| Additional Financial Statement Information |
3.Additional Financial Statement Information
Balance Sheet
Other Balance Sheet information is as follows:
|
|
|
|
|
|
|
(in thousands) |
|
December 31, |
|
|
2023 |
2022 |
Other Receivables |
|
|
|
|
|
|
Insurance and Third Party Receivables for Remediation Expenses |
|
$ |
4,064 |
|
$ |
3,600 |
Reimbursable Research and Development Receivable |
|
|
1,450 |
|
|
— |
Property Insurance Receivable |
|
|
4,000 |
|
|
— |
Reimbursable Projects and Other |
|
|
3,253 |
|
|
754 |
Total Other Receivables |
|
$ |
12,767 |
|
$ |
4,354 |
|
|
|
|
|
|
|
Prepaids and Deposits |
|
|
|
|
|
|
Prepaid Insurance |
|
$ |
5,494 |
|
$ |
4,609 |
Other Prepaids and Deposits |
|
|
2,870 |
|
|
1,196 |
Total Prepaids and Deposits |
|
$ |
8,364 |
|
$ |
5,805 |
|
|
|
|
|
|
|
Accrued and Other Current Liabilities |
|
|
|
|
|
|
Accrued Operating Expense |
|
$ |
33,491 |
|
$ |
28,877 |
Accrued Capital Costs |
|
|
3,812 |
|
|
16,161 |
Accrued Interest |
|
|
8,510 |
|
|
8,262 |
Accrued Compensation |
|
|
10,118 |
|
|
4,809 |
Lease Liabilities |
|
|
1,676 |
|
|
1,176 |
Asset Retirement Obligation |
|
|
763 |
|
|
2,242 |
Contingent Consideration Liability |
|
|
1,221 |
|
|
1,350 |
Advance Billings for Reimbursable Research and Development Expense |
|
|
1,120 |
|
|
— |
Other |
|
|
3,705 |
|
|
2,534 |
Total Accrued and Other Current Liabilities |
|
$ |
64,416 |
|
$ |
65,411 |
|
|
|
|
|
|
|
Other Long-Term Liabilities |
|
|
|
|
|
|
Noncurrent Lease Liabilities |
|
$ |
14,716 |
|
$ |
7,719 |
Contingent Consideration Liability |
|
|
2,078 |
|
|
2,702 |
Total Other Long-Term Liabilities |
|
$ |
16,794 |
|
$ |
10,421 |
Statement of Operations
Other Statement of Operations information is as follows:
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
Year Ended December 31, |
|
|
2023 |
|
2022 |
|
2021 |
Depreciation, Amortization and Accretion |
|
|
|
|
|
|
|
|
|
Depreciation - Property, Plant and Equipment |
|
$ |
37,859 |
|
$ |
30,254 |
|
$ |
27,880 |
Amortization - Intangible Assets |
|
|
37,569 |
|
|
36,735 |
|
|
32,605 |
Accretion of Asset Retirement Obligations |
|
|
1,204 |
|
|
535 |
|
|
282 |
Total Depreciation, Amortization and Accretion |
|
$ |
76,632 |
|
$ |
67,524 |
|
$ |
60,767 |
|
|
|
|
|
|
|
|
|
|
Other Operating (Income) Expense, Net |
|
|
|
|
|
|
|
|
|
(Gain) Loss on Disposal of Asset, Net |
|
$ |
(2,606) |
|
$ |
478 |
|
$ |
275 |
Transaction Costs |
|
|
802 |
|
|
1,520 |
|
|
335 |
Other (1) |
|
|
574 |
|
|
214 |
|
|
2,047 |
Total Other Operating (Income) Expense, Net |
|
$ |
(1,230) |
|
$ |
2,212 |
|
$ |
2,657 |
|
|
|
|
|
|
|
|
|
|
Interest Expense, Net |
|
|
|
|
|
|
|
|
|
Interest on Debt Instruments |
|
$ |
34,639 |
|
$ |
31,609 |
|
$ |
26,221 |
Amortization of Debt Issuance Costs |
|
|
2,590 |
|
|
2,440 |
|
|
2,043 |
Total Interest Expense |
|
|
37,229 |
|
|
34,049 |
|
|
28,264 |
Less: Capitalized Interest |
|
|
(4,376) |
|
|
(4,864) |
|
|
(2,791) |
Total Interest Expense, Net |
|
$ |
32,853 |
|
$ |
29,185 |
|
$ |
25,473 |
| (1) |
The 2021 expense is related primarily to abandonment costs for 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:
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
ConocoPhillips |
|
33 |
% |
|
34 |
% |
|
46 |
% |
Chevron U.S.A. Inc. |
|
18 |
% |
|
11 |
% |
|
** |
% |
Mewbourne Oil Company |
|
11 |
% |
|
12 |
% |
|
** |
% |
Oxy USA Inc. |
|
** |
% |
|
** |
% |
|
10 |
% |
** |
Revenue was less than 10% of total revenue. |
As of December 31, 2023, ConocoPhillips accounted for 28% and Chevron Corporation accounted for 27% of accounts receivable. As of December 31, 2022, ConocoPhillips accounted for 36% and Mewbourne Oil Company accounted for 11% of accounts receivable.
Supplemental Non-Cash Disclosure
Significant non-cash activity for the years ended December 31, 2023, 2022 and 2021 is discussed in the following locations:
|
|
|
|
|
|
|
|
|
|
Non-Cash Item |
|
|
Location |
|
|
|
|
|
|
Non-Cash Investing and Financing Activities: |
|
|
|
|
|
|
|
|
|
Accretion and Dividend Related to Redeemable Preferred Units |
|
|
Consolidated Statements of Stockholders' and Members' Equity |
Shares of Class A Common Stock Issued in Acquisition |
|
|
Note 4. Acquisitions |
|
|
|
Accrued Additions to Property, Plant and Equipment |
|
|
Note 5. Property, Plant and Equipment |
Asset Retirement Obligations |
|
|
Note 7. Asset Retirement Obligations |
Increase in TRA Liability Related to Share Redemption |
|
|
Note 8. TRA Liability |
|
|
|
Right-of-Use Assets Obtained in Exchange for Operating Lease Liabilities, Net |
|
|
Note 10. Leases |
Treasury Stock Reimbursement |
|
|
Note 12. Stockholders' and Members' Equity |
|