| Additional Financial Statement Information |
3.Additional Financial Statement Information
Balance Sheet Other Balance Sheet information is as follows:
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|
(in thousands) |
|
December 31, |
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2022 |
|
2021 |
Other Receivables |
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|
|
|
|
|
Insurance and Third Party Receivables for Remediation Expenses |
|
$ |
3,600 |
|
$ |
3,099 |
Reimbursable Projects and Other |
|
|
754 |
|
|
1,027 |
Total Other Receivables |
|
$ |
4,354 |
|
$ |
4,126 |
|
|
|
|
|
|
|
Prepaids and Deposits |
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|
|
|
|
|
Prepaid Insurance and Other |
|
$ |
5,744 |
|
$ |
5,953 |
Deposits |
|
|
61 |
|
|
90 |
Total Prepaids and Deposits |
|
$ |
5,805 |
|
$ |
6,043 |
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|
|
|
|
|
|
Accrued and Other Current Liabilities |
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|
|
|
|
|
Accrued Operating Expense |
|
$ |
28,877 |
|
$ |
17,774 |
Accrued Capital Costs |
|
|
16,161 |
|
|
4,603 |
Accrued Interest |
|
|
8,262 |
|
|
7,625 |
Accrued Compensation |
|
|
4,809 |
|
|
4,551 |
Dividends and Distributions Payable |
|
|
52 |
|
|
3,847 |
Lease Liabilities |
|
|
1,176 |
|
|
— |
Asset Retirement Obligation |
|
|
2,242 |
|
|
— |
Other |
|
|
3,832 |
|
|
2,064 |
Total Accrued and Other Current Liabilities |
|
$ |
65,411 |
|
$ |
40,464 |
|
|
|
|
|
|
|
Other Long-Term Liabilities |
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|
|
|
|
|
Noncurrent Lease Liabilities |
|
$ |
7,719 |
|
$ |
— |
Contingent Consideration Liability |
|
|
2,702 |
|
|
— |
Other |
|
|
— |
|
|
1,336 |
Total Other Long-Term Liabilities |
|
$ |
10,421 |
|
$ |
1,336 |
Statement of Operations Other Statement of Operations information is as follows:
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|
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|
(in thousands) |
|
Year Ended December 31, |
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|
2022 |
|
2021 |
|
2020 |
Depreciation, Amortization and Accretion |
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|
|
|
|
|
|
|
|
Depreciation - Property, Plant and Equipment |
|
$ |
30,254 |
|
$ |
27,880 |
|
$ |
23,388 |
Amortization - Intangible Assets |
|
|
36,735 |
|
|
32,605 |
|
|
20,413 |
Accretion of Asset Retirement Obligations |
|
|
535 |
|
|
282 |
|
|
226 |
Total Depreciation, Amortization and Accretion |
|
$ |
67,524 |
|
$ |
60,767 |
|
$ |
44,027 |
|
|
|
|
|
|
|
|
|
|
Other Operating Expense |
|
|
|
|
|
|
|
|
|
Loss (Gain) on Disposal of Asset, Net |
|
$ |
478 |
|
$ |
275 |
|
$ |
133 |
Transaction Costs |
|
|
1,520 |
|
|
335 |
|
|
3,389 |
Abandoned Projects (1) |
|
|
72 |
|
|
2,047 |
|
|
2,125 |
Other |
|
|
142 |
|
|
— |
|
|
— |
Total Other Operating Expense |
|
$ |
2,212 |
|
$ |
2,657 |
|
$ |
5,647 |
|
|
|
|
|
|
|
|
|
|
Interest Expense, Net |
|
|
|
|
|
|
|
|
|
Interest on Debt Instruments |
|
$ |
31,609 |
|
$ |
26,221 |
|
$ |
10,711 |
Amortization of Financing Costs |
|
|
2,440 |
|
|
2,043 |
|
|
783 |
Total Interest Expense |
|
|
34,049 |
|
|
28,264 |
|
|
11,494 |
Less: Capitalized Interest |
|
|
(4,864) |
|
|
(2,791) |
|
|
(3,820) |
Total Interest Expense, Net |
|
$ |
29,185 |
|
$ |
25,473 |
|
$ |
7,674 |
| (1) |
Abandoned projects expense is related primarily to expirations of legacy permits and rights-of-way for projects that were not ultimately constructed. |
Significant Customers
Customers that comprised more than 10% of our total revenue are as follows:
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Year Ended December 31, |
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2022 |
|
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2021 |
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2020 |
|
ConocoPhillips |
|
34 |
% |
|
46 |
% |
|
38 |
% |
Mewbourne Oil Company |
|
12 |
% |
|
** |
% |
|
** |
% |
Chevron U.S.A. Inc. |
|
11 |
% |
|
** |
% |
|
** |
% |
Oxy USA Inc. |
|
** |
% |
|
10 |
% |
|
15 |
% |
XTO Energy Inc. |
|
** |
% |
|
** |
% |
|
10 |
% |
** |
Revenue was less than 10% of total revenue. |
As of December 31, 2022, ConocoPhillips accounted for 36% and Mewbourne Oil Company accounted for 11% of accounts receivable. As of December 31, 2021, ConocoPhillips accounted for 37%, Chevron U.S.A. Inc. accounted for 11% and Marathon Oil Corporation accounted for 10% of accounts receivable.
Supplemental Non-Cash Disclosure
Significant non-cash activity for the years ended December 31, 2022, 2021 and 2020 is discussed in the following locations:
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Non-Cash Item |
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Location |
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Cash Paid for Interest |
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Consolidated Statements of Cash Flows |
Cash Paid for Income Taxes |
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Consolidated Statements of Cash Flows |
Non-Cash Investing and Financing Activities |
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Accretion and Dividend Related to Redeemable Preferred Units |
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Consolidated Statements of Stockholders' and Members' Equity |
Shares of Class A Common Stock Issued in Acquisition |
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Note 4. Acquisitions |
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Accrued Additions to Property, Plant and Equipment |
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Note 5. Property, Plant and Equipment |
Asset Retirement Obligations |
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Note 7. Asset Retirement Obligations |
Increase in TRA Liability Related to Share Redemption |
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Note 8. TRA Liability |
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Right-of-Use Assets Obtained in Exchange for Operating Lease Liabilities, Net |
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Note 10. Leases |
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