NGL Energy Partners (NGL) 10-Q 8 Aug 24 2025 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2024	Aug. 06, 2024
Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-35172
Entity Registrant Name	NGL Energy Partners LP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-3427920
Entity Address, Address Line One	6120 South Yale Avenue, Suite 1300
Entity Address, City or Town	Tulsa,
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	74136
City Area Code	(918)
Local Phone Number	481-1119
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		132,512,766
Entity Central Index Key	0001504461
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
NEW YORK STOCK EXCHANGE, INC. | Limited Partner
Entity Information
Title of 12(b) Security	Common units representing Limited Partner Interests
Trading Symbol	NGL
Security Exchange Name	NYSE
NEW YORK STOCK EXCHANGE, INC. | Series B Preferred Stock
Entity Information
Title of 12(b) Security	Fixed-to-floating rate cumulative redeemable perpetual preferred units
Trading Symbol	NGL-PB
Security Exchange Name	NYSE
NEW YORK STOCK EXCHANGE, INC. | Series C Preferred Stock
Entity Information
Title of 12(b) Security	Fixed-to-floating rate cumulative redeemable perpetual preferred units
Trading Symbol	NGL-PC
Security Exchange Name	NYSE

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
CURRENT ASSETS:
Cash and cash equivalents	$ 5,269	$ 38,909
Accounts receivable-trade, allowance for expected credit loss	2,173	1,671
Inventories	158,710	130,907
Prepaid expenses and other current assets	72,385	126,933
Assets held for sale	0	66,597
Total current assets	990,257	1,178,934
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $1,049,187 and $1,011,274, respectively	2,125,421	2,096,702
PROPERTY, PLANT AND EQUIPMENT, accumulated depreciation	(1,049,187)	(1,011,274)
GOODWILL	634,282	634,282
INTANGIBLE ASSETS, net of accumulated amortization of $347,932 and $332,560, respectively	928,687	939,978
INTANGIBLE ASSETS, accumulated amortization	(347,932)	(332,560)
INVESTMENTS IN UNCONSOLIDATED ENTITIES	19,219	20,305
OPERATING LEASE RIGHT-OF-USE ASSETS	91,544	97,155
OTHER NONCURRENT ASSETS	50,169	52,738
Total assets	4,839,579	5,020,094
CURRENT LIABILITIES:
Accrued expenses and other payables	175,513	213,757
Advance payments received from customers	25,439	17,313
Current maturities of long-term debt	7,846	7,000
Operating lease obligations	28,033	31,090
Liabilities held for sale	0	614
Total current liabilities	864,551	977,347
Long-term debt, net	3,018,427	2,843,822
Debt issuance costs, noncurrent, net	(47,337)	(49,178)
OPERATING LEASE OBLIGATIONS	67,270	70,573
OTHER NONCURRENT LIABILITIES	124,067	129,185
COMMITMENTS AND CONTINGENCIES (NOTE 7)
Redeemable noncontrolling interest	174	0
EQUITY:
General partner, representing a 0.1% interest, 132,645 and 132,645 notional units, respectively	(52,853)	(52,834)
Limited partners, representing a 99.9% interest, 132,512,766 and 132,512,766 common units issued and outstanding, respectively	(101,095)	134,807
Accumulated other comprehensive loss	(523)	(499)
Noncontrolling interests	20,105	18,237
Total equity	213,993	448,070
Total liabilities and equity	4,839,579	5,020,094
Nonrelated Party
CURRENT ASSETS:
Accounts receivable-trade, net of allowance for expected credit losses of $2,173 and $1,671, respectively	752,392	814,087
CURRENT LIABILITIES:
Accounts payable	627,714	707,536
Related Party
CURRENT ASSETS:
Accounts receivable-affiliates	1,501	1,501
CURRENT LIABILITIES:
Accounts payable	$ 6	$ 37
NGL Energy Holdings LLC | NGL Energy Partners LP
EQUITY:
General partner interest	0.10%
NGL Limited Partners | NGL Energy Partners LP
EQUITY:
Limited partner interest	99.90%
General Partner
EQUITY:
General partner, notional units outstanding (in units)	132,645	132,645
Limited Partner
EQUITY:
Limited partners, common units issued and outstanding (in units)	132,512,766	132,512,766
Series D Preferred Stock
CURRENT LIABILITIES:
CLASS D 9.00% PREFERRED UNITS, 600,000 and 600,000 preferred units issued and outstanding, respectively	$ 551,097	$ 551,097
Preferred units dividend rate	9%
Temporary equity, issued and outstanding (in units)	600,000	600,000
Series B Preferred Stock
EQUITY:
Preferred limited partners	$ 305,468	$ 305,468
Preferred units, issued and outstanding (in units)	12,585,642	12,585,642
Series C Preferred Stock
EQUITY:
Preferred limited partners	$ 42,891	$ 42,891
Preferred units, issued and outstanding (in units)	1,800,000	1,800,000

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Total Revenues	$ 1,387,259	$ 1,616,104
Total Cost of Sales	1,173,208	1,379,329
OPERATING COSTS AND EXPENSES:
Operating	72,533	76,681
General and administrative	15,014	20,291
Depreciation and amortization	62,219	68,979
Gain on disposal or impairment of assets, net	(10,666)	(1,196)
Operating Income	74,951	72,020
OTHER INCOME (EXPENSE):
Equity in earnings of unconsolidated entities	300	91
Interest expense	(69,739)	(59,522)
Gain on early extinguishment of liabilities, net	0	6,808
Other income, net	167	306
Income Before Income Taxes	5,679	19,703
INCOME TAX BENEFIT (EXPENSE)	4,796	(140)
Net Income	10,475	19,563
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(792)	(262)
NET INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP	9,683	19,301
NET LOSS ALLOCATED TO COMMON UNITHOLDERS (NOTE 3)	$ (19,112)	$ (14,482)
Limited Partner
Basic loss per common unit	$ (0.14)	$ (0.11)
Diluted loss per common unit	$ (0.14)	$ (0.11)
BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING (in units)	132,512,766	131,927,343
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING (in units)	132,512,766	131,927,343
Limited Partner
BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING (in units)	132,512,766	131,927,343
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING (in units)	132,512,766	131,927,343
Operating segment | Water Solutions
Total Revenues	$ 181,410	$ 181,302
Total Cost of Sales	1,000	2,569
OPERATING COSTS AND EXPENSES:
Operating Income	84,358	69,331
Operating segment | Crude Oil Logistics
Total Revenues	280,103	464,390
Total Cost of Sales	249,497	425,299
OPERATING COSTS AND EXPENSES:
Operating Income	14,089	17,007
Operating segment | Liquids Logistics
Total Revenues	925,746	970,412
Total Cost of Sales	922,711	947,247
OPERATING COSTS AND EXPENSES:
Operating Income	(11,550)	7,831
Corporate and other
Total Cost of Sales	0	4,214
OPERATING COSTS AND EXPENSES:
Operating Income	$ (11,946)	$ (22,149)

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 10,475	$ 19,563
Other comprehensive (loss) income	(24)	16
Comprehensive income	$ 10,451	$ 19,579

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	General Partner	Preferred Partner	Limited Partner	Accumulated other comprehensive (loss) income	Noncontrolling Interests
Beginning Balance (in units) at Mar. 31, 2023			14,385,642	131,927,343
Beginning Balance at Mar. 31, 2023	$ 767,429	$ (52,551)	$ 348,359	$ 455,564	$ (450)	$ 16,507
Increase (Decrease) in Partnership Capital
Contributions from noncontrolling interest owners	0
Distributions to noncontrolling interest owners	(377)					(377)
Equity issued pursuant to incentive compensation plan	474			474
Net (loss) income	19,563	(14)		$ 19,315		262
Other comprehensive loss	16				16
Ending Balance (in units) at Jun. 30, 2023			14,385,642	131,927,343
Ending Balance at Jun. 30, 2023	787,105	(52,565)	$ 348,359	$ 475,353	(434)	16,392
Beginning Balance (in units) at Mar. 31, 2024			14,385,642	132,512,766
Beginning Balance at Mar. 31, 2024	448,070	(52,834)	$ 348,359	$ 134,807	(499)	18,237
Increase (Decrease) in Partnership Capital
Contributions from noncontrolling interest owners	1,793					1,619
Distributions to preferred unitholders (Note 8)	(245,604)			(245,604)
Distributions to noncontrolling interest owners	(543)					(543)
Net (loss) income	10,475	(19)		$ 9,702		792
Other comprehensive loss	(24)				(24)
Ending Balance (in units) at Jun. 30, 2024			14,385,642	132,512,766
Ending Balance at Jun. 30, 2024	$ 213,993	$ (52,853)	$ 348,359	$ (101,095)	$ (523)	$ 20,105

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
OPERATING ACTIVITIES:
Net income	$ 10,475	$ 19,563
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization, including amortization of debt issuance costs	65,192	73,210
Gain on early extinguishment of liabilities, net	0	(6,808)
Equity-based compensation expense	0	474
Gain on disposal or impairment of assets, net	(10,666)	(1,196)
Change in provision for expected credit losses	636	(9)
Net adjustments to fair value of derivatives	12,976	(12,890)
Equity in earnings of unconsolidated entities	(300)	(91)
Distributions of earnings from unconsolidated entities	475	333
Lower of cost or net realizable value adjustments	4,234	5,991
Other	(97)	739
Changes in operating assets and liabilities, exclusive of acquisitions:
Accounts receivable-trade and affiliates	60,991	141,016
Inventories	(36,817)	(49,022)
Other current and noncurrent assets	34,098	24,206
Accounts payable-trade and affiliates	(81,189)	(153,931)
Other current and noncurrent liabilities	(78,067)	13,526
Net cash (used in) provided by operating activities	(18,059)	55,111
INVESTING ACTIVITIES:
Capital expenditures	(59,923)	(35,801)
Net settlements of derivatives	2,029	12,430
Proceeds from sales of assets	15,879	21,131
Proceeds from divestitures of businesses and investments, net	69,320	0
Investments in unconsolidated entities	0	(258)
Distributions of capital from unconsolidated entities	911	1,057
Net cash provided by (used in) investing activities	28,216	(1,441)
FINANCING ACTIVITIES:
Proceeds from borrowings under ABL Facility	389,000	528,000
Payments on ABL Facility	(220,000)	(486,000)
Payments on Term Loan B	(1,750)	0
Proceeds from borrowings on other long-term debt	6,360	0
Repayment and repurchase of senior unsecured notes	0	(91,982)
Debt issuance costs	(328)	(472)
Contributions from noncontrolling interest owners	1,793	0
Distributions to preferred unitholders	(218,091)	0
Distributions to noncontrolling interest owners	(543)	(377)
Payments to settle contingent consideration liabilities	(233)	(480)
Principal payments of finance lease	(5)	(4)
Net cash used in financing activities	(43,797)	(51,315)
Net (decrease) increase in cash and cash equivalents	(33,640)	2,355
Cash and cash equivalents, beginning of period	38,909	5,431
Cash and cash equivalents, end of period	5,269	7,786
Supplemental cash flow information:
Cash interest paid	98,231	25,561
Income taxes paid (net of income tax refunds)	1,523	1,352
Supplemental non-cash investing and financing activities:
Distributions declared but not paid to preferred unitholders	27,513	0
Accrued capital expenditures	$ 26,472	$ 15,324

Organization and Operations

Organization and Operations	3 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations NGL Energy Partners LP (“we,” “us,” “our,” or the “Partnership”) is a Delaware master limited partnership. NGL Energy Holdings LLC serves as our general partner (“GP”). At June 30, 2024, our operations included three segments: • Our Water Solutions segment transports, treats, recycles and disposes of produced and flowback water generated from crude oil and natural gas production. We also sell produced water for reuse and recycle and brackish non-potable water to our producer customers to be used in their crude oil exploration and production activities. As part of processing water, we aggregate and sell recovered crude oil, also known as skim oil. We also dispose of solids such as tank bottoms, drilling fluids and drilling muds and perform other ancillary services such as truck and frac tank washouts. Our activities in this segment are underpinned by long-term, fixed fee contracts and acreage dedications, some of which contain minimum volume commitments with leading oil and gas companies including large, investment grade producer customers. • Our Crude Oil Logistics segment purchases crude oil from producers and marketers and transports it to refineries or for resale at pipeline injection stations, storage terminals, barge loading facilities, rail facilities, refineries, and other trade hubs, and provides storage, terminaling, and transportation services through its owned assets. Our activities in this segment are supported by certain long-term, fixed rate contracts which include minimum volume commitments on our storage tanks and owned and leased pipelines. • Our Liquids Logistics segment conducts supply operations for natural gas liquids, refined petroleum products and biodiesel to a broad range of commercial, retail and industrial customers across the United States and Canada. These operations are conducted through our 23 owned terminals, third-party storage and terminal facilities, nine common carrier pipelines and a fleet of leased railcars. We also provide services for marine exports of butane through our facility located in Chesapeake, Virginia and we also own a propane pipeline in Michigan. We attempt to reduce our exposure to price fluctuations by using back-to-back physical contracts and pre-sale agreements that allow us to lock in a margin on a percentage of our winter volumes. We also enter into financially settled derivative contracts as economic hedges of our physical inventory, physical sales and physical purchase contracts.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements include our accounts and those of our controlled subsidiaries. Intercompany transactions and account balances have been eliminated in consolidation. Investments we do not control, but can exercise significant influence over, are accounted for using the equity method of accounting. We also own an undivided interest in a crude oil pipeline, and include our proportionate share of assets, liabilities, and expenses related to this pipeline in our unaudited condensed consolidated financial statements. Our unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim consolidated financial information in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the unaudited condensed consolidated financial statements exclude certain information and notes required by GAAP for complete annual consolidated financial statements. However, we believe that the disclosures made are adequate to make the information presented not misleading. The unaudited condensed consolidated financial statements include all adjustments that we consider necessary for a fair presentation of our consolidated financial position, results of operations and cash flows for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed in this Quarterly Report on Form 10-Q. The unaudited condensed consolidated balance sheet at March 31, 2024 was derived from our audited consolidated financial statements for the fiscal year ended March 31, 2024 included in our Annual Report on Form 10-K (“Annual Report”) filed with the SEC on June 6, 2024. These interim unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report. Due to the seasonal nature of certain of our operations and other factors, the results of operations for interim periods are not necessarily indicative of the results of operations to be expected for future periods or for the full fiscal year ending March 31, 2025. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amount of assets and liabilities reported at the date of the consolidated financial statements and the amount of revenues and expenses reported during the periods presented. Critical accounting estimates we make in the preparation of our unaudited condensed consolidated financial statements include, among others, determining the impairment of goodwill and long-lived assets, useful lives and recoverability of property, plant and equipment and amortizable intangible assets, the fair value of derivative instruments, estimating certain revenues, the fair value of asset retirement obligations, the fair value of assets and liabilities acquired in acquisitions, the recoverability of inventories, the collectability of accounts and notes receivable and accruals for environmental matters. Although we believe these estimates are reasonable, actual results could differ from those estimates. Significant Accounting Policies Our significant accounting policies are consistent with those disclosed in Note 2 of our audited consolidated financial statements included in our Annual Report. Income Taxes We qualify as a partnership for income tax purposes. As such, we generally do not pay federal income tax. Rather, each owner reports his or her share of our income or loss on his or her individual tax return. The aggregate difference in the basis of our net assets for financial and tax reporting purposes cannot be readily determined, as we do not have access to information regarding each partner’s basis in the Partnership. We have a deferred tax liability of $31.8 million and $38.0 million at June 30, 2024 and March 31, 2024, respectively, as a result of acquiring corporations in connection with certain of our acquisitions, which is included within other noncurrent liabilities in our unaudited condensed consolidated balance sheets. The decrease in the deferred tax liability during the three months ended June 30, 2024 was due to the sale of our ranches in April 2024, one ranch of which was treated as a corporation for federal income tax purposes (see Note 15). The deferred tax liability is the tax effected cumulative temporary difference between the GAAP basis and tax basis of the acquired assets within the corporation. For GAAP purposes, certain of the acquired assets will be depreciated and amortized over time which will lower the GAAP basis. The deferred tax benefit recorded during the three months ended June 30, 2024 was $5.7 million with an effective tax rate of 19.4%. The deferred tax benefit recorded during the three months ended June 30, 2023 was $0.1 million with an effective tax rate of 22.3%. We evaluate uncertain tax positions for recognition and measurement in the unaudited condensed consolidated financial statements. To recognize a tax position, we determine whether it is more likely than not that the tax position will be sustained upon examination, including resolution of any related appeals or litigation, based on the technical merits of the position. A tax position that meets the more likely than not threshold is measured to determine the amount of benefit to be recognized in the unaudited condensed consolidated financial statements. We had no uncertain tax positions that required recognition in our unaudited condensed consolidated financial statements at June 30, 2024 or March 31, 2024. Inventories Our inventories are valued at the lower of cost or net realizable value, with cost determined using either the weighted-average cost or the first in, first out (FIFO) methods, including the cost of transportation and storage, and with net realizable value defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. In performing this analysis, we consider fixed-price forward commitments. Inventories consist of the following at the dates indicated: June 30, 2024 March 31, 2024 (in thousands) Butane $ 48,677 $ 20,400 Propane 45,876 34,225 Crude oil 40,573 44,056 Biodiesel 12,437 18,919 Diesel 4,709 5,361 Other 6,438 7,946 Total $ 158,710 $ 130,907 Investments in Unconsolidated Entities Investments we do not control, but can exercise significant influence over, are accounted for using the equity method of accounting. Investments in partnerships and limited liability companies, unless our investment is considered to be minor, and investments in unincorporated joint ventures are also accounted for using the equity method of accounting. Our investments in unconsolidated entities consist of the following at the dates indicated: Entity Segment Ownership Interest June 30, 2024 March 31, 2024 (in thousands) Water services and land company Water Solutions 50% $ 14,277 $ 15,228 Water services and land company Water Solutions 10% 2,856 2,926 Water services and land company Water Solutions 50% 1,982 2,026 Natural gas liquids terminal company Liquids Logistics 50% 104 125 Total $ 19,219 $ 20,305 Other Noncurrent Assets Other noncurrent assets consist of the following at the dates indicated: June 30, 2024 March 31, 2024 (in thousands) Linefill (1) $ 37,715 $ 37,861 Loan receivable (2) 2,380 4,776 Minimum shipping fees - pipeline commitments (3) — 356 Other 10,074 9,745 Total $ 50,169 $ 52,738 (1) Represents minimum volumes of product we are required to leave on certain third-party owned pipelines under long-term shipment commitments. At June 30, 2024 and March 31, 2024, linefill consisted of 501,093 and 502,686 barrels of crude oil, respectively. Linefill held in pipelines we own is included within property, plant and equipment (see Note 4). (2) Represents the noncurrent portion of loan receivables, net of allowances for expected credit losses, primarily related to the sale of certain saltwater disposal assets. At June 30, 2024 and March 31, 2024, the loan receivable balance (which includes interest receivable) was $5.1 million and $7.5 million, respectively, of which $2.8 million and $2.7 million, respectively, are recorded within prepaid expenses and other current assets in our unaudited condensed consolidated balance sheets. (3) Represents the noncurrent portion of minimum shipping fees paid in excess of volumes shipped, or deficiency credits, for a contract with a crude oil pipeline operator. This amount can be recovered when volumes shipped exceed the minimum monthly volume commitment. At June 30, 2024 and March 31, 2024, the deficiency credit was $3.6 million and $4.6 million, respectively, of which $3.6 million and $4.3 million, respectively, are recorded within prepaid expenses and other current assets in our unaudited condensed consolidated balance sheets. Accrued Expenses and Other Payables Accrued expenses and other payables consist of the following at the dates indicated: June 30, 2024 March 31, 2024 (in thousands) Accrued compensation and benefits $ 40,484 $ 34,708 Distributions payable 27,513 — Accrued interest (1) 25,673 58,335 Derivative liabilities 22,268 36,679 Excise and other tax liabilities 15,118 18,003 Product exchange liabilities 4,537 3,366 Other (1) 39,920 62,666 Total $ 175,513 $ 213,757 (1) Includes amounts accrued related to the LCT Capital, LLC (“LCT”) legal matter at March 31, 2024. On June 13, 2024, we paid LCT $63.3 million related to the legal judgment against us, of which $27.2 million represented interest and $0.1 million of costs awarded to LCT. Amounts in the table above do not include accrued expenses and other payables related to the sale of certain freshwater water solutions facilities, as these amounts have been classified as liabilities held for sale within our March 31, 2024 consolidated balance sheet (see Note 15). Variable Interest Entity We decide at the inception of each arrangement whether an entity in which an investment is made or in which we have other variable interests is considered a variable interest entity (“VIE”). Generally, an entity is a VIE if (1) the entity does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties, (2) the entity’s investors lack any characteristics of a controlling financial interest or (3) the entity was established with non-substantive voting rights. We consolidate VIEs when we are deemed to be the primary beneficiary. The primary beneficiary of a VIE is generally the party that both: (1) has the power to make decisions that most significantly affect the economic performance of the VIE and (2) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. If we are not deemed to be the primary beneficiary of a VIE, we account for the investment or other variable interests in a VIE in accordance with applicable GAAP. During the three months ended June 30, 2024, we created a new aviation entity whereby we own a 90% interest and a member of our management owns a 10% interest as discussed in Note 15. We also executed a guarantee for the benefit of the lender that obligates us for the payment and performance of the aviation entity with respect to the repayment of the loan. At June 30, 2024, since we guaranteed the payment of the outstanding loan, we have concluded that the aviation entity is a VIE because the equity is not sufficient to fund the aviation entity’s activities without additional subordinated financial support. We have the power to make decisions that most significantly affect the economic performance of the aviation entity and have benefits through our ownership interest. Therefore, we have concluded that we are the primary beneficiary and will consolidate the aviation entity in our unaudited condensed consolidated financial statements and will include the noncontrolling interest as redeemable noncontrolling interest as discussed below. The following table summarizes the balances related to the VIE that are consolidated in our June 30, 2024 unaudited condensed consolidated balance sheet (excluding intercompany eliminations at the time of consolidation) as well as our equity in the VIE (in thousands): Prepaid expenses and other current assets $ 32 Property, plant and equipment, net 8,180 Accrued expenses and other payables (26) Current maturities of long-term debt (846) Long-term debt, net (5,498) Redeemable noncontrolling interest (174) Partnership's equity in VIE $ 1,668 Generally, the assets of the VIE can be used only to settle liabilities of the VIE and the liabilities of the VIE are liabilities for which creditors or beneficial interest holders do not have recourse to the general credit of the Partnership. In general, our maximum exposure to loss due to involvement with the VIE is limited to the amount of capital investment in the VIE, if any, or the potential obligation to perform on the guarantee of the outstanding loan. Noncontrolling Interests Noncontrolling interests represent the portion of certain consolidated subsidiaries that are owned by third-parties. Amounts are adjusted by the noncontrolling interest holder’s proportionate share of the subsidiaries’ earnings or losses each period and any distributions that are paid. Noncontrolling interests are reported as a component of equity, unless the noncontrolling interest is considered redeemable, in which case the noncontrolling interest is recorded between liabilities and equity (mezzanine or temporary equity) in our consolidated balance sheet. The redeemable noncontrolling interest is adjusted at each balance sheet date to its maximum redemption value if the amount is greater than the carrying value. The following table summarizes changes in our redeemable noncontrolling interest in our unaudited condensed consolidated balance sheets (in thousands): Redeemable noncontrolling interest at March 31, 2024 $ — Contributions from noncontrolling interest owner (Note 15) 174 Redeemable noncontrolling interest at June 30, 2024 $ 174 Reclassifications We have reclassified certain prior period financial statement information to be consistent with the classification methods used in the current fiscal year. For the three months ended June 30, 2023, certain revenues are now included in Disposal Services Fees in Note 10. These reclassifications did not impact previously reported amounts of assets, liabilities, equity, net income or cash flows. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The ASU is effective for the Partnership’s fiscal year beginning April 1, 2025, with early adoption permitted. The amendments are required to be applied prospectively with retrospective application permitted. We are currently evaluating the ASU to determine its impact on our financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-08, Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets, which includes amendments intended to improve the accounting for and disclosure of crypto assets. The ASU requires crypto assets to be measured at fair value each reporting period and for changes from remeasurement to be recognized in net income. The ASU also requires enhanced disclosures for both annual and interim reporting periods to provide investors with relevant information to analyze and assess the exposure and risk of significant individual crypto asset holdings. The ASU is effective for the Partnership’s fiscal year beginning April 1, 2025, including interim periods during that fiscal year, with early adoption permitted and requires a cumulative-effect adjustment upon adoption. This ASU does not currently impact our financial statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which includes amendments intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The ASU is effective for the Partnership’s fiscal year beginning April 1, 2024, and interim periods within our fiscal year beginning April 1, 2025, with early adoption permitted and requires retrospective application. We are currently evaluating the ASU to determine its impact on our financial statement disclosures. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) interest rate or another reference rate expected to be discontinued because of reference rate reform. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset date from December 31, 2022 to December 31, 2024 and left all other provisions of ASU No. 2020-04 unchanged. On April 13, 2022, the ABL Facility (as defined herein) was amended to replace the LIBOR benchmark with SOFR (as defined herein) benchmark (as discussed further in Note 6). We are continuing to evaluate the effect that this guidance will have on our financial position, results of operations and cash flows.

Loss Per Common Unit

Loss Per Common Unit	3 Months Ended
	Jun. 30, 2024
Earnings Per Unit [Abstract]
Loss Per Common Unit	Loss Per Common Unit The following table presents our calculation of basic and diluted weighted average common units outstanding for the periods indicated: Three Months Ended June 30, 2024 2023 Weighted average common units outstanding during the period: Common units - Basic 132,512,766 131,927,343 Common units - Diluted 132,512,766 131,927,343 For the three months ended June 30, 2024 and 2023, all potential common units or convertible securities were considered antidilutive. Our loss per common unit is as follows for the periods indicated: Three Months Ended June 30, 2024 2023 (in thousands, except per unit amounts) Net income $ 10,475 $ 19,563 Less: Net income attributable to noncontrolling interests (792) (262) Net income attributable to NGL Energy Partners LP 9,683 19,301 Less: Distributions to preferred unitholders (1) (28,814) (33,797) Less: Net loss allocated to GP (2) 19 14 Net loss allocated to common unitholders $ (19,112) $ (14,482) Basic and diluted loss per common unit $ (0.14) $ (0.11) (1) Includes distributions earned and declared for the three months ended June 30, 2024. Also includes cumulative distributions for the three months ended June 30, 2023 which were earned but not declared or paid (see Note 8 for a further discussion of the suspension of common unit and preferred unit distributions). (2) Net loss allocated to the GP includes distributions to which it is entitled as the holder of incentive distribution rights.

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Our property, plant and equipment consists of the following at the dates indicated: Description Estimated June 30, 2024 March 31, 2024 (in years) (in thousands) Water treatment facilities and equipment 3 - 30 $ 2,069,380 $ 2,055,565 Pipeline and related facilities 30 - 40 266,158 266,129 Crude oil tanks and related equipment 2 - 30 226,365 226,048 Natural gas liquids terminal and storage assets 2 - 30 168,083 167,633 Buildings and leasehold improvements 3 - 40 122,827 122,878 Vehicles and railcars (1) 3 - 25 91,511 91,715 Land 70,270 70,270 Information technology equipment 3 - 7 33,970 33,907 Tank bottoms and linefill (2) 33,195 28,269 Other 3 - 20 2,552 2,552 Construction in progress 90,297 43,010 Gross property, plant and equipment 3,174,608 3,107,976 Accumulated depreciation (1,049,187) (1,011,274) Net property, plant and equipment $ 2,125,421 $ 2,096,702 (1) Includes a finance lease right-of-use asset of $0.1 million at June 30, 2024 and March 31, 2024. The accumulated amortization related to this finance lease is included within accumulated depreciation. (2) Tank bottoms, which are product volumes required for the operation of storage tanks, are recorded at historical cost. We recover tank bottoms when the storage tanks are removed from service. Linefill, which represents our portion of the product volume required for the operation of the proportionate share of a pipeline we own, is recorded at historical cost. Amounts in the table above do not include property, plant and equipment and accumulated depreciation related to the sale of certain freshwater water solutions facilities, certain saltwater disposal assets and certain real estate, as these amounts have been classified as assets held for sale within our March 31, 2024 consolidated balance sheet (see Note 15). The following table summarizes depreciation expense and capitalized interest expense for the periods indicated: Three Months Ended June 30, 2024 2023 (in thousands) Depreciation expense $ 47,919 $ 49,644 Capitalized interest expense $ 543 $ 302 We record (gains) losses from the sales of property, plant and equipment and any write-downs in value due to impairment within gain on disposal or impairment of assets, net in our unaudited condensed consolidated statement of operations. The following table summarizes (gains) losses on the disposal or impairment of property, plant and equipment by segment for the period indicated: Three Months Ended June 30, 2024 (in thousands) Water Solutions (1) $ 79 Crude Oil Logistics 22 Total $ 101 (1) Amounts do not include the gain recognized on the sale of certain freshwater water solutions facilities and certain saltwater disposal assets discussed in Note 15.

Intangible Assets

Intangible Assets	3 Months Ended
	Jun. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	Intangible Assets Our intangible assets consist of the following at the dates indicated: June 30, 2024 March 31, 2024 Description Weighted- Gross Carrying Accumulated Net Gross Carrying Accumulated Net (in years) (in thousands) Customer relationships 18.4 $ 905,113 $ (276,542) $ 628,571 $ 905,113 $ (265,621) $ 639,492 Customer commitments 20.0 192,000 (38,400) 153,600 192,000 (36,480) 155,520 Rights-of-way and easements 29.7 97,561 (19,000) 78,561 95,231 (18,187) 77,044 Water rights 25.3 36,068 (5,611) 30,457 36,068 (5,310) 30,758 Executory contracts and other agreements 24.1 19,332 (4,076) 15,256 17,854 (3,670) 14,184 Debt issuance costs (1) 4.7 18,746 (1,551) 17,195 18,473 (605) 17,868 Pipeline capacity rights 19.4 7,799 (2,752) 5,047 7,799 (2,687) 5,112 Total $ 1,276,619 $ (347,932) $ 928,687 $ 1,272,538 $ (332,560) $ 939,978 (1) Includes debt issuance costs related to the ABL Facility. Debt issuance costs related to the fixed-rate notes and Term Loan B (as defined herein) are reported as a reduction of the carrying amount of long-term debt. Amounts in the table above do not include intangible assets and accumulated amortization related to the sale of certain freshwater water solutions facilities and certain saltwater disposal assets, as these amounts have been classified as assets held for sale within our March 31, 2024 consolidated balance sheet (see Note 15). Amortization expense is as follows for the periods indicated: Three Months Ended June 30, Recorded In 2024 2023 (in thousands) Depreciation and amortization $ 14,300 $ 19,335 Cost of sales 65 65 Interest expense 946 1,414 Operating expenses 62 62 Total $ 15,373 $ 20,876 The following table summarizes expected amortization of our intangible assets at June 30, 2024 (in thousands): Year Ending March 31, 2025 (nine months) $ 44,530 2026 58,536 2027 57,772 2028 54,756 2029 52,170 2030 45,763 Thereafter 615,160 Total $ 928,687

Long-Term Debt

Long-Term Debt	3 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Our long-term debt consists of the following at the dates indicated: June 30, 2024 March 31, 2024 Face Unamortized Book Face Unamortized Book (in thousands) Asset-based revolving credit facility (“ABL Facility”) $ 169,000 $ 169,000 $ — $ — Senior secured term loan "B" credit facility ("Term Loan B") 698,250 $ (16,933) 681,317 700,000 $ (17,549) 682,451 Senior secured notes: 8.125% Notes due 2029 (“2029 Senior Secured Notes”) 900,000 (12,191) 887,809 900,000 (12,845) 887,155 8.375% Notes due 2032 (“2032 Senior Secured Notes”) 1,300,000 (18,197) 1,281,803 1,300,000 (18,784) 1,281,216 Other long-term debt 6,360 (16) 6,344 — — — Total long-term debt 3,073,610 (47,337) 3,026,273 2,900,000 (49,178) 2,850,822 Less: Current maturities 7,846 — 7,846 7,000 — 7,000 Long-term debt $ 3,065,764 $ (47,337) $ 3,018,427 $ 2,893,000 $ (49,178) $ 2,843,822 (1) Debt issuance costs related to the ABL Facility are reported within intangible assets, rather than as a reduction of the carrying amount of long-term debt. The unamortized debt issuance costs for Term Loan B include a $4.9 million discount. ABL Facility The ABL Facility is subject to a borrowing base, which includes a sub-limit for letters of credit. Total commitments under the ABL Facility are $600.0 million and the sub-limit for letters of credit is $200.0 million. At June 30, 2024, $169.0 million had been borrowed under the ABL Facility and we had letters of credit outstanding of $87.6 million. The ABL Facility is scheduled to mature at the earliest of (a) February 2, 2029 or (b) 91 days prior to the earliest maturity date in respect to any of our indebtedness in an aggregate principal amount of $50.0 million or greater, subject to certain exceptions. The ABL Facility is secured by a lien on substantially all of our assets, including among other things, a first priority lien on our accounts receivable, inventory, pledged deposit accounts, cash and cash equivalents, renewable energy tax credits and related assets and a second priority lien on all of our other assets. All borrowings under the ABL Facility bear interest at a secured overnight financing rate (“SOFR”) or the alternative base rate to provide for a 0.25% decrease based on our consolidated net leverage ratio. The applicable margin for alternate base rate loans varies from 1.50% to 2.00% and the applicable margin for SOFR varies from 2.50% to 3.00%. In addition, a commitment fee will be charged and payable quarterly in arrears based on the average daily unused portion of the revolving commitments under the ABL Facility. Such commitment fee will be 0.50% per year, subject to a reduction to 0.375% in the event our fixed charge coverage ratio is greater than or equal to 1.75 to 1.00. At June 30, 2024, the borrowings under the ABL Facility had a weighted average interest rate of 8.42% calculated as weighted average SOFR rate of 5.34% plus a margin of 2.85% for SOFR borrowings and the prime rate of 8.50% plus a margin of 1.75% on the alternate base borrowings. On June 30, 2024, the interest rate in effect on letters of credit was 2.75%. The ABL Facility contains various affirmative and negative covenants, including financial reporting requirements and limitations on indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of assets, distributions and other restricted payments, investments (including acquisitions) and transactions with affiliates. The ABL Facility contains, as the only financial covenant, a fixed charge coverage ratio that is tested based on the financial statements for the most recently ended fiscal quarter upon the occurrence and during the continuation of a Cash Dominion Event (as defined in the ABL Facility). At June 30, 2024, no Cash Dominion Event had occurred. Compliance At June 30, 2024, we were in compliance with the covenants under the ABL Facility. Term Loan B The Term Loan B was issued at 99.25% of par for gross proceeds of $694.8 million. The Term Loan B was issued pursuant to a credit agreement dated February 2, 2024 (“Term Loan Credit Agreement”). The Term Loan B will mature on February 2, 2031 and will amortize in equal quarterly installments in aggregate annual amounts equal to 1.0% of the original principal amount beginning with the fiscal quarter ended June 30, 2024, with the balance payable on maturity. The Term Loan B is secured by first priority liens on substantially all of our assets other than our accounts receivable, inventory, pledged deposit accounts, cash and cash equivalents, renewable energy tax credits and related assets and second priority liens on our accounts receivable, inventory, pledged deposit accounts, cash and cash equivalents, renewable energy tax credits and related assets. The Term Loan B bears interest at a SOFR-based rate or an alternate base rate, in each case plus an applicable margin. The applicable margin for alternate base rate loans varies from 3.25% to 3.50% and the applicable margin for SOFR-based loans varies from 4.25% to 4.50%, in each case, depending on our consolidated first lien net leverage ratio (as defined in the Term Loan Credit Agreement). At June 30, 2024, the borrowings under the Term Loan B had an interest rate of SOFR of 5.34% plus a margin of 4.50%. The Term Loan Credit Agreement contains various affirmative and negative covenants, including financial reporting requirements and limitations on indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of assets, distributions and other restricted payments, investments (including acquisitions) and transactions with affiliates. The Term Loan Credit Agreement requires that we maintain, on a quarterly basis, beginning with the quarter ended June 30, 2024, a debt service coverage rate (as defined in the Term Loan Credit Agreement) of no less than 1.1 to 1.0. At June 30, 2024, our debt service coverage rate was approximately 2.17 to 1.0. The Term Loan Credit Agreement contains other customary terms, events of default and covenants. Compliance At June 30, 2024, we were in compliance with the covenants under Term Loan B. Senior Secured Notes The 2029 Senior Secured Notes bear interest at 8.125% and the 2032 Senior Secured Notes bear interest at 8.375%. Interest on the 2029 Senior Secured Notes and 2032 Senior Secured Notes is payable on February 15, May 15, August 15 and November 15 of each year, beginning on May 15, 2024. The 2029 Senior Secured Notes mature on February 15, 2029 and the 2032 Senior Secured Notes mature on February 15, 2032. The 2029 Senior Secured Notes and 2032 Senior Secured Notes were issued pursuant to an indenture dated February 2, 2024 (“Indenture”). The 2029 Senior Secured Notes and 2032 Senior Secured Notes are secured by first priority liens on substantially all of our assets other than our accounts receivable, inventory, pledged deposit accounts, cash and cash equivalents, renewable energy tax credits and related assets and second priority liens on our accounts receivable, inventory, pledged deposit accounts, cash and cash equivalents, renewable energy tax credits and related assets. The Indenture contains covenants that, among other things, limit our ability to: pay distributions or make other restricted payments or repurchase stock; incur or guarantee additional indebtedness or issue disqualified stock or certain preferred stock; make certain investments; create or incur liens; sell assets; enter into restrictions affecting the ability of restricted subsidiaries to make distributions, make loans or advances or transfer assets to the guarantors (including the Partnership); enter into certain transactions with our affiliates; designate restricted subsidiaries as unrestricted subsidiaries; and consolidate, merge or transfer or sell all or substantially all of our assets. These covenants are subject to a number of important exceptions and qualifications. The Indenture contains other customary terms, events of default and covenants. We have the option to redeem all or part of the 2029 Senior Secured Notes, at any time on or after February 15, 2026, at the redemption prices specified in the Indenture. We have the option to redeem all or part of the 2032 Senior Secured Notes, at any time on or after February 15, 2027, at the redemption prices specified in the Indenture. Compliance At June 30, 2024, we were in compliance with the covenants under the Indenture. Other Long-Term Debt On June 24, 2024, we entered into an equipment loan for $6.4 million with American Bank and Trust Company which bears interest at a rate of 8.5% and is secured by an airplane (see Note 15). We have an aggregate principal balance of $6.4 million at June 30, 2024. This loan matures on June 24, 2030. Debt Maturity Schedule The scheduled maturities of our long-term debt are as follows at June 30, 2024: Year Ending March 31, ABL Facility Term Loan B Senior Secured Notes Other Long-Term Debt Total (in thousands) 2025 (nine months) $ — $ 5,250 $ — $ 629 $ 5,879 2026 — 7,000 — 902 7,902 2027 — 7,000 — 983 7,983 2028 — 7,000 — 1,071 8,071 2029 169,000 7,000 900,000 1,167 1,077,167 2030 — 7,000 — 1,272 8,272 Thereafter — 658,000 1,300,000 336 1,958,336 Total $ 169,000 $ 698,250 $ 2,200,000 $ 6,360 $ 3,073,610 Amortization of Debt Issuance Costs Amortization expense for debt issuance costs related to long-term debt was $1.9 million and $2.7 million during the three months ended June 30, 2024 and 2023, respectively. The following table summarizes expected amortization of debt issuance costs at June 30, 2024 (in thousands): Year Ending March 31, 2025 (nine months) $ 5,699 2026 7,598 2027 7,598 2028 7,598 2029 7,262 2030 4,961 Thereafter 6,621 Total $ 47,337

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Contingencies We are party to various claims, legal actions, and complaints arising in the ordinary course of business. In the opinion of our management, the ultimate resolution of these claims, legal actions, and complaints, after consideration of amounts accrued, insurance coverage, and other arrangements, is not expected to have a material adverse effect on our consolidated financial position, results of operations or cash flows. However, the outcome of such matters is inherently uncertain, and estimates of our liabilities may change materially as circumstances develop. Environmental Matters At June 30, 2024, we have an environmental liability, measured on an undiscounted basis, of $ 1.2 million Asset Retirement Obligations We have contractual and regulatory obligations at certain facilities for which we have to perform remediation, dismantlement, or removal activities when the assets are retired. Our liability for asset retirement obligations is discounted to present value. To calculate the liability, we make estimates and assumptions about the retirement cost and the timing of retirement. Changes in our assumptions and estimates may occur as a result of the passage of time and the occurrence of future events. The following table summarizes changes in our asset retirement obligations, which is reported within other noncurrent liabilities in our unaudited condensed consolidated balance sheets (in thousands): Asset retirement obligations at March 31, 2024 $ 56,574 Liabilities incurred 303 Liabilities associated with disposed assets (1) (274) Liabilities settled (65) Accretion expense 1,003 Asset retirement obligations at June 30, 2024 $ 57,541 (1) Relates to the sale of certain saltwater disposal wells within our Water Solutions segment. In addition to the obligations described above, we may be obligated to remove facilities or perform other remediation upon retirement of certain other assets. However, the fair value of the asset retirement obligation cannot currently be reasonably estimated because the settlement dates are indeterminable. We will record an asset retirement obligation for these assets in the periods in which settlement dates are reasonably determinable. Pipeline Capacity Agreement We have a noncancellable agreement with a crude oil pipeline operator, which guarantees us minimum monthly shipping capacity on the pipeline. As a result, we are required to pay the minimum shipping fees if actual shipments are less than our allotted capacity. Under this agreement, we have the ability to recover minimum shipping fees previously paid if our shipping volumes exceed the minimum monthly shipping commitment during each month remaining under the agreement, and this agreement allows us to continue shipping up to six months after the maturity date of the contract in order to recapture previously paid minimum shipping delinquency fees. The future minimum throughput payments under this agreement at June 30, 2024 were $22.8 million, all of which will be recognized by March 31, 2025. Sales and Purchase Contracts We have entered into product sales and purchase contracts for which we expect the parties to physically settle and deliver the inventory in future periods. At June 30, 2024, we had the following commodity purchase commitments: Crude Oil (1) Natural Gas Liquids Value Volume Value Volume (in thousands) Fixed-Price Commodity Purchase Commitments: Year ending March 31, 2025 (nine months) $ 79,160 1,108 $ 20,759 26,839 2026 — — 4,464 6,510 2027 — — 2,963 4,284 2028 — — 343 504 Total $ 79,160 1,108 $ 28,529 38,137 Index-Price Commodity Purchase Commitments: Year ending March 31, 2025 (nine months) $ 2,697,101 35,555 $ 832,640 852,709 2026 711,412 10,545 41,986 56,053 2027 — — 13,162 25,200 Total $ 3,408,513 46,100 $ 887,788 933,962 (1) Our crude oil index-price purchase commitments exceed our crude oil index-price sales commitments (presented below) due primarily to our long-term purchase commitments for crude oil that we purchase and ship on the Grand Mesa Pipeline. As these purchase commitments are deliver-or-pay contracts, whereby our counterparty is required to pay us for any volumes not delivered, we have not entered into corresponding long-term sales contracts for volumes we may not receive. At June 30, 2024, we had the following commodity sale commitments: Crude Oil Natural Gas Liquids Value Volume Value Volume (in thousands) Fixed-Price Commodity Sale Commitments: Year ending March 31, 2025 (nine months) $ 77,351 1,080 $ 69,815 72,187 2026 — — 5,642 6,837 2027 — — 3,300 4,366 2028 — — 298 400 Total $ 77,351 1,080 $ 79,055 83,790 Index-Price Commodity Sale Commitments: Year ending March 31, 2025 (nine months) $ 2,214,891 27,827 $ 769,895 662,740 2026 29,476 390 20,649 17,893 Total $ 2,244,367 28,217 $ 790,544 680,633 We account for the contracts shown in the tables above using the normal purchase and normal sale election. Under this accounting policy election, we do not record the physical contracts at fair value at each balance sheet date; instead, we record the purchase or sale at the contracted value once the delivery occurs. Contracts in the tables above may have offsetting derivative contracts (described in Note 9) or inventory positions (described in Note 2). Certain other forward purchase and sale contracts do not qualify for the normal purchase and normal sale election. These contracts are recorded at fair value in our unaudited condensed consolidated balance sheet and are not included in the tables above. These contracts are included in the derivative disclosures in Note 9 and represent $21.6 million of our prepaid expenses and other current assets and $20.2 million of our accrued expenses and other payables at June 30, 2024. Other Commitments We have noncancellable agreements for product storage, railcar spurs, capital projects and real estate. The following table summarizes future minimum payments under these agreements at June 30, 2024 (in thousands): Year Ending March 31, 2025 (nine months) $ 26,421 2026 6,674 2027 6,395 2028 2,345 2029 2,128 2030 1,386 Thereafter 2,207 Total $ 47,556

Equity

Equity	3 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity	Equity Partnership Equity The Partnership’s equity consists of a 0.1% GP interest and a 99.9% limited partner interest, which consists of common units. Our GP has the right, but not the obligation, to contribute a proportionate amount of capital to the Partnership to maintain its 0.1% GP interest. Our GP is not required to guarantee or pay any of our debts and obligations. At June 30, 2024, we owned 8.69% of our GP. Common Unit Repurchase Program On June 5, 2024, the board of directors of our GP authorized a common unit repurchase program, under which we may repurchase up to $50.0 million of our outstanding common units from time to time in the open market or in other privately negotiated transactions. This program does not have a fixed expiration date. We did not repurchase any units under this program by the end of the quarter ended June 30, 2024. Suspension of Common Unit and Preferred Unit Distributions On February 4, 2021, the board of directors of our GP temporarily suspended all distributions, including common unit distributions which began with the quarter ended December 31, 2020 and preferred unit distributions which began with the quarter ended March 31, 2021. On April 4, 2024 and April 9, 2024, the board of directors of our GP declared cash distributions of the remaining outstanding distribution arrearages through March 31, 2024 to the preferred unitholders. The distributions were paid on April 18, 2024 and April 25, 2024, respectively. See below for further discussion. As of April 25, 2024, all preferred unit distributions in arrears have been paid. Class B Preferred Units As of June 30, 2024, there were 12,585,642 of our Class B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class B Preferred Units”) outstanding. On April 4, 2024, the board of directors of our GP declared a cash distribution of $3.0224 which was 55.4% of the outstanding distribution arrearages through the quarter ended March 31, 2024 to the holders of the Class B Preferred Units. The distribution amount of $38.0 million was paid on April 18, 2024 to the holders of record at the close of trading on April 12, 2024. On April 9, 2024, the board of directors of our GP declared a cash distribution of $2.4750 which fully paid the remaining distribution arrearages and interest through the quarter ended March 31, 2024 to the holders of the Class B Preferred Units. The distribution amount of $31.1 million, which included a distribution of $9.9 million earned during the quarter ended March 31, 2024, was paid on April 25, 2024 to the holders of record at the close of trading on April 19, 2024. The current distribution rate for the Class B Preferred Units is a floating rate of the three-month LIBOR interest rate (5.30% for the quarter ended June 30, 2024) plus a spread of 7.213%. Effective July 3, 2023, the reference to LIBOR in the formulation for the distribution rate in these securities was replaced with three-month CME Term SOFR, as calculated and published by CME Group Benchmark Administration, Ltd., plus a tenor spread adjustment of 0.26161%, in accordance with the Adjustable Interest R ate (LIBOR) Act (“LIBOR Act”), and the rules implementing the LIBOR Act. On June 21, 2024, the board of directors of our GP declared a cash distribution of $0.8153 for the quarter ended June 30, 2024 to the holders of the Class B Preferred Units. The distribution amount of $10.3 million was paid on July 15, 2024 to the holders of record at the close of trading on July 1, 2024 and is included in accrued expenses and other payables in our unaudited condensed consolidated balance sheet at June 30, 2024. Class C Preferred Units As of June 30, 2024, there were 1,800,000 of our Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class C Preferred Units”) outstanding. On April 4, 2024, the board of directors of our GP declared a cash distribution of $2.6790 which was 55.4% of the outstanding distribution arrearages through the quarter ended March 31, 2024 to the holders of the Class C Preferred Units. The distribution amount of $4.8 million was paid on April 18, 2024 to the holders of record at the close of trading on April 12, 2024. On April 9, 2024, the board of directors of our GP declared a cash distribution of $2.1860 which fully paid the remaining distribution arrearages and interest through the quarter ended March 31, 2024 to the holders of the Class C Preferred Units. The distribution amount of $3.9 million, which included a distribution of $1.1 million earned during the quarter ended March 31, 2024, was paid on April 25, 2024 to the holders of record at the close of trading on April 19, 2024. The current distribution rate for the Class C Preferred Units is a floating rate of the three-month LIBOR interest rate (5.30% for the quarter ended June 30, 2024) plus a spread of 7.384%. Effective July 3, 2023, the reference to LIBOR in the formulation for the distribution rate in these securities was replaced with three-month CME Term SOFR, as calculated and published by CME Group Benchmark Administration, Ltd. On June 21, 2024, the board of directors of our GP declared a cash distribution of $0.7926 for the quarter ended June 30, 2024 to the holders of the Class C Preferred Units. The distribution amount of $1.4 million was paid on July 15, 2024 to the holders of record at the close of trading on July 1, 2024 and is included in accrued expenses and other payables in our unaudited condensed consolidated balance sheet at June 30, 2024. Class D Preferred Units As of June 30, 2024, there were 600,000 preferred units (“Class D Preferred Units”) and warrants exercisable to purchase an aggregate of 25,500,000 common units outstanding. The following table summarizes the outstanding warrants at June 30, 2024: Issuance Date and Description Number of Warrants Exercise Price July 2, 2019 Premium warrants 10,000,000 $ 17.45 Par warrants 7,000,000 $ 14.54 October 31, 2019 Premium warrants 5,000,000 $ 16.28 Par warrants 3,500,000 $ 13.56 All outstanding warrants are currently exercisable and any unexercised warrants will expire on the tenth anniversary of the date of issuance. The warrants will not participate in cash distributions. On April 4, 2024, the board of directors of our GP declared a cash distribution of 55.4% of the outstanding distribution arrearages through the quarter ended March 31, 2024 to the holders of the Class D Preferred Units. The distribution amount of $77.1 million was paid on April 18, 2024 to the holders of record at the close of trading on April 12, 2024. On April 9, 2024, the board of directors of our GP declared a cash distribution which fully paid the remaining distribution arrearages and interest through the quarter ended March 31, 2024 to the holders of the Class D Preferred Units. The distribution amount of $63.0 million, which included a distribution of $16.4 million earned during the quarter ended March 31, 2024, was paid on April 25, 2024 to the holders of record at the close of trading on April 19, 2024. The current distribution rate for the Class D Preferred Units is 10.00% (equal to $100.00 per every $1,000 in unit value per year). On June 21, 2024, the board of directors of our GP declared a cash distribution for the quarter ended June 30, 2024 to the holders of the Class D Preferred Units. The distribution amount of $15.8 million was paid on July 15, 2024 to the holders of record at the close of trading on July 1, 2024 and is included in accrued expenses and other payables in our unaudited condensed consolidated balance sheet at June 30, 2024. As of July 1, 2024, the holders of our Class D Preferred Units can elect, from time to time, for the distributions to be calculated based on a floating rate equal to the applicable three-month LIBOR interest rate (or alternative rate as determined in accordance with our amended and restated limited partnership agreement (“Partnership Agreement”)) plus a spread of 7.00% (“Class D Variable Rate,” as defined in the Partnership Agreement). Each Class D Variable Rate election shall be effective for at least four quarters following such election. The holders of the Class D Preferred Units have informed us that they have elected the floating rate for the calculation of the distributions.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and other current assets and liabilities (excluding derivative instruments) approximate fair value because of the short-term nature of these instruments. Therefore, these assets and liabilities are not presented in the following table. Derivatives The following table summarizes, by level within the fair value hierarchy, the estimated fair values of our derivative assets and liabilities reported in our unaudited condensed consolidated balance sheets at the dates indicated: June 30, 2024 March 31, 2024 Derivative Derivative Derivative Derivative (in thousands) Level 1 measurements $ 6,195 $ (11,941) $ 4,798 $ (7,517) Level 2 measurements 24,459 (23,139) 54,040 (37,345) 30,654 (35,080) 58,838 (44,862) Netting of counterparty contracts (1) (6,195) 6,195 (4,798) 4,798 Net cash collateral provided 944 5,189 630 2,719 Derivatives $ 25,403 $ (23,696) $ 54,670 $ (37,345) (1) Relates to commodity derivative assets and liabilities that are expected to be net settled on an exchange or through a master netting arrangement with the counterparty. Our physical contracts that do not qualify as normal purchase normal sale transactions are not subject to such master netting arrangements. The following table summarizes the accounts that include our derivative assets and liabilities in our unaudited condensed consolidated balance sheets at the dates indicated: June 30, 2024 March 31, 2024 (in thousands) Prepaid expenses and other current assets $ 25,397 $ 54,670 Other noncurrent assets 6 — Accrued expenses and other payables (22,268) (36,679) Other noncurrent liabilities (1,428) (666) Net derivative asset $ 1,707 $ 17,325 The following table summarizes our open derivative contract positions at the dates indicated. We do not account for these derivatives as hedges. Contracts Settlement Period Net Long (Short) Fair Value of (in thousands) At June 30, 2024: Crude oil fixed-price (1) July 2024–March 2025 (330) $ (596) Propane fixed-price (1) July 2024–March 2026 14,704 (3,349) Refined products fixed-price (1) July 2024–January 2025 (341) 136 Butane fixed-price (1) July 2024–March 2025 (1,157) (4,052) Variable-to-fixed interest rate swaps (2) July 2024–April 2026 69 Other July 2024–March 2025 3,366 (4,426) Net cash collateral provided 6,133 Net derivative asset $ 1,707 At March 31, 2024: Crude oil fixed-price (1) April 2024–March 2025 (174) $ (3,000) Propane fixed-price (1) April 2024–April 2025 6,980 1,870 Refined products fixed-price (1) April 2024–December 2024 (244) 518 Butane fixed-price (1) April 2024–March 2025 (982) (2,222) Variable-to-fixed interest rate swap (2) April 2024–April 2026 515 Other April 2024–March 2025 16,295 13,976 Net cash collateral provided 3,349 Net derivative asset $ 17,325 (1) We may have fixed price physical purchases, including inventory, offset by floating price physical sales or floating price physical purchases offset by fixed price physical sales. These contracts are derivatives we have entered into as an economic hedge against the risk of mismatches between fixed and floating price physical obligations. (2) In March and April 2024, we entered into interest rate swaps totaling $400.0 million to reduce the variability of cash outflows associated with our floating-rate, SOFR-based borrowings, including borrowings on the Term Loan B. Under these arrangements, we pay fixed interest rates of 4.32% and 4.79%, respectively, in exchange for SOFR-based variable interest through April 2026. Changes in the fair value of the interest rate swaps are recorded as a net gain or loss within interest expense in our unaudited condensed consolidated statement of operations. During the three months ended June 30, 2024, there was $0.3 million of net gains on our interest rate swaps. During the three months ended June 30, 2024 and 2023, we recorded net losses of $13.3 million and net gains of $12.9 million, respectively, from our commodity derivatives to revenues and cost of sales in our unaudited condensed consolidated statements of operations. Credit Risk We have credit policies that we believe minimize our overall credit risk, including an evaluation of potential counterparties’ financial condition (including credit ratings), collateral requirements under certain circumstances, and the use of industry standard master netting agreements, which allow for offsetting counterparty receivable and payable balances for certain transactions. At June 30, 2024, our primary counterparties were retailers, resellers, energy marketers, producers, refiners, and dealers. This concentration of counterparties may impact our overall exposure to credit risk, either positively or negatively, as the counterparties may be similarly affected by changes in economic, regulatory or other conditions. If a counterparty does not perform on a contract, we may not realize amounts that have been recorded in our unaudited condensed consolidated balance sheets and recognized in our net income. Interest Rate Risk The ABL Facility is variable-rate debt with interest rates that are generally indexed to the prime rate or SOFR. At June 30, 2024, we had $169.0 million of outstanding borrowings under the ABL Facility at a weighted average interest rate of 8.42%. The Term Loan B is variable-rate debt with interest rates that are generally indexed to SOFR. At June 30, 2024, there was $698.3 million of outstanding borrowings under the Term Loan B with an interest rate of SOFR of 5.34% plus a margin of 4.50%. In March and April 2024, we entered into interest rate swaps totaling $400.0 million to reduce the variability of cash outflows associated with our floating-rate, SOFR-based borrowings, including borrowings on the Term Loan B. The current distribution rate for the Class B Preferred Units is a floating rate of the three-month LIBOR interest rate (5.30% for the quarter ended June 30, 2024) plus a spread of 7.213% (see Note 8 for a further discussion). The current distribution rate for the Class C Preferred Units is a floating rate of the three-month LIBOR interest rate (5.30% for the quarter ended June 30, 2024) plus a spread of 7.384% (see Note 8 for a further discussion). As of July 1, 2024, the holders of our Class D Preferred Units can elect, from time to time, for the distributions to be calculated based on a floating rate equal to the applicable three-month LIBOR interest rate (or alternative rate as determined in accordance with our Partnership Agreement) plus a spread of 7.00% (see Note 8 for a further discussion ) . Fair Value of Fixed-Rate Notes The following table provides fair value estimates of our fixed-rate notes at June 30, 2024 (in thousands): 2029 Senior Secured Notes $ 917,625 2032 Senior Secured Notes $ 1,322,750 For the 2029 Senior Secured Notes and 2032 Senior Secured Notes, the fair value estimates were developed based on publicly traded quotes and would be classified as Level 2 in the fair value hierarchy.

Segments

Segments	3 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segments	Segments Our operations are organized into three reportable segments: (i) Water Solutions, (ii) Crude Oil Logistics and (iii) Liquids Logistics, consistent with the manner in which our chief operating decision maker evaluates performance and allocates resources. These segments have been identified based on the differing products and services, regulatory environment and the expertise required for these operations. Our Liquids Logistics reportable segment includes operating segments that have been aggregated based on the nature of the products and services provided. Operating income of these segments is reviewed by the chief operating decision maker to evaluate performance and make business decisions. Intersegment transactions are recorded based on prices negotiated between the segments and are eliminated upon consolidation. See Note 1 for a discussion of the products and services of our reportable segments. The remainder of our business operations is presented as “Corporate and Other” and consists of certain corporate expenses that are not allocated to the reportable segments. The following table summarizes revenues related to our segments for the periods indicated: Three Months Ended June 30, 2024 2023 (in thousands) Revenues: Water Solutions: Topic 606 revenues Disposal service fees (1) $ 147,973 $ 149,395 Sale of recovered crude oil 30,776 23,017 Sale of water 2,285 4,441 Other service revenues (1) 361 4,296 Non-Topic 606 revenues 15 153 Total Water Solutions revenues 181,410 181,302 Crude Oil Logistics: Topic 606 revenues Crude oil sales 262,609 450,128 Crude oil transportation and other sales 15,816 12,046 Non-Topic 606 revenues 1,790 2,378 Elimination of intersegment sales (112) (162) Total Crude Oil Logistics revenues 280,103 464,390 Liquids Logistics: Topic 606 revenues Refined products sales 511,082 578,039 Propane sales 97,358 111,686 Butane sales 98,030 70,158 Other products sales 97,197 79,841 Service sales 2,327 1,319 Non-Topic 606 revenues 119,752 129,369 Total Liquids Logistics revenues 925,746 970,412 Total revenues $ 1,387,259 $ 1,616,104 (1) For the three months ended June 30, 2023, $1.4 million of revenue, which was included in Other Service Revenues in our June 30, 2023 Quarterly Report on Form 10-Q, is now included in Disposal Service Fees. During the three months ended June 30, 2024 and 2023, our Liquids Logistics revenues included $24.1 million and $19.6 million of non-US revenues, respectively. The following tables summarize depreciation and amortization expense (including amortization expense recorded within interest expense, cost of sales and operating expenses in Note 5 and Note 6) and operating income (loss) by segment for the periods indicated. Three Months Ended June 30, 2024 2023 (in thousands) Depreciation and Amortization: Water Solutions $ 52,774 $ 54,485 Crude Oil Logistics 6,441 9,746 Liquids Logistics 2,476 3,279 Corporate and Other 3,501 5,700 Total $ 65,192 $ 73,210 Operating Income (Loss): Water Solutions $ 84,358 $ 69,331 Crude Oil Logistics 14,089 17,007 Liquids Logistics (11,550) 7,831 Corporate and Other (11,946) (22,149) Total $ 74,951 $ 72,020 The following table summarizes additions to property, plant and equipment and intangible assets by segment for the periods indicated. This information has been prepared on the accrual basis, and includes property, plant and equipment and intangible assets acquired in acquisitions. Three Months Ended June 30, 2024 2023 (in thousands) Water Solutions $ 64,684 $ 38,956 Crude Oil Logistics 1,096 974 Liquids Logistics 3,556 4,093 Corporate and Other 8,195 69 Total $ 77,531 $ 44,092 The following tables summarize long-lived assets, net (consisting of property, plant and equipment, intangible assets, operating lease right-of-use assets and goodwill) and total assets by segment at the dates indicated: June 30, 2024 March 31, 2024 (in thousands) Long-lived assets, net: Water Solutions $ 2,618,570 $ 2,608,007 Crude Oil Logistics 826,723 827,248 Liquids Logistics (1) 293,694 298,595 Corporate and Other 40,947 34,267 Total $ 3,779,934 $ 3,768,117 (1) Includes $8.8 million and $10.2 million of non-US long-lived assets at June 30, 2024 and March 31, 2024, respectively. June 30, 2024 March 31, 2024 (in thousands) Total assets: Water Solutions $ 2,812,964 $ 2,818,444 Crude Oil Logistics 1,354,972 1,368,461 Liquids Logistics (1) 620,148 686,885 Corporate and Other 51,495 79,707 Assets held for sale — 66,597 Total $ 4,839,579 $ 5,020,094 (1) Includes $23.1 million and $22.1 million of non-US total assets at June 30, 2024 and March 31, 2024, respectively.

Transactions with Affiliates

Transactions with Affiliates	3 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Transactions with Affiliates	Transactions with Affiliates The following table summarizes our related party transactions for the periods indicated: Three Months Ended June 30, 2024 2023 (in thousands) Purchases from equity method investees $ 19 $ 486 Purchases from entities affiliated with management $ — $ 100 Affiliate balances consist of the following at the dates indicated: June 30, 2024 March 31, 2024 (in thousands) Accounts receivable-affiliates Equity method investees $ 1,501 $ 1,501 Accounts payable-affiliates Equity method investees $ 5 $ 36 Entities affiliated with management 1 1 Total $ 6 $ 37 Other Related Party Transactions During the three months ended June 30, 2024, we created a new aviation entity whereby we own a 90% interest and a member of our management owns a 10% interest. See Note 15 for a further discussion.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customer	Revenue from Contracts with Customers We recognize revenue for services and products under revenue contracts as our obligations to either perform services or deliver or sell products under the contracts are satisfied. Our revenue contracts in scope under ASC 606 primarily have a single performance obligation and we do not receive material amounts of non-cash consideration. Our costs to obtain or fulfill our revenue contracts were not material as of June 30, 2024. The majority of our revenue agreements are in scope under ASC 606 and the remainder of our revenue comes from contracts that are accounted for as derivatives under ASC 815 or that contain nonmonetary exchanges or leases in the scope of ASC 845 and ASC 842, respectively. See Note 10 for a detail of disaggregated revenue. Revenue from contracts accounted for as derivatives under ASC 815 within our Liquids Logistics segment includes net losses of $32.8 million and net gains of $1.7 million, respectively, during the three months ended June 30, 2024 and 2023, related to changes in the mark-to-market value of these contracts recorded Remaining Performance Obligations Most of our service contracts are such that we have the right to consideration from a customer in an amount that corresponds directly with the value to the customer of our performance completed to date. Therefore, we utilized the practical expedient in ASC 606-10-55-18 under which we recognize revenue in the amount to which we have the right to invoice. Applying this practical expedient, we are not required to disclose the transaction price allocated to remaining performance obligations under these contracts. The following table summarizes the amount and timing of revenue recognition for such contracts at June 30, 2024 (in thousands): Year Ending March 31, 2025 (nine months) $ 102,107 2026 78,128 2027 59,781 2028 47,179 2029 45,173 2030 32,537 Thereafter 22,509 Total $ 387,414 Contract Assets and Liabilities The following tables summarize the balances of our contract assets and liabilities at the dates indicated: June 30, 2024 March 31, 2024 (in thousands) Accounts receivable from contracts with customers $ 386,656 $ 415,961 Contract assets (current) $ 3,831 $ — Contract liabilities at March 31, 2024 $ 16,933 Payment received and deferred 20,589 Payment recognized in revenue (12,466) Contract liabilities at June 30, 2024 $ 25,056

Leases

Leases	3 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Lessee, Operating Leases	Leases Lessee Accounting Our leasing activity primarily consists of product storage, office space, real estate, railcars, and equipment. The following table summarizes the components of our lease cost for the periods indicated: Three Months Ended June 30, 2024 2023 (in thousands) Operating lease cost (1) $ 11,229 $ 12,112 Variable lease cost (1) 7,586 7,726 Short-term lease cost (1) 623 40 Finance lease cost Amortization of right-of-use asset (2) 1 1 Interest on lease obligation (3) 3 3 Total lease cost $ 19,442 $ 19,882 (1) Included in operating expenses in our unaudited condensed consolidated statements of operations. (2) Included in depreciation and amortization expense in our unaudited condensed consolidated statements of operations. (3) Included in interest expense in our unaudited condensed consolidated statements of operations. The following table summarizes maturities of our lease obligations at June 30, 2024 (in thousands): Operating Finance Year Ending March 31, Leases Lease (1) 2025 (nine months) $ 27,816 $ 21 2026 26,477 28 2027 20,304 28 2028 16,868 9 2029 7,992 — 2030 3,236 — Thereafter 20,316 — Total lease payments 123,009 86 Less imputed interest (27,706) (16) Total lease obligations $ 95,303 $ 70 (1) At June 30, 2024, the short-term finance lease obligation of less than $0.1 million is included in accrued expenses and other payables and the long-term finance lease obligation of $0.1 million is included in other noncurrent liabilities in our unaudited condensed consolidated balance sheet. The following table summarizes supplemental cash flow information related to our leases for the periods indicated: Three Months Ended June 30, 2024 2023 (in thousands) Supplemental Cash Flow Information Cash paid for amounts included in the measurement of lease obligations Operating cash outflows from operating leases $ 11,235 $ 12,135 Operating cash outflows from finance lease $ 3 $ 3 Financing cash outflows from finance lease $ 5 $ 4 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 3,371 $ 17,337 Lessor Accounting and Subleases Our lessor arrangements include storage and railcar contracts. We also, from time to time, sublease certain of our storage capacity and railcars to third-parties. Fixed rental revenue is recognized on a straight-line basis over the lease term. During the three months ended June 30, 2024 and 2023, fixed rental revenue was $ 4.0 million 4.4 million The following table summarizes future minimum lease payments to be received under various noncancelable operating lease agreements at June 30, 2024 (in thousands): Year Ending March 31, 2025 (nine months) $ 9,229 2026 10,952 2027 9,727 2028 6,655 2029 1,813 2030 1,064 Thereafter 1,806 Total $ 41,246

Allowance for Current Expected

Allowance for Current Expected Credit Loss	3 Months Ended
	Jun. 30, 2024
Credit Loss [Abstract]
Allowance for Current Expected Credit Loss	Allowance for Current Expected Credit Loss (CECL) ASU 2016-13 requires that an allowance for expected credit losses be recognized for certain financial assets that reflects the current expected credit loss over the financial asset’s contractual life. The valuation allowance considers the risk of loss, even if remote, and considers past events, current conditions and reasonable and supportable forecasts. We are exposed to credit losses primarily through the sale of products and services and notes receivable from third-parties. A counterparty’s ability to pay is assessed through a credit process that considers the payment terms, the counterparty’s established credit rating or our assessment of the counterparty’s credit worthiness and other risks. We can require prepayment or collateral to mitigate credit risks. We group our financial assets into pools of counterparties with similar risk characteristics for the purpose of determining the allowance for expected credit losses. Each reporting period, we assess whether a significant change in the risk of expected credit loss has occurred. Among the quantitative and qualitative factors considered in calculating our allowance for expected credit losses are historical financial data, including write-offs and allowances, current conditions, industry risk and current credit ratings. Financial assets will be written off in whole, or in part, when practical recovery efforts have been exhausted and no reasonable expectation of recovery exists. Subsequent recoveries of amounts previously written off are recorded as an increase to the allowance for expected credit losses. We manage receivable pools using past due balances as a key credit quality indicator. The following table summarizes changes in our allowance for expected credit losses for the period indicated: Accounts Receivable - Trade Notes Receivable and Other (in thousands) Allowance for expected credit loss at March 31, 2024 $ 1,671 $ 152 Change in provision for expected credit losses 654 (18) Dispositions (see Note 15) (147) — Write-offs charged against the provision (5) — Allowance for expected credit loss at June 30, 2024 $ 2,173 $ 134

Other Matters

Other Matters	3 Months Ended
	Jun. 30, 2024
Other Matters [Abstract]
Other Matters	Other Matters Acquisition of Airplane As discussed in Note 11, during the three months ended June 30, 2024, we created a new aviation entity whereby we own a 90% interest and a member of our management owns a 10% interest. The aviation entity is considered a VIE (see Note 2). During the three months ended June 30, 2024, the aviation entity purchased an airplane for total consideration of $8.1 million, of which $1.7 million was paid in cash and $6.4 million was a note payable (see Note 6). We also executed a guarantee for the benefit of the lender for the outstanding loan. As part of this transaction, the noncontrolling interest holder has an option to require that we purchase its interest in the aviation entity. Due to this put option, activity for the noncontrolling interest holder has been recorded as redeemable noncontrolling interest in our June 30, 2024 unaudited condensed consolidated balance sheet (see Note 2). Dispositions Sale of Certain Freshwater Water Solutions Facilities On April 5, 2024, we sold approximately 122,250 acres of real estate on two ranches located in Eddy and Lea Counties, New Mexico and certain intangible assets to a third-party for total consideration of $69.3 million in cash , including working capital . Our two ranches include fee, state and federal agricultural leased property, certain water rights, freshwater wells, and related freshwater infrastructure. See below summary of assets and liabilities held for sale at March 31, 2024. We recorded a gain of $2.6 million on the sale within gain on disposal or impairment of assets, net in our unaudited condensed consolidated statement of operations for the three months ended June 30, 2024. Sale of Certain Saltwater Disposal Assets On April 15, 2024, we sold certain saltwater disposal assets and intangible assets in the Delaware Basin to a third-party for total consideration of $4.2 million in cash . The buyer also assumed certain asset retirement obligations associated with the saltwater disposal assets. See below summary of assets and liabilities held for sale at March 31, 2024. As discussed below, we recorded a loss of $1.6 million to write down these assets to fair value less cost to sell within loss on disposal or impairment of assets, net in our consolidated statement of operations for the year ended March 31, 2024. We also recorded a gain of $0.1 million on the sale within gain on disposal or impairment of assets, net in our unaudited condensed consolidated statement of operations for the three months ended June 30, 2024. Sale of Certain Real Estate On May 14, 2024, we sold approximately 1,400 acres of real estate located in Lea County, New Mexico to a third-party for total consideration of $8.0 million in cash. See below summary of assets and liabilities held for sale at March 31, 2024. We recorded a gain of $7.3 million on the sale within gain on disposal or impairment of assets, net in our unaudited condensed consolidated statement of operations for the three months ended June 30, 2024. Assets and Liabilities Held for Sale As previously reported, at March 31, 2024, we met the criteria for classifying the assets and liabilities of certain freshwater water solutions facilities, certain saltwater disposal assets and certain real estate as held for sale. Upon classification as held for sale, we recorded a loss of $1.6 million to write down certain saltwater disposal assets to fair value less cost to sell within loss on disposal or impairment of assets, net in our consolidated statement of operations for the year ended March 31, 2024, and a valuation allowance included in assets held for sale in our March 31, 2024 consolidated balance sheet. The following table summarizes the major classes of assets and liabilities classified as held for sale at March 31, 2024 (in thousands): Assets Held for Sale Accounts receivable-trade, net $ 565 Prepaid expenses and other current assets 13 Property, plant and equipment, net 14,354 Goodwill 4,108 Intangible assets, net 49,179 Valuation allowance on assets held for sale (1,622) Total assets held for sale $ 66,597 Liabilities Held for Sale Accounts payable-trade $ 63 Accrued expenses and other payables 31 Advance payments received from customers 164 Other noncurrent liabilities 356 Total liabilities held for sale $ 614 As these sale transactions did not represent a strategic shift that will have a major effect on our operations or financial results, operations related to these portions of our Water Solutions segment have not been classified as discontinued operations.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On August 5, 2024, we amended the Term Loan B agreement to reduce the SOFR margin from 4.50% to 3.75% (see Note 6 for a further discussion of the Term Loan B agreement).

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
NET INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP	$ 9,683	$ 19,301

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements include our accounts and those of our controlled subsidiaries. Intercompany transactions and account balances have been eliminated in consolidation. Investments we do not control, but can exercise significant influence over, are accounted for using the equity method of accounting. We also own an undivided interest in a crude oil pipeline, and include our proportionate share of assets, liabilities, and expenses related to this pipeline in our unaudited condensed consolidated financial statements. Our unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim consolidated financial information in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the unaudited condensed consolidated financial statements exclude certain information and notes required by GAAP for complete annual consolidated financial statements. However, we believe that the disclosures made are adequate to make the information presented not misleading. The unaudited condensed consolidated financial statements include all adjustments that we consider necessary for a fair presentation of our consolidated financial position, results of operations and cash flows for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed in this Quarterly Report on Form 10-Q. The unaudited condensed consolidated balance sheet at March 31, 2024 was derived from our audited consolidated financial statements for the fiscal year ended March 31, 2024 included in our Annual Report on Form 10-K (“Annual Report”) filed with the SEC on June 6, 2024. These interim unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report. Due to the seasonal nature of certain of our operations and other factors, the results of operations for interim periods are not necessarily indicative of the results of operations to be expected for future periods or for the full fiscal year ending March 31, 2025.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amount of assets and liabilities reported at the date of the consolidated financial statements and the amount of revenues and expenses reported during the periods presented. Critical accounting estimates we make in the preparation of our unaudited condensed consolidated financial statements include, among others, determining the impairment of goodwill and long-lived assets, useful lives and recoverability of property, plant and equipment and amortizable intangible assets, the fair value of derivative instruments, estimating certain revenues, the fair value of asset retirement obligations, the fair value of assets and liabilities acquired in acquisitions, the recoverability of inventories, the collectability of accounts and notes receivable and accruals for environmental matters. Although we believe these estimates are reasonable, actual results could differ from those estimates.
Income Taxes	Income Taxes We qualify as a partnership for income tax purposes. As such, we generally do not pay federal income tax. Rather, each owner reports his or her share of our income or loss on his or her individual tax return. The aggregate difference in the basis of our net assets for financial and tax reporting purposes cannot be readily determined, as we do not have access to information regarding each partner’s basis in the Partnership. We have a deferred tax liability of $31.8 million and $38.0 million at June 30, 2024 and March 31, 2024, respectively, as a result of acquiring corporations in connection with certain of our acquisitions, which is included within other noncurrent liabilities in our unaudited condensed consolidated balance sheets. The decrease in the deferred tax liability during the three months ended June 30, 2024 was due to the sale of our ranches in April 2024, one ranch of which was treated as a corporation for federal income tax purposes (see Note 15). The deferred tax liability is the tax effected cumulative temporary difference between the GAAP basis and tax basis of the acquired assets within the corporation. For GAAP purposes, certain of the acquired assets will be depreciated and amortized over time which will lower the GAAP basis. The deferred tax benefit recorded during the three months ended June 30, 2024 was $5.7 million with an effective tax rate of 19.4%. The deferred tax benefit recorded during the three months ended June 30, 2023 was $0.1 million with an effective tax rate of 22.3%. We evaluate uncertain tax positions for recognition and measurement in the unaudited condensed consolidated financial statements. To recognize a tax position, we determine whether it is more likely than not that the tax position will be sustained upon examination, including resolution of any related appeals or litigation, based on the technical merits of the position. A tax position that meets the more likely than not threshold is measured to determine the amount of benefit to be recognized in the unaudited condensed consolidated financial statements. We had no uncertain tax positions that required recognition in our unaudited condensed consolidated financial statements at June 30, 2024 or March 31, 2024.
Inventories	Inventories
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities Investments we do not control, but can exercise significant influence over, are accounted for using the equity method of accounting. Investments in partnerships and limited liability companies, unless our investment is considered to be minor, and investments in unincorporated joint ventures are also accounted for using the equity method of accounting.
Variable Interest Entity	Variable Interest Entity We decide at the inception of each arrangement whether an entity in which an investment is made or in which we have other variable interests is considered a variable interest entity (“VIE”). Generally, an entity is a VIE if (1) the entity does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties, (2) the entity’s investors lack any characteristics of a controlling financial interest or (3) the entity was established with non-substantive voting rights. We consolidate VIEs when we are deemed to be the primary beneficiary. The primary beneficiary of a VIE is generally the party that both: (1) has the power to make decisions that most significantly affect the economic performance of the VIE and (2) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. If we are not deemed to be the primary beneficiary of a VIE, we account for the investment or other variable interests in a VIE in accordance with applicable GAAP.
Noncontrolling Interests	Noncontrolling Interests
Reclassifications	Reclassifications We have reclassified certain prior period financial statement information to be consistent with the classification methods used in the current fiscal year. For the three months ended June 30, 2023, certain revenues are now included in Disposal Services Fees in Note 10. These reclassifications did not impact previously reported amounts of assets, liabilities, equity, net income or cash flows.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The ASU is effective for the Partnership’s fiscal year beginning April 1, 2025, with early adoption permitted. The amendments are required to be applied prospectively with retrospective application permitted. We are currently evaluating the ASU to determine its impact on our financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-08, Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets, which includes amendments intended to improve the accounting for and disclosure of crypto assets. The ASU requires crypto assets to be measured at fair value each reporting period and for changes from remeasurement to be recognized in net income. The ASU also requires enhanced disclosures for both annual and interim reporting periods to provide investors with relevant information to analyze and assess the exposure and risk of significant individual crypto asset holdings. The ASU is effective for the Partnership’s fiscal year beginning April 1, 2025, including interim periods during that fiscal year, with early adoption permitted and requires a cumulative-effect adjustment upon adoption. This ASU does not currently impact our financial statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which includes amendments intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The ASU is effective for the Partnership’s fiscal year beginning April 1, 2024, and interim periods within our fiscal year beginning April 1, 2025, with early adoption permitted and requires retrospective application. We are currently evaluating the ASU to determine its impact on our financial statement disclosures. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) interest rate or another reference rate expected to be discontinued because of reference rate reform. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset date from December 31, 2022 to December 31, 2024 and left all other provisions of ASU No. 2020-04 unchanged. On April 13, 2022, the ABL Facility (as defined herein) was amended to replace the LIBOR benchmark with SOFR (as defined herein) benchmark (as discussed further in Note 6). We are continuing to evaluate the effect that this guidance will have on our financial position, results of operations and cash flows.

Commitment and Contingencies (P

Commitment and Contingencies (Policies)	3 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Asset Retirement Obligation	Asset Retirement Obligations

Revenue from Contract with Cust

Revenue from Contract with Customer (Policies)	3 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	We recognize revenue for services and products under revenue contracts as our obligations to either perform services or deliver or sell products under the contracts are satisfied. Our revenue contracts in scope under ASC 606 primarily have a single performance obligation and we do not receive material amounts of non-cash consideration. Our costs to obtain or fulfill our revenue contracts were not material as of June 30, 2024. The majority of our revenue agreements are in scope under ASC 606 and the remainder of our revenue comes from contracts that are accounted for as derivatives under ASC 815 or that contain nonmonetary exchanges or leases in the scope of ASC 845 and ASC 842, respectively. See Note 10 for a detail of disaggregated revenue. Revenue from contracts accounted for as derivatives under ASC 815 within our Liquids Logistics segment includes net losses of $32.8 million and net gains of $1.7 million, respectively, during the three months ended June 30, 2024 and 2023, related to changes in the mark-to-market value of these contracts recorded Remaining Performance Obligations

Allowance for Current Expecte_2

Allowance for Current Expected Credit Loss (Policies)	3 Months Ended
	Jun. 30, 2024
Credit Loss [Abstract]
Expected credit loss	ASU 2016-13 requires that an allowance for expected credit losses be recognized for certain financial assets that reflects the current expected credit loss over the financial asset’s contractual life. The valuation allowance considers the risk of loss, even if remote, and considers past events, current conditions and reasonable and supportable forecasts. We are exposed to credit losses primarily through the sale of products and services and notes receivable from third-parties. A counterparty’s ability to pay is assessed through a credit process that considers the payment terms, the counterparty’s established credit rating or our assessment of the counterparty’s credit worthiness and other risks. We can require prepayment or collateral to mitigate credit risks. We group our financial assets into pools of counterparties with similar risk characteristics for the purpose of determining the allowance for expected credit losses. Each reporting period, we assess whether a significant change in the risk of expected credit loss has occurred. Among the quantitative and qualitative factors considered in calculating our allowance for expected credit losses are historical financial data, including write-offs and allowances, current conditions, industry risk and current credit ratings. Financial assets will be written off in whole, or in part, when practical recovery efforts have been exhausted and no reasonable expectation of recovery exists. Subsequent recoveries of amounts previously written off are recorded as an increase to the allowance for expected credit losses. We manage receivable pools using past due balances as a key credit quality indicator.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of inventories	Inventories consist of the following at the dates indicated: June 30, 2024 March 31, 2024 (in thousands) Butane $ 48,677 $ 20,400 Propane 45,876 34,225 Crude oil 40,573 44,056 Biodiesel 12,437 18,919 Diesel 4,709 5,361 Other 6,438 7,946 Total $ 158,710 $ 130,907
Schedule of investments in unconsolidated entities	Our investments in unconsolidated entities consist of the following at the dates indicated: Entity Segment Ownership Interest June 30, 2024 March 31, 2024 (in thousands) Water services and land company Water Solutions 50% $ 14,277 $ 15,228 Water services and land company Water Solutions 10% 2,856 2,926 Water services and land company Water Solutions 50% 1,982 2,026 Natural gas liquids terminal company Liquids Logistics 50% 104 125 Total $ 19,219 $ 20,305
Schedule of other noncurrent assets	Other noncurrent assets consist of the following at the dates indicated: June 30, 2024 March 31, 2024 (in thousands) Linefill (1) $ 37,715 $ 37,861 Loan receivable (2) 2,380 4,776 Minimum shipping fees - pipeline commitments (3) — 356 Other 10,074 9,745 Total $ 50,169 $ 52,738 (1) Represents minimum volumes of product we are required to leave on certain third-party owned pipelines under long-term shipment commitments. At June 30, 2024 and March 31, 2024, linefill consisted of 501,093 and 502,686 barrels of crude oil, respectively. Linefill held in pipelines we own is included within property, plant and equipment (see Note 4). (2) Represents the noncurrent portion of loan receivables, net of allowances for expected credit losses, primarily related to the sale of certain saltwater disposal assets. At June 30, 2024 and March 31, 2024, the loan receivable balance (which includes interest receivable) was $5.1 million and $7.5 million, respectively, of which $2.8 million and $2.7 million, respectively, are recorded within prepaid expenses and other current assets in our unaudited condensed consolidated balance sheets. (3) Represents the noncurrent portion of minimum shipping fees paid in excess of volumes shipped, or deficiency credits, for a contract with a crude oil pipeline operator. This amount can be recovered when volumes shipped exceed the minimum monthly volume commitment. At June 30, 2024 and March 31, 2024, the deficiency credit was $3.6 million and $4.6 million, respectively, of which $3.6 million and $4.3 million, respectively, are recorded within prepaid expenses and other current assets in our unaudited condensed consolidated balance sheets.
Schedule of accrued expenses and other payables	Accrued expenses and other payables consist of the following at the dates indicated: June 30, 2024 March 31, 2024 (in thousands) Accrued compensation and benefits $ 40,484 $ 34,708 Distributions payable 27,513 — Accrued interest (1) 25,673 58,335 Derivative liabilities 22,268 36,679 Excise and other tax liabilities 15,118 18,003 Product exchange liabilities 4,537 3,366 Other (1) 39,920 62,666 Total $ 175,513 $ 213,757 (1) Includes amounts accrued related to the LCT Capital, LLC (“LCT”) legal matter at March 31, 2024. On June 13, 2024, we paid LCT $63.3 million related to the legal judgment against us, of which $27.2 million represented interest and $0.1 million of costs awarded to LCT. Amounts in the table above do not include accrued expenses and other payables related to the sale of certain freshwater water solutions facilities, as these amounts have been classified as liabilities held for sale within our March 31, 2024 consolidated balance sheet (see Note 15).
Schedule of variable interest entities	The following table summarizes the balances related to the VIE that are consolidated in our June 30, 2024 unaudited condensed consolidated balance sheet (excluding intercompany eliminations at the time of consolidation) as well as our equity in the VIE (in thousands): Prepaid expenses and other current assets $ 32 Property, plant and equipment, net 8,180 Accrued expenses and other payables (26) Current maturities of long-term debt (846) Long-term debt, net (5,498) Redeemable noncontrolling interest (174) Partnership's equity in VIE $ 1,668
Schedule of redeemable noncontrolling interest	The following table summarizes changes in our redeemable noncontrolling interest in our unaudited condensed consolidated balance sheets (in thousands): Redeemable noncontrolling interest at March 31, 2024 $ — Contributions from noncontrolling interest owner (Note 15) 174 Redeemable noncontrolling interest at June 30, 2024 $ 174

Loss Per Common Unit (Tables)

Loss Per Common Unit (Tables)	3 Months Ended
	Jun. 30, 2024
Earnings Per Unit [Abstract]
Schedule of weighted average number of units	The following table presents our calculation of basic and diluted weighted average common units outstanding for the periods indicated: Three Months Ended June 30, 2024 2023 Weighted average common units outstanding during the period: Common units - Basic 132,512,766 131,927,343 Common units - Diluted 132,512,766 131,927,343 For the three months ended June 30, 2024 and 2023, all potential common units or convertible securities were considered antidilutive.
Schedule of loss per common unit	Our loss per common unit is as follows for the periods indicated: Three Months Ended June 30, 2024 2023 (in thousands, except per unit amounts) Net income $ 10,475 $ 19,563 Less: Net income attributable to noncontrolling interests (792) (262) Net income attributable to NGL Energy Partners LP 9,683 19,301 Less: Distributions to preferred unitholders (1) (28,814) (33,797) Less: Net loss allocated to GP (2) 19 14 Net loss allocated to common unitholders $ (19,112) $ (14,482) Basic and diluted loss per common unit $ (0.14) $ (0.11) (1) Includes distributions earned and declared for the three months ended June 30, 2024. Also includes cumulative distributions for the three months ended June 30, 2023 which were earned but not declared or paid (see Note 8 for a further discussion of the suspension of common unit and preferred unit distributions). (2) Net loss allocated to the GP includes distributions to which it is entitled as the holder of incentive distribution rights.

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of property, plant and equipment	Our property, plant and equipment consists of the following at the dates indicated: Description Estimated June 30, 2024 March 31, 2024 (in years) (in thousands) Water treatment facilities and equipment 3 - 30 $ 2,069,380 $ 2,055,565 Pipeline and related facilities 30 - 40 266,158 266,129 Crude oil tanks and related equipment 2 - 30 226,365 226,048 Natural gas liquids terminal and storage assets 2 - 30 168,083 167,633 Buildings and leasehold improvements 3 - 40 122,827 122,878 Vehicles and railcars (1) 3 - 25 91,511 91,715 Land 70,270 70,270 Information technology equipment 3 - 7 33,970 33,907 Tank bottoms and linefill (2) 33,195 28,269 Other 3 - 20 2,552 2,552 Construction in progress 90,297 43,010 Gross property, plant and equipment 3,174,608 3,107,976 Accumulated depreciation (1,049,187) (1,011,274) Net property, plant and equipment $ 2,125,421 $ 2,096,702 (1) Includes a finance lease right-of-use asset of $0.1 million at June 30, 2024 and March 31, 2024. The accumulated amortization related to this finance lease is included within accumulated depreciation. (2) Tank bottoms, which are product volumes required for the operation of storage tanks, are recorded at historical cost. We recover tank bottoms when the storage tanks are removed from service. Linefill, which represents our portion of the product volume required for the operation of the proportionate share of a pipeline we own, is recorded at historical cost. Amounts in the table above do not include property, plant and equipment and accumulated depreciation related to the sale of certain freshwater water solutions facilities, certain saltwater disposal assets and certain real estate, as these amounts have been classified as assets held for sale within our March 31, 2024 consolidated balance sheet (see Note 15).
Schedule of depreciation expense and capitalized interest expense	The following table summarizes depreciation expense and capitalized interest expense for the periods indicated: Three Months Ended June 30, 2024 2023 (in thousands) Depreciation expense $ 47,919 $ 49,644 Capitalized interest expense $ 543 $ 302
Schedule of (gains) losses from the sales of property, plant and equipment and any write-downs in value due to impairment	The following table summarizes (gains) losses on the disposal or impairment of property, plant and equipment by segment for the period indicated: Three Months Ended June 30, 2024 (in thousands) Water Solutions (1) $ 79 Crude Oil Logistics 22 Total $ 101 (1) Amounts do not include the gain recognized on the sale of certain freshwater water solutions facilities and certain saltwater disposal assets discussed in Note 15.

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Jun. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Schedule of finite-lived intangible assets	Our intangible assets consist of the following at the dates indicated: June 30, 2024 March 31, 2024 Description Weighted- Gross Carrying Accumulated Net Gross Carrying Accumulated Net (in years) (in thousands) Customer relationships 18.4 $ 905,113 $ (276,542) $ 628,571 $ 905,113 $ (265,621) $ 639,492 Customer commitments 20.0 192,000 (38,400) 153,600 192,000 (36,480) 155,520 Rights-of-way and easements 29.7 97,561 (19,000) 78,561 95,231 (18,187) 77,044 Water rights 25.3 36,068 (5,611) 30,457 36,068 (5,310) 30,758 Executory contracts and other agreements 24.1 19,332 (4,076) 15,256 17,854 (3,670) 14,184 Debt issuance costs (1) 4.7 18,746 (1,551) 17,195 18,473 (605) 17,868 Pipeline capacity rights 19.4 7,799 (2,752) 5,047 7,799 (2,687) 5,112 Total $ 1,276,619 $ (347,932) $ 928,687 $ 1,272,538 $ (332,560) $ 939,978 (1) Includes debt issuance costs related to the ABL Facility. Debt issuance costs related to the fixed-rate notes and Term Loan B (as defined herein) are reported as a reduction of the carrying amount of long-term debt. Amounts in the table above do not include intangible assets and accumulated amortization related to the sale of certain freshwater water solutions facilities and certain saltwater disposal assets, as these amounts have been classified as assets held for sale within our March 31, 2024 consolidated balance sheet (see Note 15).
Schedule of amortization expense	Amortization expense is as follows for the periods indicated: Three Months Ended June 30, Recorded In 2024 2023 (in thousands) Depreciation and amortization $ 14,300 $ 19,335 Cost of sales 65 65 Interest expense 946 1,414 Operating expenses 62 62 Total $ 15,373 $ 20,876
Schedule of expected amortization of intangible assets	The following table summarizes expected amortization of our intangible assets at June 30, 2024 (in thousands): Year Ending March 31, 2025 (nine months) $ 44,530 2026 58,536 2027 57,772 2028 54,756 2029 52,170 2030 45,763 Thereafter 615,160 Total $ 928,687

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of long-term debt	Our long-term debt consists of the following at the dates indicated: June 30, 2024 March 31, 2024 Face Unamortized Book Face Unamortized Book (in thousands) Asset-based revolving credit facility (“ABL Facility”) $ 169,000 $ 169,000 $ — $ — Senior secured term loan "B" credit facility ("Term Loan B") 698,250 $ (16,933) 681,317 700,000 $ (17,549) 682,451 Senior secured notes: 8.125% Notes due 2029 (“2029 Senior Secured Notes”) 900,000 (12,191) 887,809 900,000 (12,845) 887,155 8.375% Notes due 2032 (“2032 Senior Secured Notes”) 1,300,000 (18,197) 1,281,803 1,300,000 (18,784) 1,281,216 Other long-term debt 6,360 (16) 6,344 — — — Total long-term debt 3,073,610 (47,337) 3,026,273 2,900,000 (49,178) 2,850,822 Less: Current maturities 7,846 — 7,846 7,000 — 7,000 Long-term debt $ 3,065,764 $ (47,337) $ 3,018,427 $ 2,893,000 $ (49,178) $ 2,843,822 (1) Debt issuance costs related to the ABL Facility are reported within intangible assets, rather than as a reduction of the carrying amount of long-term debt. The unamortized debt issuance costs for Term Loan B include a $4.9 million discount.
Schedule of maturities of long-term debt	The scheduled maturities of our long-term debt are as follows at June 30, 2024: Year Ending March 31, ABL Facility Term Loan B Senior Secured Notes Other Long-Term Debt Total (in thousands) 2025 (nine months) $ — $ 5,250 $ — $ 629 $ 5,879 2026 — 7,000 — 902 7,902 2027 — 7,000 — 983 7,983 2028 — 7,000 — 1,071 8,071 2029 169,000 7,000 900,000 1,167 1,077,167 2030 — 7,000 — 1,272 8,272 Thereafter — 658,000 1,300,000 336 1,958,336 Total $ 169,000 $ 698,250 $ 2,200,000 $ 6,360 $ 3,073,610
Schedule of future amortization expense of debt issuance costs	The following table summarizes expected amortization of debt issuance costs at June 30, 2024 (in thousands): Year Ending March 31, 2025 (nine months) $ 5,699 2026 7,598 2027 7,598 2028 7,598 2029 7,262 2030 4,961 Thereafter 6,621 Total $ 47,337

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of change in asset retirement obligation	The following table summarizes changes in our asset retirement obligations, which is reported within other noncurrent liabilities in our unaudited condensed consolidated balance sheets (in thousands): Asset retirement obligations at March 31, 2024 $ 56,574 Liabilities incurred 303 Liabilities associated with disposed assets (1) (274) Liabilities settled (65) Accretion expense 1,003 Asset retirement obligations at June 30, 2024 $ 57,541 (1) Relates to the sale of certain saltwater disposal wells within our Water Solutions segment.
Schedule of outstanding purchase commitments	At June 30, 2024, we had the following commodity purchase commitments: Crude Oil (1) Natural Gas Liquids Value Volume Value Volume (in thousands) Fixed-Price Commodity Purchase Commitments: Year ending March 31, 2025 (nine months) $ 79,160 1,108 $ 20,759 26,839 2026 — — 4,464 6,510 2027 — — 2,963 4,284 2028 — — 343 504 Total $ 79,160 1,108 $ 28,529 38,137 Index-Price Commodity Purchase Commitments: Year ending March 31, 2025 (nine months) $ 2,697,101 35,555 $ 832,640 852,709 2026 711,412 10,545 41,986 56,053 2027 — — 13,162 25,200 Total $ 3,408,513 46,100 $ 887,788 933,962 (1) Our crude oil index-price purchase commitments exceed our crude oil index-price sales commitments (presented below) due primarily to our long-term purchase commitments for crude oil that we purchase and ship on the Grand Mesa Pipeline. As these purchase commitments are deliver-or-pay contracts, whereby our counterparty is required to pay us for any volumes not delivered, we have not entered into corresponding long-term sales contracts for volumes we may not receive.
Schedule of outstanding sale commitments	At June 30, 2024, we had the following commodity sale commitments: Crude Oil Natural Gas Liquids Value Volume Value Volume (in thousands) Fixed-Price Commodity Sale Commitments: Year ending March 31, 2025 (nine months) $ 77,351 1,080 $ 69,815 72,187 2026 — — 5,642 6,837 2027 — — 3,300 4,366 2028 — — 298 400 Total $ 77,351 1,080 $ 79,055 83,790 Index-Price Commodity Sale Commitments: Year ending March 31, 2025 (nine months) $ 2,214,891 27,827 $ 769,895 662,740 2026 29,476 390 20,649 17,893 Total $ 2,244,367 28,217 $ 790,544 680,633
Schedule of future minimum payments under contractual commitments	The following table summarizes future minimum payments under these agreements at June 30, 2024 (in thousands): Year Ending March 31, 2025 (nine months) $ 26,421 2026 6,674 2027 6,395 2028 2,345 2029 2,128 2030 1,386 Thereafter 2,207 Total $ 47,556

Equity (Tables)

Equity (Tables)	3 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of outstanding warrants	The following table summarizes the outstanding warrants at June 30, 2024: Issuance Date and Description Number of Warrants Exercise Price July 2, 2019 Premium warrants 10,000,000 $ 17.45 Par warrants 7,000,000 $ 14.54 October 31, 2019 Premium warrants 5,000,000 $ 16.28 Par warrants 3,500,000 $ 13.56

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of estimated fair value measurements of assets and liabilities	The following table summarizes, by level within the fair value hierarchy, the estimated fair values of our derivative assets and liabilities reported in our unaudited condensed consolidated balance sheets at the dates indicated: June 30, 2024 March 31, 2024 Derivative Derivative Derivative Derivative (in thousands) Level 1 measurements $ 6,195 $ (11,941) $ 4,798 $ (7,517) Level 2 measurements 24,459 (23,139) 54,040 (37,345) 30,654 (35,080) 58,838 (44,862) Netting of counterparty contracts (1) (6,195) 6,195 (4,798) 4,798 Net cash collateral provided 944 5,189 630 2,719 Derivatives $ 25,403 $ (23,696) $ 54,670 $ (37,345) (1) Relates to commodity derivative assets and liabilities that are expected to be net settled on an exchange or through a master netting arrangement with the counterparty. Our physical contracts that do not qualify as normal purchase normal sale transactions are not subject to such master netting arrangements.
Schedule of location of derivative assets and liabilities reported in the unaudited condensed consolidated balance sheets	The following table summarizes the accounts that include our derivative assets and liabilities in our unaudited condensed consolidated balance sheets at the dates indicated: June 30, 2024 March 31, 2024 (in thousands) Prepaid expenses and other current assets $ 25,397 $ 54,670 Other noncurrent assets 6 — Accrued expenses and other payables (22,268) (36,679) Other noncurrent liabilities (1,428) (666) Net derivative asset $ 1,707 $ 17,325
Schedule of open derivative contract positions	The following table summarizes our open derivative contract positions at the dates indicated. We do not account for these derivatives as hedges. Contracts Settlement Period Net Long (Short) Fair Value of (in thousands) At June 30, 2024: Crude oil fixed-price (1) July 2024–March 2025 (330) $ (596) Propane fixed-price (1) July 2024–March 2026 14,704 (3,349) Refined products fixed-price (1) July 2024–January 2025 (341) 136 Butane fixed-price (1) July 2024–March 2025 (1,157) (4,052) Variable-to-fixed interest rate swaps (2) July 2024–April 2026 69 Other July 2024–March 2025 3,366 (4,426) Net cash collateral provided 6,133 Net derivative asset $ 1,707 At March 31, 2024: Crude oil fixed-price (1) April 2024–March 2025 (174) $ (3,000) Propane fixed-price (1) April 2024–April 2025 6,980 1,870 Refined products fixed-price (1) April 2024–December 2024 (244) 518 Butane fixed-price (1) April 2024–March 2025 (982) (2,222) Variable-to-fixed interest rate swap (2) April 2024–April 2026 515 Other April 2024–March 2025 16,295 13,976 Net cash collateral provided 3,349 Net derivative asset $ 17,325 (1) We may have fixed price physical purchases, including inventory, offset by floating price physical sales or floating price physical purchases offset by fixed price physical sales. These contracts are derivatives we have entered into as an economic hedge against the risk of mismatches between fixed and floating price physical obligations. (2) In March and April 2024, we entered into interest rate swaps totaling $400.0 million to reduce the variability of cash outflows associated with our floating-rate, SOFR-based borrowings, including borrowings on the Term Loan B. Under these arrangements, we pay fixed interest rates of 4.32% and 4.79%, respectively, in exchange for SOFR-based variable interest through April 2026. Changes in the fair value of the interest rate swaps are recorded as a net gain or loss within interest expense in our unaudited condensed consolidated statement of operations. During the three months ended June 30, 2024, there was $0.3 million of net gains on our interest rate swaps.
Schedule of fair value estimates of fixed-rate notes	The following table provides fair value estimates of our fixed-rate notes at June 30, 2024 (in thousands): 2029 Senior Secured Notes $ 917,625 2032 Senior Secured Notes $ 1,322,750

Segments (Tables)

Segments (Tables)	3 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of disaggregation of revenue by segment	The following table summarizes revenues related to our segments for the periods indicated: Three Months Ended June 30, 2024 2023 (in thousands) Revenues: Water Solutions: Topic 606 revenues Disposal service fees (1) $ 147,973 $ 149,395 Sale of recovered crude oil 30,776 23,017 Sale of water 2,285 4,441 Other service revenues (1) 361 4,296 Non-Topic 606 revenues 15 153 Total Water Solutions revenues 181,410 181,302 Crude Oil Logistics: Topic 606 revenues Crude oil sales 262,609 450,128 Crude oil transportation and other sales 15,816 12,046 Non-Topic 606 revenues 1,790 2,378 Elimination of intersegment sales (112) (162) Total Crude Oil Logistics revenues 280,103 464,390 Liquids Logistics: Topic 606 revenues Refined products sales 511,082 578,039 Propane sales 97,358 111,686 Butane sales 98,030 70,158 Other products sales 97,197 79,841 Service sales 2,327 1,319 Non-Topic 606 revenues 119,752 129,369 Total Liquids Logistics revenues 925,746 970,412 Total revenues $ 1,387,259 $ 1,616,104 (1) For the three months ended June 30, 2023, $1.4 million of revenue, which was included in Other Service Revenues in our June 30, 2023 Quarterly Report on Form 10-Q, is now included in Disposal Service Fees. During the three months ended June 30, 2024 and 2023, our Liquids Logistics revenues included $24.1 million and $19.6 million of non-US revenues, respectively.
Schedule of certain information related to results of operations by segment	The following tables summarize depreciation and amortization expense (including amortization expense recorded within interest expense, cost of sales and operating expenses in Note 5 and Note 6) and operating income (loss) by segment for the periods indicated. Three Months Ended June 30, 2024 2023 (in thousands) Depreciation and Amortization: Water Solutions $ 52,774 $ 54,485 Crude Oil Logistics 6,441 9,746 Liquids Logistics 2,476 3,279 Corporate and Other 3,501 5,700 Total $ 65,192 $ 73,210 Operating Income (Loss): Water Solutions $ 84,358 $ 69,331 Crude Oil Logistics 14,089 17,007 Liquids Logistics (11,550) 7,831 Corporate and Other (11,946) (22,149) Total $ 74,951 $ 72,020 The following table summarizes additions to property, plant and equipment and intangible assets by segment for the periods indicated. This information has been prepared on the accrual basis, and includes property, plant and equipment and intangible assets acquired in acquisitions. Three Months Ended June 30, 2024 2023 (in thousands) Water Solutions $ 64,684 $ 38,956 Crude Oil Logistics 1,096 974 Liquids Logistics 3,556 4,093 Corporate and Other 8,195 69 Total $ 77,531 $ 44,092 The following tables summarize long-lived assets, net (consisting of property, plant and equipment, intangible assets, operating lease right-of-use assets and goodwill) and total assets by segment at the dates indicated: June 30, 2024 March 31, 2024 (in thousands) Long-lived assets, net: Water Solutions $ 2,618,570 $ 2,608,007 Crude Oil Logistics 826,723 827,248 Liquids Logistics (1) 293,694 298,595 Corporate and Other 40,947 34,267 Total $ 3,779,934 $ 3,768,117 (1) Includes $8.8 million and $10.2 million of non-US long-lived assets at June 30, 2024 and March 31, 2024, respectively. June 30, 2024 March 31, 2024 (in thousands) Total assets: Water Solutions $ 2,812,964 $ 2,818,444 Crude Oil Logistics 1,354,972 1,368,461 Liquids Logistics (1) 620,148 686,885 Corporate and Other 51,495 79,707 Assets held for sale — 66,597 Total $ 4,839,579 $ 5,020,094 (1) Includes $23.1 million and $22.1 million of non-US total assets at June 30, 2024 and March 31, 2024, respectively.

Transactions with Affiliates (T

Transactions with Affiliates (Tables)	3 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Schedule of related party transactions	The following table summarizes our related party transactions for the periods indicated: Three Months Ended June 30, 2024 2023 (in thousands) Purchases from equity method investees $ 19 $ 486 Purchases from entities affiliated with management $ — $ 100 Affiliate balances consist of the following at the dates indicated: June 30, 2024 March 31, 2024 (in thousands) Accounts receivable-affiliates Equity method investees $ 1,501 $ 1,501 Accounts payable-affiliates Equity method investees $ 5 $ 36 Entities affiliated with management 1 1 Total $ 6 $ 37

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of amount and timing of remaining performance obligations	The following table summarizes the amount and timing of revenue recognition for such contracts at June 30, 2024 (in thousands): Year Ending March 31, 2025 (nine months) $ 102,107 2026 78,128 2027 59,781 2028 47,179 2029 45,173 2030 32,537 Thereafter 22,509 Total $ 387,414
Schedule of contract assets and liabilities	The following tables summarize the balances of our contract assets and liabilities at the dates indicated: June 30, 2024 March 31, 2024 (in thousands) Accounts receivable from contracts with customers $ 386,656 $ 415,961 Contract assets (current) $ 3,831 $ — Contract liabilities at March 31, 2024 $ 16,933 Payment received and deferred 20,589 Payment recognized in revenue (12,466) Contract liabilities at June 30, 2024 $ 25,056

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of components of lease cost	The following table summarizes the components of our lease cost for the periods indicated: Three Months Ended June 30, 2024 2023 (in thousands) Operating lease cost (1) $ 11,229 $ 12,112 Variable lease cost (1) 7,586 7,726 Short-term lease cost (1) 623 40 Finance lease cost Amortization of right-of-use asset (2) 1 1 Interest on lease obligation (3) 3 3 Total lease cost $ 19,442 $ 19,882 (1) Included in operating expenses in our unaudited condensed consolidated statements of operations. (2) Included in depreciation and amortization expense in our unaudited condensed consolidated statements of operations. (3) Included in interest expense in our unaudited condensed consolidated statements of operations.
Schedule of maturities of lease obligations	The following table summarizes maturities of our lease obligations at June 30, 2024 (in thousands): Operating Finance Year Ending March 31, Leases Lease (1) 2025 (nine months) $ 27,816 $ 21 2026 26,477 28 2027 20,304 28 2028 16,868 9 2029 7,992 — 2030 3,236 — Thereafter 20,316 — Total lease payments 123,009 86 Less imputed interest (27,706) (16) Total lease obligations $ 95,303 $ 70 (1) At June 30, 2024, the short-term finance lease obligation of less than $0.1 million is included in accrued expenses and other payables and the long-term finance lease obligation of $0.1 million is included in other noncurrent liabilities in our unaudited condensed consolidated balance sheet.
Schedule of supplemental cash flow information and non-cash information for leases	The following table summarizes supplemental cash flow information related to our leases for the periods indicated: Three Months Ended June 30, 2024 2023 (in thousands) Supplemental Cash Flow Information Cash paid for amounts included in the measurement of lease obligations Operating cash outflows from operating leases $ 11,235 $ 12,135 Operating cash outflows from finance lease $ 3 $ 3 Financing cash outflows from finance lease $ 5 $ 4 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 3,371 $ 17,337
Schedule of future minimum lease payments to be received under contractual commitments	The following table summarizes future minimum lease payments to be received under various noncancelable operating lease agreements at June 30, 2024 (in thousands): Year Ending March 31, 2025 (nine months) $ 9,229 2026 10,952 2027 9,727 2028 6,655 2029 1,813 2030 1,064 Thereafter 1,806 Total $ 41,246

Allowance for Current Expecte_3

Allowance for Current Expected Credit Loss (Tables)	3 Months Ended
	Jun. 30, 2024
Credit Loss [Abstract]
Schedule of allowance for expected credit losses	The following table summarizes changes in our allowance for expected credit losses for the period indicated: Accounts Receivable - Trade Notes Receivable and Other (in thousands) Allowance for expected credit loss at March 31, 2024 $ 1,671 $ 152 Change in provision for expected credit losses 654 (18) Dispositions (see Note 15) (147) — Write-offs charged against the provision (5) — Allowance for expected credit loss at June 30, 2024 $ 2,173 $ 134

Other Matters (Tables)

Other Matters (Tables)	3 Months Ended
	Jun. 30, 2024
Other Matters [Abstract]
Schedule of assets and liabilities held for sale	The following table summarizes the major classes of assets and liabilities classified as held for sale at March 31, 2024 (in thousands): Assets Held for Sale Accounts receivable-trade, net $ 565 Prepaid expenses and other current assets 13 Property, plant and equipment, net 14,354 Goodwill 4,108 Intangible assets, net 49,179 Valuation allowance on assets held for sale (1,622) Total assets held for sale $ 66,597 Liabilities Held for Sale Accounts payable-trade $ 63 Accrued expenses and other payables 31 Advance payments received from customers 164 Other noncurrent liabilities 356 Total liabilities held for sale $ 614

Organization and Operations (De

Organization and Operations (Details)	3 Months Ended
	Jun. 30, 2024
Business Acquisition
Number of segments	3
Liquids Logistics
Business Acquisition
Number of owned terminals	23
Number of common carrier pipelines	9

Significant Accounting Polici_4

Significant Accounting Policies - Income Taxes (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Deferred tax liability	$ 31,800,000		$ 38,000,000
Deferred tax benefit	$ 5,700,000	$ 100,000
Effective tax rate	19.40%	22.30%
Uncertain tax positions	$ 0		$ 0

Significant Accounting Polici_5

Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Inventory
Propane	$ 45,876	$ 34,225
Crude oil	40,573	44,056
Total	158,710	130,907
Butane Inventory
Inventory
Energy Related Inventory, Natural Gas Liquids	48,677	20,400
Biodiesel Inventory
Inventory
Biodiesel	12,437	18,919
Diesel Inventory
Inventory
Diesel	4,709	5,361
Other natural gas liquids
Inventory
Energy Related Inventory, Natural Gas Liquids	$ 6,438	$ 7,946

Significant Accounting Polici_6

Significant Accounting Policies - Investments in Unconsolidated Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Investments in Unconsolidated Entities
Carrying value	$ 19,219	$ 20,305
Water Services and Land Company No. 1 | Water Solutions
Investments in Unconsolidated Entities
Ownership interest	50%
Carrying value	$ 14,277	15,228
Water Services And Land Company No. 2 | Water Solutions
Investments in Unconsolidated Entities
Ownership interest	10%
Carrying value	$ 2,856	2,926
Water Services and Land Company No. 3 | Water Solutions
Investments in Unconsolidated Entities
Ownership interest	50%
Carrying value	$ 1,982	2,026
Natural Gas Liquids Terminal Company | Liquids Logistics
Investments in Unconsolidated Entities
Ownership interest	50%
Carrying value	$ 104	$ 125

Significant Accounting Polici_7

Significant Accounting Policies - Other Noncurrent Assets (Details) $ in Thousands	Jun. 30, 2024 USD ($) bbl	Mar. 31, 2024 USD ($) bbl
Other Assets, Noncurrent [Abstract]
Linefill	$ 37,715	$ 37,861
Loan receivable (2)	2,380	4,776
Other	10,074	9,745
Total	50,169	52,738
Other Noncurrent Assets
Loan receivable	5,100	7,500
Loan receivable, current	2,800	2,700
Minimum shipping fees - pipeline commitments	3,600	4,600
Other noncurrent assets
Other Noncurrent Assets
Minimum shipping fees - pipeline commitments	0	356
Prepaid expenses and other current assets
Other Noncurrent Assets
Minimum shipping fees - pipeline commitments	$ 3,600	$ 4,300
Crude oil
Other Noncurrent Assets
Number of barrels of product | bbl	501,093	502,686

Significant Accounting Polici_8

Significant Accounting Policies - Accrued Expenses and Other Payables (Details) - USD ($) $ in Thousands	Jun. 13, 2024	Jun. 30, 2024	Mar. 31, 2024
Accounting Policies [Abstract]
Accrued compensation and benefits		$ 40,484	$ 34,708
Distributions payable		27,513	0
Accrued interest (1)		25,673	58,335
Derivative liabilities		22,268	36,679
Excise and other tax liabilities		15,118	18,003
Product exchange liabilities		4,537	3,366
Other (1)		39,920	62,666
Total		$ 175,513	$ 213,757
Litigation settlement, amount awarded to other party	$ 63,300
Litigation settlement interest	27,200
Litigation settlement expense	$ 100

Significant Accounting Polici_9

Significant Accounting Policies - Variable Interest Entity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Variable Interest Entity
Prepaid expenses and other current assets	$ 72,385	$ 126,933
Property, plant and equipment, net	2,125,421	2,096,702
Accrued expenses and other payables	(175,513)	(213,757)
Current maturities of long-term debt	(7,846)	(7,000)
Long-term debt, net	(3,018,427)	(2,843,822)
Redeemable noncontrolling interest	(174)	0
Partnership's equity in VIE	213,993	$ 448,070	$ 787,105	$ 767,429
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity
Prepaid expenses and other current assets	32
Property, plant and equipment, net	8,180
Accrued expenses and other payables	(26)
Current maturities of long-term debt	(846)
Long-term debt, net	(5,498)
Redeemable noncontrolling interest	(174)
Partnership's equity in VIE	$ 1,668
Parent Co
Variable Interest Entity
Parent ownership percentage in aviation entity	90%
Noncontrolling Interest
Variable Interest Entity
Noncontrolling interest ownership percentage in aviation entity	10%

Significant Accounting Polic_10

Significant Accounting Policies - Noncontrolling Interests (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2024 USD ($)
Accounting Policies [Abstract]
Redeemable noncontrolling interest at March 31, 2024	$ 0
Contributions from noncontrolling interest owner (Note 15)	174
Redeemable noncontrolling interest at June 30, 2024	$ 174

Loss Per Common Unit (Details)

Loss Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Loss Per Common Unit
Net income	$ 10,475	$ 19,563
Less: Net income attributable to noncontrolling interests	(792)	(262)
NET INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP	9,683	19,301
Less: Distributions to preferred unitholders (1)	(28,814)	(33,797)
Less: Net loss allocated to GP (2)	19	14
NET LOSS ALLOCATED TO COMMON UNITHOLDERS (NOTE 3)	$ (19,112)	$ (14,482)
Limited Partner
Loss Per Common Unit
Basic weighted average common units outstanding (in units)	132,512,766	131,927,343
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING (in units)	132,512,766	131,927,343
Basic loss per common unit	$ (0.14)	$ (0.11)
Diluted loss per common unit	$ (0.14)	$ (0.11)

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Property, Plant and Equipment
Gross property, plant and equipment	$ 3,174,608		$ 3,107,976
Accumulated depreciation	(1,049,187)		(1,011,274)
Net property, plant and equipment	2,125,421		2,096,702
Finance lease, right-of-use asset	100		100
Depreciation expense	47,919	$ 49,644
Capitalized interest expense	543	$ 302
Gain (loss) on sales and write-downs of certain assets	101
Water Solutions
Property, Plant and Equipment
Gain (loss) on sales and write-downs of certain assets	79
Crude Oil Logistics
Property, Plant and Equipment
Gain (loss) on sales and write-downs of certain assets	22
Water treatment facilities and equipment
Property, Plant and Equipment
Gross property, plant and equipment	$ 2,069,380		2,055,565
Water treatment facilities and equipment | Minimum
Property, Plant and Equipment
Useful life	3 years
Water treatment facilities and equipment | Maximum
Property, Plant and Equipment
Useful life	30 years
Pipeline and related facilities
Property, Plant and Equipment
Gross property, plant and equipment	$ 266,158		266,129
Pipeline and related facilities | Minimum
Property, Plant and Equipment
Useful life	30 years
Pipeline and related facilities | Maximum
Property, Plant and Equipment
Useful life	40 years
Crude oil tanks and related equipment
Property, Plant and Equipment
Gross property, plant and equipment	$ 226,365		226,048
Crude oil tanks and related equipment | Minimum
Property, Plant and Equipment
Useful life	2 years
Crude oil tanks and related equipment | Maximum
Property, Plant and Equipment
Useful life	30 years
Natural gas liquids terminal and storage assets
Property, Plant and Equipment
Gross property, plant and equipment	$ 168,083		167,633
Natural gas liquids terminal and storage assets | Minimum
Property, Plant and Equipment
Useful life	2 years
Natural gas liquids terminal and storage assets | Maximum
Property, Plant and Equipment
Useful life	30 years
Buildings and leasehold improvements
Property, Plant and Equipment
Gross property, plant and equipment	$ 122,827		122,878
Buildings and leasehold improvements | Minimum
Property, Plant and Equipment
Useful life	3 years
Buildings and leasehold improvements | Maximum
Property, Plant and Equipment
Useful life	40 years
Vehicles and railcars (1)
Property, Plant and Equipment
Gross property, plant and equipment	$ 91,511		91,715
Vehicles and railcars (1) | Minimum
Property, Plant and Equipment
Useful life	3 years
Vehicles and railcars (1) | Maximum
Property, Plant and Equipment
Useful life	25 years
Land
Property, Plant and Equipment
Gross property, plant and equipment	$ 70,270		70,270
Information technology equipment
Property, Plant and Equipment
Gross property, plant and equipment	$ 33,970		33,907
Information technology equipment | Minimum
Property, Plant and Equipment
Useful life	3 years
Information technology equipment | Maximum
Property, Plant and Equipment
Useful life	7 years
Tank bottoms and linefill (2)
Property, Plant and Equipment
Gross property, plant and equipment	$ 33,195		28,269
Other
Property, Plant and Equipment
Gross property, plant and equipment	$ 2,552		2,552
Other | Minimum
Property, Plant and Equipment
Useful life	3 years
Other | Maximum
Property, Plant and Equipment
Useful life	20 years
Construction in progress
Property, Plant and Equipment
Gross property, plant and equipment	$ 90,297		$ 43,010

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Amortization related to intangible assets
Finite-lived intangible assets, gross	$ 1,276,619	$ 1,272,538
INTANGIBLE ASSETS, accumulated amortization	(347,932)	(332,560)
Total	$ 928,687	939,978
Customer Relationships [Member]
Amortization related to intangible assets
Weighted-average remaining amortization period for intangible assets	18 years 4 months 24 days
Finite-lived intangible assets, gross	$ 905,113	905,113
INTANGIBLE ASSETS, accumulated amortization	(276,542)	(265,621)
Total	$ 628,571	639,492
Customer contracts
Amortization related to intangible assets
Weighted-average remaining amortization period for intangible assets	20 years
Finite-lived intangible assets, gross	$ 192,000	192,000
INTANGIBLE ASSETS, accumulated amortization	(38,400)	(36,480)
Total	$ 153,600	155,520
Right-of-way and easements
Amortization related to intangible assets
Weighted-average remaining amortization period for intangible assets	29 years 8 months 12 days
Finite-lived intangible assets, gross	$ 97,561	95,231
INTANGIBLE ASSETS, accumulated amortization	(19,000)	(18,187)
Total	$ 78,561	77,044
Water rights
Amortization related to intangible assets
Weighted-average remaining amortization period for intangible assets	25 years 3 months 18 days
Finite-lived intangible assets, gross	$ 36,068	36,068
INTANGIBLE ASSETS, accumulated amortization	(5,611)	(5,310)
Total	$ 30,457	30,758
Executory contracts and other agreements
Amortization related to intangible assets
Weighted-average remaining amortization period for intangible assets	24 years 1 month 6 days
Finite-lived intangible assets, gross	$ 19,332	17,854
INTANGIBLE ASSETS, accumulated amortization	(4,076)	(3,670)
Total	$ 15,256	14,184
Debt issuance costs
Amortization related to intangible assets
Weighted-average remaining amortization period for intangible assets	4 years 8 months 12 days
Finite-lived intangible assets, gross	$ 18,746	18,473
INTANGIBLE ASSETS, accumulated amortization	(1,551)	(605)
Total	$ 17,195	17,868
Pipeline capacity rights
Amortization related to intangible assets
Weighted-average remaining amortization period for intangible assets	19 years 4 months 24 days
Finite-lived intangible assets, gross	$ 7,799	7,799
INTANGIBLE ASSETS, accumulated amortization	(2,752)	(2,687)
Total	$ 5,047	$ 5,112

Intangible Assets - Amortizatio

Intangible Assets - Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Amortization related to intangible assets
Amortization expense	$ 15,373	$ 20,876
Future amortization expense of intangible assets
2025 (nine months)	44,530
2026	58,536
2027	57,772
2028	54,756
2029	52,170
2030	45,763
Thereafter	615,160
Total	928,687		$ 939,978
Depreciation and amortization
Amortization related to intangible assets
Amortization expense	14,300	19,335
Cost of sales
Amortization related to intangible assets
Amortization expense	65	65
Interest expense
Amortization related to intangible assets
Amortization expense	946	1,414
Operating expenses
Amortization related to intangible assets
Amortization expense	$ 62	$ 62

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Feb. 02, 2024
Long-Term Debt
Face amount	$ 3,073,610	$ 2,900,000
Unamortized debt issuance costs	(47,337)	(49,178)
Long-term debt	3,026,273	2,850,822
Debt issuance costs, current, net	0	0
Current maturities of long-term debt	7,846	7,000
Face amount, current maturities before debt issuance costs	3,065,764	2,893,000
Debt issuance costs, noncurrent, net	47,337	49,178
LONG-TERM DEBT, net of debt issuance costs of $47,337 and $49,178, respectively, and current maturities	3,018,427	2,843,822
ABL Facility
Long-Term Debt
Outstanding debt	169,000	0
Term Loan B Credit Facility
Long-Term Debt
Face amount	698,250	700,000
Unamortized debt issuance costs	(16,933)	(17,549)
Long-term debt	681,317	682,451
Unamortized Term Loan B discount	$ 4,900
8.125% Senior Secured Notes due 2029
Long-Term Debt
Fixed interest rate	8.125%		8.125%
Face amount	$ 900,000	900,000
Unamortized debt issuance costs	(12,191)	(12,845)
Long-term debt	$ 887,809	887,155
8.375% Senior Secured Notes due 2032
Long-Term Debt
Fixed interest rate	8.375%		8.375%
Face amount	$ 1,300,000	1,300,000
Unamortized debt issuance costs	(18,197)	(18,784)
Long-term debt	$ 1,281,803	1,281,216
Other Long-Term Debt
Long-Term Debt
Fixed interest rate	8.50%
Face amount	$ 6,360	0
Unamortized debt issuance costs	(16)	0
Long-term debt	$ 6,344	$ 0

Long-Term Debt - Asset-Based Cr

Long-Term Debt - Asset-Based Credit Facility (Details) - ABL Facility - USD ($) $ in Thousands		3 Months Ended
	Feb. 02, 2024	Jun. 30, 2024	Mar. 31, 2024
Long-Term Debt
Maximum borrowing capacity		$ 600,000
Outstanding debt		$ 169,000	$ 0
Debt instrument, description		The ABL Facility is scheduled to mature at the earliest of (a) February 2, 2029 or (b) 91 days prior to the earliest maturity date in respect to any of our indebtedness in an aggregate principal amount of $50.0 million or greater, subject to certain exceptions.
Line of credit facility, interest rate description	All borrowings under the ABL Facility bear interest at a secured overnight financing rate (“SOFR”) or the alternative base rate to provide for a 0.25% decrease based on our consolidated net leverage ratio. The applicable margin for alternate base rate loans varies from 1.50% to 2.00% and the applicable margin for SOFR varies from 2.50% to 3.00%. In addition, a commitment fee will be charged and payable quarterly in arrears based on the average daily unused portion of the revolving commitments under the ABL Facility. Such commitment fee will be 0.50% per year, subject to a reduction to 0.375% in the event our fixed charge coverage ratio is greater than or equal to 1.75 to 1.00.
Interest rate		8.42%
Prime rate
Long-Term Debt
Reference rate		8.50%
Interest rate margin added to variable rate base		1.75%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Long-Term Debt
Reference rate		5.34%
Interest rate margin added to variable rate base		2.85%
Letter of Credit
Long-Term Debt
Maximum borrowing capacity		$ 200,000
Outstanding letters of credit		$ 87,600
Fixed interest rate		2.75%

Long-Term Debt - Term Loan B (D

Long-Term Debt - Term Loan B (Details) - Term Loan B Credit Facility $ in Millions		3 Months Ended
	Feb. 02, 2024 USD ($)	Jun. 30, 2024
Long-Term Debt
Term loan, percentage of par value of issuance	99.25%
Proceeds from issuance of Term Loan B	$ 694.8
Debt instrument, description	The Term Loan B will mature on February 2, 2031 and will amortize in equal quarterly installments in aggregate annual amounts equal to 1.0% of the original principal amount beginning with the fiscal quarter ended June 30, 2024, with the balance payable on maturity.
Debt instrument, interest rate terms	The Term Loan B bears interest at a SOFR-based rate or an alternate base rate, in each case plus an applicable margin. The applicable margin for alternate base rate loans varies from 3.25% to 3.50% and the applicable margin for SOFR-based loans varies from 4.25% to 4.50%, in each case, depending on our consolidated first lien net leverage ratio (as defined in the Term Loan Credit Agreement).
Debt instrument covenant debt service coverage ratio		2.17
Minimum
Long-Term Debt
Debt instrument covenant debt service coverage ratio	1.1
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Long-Term Debt
Reference rate		5.34%
Interest rate margin added to variable rate base		4.50%

Long-Term Debt - Senior Secured

Long-Term Debt - Senior Secured Notes (Details)	Feb. 02, 2024	Jun. 30, 2024
8.125% Senior Secured Notes due 2029
Long-Term Debt
Fixed interest rate	8.125%	8.125%
8.375% Senior Secured Notes due 2032
Long-Term Debt
Fixed interest rate	8.375%	8.375%
Senior Secured Notes
Long-Term Debt
Debt instrument, description	The Indenture contains covenants that, among other things, limit our ability to: pay distributions or make other restricted payments or repurchase stock; incur or guarantee additional indebtedness or issue disqualified stock or certain preferred stock; make certain investments; create or incur liens; sell assets; enter into restrictions affecting the ability of restricted subsidiaries to make distributions, make loans or advances or transfer assets to the guarantors (including the Partnership); enter into certain transactions with our affiliates; designate restricted subsidiaries as unrestricted subsidiaries; and consolidate, merge or transfer or sell all or substantially all of our assets. These covenants are subject to a number of important exceptions and qualifications.The Indenture contains other customary terms, events of default and covenants.We have the option to redeem all or part of the 2029 Senior Secured Notes, at any time on or after February 15, 2026, at the redemption prices specified in the Indenture. We have the option to redeem all or part of the 2032 Senior Secured Notes, at any time on or after February 15, 2027, at the redemption prices specified in the Indenture.

Long-Term Debt - Other Long-Ter

Long-Term Debt - Other Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Long-Term Debt
Face amount	$ 3,073,610	$ 2,900,000
Equipment Loan Secured by Denver Plane
Long-Term Debt
Face amount	6,400
Other Long-Term Debt
Long-Term Debt
Face amount	$ 6,360	$ 0
Fixed interest rate	8.50%

Long-Term Debt - Debt Maturity

Long-Term Debt - Debt Maturity Schedule (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Maturities
2025 (nine months)	$ 5,879
2026	7,902
2027	7,983
2028	8,071
2029	1,077,167
2030	8,272
Thereafter	1,958,336
Face amount	3,073,610	$ 2,900,000
ABL Facility
Maturities
2025 (nine months)	0
2026	0
2027	0
2028	0
2029	169,000
2030	0
Thereafter	0
Outstanding debt	169,000	0
Term Loan B Credit Facility
Maturities
2025 (nine months)	5,250
2026	7,000
2027	7,000
2028	7,000
2029	7,000
2030	7,000
Thereafter	658,000
Face amount	698,250	700,000
Senior secured notes
Maturities
2025 (nine months)	0
2026	0
2027	0
2028	0
2029	900,000
2030	0
Thereafter	1,300,000
Face amount	2,200,000
Other Long-Term Debt
Maturities
2025 (nine months)	629
2026	902
2027	983
2028	1,071
2029	1,167
2030	1,272
Thereafter	336
Face amount	$ 6,360	$ 0

Long-Term Debt - Amortization o

Long-Term Debt - Amortization of Debt Issuance Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Debt Disclosure [Abstract]
Amortization of debt issuance costs	$ 1,900	$ 2,700
Expected Future Amortization of Debt Issuance Costs
2025 (nine months)	5,699
2026	7,598
2027	7,598
2028	7,598
2029	7,262
2030	4,961
Thereafter	6,621
Total	$ 47,337		$ 49,178

Commitments and Contingencies -

Commitments and Contingencies - Environmental Matters (Details) $ in Millions	Jun. 30, 2024 USD ($)
Loss Contingencies
Environmental matters liability	$ 1.2
Accrued expenses and other payables
Loss Contingencies
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current

Commitments and Contingencies_2

Commitments and Contingencies - Asset Retirement Obligations (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2024 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	$ 56,574
Liabilities incurred	303
Liabilities associated with disposed assets (1)	(274)
Liabilities settled	(65)
Accretion expense	1,003
Balance at end of period	$ 57,541

Commitments and Contingencies_3

Commitments and Contingencies - Pipeline Capacity Agreement (Details) $ in Millions	3 Months Ended
	Jun. 30, 2024 USD ($)
Customer contracts
Future minimum throughput payments
Number of months to continue shipping after maturity date of contract	6 months
Pipeline Capacity Agreements
Future minimum throughput payments
Contractual obligation to be paid in 2025	$ 22.8

Commitments and Contingencies_4

Commitments and Contingencies - Purchase Commitments (Details) gal in Thousands, bbl in Thousands, $ in Thousands	Jun. 30, 2024 USD ($) gal bbl
Crude oil | Fixed-Price
Purchase commitments for crude oil and natural gas
Purchase obligation, remainder of fiscal year	$ 79,160
Purchase obligation, year one	0
Purchase obligation, year two	0
Purchase obligation, year three	0
Purchase obligation	$ 79,160
Purchase obligation, volume, remainder of fiscal year | bbl	1,108
Purchase obligation, volume, year one | bbl	0
Purchase obligation, volume, year two | bbl	0
Purchase obligation, volume, year three | bbl	0
Purchase obligation, volume | bbl	1,108
Crude oil | Index-Price
Purchase commitments for crude oil and natural gas
Purchase obligation, remainder of fiscal year	$ 2,697,101
Purchase obligation, year one	711,412
Purchase obligation, year two	0
Purchase obligation	$ 3,408,513
Purchase obligation, volume, remainder of fiscal year | bbl	35,555
Purchase obligation, volume, year one | bbl	10,545
Purchase obligation, volume, year two | bbl	0
Purchase obligation, volume | bbl	46,100
Natural Gas Liquids | Fixed-Price
Purchase commitments for crude oil and natural gas
Purchase obligation, remainder of fiscal year	$ 20,759
Purchase obligation, year one	4,464
Purchase obligation, year two	2,963
Purchase obligation, year three	343
Purchase obligation	$ 28,529
Purchase obligation, volume, remainder of fiscal year | gal	26,839
Purchase obligation, volume, year one | gal	6,510
Purchase obligation, volume, year two | gal	4,284
Purchase obligation, volume, year three | gal	504
Purchase obligation, volume | gal	38,137
Natural Gas Liquids | Index-Price
Purchase commitments for crude oil and natural gas
Purchase obligation, remainder of fiscal year	$ 832,640
Purchase obligation, year one	41,986
Purchase obligation, year two	13,162
Purchase obligation	$ 887,788
Purchase obligation, volume, remainder of fiscal year | gal	852,709
Purchase obligation, volume, year one | gal	56,053
Purchase obligation, volume, year two | gal	25,200
Purchase obligation, volume | gal	933,962

Commitments and Contingencies_5

Commitments and Contingencies - Sale Commitments (Details) gal in Thousands, bbl in Thousands, $ in Thousands	Jun. 30, 2024 USD ($) bbl gal	Mar. 31, 2024 USD ($)
Sale commitments for crude oil and natural gas
Net commodity derivative asset	$ 1,707	$ 17,325
Crude oil | Fixed-Price
Sale commitments for crude oil and natural gas
Sales commitments, remainder of fiscal year	77,351
Sales commitments, year one	0
Sales commitments, year two	0
Sales commitments, year three	0
Sales commitments	$ 77,351
Sales commitments, volume, remainder of fiscal year | bbl	1,080
Sales commitments, volume, year one | bbl	0
Sales commitments, volume, year two | bbl	0
Sales commitments, volume, year three | bbl	0
Sales commitments, volume | bbl	1,080
Crude oil | Index-Price
Sale commitments for crude oil and natural gas
Sales commitments, remainder of fiscal year	$ 2,214,891
Sales commitments, year one	29,476
Sales commitments	$ 2,244,367
Sales commitments, volume, remainder of fiscal year | bbl	27,827
Sales commitments, volume, year one | bbl	390
Sales commitments, volume | bbl	28,217
Natural Gas Liquids | Fixed-Price
Sale commitments for crude oil and natural gas
Sales commitments, remainder of fiscal year	$ 69,815
Sales commitments, year one	5,642
Sales commitments, year two	3,300
Sales commitments, year three	298
Sales commitments	$ 79,055
Sales commitments, volume, remainder of fiscal year | gal	72,187
Sales commitments, volume, year one | gal	6,837
Sales commitments, volume, year two | gal	4,366
Sales commitments, volume, year three | gal	400
Sales commitments, volume | gal	83,790
Natural Gas Liquids | Index-Price
Sale commitments for crude oil and natural gas
Sales commitments, remainder of fiscal year	$ 769,895
Sales commitments, year one	20,649
Sales commitments	$ 790,544
Sales commitments, volume, remainder of fiscal year | gal	662,740
Sales commitments, volume, year one | gal	17,893
Sales commitments, volume | gal	680,633
Prepaid expenses and other current assets
Sale commitments for crude oil and natural gas
Net commodity derivative asset	$ 21,600
Accrued expenses and other payables
Sale commitments for crude oil and natural gas
Net commodity derivative asset	$ 20,200

Commitments and Contingencies_6

Commitments and Contingencies - Other Commitments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2025 (nine months)	$ 26,421
2026	6,674
2027	6,395
2028	2,345
2029	2,128
2030	1,386
Thereafter	2,207
Total	$ 47,556

Equity - Partnership Equity (De

Equity - Partnership Equity (Details) - NGL Energy Partners LP	3 Months Ended
	Jun. 30, 2024
Limited Partner
Equity
Ownership interest in NGL Energy Holdings LLC	8.69%
NGL Energy Holdings LLC
Equity
General partner interest	0.10%
NGL Limited Partners
Equity
Limited partner interest	99.90%

Equity - Common Unit Repurchase

Equity - Common Unit Repurchase Program (Details) $ in Millions	Jun. 05, 2024 USD ($)
Equity [Abstract]
Common unit repurchase program, authorized amount	$ 50

Equity - Class B Preferred Unit

Equity - Class B Preferred Units (Details) - USD ($) $ / shares in Units, $ in Millions						3 Months Ended
	Jul. 15, 2024	Apr. 25, 2024	Apr. 18, 2024	Apr. 09, 2024	Apr. 04, 2024	Jun. 30, 2024	Mar. 31, 2024
Series B Preferred Stock
Preferred Units
Preferred units, issued and outstanding (in units)						12,585,642
Preferred unit distributions declared				$ 2.4750	$ 3.0224	$ 0.8153
Preferred unit distributions paid		$ 31.1	$ 38				$ 9.9
Preferred units, dividend payment terms						The current distribution rate for the Class B Preferred Units is a floating rate of the three-month LIBOR interest rate (5.30% for the quarter ended June 30, 2024) plus a spread of 7.213%. Effective July 3, 2023, the reference to LIBOR in the formulation for the distribution rate in these securities was replaced with three-month CME Term SOFR, as calculated and published by CME Group Benchmark Administration, Ltd., plus a tenor spread adjustment of 0.26161%, in accordance with the Adjustable Interest Rate (LIBOR) Act (“LIBOR Act”), and the rules implementing the LIBOR Act.
Series B Preferred Stock | Subsequent Event
Preferred Units
Preferred unit distributions paid	$ 10.3
Preferred Stock
Preferred Units
Preferred unit distributions declared, percentage of distributions in arrears					55.40%

Equity - Class C Preferred Unit

Equity - Class C Preferred Units (Details) - USD ($) $ / shares in Units, $ in Millions						3 Months Ended
	Jul. 15, 2024	Apr. 25, 2024	Apr. 18, 2024	Apr. 09, 2024	Apr. 04, 2024	Jun. 30, 2024	Mar. 31, 2024
Series C Preferred Stock
Preferred Units
Preferred units, issued and outstanding (in units)						1,800,000
Preferred unit distributions declared				$ 2.1860	$ 2.6790	$ 0.7926
Preferred unit distributions paid		$ 3.9	$ 4.8				$ 1.1
Preferred units, dividend payment terms						The current distribution rate for the Class C Preferred Units is a floating rate of the three-month LIBOR interest rate (5.30% for the quarter ended June 30, 2024) plus a spread of 7.384%. Effective July 3, 2023, the reference to LIBOR in the formulation for the distribution rate in these securities was replaced with three-month CME Term SOFR, as calculated and published by CME Group Benchmark Administration, Ltd.
Series C Preferred Stock | Subsequent Event
Preferred Units
Preferred unit distributions paid	$ 1.4
Preferred Stock
Preferred Units
Preferred unit distributions declared, percentage of distributions in arrears					55.40%

Equity - Class D Preferred Unit

Equity - Class D Preferred Units (Details) - USD ($) $ / shares in Units, $ in Millions					3 Months Ended
	Jul. 15, 2024	Jul. 01, 2024	Apr. 25, 2024	Apr. 18, 2024	Jun. 30, 2024	Mar. 31, 2024	Apr. 04, 2024	Oct. 31, 2019	Jul. 02, 2019
Series D Preferred Stock
Class of Stock
Temporary equity, issued and outstanding (in units)					600,000
Preferred unit distributions paid			$ 63	$ 77.1		$ 16.4
Preferred units, dividend payment terms					The current distribution rate for the Class D Preferred Units is 10.00% (equal to $100.00 per every $1,000 in unit value per year).
Series D Preferred Stock | Subsequent Event
Class of Stock
Preferred unit distributions paid	$ 15.8
Preferred units, dividend payment terms		As of July 1, 2024, the holders of our Class D Preferred Units can elect, from time to time, for the distributions to be calculated based on a floating rate equal to the applicable three-month LIBOR interest rate (or alternative rate as determined in accordance with our amended and restated limited partnership agreement (“Partnership Agreement”)) plus a spread of 7.00% (“Class D Variable Rate,” as defined in the Partnership Agreement). Each Class D Variable Rate election shall be effective for at least four quarters following such election. The holders of the Class D Preferred Units have informed us that they have elected the floating rate for the calculation of the distributions.
Limited Partner
Class of Stock
Warrants outstanding (in units)					25,500,000
Preferred Stock
Class of Stock
Preferred unit distributions declared, percentage of distributions in arrears							55.40%
Premium Warrants | Class D Preferred Units First Issuance
Class of Stock
Warrants outstanding (in units)									10,000,000
Warrants, exercise price									$ 17.45
Premium Warrants | Class D Preferred Units Second Issuance
Class of Stock
Warrants outstanding (in units)								5,000,000
Warrants, exercise price								$ 16.28
Par Warrants | Class D Preferred Units First Issuance
Class of Stock
Warrants outstanding (in units)									7,000,000
Warrants, exercise price									$ 14.54
Par Warrants | Class D Preferred Units Second Issuance
Class of Stock
Warrants outstanding (in units)								3,500,000
Warrants, exercise price								$ 13.56

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Assets:
Derivative assets	$ 30,654	$ 58,838
Netting of counterparty contracts, assets	(6,195)	(4,798)
Net cash collateral provided	944	630
Derivatives	25,403	54,670
Liabilities:
Derivative liabilities	(35,080)	(44,862)
Netting of counterparty contracts, liabilities	6,195	4,798
Net cash collateral provided	5,189	2,719
Derivatives	(23,696)	(37,345)
Derivative assets (liabilities)
Net derivative asset	1,707	17,325
Prepaid expenses and other current assets
Derivative assets (liabilities)
Net derivative asset	21,600
Accrued expenses and other payables
Derivative assets (liabilities)
Net derivative asset	20,200
Commodity contracts
Derivative assets (liabilities)
Net derivative asset	1,707	17,325
Commodity contracts | Prepaid expenses and other current assets
Derivative assets (liabilities)
Net derivative asset	25,397	54,670
Commodity contracts | Other noncurrent assets
Derivative assets (liabilities)
Net derivative asset	6	0
Commodity contracts | Accrued expenses and other payables
Derivative assets (liabilities)
Net derivative asset	(22,268)	(36,679)
Commodity contracts | Other noncurrent liabilities
Derivative assets (liabilities)
Net derivative asset	(1,428)	(666)
Level 1
Assets:
Derivative assets	6,195	4,798
Liabilities:
Derivative liabilities	(11,941)	(7,517)
Level 2
Assets:
Derivative assets	24,459	54,040
Liabilities:
Derivative liabilities	$ (23,139)	$ (37,345)

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Derivative Contract Positions (Details) bbl in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2024 USD ($) bbl	Jun. 30, 2023 USD ($)	Mar. 31, 2024 USD ($) bbl
Derivative contract information
Fair Value of Net Assets (Liabilities)	$ (4,426)		$ 13,976
Net cash collateral provided	6,133		3,349
Net derivative asset	1,707		17,325
Interest rate swap realized and unrealized gains	(12,976)	$ 12,890
Fixed-price contract | Crude oil
Derivative contract information
Fair Value of Net Assets (Liabilities)	(596)		(3,000)
Fixed-price contract | Propane
Derivative contract information
Fair Value of Net Assets (Liabilities)	(3,349)		1,870
Fixed-price contract | Refined products
Derivative contract information
Fair Value of Net Assets (Liabilities)	136		518
Fixed-price contract | Butane
Derivative contract information
Fair Value of Net Assets (Liabilities)	$ (4,052)		$ (2,222)
Fixed-price contract | Long | Propane
Derivative contract information
Net Long (Short) Notional Units (in barrels) | bbl	14,704		6,980
Fixed-price contract | Short | Crude oil
Derivative contract information
Net Long (Short) Notional Units (in barrels) | bbl	(330)		(174)
Fixed-price contract | Short | Refined products
Derivative contract information
Net Long (Short) Notional Units (in barrels) | bbl	(341)		(244)
Fixed-price contract | Short | Butane
Derivative contract information
Net Long (Short) Notional Units (in barrels) | bbl	(1,157)		(982)
Interest Rate swap
Derivative contract information
Fair Value of Net Assets (Liabilities)	$ 69		$ 515
Interest rate swap notional amount	400,000
Interest rate swap realized and unrealized gains	$ (300)
Interest Rate swap | March Interest Rate Swap
Derivative contract information
Interest rate swap fixed interest rate	4.32%
Interest Rate swap | April Interest Rate Swap
Derivative contract information
Interest rate swap fixed interest rate	4.79%
Other
Derivative contract information
Fair Value of Net Assets (Liabilities)	$ 3,366		$ 16,295

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Gains (Losses) from Commodity Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Net adjustments to fair value of commodity derivatives	$ (12,976)	$ 12,890
Derivative contract information
Net adjustments to fair value of commodity derivatives	(12,976)	12,890
Commodity contracts
Fair Value Disclosures [Abstract]
Net adjustments to fair value of commodity derivatives	(13,300)	12,900
Derivative contract information
Net adjustments to fair value of commodity derivatives	$ (13,300)	$ 12,900

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Interest Rate Risk (Details) - USD ($) $ in Thousands			3 Months Ended
	Aug. 05, 2024	Jul. 01, 2024	Jun. 30, 2024	Mar. 31, 2024
Interest Rate Risk
Face amount			$ 3,073,610	$ 2,900,000
Interest Rate swap
Interest Rate Risk
Interest rate swap notional amount			$ 400,000
Series B Preferred Stock
Interest Rate Risk
Preferred units, dividend payment terms			The current distribution rate for the Class B Preferred Units is a floating rate of the three-month LIBOR interest rate (5.30% for the quarter ended June 30, 2024) plus a spread of 7.213%. Effective July 3, 2023, the reference to LIBOR in the formulation for the distribution rate in these securities was replaced with three-month CME Term SOFR, as calculated and published by CME Group Benchmark Administration, Ltd., plus a tenor spread adjustment of 0.26161%, in accordance with the Adjustable Interest Rate (LIBOR) Act (“LIBOR Act”), and the rules implementing the LIBOR Act.
Series B Preferred Stock | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Interest Rate Risk
Preferred units, dividend payment terms			The current distribution rate for the Class B Preferred Units is a floating rate of the three-month LIBOR interest rate (5.30% for the quarter ended June 30, 2024) plus a spread of 7.213% (see Note 8 for a further discussion).
Series C Preferred Stock
Interest Rate Risk
Preferred units, dividend payment terms			The current distribution rate for the Class C Preferred Units is a floating rate of the three-month LIBOR interest rate (5.30% for the quarter ended June 30, 2024) plus a spread of 7.384%. Effective July 3, 2023, the reference to LIBOR in the formulation for the distribution rate in these securities was replaced with three-month CME Term SOFR, as calculated and published by CME Group Benchmark Administration, Ltd.
Series C Preferred Stock | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Interest Rate Risk
Preferred units, dividend payment terms			The current distribution rate for the Class C Preferred Units is a floating rate of the three-month LIBOR interest rate (5.30% for the quarter ended June 30, 2024) plus a spread of 7.384% (see Note 8 for a further discussion).
Series D Preferred Stock
Interest Rate Risk
Preferred units, dividend payment terms			The current distribution rate for the Class D Preferred Units is 10.00% (equal to $100.00 per every $1,000 in unit value per year).
Series D Preferred Stock | Subsequent Event
Interest Rate Risk
Preferred units, dividend payment terms		As of July 1, 2024, the holders of our Class D Preferred Units can elect, from time to time, for the distributions to be calculated based on a floating rate equal to the applicable three-month LIBOR interest rate (or alternative rate as determined in accordance with our amended and restated limited partnership agreement (“Partnership Agreement”)) plus a spread of 7.00% (“Class D Variable Rate,” as defined in the Partnership Agreement). Each Class D Variable Rate election shall be effective for at least four quarters following such election. The holders of the Class D Preferred Units have informed us that they have elected the floating rate for the calculation of the distributions.
Series D Preferred Stock | Subsequent Event | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Interest Rate Risk
Preferred units, dividend payment terms		As of July 1, 2024, the holders of our Class D Preferred Units can elect, from time to time, for the distributions to be calculated based on a floating rate equal to the applicable three-month LIBOR interest rate (or alternative rate as determined in accordance with our Partnership Agreement) plus a spread of 7.00% (see Note 8 for a further discussion).
ABL Facility
Interest Rate Risk
Outstanding debt			$ 169,000	0
Interest rate			8.42%
ABL Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Interest Rate Risk
Reference rate			5.34%
Interest rate margin added to variable rate base			2.85%
Term Loan B Credit Facility
Interest Rate Risk
Face amount			$ 698,250	$ 700,000
Term Loan B Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Interest Rate Risk
Reference rate			5.34%
Interest rate margin added to variable rate base			4.50%
Term Loan B Credit Facility | Subsequent Event | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Interest Rate Risk
Interest rate margin added to variable rate base	3.75%

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Fair Value of Fixed-Rate Notes (Details) $ in Thousands	Jun. 30, 2024 USD ($)
8.125% Senior Secured Notes due 2029
Fair Value of Fixed-Rate Notes
Fair value of fixed-rate notes	$ 917,625
8.375% Senior Secured Notes due 2032
Fair Value of Fixed-Rate Notes
Fair value of fixed-rate notes	$ 1,322,750

Segments (Details)

Segments (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)
Segment Reporting [Abstract]
Number of segments	3
Segment information
Total Revenues	$ 1,387,259	$ 1,616,104
Depreciation and amortization, including amortization of debt issuance costs	65,192	73,210
Operating Income	74,951	72,020
Acquisition of property, plant and equipment and intangible assets	77,531	44,092
Long-lived assets, net	3,779,934		$ 3,768,117
Total assets	4,839,579		5,020,094
Assets held for sale	0		66,597
Water Solutions
Segment information
Prior period reclassification adjustment		1,400
Liquids Logistics | Non-US
Segment information
Total Revenues	24,100	19,600
Long-lived assets, net	8,800		10,200
Total assets	23,100		22,100
Operating segment | Water Solutions
Segment information
Non-Topic 606 revenues	15	153
Total Revenues	181,410	181,302
Depreciation and amortization, including amortization of debt issuance costs	52,774	54,485
Operating Income	84,358	69,331
Acquisition of property, plant and equipment and intangible assets	64,684	38,956
Long-lived assets, net	2,618,570		2,608,007
Total assets	2,812,964		2,818,444
Operating segment | Crude Oil Logistics
Segment information
Non-Topic 606 revenues	1,790	2,378
Total Revenues	280,103	464,390
Depreciation and amortization, including amortization of debt issuance costs	6,441	9,746
Operating Income	14,089	17,007
Acquisition of property, plant and equipment and intangible assets	1,096	974
Long-lived assets, net	826,723		827,248
Total assets	1,354,972		1,368,461
Operating segment | Liquids Logistics
Segment information
Non-Topic 606 revenues	119,752	129,369
Total Revenues	925,746	970,412
Depreciation and amortization, including amortization of debt issuance costs	2,476	3,279
Operating Income	(11,550)	7,831
Acquisition of property, plant and equipment and intangible assets	3,556	4,093
Long-lived assets, net	293,694		298,595
Total assets	620,148		686,885
Operating segment | Disposal service fees | Water Solutions
Segment information
Topic 606 revenues, excluding assessed tax	147,973	149,395
Operating segment | Crude oil sales | Water Solutions
Segment information
Topic 606 revenues, excluding assessed tax	30,776	23,017
Operating segment | Crude oil sales | Crude Oil Logistics
Segment information
Topic 606 revenues, excluding assessed tax	262,609	450,128
Operating segment | Sale of water | Water Solutions
Segment information
Topic 606 revenues, excluding assessed tax	2,285	4,441
Operating segment | Other revenues | Water Solutions
Segment information
Topic 606 revenues, excluding assessed tax	361	4,296
Operating segment | Other revenues | Liquids Logistics
Segment information
Topic 606 revenues, excluding assessed tax	2,327	1,319
Operating segment | Crude oil transportation and other | Crude Oil Logistics
Segment information
Topic 606 revenues, excluding assessed tax	15,816	12,046
Operating segment | Refined products sales | Liquids Logistics
Segment information
Topic 606 revenues, excluding assessed tax	511,082	578,039
Operating segment | Propane sales | Liquids Logistics
Segment information
Topic 606 revenues, excluding assessed tax	97,358	111,686
Operating segment | Butane sales | Liquids Logistics
Segment information
Topic 606 revenues, excluding assessed tax	98,030	70,158
Operating segment | Other product sales | Liquids Logistics
Segment information
Topic 606 revenues, excluding assessed tax	97,197	79,841
Elimination of intersegment sales | Crude Oil Logistics
Segment information
Topic 606 revenues, excluding assessed tax	(112)	(162)
Corporate and other
Segment information
Depreciation and amortization, including amortization of debt issuance costs	3,501	5,700
Operating Income	(11,946)	(22,149)
Acquisition of property, plant and equipment and intangible assets	8,195	$ 69
Long-lived assets, net	40,947		34,267
Total assets	$ 51,495		$ 79,707

Transactions with Affiliates -

Transactions with Affiliates - Related Party Transactions (Details) - Related Party - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Transactions with Affiliates
Accounts receivable-affiliates	$ 1,501		$ 1,501
Accounts payable-affiliates	6		37
Equity method investees
Transactions with Affiliates
Purchases from related party	19	$ 486
Accounts receivable-affiliates	1,501		1,501
Accounts payable-affiliates	5		36
Affiliated Entity [Member]
Transactions with Affiliates
Purchases from related party	0	$ 100
Accounts payable-affiliates	$ 1		$ 1

Transactions with Affiliates -O

Transactions with Affiliates -Other Related Party Transactions (Details)	Jun. 30, 2024
Parent Co
Transactions with Affiliates
Parent ownership percentage in aviation entity	90%
Noncontrolling Interest
Transactions with Affiliates
Noncontrolling interest ownership percentage in aviation entity	10%

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Revenue Agreements (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Net adjustments to fair value of commodity derivatives	$ (12,976)	$ 12,890
Liquids Logistics
Net adjustments to fair value of commodity derivatives	$ (32,800)	$ 1,700

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Performance Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Revenue expected to be recognized as of June 30, 2024	$ 387,414
Net adjustments to fair value of commodity derivatives	(12,976)	$ 12,890
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Revenue expected to be recognized as of June 30, 2024	$ 102,107
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Revenue expected to be recognized as of June 30, 2024	$ 78,128
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Revenue expected to be recognized as of June 30, 2024	$ 59,781
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Revenue expected to be recognized as of June 30, 2024	$ 47,179
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Revenue expected to be recognized as of June 30, 2024	$ 45,173
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Revenue expected to be recognized as of June 30, 2024	$ 32,537
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Revenue expected to be recognized as of June 30, 2024	$ 22,509
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	3 years 9 months

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Accounts receivable from contracts with customers	$ 386,656	$ 415,961
Contract assets (current)	3,831	0
Contract liabilities	25,056	$ 16,933
Payment received and deferred	20,589
Payment recognized in revenue	$ (12,466)

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Lease, Cost [Abstract]
Operating lease cost (1)	$ 11,229	$ 12,112
Variable lease cost (1)	7,586	7,726
Short-term lease cost (1)	623	40
Amortization of right-of-use asset (2)	1	1
Interest on lease obligation (3)	3	3
Total lease cost	$ 19,442	$ 19,882

Leases - Lessee Maturities of L

Leases - Lessee Maturities of Lease Obligations (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases, Operating [Abstract]
2025 (nine months)	$ 27,816
2026	26,477
2027	20,304
2028	16,868
2029	7,992
2030	3,236
Thereafter	20,316
Total lease payments	123,009
Less imputed interest	(27,706)
Total lease obligations	95,303
Finance Lease, Liability [Abstract]
2025 (nine months)	21
2026	28
2027	28
2028	9
2029	0
2030	0
Thereafter	0
Total lease payments	86
Less imputed interest	(16)
Total lease obligations	$ 70
Finance lease, liability, statement of financial position [extensible enumeration]	Accounts Payable and Accrued Liabilities, Other Liabilities
Finance lease, liability, current	$ 100
Finance lease, liability, noncurrent	$ 100

Leases - Lessee Supplemental Ca

Leases - Lessee Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating cash outflows from operating leases	$ 11,235	$ 12,135
Operating cash outflows from finance lease	3	3
Financing cash outflows from finance lease	5	4
Operating leases right-of-use assets obtained in exchange for lease obligations	$ 3,371	$ 17,337

Leases - Lessor Income Statemen

Leases - Lessor Income Statement Information (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease income	$ 4	$ 4.4
Operating lease, lease income, statement of income or comprehensive income [extensible enumeration]	Total Revenues	Total Revenues
Sublease revenue	$ 0.4	$ 1.1

Leases - Lessor Future Minimum

Leases - Lessor Future Minimum Lease Payments Receivable (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
2025 (nine months)	$ 9,229
2026	10,952
2027	9,727
2028	6,655
2029	1,813
2030	1,064
Thereafter	1,806
Total	$ 41,246

Allowance for Current Expecte_4

Allowance for Current Expected Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Accounts Receivable-Trade, Allowance for Expected Credit Loss
Accounts receivable-trade, allowance for expected credit loss	$ 2,173	$ 1,671
Change in provision for expected credit losses	654
Dispositions (see Note 15)	(147)
Write-offs charged against the provision	(5)
Notes Receivable and Other, Allowance for Expected Credit Loss
Notes receivable and other, allowance for expected credit loss	134	$ 152
Change in provision for expected credit losses	(18)
Dispositions (see Note 15)	0
Write-offs charged against the provision	$ 0

Other Matters - Acquisition of

Other Matters - Acquisition of Airplane (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Business Acquisition
Total consideration	$ 8,100
Consideration paid in cash	59,923	$ 35,801
Consideration as note payable	3,073,610		$ 2,900,000
Equipment Loan Secured by Denver Plane
Business Acquisition
Consideration as note payable	6,400
Aviation Entity
Business Acquisition
Consideration paid in cash	$ 1,700
Parent Co
Business Acquisition
Parent ownership percentage in aviation entity	90%
Noncontrolling Interest
Business Acquisition
Noncontrolling interest ownership percentage in aviation entity	10%

Other Matters - Sale of Certain

Other Matters - Sale of Certain Freshwater Water Solutions Facilities (Details) $ in Thousands			3 Months Ended
	May 14, 2024 USD ($)	Apr. 05, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]
Number of acres sold	1,400	122,250
Number of ranches sold		2
Total consideration		$ 69,300	$ 69,320	$ 0
Gain on disposal	$ 7,300	$ 2,600

Other Matters - Sale of Certa_2

Other Matters - Sale of Certain Saltwater Disposal Assets (Details) - USD ($) $ in Millions		12 Months Ended
	Apr. 15, 2024	Mar. 31, 2024	May 14, 2024
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]
Total consideration	$ 4.2		$ 8
Loss on write-down to fair value less cost to sell	$ 0.1	$ (1.6)

Other Matters - Sale of Certa_3

Other Matters - Sale of Certain Real Estate (Details) $ in Millions	May 14, 2024 USD ($)	Apr. 05, 2024 USD ($)	Apr. 15, 2024 USD ($)
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]
Number of acres sold	1,400	122,250
Total consideration	$ 8		$ 4.2
Gain on disposal	$ 7.3	$ 2.6

Other Matters - Assets and Liab

Other Matters - Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 15, 2024	Mar. 31, 2024	Jun. 30, 2024
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]
Loss on write-down to fair value less cost to sell	$ 100	$ (1,600)
Accounts receivable-trade, net		565
Prepaid expenses and other current assets		13
Property, plant and equipment, net		14,354
Goodwill		4,108
Intangible assets, net		49,179
Valuation allowance on assets held for sale		(1,622)
Total assets held for sale		66,597	$ 0
Accounts payable-trade		63
Accrued expenses and other payables		31
Advance payments received from customers		164
Other noncurrent liabilities		356
Total liabilities held for sale		$ 614	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - Term Loan B Credit Facility - Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate		3 Months Ended
	Aug. 05, 2024	Jun. 30, 2024
Subsequent Event
Interest rate margin added to variable rate base		4.50%
Subsequent Event
Subsequent Event
Interest rate margin added to variable rate base	3.75%