NGL Energy Partners LP (NYSE:NGL) (“NGL,” “our,” “we,” or the
“Partnership”) today reported its first quarter Fiscal 2022
results. Highlights for the quarter include:
- Loss from continuing operations for the first quarter of Fiscal
2022 of $134.5 million, compared to a loss from continuing
operations of $33.8 million for the first quarter of Fiscal
2021
- Adjusted EBITDA1 from continuing operations for the first
quarter of Fiscal 2022 of $91.1 million, compared to $91.0 million
for the first quarter of Fiscal 2021; Record quarterly Adjusted
EBITDA of $81.5 million in the Water Solutions segment as produced
water volumes approach pre-pandemic levels
- Sale of the Partnership’s approximately 71.5% interest in
Sawtooth Caverns, LLC for gross consideration of $70.0 million
- Publication of the Partnership’s inaugural Sustainability
Report, which can be found on the Partnership’s website
(www.nglenergypartners.com)
- Reaffirms Fiscal 2022 Adjusted EBITDA guidance of $570 million
- $600 million and capital expenditure guidance of $100 million -
$125 million2
“Our Water Solutions segment continues to drive the growth of
the Partnership and performed very well during the first quarter.
Adjusted EBITDA for the segment grew significantly quarter over
quarter with both produced water volumes processed and Adjusted
EBITDA achieving expectations. Results in our Crude Oil Logistics
and Liquids Logistics segments were impacted by increases in our
inventories and timing of recognizing hedge gains (losses). We
expect to see improved results going forward due to embedded,
unrealized gains in our inventory, with the annual result being in
line with the low end of our original expectations for the fiscal
year,” stated Mike Krimbill, NGL’s CEO. “Overall, the Partnership
is pleased with the outlook for the future as both the
macroeconomic environment and our Water Solutions business continue
to improve,” Krimbill concluded.
Quarterly Results of Operations
The following table summarizes operating income (loss) and
Adjusted EBITDA from continuing operations by reportable segment
for the periods indicated:
Quarter Ended
June 30, 2021
June 30, 2020
Operating Income
(Loss)
Adjusted EBITDA
Operating Income
(Loss)
Adjusted EBITDA
(in thousands)
Water Solutions
$
7,583
$
81,511
$
(16,047
)
$
56,926
Crude Oil Logistics
(11,581
)
13,148
23,320
30,854
Liquids Logistics
(53,409
)
5,574
4,562
12,232
Corporate and Other
(11,927
)
(9,132
)
(22,620
)
(9,030
)
Total
$
(69,334
)
$
91,101
$
(10,785
)
$
90,982
Water Solutions
The Partnership processed approximately 1.7 million barrels of
water per day during the quarter ended June 30, 2021, a 22.0%
increase when compared to approximately 1.4 million barrels of
water per day processed during the quarter ended June 30, 2020, due
to higher production volumes in the Delaware Basin driven by the
recovery in crude oil prices from the prior year. Additionally,
brackish non-potable water, resale of raw produced water and
recycled water revenue all increased driven by the demand for these
services.
Revenues from recovered crude oil, including the impact from
realized skim oil hedges, totaled $16.0 million for the quarter
ended June 30, 2021, an increase of $5.9 million from the prior
year period. This increase was due to an increase in the number of
wells completed in our area of operations during the current period
and higher crude oil prices, as well as a strategic decision made
by the Partnership to store the majority of its recovered barrels
due to low prices during the quarter ended June 30, 2020.
Operating expenses in the Water Solutions segment decreased to
$0.26 per barrel compared to $0.32 per barrel in the comparative
quarter last year primarily due to significant steps taken to
reduce operating costs per barrel along with higher produced water
volumes processed. The Water Solutions segment continues to
evaluate additional cost saving initiatives.
Crude Oil Logistics
Operating income for the first quarter of Fiscal 2022 decreased
compared to the first quarter of Fiscal 2021 primarily due to an
increase in net derivative losses on our inventory position as a
result of increasing crude oil prices as well as lower activity and
the reduction of minimum volume commitments on our Grand Mesa
Pipeline. Revenues from third parties for Grand Mesa Pipeline
decreased by $27.3 million, compared to the quarter ended June 30,
2020 due to lower third-party volumes transported on the pipeline.
During the three months ended June 30, 2021, financial volumes on
the Grand Mesa Pipeline averaged approximately 77,000 barrels per
day, compared to approximately 119,000 barrels per day for the
three months ended June 30, 2020.
Liquids Logistics
Operating loss for the Liquids Logistics segment totaled $53.4
million for the quarter ended June 30, 2021, including the $60.1
million loss on the sale of the Partnership’s membership interest
in Sawtooth Caverns, LLC, which impacts comparability to the prior
year period.
Total product margin per gallon, excluding the impact of
derivatives, was $0.066 for the quarter ended June 30, 2021,
compared to $0.024 for the quarter ended June 30, 2020. This
increase in margin was primarily due to increased biodiesel and RIN
prices and was offset by lower demand for other products. Refined
products volumes decreased by approximately 26.7 million gallons,
or 12.6%, during the quarter ended June 30, 2021 compared to the
quarter ended June 30, 2020 due to tighter supply and continued
weakness in demand in certain parts of the country due to the
COVID-19 pandemic. Propane volumes decreased by approximately 82.0
million gallons, or 32.5%, as warmer weather during the quarter and
higher prices led to weaker demand. Butane volumes increased by
approximately 3.0 million gallons, or 2.5%, when compared to the
quarter ended June 30, 2020.
Corporate and Other
Corporate and Other expenses decreased from the comparable prior
year period primarily due the $10.2 million net loss recorded for
the uncollectible portion of a loan receivable with a third party
in the prior year.
Capitalization and Liquidity
Total liquidity (cash plus available capacity on our asset-based
revolving credit facility) was approximately $303 million as of
June 30, 2021. Borrowings on the Partnership’s revolving credit
facility totaled $77 million, a $73 million increase to the March
31, 2021 balance. This increase was primarily due to increases in
working capital balances as both inventory volumes and commodity
prices increased.
The Partnership is in compliance with all of its debt covenants
and has no significant debt maturities before November 2023. The
Partnership still expects to generate excess cash flow in Fiscal
Year 2022, which will be utilized to repay outstanding indebtedness
and improve leverage.
First Quarter Conference Call Information
A conference call to discuss NGL’s results of operations is
scheduled for 4:00 pm Central Time on Monday, August 9, 2021.
Analysts, investors, and other interested parties may access the
conference call by pre-registering here and providing access code
5592767. An archived audio replay of the conference call will be
available for 7 days beginning at 1:00 pm Central Time on August
10, 2021, which can be accessed by dialing (855) 859-2056 and
providing access code 5592767.
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 net realizable value 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. NGL also includes
in Adjusted EBITDA certain inventory valuation adjustments related
to TransMontaigne Product Services, LLC (“TPSL”), our refined
products business in the mid-continent region of the United States
(“Mid-Con”) and our gas blending business in the southeastern and
eastern regions of the United States (“Gas Blending”), which are
included in discontinued operations, and certain refined products
businesses within NGL’s Liquids Logistics segment, as discussed
below. EBITDA and Adjusted EBITDA should not be considered as
alternatives to net loss, 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 certain businesses within NGL’s Liquids Logistics
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 certain businesses within NGL’s Liquids Logistics
segment. The primary hedging strategy of these businesses 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 cover
extended periods of time. The “inventory valuation adjustment” row
in the reconciliation table reflects the difference between the
market value of the inventory of these businesses 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. In NGL’s Crude Oil Logistics segment, they
purchase certain crude oil barrels using the West Texas
Intermediate (“WTI”) calendar month average (“CMA”) price and sell
the crude oil barrels using the WTI CMA price plus the Argus CMA
Differential Roll Component (“CMA Differential Roll”) per NGL’s
contracts. To eliminate the volatility of the CMA Differential
Roll, NGL entered into derivative instrument positions in January
2021 to secure a margin of approximately $0.20 per barrel on 1.5
million barrels per month from May 2021 through December 2023. Due
to the nature of these positions, the cash flow and earnings
recognized on a GAAP basis will differ from period to period
depending on the current crude oil price and future estimated crude
oil price which are valued utilizing third-party market quoted
prices. NGL is recognizing in Adjusted EBITDA the gains and losses
from the derivative instrument positions entered into in January
2021 to properly align with the physical margin NGL is hedging each
month through the term of this transaction. This representation
aligns with management’s evaluation of the transaction.
Distributable Cash Flow is defined as Adjusted EBITDA minus
maintenance capital expenditures, income tax expense, cash interest
expense, preferred unit distributions and other. Maintenance
capital expenditures represent capital expenditures necessary to
maintain the Partnership’s operating capacity. For the CMA
Differential Roll transaction, as discussed above, we have included
an adjustment to Distributable Cash Flow to reflect, in the period
for which they relate, the actual cash flows for the positions that
settled that are not being recognized in Adjusted EBITDA.
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 net realizable value 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, a Delaware limited partnership, is a
diversified midstream energy company that transports, stores,
markets and provides other logistics services for crude oil,
natural gas liquids and other products and transports, treats and
disposes of produced water generated as part of the oil and natural
gas production process.
For further information, visit the Partnership’s website at
www.nglenergypartners.com.
____________________
1 See the “Non-GAAP Financial Measures” section of this release
for the definition of Adjusted EBITDA and a discussion of this
non-GAAP financial measure.
2 See the “Forward-Looking Statements” section of this release
for more information.
NGL ENERGY PARTNERS LP AND
SUBSIDIARIES
Unaudited Condensed
Consolidated Balance Sheets
(in Thousands, except unit
amounts)
June 30, 2021
March 31, 2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
2,471
$
4,829
Accounts receivable-trade, net of
allowance for expected credit losses of $2,154 and $2,192,
respectively
844,072
725,943
Accounts receivable-affiliates
8,775
9,435
Inventories
246,181
158,467
Prepaid expenses and other current
assets
106,418
109,164
Total current assets
1,207,917
1,007,838
PROPERTY, PLANT AND EQUIPMENT, net of
accumulated depreciation of $804,971 and $776,279, respectively
2,548,552
2,706,853
GOODWILL
744,439
744,439
INTANGIBLE ASSETS, net of accumulated
amortization of $509,622 and $517,518, respectively
1,187,070
1,262,613
INVESTMENTS IN UNCONSOLIDATED ENTITIES
21,425
22,719
OPERATING LEASE RIGHT-OF-USE ASSETS
143,365
152,146
OTHER NONCURRENT ASSETS
54,722
50,733
Total assets
$
5,907,490
$
5,947,341
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable-trade
$
763,220
$
679,868
Accounts payable-affiliates
101
119
Accrued expenses and other payables
182,230
170,400
Advance payments received from
customers
16,408
11,163
Current maturities of long-term debt
2,230
2,183
Operating lease obligations
45,864
47,070
Total current liabilities
1,010,053
910,803
LONG-TERM DEBT, net of debt issuance costs
of $52,385 and $55,555, respectively, and current maturities
3,370,908
3,319,030
OPERATING LEASE OBLIGATIONS
96,910
103,637
OTHER NONCURRENT LIABILITIES
115,438
114,615
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, 129,724 and 129,724 notional units, respectively
(52,348
)
(52,189
)
Limited partners, representing a 99.9%
interest, 129,593,939 and 129,593,939 common units issued and
outstanding, respectively
448,963
582,784
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
(258
)
(266
)
Noncontrolling interests
18,368
69,471
Total equity
763,084
948,159
Total liabilities and equity
$
5,907,490
$
5,947,341
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,
2021
2020
REVENUES:
Water Solutions
$
130,226
$
88,065
Crude Oil Logistics
553,624
276,039
Liquids Logistics
804,805
479,998
Other
—
313
Total Revenues
1,488,655
844,415
COST OF SALES:
Water Solutions
10,338
4,700
Crude Oil Logistics
537,257
217,557
Liquids Logistics
777,198
454,336
Other
—
454
Total Cost of Sales
1,324,793
677,047
OPERATING COSTS AND EXPENSES:
Operating
65,784
64,987
General and administrative
15,774
17,158
Depreciation and amortization
84,102
83,986
Loss on disposal or impairment of assets,
net
67,536
12,022
Operating Loss
(69,334
)
(10,785
)
OTHER INCOME (EXPENSE):
Equity in earnings of unconsolidated
entities
212
289
Interest expense
(67,130
)
(43,961
)
Gain on early extinguishment of
liabilities, net
51
19,355
Other income, net
1,249
1,035
Loss From Continuing Operations Before
Income Taxes
(134,952
)
(34,067
)
INCOME TAX BENEFIT
450
301
Loss From Continuing Operations
(134,502
)
(33,766
)
Loss From Discontinued Operations, net of
Tax
—
(1,486
)
Net Loss
(134,502
)
(35,252
)
LESS: NET INCOME ATTRIBUTABLE TO
NONCONTROLLING INTERESTS
(438
)
(51
)
NET LOSS ATTRIBUTABLE TO NGL ENERGY
PARTNERS LP
$
(134,940
)
$
(35,303
)
NET LOSS FROM CONTINUING OPERATIONS
ALLOCATED TO COMMON UNITHOLDERS
$
(159,332
)
$
(55,815
)
NET LOSS FROM DISCONTINUED OPERATIONS
ALLOCATED TO COMMON UNITHOLDERS
$
—
$
(1,485
)
NET LOSS ALLOCATED TO COMMON
UNITHOLDERS
$
(159,332
)
$
(57,300
)
BASIC LOSS PER COMMON UNIT
Loss From Continuing Operations
$
(1.23
)
$
(0.43
)
Loss From Discontinued Operations, net of
Tax
$
—
$
(0.01
)
Net Loss
$
(1.23
)
$
(0.44
)
DILUTED LOSS PER COMMON UNIT
Loss From Continuing Operations
$
(1.23
)
$
(0.43
)
Loss From Discontinued Operations, net of
Tax
$
—
$
(0.01
)
Net Loss
$
(1.23
)
$
(0.44
)
BASIC WEIGHTED AVERAGE COMMON UNITS
OUTSTANDING
129,593,939
128,771,715
DILUTED WEIGHTED AVERAGE COMMON UNITS
OUTSTANDING
129,593,939
128,771,715
EBITDA, ADJUSTED EBITDA AND
DISTRIBUTABLE CASH FLOW RECONCILIATION
(Unaudited)
The following table reconciles
NGL’s net loss to NGL’s EBITDA, Adjusted EBITDA and Distributable
Cash Flow:
Three Months Ended June
30,
2021
2020
(in thousands)
Net loss
$
(134,502
)
$
(35,252
)
Less: Net income attributable to
noncontrolling interests
(438
)
(51
)
Net loss attributable to NGL Energy
Partners LP
(134,940
)
(35,303
)
Interest expense
67,130
44,066
Income tax benefit
(450
)
(301
)
Depreciation and amortization
83,357
83,202
EBITDA
15,097
91,664
Net unrealized (gains) losses on
derivatives
(16,264
)
26,671
CMA Differential Roll net losses (gains)
(1)
24,310
—
Inventory valuation adjustment (2)
1,218
3,820
Lower of cost or net realizable value
adjustments
(3,806
)
(32,003
)
Loss on disposal or impairment of assets,
net
67,538
13,084
Gain on early extinguishment of
liabilities, net
(87
)
(19,355
)
Equity-based compensation expense (3)
960
2,302
Acquisition expense (4)
67
157
Other (5)
2,068
4,348
Adjusted EBITDA
$
91,101
$
90,688
Adjusted EBITDA - Discontinued Operations
(6)
$
—
$
(294
)
Adjusted EBITDA - Continuing
Operations
$
91,101
$
90,982
Less: Cash interest expense (7)
63,359
40,399
Less: Income tax benefit
(450
)
(301
)
Less: Maintenance capital expenditures
7,745
9,168
Less: CMA Differential Roll (8)
23,932
—
Less: Preferred unit distributions
paid
—
15,030
Distributable Cash Flow - Continuing
Operations
$
(3,485
)
$
26,686
____________________
(1)
Adjustment to align, within Adjusted
EBITDA, the net gains and losses of the Partnership’s CMA
Differential Roll derivative instruments positions with the
physical margin being hedged. See “Non-GAAP Financial Measures”
section above for a further discussion.
(2)
Amount reflects the difference between the
market value of the inventory 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” section above for a further discussion.
(3)
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, 2021. 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.
(4)
Amounts represent expenses we incurred
related to legal and advisory costs associated with
acquisitions.
(5)
Amounts for the three months ended June
30, 2021 and 2020 represent non-cash operating expenses related to
our Grand Mesa Pipeline, unrealized losses on marketable securities
and accretion expense for asset retirement obligations.
(6)
Amounts include the operations of TPSL,
Gas Blending and Mid-Con.
(7)
Amounts represent interest expense payable
in cash for the period presented, excluding changes in the accrued
interest balance.
(8)
Amount represents the cash portion of the
adjustments of the Partnership’s CMA Differential Roll derivative
instrument positions, as discussed above, that settled during the
period.
ADJUSTED EBITDA RECONCILIATION BY
SEGMENT
Three Months Ended June 30,
2021
Water Solutions
Crude Oil Logistics
Liquids Logistics
Corporate and Other
Consolidated
(in thousands)
Operating income (loss)
$
7,583
$
(11,581
)
$
(53,409
)
$
(11,927
)
$
(69,334
)
Depreciation and amortization
62,981
12,409
6,967
1,745
84,102
Amortization recorded to cost of sales
—
—
73
—
73
Net unrealized losses (gains) on
derivatives
3,566
(14,454
)
(5,376
)
—
(16,264
)
CMA Differential Roll net losses
(gains)
—
24,310
—
—
24,310
Inventory valuation adjustment
—
—
1,218
—
1,218
Lower of cost or net realizable value
adjustments
—
(11
)
(3,795
)
—
(3,806
)
Loss (gain) on disposal or impairment of
assets, net
7,491
(42
)
60,087
—
67,536
Equity-based compensation expense
—
—
—
960
960
Acquisition expense
—
—
—
67
67
Other income, net
612
196
363
78
1,249
Adjusted EBITDA attributable to
unconsolidated entities
459
—
(10
)
(55
)
394
Adjusted EBITDA attributable to
noncontrolling interest
(954
)
—
(529
)
—
(1,483
)
Other
(227
)
2,321
(15
)
—
2,079
Adjusted EBITDA
$
81,511
$
13,148
$
5,574
$
(9,132
)
$
91,101
Three Months Ended June 30,
2020
Water Solutions
Crude Oil Logistics
Liquids Logistics
Corporate and Other
Continuing Operations
Discontinued Operations (TPSL,
Mid-Con, Gas Blending)
Consolidated
(in thousands)
Operating (loss) income
$
(16,047
)
$
23,320
$
4,562
$
(22,620
)
$
(10,785
)
$
—
$
(10,785
)
Depreciation and amortization
58,133
16,795
8,156
902
83,986
—
83,986
Amortization recorded to cost of sales
—
—
77
—
77
—
77
Net unrealized losses (gains) on
derivatives
13,312
14,638
(1,279
)
—
26,671
—
26,671
Inventory valuation adjustment
—
—
3,840
—
3,840
—
3,840
Lower of cost or net realizable value
adjustments
—
(29,060
)
(2,963
)
—
(32,023
)
—
(32,023
)
Loss on disposal or impairment of assets,
net
329
1,450
4
10,239
12,022
—
12,022
Equity-based compensation expense
—
—
—
2,302
2,302
—
2,302
Acquisition expense
12
—
—
145
157
—
157
Other income, net
256
338
377
64
1,035
—
1,035
Adjusted EBITDA attributable to
unconsolidated entities
465
—
(1
)
(62
)
402
—
402
Adjusted EBITDA attributable to
noncontrolling interest
(487
)
—
(536
)
—
(1,023
)
—
(1,023
)
Intersegment transactions (1)
—
—
(27
)
—
(27
)
—
(27
)
Other
953
3,373
22
—
4,348
—
4,348
Discontinued operations
—
—
—
—
—
(294
)
(294
)
Adjusted EBITDA
$
56,926
$
30,854
$
12,232
$
(9,030
)
$
90,982
$
(294
)
$
90,688
____________________
(1) Amount reflects the transactions with
TPSL, Mid-Con and Gas Blending that are eliminated in
consolidation.
OPERATIONAL DATA
(Unaudited)
Three Months Ended
June 30,
2021
2020
(in thousands, except per day
amounts)
Water Solutions:
Produced water processed (barrels per
day)
Delaware Basin
1,428,222
1,106,355
Eagle Ford Basin
91,843
95,375
DJ Basin
118,801
132,365
Other Basins
28,082
32,324
Total
1,666,948
1,366,419
Solids processed (barrels per day)
1,316
1,899
Skim oil sold (barrels per day)
2,500
687
Crude Oil Logistics:
Crude oil sold (barrels)
7,994
9,292
Crude oil transported on owned pipelines
(barrels)
7,034
10,476
Crude oil storage capacity - owned and
leased (barrels) (1)
5,239
5,239
Crude oil inventory (barrels) (1)
1,147
1,622
Liquids Logistics:
Refined products sold (gallons)
185,306
211,974
Propane sold (gallons)
170,279
252,289
Butane sold (gallons)
122,574
119,566
Other products sold (gallons)
92,853
114,222
Natural gas liquids and refined products
storage capacity - owned and leased (gallons) (1)
168,677
399,251
Refined products inventory (gallons)
(1)
2,776
2,656
Propane inventory (gallons) (1)
60,673
77,968
Butane inventory (gallons) (1)
45,911
73,291
Other products inventory (gallons) (1)
40,691
31,583
____________________
(1)
Information is presented as of June 30,
2021 and June 30, 2020, respectively.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210809005799/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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