| Dec'19 | Dec'18 | Dec'17 | Dec'16 | |||
|---|---|---|---|---|---|---|
Cash flows from operating activities | ||||||
Net income | ||||||
187,067 | 165,676 | 68,976 | 45,870 | |||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||
Depreciation | ||||||
2,630 | 2,658 | 2,673 | 2,604 | |||
Impairment and other, net | ||||||
1,000 | 0 | 0 | - | |||
Deferred income taxes | ||||||
0 | 0 | 453 | 680 | |||
Non-cash expenses | ||||||
288 | 177 | 233 | 229 | |||
Gain due to changes in fair value of allowance oil receivable | ||||||
0 | 0 | -25 | -520 | |||
Gain from disposition of property, plant and equipment | ||||||
0 | 0 | 5 | 0 | |||
Income from equity method investments | ||||||
116,747 | 94,361 | 17,916 | 0 | |||
Distributions of earnings received from equity method investments | ||||||
119,865 | 98,134 | 22,663 | 0 | |||
Changes in operating assets and liabilities | ||||||
Increase (Decrease) in Accounts Receivable | ||||||
- | - | - | -400 | |||
Accounts receivable | ||||||
1,782 | 425 | 11,015 | -596 | |||
Allowance oil receivable | ||||||
0 | 0 | 1,570 | 632 | |||
Prepaid expenses and other current assets | ||||||
484 | 3,297 | 1,406 | 0 | |||
Increase (Decrease) in Accounts Payable | ||||||
- | - | - | 91 | |||
Accounts payable | ||||||
-2,410 | 854 | 2,872 | -34 | |||
Deferred revenue and credits | ||||||
477 | 1,067 | 0 | 0 | |||
Other current liabilities | ||||||
-572 | 3,300 | 3,308 | -134 | |||
Environmental Remediation Expense | ||||||
- | - | - | 505 | |||
Increase (Decrease) in Other Noncurrent Liabilities | ||||||
- | - | - | 162 | |||
Net cash provided by operating activities | ||||||
189,332 | 173,783 | 69,241 | 49,817 | |||
Cash flows from investing activities | ||||||
Capital expenditures | ||||||
1,081 | 1,604 | 2,257 | 3,402 | |||
Acquisitions from Parent | ||||||
0 | 87,230 | 0 | 0 | |||
Distributions in excess of earnings from equity method investments | ||||||
11,538 | 19,670 | 7,242 | 0 | |||
Proceeds from disposition of property, plant and equipment | ||||||
0 | 0 | 5 | 0 | |||
Net cash provided by investing activities | ||||||
10,457 | -69,164 | 4,990 | -3,402 | |||
Cash flows from financing activities | ||||||
Net transfers to Parent – prior to the IPO | ||||||
0 | 0 | -37,830 | -46,415 | |||
Proceeds from issuance of debt | ||||||
0 | 468,000 | 15,000 | 0 | |||
Proceeds from issuance of term loan | ||||||
0 | 15,000 | 0 | 0 | |||
Net proceeds from issuance of common units to public | ||||||
0 | 0 | 814,658 | 0 | |||
Distribution of IPO proceeds to our Parent | ||||||
0 | 233 | 814,425 | 0 | |||
Distributions of prorated fourth quarter joint venture dividends to prior owners | ||||||
0 | 0 | 9,427 | 0 | |||
Acquisitions from Parent | ||||||
0 | 380,770 | 0 | 0 | |||
Distributions to unitholders and general partner | ||||||
134,737 | 105,928 | 0 | 0 | |||
Distributions to non-controlling interests | ||||||
23,191 | 46,412 | 9,513 | 0 | |||
Net cash used in financing activities | ||||||
-157,928 | -80,343 | -41,537 | -46,415 | |||
Net change in cash and cash equivalents | ||||||
41,861 | 24,276 | 32,694 | 0 | |||
Supplemental cash flow information | ||||||
Cash paid for interest | ||||||
16,440 | 735 | 0 | 0 | |||
Operating Lease, Payments | ||||||
62 | 0 | 0 | - | |||
Non-cash investing transactions | ||||||
Accrued capital expenditures | ||||||
219 | 164 | 19 | 1,351 | |||
Contribution of equity method investments upon the IPO | ||||||
0 | 0 | 499,988 | 0 | |||
Working capital and other balances retained by Parent upon the IPO | ||||||
0 | 0 | 9,879 | 0 | |||
Environmental remediation obligations indemnification assets contributed by Parent upon IPO | ||||||
0 | 0 | 4,365 | 0 | |||