Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 28, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | Blueknight Energy Partners, L.P. | |
Entity Central Index Key | 0001392091 | |
Trading Symbol | bkep | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Units | |
Series A Preferred Unit [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 34,436,785 | |
Common Unit [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 41,468,125 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 13 | $ 805 |
Accounts receivable, net | 6,897 | 3,297 |
Receivables from related parties, net | 664 | 507 |
Other current assets | 3,693 | 2,355 |
Current assets of discontinued operations | 511 | 96,945 |
Total current assets | 11,778 | 103,909 |
Property, plant and equipment, net of accumulated depreciation of $197,561 and $199,895 at December 31, 2020, and March 31, 2021, respectively | 104,256 | 104,709 |
Goodwill | 6,728 | 6,728 |
Debt issuance costs, net | 998 | 1,340 |
Operating lease assets | 8,020 | 8,548 |
Intangible assets, net | 6,935 | 7,531 |
Other noncurrent assets | 282 | 252 |
Total assets | 138,997 | 233,017 |
Current liabilities: | ||
Accounts payable | 2,313 | 1,635 |
Accounts payable to related parties | 14 | 31 |
Accrued interest payable | 279 | 274 |
Accrued property taxes payable | 1,505 | 1,757 |
Accrued payroll | 2,377 | 4,977 |
Current operating lease liability | 1,532 | 1,684 |
Other current liabilities | 2,327 | 1,349 |
Current liabilities of discontinued operations | 2,599 | 17,248 |
Total current liabilities | 19,392 | 35,347 |
Other long-term liabilities | 162 | 168 |
Noncurrent operating lease liability | 6,735 | 6,980 |
Long-term debt | 106,592 | 252,592 |
Commitments and contingencies (Note 11) | ||
Partners’ capital(deficit): | ||
Common unitholders (41,214,856 and 41,468,125 units issued and outstanding at December 31, 2020, and March 31, 2021, respectively) | 384,755 | 312,591 |
Preferred unitholders (35,125,202 and 34,436,785 units issued and outstanding at December 31, 2020, and March 31, 2021, respectively) | 248,946 | 253,923 |
General partner interest (1.6% interest with 1,225,409 general partner units outstanding at both dates) | (631,570) | (632,737) |
Total partners’ capital(deficit) | 2,131 | (66,223) |
Total liabilities and partners’ capital(deficit) | 138,997 | 233,017 |
Third Party [Member] | ||
Current liabilities: | ||
Unearned revenue | 1,852 | 1,789 |
Related Party [Member] | ||
Current liabilities: | ||
Unearned revenue | 4,594 | 4,603 |
Long-term unearned revenue with related parties | $ 3,985 | $ 4,153 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accumulated depreciation | $ 199,895 | $ 197,561 |
Common units, issued (in shares) | 41,468,125 | 41,214,856 |
Common units, outstanding (in shares) | 41,468,125 | 41,214,856 |
Preferred units, issued (in shares) | 34,436,785 | 35,125,202 |
Preferred units, outstanding (in shares) | 34,436,785 | 35,125,202 |
General partner units, interest | 1.60% | 1.60% |
General partner units, outstanding (in shares) | 1,225,409 | 1,225,409 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Total revenue | $ 27,075 | $ 25,660 |
Costs and expenses: | ||
Operating expense | 15,880 | 15,660 |
General and administrative expense | 3,982 | 3,366 |
Total costs and expenses | 19,862 | 19,026 |
Loss on disposal of assets | (74) | |
Operating income | 7,213 | 6,560 |
Other income(expenses): | ||
Other income | 233 | 650 |
Interest expense | (1,333) | (1,686) |
Income before income taxes | 6,113 | 5,524 |
Provision for income taxes | 10 | 5 |
Income from continuing operations | 6,103 | 5,519 |
Income(loss) from discontinued operations, net | 75,550 | (5,519) |
Net income | 81,653 | |
Allocation of net income(loss) for calculation of earnings per unit: | ||
General partner interest in net income | 1,292 | |
Preferred interest in net income | 6,341 | 6,279 |
Net income(loss) available to limited partners | $ 74,020 | $ (6,279) |
Basic and diluted net income(loss) from discontinued operations per common unit (in dollars per share) | $ 1.75 | $ (0.13) |
Basic and diluted net loss from continuing operations per common unit (in dollars per share) | (0.01) | (0.02) |
Basic and diluted net income(loss) per common unit (in dollars per share) | $ 1.74 | $ (0.15) |
Weighted average common units outstanding - basic and diluted (in shares) | 41,430 | 41,015 |
Third Party [Member] | ||
Revenue | $ 6,919 | $ 6,853 |
Revenue | 8,303 | 9,831 |
Related Party [Member] | ||
Revenue | 4,849 | 4,055 |
Revenue | 7,004 | 4,921 |
Service [Member] | Third Party [Member] | ||
Revenue | 6,919 | 6,853 |
Service [Member] | Related Party [Member] | ||
Revenue | $ 4,849 | $ 4,055 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Partners' Capital (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | Limited Partner [Member] | Preferred Partner [Member] | General Partner [Member] |
Balance at Dec. 31, 2019 | $ (21,323) | $ 356,777 | $ 253,923 | $ (632,023) |
Net income (loss) | (6,279) | 6,279 | ||
Equity-based incentive compensation | 108 | 105 | 3 | |
Distributions | (8,082) | (1,675) | (6,279) | (128) |
Proceeds from sale of common units pursuant to the Employee Unit Purchase Plan | 55 | 55 | ||
Balance at Mar. 31, 2020 | (29,242) | 348,983 | 253,923 | (632,148) |
Balance at Dec. 31, 2020 | (66,223) | 312,591 | 253,923 | (632,737) |
Net income (loss) | 81,653 | 73,896 | 6,465 | 1,292 |
Equity-based incentive compensation | (77) | (80) | 3 | |
Distributions | (8,107) | (1,700) | (6,279) | (128) |
Proceeds from sale of common units pursuant to the Employee Unit Purchase Plan | 48 | 48 | ||
Repurchase of preferred units | (5,163) | (5,163) | ||
Balance at Mar. 31, 2021 | $ 2,131 | $ 384,755 | $ 248,946 | $ (631,570) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Partners' Capital (Deficit) (Unaudited) (Parentheticals) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Limited Partner [Member] | ||
Common units issued pursuant to the Employee Unit Purchase Plan (in shares) | 32,696 | 53,372 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 81,653 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 3,065 | 6,094 |
Amortization and write-off of debt issuance costs | 391 | 251 |
Tangible asset impairment charge | 156 | 5,122 |
(Gain)loss on sale of assets | (75,069) | 185 |
Equity-based incentive compensation | (77) | 108 |
Changes in assets and liabilities: | ||
Decrease in accounts receivable | 10,022 | 4,201 |
Decrease(increase) in receivables from related parties | (157) | 168 |
Decrease in other current assets | 1,630 | 1,345 |
Decrease in other non-current assets | 379 | 566 |
Increase in accounts payable | 412 | 104 |
Decrease in payables to related parties | (17) | (17) |
Increase in accrued interest payable | 5 | 8 |
Decrease in accrued property taxes | (743) | (381) |
Increase(decrease) in unearned revenue | (373) | 1,205 |
Decrease in accrued payroll | (3,822) | (2,329) |
Increase(decrease) in other accrued liabilities | 860 | (542) |
Net cash provided by operating activities | 5,378 | 7,874 |
Cash flows from investing activities: | ||
Acquisition of DEVCO from Ergon (Note 8) | (12,221) | |
Capital expenditures | (2,044) | (2,900) |
Net proceeds from sale of assets | 155,316 | 25 |
Net cash provided by(used in) investing activities | 153,272 | (15,096) |
Cash flows from financing activities: | ||
Payments on other financing activities | (171) | (638) |
Debt issuance costs | (49) | |
Borrowings under credit agreement | 48,000 | 78,000 |
Payments under credit agreement | (194,000) | (62,000) |
Proceeds from equity issuance | 48 | 55 |
Repurchase of preferred units | (5,163) | |
Distributions | (8,107) | (8,082) |
Net cash provided by(used in) financing activities | (159,442) | 7,335 |
Net increase(decrease) in cash and cash equivalents | (792) | 113 |
Cash and cash equivalents at beginning of period | 805 | 558 |
Cash and cash equivalents at end of period | 13 | 671 |
Supplemental disclosure of non-cash financing and investing cash flow information: | ||
Non-cash changes in property, plant and equipment | (74) | 1,241 |
Increase in accrued liabilities related to insurance premium financing agreement | 1,208 | 1,517 |
Third Party [Member] | ||
Changes in assets and liabilities: | ||
Increase (decrease) in accrued crude oil purchases | (3,868) | (3,466) |
Related Party [Member] | ||
Changes in assets and liabilities: | ||
Increase (decrease) in accrued crude oil purchases | (8,842) | (4,463) |
Increase(decrease) in unearned revenue | $ (227) | $ (285) |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. ORGANIZATION AND NATURE OF BUSINESS Blueknight Energy Partners, L.P. and subsidiaries (collectively, the “Partnership”) is a publicly traded master limited partnership with operations in 26 one February 2007 The Partnership previously provided integrated terminalling, gathering, and transportation services for companies engaged in the production, distribution, and marketing of crude oil in three December 21, 2020, February March 2021. one no |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 2. BASIS OF PRESENTATION The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated balance sheet as of March 31, 2021 three March 31, 2020 2021 three March 31, 2020 2021 three March 31, 2020 2021 2020 not 10 December 31, 2020 March 10, 2021 ( 2020 10 not 3 2020 10 |
Note 3 - Revenue
Note 3 - Revenue | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Revenue [Text Block] | 3. REVENUE The Partnership recognizes revenue from contracts with customers as well as lease revenue. The following table includes revenue associated with contractual commitments in place related to future performance obligations as of the end of the reporting period, which are expected to be recognized in revenue in the specified periods (in thousands): Revenue from Contracts with Customers(1) Revenue from Leases Remainder of 2021 $ 29,431 $ 43,923 2022 31,808 49,739 2023 28,131 42,546 2024 28,174 42,593 2025 26,857 37,595 Thereafter 37,078 43,000 Total revenue related to future performance obligations $ 181,479 $ 259,396 ___________________ ( 1 Excluded from the table is revenue that is either constrained or related to performance obligations that are wholly unsatisfied as of March 31, 2021 Disaggregation of Revenue Disaggregation of revenue from contracts with customers and lease revenue by revenue type is presented as follows (in thousands): Three Months Ended March 31, 2020 Revenue from contracts with customers Lease revenue Third-party revenue Related-party revenue Third-party revenue Related-party revenue Fixed storage and throughput revenue $ 5,245 $ 3,084 $ - $ - Fixed lease revenue - - 9,227 4,800 Variable cost recovery revenue 1,607 971 604 121 Variable throughput and other revenue 1 - - - Total $ 6,853 $ 4,055 $ 9,831 $ 4,921 Three Months Ended March 31, 2021 Revenue from contracts with customers Lease revenue Third-party revenue Related-party revenue Third-party revenue Related-party revenue Fixed storage and throughput revenue $ 5,064 $ 4,721 $ - $ - Fixed lease revenue - - 7,801 6,785 Variable cost recovery revenue 1,735 128 502 219 Variable throughput and other revenue 120 - - - Total $ 6,919 $ 4,849 $ 8,303 $ 7,004 Contract Balances Billed accounts receivable from contracts with customers were $2.1 $3.7 December 31, 2020 March 31, 2021 The Partnership records unearned revenues when cash payments are received in advance of performance. Unearned revenue related to contracts with customers was $3.2 December 31, 2020 March 31, 2021 three March 31, 2021 $2.2 Practical Expedients and Exemptions The Partnership does not one |
Note 4 - Discontinued Operation
Note 4 - Discontinued Operations | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 4. DISCONTINUED OPERATIONS On December 21, 2020, two one December 15, 2020, one February 2, 2021. February 1, 2021. December 31, 2020. March 1, 2021. three March 31, 2020 2021. As part of the crude oil pipeline sale, $1.5 two Exit and disposal costs related to these sales, in the form of employee severance payments, are expected to total approximately $1.6 six During the three March 31, 2020, $4.9 March 31, 2020. Assets and Liabilities of Discontinued Operations (in thousands) As of December 31, 2020 Crude Oil Trucking Services Crude Oil Pipeline Services Crude Oil Terminalling Services Total ASSETS Accounts receivable, net $ 81 $ 13,711 $ 167 $ 13,959 Plant, property, and equipment 442 23,541 52,854 76,837 Other assets 331 547 5,271 6,149 Total assets of discontinued operations $ 854 $ 37,799 $ 58,292 $ 96,945 LIABILITIES Current liabilities $ 1,017 $ 14,921 $ 1,310 $ 17,248 Total liabilities of discontinued operations $ 1,017 $ 14,921 $ 1,310 $ 17,248 Assets and Liabilities of Discontinued Operations (in thousands) As of March 31, 2021 Crude Oil Trucking Services Crude Oil Pipeline Services Crude Oil Terminalling Services Total ASSETS Accounts receivable, net $ - $ 287 $ 48 $ 335 Other assets 40 - 136 176 Total assets of discontinued operations $ 40 $ 287 $ 184 $ 511 LIABILITIES Current liabilities $ 32 $ 936 $ 1,631 $ 2,599 Total liabilities of discontinued operations $ 32 $ 936 $ 1,631 $ 2,599 Statement of Operations for Discontinued Operations (in thousands) Three Months Ended March 31, 2020 Crude Oil Trucking Services Crude Oil Pipeline Services Crude Oil Terminalling Services Total Revenue: Third-party service revenue $ 2,543 $ 502 $ 3,330 $ 6,375 Intercompany service revenue 1,425 - - 1,425 Third-party product sales revenue - 47,052 - 47,052 Costs and expenses: Operating expense 4,025 3,302 2,023 9,350 Intercompany operating expense - 1,425 - 1,425 Cost of product sales - 14,221 - 14,221 Cost of product sales from related party - 28,254 - 28,254 General and administrative expense 69 105 - 174 Tangible asset impairment expense 35 2,820 2,266 5,121 (Gain)loss on disposal of assets (10 ) 121 - 111 Interest expense 3 325 1,384 1,712 Loss before income taxes (154 ) (3,019 ) (2,343 ) (5,516 ) Provision for income taxes 3 - - 3 Net loss from discontinued operations $ (157 ) $ (3,019 ) $ (2,343 ) $ (5,519 ) Statement of Operations for Discontinued Operations (in thousands) Three Months Ended March 31, 2021 Crude Oil Trucking Services Crude Oil Pipeline Services Crude Oil Terminalling Services Total Revenue: Third-party service revenue $ 9 $ 413 $ 3,643 $ 4,065 Intercompany service revenue 409 - - 409 Third-party product sales revenue - 15,591 - 15,591 Costs and expenses: Operating expense 1,333 1,438 910 3,681 Intercompany operating expense - 409 - 409 Cost of product sales - 4,994 - 4,994 Cost of product sales from related party - 9,461 - 9,461 General and administrative expense 59 118 - 177 Tangible asset impairment expense 92 41 23 156 Gain on disposal of assets (3 ) (1,694 ) (73,372 ) (75,069 ) Interest expense - 72 634 706 Income (loss) before income taxes (1,063 ) 1,165 75,448 75,550 Provision for income taxes - - - - Net income (loss) from discontinued operations $ (1,063 ) $ 1,165 $ 75,448 $ 75,550 Select cash flow information (in thousands) Crude Oil Trucking Services Crude Oil Pipeline Services Crude Oil Terminalling Services Total Three Months Ended March 31, 2020 Depreciation and amortization $ 200 $ 1,170 $ 1,139 $ 2,509 Capital expenditures $ 180 $ 882 $ 89 $ 1,152 Three Months Ended March 31, 2021 Amortization $ 3 $ 14 $ 15 $ 32 Capital expenditures $ - $ 10 $ 109 $ 119 |
Note 5 - Debt
Note 5 - Debt | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. DEBT On May 11, 2017, June 28, 2018, $450.0 $400.0 January 8, 2021, second $400.0 $350.0 March 1, 2021 ( January 2021 As of April 28, 2021 $106.6 $0.7 $242.7 may The credit agreement is guaranteed by all of the Partnership's existing subsidiaries. Obligations under the credit agreement are secured by first The credit agreement includes procedures for additional financial institutions to become revolving lenders, or for any existing lender to increase its revolving commitment thereunder, subject to an aggregate maximum of $600.0 The credit agreement will mature on May 11, 2022, not Borrowings under the credit agreement bear interest, at the Partnership's option, at either the reserve-adjusted eurodollar rate (as defined in the credit agreement) (“Eurodollar Rate”) plus an applicable margin that ranges from 2.0% 3.25% 0.5%, 30 1.0% 1.0% 2.25%. 0.375% 0.5% The credit agreement includes financial covenants that are tested on a quarterly basis, based on the rolling four Prior to the date on which the Partnership issues qualified senior notes in an aggregate principal amount (when combined with all other qualified senior notes previously or concurrently issued) that equals or exceeds $200.0 4.75 1.00; may 5.25 1.00 $15.0 From and after the date on which the Partnership issues qualified senior notes in an aggregate principal amount (when combined with all other qualified senior notes previously or concurrently issued) that equals or exceeds $200.0 5.00 1.00; second 5.50 1.00. The maximum permitted consolidated senior secured leverage ratio (as defined in the credit agreement, but generally computed as the ratio of consolidated total secured debt to consolidated earnings before interest, taxes, depreciation, amortization and certain other non-cash charges) is 3.50 1.00, $200.0 The minimum permitted consolidated interest coverage ratio (as defined in the credit agreement, but generally computed as the ratio of consolidated earnings before interest, taxes, depreciation, amortization and certain other non-cash charges to consolidated interest expense) is 2.50 1.00. In addition, the credit agreement contains various covenants that, among other restrictions, limit the Partnership's ability to: • create, issue, incur or assume indebtedness; • create, incur or assume liens; • engage in mergers or acquisitions; • sell, transfer, assign or convey assets; • repurchase the Partnership's equity, make distributions to unitholders and make certain other restricted payments; • make investments; • modify the terms of certain indebtedness, or prepay certain indebtedness; • engage in transactions with affiliates; • enter into certain hedging contracts; • enter into certain burdensome agreements; • change the nature of the Partnership's business; and • make certain amendments to the Fourth Amended and Restated Agreement of Limited Partnership of the Partnership (the “Partnership's partnership agreement”). At March 31, 2021 2.12 1.00 11.68 1.00. March 31, 2021 The credit agreement permits the Partnership to make quarterly distributions of available cash (as defined in the Partnership's partnership agreement) to unitholders so long as no 7 In addition to other customary events of default, the credit agreement includes an event of default if: (i) the general partner ceases to own 100% (ii) Ergon ceases to own and control 50% (iii) during any period of 12 (A) who were members of the Board on the first (B) whose election or nomination to the Board was approved by individuals referred to in clause (A) above constituting at the time of such election or nomination at least a majority of the Board; or (C) whose election or nomination to the Board was approved by individuals referred to in clauses (A) and (B) above constituting at the time of such election or nomination at least a majority of the Board, provided that any changes to the composition of individuals serving as members of the Board approved by Ergon will not If an event of default relating to bankruptcy or other insolvency events occurs with respect to the general partner or the Partnership, all indebtedness under the credit agreement will immediately become due and payable. If any other event of default exists under the credit agreement, the lenders may may If any default occurs under the credit agreement, or if the Partnership is unable to make any of the representations and warranties in the credit agreement, the Partnership will be unable to borrow funds or to have letters of credit issued under the credit agreement. Upon the March 1, 2021 January 2021 $0.1 three three March 31, 2020 2021 $0.3 $0.2 During the three March 31, 2020 2021 4.90% 3.83% $1.7 $1.2 $0.1 |
Note 6 - Net Income Per Limited
Note 6 - Net Income Per Limited Partner Unit | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. NET INCOME PER LIMITED PARTNER UNIT For purposes of calculating earnings per unit, preferred units, general partner units, and common units are first three March 31, 2021, 688,417 Three Months Ended March 31, 2020 2021 Net income $ - $ 81,653 General partner interest in net income - 1,292 Preferred interest in net income 6,279 6,341 Net income(loss) available to limited partners $ (6,279 ) $ 74,020 Basic weighted average number of units: Common units 41,015 41,430 Restricted and phantom units 983 1,166 Total units 41,998 42,596 Basic and diluted net income(loss) from discontinued operations per common unit $ (0.13 ) $ 1.75 Basic and diluted net loss from continuing operations per common unit $ (0.02 ) $ (0.01 ) Basic and diluted net income(loss) per common unit $ (0.15 ) $ 1.74 |
Note 7 - Partners' Capital and
Note 7 - Partners' Capital and Distributions | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Partners' Capital Notes Disclosure [Text Block] | 7. PARTNERS' CAPITAL AND DISTRIBUTIONS On March 12, 2021, 688,417 $7.50 $5.2 $7.23 $5.0 $0.2 March 24, 2021. On April 21, 2021 $0.17875 three March 31, 2021 May 14, 2021 May 7, 2021 $6.3 $6.2 $0.1 In addition, the Board approved a cash distribution of $0.04 three March 31, 2021 May 14, 2021 May 7, 2021 $1.7 $1.7 $0.1 $0.1 |
Note 8- Related-party Transacti
Note 8- Related-party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 8. RELATED-PARTY TRANSACTIONS The Partnership leases asphalt facilities and provides asphalt terminalling services to Ergon. For the three March 31, 2020 2021 $9.0 $11.9 December 31, 2020 March 31, 2021 $0.5 $0.7 December 31, 2020 March 31, 2021 $8.8 $8.6 As of December 31, 2019, $12.2 December 2018. January 3, 2020, three March 31, 2020. |
Note 9 - Long-term Incentive Pl
Note 9 - Long-term Incentive Plan | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 9. LONG-TERM INCENTIVE PLAN In July 2007, 8.1 Subject to applicable earning criteria, a DER entitles the grantee to a cash payment equal to the cash distribution paid on an outstanding common unit prior to the vesting date of the underlying award. Recipients of restricted and phantom units are entitled to receive cash distributions paid on common units during the vesting period which are reflected initially as a reduction of partners' capital. Distributions paid on units which ultimately do not Restricted common units are granted to the independent directors on each anniversary of joining the Board. The units vest in one third three Grant Date Number of Units Weighted Average Grant Date Fair Value(1) Grant Date Total Fair Value (in thousands) December 2018 23,436 $ 1.20 $ 28 December 2019 7,500 $ 1.07 $ 8 December 2020 7,500 $ 2.06 $ 15 ( 1 Fair value is the closing market price on the grant date of the awards. The Partnership also grants phantom units to employees. These grants are equity awards under ASC 718 three Grant Date Number of Units Weighted Average Grant Date Fair Value(1) Grant Date Total Fair Value (in thousands) March 2019 524,997 $ 1.14 $ 598 June 2019 46,168 $ 1.08 $ 50 March 2020 600,396 $ 0.90 $ 540 October 2020 16,339 $ 1.53 $ 25 March 2021 530,435 $ 2.71 $ 1,437 ( 1 Fair value is the closing market price on the grant date of the awards. The unrecognized estimated compensation cost of outstanding phantom and restricted units at March 31, 2021 $1.7 The Partnership's equity-based incentive compensation expense for the three March 31, 2020 2021 $0.2 $0.1 Activity pertaining to phantom and restricted common unit awards granted under the LTIP is as follows: Number of Units Weighted Average Grant Date Fair Value Nonvested at December 31, 2020 1,350,366 $ 1.81 Granted 530,435 2.71 Vested 329,996 4.20 Forfeited - - Nonvested at March 31, 2021 1,550,805 $ 1.61 |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. FAIR VALUE MEASUREMENTS The Partnership uses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost) to value assets and liabilities required to be measured at fair value, as appropriate. The Partnership uses an exit price when determining the fair value. The exit price represents amounts that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The Partnership utilizes a three three three Level 1 Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Inputs other than quoted prices that are observable for these assets or liabilities, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not Level 3 Unobservable inputs in which there is little market data, which requires the reporting entity to develop its own assumptions. This hierarchy requires the use of observable market data, when available, to minimize the use of unobservable inputs when determining fair value. As of December 31, 2020, March 31, 2021 no Fair Value of Other Financial Instruments The following disclosure of the estimated fair value of financial instruments is made in accordance with accounting guidance for financial instruments. The Partnership has determined the estimated fair values by using available market information and valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions or valuation methodologies may At March 31, 2021 1 Based on the borrowing rates currently available to the Partnership for credit agreement debt with similar terms and maturities and consideration of the Partnership's non-performance risk, long-term debt associated with the Partnership's credit agreement at March 31, 2021 3. |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. COMMITMENTS AND CONTINGENCIES The Partnership is from time to time subject to various legal actions and claims incidental to its business. Management believes that these legal proceedings will not The Partnership has contractual obligations to perform dismantlement and removal activities in the event that some of its asphalt product and residual fuel oil terminalling and storage assets are abandoned. These obligations include varying levels of activity including completely removing the assets and returning the land to its original state. The Partnership has determined that the settlement dates related to the retirement obligations are indeterminate. The assets with indeterminate settlement dates have been in existence for many years and with regular maintenance will continue to be in service for many years to come. Also, it is not not no not |
Note 12 - Recently Issued Accou
Note 12 - Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 12. RECENTLY ISSUED ACCOUNTING STANDARDS Except as discussed in the 2020 10 no three March 31, 2021 |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Revenue from Contracts with Customers(1) Revenue from Leases Remainder of 2021 $ 29,431 $ 43,923 2022 31,808 49,739 2023 28,131 42,546 2024 28,174 42,593 2025 26,857 37,595 Thereafter 37,078 43,000 Total revenue related to future performance obligations $ 181,479 $ 259,396 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2020 Revenue from contracts with customers Lease revenue Third-party revenue Related-party revenue Third-party revenue Related-party revenue Fixed storage and throughput revenue $ 5,245 $ 3,084 $ - $ - Fixed lease revenue - - 9,227 4,800 Variable cost recovery revenue 1,607 971 604 121 Variable throughput and other revenue 1 - - - Total $ 6,853 $ 4,055 $ 9,831 $ 4,921 Three Months Ended March 31, 2021 Revenue from contracts with customers Lease revenue Third-party revenue Related-party revenue Third-party revenue Related-party revenue Fixed storage and throughput revenue $ 5,064 $ 4,721 $ - $ - Fixed lease revenue - - 7,801 6,785 Variable cost recovery revenue 1,735 128 502 219 Variable throughput and other revenue 120 - - - Total $ 6,919 $ 4,849 $ 8,303 $ 7,004 |
Note 4 - Discontinued Operati_2
Note 4 - Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Assets and Liabilities of Discontinued Operations (in thousands) As of December 31, 2020 Crude Oil Trucking Services Crude Oil Pipeline Services Crude Oil Terminalling Services Total ASSETS Accounts receivable, net $ 81 $ 13,711 $ 167 $ 13,959 Plant, property, and equipment 442 23,541 52,854 76,837 Other assets 331 547 5,271 6,149 Total assets of discontinued operations $ 854 $ 37,799 $ 58,292 $ 96,945 LIABILITIES Current liabilities $ 1,017 $ 14,921 $ 1,310 $ 17,248 Total liabilities of discontinued operations $ 1,017 $ 14,921 $ 1,310 $ 17,248 Assets and Liabilities of Discontinued Operations (in thousands) As of March 31, 2021 Crude Oil Trucking Services Crude Oil Pipeline Services Crude Oil Terminalling Services Total ASSETS Accounts receivable, net $ - $ 287 $ 48 $ 335 Other assets 40 - 136 176 Total assets of discontinued operations $ 40 $ 287 $ 184 $ 511 LIABILITIES Current liabilities $ 32 $ 936 $ 1,631 $ 2,599 Total liabilities of discontinued operations $ 32 $ 936 $ 1,631 $ 2,599 Statement of Operations for Discontinued Operations (in thousands) Three Months Ended March 31, 2020 Crude Oil Trucking Services Crude Oil Pipeline Services Crude Oil Terminalling Services Total Revenue: Third-party service revenue $ 2,543 $ 502 $ 3,330 $ 6,375 Intercompany service revenue 1,425 - - 1,425 Third-party product sales revenue - 47,052 - 47,052 Costs and expenses: Operating expense 4,025 3,302 2,023 9,350 Intercompany operating expense - 1,425 - 1,425 Cost of product sales - 14,221 - 14,221 Cost of product sales from related party - 28,254 - 28,254 General and administrative expense 69 105 - 174 Tangible asset impairment expense 35 2,820 2,266 5,121 (Gain)loss on disposal of assets (10 ) 121 - 111 Interest expense 3 325 1,384 1,712 Loss before income taxes (154 ) (3,019 ) (2,343 ) (5,516 ) Provision for income taxes 3 - - 3 Net loss from discontinued operations $ (157 ) $ (3,019 ) $ (2,343 ) $ (5,519 ) Statement of Operations for Discontinued Operations (in thousands) Three Months Ended March 31, 2021 Crude Oil Trucking Services Crude Oil Pipeline Services Crude Oil Terminalling Services Total Revenue: Third-party service revenue $ 9 $ 413 $ 3,643 $ 4,065 Intercompany service revenue 409 - - 409 Third-party product sales revenue - 15,591 - 15,591 Costs and expenses: Operating expense 1,333 1,438 910 3,681 Intercompany operating expense - 409 - 409 Cost of product sales - 4,994 - 4,994 Cost of product sales from related party - 9,461 - 9,461 General and administrative expense 59 118 - 177 Tangible asset impairment expense 92 41 23 156 Gain on disposal of assets (3 ) (1,694 ) (73,372 ) (75,069 ) Interest expense - 72 634 706 Income (loss) before income taxes (1,063 ) 1,165 75,448 75,550 Provision for income taxes - - - - Net income (loss) from discontinued operations $ (1,063 ) $ 1,165 $ 75,448 $ 75,550 Select cash flow information (in thousands) Crude Oil Trucking Services Crude Oil Pipeline Services Crude Oil Terminalling Services Total Three Months Ended March 31, 2020 Depreciation and amortization $ 200 $ 1,170 $ 1,139 $ 2,509 Capital expenditures $ 180 $ 882 $ 89 $ 1,152 Three Months Ended March 31, 2021 Amortization $ 3 $ 14 $ 15 $ 32 Capital expenditures $ - $ 10 $ 109 $ 119 |
Note 6 - Net Income Per Limit_2
Note 6 - Net Income Per Limited Partner Unit (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2020 2021 Net income $ - $ 81,653 General partner interest in net income - 1,292 Preferred interest in net income 6,279 6,341 Net income(loss) available to limited partners $ (6,279 ) $ 74,020 Basic weighted average number of units: Common units 41,015 41,430 Restricted and phantom units 983 1,166 Total units 41,998 42,596 Basic and diluted net income(loss) from discontinued operations per common unit $ (0.13 ) $ 1.75 Basic and diluted net loss from continuing operations per common unit $ (0.02 ) $ (0.01 ) Basic and diluted net income(loss) per common unit $ (0.15 ) $ 1.74 |
Note 9 - Long-term Incentive _2
Note 9 - Long-term Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block] | Grant Date Number of Units Weighted Average Grant Date Fair Value(1) Grant Date Total Fair Value (in thousands) December 2018 23,436 $ 1.20 $ 28 December 2019 7,500 $ 1.07 $ 8 December 2020 7,500 $ 2.06 $ 15 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Grant Date Number of Units Weighted Average Grant Date Fair Value(1) Grant Date Total Fair Value (in thousands) March 2019 524,997 $ 1.14 $ 598 June 2019 46,168 $ 1.08 $ 50 March 2020 600,396 $ 0.90 $ 540 October 2020 16,339 $ 1.53 $ 25 March 2021 530,435 $ 2.71 $ 1,437 |
Share-based Payment Arrangement, Activity [Table Text Block] | Number of Units Weighted Average Grant Date Fair Value Nonvested at December 31, 2020 1,350,366 $ 1.81 Granted 530,435 2.71 Vested 329,996 4.20 Forfeited - - Nonvested at March 31, 2021 1,550,805 $ 1.61 |
Note 1 - Organization and Nat_2
Note 1 - Organization and Nature of Business (Details Textual) | 3 Months Ended |
Mar. 31, 2021 | |
Number of States in which Entity Operates | 26 |
Number of Operating Segments | 1 |
Note 3 - Revenue (Details Textu
Note 3 - Revenue (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Billed Contracts Receivable | $ 3.7 | $ 2.1 |
Contract with Customer, Liability, Total | 3.2 | $ 3.2 |
Contract with Customer, Liability, Revenue Recognized | $ 2.2 |
Note 3 - Revenue - Future Perfo
Note 3 - Revenue - Future Performance Obligations (Details) $ in Thousands | Mar. 31, 2021USD ($) | |
Remainder of 2021, revenue from leases | $ 43,923 | |
2022, revenue from leases | 49,739 | |
2023, revenue from leases | 42,546 | |
2024, revenue from leases | 42,593 | |
2025, revenue from leases | 37,595 | |
Thereafter, revenue from leases | 43,000 | |
Revenue related to future performance obligation | 181,479 | [1] |
Revenue from Leases | $ 259,396 | |
[1] | Excluded from the table is revenue that is either constrained or related to performance obligations that are wholly unsatisfied as of March 31, 2021. |
Note 3 - Revenue - Future Per_2
Note 3 - Revenue - Future Performance Obligations 2 (Details) $ in Thousands | Mar. 31, 2021USD ($) | |
Revenue related to future performance obligation | $ 181,479 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | ||
Revenue related to future performance obligation | $ 29,431 | [2] |
Expected Timing of Satisfaction, Period (Year) | 273 days | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
Revenue related to future performance obligation | $ 31,808 | [2] |
Expected Timing of Satisfaction, Period (Year) | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
Revenue related to future performance obligation | $ 28,131 | [2] |
Expected Timing of Satisfaction, Period (Year) | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue related to future performance obligation | $ 28,174 | [2] |
Expected Timing of Satisfaction, Period (Year) | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||
Revenue related to future performance obligation | $ 26,857 | [2] |
Expected Timing of Satisfaction, Period (Year) | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | ||
Revenue related to future performance obligation | $ 37,078 | [2] |
Expected Timing of Satisfaction, Period (Year) | ||
[1] | Excluded from the table is revenue that is either constrained or related to performance obligations that are wholly unsatisfied as of March 31, 2021. | |
[2] | Excluded from the table is revenue that is either constrained or related to performance obligations that are wholly unsatisfied as of March 31, 2021. |
Note 3 - Revenue - Disaggregati
Note 3 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Third Party [Member] | ||
Revenue from contracts with customers | $ 6,919 | $ 6,853 |
Lease revenue | 8,303 | 9,831 |
Third Party [Member] | Fixed Storageand Throughput Revenue [Member] | ||
Revenue from contracts with customers | 5,064 | 5,245 |
Lease revenue | ||
Third Party [Member] | Fixed Lease Revenue [Member] | ||
Revenue from contracts with customers | ||
Lease revenue | 7,801 | 9,227 |
Third Party [Member] | Variable Cost Recovery Revenue [Member] | ||
Revenue from contracts with customers | 1,735 | 1,607 |
Lease revenue | 502 | 604 |
Third Party [Member] | Variable Throughput Revenue [Member] | ||
Revenue from contracts with customers | 120 | 1 |
Lease revenue | ||
Related Party [Member] | ||
Revenue from contracts with customers | 4,849 | 4,055 |
Lease revenue | 7,004 | 4,921 |
Related Party [Member] | Fixed Storageand Throughput Revenue [Member] | ||
Revenue from contracts with customers | 4,721 | 3,084 |
Lease revenue | ||
Related Party [Member] | Fixed Lease Revenue [Member] | ||
Revenue from contracts with customers | ||
Lease revenue | 6,785 | 4,800 |
Related Party [Member] | Variable Cost Recovery Revenue [Member] | ||
Revenue from contracts with customers | 128 | 971 |
Lease revenue | 219 | 121 |
Related Party [Member] | Variable Throughput Revenue [Member] | ||
Revenue from contracts with customers | ||
Lease revenue |
Note 4 - Discontinued Operati_3
Note 4 - Discontinued Operations (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 21, 2020 | |
Pipeline Linefill [Member] | ||
Asset Impairment Charges, Total | $ 4.9 | |
Crude Oil Pipeline Services [Member] | Discontinued Operations, Held-for-sale [Member] | ||
Proceeds from Divestiture of Businesses, Held in Escrow | $ 1.5 | |
Expected Exit and Disposal Costs | $ 1.6 |
Note 4 - Discontinued Operati_4
Note 4 - Discontinued Operations - Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
ASSETS | |||
Accounts receivable, net | $ 335 | $ 13,959 | |
Plant, property, and equipment | 76,837 | ||
Other assets | 176 | 6,149 | |
Total assets of discontinued operations | 511 | 96,945 | |
LIABILITIES | |||
Current liabilities | 2,599 | 17,248 | |
Total liabilities of discontinued operations | 2,599 | 17,248 | |
Operating expense | 3,681 | $ 9,350 | |
General and administrative expense | 177 | 174 | |
Tangible asset impairment expense | 156 | 5,121 | |
(Gain)loss on disposal of assets | (75,069) | 111 | |
Interest expense | 706 | 1,712 | |
Loss before income taxes | 75,550 | (5,516) | |
Provision for income taxes | 3 | ||
Net loss from discontinued operations | 75,550 | (5,519) | |
Gain on disposal of assets | (75,069) | 111 | |
Intersegment Eliminations [Member] | |||
LIABILITIES | |||
Operating expense | 409 | 1,425 | |
Service [Member] | Intersegment Eliminations [Member] | |||
LIABILITIES | |||
Revenue | 409 | 1,425 | |
Third Party [Member] | |||
LIABILITIES | |||
Cost of product sales | 4,994 | 14,221 | |
Third Party [Member] | Service [Member] | |||
LIABILITIES | |||
Revenue | 4,065 | 6,375 | |
Third Party [Member] | Product [Member] | |||
LIABILITIES | |||
Revenue | 15,591 | 47,052 | |
Related Party [Member] | |||
LIABILITIES | |||
Cost of product sales | 9,461 | 28,254 | |
Discontinued Operations, Held-for-sale [Member] | |||
LIABILITIES | |||
Depreciation and amortization | 32 | 2,509 | |
Capital expenditures | 119 | 1,152 | |
Crude Oil Trucking Services [Member] | Discontinued Operations, Held-for-sale [Member] | |||
ASSETS | |||
Accounts receivable, net | 81 | ||
Plant, property, and equipment | 442 | ||
Other assets | 40 | 331 | |
Total assets of discontinued operations | 40 | 854 | |
LIABILITIES | |||
Current liabilities | 32 | 1,017 | |
Total liabilities of discontinued operations | 32 | 1,017 | |
Operating expense | 1,333 | 4,025 | |
General and administrative expense | 59 | 69 | |
Tangible asset impairment expense | 92 | 35 | |
(Gain)loss on disposal of assets | (3) | (10) | |
Interest expense | 3 | ||
Loss before income taxes | (1,063) | (154) | |
Provision for income taxes | 3 | ||
Net loss from discontinued operations | (1,063) | (157) | |
Gain on disposal of assets | (3) | (10) | |
Depreciation and amortization | 3 | 200 | |
Capital expenditures | 180 | ||
Crude Oil Trucking Services [Member] | Discontinued Operations, Held-for-sale [Member] | Intersegment Eliminations [Member] | |||
LIABILITIES | |||
Operating expense | |||
Crude Oil Trucking Services [Member] | Discontinued Operations, Held-for-sale [Member] | Service [Member] | Intersegment Eliminations [Member] | |||
LIABILITIES | |||
Revenue | 409 | 1,425 | |
Crude Oil Trucking Services [Member] | Discontinued Operations, Held-for-sale [Member] | Third Party [Member] | |||
LIABILITIES | |||
Cost of product sales | |||
Crude Oil Trucking Services [Member] | Discontinued Operations, Held-for-sale [Member] | Third Party [Member] | Service [Member] | |||
LIABILITIES | |||
Revenue | 9 | 2,543 | |
Crude Oil Trucking Services [Member] | Discontinued Operations, Held-for-sale [Member] | Third Party [Member] | Product [Member] | |||
LIABILITIES | |||
Revenue | |||
Crude Oil Trucking Services [Member] | Discontinued Operations, Held-for-sale [Member] | Related Party [Member] | |||
LIABILITIES | |||
Cost of product sales | |||
Crude Oil Pipeline Services [Member] | Discontinued Operations, Held-for-sale [Member] | |||
ASSETS | |||
Accounts receivable, net | 287 | 13,711 | |
Plant, property, and equipment | 23,541 | ||
Other assets | 547 | ||
Total assets of discontinued operations | 287 | 37,799 | |
LIABILITIES | |||
Current liabilities | 936 | 14,921 | |
Total liabilities of discontinued operations | 936 | 14,921 | |
Operating expense | 1,438 | 3,302 | |
General and administrative expense | 118 | 105 | |
Tangible asset impairment expense | 41 | 2,820 | |
(Gain)loss on disposal of assets | (1,694) | 121 | |
Interest expense | 72 | 325 | |
Loss before income taxes | 1,165 | (3,019) | |
Provision for income taxes | |||
Net loss from discontinued operations | 1,165 | (3,019) | |
Gain on disposal of assets | (1,694) | 121 | |
Depreciation and amortization | 14 | 1,170 | |
Capital expenditures | 10 | 882 | |
Crude Oil Pipeline Services [Member] | Discontinued Operations, Held-for-sale [Member] | Intersegment Eliminations [Member] | |||
LIABILITIES | |||
Operating expense | 409 | 1,425 | |
Crude Oil Pipeline Services [Member] | Discontinued Operations, Held-for-sale [Member] | Service [Member] | Intersegment Eliminations [Member] | |||
LIABILITIES | |||
Revenue | |||
Crude Oil Pipeline Services [Member] | Discontinued Operations, Held-for-sale [Member] | Third Party [Member] | |||
LIABILITIES | |||
Cost of product sales | 4,994 | 14,221 | |
Crude Oil Pipeline Services [Member] | Discontinued Operations, Held-for-sale [Member] | Third Party [Member] | Service [Member] | |||
LIABILITIES | |||
Revenue | 413 | 502 | |
Crude Oil Pipeline Services [Member] | Discontinued Operations, Held-for-sale [Member] | Third Party [Member] | Product [Member] | |||
LIABILITIES | |||
Revenue | 15,591 | 47,052 | |
Crude Oil Pipeline Services [Member] | Discontinued Operations, Held-for-sale [Member] | Related Party [Member] | |||
LIABILITIES | |||
Cost of product sales | 9,461 | 28,254 | |
Crude Oil Terminalling Services [Member] | Discontinued Operations, Held-for-sale [Member] | |||
ASSETS | |||
Accounts receivable, net | 48 | 167 | |
Plant, property, and equipment | 52,854 | ||
Other assets | 136 | 5,271 | |
Total assets of discontinued operations | 184 | 58,292 | |
LIABILITIES | |||
Current liabilities | 1,631 | 1,310 | |
Total liabilities of discontinued operations | 1,631 | $ 1,310 | |
Operating expense | 910 | 2,023 | |
General and administrative expense | |||
Tangible asset impairment expense | 23 | 2,266 | |
(Gain)loss on disposal of assets | (73,372) | ||
Interest expense | 634 | 1,384 | |
Loss before income taxes | 75,448 | (2,343) | |
Provision for income taxes | |||
Net loss from discontinued operations | 75,448 | (2,343) | |
Gain on disposal of assets | (73,372) | ||
Depreciation and amortization | 15 | 1,139 | |
Capital expenditures | 109 | 89 | |
Crude Oil Terminalling Services [Member] | Discontinued Operations, Held-for-sale [Member] | Intersegment Eliminations [Member] | |||
LIABILITIES | |||
Operating expense | |||
Crude Oil Terminalling Services [Member] | Discontinued Operations, Held-for-sale [Member] | Service [Member] | Intersegment Eliminations [Member] | |||
LIABILITIES | |||
Revenue | |||
Crude Oil Terminalling Services [Member] | Discontinued Operations, Held-for-sale [Member] | Third Party [Member] | |||
LIABILITIES | |||
Cost of product sales | |||
Crude Oil Terminalling Services [Member] | Discontinued Operations, Held-for-sale [Member] | Third Party [Member] | Service [Member] | |||
LIABILITIES | |||
Revenue | 3,643 | 3,330 | |
Crude Oil Terminalling Services [Member] | Discontinued Operations, Held-for-sale [Member] | Third Party [Member] | Product [Member] | |||
LIABILITIES | |||
Revenue | |||
Crude Oil Terminalling Services [Member] | Discontinued Operations, Held-for-sale [Member] | Related Party [Member] | |||
LIABILITIES | |||
Cost of product sales |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) $ in Thousands | Mar. 01, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Apr. 28, 2021USD ($) | Jan. 08, 2021USD ($) | Jun. 28, 2018USD ($) | Jun. 27, 2018USD ($) |
Amortization of Debt Issuance Costs | $ 391 | $ 251 | |||||
Credit Agreement [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity Including Additional Lenders | 600,000 | ||||||
Debt Instrument Covenant, Issued Qualified Senior Notes | $ 200,000 | ||||||
Debt Instrument Covenant, Prior to Issuance of Qualified Senior Notes, Maximum Permitted Consolidated Total Leverage Ratio | 4.75 | ||||||
Debt Instrument Covenant, Prior to Issuance of Qualified Senior Notes, Based on Occurence of Acquisition, Maximum Permitted Consolidated Total Leverage Ratio | 5.25 | ||||||
Debt Instrument Covenant, Specified Acquisition, Aggregate Consideration | $ 15,000 | ||||||
Debt Instrument Covenant, Prior to Issuance of Qualified Senior Notes, Maximum Permitted Consolidated Total Leverage Ratio | 5 | ||||||
Debt Instrument Covenant, After Issuance of Qualified Senior Notes, Based on Occurence of Acquisition, Maximum Permitted Consolidated Total Leverage Ratio | 5.5 | ||||||
Debt Instrument Covenant, Maximum Permitted Consolidated Senior Secured Leverage Ratio | 3.5 | ||||||
Debt Instrument Covenant, Minimum Permitted Consolidated Interest Coverage Ratio | 2.5 | ||||||
Consolidated Total Leverage Ratio | 2.12 | ||||||
Consolidated Interest Coverage Ratio | 11.68 | ||||||
Debt Instrument Covenant, Default, Percentage of General Partner Interest Cease | 100.00% | ||||||
Write off of Deferred Debt Issuance Cost | $ 100 | ||||||
Amortization of Debt Issuance Costs | $ 200 | $ 300 | |||||
Debt Instrument, Interest Rate During Period | 3.83% | 4.90% | |||||
Interest Expense, Long-term Debt, Total | $ 1,200 | $ 1,700 | |||||
Credit Agreement [Member] | Ergon [Member] | |||||||
Debt Instrument Covenant, Default, Percentage of Membership Interest Cease | 50.00% | ||||||
Credit Agreement [Member] | Federal Funds Effective Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||
Credit Agreement [Member] | Eurodollar Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||
Credit Agreement [Member] | Minimum [Member] | |||||||
Line of Credit Facility, Commitment Fee Percentage | 0.375% | ||||||
Credit Agreement [Member] | Minimum [Member] | Applicable Margin Based on Eurodollar Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||
Credit Agreement [Member] | Minimum [Member] | Applicable Margin on Based on Alternate Base Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||
Credit Agreement [Member] | Maximum [Member] | |||||||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | ||||||
Credit Agreement [Member] | Maximum [Member] | Applicable Margin Based on Eurodollar Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||||||
Credit Agreement [Member] | Maximum [Member] | Applicable Margin on Based on Alternate Base Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000 | $ 400,000 | $ 450,000 | ||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||||
Long-term Line of Credit, Total | $ 106,600 | ||||||
Letters of Credit Outstanding, Amount | 700 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 242,700 |
Note 6 - Net Income Per Limit_3
Note 6 - Net Income Per Limited Partner Unit (Details Textual) - shares | Mar. 12, 2021 | Mar. 31, 2021 |
Preferred Partner [Member] | ||
Partners' Capital Account, Units, Treasury Units Purchased (in shares) | 688,417 | 688,417 |
Note 6 - Net Income Per Limit_4
Note 6 - Net Income Per Limited Partner Unit - Earning Per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 81,653 | |
General partner interest in net income | 1,292 | |
Preferred interest in net income | 6,341 | 6,279 |
Net income(loss) available to limited partners | $ 74,020 | $ (6,279) |
Common units (in shares) | 41,430 | 41,015 |
Restricted and phantom units (in shares) | 1,166 | 983 |
Total units (in shares) | 42,596 | 41,998 |
Basic and diluted net income(loss) from discontinued operations per common unit (in dollars per share) | $ 1.75 | $ (0.13) |
Basic and diluted net loss from continuing operations per common unit (in dollars per share) | (0.01) | (0.02) |
Basic and diluted net income(loss) per common unit (in dollars per share) | $ 1.74 | $ (0.15) |
Note 7 - Partners' Capital an_2
Note 7 - Partners' Capital and Distributions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Mar. 12, 2021 | Mar. 31, 2021 |
Partners' Capital Account, Treasury Units, Purchased | $ 5,163 | |
Preferred Unit, Cash Distribution [Member] | ||
Distribution Made to Limited Partner, Declaration Date | Apr. 21, 2021 | |
Distribution Made to Limited Partner, Distributions Declared, Per Unit (in dollars per share) | $ 0.17875 | |
Distribution Made to Limited Partner, Distribution Date | May 14, 2021 | |
Distribution Made to Limited Partner, Date of Record | May 7, 2021 | |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 6,300 | |
Common Unit, Cash Distribution [Member] | ||
Distribution Made to Limited Partner, Declaration Date | Apr. 21, 2021 | |
Distribution Made to Limited Partner, Distributions Declared, Per Unit (in dollars per share) | $ 0.04 | |
Distribution Made to Limited Partner, Distribution Date | May 14, 2021 | |
Distribution Made to Limited Partner, Date of Record | May 7, 2021 | |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 1,700 | |
Preferred Partner [Member] | ||
Partners' Capital Account, Units, Treasury Units Purchased (in shares) | 688,417 | 688,417 |
Partners' Capital Account, Treasury Units, Purchased, Per Unit (in dollars per share) | $ 7.50 | |
Partners' Capital Account, Treasury Units, Purchased | $ 5,200 | $ 5,163 |
Preferred Units, Per Unit (in dollars per share) | $ 7.23 | |
Partners Capital Account, Treasury Units, Purchases, Carrying Value | $ 5,000 | |
Partners Capital Account, Treasury Units, Purchases, Additional Value | $ 200 | |
Preferred Partner [Member] | Preferred Unit, Cash Distribution [Member] | ||
Distribution Made to Limited Partner, Cash Distributions Declared | 6,200 | |
General Partner [Member] | ||
Partners' Capital Account, Treasury Units, Purchased | ||
General Partner [Member] | Preferred Unit, Cash Distribution [Member] | ||
Distribution Made to Limited Partner, Cash Distributions Declared | 100 | |
General Partner [Member] | Common Unit, Cash Distribution [Member] | ||
Distribution Made to Limited Partner, Cash Distributions Declared | 100 | |
Common Unitholder [Member] | Common Unit, Cash Distribution [Member] | ||
Distribution Made to Limited Partner, Cash Distributions Declared | 1,700 | |
Holders of Phantom and Restricted Units [Member] | Common Unit, Cash Distribution [Member] | ||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 100 |
Note 8- Related-party Transac_2
Note 8- Related-party Transactions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Due from Related Parties, Current, Total | $ 664 | $ 507 | ||
Ergon [Member] | ||||
Revenue from Related Parties | 11,900 | $ 9,000 | ||
Due from Related Parties, Current, Total | 700 | 500 | ||
Deferred Revenue, Total | $ 8,600 | $ 8,800 | ||
Ergon [Member] | Cimarron Express [Member] | ||||
Due to Related Parties, Contingent Liability | $ 12,200 |
Note 9 - Long-term Incentive _3
Note 9 - Long-term Incentive Plan (Details Textual) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense, Total | $ (77) | $ 108 |
Long-Term Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 8.1 | |
Long-Term Incentive Plan [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |
Long-Term Incentive Plan [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |
Long-Term Incentive Plan [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |
Long-Term Incentive Plan [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |
Long-Term Incentive Plan [Member] | Phantom Share Units (PSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 1,700 | |
Share-based Payment Arrangement, Noncash Expense, Total | $ 100 | $ 200 |
Note 9 - Long-term Incentive _4
Note 9 - Long-term Incentive Plan - Information on Outstanding Grants Made to Directors Under the LTIP (Details) - Long-Term Incentive Plan [Member] - Restricted Stock [Member] - Director [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Granted, number of units (in shares) | 7,500 | 7,500 | 23,436 | |
Weighted Average Grant Date Fair Value (in dollars per share) | [1] | $ 2.06 | $ 1.07 | $ 1.20 |
Grant Date Total Fair Value | $ 15 | $ 8 | $ 28 | |
[1] | Fair value is the closing market price on the grant date of the awards. |
Note 9 - Long-term Incentive _5
Note 9 - Long-term Incentive Plan - Information on Outstanding Grants Made to Employees Under the LTIP (Details) - Long-Term Incentive Plan [Member] - Phantom Share Units (PSUs) [Member] - Employees [Member] - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | ||||||||
Mar. 31, 2021 | Oct. 31, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | |||||
Granted, number of units (in shares) | 530,435 | 16,339 | 600,396 | 46,168 | 524,997 | ||||
Weighted Average Grant Date Fair Value (in dollars per share) | $ 2.71 | $ 1.53 | [1] | $ 0.90 | [1] | $ 1.08 | [1] | $ 1.14 | [1] |
Grant Date Total Fair Value | $ 1,437 | $ 25 | $ 540 | $ 50 | $ 598 | ||||
[1] | Fair value is the closing market price on the grant date of the awards. |
Note 9 - Long-term Incentive _6
Note 9 - Long-term Incentive Plan - Activity Pertaining to Phantom and Restricted Common Stock Unit Awards (Details) - Long-Term Incentive Plan [Member] - Phantom and Restricted Units Holders [Member] | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Nonvested, number of units, beginning balance (in shares) | shares | 1,350,366 |
Nonvested, weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares | $ 1.81 |
Granted, number of units (in shares) | shares | 530,435 |
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 2.71 |
Vested, number of units (in shares) | shares | 329,996 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.20 |
Forfeited, number of units (in shares) | shares | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | |
Nonvested, number of units, ending balance (in shares) | shares | 1,550,805 |
Nonvested, weighted average grant date fair value, ending balance (in dollars per share) | $ / shares | $ 1.61 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurements (Details Textual) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Financial Liabilities Fair Value Disclosure, Total | $ 0 | $ 0 |