NGL Energy Partners LP
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
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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.
Sep 30, 2024 · Filed Nov 12, 2024
NGL$15.76+1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Financial Statements
Unaudited Condensed Consolidated Balance Sheets
| September 30, 2024 | March 31, 2024 | |
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $4,495 | $38,909 |
| Accounts receivable-trade, net of allowance for expected credit losses of $2,932 and $1,671, respectively | 727,520 | 814,087 |
| Accounts receivable-affiliates | 1,569 | 1,501 |
| Inventories | 193,886 | 130,907 |
| Prepaid expenses and other current assets | 75,990 | 126,933 |
| Assets held for sale | — | 66,597 |
| Total current assets | 1,003,460 | 1,178,934 |
| PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $1,098,141 and $1,011,274, respectively | 2,165,779 | 2,096,702 |
| GOODWILL | 634,282 | 634,282 |
| INTANGIBLE ASSETS, net of accumulated amortization of $343,925 and $332,560, respectively | 915,869 | 939,978 |
| INVESTMENTS IN UNCONSOLIDATED ENTITIES | 20,137 | 20,305 |
| OPERATING LEASE RIGHT-OF-USE ASSETS | 97,756 | 97,155 |
| OTHER NONCURRENT ASSETS | 52,896 | 52,738 |
| Total assets | $4,890,179 | $5,020,094 |
| LIABILITIES AND EQUITY | ||
| CURRENT LIABILITIES: | ||
| Accounts payable-trade | $594,547 | $707,536 |
| Accounts payable-affiliates | 72 | 37 |
| Accrued expenses and other payables | 173,683 | 213,757 |
| Advance payments received from customers | 25,158 | 17,313 |
| Current maturities of long-term debt | 7,865 | 7,000 |
| Operating lease obligations | 27,660 | 31,090 |
| Liabilities held for sale | — | 614 |
| Total current liabilities | 828,985 | 977,347 |
| LONG-TERM DEBT, net of debt issuance costs of $46,997 and $49,178, respectively, and current maturities | 3,121,794 | 2,843,822 |
| OPERATING LEASE OBLIGATIONS | 74,118 | 70,573 |
| OTHER NONCURRENT LIABILITIES | 128,671 | 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 | 179 | — |
| EQUITY: | ||
| General partner, representing a 0.1% interest, 132,145 and 132,645 notional units, respectively | (52,881) | (52,834) |
| Limited partners, representing a 99.9% interest, 132,012,766 and 132,512,766 common units issued and outstanding, respectively | (131,712) | 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 | (99) | (499) |
| Noncontrolling interests | 21,668 | 18,237 |
| Total equity | 185,335 | 448,070 |
| Total liabilities and equity | $4,890,179 | $5,020,094 |
Unaudited Condensed Consolidated Statements of Operations
(in Thousands, except unit and per unit amounts)
| Three Months Ended September 30, | Six Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| REVENUES: | ||||
| Water Solutions | $181,867 | $197,244 | $363,277 | $378,546 |
| Crude Oil Logistics | 243,757 | 489,713 | 523,860 | 954,103 |
| Liquids Logistics | 926,977 | 1,154,139 | 1,852,723 | 2,124,551 |
| Corporate and Other | 74 | — | 74 | — |
| Total Revenues | 1,352,675 | 1,841,096 | 2,739,934 | 3,457,200 |
| COST OF SALES: | ||||
| Water Solutions | (567) | 7,424 | 433 | 9,993 |
| Crude Oil Logistics | 212,148 | 454,927 | 461,645 | 880,226 |
| Liquids Logistics | 909,614 | 1,119,478 | 1,832,325 | 2,066,725 |
| Corporate and Other | — | (3,381) | — | 833 |
| Total Cost of Sales | 1,121,195 | 1,578,448 | 2,294,403 | 2,957,777 |
| OPERATING COSTS AND EXPENSES: | ||||
| Operating | 78,132 | 77,389 | 150,665 | 154,070 |
| General and administrative | 12,179 | 17,496 | 27,193 | 37,787 |
| Depreciation and amortization | 61,931 | 65,526 | 124,150 | 134,505 |
| Loss (gain) on disposal or impairment of assets, net | 1,509 | 16,207 | (9,157) | 15,011 |
| Operating Income | 77,729 | 86,030 | 152,680 | 158,050 |
| OTHER INCOME (EXPENSE): | ||||
| Equity in earnings of unconsolidated entities | 1,522 | 851 | 1,822 | 942 |
| Interest expense | (77,404) | (58,627) | (147,143) | (118,149) |
| Gain on early extinguishment of liabilities, net | — | 63 | — | 6,871 |
| Other income, net | 1,822 | 310 | 1,989 | 616 |
| Income Before Income Taxes | 3,669 | 28,627 | 9,348 | 48,330 |
| INCOME TAX (EXPENSE) BENEFIT | (278) | (342) | 4,518 | (482) |
| Net Income | 3,391 | 28,285 | 13,866 | 47,848 |
| LESS: NET INCOME ATTRIBUTABLE TO NONREDEEMABLE NONCONTROLLING INTERESTS | (932) | (257) | (1,724) | (519) |
| LESS: NET INCOME ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING INTERESTS | (5) | — | (5) | — |
| NET INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP | $2,454 | $28,028 | $12,137 | $47,329 |
| NET LOSS ALLOCATED TO COMMON UNITHOLDERS (NOTE 3) | $(28,270) | $(6,709) | $(47,382) | $(21,191) |
| BASIC AND DILUTED LOSS PER COMMON UNIT | $(0.21) | $(0.05) | $(0.36) | $(0.16) |
| BASIC AND DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING | 132,274,669 | 131,927,343 | 132,393,067 | 131,927,343 |
Unaudited Condensed Consolidated Statements of Comprehensive Income
(in Thousands)
| Three Months Ended September 30, | Six Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net income | $3,391 | $28,285 | $13,866 | $47,848 |
| Other comprehensive income (loss) | 424 | (39) | 400 | (23) |
| Comprehensive income | $3,815 | $28,246 | $14,266 | $47,825 |
Unaudited Condensed Consolidated Statement of Changes in Equity
Six Months Ended September 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 |
| Distributions to preferred unitholders (Note 8) | — | — | — | — | (30,752) | — | — | (30,752) |
| Distributions to noncontrolling interest owners | — | — | — | — | — | — | (930) | (930) |
| Sale of interest in saltwater disposal assets (Note 15) | — | — | — | — | (221) | — | 1,561 | 1,340 |
| Common unit repurchases and cancellations (Note 8) | — | — | — | (500,000) | (2,126) | — | — | (2,126) |
| Net (loss) income | (28) | — | — | — | 2,482 | — | 932 | 3,386 |
| Other comprehensive income | — | — | — | — | — | 424 | — | 424 |
| BALANCE AT SEPTEMBER 30, 2024 | $(52,881) | 14,385,642 | $348,359 | 132,012,766 | $(131,712) | $(99) | $21,668 | $185,335 |
Unaudited Condensed Consolidated Statement of Changes in Equity
Six Months Ended September 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 |
| Distributions to noncontrolling interest owners | — | — | — | — | — | — | (572) | (572) |
| Equity issued pursuant to incentive compensation plan | — | — | — | — | 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 |
Unaudited Condensed Consolidated Statements of Cash Flows
(in Thousands)
| Six Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| OPERATING ACTIVITIES: | ||
| Net income | $13,866 | $47,848 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
| Depreciation and amortization, including amortization of debt issuance costs | 130,215 | 142,998 |
| Gain on early extinguishment of liabilities, net | — | (6,871) |
| Equity-based compensation expense | — | 884 |
| (Gain) loss on disposal or impairment of assets, net | (9,157) | 15,011 |
| Change in provision for expected credit losses | 1,705 | 116 |
| Net adjustments to fair value of derivatives | 9,908 | 1,004 |
| Equity in earnings of unconsolidated entities | (1,822) | (942) |
| Distributions of earnings from unconsolidated entities | 1,853 | 904 |
| Lower of cost or net realizable value adjustments | 3,332 | 7,071 |
| Other | 1,938 | 2,855 |
| Changes in operating assets and liabilities, exclusive of acquisitions: | ||
| Accounts receivable-trade and affiliates | 85,057 | (126,050) |
| Inventories | (71,091) | (115,036) |
| Other current and noncurrent assets | 33,098 | 24,950 |
| Accounts payable-trade and affiliates | (114,290) | 153,001 |
| Other current and noncurrent liabilities | (95,953) | (16,643) |
| Net cash (used in) provided by operating activities | (11,341) | 131,100 |
| INVESTING ACTIVITIES: | ||
| Capital expenditures | (149,545) | (80,443) |
| Net settlements of derivatives | 12,745 | (16,461) |
| Proceeds from sales of assets | 18,556 | 23,908 |
| Proceeds from divestitures of businesses and investments, net | 68,500 | 16,000 |
| Investments in unconsolidated entities | (106) | (258) |
| Distributions of capital from unconsolidated entities | 243 | 486 |
| Net cash used in investing activities | (49,607) | (56,768) |
| FINANCING ACTIVITIES: | ||
| Proceeds from borrowings under ABL Facility | 837,000 | 965,000 |
| Payments on ABL Facility | (563,000) | (947,000) |
| Payments on Term Loan B | (3,500) | — |
| Proceeds from borrowings on other long-term debt | 6,360 | — |
| Payments on other long-term debt | (204) | — |
| Repayment and repurchase of senior unsecured notes | — | (91,982) |
| Debt issuance costs | (2,480) | (1,242) |
| Contributions from noncontrolling interest owners | 1,793 | — |
| Distributions to preferred unitholders | (245,604) | — |
| Distributions to noncontrolling interest owners | (1,473) | (949) |
| Common unit repurchases and cancellations | (2,126) | — |
| Payments to settle contingent consideration liabilities | (481) | (902) |
| Net settlements of derivatives | 258 | — |
| Principal payments of finance lease | (9) | (8) |
| Net cash provided by (used in) financing activities | 26,534 | (77,083) |
| Net decrease in cash and cash equivalents | (34,414) | (2,751) |
| Cash and cash equivalents, beginning of period | 38,909 | 5,431 |
| Cash and cash equivalents, end of period | $4,495 | $2,680 |
| Supplemental cash flow information: | ||
| Cash interest paid | $166,758 | $118,516 |
| Income taxes paid (net of income tax refunds) | $5,527 | $2,056 |
| Supplemental non-cash investing and financing activities: | ||
| Distributions declared but not paid to preferred unitholders | $30,752 | $— |
| Accrued capital expenditures | $28,891 | $10,583 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.