What changed in this filing

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Item 1A. Risk Factors

2026-04-29 compared with 2025-11-07 · 31 added, 17 removed, 0 unchanged (100% of the section changed)

There have been no material changes to the risk factors identified in the Partnership’s fiscal 2024 Annual Report on Form 10-K.

UNREGISTERED SALE OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table sets forth information with respect to the purchase of our common units made during the three months ended September 30, 2025 by or on behalf of us or any “affiliated purchaser,” as defined by Rule 10b-18 of the Exchange Act (inclusive of all purchases that have settled as of September 30, 2025).

(a) (b) (c) (d)

Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)

Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions)

January 1 - January 31 — $ — — $ 150.0

February 1 - February 28 — — — $ 150.0

March 1 - March 31 243,075 41.14 243,075 $ 140.0

April 1 - April 30 — — — $ 140.0

May 1 - May 31 — — — $ 140.0

June 1 - June 30 — — — $ 140.0

July 1 - July 31 — — — $ 140.0

August 1 - August 31 — — — $ 140.0

September 1 - September 30 — — — $ 140.0

Total 243,075 41.14 243,075 N/A

(1) See further discussion in Note 7 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

There have been no material changes to the risk factors identified in the Partnership’s fiscal 2025 Annual Report on Form 10-K with the exception of the following:

The Russia-Ukraine War, Israel-Hamas War, U.S.-Iran War, events occurring in response thereto and any expansion of hostilities, may have an adverse impact on our business, our future results of operations, and our overall financial performance.

The effects of the conflicts between Russia and Ukraine beginning in February 2022, between Israel and Hamas beginning in October 2023, and between the U.S.

and Iran, beginning in February 2026, on our business, financial condition, and results of operations are impossible to predict.

Any increase in sanctions, escalation of the conflicts, including the regional or global expansion of hostilities, and other future developments could significantly affect the global economy, lead to market volatility and supply chain disruptions, have an adverse impact on energy prices, including prices for crude oil, other feedstocks, and refined petroleum products, have an adverse impact on the margins from our petroleum product marketing operations, and have a material adverse effect on our business, financial condition, and results of operations.

Developments which impact the global oil markets have had, may continue to have, an adverse impact on our business, our results of operations and our overall financial performance.

While our operations are focused in the Permian Basin (including the Delaware sub-basin) and other select areas on the Gulf Coast region, our business is impacted by events and developments that impact the global markets for oil and other energy products.

Any regional or global event or development that destabilizes worldwide economic and commercial activity, financial markets, or the demand for and prices of oil and gas products could materially adversely affect our business and operations.

In recent years, the COVID-19 Pandemic, the Russia-Ukraine war, the OPEC-Russia relationship, the conflict between Israel and Hamas, and the conflict between the U.S.

and Iran have been sources of uncertainty in the global oil markets, substantial global supply chain issues, and significant disruptions in the labor market.

Global economic growth drives demand for energy from all sources, including fossil fuels.

Should the U.S.

or global economies experience weakness, demand for energy may decline.

Should growth in global energy production outstrip demand, excess supplies may arise.

Declines in demand and excess supplies may result in accompanying declines in commodity prices and deterioration of our financial position along with our ability to operate profitably and our ability to obtain financing to support operations.

Conversely, should demand for energy outstrip global supply, commodity prices are likely to rise.

With respect to our business, we have experienced periodic declines in demand thought to be associated with slowing economic growth in certain markets, including the effects of the COVID-19 Pandemic, coupled with new oil and gas supplies coming on line and other circumstances beyond our control that resulted in oil and gas supply exceeding global demand which, in turn, resulted in steep declines in prices of oil and natural gas.

At times, we have also experienced declines in the supply of inputs thought to be associated with supply chain issues and disruptions in the labor market.

There can be no assurance as to how long such uncertainty will persist or that a recurrence of price weakness will not arise in the future.

In February 2025, the U.S.

announced the imposition of tariffs on imports from several U.S.

trade partners and could announce additional tariffs in future periods.

There is significant uncertainty as to the duration of these and any further tariffs, and the impacts these tariffs and any corresponding retaliatory tariffs will have on us, our suppliers and our customers.

The financial impacts of the tariffs on our results of operations and financial condition remain uncertain at the time of filing this report.

The ongoing conflict between the United States and Iran, including the disruption to shipping through the Strait of Hormuz, has introduced significant volatility into global energy markets, causing crude oil prices to spike materially from levels seen at the start of 2026.

Although we do not have direct operations or exposure in the Middle East, sustained commodity price volatility and broader macroeconomic uncertainty could indirectly affect our business, including demand for our services.

In addition, elevated energy prices and supply uncertainty may affect refinery utilization rates, which could reduce demand for the transportation, storage and terminalling services we provide under our commercial agreements.

The ultimate duration and resolution of the conflict, including the status of the Strait of Hormuz and any ceasefire arrangements, remains uncertain.

The ultimate extent of the impact of volatile conditions in the oil and gas industry on our business, financial condition, results of operation and liquidity will depend largely on future developments which are outside of our control, including the extent and duration of any price reductions, any additional decisions by OPEC and disputes between the members of OPEC+.

Furthermore, developments in the global oil markets may also have the effect of heightening many of the other risks described in our Annual Report on Form 10-K.

Other Information

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1A. Risk Factors