NGL Energy Partners LP

For the period ended Dec 31, 2023. Filed Feb 8, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Dec 31, 2023 · Filed Feb 8, 2024

NGL$15.59+4.3%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 1. Financial Statements

Unaudited Condensed Consolidated Balance Sheets

	December 31, 2023	March 31, 2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$738	$5,431
Accounts receivable-trade, net of allowance for expected credit losses of $1,928 and $1,964, respectively	999,503	1,033,956
Accounts receivable-affiliates	15,459	12,362
Inventories	201,575	142,607
Prepaid expenses and other current assets	123,292	98,089
Total current assets	1,340,567	1,292,445
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $945,414 and $898,184, respectively	2,137,386	2,223,380
GOODWILL	707,583	712,364
INTANGIBLE ASSETS, net of accumulated amortization of $371,703 and $580,860, respectively	999,636	1,058,668
INVESTMENTS IN UNCONSOLIDATED ENTITIES	19,535	21,090
OPERATING LEASE RIGHT-OF-USE ASSETS	101,549	90,220
OTHER NONCURRENT ASSETS	56,231	57,977
Total assets	$5,362,487	$5,456,144
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable-trade	$831,991	$927,591
Accounts payable-affiliates	28	65
Accrued expenses and other payables	195,427	133,616
Advance payments received from customers	27,727	14,699
Operating lease obligations	32,839	34,166
Total current liabilities	1,088,012	1,110,137
LONG-TERM DEBT, net of debt issuance costs of $21,729 and $30,117, respectively	2,683,918	2,857,805
OPERATING LEASE OBLIGATIONS	70,830	58,450
OTHER NONCURRENT LIABILITIES	107,806	111,226
COMMITMENTS AND CONTINGENCIES (NOTE 8)
CLASS D 9.00% PREFERRED UNITS, 600,000 and 600,000 preferred units issued and outstanding, respectively	551,097	551,097
EQUITY:
General partner, representing a 0.1% interest, 132,645 and 132,059 notional units, respectively	(52,562)	(52,551)
Limited partners, representing a 99.9% interest, 132,512,766 and 131,927,343 common units issued and outstanding, respectively	549,600	455,564
Class B preferred limited partners, 12,585,642 and 12,585,642 preferred units issued and outstanding, respectively	305,468	305,468
Class C preferred limited partners, 1,800,000 and 1,800,000 preferred units issued and outstanding, respectively	42,891	42,891
Accumulated other comprehensive loss	(457)	(450)
Noncontrolling interests	15,884	16,507
Total equity	860,824	767,429
Total liabilities and equity	$5,362,487	$5,456,144

Unaudited Condensed Consolidated Statements of Operations

(in Thousands, except unit and per unit amounts)

	Three Months Ended December 31,		Nine Months Ended December 31,
	2023	2022	2023	2022
REVENUES:
Water Solutions	$179,301	$180,242	$557,847	$511,231
Crude Oil Logistics	425,294	531,613	1,379,397	1,971,767
Liquids Logistics	1,265,182	1,427,385	3,389,733	4,163,072
Total Revenues	1,869,777	2,139,240	5,326,977	6,646,070
COST OF SALES:
Water Solutions	(2,573)	2,534	7,420	13,679
Crude Oil Logistics	386,418	471,891	1,266,644	1,808,460
Liquids Logistics	1,224,059	1,385,943	3,290,784	4,057,360
Corporate and Other	(1,772)	—	(939)	—
Total Cost of Sales	1,606,132	1,860,368	4,563,909	5,879,499
OPERATING COSTS AND EXPENSES:
Operating	79,115	81,353	233,185	237,371
General and administrative	17,934	17,216	55,721	50,601
Depreciation and amortization	65,597	69,327	200,102	204,105
(Gain) loss on disposal or impairment of assets, net	(790)	8,306	14,221	15,791
Operating Income	101,789	102,670	259,839	258,703
OTHER INCOME (EXPENSE):
Equity in earnings of unconsolidated entities	838	1,213	1,780	3,094
Interest expense	(57,221)	(75,920)	(175,370)	(211,528)
Gain on early extinguishment of liabilities, net	—	2,667	6,871	6,808
Other income, net	515	28,100	1,131	28,731
Income Before Income Taxes	45,921	58,730	94,251	85,808
INCOME TAX (EXPENSE) BENEFIT	(154)	252	(636)	(113)
Net Income	45,767	58,982	93,615	85,695
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(85)	(448)	(604)	(790)
NET INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP	$45,682	$58,534	$93,011	$84,905
NET INCOME (LOSS) ALLOCATED TO COMMON UNITHOLDERS - BASIC (NOTE 3)	$10,244	$26,007	$(10,947)	$(5,571)
NET INCOME (LOSS) ALLOCATED TO COMMON UNITHOLDERS - DILUTED (NOTE 3)	$10,244	$26,123	$(10,947)	$(5,571)
BASIC INCOME (LOSS) PER COMMON UNIT	$0.08	$0.20	$(0.08)	$(0.04)
DILUTED INCOME (LOSS) PER COMMON UNIT	$0.08	$0.19	$(0.08)	$(0.04)
BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING	132,220,055	131,015,658	132,025,268	130,802,920
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING	132,498,734	134,485,325	132,025,268	130,802,920

Unaudited Condensed Consolidated Statements of Comprehensive Income

(in Thousands)

	Three Months Ended December 31,		Nine Months Ended December 31,
	2023	2022	2023	2022
Net income	$45,767	$58,982	$93,615	$85,695
Other comprehensive income (loss)	16	1	(7)	(131)
Comprehensive income	$45,783	$58,983	$93,608	$85,564

Unaudited Condensed Consolidated Statement of Changes in Equity

Nine Months Ended December 31, 2023

	Limited Partners
Preferred · Common
	GeneralPartner	Units	Amount	Units	Amount	AccumulatedOther ComprehensiveIncome (Loss)	NoncontrollingInterests	TotalEquity
BALANCE AT MARCH 31, 2023	$(52,551)	14,385,642	$348,359	131,927,343	$455,564	$(450)	$16,507	$767,429
Distributions to noncontrolling interest owners	—	—	—	—	—	—	(377)	(377)
Equity issued pursuant to incentive compensation plan (Note 9)	—	—	—	—	474	—	—	474
Net (loss) income	(14)	—	—	—	19,315	—	262	19,563
Other comprehensive income	—	—	—	—	—	16	—	16
BALANCE AT JUNE 30, 2023	(52,565)	14,385,642	348,359	131,927,343	475,353	(434)	16,392	787,105
Distributions to noncontrolling interest owners	—	—	—	—	—	—	(572)	(572)
Equity issued pursuant to incentive compensation plan (Note 9)	—	—	—	—	410	—	—	410
Net (loss) income	(7)	—	—	—	28,035	—	257	28,285
Other comprehensive loss	—	—	—	—	—	(39)	—	(39)
BALANCE AT SEPTEMBER 30, 2023	(52,572)	14,385,642	348,359	131,927,343	503,798	(473)	16,077	815,189
Distributions to noncontrolling interest owners	—	—	—	—	—	—	(278)	(278)
Common unit repurchases and cancellations (Note 9)	—	—	—	(21,302)	(84)	—	—	(84)
Equity issued pursuant to incentive compensation plan (Note 9)	—	—	—	606,725	214	—	—	214
Net income	10	—	—	—	45,672	—	85	45,767
Other comprehensive income	—	—	—	—	—	16	—	16
BALANCE AT DECEMBER 31, 2023	$(52,562)	14,385,642	$348,359	132,512,766	$549,600	$(457)	$15,884	$860,824

Unaudited Condensed Consolidated Statement of Changes in Equity

Nine Months Ended December 31, 2022

	Limited Partners
Preferred · Common
	GeneralPartner	Units	Amount	Units	Amount	AccumulatedOther ComprehensiveIncome (Loss)	NoncontrollingInterests	TotalEquity
BALANCE AT MARCH 31, 2022	$(52,478)	14,385,642	$348,359	130,695,970	$401,486	$(308)	$17,394	$714,453
Distributions to noncontrolling interest owners	—	—	—	—	—	—	(975)	(975)
Equity issued pursuant to incentive compensation plan	—	—	—	—	497	—	—	497
Net (loss) income	(5)	—	—	—	22,866	—	245	23,106
Other comprehensive loss	—	—	—	—	—	(50)	—	(50)
BALANCE AT JUNE 30, 2022	(52,483)	14,385,642	348,359	130,695,970	424,849	(358)	16,664	737,031
Distributions to noncontrolling interest owners	—	—	—	—	—	—	(274)	(274)
Equity issued pursuant to incentive compensation plan	—	—	—	—	479	—	—	479
Net (loss) income	(27)	—	—	—	3,537	—	97	3,607
Other comprehensive loss	—	—	—	—	—	(82)	—	(82)
BALANCE AT SEPTEMBER 30, 2022	(52,510)	14,385,642	348,359	130,695,970	428,865	(440)	16,487	740,761
Distributions to noncontrolling interest owners	—	—	—	—	—	—	(267)	(267)
Common unit repurchases and cancellations	—	—	—	(31,828)	(42)	—	—	(42)
Equity issued pursuant to incentive compensation plan	—	—	—	657,600	890	—	—	890
Net income	26	—	—	—	58,508	—	448	58,982
Other comprehensive income	—	—	—	—	—	1	—	1
BALANCE AT DECEMBER 31, 2022	$(52,484)	14,385,642	$348,359	131,321,742	$488,221	$(439)	$16,668	$800,325

Unaudited Condensed Consolidated Statements of Cash Flows

(in Thousands)

	Nine Months Ended December 31,
	2023	2022
OPERATING ACTIVITIES:
Net income	$93,615	$85,695
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including amortization of debt issuance costs	212,893	217,028
Gain on early extinguishment of liabilities, net	(6,871)	(6,808)
Equity-based compensation expense	1,098	1,866
Loss on disposal or impairment of assets, net	14,221	15,791
Change in provision for expected credit losses	194	(485)
Net adjustments to fair value of commodity derivatives	(13,287)	13,879
Equity in earnings of unconsolidated entities	(1,780)	(3,094)
Distributions of earnings from unconsolidated entities	2,867	2,568
Lower of cost or net realizable value adjustments	6,496	3,050
Other	3,402	701
Changes in operating assets and liabilities, exclusive of acquisitions:
Accounts receivable-trade and affiliates	30,469	(4,778)
Inventories	(65,464)	(24,904)
Other current and noncurrent assets	31,442	6,285
Accounts payable-trade and affiliates	(95,735)	(131,086)
Other current and noncurrent liabilities	10,381	31,157
Net cash provided by operating activities	223,941	206,865
INVESTING ACTIVITIES:
Capital expenditures	(119,896)	(122,362)
Net settlements of commodity derivatives	6,916	28,521
Proceeds from sales of assets	46,536	22,120
Proceeds from divestitures of businesses and investments, net	16,000	—
Investments in unconsolidated entities	(258)	(346)
Distributions of capital from unconsolidated entities	1,376	—
Net cash used in investing activities	(49,326)	(72,067)
FINANCING ACTIVITIES:
Proceeds from borrowings under revolving credit facility	1,411,000	1,432,000
Payments on revolving credit facility	(1,494,000)	(1,392,000)
Repayment and repurchase of senior unsecured notes	(91,982)	(168,047)
Payments on other long-term debt	—	(1,931)
Debt issuance costs	(1,787)	(1,340)
Distributions to noncontrolling interest owners	(1,227)	(1,516)
Common unit repurchases and cancellations	(84)	(42)
Payments to settle contingent consideration liabilities	(1,216)	(1,204)
Principal payments of finance lease	(12)	(6)
Net cash used in financing activities	(179,308)	(134,086)
Net (decrease) increase in cash and cash equivalents	(4,693)	712
Cash and cash equivalents, beginning of period	5,431	3,822
Cash and cash equivalents, end of period	$738	$4,534
Supplemental cash flow information:
Cash interest paid	$135,313	$163,203
Income taxes paid (net of income tax refunds)	$2,943	$3,088
Supplemental non-cash investing and financing activities:
Accrued capital expenditures	$10,167	$7,398

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.