
Cash flows from financing activities: | ||
Payments on other financing activities | (2,166) | (1,894) |
Borrowings under credit agreement | 181,000 | 218,000 |
Payments under credit agreement | (176,000) | (225,000) |
Proceeds from equity issuance | 170 | 176 |
Distributions | (24,297) | (25,905) |
Net cash used in financing activities | (21,293) | (34,623) |
Net increase in cash and cash equivalents | 414 | 1,322 |
Cash and cash equivalents at beginning of period | 558 | 1,455 |
Cash and cash equivalents at end of period | 972 | 2,777 |
Supplemental disclosure of non-cash financing and investing cash flow information: | ||
Non-cash changes in property, plant and equipment | 1,185 | 1,528 |
Increase in accrued liabilities related to insurance premium financing agreement | 2,324 | 2,356 |
Third Party [Member] | ||
Changes in assets and liabilities: | ||
Increase (decrease) in accrued crude oil purchases | (4,244) | (7,484) |
Related Party [Member] | ||
Changes in assets and liabilities: | ||
Increase (decrease) in accrued crude oil purchases | (4,382) | 1,219 |
Increase in unearned revenue | $ 1,382 | $ (2,380) |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. ORGANIZATION AND NATURE OF BUSINESS Blueknight Energy Partners, L.P. and subsidiaries (collectively, the “Partnership”) is a publicly traded master limited partnership with operations in 26 four February 2007 |
Note 2 - Basis of Consolidation
Note 2 - Basis of Consolidation and Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 2. BASIS OF CONSOLIDATION AND PRESENTATION The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated balance sheet as of September 30, 2020 three nine September 30, 2019 2020 three nine September 30, 2019 2020 nine September 30, 2019 2020 2019 not 10 December 31, 2019 March 26, 2020 2019 10 not 3 2019 10 nine September 30, 2019, no |
Note 3 - Revenue
Note 3 - Revenue | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Revenue [Text Block] | 3. REVENUE The Partnership recognizes revenue from contracts with customers as well as lease revenue. The following table includes revenue associated with contractual commitments in place related to future performance obligations as of the end of the reporting period, which are expected to be recognized in revenue in the specified periods (in thousands): Revenue from Contracts with Customers(1) Revenue from Leases Remainder of 2020 $ 9,620 $ 14,358 2021 38,156 57,083 2022 30,076 45,512 2023 26,462 38,446 2024 26,506 38,494 Thereafter 61,140 76,644 Total revenue related to future performance obligations $ 191,960 $ 270,537 ___________________ ( 1 Excluded from the table is revenue that is either constrained or related to performance obligations that are wholly unsatisfied as of September 30, 2020 Disaggregation of Revenue Disaggregation of revenue from contracts with customers for each operating segment by revenue type is presented as follows (in thousands): Asphalt Terminalling Services Crude Oil Terminalling Services Crude Oil Pipeline Services Crude Oil Trucking Services Total Three Months ended September 30, 2019 Revenue from contracts with customers Third-party revenue: Fixed storage, throughput and other revenue $ 5,008 $ 3,264 $ - $ - $ 8,272 Variable throughput and other revenue 648 961 - - 1,609 Variable reimbursement revenue 1,729 - - - 1,729 Crude oil transportation revenue - - 1,284 2,822 4,106 Crude oil product sales revenue - - 55,213 - 55,213 Related-party revenue: Fixed storage, throughput and other revenue 2,750 - 63 - 2,813 Variable throughput and other revenue 21 - - - 21 Variable reimbursement revenue 1,099 - 1 - 1,100 Total revenue from contracts with customers $ 11,255 $ 4,225 $ 56,561 $ 2,822 $ 74,863 Lease revenue Third-party revenue: Fixed lease revenue $ 9,415 $ - $ - $ - $ 9,415 Variable throughput and other revenue 1,451 - - - 1,451 Variable reimbursement revenue 578 - - - 578 Related-party revenue: Fixed lease revenue 4,733 - - - 4,733 Variable throughput and other revenue 615 - - - 615 Variable reimbursement revenue 79 - - - 79 Total lease revenue $ 16,871 $ - $ - $ - $ 16,871 Total revenue $ 28,126 $ 4,225 $ 56,561 $ 2,822 $ 91,734 Three Months ended September 30, 2020 Revenue from contracts with customers Third-party revenue: Fixed storage, throughput and other revenue $ 5,097 $ 3,327 $ - $ - $ 8,424 Variable throughput and other revenue 752 863 - - 1,615 Variable reimbursement revenue 1,665 - - - 1,665 Crude oil transportation revenue - - 412 770 1,182 Crude oil product sales revenue - - 51,390 - 51,390 Related-party revenue: Fixed storage, throughput and other revenue 4,079 - - - 4,079 Variable throughput and other revenue 267 - - - 267 Variable reimbursement revenue 503 - - - 503 Total revenue from contracts with customers $ 12,363 $ 4,190 $ 51,802 $ 770 $ 69,125 Lease revenue Third-party revenue: Fixed lease revenue $ 7,930 $ - $ - $ - $ 7,930 Variable throughput revenue 713 - - - 713 Variable reimbursement revenue 499 - - - 499 Related-party revenue: Fixed lease revenue 6,552 - - - 6,552 Variable throughput revenue 784 - - - 784 Variable reimbursement revenue 154 - - - 154 Total lease revenue $ 16,632 $ - $ - $ - $ 16,632 Total revenue $ 28,995 $ 4,190 $ 51,802 $ 770 $ 85,757 Asphalt Terminalling Services Crude Oil Terminalling Services Crude Oil Pipeline Services Crude Oil Trucking Services Total Nine Months ended September 30, 2019 Revenue from contracts with customers Third-party revenue: Fixed storage, throughput and other revenue $ 14,852 $ 9,380 $ - $ - $ 24,232 Variable throughput and other revenue 877 2,435 - - 3,312 Variable reimbursement revenue 5,489 - - - 5,489 Crude oil transportation revenue - - 5,748 8,537 14,285 Crude oil product sales revenue - - 173,773 - 173,773 Related-party revenue: Fixed storage, throughput and other revenue 8,296 - 229 - 8,525 Variable throughput and other revenue 136 - - - 136 Variable reimbursement revenue 3,491 - 37 - 3,528 Total revenue from contracts with customers $ 33,141 $ 11,815 $ 179,787 $ 8,537 $ 233,280 Lease revenue Third-party revenue: Fixed lease revenue $ 27,867 $ - $ - $ - $ 27,867 Variable throughput and other revenue 1,451 - - - 1,451 Variable reimbursement revenue 1,685 - - - 1,685 Related-party revenue: Fixed lease revenue 14,249 - - - 14,249 Variable throughput and other revenue 615 - - - 615 Variable reimbursement revenue 316 - - - 316 Total lease revenue $ 46,183 $ - $ - $ - $ 46,183 Total revenue $ 79,324 $ 11,815 $ 179,787 $ 8,537 $ 279,463 Nine Months ended September 30, 2020 Revenue from contracts with customers Third-party revenue: Fixed storage, throughput and other revenue $ 15,318 $ 9,858 $ - $ - $ 25,176 Variable throughput and other revenue 1,129 2,755 - - 3,884 Variable reimbursement revenue 4,754 - - - 4,754 Crude oil transportation revenue - - 1,287 4,834 6,121 Crude oil product sales revenue - - 119,068 - 119,068 Related-party revenue: Fixed storage, throughput and other revenue 9,861 - - - 9,861 Variable throughput and other revenue 647 - - - 647 Variable reimbursement revenue 2,437 - - - 2,437 Total revenue from contracts with customers $ 34,146 $ 12,613 $ 120,355 $ 4,834 $ 171,948 Lease revenue Third-party revenue: Fixed lease revenue $ 24,729 $ - $ - $ - $ 24,729 Variable throughput and other revenue 746 - - - 746 Variable reimbursement revenue 1,576 - - - 1,576 Related-party revenue: Fixed lease revenue 17,914 - - - 17,914 Variable throughput and other revenue 784 - - - 784 Variable reimbursement revenue 541 - - - 541 Total lease revenue $ 46,290 $ - $ - $ - $ 46,290 Total revenue $ 80,436 $ 12,613 $ 120,355 $ 4,834 $ 218,238 Contract Balances Billed accounts receivable from contracts with customers were $23.2 $13.7 December 31, 2019 September 30, 2020 The Partnership records unearned revenues when cash payments are received in advance of performance. Unearned revenue related to contracts with customers was $3.0 $3.6 December 31, 2019 September 30, 2020 nine September 30, 2020 $2.2 Practical Expedients and Exemptions The Partnership does not one |
Note 4 - Property, Plant and Eq
Note 4 - Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. PROPERTY, PLANT, AND EQUIPMENT The Partnership recognized asset impairment expense of $6.4 nine September 30, 2020. second 2020, $1.3 $1.1 $0.2 first 2020 $8.1 December 31, 2019, $4.0 March 31, 2020, March 31, 2020. 2020, $0.8 $4.9 During the nine September 30, 2019 $2.3 $2.0 8 $0.3 During the three nine September 30, 2020 no nine September 30, 2019, three $1.6 $1.5 $1.6 $0.3 In addition, proceeds received during the nine September 30, 2019 $2.6 December 2018, January 2019. |
Note 5 - Debt
Note 5 - Debt | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. DEBT On May 11, 2017, June 28, 2018, $450.0 $400.0 As of October 30, 2020 $255.6 $1.7 $142.7 may The credit agreement is guaranteed by all of the Partnership's existing subsidiaries. Obligations under the credit agreement are secured by first The credit agreement includes procedures for additional financial institutions to become revolving lenders, or for any existing lender to increase its revolving commitment thereunder, subject to an aggregate maximum of $600.0 The credit agreement will mature on May 11, 2022, not Borrowings under the credit agreement bear interest, at the Partnership's option, at either the reserve-adjusted eurodollar rate (as defined in the credit agreement) plus an applicable margin that ranges from 2.0% 3.25% 0.5%, 30 1.0% 1.0% 2.25%. 0.375% 0.5% The credit agreement includes financial covenants that are tested on a quarterly basis, based on the rolling four Prior to the date on which the Partnership issues qualified senior notes in an aggregate principal amount (when combined with all other qualified senior notes previously or concurrently issued) that equals or exceeds $200.0 4.75 1.00; may 5.25 1.00 $15.0 From and after the date on which the Partnership issues qualified senior notes in an aggregate principal amount (when combined with all other qualified senior notes previously or concurrently issued) that equals or exceeds $200.0 5.00 1.00; second 5.50 1.00. The maximum permitted consolidated senior secured leverage ratio (as defined in the credit agreement, but generally computed as the ratio of consolidated total secured debt to credit agreement EBITDA) is 3.50 1.00, $200.0 The minimum permitted consolidated interest coverage ratio (as defined in the credit agreement, but generally computed as the ratio of credit agreement EBITDA to consolidated interest expense) is 2.50 1.00. In addition, the credit agreement contains various covenants that, among other restrictions, limit the Partnership's ability to: • create, issue, incur or assume indebtedness; • create, incur or assume liens; • engage in mergers or acquisitions; • sell, transfer, assign or convey assets; • repurchase the Partnership's equity, make distributions to unitholders and make certain other restricted payments; • make investments; • modify the terms of certain indebtedness, or prepay certain indebtedness; • engage in transactions with affiliates; • enter into certain hedging contracts; • enter into certain burdensome agreements; • change the nature of the Partnership's business; and • make certain amendments to the Fourth Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”). At September 30, 2020 4.06 1.00 5.79 1.00. September 30, 2020 Management evaluates whether conditions and/or events raise substantial doubt about the Partnership's ability to continue as a going concern within one Based on the Partnership's forecasted credit agreement EBITDA during the assessment period, management believes that it will remain in compliance with these financial covenants (as described below). However, there are certain inherent risks associated with the continued ability to comply with the consolidated total leverage ratio covenant. These risks relate, among other things, to potential future (a) decreases in storage volumes and rates as well as throughput and transportation rates realized; (b) weather phenomenon that may $260.6 September 30, 2020 not Based on management's current forecasts, management believes the Partnership will be able to comply with the consolidated total leverage ratio during the assessment period. However, the Partnership cannot make any assurances that it will be able to achieve management's forecasts. If the Partnership is unable to achieve management's forecasts, further actions may not no The credit agreement permits the Partnership to make quarterly distributions of available cash (as defined in the Partnership Agreement) to unitholders so long as no 7 In addition to other customary events of default, the credit agreement includes an event of default if: (i) the general partner ceases to own 100% (ii) Ergon ceases to own and control 50% (iii) during any period of 12 (A) who were members of the Board on the first (B) whose election or nomination to the Board was approved by individuals referred to in clause (A) above constituting at the time of such election or nomination at least a majority of the Board; or (C) whose election or nomination to the Board was approved by individuals referred to in clauses (A) and (B) above constituting at the time of such election or nomination at least a majority of the Board, provided that any changes to the composition of individuals serving as members of the Board approved by Ergon will not If an event of default relating to bankruptcy or other insolvency events occurs with respect to the general partner or the Partnership, all indebtedness under the credit agreement will immediately become due and payable. If any other event of default exists under the credit agreement, the lenders may may If any default occurs under the credit agreement, or if the Partnership is unable to make any of the representations and warranties in the credit agreement, the Partnership will be unable to borrow funds or to have letters of credit issued under the credit agreement. Debt issuance costs are being amortized over the term of the credit agreement. Interest expense related to debt issuance cost amortization for both the three September 30, 2019 2020 $0.3 nine September 30, 2019 2020, $0.8 During the three September 30, 2019 2020 5.90% 3.56% $4.0 $2.5 nine September 30, 2019 2020 6.20% 4.11% $12.3 $8.5 |
Note 6 - Net Income Per Limited
Note 6 - Net Income Per Limited Partner Unit | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. NET INCOME PER LIMITED PARTNER UNIT For purposes of calculating earnings per unit, preferred units, general partner units and common units are first Three Months ended September 30, Nine Months ended September 30, 2019 2020 2019 2020 Net income $ 6,959 $ 14,393 $ 14,072 $ 15,744 General partner interest in net income 110 228 268 249 Preferred interest in net income 6,278 6,278 18,836 18,836 Net income (loss) available to limited partners $ 571 $ 7,887 $ (5,032 ) $ (3,341 ) Basic weighted average number of units: Common units 40,811 41,166 40,735 41,072 Restricted and phantom units 1,130 1,354 1,004 1,259 Total units 41,941 42,520 41,739 42,331 Diluted weighted average number of units: Common units 40,811 77,646 40,735 41,072 Basic net income (loss) per common unit $ 0.01 $ 0.19 $ (0.12 ) $ (0.08 ) Diluted net income (loss) per common unit $ 0.01 $ 0.18 $ (0.12 ) $ (0.08 ) |
Note 7 - Partners' Capital and
Note 7 - Partners' Capital and Distributions | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Partners' Capital Notes Disclosure [Text Block] | 7. PARTNERS' CAPITAL AND DISTRIBUTIONS On October 15, 2020 $0.17875 three September 30, 2020 November 13, 2020 November 3, 2020 $6.4 $6.3 $0.1 In addition, the Board approved a cash distribution of $0.04 three September 30, 2020 November 13, 2020 November 3, 2020 $1.7 $1.6 $0.1 $0.1 |
Note 8 - Related Party Transact
Note 8 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 8. RELATED PARTY TRANSACTIONS The Partnership leases asphalt facilities and provides asphalt terminalling services to Ergon. On April 3, 2020, 23 28. August 4, 2020, 2020 August 1, 2020. 2020 three 22 six three September 30, 2019 2020 $9.3 $12.4 nine September 30, 2019 2020 $27.2 $32.3 December 31, 2019 September 30, 2020 $1.1 $1.0 December 31, 2019 September 30, 2020 $5.1 $6.7 On August 4, 2020, August 1, 2020, 22 2020 three nine September 30, 2020 $3.1 The Partnership has an agreement with Ergon under which the Partnership purchases crude oil in connection with its crude oil marketing operations. For the three September 30, 2019 2020 $32.8 $25.5 nine September 30, 2019 2020 $98.6 $69.9 September 30, 2020 $7.4 September October 20, 2020 In May 2018, 16 65 second 2019. 50% In December 2018, not 107 5.T 50% 50% nine September 30, 2019 $2.0 December 31, 2019, $10.2 $2.0 November 2019, January 2, 2020, January 3, 2020. nine September 30, 2020 |
Note 9 - Long-term Incentive Pl
Note 9 - Long-term Incentive Plan | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 9. LONG-TERM INCENTIVE PLAN In July 2007, April 29, 2014, 4,100,000 Subject to applicable earning criteria, DERs entitle the grantee to a cash payment equal to the cash distribution paid on an outstanding common unit prior to the vesting date of the underlying award. Recipients of restricted and phantom units are entitled to receive cash distributions paid on common units during the vesting period which are reflected initially as a reduction of partners' capital. Distributions paid on units which ultimately do not Restricted common units are granted to the independent directors annually. The units vest in one third three Grant Date Number of Weighted Average Grant Date Fair Value (1) Grant Date Total Fair Value (in thousands) December 2017 15,306 $ 4.85 $ 74 December 2018 23,436 $ 1.20 $ 28 December 2019 7,500 $ 1.07 $ 8 ( 1 Fair value is the closing market price on the grant date of the awards. The Partnership also grants phantom units to employees. These grants are equity awards under ASC 718 three Grant Date Number of Weighted Average Grant Date Fair Value (1) Grant Date Total Fair Value (in thousands) March 2018 396,536 $ 4.77 $ 1,891 March 2019 524,997 $ 1.14 $ 598 June 2019 46,168 $ 1.08 $ 50 March 2020 600,396 $ 0.90 $ 540 ( 1 Fair value is the closing market price on the grant date of the awards. The unrecognized estimated compensation cost of outstanding phantom and restricted units at September 30, 2020 $0.7 The Partnership's equity-based incentive compensation expense for the three September 30, 2019 2020 $0.3 $0.2 nine September 30, 2019 2020 $0.8 $0.7 Activity pertaining to phantom and restricted common unit awards granted under the LTIP was as follows: Number of Units Weighted Average Grant Date Fair Value Nonvested at December 31, 2019 1,068,343 $ 3.42 Granted 600,396 0.90 Vested 305,149 5.59 Forfeited 14,156 2.19 Nonvested at September 30, 2020 1,349,434 $ 2.68 |
Note 10 - Derivative Financial
Note 10 - Derivative Financial Instrument | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 10. DERIVATIVE FINANCIAL INSTRUMENT Commodity Derivative second 2020, 0.3 not August 2020 no September 30, 2020 December 31, 2019. Changes in the fair value of the commodity derivative are reflected in the unaudited condensed consolidated statements of operation as follows (in thousands): Derivatives Not Designated as Location of Gain(Loss) Recognized in Net Amount of Gain Recognized Hedging Instruments Income on Derivatives in Net Income on Derivatives Three Months ended September 30, 2020 Commodity derivative Cost of product sales $ 3,589 Due to the corresponding loss that was recognized in the second 2020, no nine September 30, 2020. |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 11. FAIR VALUE MEASUREMENTS The Partnership uses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost) to value assets and liabilities required to be measured at fair value, as appropriate. The Partnership uses an exit price when determining the fair value. The exit price represents amounts that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The Partnership utilizes a three three three Level 1 Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Inputs other than quoted prices that are observable for these assets or liabilities, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not Level 3 Unobservable inputs in which there is little market data, which requires the reporting entity to develop its own assumptions. This hierarchy requires the use of observable market data, when available, to minimize the use of unobservable inputs when determining fair value. In periods in which they occur, the Partnership recognizes transfers into and out of Level 3 no nine September 30, 2020 3 3 As of September 30, 2020, December 31, 2019, no Fair Value of Other Financial Instruments The following disclosure of the estimated fair value of financial instruments is made in accordance with accounting guidance for financial instruments. The Partnership has determined the estimated fair values by using available market information and valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions or valuation methodologies may At September 30, 2020 1 Based on the borrowing rates currently available to the Partnership for credit agreement debt with similar terms and maturities and consideration of the Partnership's non-performance risk, long-term debt associated with the Partnership's credit agreement at September 30, 2020 3. |
Note 12 - Operating Segments
Note 12 - Operating Segments | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. OPERATING SEGMENTS The Partnership's operations consist of four ASPHALT TERMINALLING SERVICES 53 26 CRUDE OIL TERMINALLING SERVICES CRUDE OIL PIPELINE SERVICES third CRUDE OIL TRUCKING SERVICES not The Partnership's management evaluates segment performance based upon operating margin, excluding depreciation and amortization, which includes revenues from related parties and external customers and operating expense, excluding depreciation and amortization. Operating margin, excluding depreciation and amortization (in the aggregate and by segment) is presented in the following table. The Partnership computes the components of operating margin, excluding depreciation and amortization by using amounts that are determined in accordance with GAAP. Transactions between segments are generally recorded based on prices negotiated between the segments and are similar to prices charged to third not The following table reflects certain financial data for each segment for the periods indicated (in thousands). Immaterial corporate items previously allocated to reportable segment revenues and operating expense, excluding depreciation and amortization in prior periods have been reclassified to other income to be consistent with current period presentation. Three Months ended September 30, Nine Months ended September 30, 2019 2020 2019 2020 Asphalt Terminalling Services Service revenue: Third-party revenue $ 7,385 $ 7,514 $ 21,218 $ 21,201 Related-party revenue 3,870 4,849 11,923 12,945 Lease revenue: Third-party revenue 11,444 9,142 31,004 27,050 Related-party revenue 5,427 7,490 15,179 19,240 Total revenue for reportable segment 28,126 28,995 79,324 80,436 Operating expense, excluding depreciation and amortization 11,058 12,518 35,050 36,139 Operating margin, excluding depreciation and amortization $ 17,068 $ 16,477 $ 44,274 $ 44,297 Total assets (end of period) $ 141,153 $ 134,818 $ 141,153 $ 134,818 Crude Oil Terminalling Services Service revenue: Third-party revenue $ 4,225 $ 4,190 $ 11,815 $ 12,613 Intersegment revenue 278 - 853 - Total revenue for reportable segment 4,503 4,190 12,668 12,613 Operating expense, excluding depreciation and amortization 1,217 1,223 3,522 3,157 Operating margin, excluding depreciation and amortization $ 3,286 $ 2,967 $ 9,146 $ 9,456 Total assets (end of period) $ 64,579 $ 57,056 $ 64,579 $ 57,056 Three Months ended September 30, Nine Months ended September 30, 2019 2020 2019 2020 Crude Oil Pipeline Services Service revenue: Third-party revenue $ 1,284 $ 412 $ 5,748 $ 1,287 Related-party revenue 64 - 266 - Product sales revenue: Third-party revenue 55,213 51,390 173,773 119,068 Total revenue for reportable segment 56,561 51,802 179,787 120,355 Operating expense, excluding depreciation and amortization 2,642 2,247 8,123 6,714 Intersegment operating expense 1,642 1,434 4,971 4,364 Third-party cost of product sales 18,972 19,833 64,069 41,133 Related-party cost of product sales 32,691 22,627 99,886 63,671 Operating margin, excluding depreciation and amortization $ 614 $ 5,661 $ 2,738 $ 4,473 Total assets (end of period) $ 94,247 $ 77,380 $ 94,247 $ 77,380 Crude Oil Trucking Services Service revenue Third-party revenue $ 2,822 $ 770 $ 8,537 $ 4,834 Intersegment revenue 1,364 1,434 4,118 4,364 Total revenue for reportable segment 4,186 2,204 12,655 9,198 Operating expense, excluding depreciation and amortization $ 4,058 2,289 $ 12,526 9,358 Operating margin, excluding depreciation and amortization $ 128 $ (85 ) $ 129 $ (160 ) Total assets (end of period) $ 5,498 $ 4,113 $ 5,498 $ 4,113 Consolidated Amounts Total operating margin, excluding depreciation and amortization(1) $ 21,096 $ 25,020 $ 56,287 $ 58,066 Total reportable segment revenues $ 93,376 $ 87,191 $ 284,434 $ 222,602 Elimination of intersegment revenues (1,642 ) (1,434 ) (4,971 ) (4,364 ) Consolidated Revenues $ 91,734 $ 85,757 $ 279,463 $ 218,238 Total reportable segment assets $ 305,477 $ 273,367 $ 305,477 $ 273,367 Corporate assets 8,498 4,718 8,498 4,718 Consolidated assets $ 313,975 $ 278,085 $ 313,975 $ 278,085 ( 1 The following table reconciles segment operating margin (excluding depreciation and amortization) to income from continuing operations before income taxes (in thousands): Three Months ended September 30, Nine Months ended September 30, 2019 2020 2019 2020 Operating margin, excluding depreciation and amortization $ 21,096 $ 25,020 $ 56,287 $ 58,066 Depreciation and amortization (6,240 ) (5,438 ) (19,211 ) (17,698 ) General and administrative expense (3,840 ) (3,401 ) (10,495 ) (11,008 ) Asset impairment expense (83 ) - (2,316 ) (6,417 ) Gain (loss) on disposal of assets (40 ) 509 1,765 426 Other income 69 176 475 969 Interest expense (3,989 ) (2,472 ) (12,394 ) (8,586 ) Income before income taxes $ 6,973 $ 14,394 $ 14,111 $ 15,752 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. COMMITMENTS AND CONTINGENCIES The Partnership is from time to time subject to various legal actions and claims incidental to its business. Management believes that these legal proceedings will not The Partnership has contractual obligations to perform dismantlement and removal activities in the event that some of its asphalt product and residual fuel oil terminalling and storage assets are abandoned. These obligations include varying levels of activity including completely removing the assets and returning the land to its original state. The Partnership has determined that the settlement dates related to the retirement obligations are indeterminate. The assets with indeterminate settlement dates have been in existence for many years and with regular maintenance will continue to be in service for many years to come. Also, it is not not no not |
Note 14 - Recently Issued Accou
Note 14 - Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 14. RECENTLY ISSUED ACCOUNTING STANDARDS Except as discussed in the 2019 10 no nine September 30, 2020 |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Revenue from Contracts with Customers(1) Revenue from Leases Remainder of 2020 $ 9,620 $ 14,358 2021 38,156 57,083 2022 30,076 45,512 2023 26,462 38,446 2024 26,506 38,494 Thereafter 61,140 76,644 Total revenue related to future performance obligations $ 191,960 $ 270,537 |
Disaggregation of Revenue [Table Text Block] | Asphalt Terminalling Services Crude Oil Terminalling Services Crude Oil Pipeline Services Crude Oil Trucking Services Total Three Months ended September 30, 2019 Revenue from contracts with customers Third-party revenue: Fixed storage, throughput and other revenue $ 5,008 $ 3,264 $ - $ - $ 8,272 Variable throughput and other revenue 648 961 - - 1,609 Variable reimbursement revenue 1,729 - - - 1,729 Crude oil transportation revenue - - 1,284 2,822 4,106 Crude oil product sales revenue - - 55,213 - 55,213 Related-party revenue: Fixed storage, throughput and other revenue 2,750 - 63 - 2,813 Variable throughput and other revenue 21 - - - 21 Variable reimbursement revenue 1,099 - 1 - 1,100 Total revenue from contracts with customers $ 11,255 $ 4,225 $ 56,561 $ 2,822 $ 74,863 Lease revenue Third-party revenue: Fixed lease revenue $ 9,415 $ - $ - $ - $ 9,415 Variable throughput and other revenue 1,451 - - - 1,451 Variable reimbursement revenue 578 - - - 578 Related-party revenue: Fixed lease revenue 4,733 - - - 4,733 Variable throughput and other revenue 615 - - - 615 Variable reimbursement revenue 79 - - - 79 Total lease revenue $ 16,871 $ - $ - $ - $ 16,871 Total revenue $ 28,126 $ 4,225 $ 56,561 $ 2,822 $ 91,734 Three Months ended September 30, 2020 Revenue from contracts with customers Third-party revenue: Fixed storage, throughput and other revenue $ 5,097 $ 3,327 $ - $ - $ 8,424 Variable throughput and other revenue 752 863 - - 1,615 Variable reimbursement revenue 1,665 - - - 1,665 Crude oil transportation revenue - - 412 770 1,182 Crude oil product sales revenue - - 51,390 - 51,390 Related-party revenue: Fixed storage, throughput and other revenue 4,079 - - - 4,079 Variable throughput and other revenue 267 - - - 267 Variable reimbursement revenue 503 - - - 503 Total revenue from contracts with customers $ 12,363 $ 4,190 $ 51,802 $ 770 $ 69,125 Lease revenue Third-party revenue: Fixed lease revenue $ 7,930 $ - $ - $ - $ 7,930 Variable throughput revenue 713 - - - 713 Variable reimbursement revenue 499 - - - 499 Related-party revenue: Fixed lease revenue 6,552 - - - 6,552 Variable throughput revenue 784 - - - 784 Variable reimbursement revenue 154 - - - 154 Total lease revenue $ 16,632 $ - $ - $ - $ 16,632 Total revenue $ 28,995 $ 4,190 $ 51,802 $ 770 $ 85,757 Asphalt Terminalling Services Crude Oil Terminalling Services Crude Oil Pipeline Services Crude Oil Trucking Services Total Nine Months ended September 30, 2019 Revenue from contracts with customers Third-party revenue: Fixed storage, throughput and other revenue $ 14,852 $ 9,380 $ - $ - $ 24,232 Variable throughput and other revenue 877 2,435 - - 3,312 Variable reimbursement revenue 5,489 - - - 5,489 Crude oil transportation revenue - - 5,748 8,537 14,285 Crude oil product sales revenue - - 173,773 - 173,773 Related-party revenue: Fixed storage, throughput and other revenue 8,296 - 229 - 8,525 Variable throughput and other revenue 136 - - - 136 Variable reimbursement revenue 3,491 - 37 - 3,528 Total revenue from contracts with customers $ 33,141 $ 11,815 $ 179,787 $ 8,537 $ 233,280 Lease revenue Third-party revenue: Fixed lease revenue $ 27,867 $ - $ - $ - $ 27,867 Variable throughput and other revenue 1,451 - - - 1,451 Variable reimbursement revenue 1,685 - - - 1,685 Related-party revenue: Fixed lease revenue 14,249 - - - 14,249 Variable throughput and other revenue 615 - - - 615 Variable reimbursement revenue 316 - - - 316 Total lease revenue $ 46,183 $ - $ - $ - $ 46,183 Total revenue $ 79,324 $ 11,815 $ 179,787 $ 8,537 $ 279,463 Nine Months ended September 30, 2020 Revenue from contracts with customers Third-party revenue: Fixed storage, throughput and other revenue $ 15,318 $ 9,858 $ - $ - $ 25,176 Variable throughput and other revenue 1,129 2,755 - - 3,884 Variable reimbursement revenue 4,754 - - - 4,754 Crude oil transportation revenue - - 1,287 4,834 6,121 Crude oil product sales revenue - - 119,068 - 119,068 Related-party revenue: Fixed storage, throughput and other revenue 9,861 - - - 9,861 Variable throughput and other revenue 647 - - - 647 Variable reimbursement revenue 2,437 - - - 2,437 Total revenue from contracts with customers $ 34,146 $ 12,613 $ 120,355 $ 4,834 $ 171,948 Lease revenue Third-party revenue: Fixed lease revenue $ 24,729 $ - $ - $ - $ 24,729 Variable throughput and other revenue 746 - - - 746 Variable reimbursement revenue 1,576 - - - 1,576 Related-party revenue: Fixed lease revenue 17,914 - - - 17,914 Variable throughput and other revenue 784 - - - 784 Variable reimbursement revenue 541 - - - 541 Total lease revenue $ 46,290 $ - $ - $ - $ 46,290 Total revenue $ 80,436 $ 12,613 $ 120,355 $ 4,834 $ 218,238 |
Note 6 - Net Income Per Limit_2
Note 6 - Net Income Per Limited Partner Unit (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months ended September 30, Nine Months ended September 30, 2019 2020 2019 2020 Net income $ 6,959 $ 14,393 $ 14,072 $ 15,744 General partner interest in net income 110 228 268 249 Preferred interest in net income 6,278 6,278 18,836 18,836 Net income (loss) available to limited partners $ 571 $ 7,887 $ (5,032 ) $ (3,341 ) Basic weighted average number of units: Common units 40,811 41,166 40,735 41,072 Restricted and phantom units 1,130 1,354 1,004 1,259 Total units 41,941 42,520 41,739 42,331 Diluted weighted average number of units: Common units 40,811 77,646 40,735 41,072 Basic net income (loss) per common unit $ 0.01 $ 0.19 $ (0.12 ) $ (0.08 ) Diluted net income (loss) per common unit $ 0.01 $ 0.18 $ (0.12 ) $ (0.08 ) |
Note 9 - Long-term Incentive _2
Note 9 - Long-term Incentive Plan (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block] | Grant Date Number of Weighted Average Grant Date Fair Value (1) Grant Date Total Fair Value (in thousands) December 2017 15,306 $ 4.85 $ 74 December 2018 23,436 $ 1.20 $ 28 December 2019 7,500 $ 1.07 $ 8 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Grant Date Number of Weighted Average Grant Date Fair Value (1) Grant Date Total Fair Value (in thousands) March 2018 396,536 $ 4.77 $ 1,891 March 2019 524,997 $ 1.14 $ 598 June 2019 46,168 $ 1.08 $ 50 March 2020 600,396 $ 0.90 $ 540 |
Share-based Payment Arrangement, Activity [Table Text Block] | Number of Units Weighted Average Grant Date Fair Value Nonvested at December 31, 2019 1,068,343 $ 3.42 Granted 600,396 0.90 Vested 305,149 5.59 Forfeited 14,156 2.19 Nonvested at September 30, 2020 1,349,434 $ 2.68 |
Note 10 - Derivative Financia_2
Note 10 - Derivative Financial Instrument (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | Derivatives Not Designated as Location of Gain(Loss) Recognized in Net Amount of Gain Recognized Hedging Instruments Income on Derivatives in Net Income on Derivatives Three Months ended September 30, 2020 Commodity derivative Cost of product sales $ 3,589 |
Note 12 - Operating Segments (T
Note 12 - Operating Segments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months ended September 30, Nine Months ended September 30, 2019 2020 2019 2020 Asphalt Terminalling Services Service revenue: Third-party revenue $ 7,385 $ 7,514 $ 21,218 $ 21,201 Related-party revenue 3,870 4,849 11,923 12,945 Lease revenue: Third-party revenue 11,444 9,142 31,004 27,050 Related-party revenue 5,427 7,490 15,179 19,240 Total revenue for reportable segment 28,126 28,995 79,324 80,436 Operating expense, excluding depreciation and amortization 11,058 12,518 35,050 36,139 Operating margin, excluding depreciation and amortization $ 17,068 $ 16,477 $ 44,274 $ 44,297 Total assets (end of period) $ 141,153 $ 134,818 $ 141,153 $ 134,818 Crude Oil Terminalling Services Service revenue: Third-party revenue $ 4,225 $ 4,190 $ 11,815 $ 12,613 Intersegment revenue 278 - 853 - Total revenue for reportable segment 4,503 4,190 12,668 12,613 Operating expense, excluding depreciation and amortization 1,217 1,223 3,522 3,157 Operating margin, excluding depreciation and amortization $ 3,286 $ 2,967 $ 9,146 $ 9,456 Total assets (end of period) $ 64,579 $ 57,056 $ 64,579 $ 57,056 Three Months ended September 30, Nine Months ended September 30, 2019 2020 2019 2020 Crude Oil Pipeline Services Service revenue: Third-party revenue $ 1,284 $ 412 $ 5,748 $ 1,287 Related-party revenue 64 - 266 - Product sales revenue: Third-party revenue 55,213 51,390 173,773 119,068 Total revenue for reportable segment 56,561 51,802 179,787 120,355 Operating expense, excluding depreciation and amortization 2,642 2,247 8,123 6,714 Intersegment operating expense 1,642 1,434 4,971 4,364 Third-party cost of product sales 18,972 19,833 64,069 41,133 Related-party cost of product sales 32,691 22,627 99,886 63,671 Operating margin, excluding depreciation and amortization $ 614 $ 5,661 $ 2,738 $ 4,473 Total assets (end of period) $ 94,247 $ 77,380 $ 94,247 $ 77,380 Crude Oil Trucking Services Service revenue Third-party revenue $ 2,822 $ 770 $ 8,537 $ 4,834 Intersegment revenue 1,364 1,434 4,118 4,364 Total revenue for reportable segment 4,186 2,204 12,655 9,198 Operating expense, excluding depreciation and amortization $ 4,058 2,289 $ 12,526 9,358 Operating margin, excluding depreciation and amortization $ 128 $ (85 ) $ 129 $ (160 ) Total assets (end of period) $ 5,498 $ 4,113 $ 5,498 $ 4,113 Consolidated Amounts Total operating margin, excluding depreciation and amortization(1) $ 21,096 $ 25,020 $ 56,287 $ 58,066 Total reportable segment revenues $ 93,376 $ 87,191 $ 284,434 $ 222,602 Elimination of intersegment revenues (1,642 ) (1,434 ) (4,971 ) (4,364 ) Consolidated Revenues $ 91,734 $ 85,757 $ 279,463 $ 218,238 Total reportable segment assets $ 305,477 $ 273,367 $ 305,477 $ 273,367 Corporate assets 8,498 4,718 8,498 4,718 Consolidated assets $ 313,975 $ 278,085 $ 313,975 $ 278,085 Three Months ended September 30, Nine Months ended September 30, 2019 2020 2019 2020 Operating margin, excluding depreciation and amortization $ 21,096 $ 25,020 $ 56,287 $ 58,066 Depreciation and amortization (6,240 ) (5,438 ) (19,211 ) (17,698 ) General and administrative expense (3,840 ) (3,401 ) (10,495 ) (11,008 ) Asset impairment expense (83 ) - (2,316 ) (6,417 ) Gain (loss) on disposal of assets (40 ) 509 1,765 426 Other income 69 176 475 969 Interest expense (3,989 ) (2,472 ) (12,394 ) (8,586 ) Income before income taxes $ 6,973 $ 14,394 $ 14,111 $ 15,752 |
Note 1 - Organization and Nat_2
Note 1 - Organization and Nature of Business (Details Textual) | Sep. 30, 2020 |
Number of States in which Entity Operates | 26 |
Note 3 - Revenue (Details Textu
Note 3 - Revenue (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Billed Contracts Receivable | $ 13.7 | $ 23.2 |
Contract with Customer, Liability, Total | 3.6 | $ 3 |
Contract with Customer, Liability, Revenue Recognized | $ 2.2 |
Note 3 - Revenue - Future Perfo
Note 3 - Revenue - Future Performance Obligations (Details) $ in Thousands | Sep. 30, 2020USD ($) | |
Remainder of 2020, Revenue from Leases | $ 14,358 | |
2021, Revenue from Leases | 57,083 | |
2022, Revenue from Leases | 45,512 | |
2023, Revenue from Leases | 38,446 | |
2024, Revenue from Leases | 38,494 | |
Thereafter | 76,644 | |
Revenue related to future performance obligation | 191,960 | [1] |
Revenue from Leases | $ 270,537 | |
[1] | Excluded from the table is revenue that is either constrained or related to performance obligations that are wholly unsatisfied as of September 30, 2020. |
Note 3 - Revenue - Future Per_2
Note 3 - Revenue - Future Performance Obligations 2 (Details) $ in Thousands | Sep. 30, 2020USD ($) | |
Revenue related to future performance obligation | $ 191,960 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | ||
Revenue related to future performance obligation | $ 9,620 | [2] |
Expected Timing of Satisfaction, Period (Year) | 91 days | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | ||
Revenue related to future performance obligation | $ 38,156 | [2] |
Expected Timing of Satisfaction, Period (Year) | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
Revenue related to future performance obligation | $ 30,076 | [2] |
Expected Timing of Satisfaction, Period (Year) | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
Revenue related to future performance obligation | $ 26,462 | [2] |
Expected Timing of Satisfaction, Period (Year) | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue related to future performance obligation | $ 26,506 | [2] |
Expected Timing of Satisfaction, Period (Year) | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||
Revenue related to future performance obligation | $ 61,140 | [2] |
Expected Timing of Satisfaction, Period (Year) | 1 year | |
[1] | Excluded from the table is revenue that is either constrained or related to performance obligations that are wholly unsatisfied as of September 30, 2020. | |
[2] | Excluded from the table is revenue that is either constrained or related to performance obligations that are wholly unsatisfied as of September 30, 2020. |
Note 3 - Revenue - Disaggregati
Note 3 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue | $ 69,125 | $ 74,863 | $ 171,948 | $ 233,280 |
Revenue | 16,632 | 16,871 | 46,290 | 46,183 |
Total revenue | 85,757 | 91,734 | 218,238 | 279,463 |
Operating Segments [Member] | ||||
Total revenue | 87,191 | 93,376 | 222,602 | 284,434 |
Asphalt Terminalling Services [Member] | ||||
Total revenue | 28,995 | 28,126 | 80,436 | 79,324 |
Asphalt Terminalling Services [Member] | Operating Segments [Member] | ||||
Revenue | 12,363 | 11,255 | 34,146 | 33,141 |
Revenue | 16,632 | 16,871 | 46,290 | 46,183 |
Total revenue | 28,995 | 28,126 | 80,436 | 79,324 |
Crude Oil Terminalling Services [Member] | ||||
Total revenue | 4,190 | 4,503 | 12,613 | 12,668 |
Crude Oil Terminalling Services [Member] | Operating Segments [Member] | ||||
Revenue | 4,190 | 4,225 | 12,613 | 11,815 |
Revenue | ||||
Total revenue | 4,190 | 4,225 | 12,613 | 11,815 |
Crude Oil Pipeline Services [Member] | ||||
Total revenue | 51,802 | 56,561 | 120,355 | 179,787 |
Crude Oil Pipeline Services [Member] | Operating Segments [Member] | ||||
Revenue | 51,802 | 56,561 | 120,355 | 179,787 |
Revenue | ||||
Total revenue | 51,802 | 56,561 | 120,355 | 179,787 |
Crude Oil Trucking Services [Member] | ||||
Total revenue | 2,204 | 4,186 | 9,198 | 12,655 |
Crude Oil Trucking Services [Member] | Operating Segments [Member] | ||||
Revenue | 770 | 2,822 | 4,834 | 8,537 |
Revenue | ||||
Total revenue | 770 | 2,822 | 4,834 | 8,537 |
Third Party [Member] | ||||
Revenue | 9,142 | 11,444 | 27,051 | 31,004 |
Third Party [Member] | Asphalt Terminalling Services [Member] | ||||
Revenue | 9,142 | 11,444 | 27,050 | 31,004 |
Related Party [Member] | ||||
Revenue | 7,490 | 5,427 | 19,239 | 15,179 |
Related Party [Member] | Asphalt Terminalling Services [Member] | ||||
Revenue | 7,490 | 5,427 | 19,240 | 15,179 |
Fixed Storageand Throughput Revenue [Member] | Third Party [Member] | ||||
Revenue | 8,424 | 8,272 | 25,176 | 24,232 |
Fixed Storageand Throughput Revenue [Member] | Third Party [Member] | Asphalt Terminalling Services [Member] | Operating Segments [Member] | ||||
Revenue | 5,097 | 5,008 | 15,318 | 14,852 |
Fixed Storageand Throughput Revenue [Member] | Third Party [Member] | Crude Oil Terminalling Services [Member] | Operating Segments [Member] | ||||
Revenue | 3,327 | 3,264 | 9,858 | 9,380 |
Fixed Storageand Throughput Revenue [Member] | Third Party [Member] | Crude Oil Pipeline Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Fixed Storageand Throughput Revenue [Member] | Third Party [Member] | Crude Oil Trucking Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Fixed Storageand Throughput Revenue [Member] | Related Party [Member] | ||||
Revenue | 4,079 | 2,813 | 9,861 | 8,525 |
Fixed Storageand Throughput Revenue [Member] | Related Party [Member] | Asphalt Terminalling Services [Member] | Operating Segments [Member] | ||||
Revenue | 4,079 | 2,750 | 9,861 | 8,296 |
Fixed Storageand Throughput Revenue [Member] | Related Party [Member] | Crude Oil Terminalling Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Fixed Storageand Throughput Revenue [Member] | Related Party [Member] | Crude Oil Pipeline Services [Member] | Operating Segments [Member] | ||||
Revenue | 63 | 229 | ||
Fixed Storageand Throughput Revenue [Member] | Related Party [Member] | Crude Oil Trucking Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Variable Throughput Revenue [Member] | Third Party [Member] | ||||
Revenue | 1,615 | 1,609 | 3,884 | 3,312 |
Revenue | 713 | 1,451 | 746 | 1,451 |
Variable Throughput Revenue [Member] | Third Party [Member] | Asphalt Terminalling Services [Member] | Operating Segments [Member] | ||||
Revenue | 752 | 648 | 1,129 | 877 |
Revenue | 713 | 1,451 | 746 | 1,451 |
Variable Throughput Revenue [Member] | Third Party [Member] | Crude Oil Terminalling Services [Member] | Operating Segments [Member] | ||||
Revenue | 863 | 961 | 2,755 | 2,435 |
Revenue | ||||
Variable Throughput Revenue [Member] | Third Party [Member] | Crude Oil Pipeline Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Revenue | ||||
Variable Throughput Revenue [Member] | Third Party [Member] | Crude Oil Trucking Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Revenue | ||||
Variable Throughput Revenue [Member] | Related Party [Member] | ||||
Revenue | 267 | 21 | 647 | 136 |
Revenue | 784 | 615 | 784 | 615 |
Variable Throughput Revenue [Member] | Related Party [Member] | Asphalt Terminalling Services [Member] | Operating Segments [Member] | ||||
Revenue | 267 | 21 | 647 | 136 |
Revenue | 784 | 615 | 784 | 615 |
Variable Throughput Revenue [Member] | Related Party [Member] | Crude Oil Terminalling Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Revenue | ||||
Variable Throughput Revenue [Member] | Related Party [Member] | Crude Oil Pipeline Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Revenue | ||||
Variable Throughput Revenue [Member] | Related Party [Member] | Crude Oil Trucking Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Revenue | ||||
Variable Reimbursement Revenue [Member] | Third Party [Member] | ||||
Revenue | 1,665 | 1,729 | 4,754 | 5,489 |
Revenue | 499 | 578 | 1,576 | 1,685 |
Variable Reimbursement Revenue [Member] | Third Party [Member] | Asphalt Terminalling Services [Member] | Operating Segments [Member] | ||||
Revenue | 1,665 | 1,729 | 4,754 | 5,489 |
Revenue | 499 | 578 | 1,576 | 1,685 |
Variable Reimbursement Revenue [Member] | Third Party [Member] | Crude Oil Terminalling Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Revenue | ||||
Variable Reimbursement Revenue [Member] | Third Party [Member] | Crude Oil Pipeline Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Revenue | ||||
Variable Reimbursement Revenue [Member] | Third Party [Member] | Crude Oil Trucking Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Revenue | ||||
Variable Reimbursement Revenue [Member] | Related Party [Member] | ||||
Revenue | 503 | 1,100 | 2,437 | 3,528 |
Revenue | 154 | 79 | 541 | 316 |
Variable Reimbursement Revenue [Member] | Related Party [Member] | Asphalt Terminalling Services [Member] | Operating Segments [Member] | ||||
Revenue | 503 | 1,099 | 2,437 | 3,491 |
Revenue | 154 | 79 | 541 | 316 |
Variable Reimbursement Revenue [Member] | Related Party [Member] | Crude Oil Terminalling Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Revenue | ||||
Variable Reimbursement Revenue [Member] | Related Party [Member] | Crude Oil Pipeline Services [Member] | Operating Segments [Member] | ||||
Revenue | 1 | 37 | ||
Revenue | ||||
Variable Reimbursement Revenue [Member] | Related Party [Member] | Crude Oil Trucking Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Revenue | ||||
Crude Oil Transportation Revenue [Member] | Third Party [Member] | ||||
Revenue | 1,182 | 4,106 | 6,121 | 14,285 |
Crude Oil Transportation Revenue [Member] | Third Party [Member] | Asphalt Terminalling Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Crude Oil Transportation Revenue [Member] | Third Party [Member] | Crude Oil Terminalling Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Crude Oil Transportation Revenue [Member] | Third Party [Member] | Crude Oil Pipeline Services [Member] | Operating Segments [Member] | ||||
Revenue | 412 | 1,284 | 1,287 | 5,748 |
Crude Oil Transportation Revenue [Member] | Third Party [Member] | Crude Oil Trucking Services [Member] | Operating Segments [Member] | ||||
Revenue | 770 | 2,822 | 4,834 | 8,537 |
Crude Oil Product Sales Revenue [Member] | Third Party [Member] | ||||
Revenue | 51,390 | 55,213 | 119,068 | 173,773 |
Crude Oil Product Sales Revenue [Member] | Third Party [Member] | Asphalt Terminalling Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Crude Oil Product Sales Revenue [Member] | Third Party [Member] | Crude Oil Terminalling Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Crude Oil Product Sales Revenue [Member] | Third Party [Member] | Crude Oil Pipeline Services [Member] | Operating Segments [Member] | ||||
Revenue | 51,390 | 55,213 | 119,068 | 173,773 |
Crude Oil Product Sales Revenue [Member] | Third Party [Member] | Crude Oil Trucking Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Fixed Lease Revenue [Member] | Third Party [Member] | ||||
Revenue | 7,930 | 9,415 | 24,729 | 27,867 |
Fixed Lease Revenue [Member] | Third Party [Member] | Asphalt Terminalling Services [Member] | Operating Segments [Member] | ||||
Revenue | 7,930 | 9,415 | 24,729 | 27,867 |
Fixed Lease Revenue [Member] | Third Party [Member] | Crude Oil Terminalling Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Fixed Lease Revenue [Member] | Third Party [Member] | Crude Oil Pipeline Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Fixed Lease Revenue [Member] | Third Party [Member] | Crude Oil Trucking Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Fixed Lease Revenue [Member] | Related Party [Member] | ||||
Revenue | 6,552 | 4,733 | 17,914 | 14,249 |
Fixed Lease Revenue [Member] | Related Party [Member] | Asphalt Terminalling Services [Member] | Operating Segments [Member] | ||||
Revenue | 6,552 | 4,733 | 17,914 | 14,249 |
Fixed Lease Revenue [Member] | Related Party [Member] | Crude Oil Terminalling Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Fixed Lease Revenue [Member] | Related Party [Member] | Crude Oil Pipeline Services [Member] | Operating Segments [Member] | ||||
Revenue | ||||
Fixed Lease Revenue [Member] | Related Party [Member] | Crude Oil Trucking Services [Member] | Operating Segments [Member] | ||||
Revenue |
Note 4 - Property, Plant and _2
Note 4 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Asset Impairment Charges, Total | $ 83 | $ 6,417 | $ 2,316 | ||||
Property, Plant and Equipment, Net, Ending Balance | 222,881 | 222,881 | $ 232,777 | ||||
Proceeds from Sale of Property, Plant, and Equipment, Total | 2,409 | 7,089 | |||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 509 | $ (40) | $ 426 | 1,765 | |||
Pipeline Linefill [Member] | |||||||
Asset Impairment Charges, Total | $ 4,900 | ||||||
Property, Plant and Equipment, Net, Ending Balance | 4,000 | $ 8,100 | |||||
Property, Plant and Equipment, Additions | $ 800 | ||||||
Proceeds from Sale of Property, Plant, and Equipment, Total | 1,600 | ||||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | 300 | ||||||
Asphalt plants in the Midwest [Member] | |||||||
Asset Impairment Charges, Total | 300 | ||||||
Truck Stations [Member] | |||||||
Proceeds from Sale of Property, Plant, and Equipment, Total | 1,600 | ||||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | 1,500 | ||||||
Pipeline Linefill Sold in December 2018 [Member] | |||||||
Proceeds from Sale of Property, Plant, and Equipment, Total | 2,600 | ||||||
Crude Oil Trucking Services [Member] | |||||||
Asset Impairment Charges, Total | $ 1,300 | ||||||
Impairment of Long-Lived Assets Held-for-use | 1,100 | ||||||
Operating Lease, Impairment Loss | $ 200 | ||||||
Corporate Segment [Member] | |||||||
Asset Impairment Charges, Total | $ 2,000 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Oct. 30, 2020USD ($) | Jun. 28, 2018USD ($) | Jun. 27, 2018USD ($) | |
Amortization of Debt Issuance Costs | $ 753 | $ 754 | |||||
Credit Agreement [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity Including Additional Lenders | $ 600,000 | 600,000 | |||||
Debt Instrument Covenant, Issued Qualified Senior Notes | 200,000 | $ 200,000 | |||||
Debt Instrument Covenant, Prior to Issuance of Qualified Senior Notes, Maximum Permitted Consolidated Total Leverage Ratio | 4.75 | ||||||
Debt Instrument Covenant, Prior to Issuance of Qualified Senior Notes, Based on Occurence of Acquisition, Maximum Permitted Consolidated Total Leverage Ratio | 5.25 | ||||||
Debt Instrument Covenant, Specified Acquisition, Aggregate Consideration | 15,000 | $ 15,000 | |||||
Debt Instrument Covenant, Prior to Issuance of Qualified Senior Notes, Maximum Permitted Consolidated Total Leverage Ratio | 5 | ||||||
Debt Instrument Covenant, After Issuance of Qualified Senior Notes, Based on Occurence of Acquisition, Maximum Permitted Consolidated Total Leverage Ratio | 5.5 | ||||||
Debt Instrument Covenant, Maximum Permitted Consolidated Senior Secured Leverage Ratio | 3.5 | ||||||
Debt Instrument Covenant, Minimum Permitted Consolidated Interest Coverage Ratio | 2.5 | ||||||
Consolidated Total Leverage Ratio | 4.06 | ||||||
Consolidated Interest Coverage Ratio | 5.79 | ||||||
Long-term Debt, Total | 260,600 | $ 260,600 | |||||
Debt Instrument Covenant, Default, Percentage of General Partner Interest Cease | 100.00% | ||||||
Amortization of Debt Issuance Costs | $ 300 | $ 300 | $ 800 | $ 800 | |||
Debt Instrument, Interest Rate During Period | 3.56% | 5.90% | 4.11% | 6.20% | |||
Interest Expense, Long-term Debt, Total | $ 2,500 | $ 4,000 | $ 8,500 | $ 12,300 | |||
Credit Agreement [Member] | Ergon [Member] | |||||||
Debt Instrument Covenant, Default, Percentage of Membership Interest Cease | 50.00% | ||||||
Credit Agreement [Member] | Federal Funds Effective Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||
Credit Agreement [Member] | Eurodollar Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||
Credit Agreement [Member] | Minimum [Member] | |||||||
Line of Credit Facility, Commitment Fee Percentage | 0.375% | ||||||
Credit Agreement [Member] | Minimum [Member] | Applicable Margin Based on Eurodollar Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||
Credit Agreement [Member] | Minimum [Member] | Applicable Margin on Based on Alternate Base Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||
Credit Agreement [Member] | Maximum [Member] | |||||||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | ||||||
Credit Agreement [Member] | Maximum [Member] | Applicable Margin Based on Eurodollar Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||||||
Credit Agreement [Member] | Maximum [Member] | Applicable Margin on Based on Alternate Base Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||
Credit Agreement [Member] | Subsequent Event [Member] | |||||||
Letters of Credit Outstanding, Amount | $ 1,700 | ||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000 | $ 450,000 | |||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||||
Long-term Line of Credit, Total | 255,600 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 142,700 |
Note 6 - Net Income Per Limit_3
Note 6 - Net Income Per Limited Partner Unit - Earning Per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net income | $ 14,393 | $ 6,959 | $ 15,744 | $ 14,072 |
General partner interest in net income | 228 | 110 | 249 | 268 |
Preferred interest in net income | 6,278 | 6,278 | 18,836 | 18,836 |
Net income (loss) available to limited partners | $ 7,887 | $ 571 | $ (3,341) | $ (5,032) |
Common units (in shares) | 41,166 | 40,811 | 41,072 | 40,735 |
Restricted and phantom units (in shares) | 1,354 | 1,130 | 1,259 | 1,004 |
Total units (in shares) | 42,520 | 41,941 | 42,331 | 41,739 |
Common units (in shares) | 77,646 | 40,811 | 41,072 | 40,735 |
Basic net income (loss) per common unit (in dollars per share) | $ 0.19 | $ 0.01 | $ (0.08) | $ (0.12) |
Diluted net income (loss) per common unit (in dollars per share) | $ 0.18 | $ 0.01 | $ (0.08) | $ (0.12) |
Note 7 - Partners' Capital an_2
Note 7 - Partners' Capital and Distributions (Details Textual) $ / shares in Units, $ in Millions | 3 Months Ended |
Sep. 30, 2020USD ($)$ / shares | |
Preferred Unit, Cash Distribution [Member] | |
Distribution Made to Limited Partner, Declaration Date | Oct. 15, 2020 |
Distribution Made to Limited Partner, Distributions Declared, Per Unit (in dollars per share) | $ / shares | $ 0.17875 |
Distribution Made to Limited Partner, Distribution Date | Nov. 13, 2020 |
Distribution Made to Limited Partner, Date of Record | Nov. 3, 2020 |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 6.4 |
Preferred Unit, Cash Distribution [Member] | Preferred Partner [Member] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 6.3 |
Preferred Unit, Cash Distribution [Member] | General Partner [Member] | Maximum [Member] | |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 0.1 |
Common Unit, Cash Distribution [Member] | |
Distribution Made to Limited Partner, Declaration Date | Oct. 15, 2020 |
Distribution Made to Limited Partner, Distributions Declared, Per Unit (in dollars per share) | $ / shares | $ 0.04 |
Distribution Made to Limited Partner, Distribution Date | Nov. 13, 2020 |
Distribution Made to Limited Partner, Date of Record | Nov. 3, 2020 |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 1.7 |
Common Unit, Cash Distribution [Member] | General Partner [Member] | Maximum [Member] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 0.1 |
Common Unit, Cash Distribution [Member] | Limited Partner [Member] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 1.6 |
Common Unit, Cash Distribution [Member] | Phantom and Restricted Units Holders [Member] | |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 0.1 |
Note 8 - Related Party Transa_2
Note 8 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Jun. 30, 2019 | |
Due from Related Parties, Current, Total | $ 1,006 | $ 1,006 | $ 1,110 | |||
Tangible Asset Impairment Charges, Total | 6,417 | $ 2,316 | ||||
Cimarron Express [Member] | ||||||
Tangible Asset Impairment Charges, Total | 2,000 | |||||
Interest Costs Capitalized | 2,000 | |||||
Ergon [Member] | ||||||
Equity Method Investments | 10,200 | |||||
Ergon [Member] | Cimarron Express [Member] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | |||||
Ergon [Member] | ||||||
Revenue from Related Parties | 12,400 | $ 9,300 | 32,300 | 27,200 | ||
Due from Related Parties, Current, Total | 1,000 | 1,000 | 1,100 | |||
Deferred Revenue, Total | 6,700 | 6,700 | $ 5,100 | |||
Ergon [Member] | Operating and Maintenance Agreement [Member] | ||||||
Related Party Transaction, Expenses from Transactions with Related Party | 3,100 | 3,100 | ||||
Ergon [Member] | Crude Oil Purchases [Member] | ||||||
Related Party Transaction, Purchases from Related Party | 25,500 | $ 32,800 | 69,900 | $ 98,600 | ||
Due to Related Parties, Current, Total | $ 7,400 | $ 7,400 |
Note 9 - Long-term Incentive _3
Note 9 - Long-term Incentive Plan (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Apr. 29, 2014 | |
Share-based Payment Arrangement, Noncash Expense, Total | $ 640 | $ 652 | |||
Long-Term Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,100,000 | ||||
Long-Term Incentive Plan [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Long-Term Incentive Plan [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||
Long-Term Incentive Plan [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||
Long-Term Incentive Plan [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||
Long-Term Incentive Plan [Member] | Phantom Share Units (PSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 700 | $ 700 | |||
Share-based Payment Arrangement, Noncash Expense, Total | $ 200 | $ 300 | $ 700 | $ 800 |
Note 9 - Long-term Incentive _4
Note 9 - Long-term Incentive Plan - Information on Outstanding Grants Made to Directors Under the LTIP (Details) - Long-Term Incentive Plan [Member] - Restricted Stock [Member] - Director [Member] - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Granted, number of units (in shares) | 7,500 | 23,436 | 15,306 | |
Weighted Average Grant Date Fair Value (in dollars per share) | [1] | $ 1.07 | $ 1.20 | $ 4.85 |
Grant Date Total Fair Value | $ 8 | $ 28 | $ 74 | |
[1] | Fair value is the closing market price on the grant date of the awards. |
Note 9 - Long-term Incentive _5
Note 9 - Long-term Incentive Plan - Information on Outstanding Grants Made to Employees Under the LTIP (Details) - Long-Term Incentive Plan [Member] - Phantom Share Units (PSUs) [Member] - Employees [Member] - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | ||||
Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | ||
Granted, number of units (in shares) | 600,396 | 46,168 | 524,997 | 396,536 | |
Weighted Average Grant Date Fair Value (in dollars per share) | [1] | $ 0.90 | $ 1.08 | $ 1.14 | $ 4.77 |
Grant Date Total Fair Value | $ 540 | $ 50 | $ 598 | $ 1,891 | |
[1] | Fair value is the closing market price on the grant date of the awards. |
Note 9 - Long-term Incentive _6
Note 9 - Long-term Incentive Plan - Activity Pertaining to Phantom and Restricted Common Stock Unit Awards (Details) - Long-Term Incentive Plan [Member] - Phantom and Restricted Units Holders [Member] | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Nonvested, number of units, beginning balance (in shares) | shares | 1,068,343 |
Nonvested, weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares | $ 3.42 |
Granted, number of units (in shares) | shares | 600,396 |
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 0.90 |
Vested, number of units (in shares) | shares | 305,149 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.59 |
Forfeited, number of units (in shares) | shares | 14,156 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.19 |
Nonvested, number of units, ending balance (in shares) | shares | 1,349,434 |
Nonvested, weighted average grant date fair value, ending balance (in dollars per share) | $ / shares | $ 2.68 |
Note 10 - Derivative Financia_3
Note 10 - Derivative Financial Instrument (Details Textual) bbl in Millions | 3 Months Ended |
Jun. 30, 2020bbl | |
Commodity Contract [Member] | |
Derivative, Nonmonetary Notional Amount, Volume (Barrel of Oil) | 0.3 |
Note 10 - Derivative Financia_4
Note 10 - Derivative Financial Instrument - Derivatives Not Designated as Hedging Instruments (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2020USD ($) | |
Commodity Contract [Member] | Cost of Sales [Member] | |
Commodity derivative | $ 3,589 |
Note 11 - Fair Value Measurem_2
Note 11 - Fair Value Measurements (Details Textual) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Financial Liabilities Fair Value Disclosure, Total | $ 0 | $ 0 |
Note 12 - Operating Segments (D
Note 12 - Operating Segments (Details Textual) | 9 Months Ended |
Sep. 30, 2020 | |
Number of Operating Segments | 4 |
Number of Asphalt Terminalling Facilities | 53 |
Number of States Where Asphalt Terminalling Facilities are Located | 26 |
Note 12 - Operating Segments -
Note 12 - Operating Segments - Financial Data for Each Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | ||
Revenue from contract with customer | $ 69,125 | $ 74,863 | $ 171,948 | $ 233,280 | |||
Lease revenue | 16,632 | 16,871 | 46,290 | 46,183 | |||
Total revenue for reportable segment | 85,757 | 91,734 | 218,238 | 279,463 | |||
Operating margin, excluding depreciation and amortization | [1] | 25,020 | 21,096 | 58,066 | 56,287 | ||
Total assets (end of period) | 278,085 | 313,975 | 278,085 | 313,975 | $ 301,940 | ||
Intersegment operating expense | 23,715 | 25,215 | 73,066 | 78,432 | |||
Depreciation and amortization | 5,438 | 6,240 | 17,698 | 19,211 | |||
General and administrative expense | 3,401 | 3,840 | 11,008 | 10,495 | |||
Asset impairment expense | 83 | 6,417 | 2,316 | ||||
Gain (loss) on disposal of assets | 509 | (40) | 426 | 1,765 | |||
Other income | 176 | 69 | 969 | 475 | |||
Interest expense | 2,472 | 3,989 | 8,586 | 12,394 | |||
Income before income taxes | 14,394 | 6,973 | 15,752 | 14,111 | |||
Intersegment Eliminations [Member] | |||||||
Total revenue for reportable segment | (1,434) | (1,642) | (4,364) | (4,971) | |||
Operating Segments [Member] | |||||||
Total revenue for reportable segment | 87,191 | 93,376 | 222,602 | 284,434 | |||
Total assets (end of period) | 273,367 | 305,477 | 273,367 | 305,477 | |||
Corporate, Non-Segment [Member] | |||||||
Total assets (end of period) | 4,718 | 8,498 | 4,718 | 8,498 | |||
Third Party [Member] | |||||||
Lease revenue | 9,142 | 11,444 | 27,051 | 31,004 | |||
Cost of product sales | 19,833 | 18,972 | 41,133 | 64,069 | |||
Related Party [Member] | |||||||
Lease revenue | 7,490 | 5,427 | 19,239 | 15,179 | |||
Cost of product sales | 22,627 | 32,691 | 63,671 | 99,886 | |||
Asphalt Terminalling Services [Member] | |||||||
Total revenue for reportable segment | 28,995 | 28,126 | 80,436 | 79,324 | |||
Operating expense, excluding depreciation and amortization | 12,518 | 11,058 | 36,139 | 35,050 | |||
Operating margin, excluding depreciation and amortization | 16,477 | 17,068 | 44,297 | 44,274 | |||
Total assets (end of period) | 134,818 | 141,153 | 134,818 | 141,153 | |||
Asphalt Terminalling Services [Member] | Operating Segments [Member] | |||||||
Revenue from contract with customer | 12,363 | 11,255 | 34,146 | 33,141 | |||
Lease revenue | 16,632 | 16,871 | 46,290 | 46,183 | |||
Total revenue for reportable segment | 28,995 | 28,126 | 80,436 | 79,324 | |||
Asphalt Terminalling Services [Member] | Third Party [Member] | |||||||
Lease revenue | 9,142 | 11,444 | 27,050 | 31,004 | |||
Asphalt Terminalling Services [Member] | Related Party [Member] | |||||||
Lease revenue | 7,490 | 5,427 | 19,240 | 15,179 | |||
Crude Oil Pipeline Services [Member] | |||||||
Total revenue for reportable segment | 51,802 | 56,561 | 120,355 | 179,787 | |||
Operating expense, excluding depreciation and amortization | 2,247 | 2,642 | 6,714 | 8,123 | |||
Operating margin, excluding depreciation and amortization | 5,661 | 614 | 4,473 | 2,738 | |||
Total assets (end of period) | 77,380 | 94,247 | 77,380 | 94,247 | |||
Crude Oil Pipeline Services [Member] | Intersegment Eliminations [Member] | |||||||
Intersegment operating expense | 1,434 | 1,642 | 4,364 | 4,971 | |||
Crude Oil Pipeline Services [Member] | Operating Segments [Member] | |||||||
Revenue from contract with customer | 51,802 | 56,561 | 120,355 | 179,787 | |||
Lease revenue | |||||||
Total revenue for reportable segment | 51,802 | 56,561 | 120,355 | 179,787 | |||
Crude Oil Pipeline Services [Member] | Third Party [Member] | |||||||
Cost of product sales | 19,833 | 18,972 | 41,133 | 64,069 | |||
Crude Oil Pipeline Services [Member] | Related Party [Member] | |||||||
Cost of product sales | 22,627 | 32,691 | 63,671 | 99,886 | |||
Crude Oil Terminalling Services [Member] | |||||||
Total revenue for reportable segment | 4,190 | 4,503 | 12,613 | 12,668 | |||
Operating expense, excluding depreciation and amortization | 1,223 | 1,217 | 3,157 | 3,522 | |||
Operating margin, excluding depreciation and amortization | 2,967 | 3,286 | 9,456 | 9,146 | |||
Total assets (end of period) | 57,056 | 64,579 | 57,056 | 64,579 | |||
Crude Oil Terminalling Services [Member] | Operating Segments [Member] | |||||||
Revenue from contract with customer | 4,190 | 4,225 | 12,613 | 11,815 | |||
Lease revenue | |||||||
Total revenue for reportable segment | 4,190 | 4,225 | 12,613 | 11,815 | |||
Crude Oil Trucking Services [Member] | |||||||
Total revenue for reportable segment | 2,204 | 4,186 | 9,198 | 12,655 | |||
Operating expense, excluding depreciation and amortization | 2,289 | 4,058 | 9,358 | 12,526 | |||
Operating margin, excluding depreciation and amortization | (85) | 128 | (160) | 129 | |||
Total assets (end of period) | 4,113 | 5,498 | 4,113 | 5,498 | |||
Asset impairment expense | $ 1,300 | ||||||
Crude Oil Trucking Services [Member] | Operating Segments [Member] | |||||||
Revenue from contract with customer | 770 | 2,822 | 4,834 | 8,537 | |||
Lease revenue | |||||||
Total revenue for reportable segment | 770 | 2,822 | 4,834 | 8,537 | |||
Service [Member] | Third Party [Member] | |||||||
Revenue from contract with customer | 12,886 | 15,716 | 39,935 | 47,318 | |||
Service [Member] | Related Party [Member] | |||||||
Revenue from contract with customer | 4,849 | 3,934 | 12,945 | 12,189 | |||
Service [Member] | Asphalt Terminalling Services [Member] | Third Party [Member] | |||||||
Revenue from contract with customer | 7,514 | 7,385 | 21,201 | 21,218 | |||
Service [Member] | Asphalt Terminalling Services [Member] | Related Party [Member] | |||||||
Revenue from contract with customer | 4,849 | 3,870 | 12,945 | 11,923 | |||
Service [Member] | Crude Oil Pipeline Services [Member] | Third Party [Member] | |||||||
Revenue from contract with customer | 412 | 1,284 | 1,287 | 5,748 | |||
Service [Member] | Crude Oil Pipeline Services [Member] | Related Party [Member] | |||||||
Revenue from contract with customer | 64 | 266 | |||||
Service [Member] | Crude Oil Terminalling Services [Member] | Intersegment Eliminations [Member] | |||||||
Revenue from contract with customer | 278 | 853 | |||||
Service [Member] | Crude Oil Terminalling Services [Member] | Third Party [Member] | |||||||
Revenue from contract with customer | 4,190 | 4,225 | 12,613 | 11,815 | |||
Service [Member] | Crude Oil Trucking Services [Member] | Intersegment Eliminations [Member] | |||||||
Revenue from contract with customer | 1,434 | 1,364 | 4,364 | 4,118 | |||
Service [Member] | Crude Oil Trucking Services [Member] | Third Party [Member] | |||||||
Revenue from contract with customer | 770 | 2,822 | 4,834 | 8,537 | |||
Product [Member] | Third Party [Member] | |||||||
Revenue from contract with customer | 51,390 | 55,213 | 119,068 | 173,773 | |||
Product [Member] | Crude Oil Pipeline Services [Member] | Third Party [Member] | |||||||
Revenue from contract with customer | $ 51,390 | $ 55,213 | $ 119,068 | $ 173,773 | |||
[1] | The following table reconciles segment operating margin (excluding depreciation and amortization) to income from continuing operations before income taxes (in thousands): Three Months ended September 30, Nine Months ended September 30, 2019 2020 2019 2020 Operating margin, excluding depreciation and amortization $ 21,096 $ 25,020 $ 56,287 $ 58,066 Depreciation and amortization (6,240 ) (5,438 ) (19,211 ) (17,698 ) General and administrative expense (3,840 ) (3,401 ) (10,495 ) (11,008 ) Asset impairment expense (83 ) - (2,316 ) (6,417 ) Gain (loss) on disposal of assets (40 ) 509 1,765 426 Other income 69 176 475 969 Interest expense (3,989 ) (2,472 ) (12,394 ) (8,586 ) Income before income taxes $ 6,973 $ 14,394 $ 14,111 $ 15,752 |