- Net loss for the first quarter of
Fiscal 2018 was $63.7 million, compared to net income for the first
quarter of Fiscal 2017 of $182.8 million, which included $228.8
million of one-time gains
- Adjusted EBITDA for the first
quarter of Fiscal 2018 was $38.8 million, compared to $63.8 million
for the first quarter of Fiscal 2017, primarily lower as a result
of the Partnership’s refined products business
- Growth capital expenditures and
other investments totaled approximately $49.7 million during the
first quarter, the majority of which was related to investments in
the Water Solutions segment
- Issued 8,400,000 Class B Preferred
Units for net proceeds of $203.0 million which were used to reduce
indebtedness
- Fiscal 2018 Adjusted EBITDA target
has been updated to approximately $475 million to $500
million
NGL Energy Partners LP (NYSE:NGL) (“NGL” or the “Partnership”)
today reported a net loss for the quarter ended June 30, 2017
of $63.7 million, compared to net income of $182.8 million for the
quarter ended June 30, 2016, which included a $104.1 million
gain on the sale of the TLP common units and an adjustment of
$124.7 million to reduce the estimated goodwill impairment charge
recorded during the fourth quarter of fiscal year 2016. Adjusted
EBITDA was $38.8 million for the quarter ended June 30, 2017,
compared to $63.8 million for the quarter ended June 30, 2016.
Distributable Cash Flow was a negative $14.6 million for the
quarter ended June 30, 2017, compared to a positive $29.3
million for the quarter ended June 30, 2016.
“We continue to see significant improvement in the Water
Solutions segment and volume growth on Grand Mesa, both of which
are exceeding our expectations at this point in the year and
continue to show positive momentum,” stated CEO Mike Krimbill. “Our
first quarter results were impacted by the continued challenges
facing our Refined Products segment. We have made adjustments to
marketing contracts and reduced shipments on our allocated line
space, as well as purchased third-party line space when values are
negative. This effort will reduce volatility in earnings and
improve the performance of this segment going forward, which we
have already realized in the month of July.”
Quarterly Results of Operations
The following table summarizes operating income (loss) and
Adjusted EBITDA by operating segment for the periods indicated:
Quarter Ended June 30, 2017 June 30,
2016 Operating Adjusted Operating
Adjusted Income (Loss) EBITDA Income
(Loss) EBITDA (in thousands) Crude Oil Logistics
$ 4,357 $ 25,805 $ (625 ) $ 9,751 Refined Products and Renewables
14,496 (7,799 ) 149,769 37,332 Liquids (8,772 ) (1,261 ) (57 )
5,550 Retail Propane (5,868 ) 6,596 (2,502 ) 7,425 Water Solutions
(1,154 ) 22,052 79,464 10,351 Corporate and Other (17,726 ) (6,609
) (32,149 ) (6,600 ) Total $ (14,667 ) $ 38,784 $ 193,900
$ 63,809
The tables included in this release reconcile operating income
(loss) to Adjusted EBITDA, a non-GAAP financial measure, for each
of our operating segments.
Crude Oil Logistics
The Partnership’s Crude Oil Logistics segment generated Adjusted
EBITDA of $25.8 million during the quarter ended June 30,
2017, compared to $9.8 million during the quarter ended
June 30, 2016. The Partnership’s Grand Mesa Pipeline commenced
commercial operations on November 1, 2016 and contributed Adjusted
EBITDA of approximately $30.0 million during the first quarter of
Fiscal 2018 as physical volumes averaged 74,354 barrels per day.
Volumes have continued to increase throughout the current quarter
as production in the DJ Basin grows. The average contract term on
the pipeline is approximately nine years, and all contracts are
fee-based with volume commitments which step up in the second and
third years of operations.
The Crude Oil Logistics segment continued to be impacted by
increased competition and lower margins in the majority of the
basins across the United States. The Partnership continues to
market crude volumes in this lower price environment to support its
various pipeline, terminal and transportation assets.
Refined Products and Renewables
The Partnership’s Refined Products and Renewables segment
generated negative Adjusted EBITDA of $7.8 million during the
quarter ended June 30, 2017, compared to positive Adjusted
EBITDA of $37.3 million during the quarter ended June 30,
2016. The results for the quarter ended June 30, 2017 were
negatively impacted by the continued decline in gasoline line space
values on the Colonial Pipeline that impacted marketing margins,
discretionary terminal volume profitability and line space sales.
The Partnership has taken numerous steps to address the impact of
the line space on its future results, including renegotiating
existing contracts that limit volatility, reducing shipments on
allocated space and purchasing line space at discounted values.
Management expects its results from this segment to improve
throughout the remainder of this fiscal year as variability in
earnings tied to line space is reduced.
Refined product barrels sold during the quarter ended
June 30, 2017 totaled approximately 42.3 million barrels, and
increased by approximately 11.5 million barrels compared to the
same period in the prior year, as a result of the increase in
pipeline capacity rights purchased over the previous year and an
expansion of our refined products operations. Renewable barrels
sold during the quarter ended June 30, 2017 were approximately
1.6 million, compared to approximately 1.8 million during the
quarter ended June 30, 2016.
Liquids
The Partnership’s Liquids segment generated negative Adjusted
EBITDA of $1.3 million during the quarter ended June 30, 2017,
compared to positive Adjusted EBITDA of $5.6 million during the
quarter ended June 30, 2016. Our Liquids segment continued to
be negatively impacted by declining prices that reduced margins,
unrecovered railcar costs and excess storage capacity. Total
product margin per gallon was $0.004 for the quarter ended
June 30, 2017, compared to $0.023 for the quarter ended
June 30, 2016. Propane volumes increased by approximately 20.4
million gallons, or 10.0%, during the quarter ended June 30,
2017 when compared to the quarter ended June 30, 2016. Butane
volumes decreased by approximately 4.8 million gallons, or 5.0%,
during the quarter ended June 30, 2017 when compared to the
quarter ended June 30, 2016. Other Liquids volumes increased
by approximately 11.0 million gallons, or 13.7%, during the quarter
ended June 30, 2017 when compared to the same period in the
prior year. The increase in overall volumes is primarily
attributable to new long-term marketing agreements as well as the
acquisition of certain natural gas liquid terminals from Murphy
Energy Corporation.
Retail Propane
The Partnership’s Retail Propane segment generated Adjusted
EBITDA of $6.6 million during the quarter ended June 30, 2017,
compared to $7.4 million during the quarter ended June 30,
2016. Propane sold during the quarter ended June 30, 2017
increased by approximately 1.6 million gallons, or 6.4%, when
compared to the quarter ended June 30, 2016, primarily due to
acquisitions made during the previous year. Distillates sold during
the quarter ended June 30, 2017 decreased by approximately 0.9
million gallons when compared to the quarter ended June 30,
2016 due to warmer weather. Total product margin per gallon was
$0.976 for the quarter ended June 30, 2017, compared to $0.958
for the quarter ended June 30, 2016. The increase in product
margin was offset by increased operating expenses and integration
costs due to the acquisitions made during the previous year.
Water Solutions
The Partnership’s Water Solutions segment generated Adjusted
EBITDA of $22.1 million during the quarter ended June 30,
2017, compared to $10.4 million during the quarter ended
June 30, 2016. The Partnership processed approximately 624,000
barrels of wastewater per day during the quarter ended
June 30, 2017, compared to approximately 452,000 barrels of
wastewater per day during the quarter ended June 30, 2016. The
segment continued to benefit from the increased rig counts in the
basins in which it operates, particularly in the Permian and DJ
Basins. Revenues from recovered hydrocarbons totaled $10.0 million
for the quarter ended June 30, 2017, an increase of $2.8
million over the prior year period, related to increased crude oil
prices and volumes.
Corporate and Other
The Adjusted EBITDA for Corporate and Other was a negative $6.6
million for both the quarter ended June 30, 2017 and the
quarter ended June 30, 2016.
Capitalization and Liquidity
In June 2017, the Partnership issued 8,400,000 of 9.00% Class B
Cumulative Perpetual Redeemable Preferred Units and received net
proceeds from the issuance of $203.0 million, which were used to
reduce the outstanding balance on its revolving credit facility and
fund the repurchase of $55.0 million of senior secured notes and
$17.2 million of senior notes. The Partnership amended and restated
its revolving credit facility during the quarter, which included
modifying its financial covenants for the quarters ending June 30,
2017, September 30, 2017 and December 31, 2017.
Total long-term debt outstanding, excluding working capital
borrowings, was $2.065 billion at June 30, 2017 compared to
$2.149 billion at March 31, 2017, a decrease of $84.2 million.
Working capital borrowings totaled $769.5 million at June 30,
2017 compared to $814.5 million at March 31, 2017, a decrease
of $45.0 million driven primarily by a reduction in accounts
receivable during the quarter. Working capital borrowings, which
are fully secured by the Partnership’s net working capital, are
subject to a borrowing base and are excluded from the Partnership’s
debt compliance ratios. Total liquidity (cash plus available
capacity on our revolving credit facility) was approximately $943.3
million as of June 30, 2017.
First Quarter Conference Call Information
A conference call to discuss NGL’s results of operations is
scheduled for 11:00 am Eastern Time (10:00 am Central
Time) on Thursday, August 3, 2017. Analysts, investors, and
other interested parties may access the conference call by dialing
(800) 291-4083 and providing access code 57423334. An archived
audio replay of the conference call will be available for 7 days
beginning at 2:00 pm Eastern Time (1:00 pm Central Time)
on August 3, 2017, which can be accessed by dialing
(855) 859-2056 and providing access code 57423334.
Non-GAAP Financial Measures
NGL defines EBITDA as net income (loss) attributable to NGL
Energy Partners LP, plus interest expense, income tax expense
(benefit), and depreciation and amortization expense. NGL defines
Adjusted EBITDA as EBITDA excluding net unrealized gains and losses
on derivatives, lower of cost or market adjustments, gains and
losses on disposal or impairment of assets, gain on early
extinguishment of liabilities, revaluation of investments,
equity-based compensation expense, acquisition expense and other.
NGL also includes in Adjusted EBITDA certain inventory valuation
adjustments related to NGL’s Refined Products and Renewables
segment, as discussed below. EBITDA and Adjusted EBITDA should not
be considered alternatives to net (loss) income, (loss) income
before income taxes, cash flows from operating activities, or any
other measure of financial performance calculated in accordance
with GAAP, as those items are used to measure operating
performance, liquidity or the ability to service debt obligations.
NGL believes that EBITDA provides additional information to
investors for evaluating NGL’s ability to make quarterly
distributions to NGL’s unitholders and is presented solely as a
supplemental measure. NGL believes that Adjusted EBITDA provides
additional information to investors for evaluating NGL’s financial
performance without regard to NGL’s financing methods, capital
structure and historical cost basis. Further, EBITDA and Adjusted
EBITDA, as NGL defines them, may not be comparable to EBITDA,
Adjusted EBITDA, or similarly titled measures used by other
entities.
Other than for NGL’s Refined Products and Renewables segment,
for purposes of the Adjusted EBITDA calculation, NGL makes a
distinction between realized and unrealized gains and losses on
derivatives. During the period when a derivative contract is open,
NGL records changes in the fair value of the derivative as an
unrealized gain or loss. When a derivative contract matures or is
settled, NGL reverses the previously recorded unrealized gain or
loss and record a realized gain or loss. NGL does not draw such a
distinction between realized and unrealized gains and losses on
derivatives of NGL’s Refined Products and Renewables segment. The
primary hedging strategy of NGL’s Refined Products and Renewables
segment is to hedge against the risk of declines in the value of
inventory over the course of the contract cycle, and many of the
hedges are six months to one year in duration at inception. The
“inventory valuation adjustment” row in the reconciliation table
reflects the difference between the market value of the inventory
of NGL’s Refined Products and Renewables segment at the balance
sheet date and its cost. NGL includes this in Adjusted EBITDA
because the unrealized gains and losses associated with derivative
contracts associated with the inventory of this segment, which are
intended primarily to hedge inventory holding risk and are included
in net income, also affect Adjusted EBITDA.
Distributable Cash Flow is defined as Adjusted EBITDA minus
maintenance capital expenditures, cash income taxes and cash
interest expense. Maintenance capital expenditures represent
capital expenditures necessary to maintain the Partnership’s
operating capacity. Distributable Cash Flow is a performance metric
used by senior management to compare cash flows generated by the
Partnership (excluding growth capital expenditures and prior to the
establishment of any retained cash reserves by the Board of
Directors) to the cash distributions expected to be paid to
unitholders. Using this metric, management can quickly compute the
coverage ratio of estimated cash flows to planned cash
distributions. This financial measure also is important to
investors as an indicator of whether the Partnership is generating
cash flow at a level that can sustain, or support an increase in,
quarterly distribution rates. Actual distribution amounts are set
by the Board of Directors.
Forward Looking Statements
This press release includes “forward-looking statements.” All
statements other than statements of historical facts included or
incorporated herein may constitute forward-looking statements.
Actual results could vary significantly from those expressed or
implied in such statements and are subject to a number of risks and
uncertainties. While NGL believes such forward-looking statements
are reasonable, NGL cannot assure they will prove to be correct.
The forward-looking statements involve risks and uncertainties that
affect operations, financial performance, and other factors as
discussed in filings with the Securities and Exchange Commission.
Other factors that could impact any forward-looking statements are
those risks described in NGL’s Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q, and other public filings. You are
urged to carefully review and consider the cautionary statements
and other disclosures made in those filings, specifically those
under the heading “Risk Factors.” NGL undertakes no obligation to
publicly update or revise any forward-looking statements except as
required by law.
NGL provides Adjusted EBITDA guidance that does not include
certain charges and costs, which in future periods are generally
expected to be similar to the kinds of charges and costs excluded
from Adjusted EBITDA in prior periods, such as income taxes,
interest and other non-operating items, depreciation and
amortization, net unrealized gains and losses on derivatives, lower
of cost or market adjustments, gains and losses on disposal or
impairment of assets, equity-based compensation,
acquisition-related expense, revaluation of liabilities and items
that are unusual in nature or infrequently occurring. The exclusion
of these charges and costs in future periods will have a
significant impact on the Partnership’s Adjusted EBITDA, and the
Partnership is not able to provide a reconciliation of its
Adjusted EBITDA guidance to net income (loss) without unreasonable
efforts due to the uncertainty and variability of the nature and
amount of these future charges and costs and the Partnership
believes that such reconciliation, if possible, would imply a
degree of precision that would be potentially confusing or
misleading to investors.
About NGL Energy Partners LP
NGL Energy Partners LP is a Delaware limited partnership. NGL
owns and operates a vertically integrated energy business with five
primary businesses: Crude Oil Logistics, Water Solutions, Liquids,
Retail Propane and Refined Products and Renewables. NGL completed
its initial public offering in May 2011. For further
information, visit the Partnership’s website at
www.nglenergypartners.com.
On May 26, 2017, the Partnership filed its Annual Report on Form
10-K for the year ended March 31, 2017 with the Securities and
Exchange Commission. A copy of our Form 10-K can be found on the
Partnership’s website at www.nglenergypartners.com. Unitholders may
also request, free of charge, a hard copy of our Form 10-K.
NGL ENERGY PARTNERS LP AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets (in
Thousands, except unit amounts) June 30, 2017
March 31, 2017 ASSETS CURRENT ASSETS: Cash and cash
equivalents $ 19,548 $ 12,264 Accounts receivable-trade, net of
allowance for doubtful accounts of $5,407 and $5,234, respectively
652,729 800,607 Accounts receivable-affiliates 1,552 6,711
Inventories 563,093 561,432 Prepaid expenses and other current
assets 96,812 103,193 Total current assets 1,333,734
1,484,207 PROPERTY, PLANT AND EQUIPMENT, net of accumulated
depreciation of $400,857 and $375,594, respectively 1,769,618
1,790,273 GOODWILL 1,451,716 1,451,716 INTANGIBLE ASSETS, net of
accumulated amortization of $447,392 and $414,605, respectively
1,130,073 1,163,956 INVESTMENTS IN UNCONSOLIDATED ENTITIES 190,948
187,423 LOAN RECEIVABLE-AFFILIATE 3,700 3,200 OTHER NONCURRENT
ASSETS 238,926 239,604 Total assets $ 6,118,715
$ 6,320,379
LIABILITIES AND EQUITY CURRENT
LIABILITIES: Accounts payable-trade $ 522,155 $ 658,021 Accounts
payable-affiliates 1,777 7,918 Accrued expenses and other payables
192,849 207,125 Advance payments received from customers 57,071
35,944
Current maturities of long-term debt
42,793 29,590 Total current liabilities 816,645
938,598 LONG-TERM DEBT, net of debt issuance costs of $31,007 and
$33,458, respectively, and current maturities 2,834,325 2,963,483
OTHER NONCURRENT LIABILITIES 176,568 184,534 CLASS A 10.75%
CONVERTIBLE PREFERRED UNITS, 19,942,169 and 19,942,169 preferred
units issued and outstanding, respectively 67,048 63,890 REDEEMABLE
NONCONTROLLING INTEREST 3,251 3,072 EQUITY: General partner,
representing a 0.1% interest, 120,974 and 120,300 notional units,
respectively (50,648 ) (50,529 ) Limited partners, representing a
99.9% interest, 120,853,481 and 120,179,407 common units issued and
outstanding, respectively 2,063,467 2,192,413 Class B preferred
limited partners, 8,400,000 and 0 preferred units issued and
outstanding, respectively 202,977 — Accumulated other comprehensive
loss (2,203 ) (1,828 ) Noncontrolling interests 7,285 26,746
Total equity 2,220,878 2,166,802 Total
liabilities and equity $ 6,118,715 $ 6,320,379
NGL ENERGY PARTNERS LP AND SUBSIDIARIES Unaudited
Condensed Consolidated Statements of Operations (in
Thousands, except unit and per unit amounts) Three
Months Ended June 30, 2017 2016 REVENUES:
Crude Oil Logistics $ 504,915 $ 425,951 Water Solutions 46,967
35,753 Liquids 277,814 205,049 Retail Propane 67,072 60,387 Refined
Products and Renewables 2,884,637 1,994,563 Other 161 267
Total Revenues 3,781,566 2,721,970 COST OF SALES: Crude Oil
Logistics 469,470 405,230 Water Solutions 153 5,201 Liquids 271,074
190,992 Retail Propane 29,636 24,820 Refined Products and
Renewables 2,871,702 1,940,087 Other 73 110 Total
Cost of Sales 3,642,108 2,566,440 OPERATING COSTS AND EXPENSES:
Operating 76,469 75,172 General and administrative 24,991 41,871
Depreciation and amortization 63,879 48,906 Gain on disposal or
impairment of assets, net (11,214 ) (204,319 ) Operating (Loss)
Income (14,667 ) 193,900 OTHER INCOME (EXPENSE): Equity in earnings
of unconsolidated entities 1,816 394 Revaluation of investments —
(14,365 ) Interest expense (49,226 ) (30,438 ) (Loss) gain on early
extinguishment of liabilities, net (3,281 ) 29,952 Other income,
net 2,110 3,772 (Loss) Income Before Income Taxes
(63,248 ) 183,215 INCOME TAX EXPENSE (459 ) (462 ) Net (Loss)
Income (63,707 ) 182,753 LESS: NET INCOME ATTRIBUTABLE TO
NONCONTROLLING INTERESTS (52 ) (5,833 ) LESS: NET LOSS ATTRIBUTABLE
TO REDEEMABLE NONCONTROLLING INTERESTS 397 — NET
(LOSS) INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP (63,362 )
176,920 LESS: DISTRIBUTIONS TO PREFERRED UNITHOLDERS (9,684 )
(3,384 ) LESS: NET LOSS (INCOME) ALLOCATED TO GENERAL PARTNER 40
(203 ) LESS: REPURCHASE OF WARRANTS (349 ) — NET (LOSS)
INCOME ALLOCATED TO COMMON UNITHOLDERS $ (73,355 ) $ 173,333
BASIC (LOSS) INCOME PER COMMON UNIT $ (0.61 ) $ 1.66 DILUTED
(LOSS) INCOME PER COMMON UNIT $ (0.61 ) $ 1.38 BASIC
WEIGHTED AVERAGE COMMON UNITS OUTSTANDING 120,535,909
104,169,573 DILUTED WEIGHTED AVERAGE COMMON UNITS
OUTSTANDING 120,535,909 128,453,733
EBITDA, ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW RECONCILIATION
(Unaudited)
The following table reconciles NGL’s net
(loss) income to NGL’s EBITDA, Adjusted EBITDA and Distributable
Cash Flow:
Three Months Ended June 30, 2017
2016 (in thousands) Net (loss) income $ (63,707 ) $
182,753 Less: Net income attributable to noncontrolling interests
(52 ) (5,833 ) Less: Net loss attributable to redeemable
noncontrolling interests 397 — Net (loss) income
attributable to NGL Energy Partners LP (63,362 ) 176,920 Interest
expense 49,278 30,308 Income tax expense 459 462 Depreciation and
amortization 68,063 52,580 EBITDA 54,438 260,270 Net
unrealized (gains) losses on derivatives (2,001 ) 927 Inventory
valuation adjustment (1) (19,182 ) (6,837 ) Lower of cost or market
adjustments 4,078 501 Gain on disposal or impairment of assets, net
(11,213 ) (204,355 ) Loss (gain) on early extinguishment of
liabilities, net 3,281 (29,952 ) Revaluation of investments —
14,365 Equity-based compensation expense (2) 8,821 22,334
Acquisition expense (3) (318 ) 437 Other (4) 880 6,119
Adjusted EBITDA 38,784 63,809 Less: Cash interest expense
46,371 27,754 Less: Cash income taxes 459 462 Less: Maintenance
capital expenditures 6,527 6,295 Distributable Cash
Flow $ (14,573 ) $ 29,298
______
(1) Amount reflects the difference between the market value
of the inventory of NGL’s Refined Products and Renewables segment
at the balance sheet date and its cost. See “Non-GAAP Financial
Measures” section above for a further discussion. (2)
Equity-based compensation expense in the table above may differ
from equity-based compensation expense reported in the footnotes to
our unaudited condensed consolidated financial statements included
in the Quarterly Report on Form 10-Q. Amounts reported in the table
above include expense accruals for bonuses expected to be paid in
common units, whereas the amounts reported in the footnotes to our
unaudited condensed consolidated financial statements only include
expenses associated with equity-based awards that have been
formally granted. (3) The amount for the three months ended
June 30, 2017 represents reimbursement for certain legal costs
incurred in prior periods, partially offset by expenses we incurred
related to legal and advisory costs associated with acquisitions.
The amount for the three months ended June 30, 2016 represents
expenses we incurred related to legal and advisory costs associated
with acquisitions. (4) The amount for the three months ended
June 30, 2017 represents non-cash operating expenses related to our
Grand Mesa Pipeline. The amount for the three months ended June 30,
2016 represents adjustments related to noncontrolling interests and
the non-cash valuation adjustment of contingent consideration
liabilities, offset by the cash payments, related to royalty
agreements acquired as part of acquisitions in our Water Solutions
segment.
ADJUSTED EBITDA RECONCILIATION BY
SEGMENT
Three Months Ended June 30, 2017
Refined Products
Corporate Crude Oil Water Retail
and and Logistics Solutions
Liquids Propane Renewables Other
Consolidated (in thousands) Operating income (loss) $
4,357 $ (1,154 ) $ (8,772 ) $ (5,868 ) $ 14,496 $ (17,726 ) $
(14,667
)
Depreciation and amortization 20,835 24,008 6,330 11,462 324 920
63,879 Amortization recorded to cost of sales 85 — 70 — 1,430 —
1,585 Net unrealized (gains) losses on derivatives (659 ) — (1,369
) 27 — —
(2,001
)
Inventory valuation adjustment — — — — (19,182 ) —
(19,182
)
Lower of cost or market adjustments — — 2,476 — 1,602 — 4,078
(Gain) loss on disposal or impairment of assets, net (3,559 ) (730
) — 603 (7,528 ) —
(11,214
)
Equity-based compensation expense — — — — — 8,821 8,821 Acquisition
expense — — — — — (318 )
(318
)
Other income, net 44 18 4 182 168 1,694 2,110 Adjusted EBITDA
attributable to unconsolidated entities 3,822 154 — 8 891 — 4,875
Adjusted EBITDA attributable to noncontrolling interest — (244 ) —
182 — —
(62
)
Other 880 — — — — — 880
Adjusted EBITDA $ 25,805 $ 22,052 $ (1,261 ) $
6,596 $ (7,799 ) $ (6,609 ) $ 38,784
Three
Months Ended June 30, 2016 Refined Products
Corporate Crude Oil Water Retail
and and Logistics Solutions
Liquids Propane Renewables Other
Consolidated (in thousands) Operating (loss) income $
(625 ) $ 79,464 $ (57 ) $ (2,502 ) $ 149,769 $ (32,149 ) $ 193,900
Depreciation and amortization 8,968 24,434 4,449 9,687 417 951
48,906 Amortization recorded to cost of sales 84 — 195 — 1,317 —
1,596 Net unrealized (gains) losses on derivatives (1,394 ) 1,359
892 70 — — 927 Inventory valuation adjustment — — — — (6,837 ) —
(6,837
)
Lower of cost or market adjustments — — — — 501 — 501 Loss (gain)
on disposal or impairment of assets, net 1,485 (94,270 ) 32 31
(111,597 ) —
(204,319
)
Equity-based compensation expense — — — — — 22,334 22,334
Acquisition expense — — — 2 — 435 437 Other (expense) income, net
(1,455 ) 310 39 181 2,868 1,829 3,772 Adjusted EBITDA attributable
to unconsolidated entities 2,688 (109 ) — (166 ) 894 — 3,307
Adjusted EBITDA attributable to noncontrolling interest —
(837 ) — 122 — —
(715
)
Adjusted EBITDA $ 9,751 $ 10,351 $ 5,550 $
7,425 $ 37,332 $ (6,600 ) $ 63,809
OPERATIONAL DATA (Unaudited)
Three Months
Ended June 30, 2017 2016 (in
thousands, except per day amounts) Crude Oil Logistics:
Crude oil sold (barrels) 10,020 9,541 Crude oil transported on
owned pipelines (barrels) 6,766 — Crude oil storage capacity -
owned and leased (barrels) (1) 6,324 6,115 Crude oil inventory
(barrels) (1) 1,778 1,684
Water Solutions: Wastewater
processed (barrels per day) Eagle Ford Basin 220,579 218,576
Permian Basin 232,105 136,351 DJ Basin 112,437 57,228 Other Basins
58,979 40,282 Total 624,100 452,437 Solids processed
(barrels per day) 4,168 2,765 Skim oil sold (barrels per day) 2,525
2,000
Liquids: Propane sold (gallons) 224,733 204,284
Butane sold (gallons) 91,517 96,308 Other products sold (gallons)
90,611 79,660 Liquids storage capacity - leased and owned (gallons)
(1) 453,971 358,537 Propane inventory (gallons) (1) 94,488 112,756
Butane inventory (gallons) (1) 76,047 48,509 Other products
inventory (gallons) (1) 6,977 9,285
Retail Propane:
Propane sold (gallons) 27,248 25,616 Distillates sold (gallons)
4,504 5,417 Propane inventory (gallons) (1) 9,868 8,539 Distillates
inventory (gallons) (1) 2,022 2,166
Refined Products and
Renewables: Gasoline sold (barrels) 28,516 19,944 Diesel sold
(barrels) 13,798 10,859 Ethanol sold (barrels) 1,014 1,030
Biodiesel sold (barrels) 627 751 Refined Products and Renewables
storage capacity - leased (barrels) (1) 9,225 7,140 Gasoline
inventory (barrels) (1) 2,748 2,532 Diesel inventory (barrels) (1)
1,973 2,391 Ethanol inventory (barrels) (1) 586 426 Biodiesel
inventory (barrels) (1) 255 240
______
(1) Information is presented as of
June 30, 2017 and June 30, 2016, respectively.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170803005396/en/
NGL Energy Partners LPTrey Karlovich, 918-481-1119Chief
Financial Officer and Executive Vice
PresidentTrey.Karlovich@nglep.comorLinda Bridges, 918-481-1119Vice
President - Finance and TreasurerLinda.Bridges@nglep.com
NGL Energy Partners (NYSE:NGL)
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From Mar 2024 to Apr 2024
NGL Energy Partners (NYSE:NGL)
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From Apr 2023 to Apr 2024