NGL Energy Partners LP (NYSE:NGL) (“NGL,” “our,” “we,” or the
“Partnership”) today reported net income for the quarter ended June
30, 2019 of $8.0 million, compared to a net loss of $169.3 million
for the quarter ended June 30, 2018.
Highlights include:
- Adjusted EBITDA for the first quarter of Fiscal 2020 was
$86.8 million, which includes an $11.2 million loss related to our
Refined Products and Renewables segment for the period, compared to
$80.3 million for the first quarter of Fiscal 2019
- Announced the sale of a significant portion of the
Partnership’s Refined Products business for approximately $300
million, including equity consideration, inventory and net working
capital, based on June 30, 2019 values and subject to actual values
at closing
- Closed the acquisition of the assets of Mesquite Disposals
Unlimited, LLC (“Mesquite”) on July 2, 2019
- Issued 1,800,000 of 9.625% Class C Fixed-to-Floating Rate
Cumulative Redeemable Perpetual Preferred Units for net proceeds of
$42.6 million and $450 million of 7.500% Senior Notes Due 2026 for
net proceeds of $442.1 million
- Redeemed all $240 million of Class A Preferred Units at a
total cost of $265.1 million plus accrued and unpaid
distributions
- Growth capital expenditures, including acquisitions and
other investments, totaled approximately $214.7 million during the
first fiscal quarter of Fiscal 2020, of which approximately $197.9
million related to investments in the Partnership’s Water Solutions
segment
- Fiscal 2020 Adjusted EBITDA guidance target of $600 million
remains unchanged
“With our accomplishments over the past several months, we
continue to significantly improve the stability of cash flow and
focus on our three core businesses,” stated Mike Krimbill, NGL’s
CEO. “Each of those core operating units is performing at or above
our expectations while experiencing significant growth in our Water
Solutions and Liquids platforms, as evidenced by our recent
Mesquite disposal system and DCP terminal acquisitions. With the
Refined Products transaction we announced this morning, we will
reduce indebtedness and the volatility of our earnings.”
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, 2019
June 30, 2018
Operating Income
(Loss)
Adjusted EBITDA
Operating Income
(Loss)
Adjusted EBITDA
(in thousands)
Crude Oil Logistics
$
33,802
$
52,074
$
(99,738
)
$
30,441
Liquids
8,484
12,413
2,623
10,841
Water Solutions
13,689
41,089
969
38,597
Refined Products and Renewables
5,920
(11,235
)
29,022
3,763
Corporate and Other
(15,342
)
(7,581
)
(17,430
)
(8,880
)
Discontinued Operations
—
—
—
5,552
Total
$
46,553
$
86,760
$
(84,554
)
$
80,314
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 $52.1 million during the quarter ended June 30, 2019,
compared to $30.4 million during the quarter ended June 30, 2018.
Results for the first quarter of Fiscal 2020 improved compared to
the same quarter in Fiscal 2019 due to increased volumes on Grand
Mesa Pipeline and improved marketing margins. Financial volumes on
Grand Mesa Pipeline averaged approximately 133,000 barrels per day
during the quarter ended June 30, 2019, compared to approximately
112,000 barrels per day in the prior year quarter.
Liquids
The Partnership’s Liquids segment generated Adjusted EBITDA of
$12.4 million during the quarter ended June 30, 2019, compared to
$10.8 million during the quarter ended June 30, 2018. This increase
was driven by increased volumes and product margins, which were
partially offset by lower commodity prices. The increase in overall
volumes and margin is primarily attributable to our business
development efforts and the March 2019 acquisition of terminals in
the northeast from DCP Midstream, LP.
Total product margin per gallon was $0.047 for the quarter ended
June 30, 2019, compared to $0.031 for the quarter ended June 30,
2018. This increase was primarily the result of increased butane
product margins due to increased volumes and margins on volumes
sold into the export market through the newly acquired Chesapeake
terminal, which were partially offset by decreasing propane prices
over the quarter.
Propane volumes increased by approximately 11.5 million gallons,
or 4.9%, during the quarter ended June 30, 2019 compared to the
quarter ended June 30, 2018. Butane volumes increased by
approximately 29.5 million gallons, or 26.1%, during the quarter
ended June 30, 2019 compared to the quarter ended June 30, 2018.
Other Liquids volumes increased by approximately 2.3 million
gallons, or 1.9%, during the quarter ended June 30, 2019 compared
to the same period in the prior year.
Water Solutions
The Partnership’s Water Solutions segment generated Adjusted
EBITDA of $41.1 million during the quarter ended June 30, 2019,
compared to $38.6 million during the quarter ended June 30, 2018.
The Partnership processed approximately 849,000 barrels of
wastewater per day during the quarter ended June 30, 2019, a 7.7%
decrease when compared to approximately 920,000 barrels of
wastewater per day during the quarter ended June 30, 2018. The
decrease in volumes is due to the sale of our Bakken and South
Pecos water disposal businesses during the fiscal year ended March
31, 2019, which was partially offset by wastewater processed at
facilities acquired from acquisitions and newly developed
facilities. On July 2, 2019, we closed the acquisition of the
assets of Mesquite, which are expected to generate $110.0 million -
$120.0 million of Adjusted EBITDA over the next year.
Revenues from recovered hydrocarbons, including the impact from
skim oil hedges, totaled $17.4 million for the quarter ended June
30, 2019, an increase of $10.8 million from the prior year period.
Skim oil volumes were lower primarily as a result of the sale of
our Bakken and South Pecos water disposal businesses.
Refined Products and Renewables
The Partnership’s Refined Products and Renewables segment
generated Adjusted EBITDA of $(11.2) million during the quarter
ended June 30, 2019, compared to $3.8 million during the quarter
ended June 30, 2018. The results for the quarter ended June 30,
2019 were negatively impacted by lower inventory valuations
resulting from lower Gulf Coast gasoline and diesel prices. The
segment was also impacted by negative ethanol margins as a result
of volatility in ethanol prices during the period.
Refined product barrels sold during the quarter ended June 30,
2019 totaled approximately 68.2 million barrels, an increase of
approximately 15.7 million barrels compared to the same period in
the prior year due to an increase in bulk sales volumes. Renewables
barrels sold during the quarter ended June 30, 2019 totaled
approximately 0.8 million, which was slightly lower than the same
period in the prior year.
The Partnership announced a sale of a portion of this operating
segment for approximately $300 million, which is expected to close
by September 30, 2019. Based on this transaction and the results to
date, the Partnership is adjusting its Fiscal 2020 Adjusted EBITDA
range for this segment to $15 million to $30 million.
Corporate and Other
Adjusted EBITDA for Corporate and Other was $(7.6) million
during the quarter ended June 30, 2019, compared to $(8.9) million
during the quarter ended June 30, 2018. The reduction in costs was
due primarily to legal costs related to certain litigation matters
that were resolved or litigated in Fiscal 2019.
Capitalization and Liquidity
Total debt outstanding, excluding working capital borrowings,
was $1.693 billion at June 30, 2019 compared to $1.265 billion at
March 31, 2019, an increase of $427.8 million which primarily
relates to the redemption of the Class A Preferred Units and growth
capital expenditures during the period. The Partnership’s Leverage
Ratio (as defined in our Credit Agreement) was approximately 3.47x
at June 30, 2019. On April 2, 2019, the Partnership issued
1,800,000 of 9.625% Class C Fixed-to-Floating Rate Cumulative
Redeemable Perpetual Preferred Units for net proceeds of $42.6
million and issued $450 million of 7.500% Senior Notes Due 2026 for
net proceeds of $442.1 million. Net proceeds from the issuances
were used to repay indebtedness under the Partnership’s revolving
credit facility, a portion of which was re-borrowed to redeem all
$240 million of the Class A Preferred Units at a total cost of
$265.1 million, plus accrued and unpaid distributions.
Working capital borrowings totaled $895.0 million at June 30,
2019 compared to $896.0 million at March 31, 2019, a decrease of
$1.0 million. Total liquidity (cash plus available capacity on our
revolving credit facility) was approximately $495.7 million as of
June 30, 2019.
First Quarter Conference Call Information
A conference call to discuss NGL’s results of operations is
scheduled for 10:00 am Central Time on Thursday, August 8, 2019.
Analysts, investors, and other interested parties may access the
conference call by dialing (800) 291-4083 and providing access code
1596898. An archived audio replay of the conference call will be
available for 7 days beginning at 10:00 am Central Time on August
9, 2019, which can be accessed by dialing (855) 859-2056 and
providing access code 1596898.
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, gains and losses on
early extinguishment of liabilities, equity-based compensation
expense, acquisition expense, revaluation of liabilities, certain
legal settlements and other. We also include in Adjusted EBITDA
certain inventory valuation adjustments related to our Refined
Products and Renewables segment, as discussed below. EBITDA and
Adjusted EBITDA should not be considered as alternatives to net
income (loss), income (loss) from continuing operations 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 records 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, adjusted for the impact of seasonal market
movements related to our base inventory and the related hedge. 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, income tax expense, cash interest
expense and other. 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, gains and losses on early extinguishment of
liabilities, equity-based compensation expense, acquisition
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 four
primary businesses: Crude Oil Logistics, Water Solutions, Liquids,
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.
NGL ENERGY PARTNERS LP AND
SUBSIDIARIES
Unaudited Condensed
Consolidated Balance Sheets
(in Thousands, except unit
amounts)
June 30, 2019
March 31, 2019
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
27,501
$
18,572
Accounts receivable-trade, net of
allowance for doubtful accounts of $4,653 and $4,366,
respectively
911,982
1,162,919
Accounts receivable-affiliates
11,507
12,867
Inventories
519,603
463,143
Prepaid expenses and other current
assets
178,695
155,172
Total current assets
1,649,288
1,812,673
PROPERTY, PLANT AND EQUIPMENT, net of
accumulated depreciation of $442,868 and $420,362, respectively
2,015,518
1,844,493
GOODWILL
1,153,029
1,145,861
INTANGIBLE ASSETS, net of accumulated
amortization of $555,307 and $524,257, respectively
931,709
938,335
INVESTMENTS IN UNCONSOLIDATED ENTITIES
1,585
1,127
OPERATING LEASE RIGHT-OF-USE ASSETS
518,035
—
OTHER NONCURRENT ASSETS
125,741
160,004
Total assets
$
6,394,905
$
5,902,493
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable-trade
$
814,141
$
964,665
Accounts payable-affiliates
23,071
28,469
Accrued expenses and other payables
214,243
248,450
Advance payments received from
customers
28,313
8,921
Current maturities of long-term debt
649
648
Operating lease obligations
77,021
—
Total current liabilities
1,157,438
1,251,153
LONG-TERM DEBT, net of debt issuance costs
of $19,025 and $12,008, respectively, and current maturities
2,586,954
2,160,133
OPERATING LEASE OBLIGATIONS
439,083
—
OTHER NONCURRENT LIABILITIES
61,165
63,575
CLASS A 10.75% CONVERTIBLE PREFERRED
UNITS, 0 and 19,942,169 preferred units issued and outstanding,
respectively
—
149,814
EQUITY:
General partner, representing a 0.1%
interest, 126,093 and 124,633 notional units, respectively
(50,773
)
(50,603
)
Limited partners, representing a 99.9%
interest, 125,966,868 and 124,508,497 common units issued and
outstanding, respectively
1,897,407
2,067,197
Class B preferred limited partners,
8,400,000 and 8,400,000 preferred units issued and outstanding,
respectively
202,731
202,731
Class C preferred limited partners,
1,800,000 and 0 preferred units issued and outstanding,
respectively
42,638
—
Accumulated other comprehensive loss
(218
)
(255
)
Noncontrolling interests
58,480
58,748
Total equity
2,150,265
2,277,818
Total liabilities and equity
$
6,394,905
$
5,902,493
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,
2019
2018
REVENUES:
Crude Oil Logistics
$
716,160
$
783,830
Water Solutions
71,783
76,145
Liquids
347,647
459,897
Refined Products and Renewables
5,502,046
4,524,407
Other
255
155
Total Revenues
6,637,891
5,844,434
COST OF SALES:
Crude Oil Logistics
649,240
748,245
Water Solutions
(2,807
)
14,269
Liquids
317,352
440,515
Refined Products and Renewables
5,489,217
4,492,858
Other
465
269
Total Cost of Sales
6,453,467
5,696,156
OPERATING COSTS AND EXPENSES:
Operating
64,267
56,262
General and administrative
20,363
22,390
Depreciation and amortization
54,208
52,045
(Gain) loss on disposal or impairment of
assets, net
(967
)
101,335
Revaluation of liabilities
—
800
Operating Income (Loss)
46,553
(84,554
)
OTHER INCOME (EXPENSE):
Equity in earnings of unconsolidated
entities
8
219
Interest expense
(39,908
)
(46,268
)
Loss on early extinguishment of
liabilities, net
—
(137
)
Other income (expense), net
1,075
(33,742
)
Income (Loss) From Continuing Operations
Before Income Taxes
7,728
(164,482
)
INCOME TAX BENEFIT (EXPENSE)
311
(651
)
Income (Loss) From Continuing
Operations
8,039
(165,133
)
Loss From Discontinued Operations, net of
Tax
—
(4,156
)
Net Income (Loss)
8,039
(169,289
)
LESS: NET LOSS ATTRIBUTABLE TO
NONCONTROLLING INTERESTS
268
345
LESS: NET LOSS ATTRIBUTABLE TO REDEEMABLE
NONCONTROLLING INTERESTS
—
398
NET INCOME (LOSS) ATTRIBUTABLE TO NGL
ENERGY PARTNERS LP
$
8,307
$
(168,546
)
NET LOSS FROM CONTINUING OPERATIONS
ALLOCATED TO COMMON UNITHOLDERS
$
(121,068
)
$
(184,794
)
NET LOSS FROM DISCONTINUED OPERATIONS
ALLOCATED TO COMMON UNITHOLDERS
$
—
$
(3,754
)
NET LOSS ALLOCATED TO COMMON
UNITHOLDERS
$
(121,068
)
$
(188,548
)
BASIC LOSS PER COMMON UNIT
Loss From Continuing Operations
$
(0.96
)
$
(1.52
)
Loss From Discontinued Operations, net of
Tax
—
(0.03
)
Net Loss
$
(0.96
)
$
(1.55
)
DILUTED LOSS PER COMMON UNIT
Loss From Continuing Operations
$
(0.96
)
$
(1.52
)
Loss From Discontinued Operations, net of
Tax
—
(0.03
)
Net Loss
$
(0.96
)
$
(1.55
)
BASIC WEIGHTED AVERAGE COMMON UNITS
OUTSTANDING
125,886,738
121,544,421
DILUTED WEIGHTED AVERAGE COMMON UNITS
OUTSTANDING
125,886,738
121,544,421
EBITDA, ADJUSTED EBITDA AND
DISTRIBUTABLE CASH FLOW RECONCILIATION
(Unaudited)
The following table reconciles NGL’s net
income (loss) to NGL’s EBITDA, Adjusted EBITDA and Distributable
Cash Flow:
Three Months Ended June
30,
2019
2018
(in thousands)
Net income (loss)
$
8,039
$
(169,289
)
Less: Net loss attributable to
noncontrolling interests
268
345
Less: Net loss attributable to redeemable
noncontrolling interests
—
398
Net income (loss) attributable to NGL
Energy Partners LP
8,307
(168,546
)
Interest expense
39,910
46,412
Income tax (benefit) expense
(311
)
651
Depreciation and amortization
54,844
61,575
EBITDA
102,750
(59,908
)
Net unrealized (gains) losses on
derivatives
(3,474
)
18,953
Inventory valuation adjustment (1)
(19,746
)
(24,602
)
Lower of cost or market adjustments
(918
)
(413
)
(Gain) loss on disposal or impairment of
assets, net
(967
)
101,343
Loss on early extinguishment of
liabilities, net
—
137
Equity-based compensation expense (2)
3,701
5,511
Acquisition expense (3)
2,091
1,252
Revaluation of liabilities (4)
—
800
Gavilon legal matter settlement (5)
—
35,000
Other (6)
3,323
2,241
Adjusted EBITDA
86,760
80,314
Less: Cash interest expense (7)
37,775
43,840
Less: Income tax (benefit) expense
(311
)
651
Less: Maintenance capital expenditures
16,929
12,390
Distributable Cash Flow
$
32,367
$
23,433
_________
(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, adjusted
for the impact of seasonal market movements related to our base
inventory and the related hedge. See “Non-GAAP Financial Measures”
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 Partnership’s Quarterly Report
on Form 10-Q for the quarter ended June 30, 2019. 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)
Amounts represent expenses we incurred
related to legal and advisory costs associated with acquisitions,
including amounts accrued related to the LCT Capital, LLC legal
matter (as discussed in the footnotes to our unaudited condensed
consolidated financial statements included in the Partnership’s
Quarterly Report on Form 10-Q for the quarter ended
June 30, 2019), partially offset by reimbursement for certain
legal costs incurred in prior periods.
(4)
Amounts represent 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.
(5)
Represents the accrual for the estimated
cost of the settlement of the Gavilon legal matter (see the
footnotes to our unaudited condensed consolidated financial
statements included in the Partnership’s Quarterly Report on
Form 10-Q for the quarter ended June 30, 2019). We have
excluded this amount from Adjusted EBITDA as it relates to
transactions that occurred prior to our acquisition of Gavilon LLC
in December 2013.
(6)
Amount for the three months ended
June 30, 2019 represents non-cash operating expenses related
to our Grand Mesa Pipeline, unrealized losses on marketable
securities and accretion expense for asset retirement obligations.
Amount for the three months ended June 30, 2018 represents
non-cash operating expenses related to our Grand Mesa Pipeline,
certain expenses related to discontinued operations, unrealized
loss on marketable securities and accretion expense for asset
retirement obligations.
(7)
Amounts represent interest expense payable
in cash for the period presented, excluding changes in the accrued
interest balance.
ADJUSTED EBITDA RECONCILIATION BY
SEGMENT
Three Months Ended June 30,
2019
Crude Oil Logistics
Water Solutions
Liquids
Refined Products and
Renewables
Corporate and Other
Consolidated
(in thousands)
Operating income (loss)
$
33,802
$
13,689
$
8,484
$
5,920
$
(15,342
)
$
46,553
Depreciation and amortization
17,585
28,071
7,229
580
743
54,208
Amortization recorded to cost of sales
—
—
23
1,348
—
1,371
Net unrealized gains on derivatives
(1,858
)
(167
)
(1,449
)
—
—
(3,474
)
Inventory valuation adjustment
—
—
—
(19,746
)
—
(19,746
)
Lower of cost or market adjustments
—
—
(1,508
)
590
—
(918
)
(Gain) loss on disposal or impairment of
assets, net
(616
)
(589
)
(3
)
—
241
(967
)
Equity-based compensation expense
—
—
—
—
3,701
3,701
Acquisition expense
—
20
—
—
2,071
2,091
Other (expense) income, net
(4
)
—
12
73
994
1,075
Adjusted EBITDA attributable to
unconsolidated entities
—
—
4
—
11
15
Adjusted EBITDA attributable to
noncontrolling interest
—
(75
)
(397
)
—
—
(472
)
Other
3,165
140
18
—
—
3,323
Adjusted EBITDA
$
52,074
$
41,089
$
12,413
$
(11,235
)
$
(7,581
)
$
86,760
Three Months Ended June 30,
2018
Crude Oil Logistics
Water Solutions
Liquids
Refined Products and
Renewables
Corporate and Other
Discontinued
Operations
Consolidated
(in thousands)
Operating (loss) income
$
(99,738
)
$
969
$
2,623
$
29,022
$
(17,430
)
$
—
$
(84,554
)
Depreciation and amortization
19,229
25,309
6,468
321
718
—
52,045
Amortization recorded to cost of sales
80
—
37
1,348
—
—
1,465
Net unrealized losses on derivatives
7,412
9,110
2,337
—
—
—
18,859
Inventory valuation adjustment
—
—
—
(24,602
)
—
—
(24,602
)
Lower of cost or market adjustments
—
—
(504
)
91
—
—
(413
)
Loss (gain) on disposal or impairment of
assets, net
101,894
2,475
(10
)
(3,026
)
2
—
101,335
Equity-based compensation expense
—
—
—
—
5,511
—
5,511
Acquisition expense
—
—
160
—
1,136
—
1,296
Other income (expense), net
14
—
35
(17
)
(33,774
)
—
(33,742
)
Adjusted EBITDA attributable to
unconsolidated entities
—
(54
)
—
476
(43
)
—
379
Adjusted EBITDA attributable to
noncontrolling interest
—
(112
)
(322
)
—
—
—
(434
)
Revaluation of liabilities
—
800
—
—
—
—
800
Gavilon legal matter settlement
—
—
—
—
35,000
—
35,000
Other
1,550
100
17
150
—
—
1,817
Discontinued operations
—
—
—
—
—
5,552
5,552
Adjusted EBITDA
$
30,441
$
38,597
$
10,841
$
3,763
$
(8,880
)
$
5,552
$
80,314
OPERATIONAL DATA
(Unaudited)
Three Months Ended
June 30,
2019
2018
(in thousands, except per day
amounts)
Crude Oil Logistics:
Crude oil sold (barrels)
11,291
11,225
Crude oil transported on owned pipelines
(barrels)
11,789
9,987
Crude oil storage capacity - owned and
leased (barrels) (1)
5,232
6,371
Crude oil inventory (barrels) (1)
1,125
1,164
Water Solutions:
Wastewater processed (barrels per day)
Permian Basin
399,629
421,535
Eagle Ford Basin
267,244
279,184
DJ Basin
169,620
136,115
Other Basins
12,394
83,038
Total
848,887
919,872
Solids processed (barrels per day)
5,442
5,899
Skim oil sold (barrels per day)
2,860
3,615
Liquids:
Propane sold (gallons)
245,267
233,786
Butane sold (gallons)
142,479
113,025
Other products sold (gallons)
119,258
116,985
Liquids storage capacity - owned and
leased (gallons) (1)
397,343
438,968
Propane inventory (gallons) (1)
76,012
62,816
Butane inventory (gallons) (1)
53,219
54,577
Other products inventory (gallons) (1)
8,363
6,357
Refined Products and
Renewables:
Gasoline sold (barrels)
54,400
40,738
Diesel sold (barrels)
13,837
11,777
Ethanol sold (barrels)
679
544
Biodiesel sold (barrels)
163
328
Refined Products and Renewables storage
capacity - leased (barrels) (1)
9,845
9,523
Gasoline inventory (barrels) (1)
2,383
3,323
Diesel inventory (barrels) (1)
1,857
965
Ethanol inventory (barrels) (1)
1,796
714
Biodiesel inventory (barrels) (1)
224
165
_________
(1)
Information is presented as of
June 30, 2019 and June 30, 2018, respectively.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190808005245/en/
NGL Energy Partners LP Trey Karlovich, 918-481-1119 Chief
Financial Officer and Executive Vice President
Trey.Karlovich@nglep.com or Linda Bridges,
918-481-1119 Senior Vice President - Finance and Treasurer
Linda.Bridges@nglep.com
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