0001628280-26-053097
SEC filingQ2 营收大增56.2%但净利降35.2%，受债务清偿损失拖累，Gathering & Processing 分部 EBITDA 增长46%是核心驱动。
| 指标 | 本期 (Q2 2026) | 去年同期 (Q2 2025) | 同比 |
|---|---|---|---|
| Net revenues | $384.8M | $246.4M | +56.2% |
| Gross Profit | $66.1M | $63.6M | +4.0% |
| Gross Margin | 17.2% | 25.8% | -860 bps |
| Operating Income | $61.9M | $52.4M | +18.0% |
| Operating Margin | 16.1% | 21.3% | -520 bps |
| Net Income | $28.9M | $44.6M | -35.2% |
| Diluted EPS | $0.54 | $0.83 | -34.9% |
| EBITDA (公司口径) | $120.0M | $96.6M | +24.3% |
| Operating Cash Flow | $71.2M | $107.4M | -33.7% |
| Free Cash Flow | $133.5M | $133.5M | 0.0% |
增长桥：Q2 营收增长 $138.4M (+56.2%)，主要由 West Texas 营销业务（+$65.9M，汽油/柴油均价上涨及销量增加）和 Gathering & Processing 分部（+$77.4M，DPG Dropdown 并表及 Delaware Gathering 销量增长）驱动，部分被 East Texas Marketing Agreement 终止（-$6.7M）抵消。
margin 归因：Gross Margin 大幅下滑 860 bps 至 17.2%，主要因 West Texas 营销业务成本增速（+100.2%）远超营收增速（+56.2%），以及 Gathering & Processing 分部成本激增（+230.8%）。Operating Margin 下滑 520 bps，但 EBITDA 利润率（EBITDA/Revenue）为 31.2%，同比提升 0.4 个百分点，显示核心运营盈利能力改善。
盈利质量：Net Income 同比下滑 35.2%，主要受 $23.0M 债务清偿损失（赎回 2028/2029 Notes）计入 Interest expense 拖累。剔除该一次性损失后，调整后 Net Income 约 $51.9M，同比 +16.4%。Operating Cash Flow 下滑 33.7% 至 $71.2M，但 Free Cash Flow 持平于 $133.5M，主要因营运资本变动有利。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Gathering and Processing | $195.1M | +65.7% | $93.4M | 47.9% | DPG Dropdown 及 Delaware Gathering 销量增长 |
| Wholesale Marketing and Terminalling | $162.7M | +55.5% | $8.6M | 5.3% | West Texas 营销价量齐升，但 East Texas Marketing Agreement 终止及毛利下滑拖累 |
| Storage and Transportation | $26.9M | +12.2% | $7.6M | 28.3% | 卡车运输量增加 |
| Investments in Pipeline Joint Ventures | — | — | $20.7M | — | W2W 及 Red River 投资收益增加 |
| 项目 | 本期 (2026-06-30) | 上期 (2025-12-31) |
|---|---|---|
| Cash & ST investments | $13.7M | $10.9M |
| Total Debt | $2,398.1M | $2,361.9M |
| Net Debt | $2,384.4M | $2,351.0M |
| Inventory | $23.7M | $17.9M |
| Operating Cash Flow (H1) | $241.6M | $139.0M |
| Capex (H1) | $108.1M | $169.9M |
| Free Cash Flow (H1) | $133.5M | -$30.9M |
Net Debt/EBITDA (TTM) 约 4.9x，基于 H1 EBITDA $214.9M 年化。
资本配置：
前瞻指引：
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY26 | Capital Spending | $255.2M | 实际/预测 |
一次性异常项：
主要风险：