Partners’ Capital

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Partners’ Capital

Partners’ Capital

On August 6, 2024, the board of directors of our general partner declared a cash distribution of $0.57 per common unit for the quarter ended June 30, 2024. The distribution will be paid on August 27, 2024, to unitholders of record on August 20, 2024.

On May 7, 2024, the board of directors of our general partner declared a cash distribution of $0.65 per common unit for the quarter ended March 31, 2024. The distribution was paid on May 29, 2024, to unitholders of record on May 20, 2024.

On March 05, 2024, the board of directors of our general partner declared a cash distribution of $0.58 per common unit for the quarter ended December 31, 2023. The distribution was paid on March 28, 2024 to unitholders of record on March 15, 2024.

On June 28, 2024, we completed an underwritten public offering for the sale of 6.5 million common units at a price of $20.00 per common unit resulting in estimated proceeds of $122.5 million net of estimated underwriting discounts, commissions and other costs (“the Offering”). We intend to use the net proceeds from the Offering to fund a portion of the cash consideration for the EMEP Acquisition and the KFOC Acquisition (together, the “Williston Acquisitions”) (Note 4). Pending the closing of the Williston Acquisitions, we used a portion of these proceeds to repay all outstanding borrowings under the Credit Facility (Note 5).

On July 2, 2024, we completed the sale of an additional 975,000 common units at a price of $20.00 per common unit pursuant to the underwriter’s exercise in full of its option to purchase additional common units in the Offering, resulting in additional proceeds of approximately $18.5 million net of estimated underwriting discounts, commissions and other costs. We will use the estimated net proceeds to pay a portion of the cash consideration for the Williston Acquisitions.