NGL Energy Partners LP
For the period ended Jun 30, 2024. Filed Aug 8, 2024.
View on SEC.govAbout 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.
Jun 30, 2024 · Filed Aug 8, 2024
NGL$15.76+1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 1. Financial Statements
Unaudited Condensed Consolidated Balance Sheets
| June 30, 2024 | March 31, 2024 | |
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $5,269 | $38,909 |
| Accounts receivable-trade, net of allowance for expected credit losses of $2,173 and $1,671, respectively | 752,392 | 814,087 |
| Accounts receivable-affiliates | 1,501 | 1,501 |
| Inventories | 158,710 | 130,907 |
| Prepaid expenses and other current assets | 72,385 | 126,933 |
| Assets held for sale | — | 66,597 |
| Total current assets | 990,257 | 1,178,934 |
| PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $1,049,187 and $1,011,274, respectively | 2,125,421 | 2,096,702 |
| GOODWILL | 634,282 | 634,282 |
| INTANGIBLE ASSETS, net of accumulated amortization of $347,932 and $332,560, respectively | 928,687 | 939,978 |
| INVESTMENTS IN UNCONSOLIDATED ENTITIES | 19,219 | 20,305 |
| OPERATING LEASE RIGHT-OF-USE ASSETS | 91,544 | 97,155 |
| OTHER NONCURRENT ASSETS | 50,169 | 52,738 |
| Total assets | $4,839,579 | $5,020,094 |
| LIABILITIES AND EQUITY | ||
| CURRENT LIABILITIES: | ||
| Accounts payable-trade | $627,714 | $707,536 |
| Accounts payable-affiliates | 6 | 37 |
| Accrued expenses and other payables | 175,513 | 213,757 |
| Advance payments received from customers | 25,439 | 17,313 |
| Current maturities of long-term debt | 7,846 | 7,000 |
| Operating lease obligations | 28,033 | 31,090 |
| Liabilities held for sale | — | 614 |
| Total current liabilities | 864,551 | 977,347 |
| LONG-TERM DEBT, net of debt issuance costs of $47,337 and $49,178, respectively, and current maturities | 3,018,427 | 2,843,822 |
| OPERATING LEASE OBLIGATIONS | 67,270 | 70,573 |
| OTHER NONCURRENT LIABILITIES | 124,067 | 129,185 |
| COMMITMENTS AND CONTINGENCIES (NOTE 7) | ||
| CLASS D 9.00% PREFERRED UNITS, 600,000 and 600,000 preferred units issued and outstanding, respectively | 551,097 | 551,097 |
| REDEEMABLE NONCONTROLLING INTEREST | 174 | — |
| EQUITY: | ||
| General partner, representing a 0.1% interest, 132,645 and 132,645 notional units, respectively | (52,853) | (52,834) |
| Limited partners, representing a 99.9% interest, 132,512,766 and 132,512,766 common units issued and outstanding, respectively | (101,095) | 134,807 |
| 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 | (523) | (499) |
| Noncontrolling interests | 20,105 | 18,237 |
| Total equity | 213,993 | 448,070 |
| Total liabilities and equity | $4,839,579 | $5,020,094 |
Unaudited Condensed Consolidated Statements of Operations
(in Thousands, except unit and per unit amounts)
| Three Months Ended June 30, | ||
|---|---|---|
| 2024 | 2023 | |
| REVENUES: | ||
| Water Solutions | $181,410 | $181,302 |
| Crude Oil Logistics | 280,103 | 464,390 |
| Liquids Logistics | 925,746 | 970,412 |
| Total Revenues | 1,387,259 | 1,616,104 |
| COST OF SALES: | ||
| Water Solutions | 1,000 | 2,569 |
| Crude Oil Logistics | 249,497 | 425,299 |
| Liquids Logistics | 922,711 | 947,247 |
| Corporate and Other | — | 4,214 |
| Total Cost of Sales | 1,173,208 | 1,379,329 |
| OPERATING COSTS AND EXPENSES: | ||
| Operating | 72,533 | 76,681 |
| General and administrative | 15,014 | 20,291 |
| Depreciation and amortization | 62,219 | 68,979 |
| Gain on disposal or impairment of assets, net | (10,666) | (1,196) |
| Operating Income | 74,951 | 72,020 |
| OTHER INCOME (EXPENSE): | ||
| Equity in earnings of unconsolidated entities | 300 | 91 |
| Interest expense | (69,739) | (59,522) |
| Gain on early extinguishment of liabilities, net | — | 6,808 |
| Other income, net | 167 | 306 |
| Income Before Income Taxes | 5,679 | 19,703 |
| INCOME TAX BENEFIT (EXPENSE) | 4,796 | (140) |
| Net Income | 10,475 | 19,563 |
| LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (792) | (262) |
| NET INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP | $9,683 | $19,301 |
| NET LOSS ALLOCATED TO COMMON UNITHOLDERS (NOTE 3) | $(19,112) | $(14,482) |
| BASIC AND DILUTED LOSS PER COMMON UNIT | $(0.14) | $(0.11) |
| BASIC AND DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING | 132,512,766 | 131,927,343 |
Unaudited Condensed Consolidated Statements of Comprehensive Income
(in Thousands)
| Three Months Ended June 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Net income | $10,475 | $19,563 |
| Other comprehensive (loss) income | (24) | 16 |
| Comprehensive income | $10,451 | $19,579 |
Unaudited Condensed Consolidated Statement of Changes in Equity
Three Months Ended June 30, 2024
| Limited Partners | ||||||||
|---|---|---|---|---|---|---|---|---|
| Preferred · Common | ||||||||
| GeneralPartner | Units | Amount | Units | Amount | Accumulated OtherComprehensive Income (Loss) | NoncontrollingInterests | TotalEquity | |
| BALANCE AT MARCH 31, 2024 | $(52,834) | 14,385,642 | $348,359 | 132,512,766 | $134,807 | $(499) | $18,237 | $448,070 |
| Contributions from noncontrolling interest owners | — | — | — | — | — | — | 1,619 | 1,619 |
| Distributions to preferred unitholders (Note 8) | — | — | — | — | (245,604) | — | — | (245,604) |
| Distributions to noncontrolling interest owners | — | — | — | — | — | — | (543) | (543) |
| Net (loss) income | (19) | — | — | — | 9,702 | — | 792 | 10,475 |
| Other comprehensive loss | — | — | — | — | — | (24) | — | (24) |
| BALANCE AT JUNE 30, 2024 | $(52,853) | 14,385,642 | $348,359 | 132,512,766 | $(101,095) | $(523) | $20,105 | $213,993 |
Unaudited Condensed Consolidated Statement of Changes in Equity
Three Months Ended June 30, 2023
| Limited Partners | ||||||||
|---|---|---|---|---|---|---|---|---|
| Preferred · Common | ||||||||
| GeneralPartner | Units | Amount | Units | Amount | Accumulated OtherComprehensive Income (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 | — | — | — | — | 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 |
Unaudited Condensed Consolidated Statements of Cash Flows
(in Thousands)
| Three Months Ended June 30, | ||
|---|---|---|
| 2024 | 2023 | |
| OPERATING ACTIVITIES: | ||
| Net income | $10,475 | $19,563 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
| Depreciation and amortization, including amortization of debt issuance costs | 65,192 | 73,210 |
| Gain on early extinguishment of liabilities, net | — | (6,808) |
| Equity-based compensation expense | — | 474 |
| Gain on disposal or impairment of assets, net | (10,666) | (1,196) |
| Change in provision for expected credit losses | 636 | (9) |
| Net adjustments to fair value of derivatives | 12,976 | (12,890) |
| Equity in earnings of unconsolidated entities | (300) | (91) |
| Distributions of earnings from unconsolidated entities | 475 | 333 |
| Lower of cost or net realizable value adjustments | 4,234 | 5,991 |
| Other | (97) | 739 |
| Changes in operating assets and liabilities, exclusive of acquisitions: | ||
| Accounts receivable-trade and affiliates | 60,991 | 141,016 |
| Inventories | (36,817) | (49,022) |
| Other current and noncurrent assets | 34,098 | 24,206 |
| Accounts payable-trade and affiliates | (81,189) | (153,931) |
| Other current and noncurrent liabilities | (78,067) | 13,526 |
| Net cash (used in) provided by operating activities | (18,059) | 55,111 |
| INVESTING ACTIVITIES: | ||
| Capital expenditures | (59,923) | (35,801) |
| Net settlements of derivatives | 2,029 | 12,430 |
| Proceeds from sales of assets | 15,879 | 21,131 |
| Proceeds from divestitures of businesses and investments, net | 69,320 | — |
| Investments in unconsolidated entities | — | (258) |
| Distributions of capital from unconsolidated entities | 911 | 1,057 |
| Net cash provided by (used in) investing activities | 28,216 | (1,441) |
| FINANCING ACTIVITIES: | ||
| Proceeds from borrowings under ABL Facility | 389,000 | 528,000 |
| Payments on ABL Facility | (220,000) | (486,000) |
| Payments on Term Loan B | (1,750) | — |
| Proceeds from borrowings on other long-term debt | 6,360 | — |
| Repayment and repurchase of senior unsecured notes | — | (91,982) |
| Debt issuance costs | (328) | (472) |
| Contributions from noncontrolling interest owners | 1,793 | — |
| Distributions to preferred unitholders | (218,091) | — |
| Distributions to noncontrolling interest owners | (543) | (377) |
| Payments to settle contingent consideration liabilities | (233) | (480) |
| Principal payments of finance lease | (5) | (4) |
| Net cash used in financing activities | (43,797) | (51,315) |
| Net (decrease) increase in cash and cash equivalents | (33,640) | 2,355 |
| Cash and cash equivalents, beginning of period | 38,909 | 5,431 |
| Cash and cash equivalents, end of period | $5,269 | $7,786 |
| Supplemental cash flow information: | ||
| Cash interest paid | $98,231 | $25,561 |
| Income taxes paid (net of income tax refunds) | $1,523 | $1,352 |
| Supplemental non-cash investing and financing activities: | ||
| Distributions declared but not paid to preferred unitholders | $27,513 | $— |
| Accrued capital expenditures | $26,472 | $15,324 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.