TransMontaigne Partners L.P.

CIK:0001319229|SEC Filings

Consolidated statements of operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue:
Total revenue	$ 645,972	$ 702,727	$ 653,120
Costs and expenses:
Cost of product sales	(303,776)	(356,187)	(320,516)
Operating	(143,793)	(133,342)	(124,697)
General and administrative	(28,335)	(30,160)	(28,932)
Insurance	(7,657)	(6,847)	(6,822)
Deferred compensation	(2,671)	(3,840)	(4,272)
Depreciation and amortization	(74,008)	(71,846)	(70,876)
Total costs and expenses	(560,240)	(602,222)	(556,115)
Earnings from unconsolidated affiliates	9,905	10,005	10,140
Gain on sale of assets	169,622
Operating income	265,259	110,510	107,145
Other expenses:
Interest expense	(126,548)	(93,769)	(100,035)
Deferred debt issuance costs	(10,576)	(6,659)	(4,164)
Total other expenses	(137,124)	(100,428)	(104,199)
Net earnings	128,135	10,082	2,946
Terminal revenue
Revenue:
Total revenue	319,853	323,581	312,259
Product sales
Revenue:
Total revenue	$ 326,119	$ 379,146	$ 340,861

Consolidated statements of cash flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net earnings	$ 128,135	$ 10,082	$ 2,946
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	74,008	71,846	70,876
Earnings from unconsolidated affiliates	(9,905)	(10,005)	(10,140)
Distributions from unconsolidated affiliates	19,655	12,723	16,430
Equity-based compensation	872	1,930	1,876
Amortization of deferred debt issuance costs	9,339	5,794	4,061
Amortization of deferred revenue	(189)	(192)	(618)
Unrealized (gain) loss on interest rate swap agreements	18,146	(6,054)	2,924
Gain on sale of assets	(169,622)
Changes in operating assets and liabilities:
Trade accounts receivable	(515)	5,328	15,251
Due from affiliates	(1,254)	1,011	588
Inventory	1,858	(2,643)	(614)
Other current assets	(181)	1,526	(3,386)
Right-of-use assets, operating leases	5,420	3,031	3,549
Other assets, net	(137)	427	(433)
Trade accounts payable	4,327	(2,088)	(9,608)
Accrued liabilities	(10,334)	2,513	(1,710)
Operating lease liabilities	(14,788)	(2,998)	(3,570)
Net cash provided by operating activities	54,835	92,231	88,422
Cash flows from investing activities:
Investments in unconsolidated affiliates			(568)
Olympic Pipeline Company member loan	9,000	(9,000)
Affiliate loan			1,259
Capital expenditures	(55,459)	(58,592)	(59,819)
Proceeds from sale of assets, net of transaction costs	176,759		1,118
Net cash provided by (used in) investing activities	130,300	(67,592)	(58,010)
Cash flows from financing activities:
Proceeds from 8.500% senior unsecured notes	500,000
Proceeds from senior secured term loans		150,000
Borrowings under revolving credit facility	8,000	112,300	254,000
Repayments under revolving credit facility	(25,000)	(183,300)	(166,000)
Debt issuance costs	(9,628)	(3,469)
Distributions to TLP Finance Holdings, LLC for debt service and other	(173,551)	(88,397)	(113,876)
Net cash used in financing activities	(180,846)	(24,017)	(35,876)
Increase (decrease) in cash and cash equivalents	4,289	622	(5,464)
Cash and cash equivalents at beginning of period	8,174	7,552	13,016
Cash and cash equivalents at end of period	12,463	8,174	7,552
Supplemental disclosures of cash flow information:
Cash paid for interest	114,684	101,103	98,489
Additions to right-of-use assets obtained from new operating lease liabilities	23,943	2,895	982
Non-cash property, plant and equipment	8,068	2,875	9,065
Non-cash contributions from parent entities	872	1,930	1,876
6.125% senior notes
Cash flows from financing activities:
Repayments of senior secured term loans	(299,900)
Senior secured term loans
Cash flows from financing activities:
Repayments of senior secured term loans	$ (180,767)	$ (11,151)	$ (10,000)

Consolidated balance sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 12,463	$ 8,174
Trade accounts receivable	24,878	24,363
Due from affiliates	3,505	2,251
Inventory	8,044	9,902
Other current assets	12,933	16,394
Assets held for sale	7,024	7,137
Total current assets	68,847	68,221
Property, plant and equipment, net	791,126	808,274
Goodwill	18,586	18,586
Investments in unconsolidated affiliates	307,642	317,392
Right-of-use assets, operating leases	66,538	48,015
Other assets, net	38,800	65,362
TOTAL ASSETS	1,291,539	1,325,850
Current liabilities:
Trade accounts payable	18,395	11,089
Operating lease liabilities	5,502	2,370
Accrued liabilities	33,889	44,223
Current debt		11,535
Total current liabilities	57,786	69,217
Deferred revenue	221	410
Other liabilities	2,251
Long-term operating lease liabilities	53,639	47,616
Long-term debt, net of deferred debt issuance costs	1,421,487	1,407,908
Total liabilities	1,535,384	1,525,151
Commitments and contingencies (Note 14)
Equity:
Member interest	(243,845)	(199,301)
Total equity	(243,845)	(199,301)
TOTAL LIABILITIES AND EQUITY	$ 1,291,539	$ 1,325,850