Company Quick10K Filing
NGL Energy Partners
Price1.00 EPS19,842,000
Shares-0 P/E0
MCap-0 P/FCF-0
Net Debt2,773 EBIT147
TEV2,773 TEV/EBIT19
TTM 2019-09-30, in MM, except price, ratios
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8-K 2017-12-29

NGL 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Organization and Operations
Note 2 - Significant Accounting Policies
Note 3 - (Loss) Income per Common Unit
Note 4 - Acquisitions
Note 5 - Property, Plant and Equipment
Note 6 - Goodwill
Note 7 - Intangible Assets
Note 8 - Long - Term Debt
Note 9 - Commitments and Contingencies
Note 10 - Equity
Note 11 - Fair Value of Financial Instruments
Note 12 - Segments
Note 13 - Transactions with Affiliates
Note 14 - Revenue From Contracts with Customers
Note 15 - Leases
Note 16 - Allowance for Current Expected Credit Loss (Cecl)
Note 17 - Other Matters
Note 19 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ex31112312010q.htm
EX-31.2 ex31212312010q.htm
EX-32.1 ex32112312010q.htm
EX-32.2 ex32212312010q.htm

NGL Energy Partners Earnings 2020-12-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
10.07.85.73.51.4-0.82012201420172020
Rev, G Profit, Net Income
0.80.50.1-0.2-0.6-0.92012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission File Number: 001-35172

NGL Energy Partners LP
(Exact Name of Registrant as Specified in Its Charter)
Delaware27-3427920
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
6120 South Yale Avenue, Suite 805
Tulsa,Oklahoma74136
(Address of Principal Executive Offices)(Zip Code)
(918) 481-1119
(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes    No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes    No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filero
Non-accelerated fileroSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes    No

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolsName of Each Exchange on Which Registered
Common units representing Limited Partner InterestsNGLNew York Stock Exchange
Fixed-to-floating rate cumulative redeemable perpetual preferred unitsNGL-PBNew York Stock Exchange
Fixed-to-floating rate cumulative redeemable perpetual preferred unitsNGL-PCNew York Stock Exchange

At February 5, 2021, there were 129,168,035 common units issued and outstanding.


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Forward-Looking Statements

This Quarterly Report on Form 10-Q (“Quarterly Report”) contains various forward-looking statements and information that are based on our beliefs and those of our general partner, as well as assumptions made by and information currently available to us. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. Certain words in this Quarterly Report such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “plan,” “project,” “will,” and similar expressions and statements regarding our plans and objectives for future operations, identify forward-looking statements. Although we and our general partner believe such forward-looking statements are reasonable, neither we nor our general partner can assure they will prove to be correct. Forward-looking statements are subject to a variety of risks, uncertainties and assumptions. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, our actual results may vary materially from those expected. Among the key risk factors that may affect our consolidated financial position and results of operations are:

changes in general economic conditions, including market and macroeconomic disruptions resulting from the novel strain of coronavirus (“COVID-19”) pandemic and related governmental responses;
the prices of crude oil, natural gas liquids, gasoline, diesel, and biodiesel;
energy prices generally;
the general level of crude oil, natural gas, and natural gas liquids production;
the general level of demand, and the availability of supply, for crude oil, natural gas liquids, gasoline, diesel, and biodiesel;
the level of crude oil and natural gas drilling and production in areas where we have water treatment and disposal facilities;
the ability to obtain adequate supplies of products if an interruption in supply or transportation occurs and the availability of capacity to transport products to market areas;
actions taken by foreign oil and gas producing nations;
the political and economic stability of foreign oil and gas producing nations;
the effect of weather conditions on supply and demand for crude oil, natural gas liquids, gasoline, diesel, and biodiesel;
the effect of natural disasters, lightning strikes, or other significant weather events;
the availability of local, intrastate, and interstate transportation infrastructure with respect to our truck, railcar, and barge transportation services;
the availability, price, and marketing of competing fuels;
the effect of energy conservation efforts on product demand;
energy efficiencies and technological trends;
changes in applicable laws and regulations, including tax, environmental, transportation, and employment regulations, or new interpretations by regulatory agencies concerning such laws and regulations and the effect of such laws and regulations (now existing or in the future) on our business operations;
the effect of legislative and regulatory actions on hydraulic fracturing, water disposal and transportation, and the treatment of flowback and produced water;
hazards or operating risks related to transporting and distributing petroleum products that may not be fully covered by insurance;
the maturity of the crude oil, natural gas liquids, and refined products industries and competition from other markets;
loss of key personnel;
the ability to renew contracts with key customers;
the ability to maintain or increase the margins we realize for our terminal, barging, trucking, water disposal, recycling, and discharge services;
the ability to renew leases for our leased equipment and storage facilities;
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the nonpayment, nonperformance or bankruptcy by our counterparties;
the availability and cost of capital and our ability to access certain capital sources;
a deterioration of the credit and capital markets;
the ability to successfully identify and complete accretive acquisitions, and integrate acquired assets and businesses;
changes in the volume of crude oil recovered during the water treatment process;
changes in the financial condition and results of operations of entities in which we own noncontrolling equity interests;
the costs and effects of legal and administrative proceedings;
political pressure and influence of environmental groups upon policies and decisions related to the production, gathering, refining, processing, fractionation, transportation and marketing of crude oil, refined products, natural gas, natural gas liquids, gasoline, diesel or biodiesel; and
changes in the jurisdictional characteristics of, or the applicable regulatory policies with respect to, our pipeline assets.

You should not put undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this Quarterly Report. Except as may be required by state and federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements as a result of new information, future events, or otherwise. When considering forward-looking statements, please review the risks discussed under Part I, Item 1A–“Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended March 31, 2020, under Part II, Item 1A–“Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 and under Part II, Item 1A–“Risk Factors” in this Quarterly Report.
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PART I - FINANCIAL INFORMATION

Item 1.    Financial Statements
NGL ENERGY PARTNERS LP AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(in Thousands, except unit amounts)
December 31, 2020March 31, 2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$9,223 $22,704 
Accounts receivable-trade, net of allowance for expected credit losses of $3,681 and $4,540, respectively
599,207 566,834 
Accounts receivable-affiliates17,194 12,934 
Inventories169,654 69,634 
Prepaid expenses and other current assets120,414 101,981 
Total current assets915,692 774,087 
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $663,185 and $529,068, respectively
2,744,374 2,851,555 
GOODWILL744,439 993,587 
INTANGIBLE ASSETS, net of accumulated amortization of $494,910 and $631,449, respectively
1,322,697 1,612,480 
INVESTMENTS IN UNCONSOLIDATED ENTITIES21,589 23,182 
OPERATING LEASE RIGHT-OF-USE ASSETS156,398 180,708 
OTHER NONCURRENT ASSETS46,521 63,137 
Total assets$5,951,710 $6,498,736 
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable-trade$506,792 $515,049 
Accounts payable-affiliates42,604 17,717 
Accrued expenses and other payables102,769 232,062 
Advance payments received from customers17,024 19,536 
Current maturities of long-term debt2,146 4,683 
Operating lease obligations48,082 56,776 
Total current liabilities719,417 845,823 
LONG-TERM DEBT, net of debt issuance costs of $20,426 and $19,795, respectively, and current maturities
3,278,443 3,144,848 
OPERATING LEASE OBLIGATIONS106,292 121,013 
OTHER NONCURRENT LIABILITIES103,888 114,079 
COMMITMENTS AND CONTINGENCIES (NOTE 9)
CLASS D 9.00% PREFERRED UNITS, 600,000 and 600,000 preferred units issued and outstanding, respectively
551,097 537,283 
EQUITY:
General partner, representing a 0.1% interest, 129,297 and 128,901 notional units, respectively
(51,935)(51,390)
Limited partners, representing a 99.9% interest,129,168,035 and 128,771,715 common units issued and outstanding, respectively
826,973 1,366,152 
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(266)(385)
Noncontrolling interests69,442 72,954 
Total equity1,192,573 1,735,690 
Total liabilities and equity$5,951,710 $6,498,736 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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NGL ENERGY PARTNERS LP AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(in Thousands, except unit and per unit amounts)
Three Months Ended December 31,Nine Months Ended December 31,
2020201920202019
REVENUES:
Crude Oil Logistics$485,289 $690,989 $1,228,169 $2,048,301 
Water Solutions98,925 121,607 275,668 294,639 
Liquids and Refined Products877,491 1,413,653 1,969,813 3,559,017 
Other314 280 942 799 
Total Revenues1,462,019 2,226,529 3,474,592 5,902,756 
COST OF SALES:
Crude Oil Logistics448,933 628,443 1,053,261 1,847,382 
Water Solutions3,280 14,004 8,559 4,701 
Liquids and Refined Products826,211 1,292,588 1,857,633 3,361,185 
Other455 437 1,363 1,337 
Total Cost of Sales1,278,879 1,935,472 2,920,816 5,214,605 
OPERATING COSTS AND EXPENSES:
Operating61,427 94,412 182,468 230,610 
General and administrative16,044 29,150 50,677 93,400 
Depreciation and amortization78,200 73,726 249,655 190,593 
Loss (gain) on disposal or impairment of assets, net373,776 (12,626)391,752 (10,482)
Revaluation of liabilities 10,000  10,000 
Operating (Loss) Income(346,307)96,395 (320,776)174,030 
OTHER INCOME (EXPENSE):  
Equity in earnings of unconsolidated entities344 534 1,134 277 
Interest expense(47,252)(46,920)(138,148)(131,814)
Gain on early extinguishment of liabilities, net11,190  44,292  
Other income (expense), net440 (226)3,060 967 
(Loss) Income From Continuing Operations Before Income Taxes(381,585)49,783 (410,438)43,460 
INCOME TAX BENEFIT (EXPENSE)1,162 (677)2,237 (996)
(Loss) Income From Continuing Operations(380,423)49,106 (408,201)42,464 
Loss From Discontinued Operations, net of Tax(107)(6,115)(1,746)(192,800)
Net (Loss) Income(380,530)42,991 (409,947)(150,336)
LESS: NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS34 166 (185)563 
NET (LOSS) INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP$(380,496)$43,157 $(410,132)$(149,773)
NET (LOSS) INCOME FROM CONTINUING OPERATIONS ALLOCATED TO COMMON UNITHOLDERS (NOTE 3)$(403,755)$28,895 $(477,503)$(123,792)
NET LOSS FROM DISCONTINUED OPERATIONS ALLOCATED TO COMMON UNITHOLDERS (NOTE 3)$(107)$(6,109)$(1,744)$(192,607)
NET (LOSS) INCOME ALLOCATED TO COMMON UNITHOLDERS (NOTE 3)$(403,862)$22,786 $(479,247)$(316,399)
BASIC (LOSS) INCOME PER COMMON UNIT
(Loss) Income From Continuing Operations$(3.13)$0.23 $(3.71)$(0.97)
Loss From Discontinued Operations, net of Tax$ $(0.05)$(0.01)$(1.52)
Net (Loss) Income$(3.13)$0.18 $(3.72)$(2.49)
DILUTED (LOSS) INCOME PER COMMON UNIT
(Loss) Income From Continuing Operations$(3.13)$0.22 $(3.71)$(0.97)
Loss From Discontinued Operations, net of Tax$ $(0.05)$(0.01)$(1.52)
Net (Loss) Income$(3.13)$0.18 $(3.72)$(2.49)
BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING128,991,414 128,201,369 128,845,214 127,026,510 
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING128,991,414 129,358,590 128,845,214 127,026,510 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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NGL ENERGY PARTNERS LP AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income
(in Thousands)
Three Months Ended December 31,Nine Months Ended December 31,
2020201920202019
Net (loss) income$(380,530)$42,991 $(409,947)$(150,336)
Other comprehensive income41 16 119 7 
Comprehensive (loss) income$(380,489)$43,007 $(409,828)$(150,329)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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NGL ENERGY PARTNERS LP AND SUBSIDIARIES
Unaudited Condensed Consolidated Statement of Changes in Equity
Three Months and Nine Months Ended December 31, 2020
(in Thousands, except unit amounts)
Limited Partners
PreferredCommonAccumulated
Other
General
Partner
UnitsAmount
Units
AmountComprehensive
Income (Loss)
Noncontrolling
Interests
Total
Equity
BALANCES AT MARCH 31, 2020$(51,390)14,385,642 $348,359 128,771,715 $1,366,152 $(385)$72,954 $1,735,690 
Distributions to general and common unit partners and preferred unitholders (Note 10)(26)— — — (47,652)— — (47,678)
Distributions to noncontrolling interest owners— — — — — — (2,257)(2,257)
Equity issued pursuant to incentive compensation plan (Note 10)— — — — 1,349 — — 1,349 
Net (loss) income(57)— — — (35,246)— 51 (35,252)
Other comprehensive income— — — — — 44 — 44 
Cumulative effect adjustment for adoption of ASU 2016-13 (Note 16)(1)— — — (1,112)— — (1,113)
BALANCES AT JUNE 30, 2020(51,474)14,385,642 348,359 128,771,715 1,283,491 (341)70,748 1,650,783 
Distributions to general and common unit partners and preferred unitholders (Note 10)(26)— — — (47,808)— — (47,834)
Distributions to noncontrolling interest owners— — — — — — (598)(598)
Equity issued pursuant to incentive compensation plan (Note 10)— — — — 1,308 — — 1,308 
Net (loss) income(18)— — — 5,685 — 168 5,835 
Other comprehensive income— — — — — 34 — 34 
BALANCES AT SEPTEMBER 30, 2020(51,518)14,385,642 348,359 128,771,715 1,242,676 (307)70,318 1,609,528 
Distributions to general and common unit partners and preferred unitholders (Note 10)(13)— — — (36,647)— — (36,660)
Distributions to noncontrolling interest owners— — — — — — (842)(842)
Common unit repurchases and cancellations (Note 10)— — — (50,155)(134)— — (134)
Equity issued pursuant to incentive compensation plan (Note 10)— — — 446,475 1,170 — — 1,170 
Net loss(404)— — — (380,092)— (34)(380,530)
Other comprehensive income— — — — — 41 — 41 
BALANCES AT DECEMBER 31, 2020$(51,935)14,385,642 $348,359 129,168,035 $826,973 $(266)$69,442 $1,192,573 


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NGL ENERGY PARTNERS LP AND SUBSIDIARIES
Unaudited Condensed Consolidated Statement of Changes in Equity
Three Months and Nine Months Ended December 31, 2019
(in Thousands, except unit amounts)
Limited Partners
PreferredCommonAccumulated
Other
General
Partner
UnitsAmount
Units
AmountComprehensive
Income (Loss)
Noncontrolling
Interests
Total
Equity
BALANCES AT MARCH 31, 2019$(50,603)8,400,000 $202,731 124,508,497 $2,067,197 $(255)$58,748 $2,277,818 
Distributions to general and common unit partners and preferred unitholders (85)— — — (63,274)— — (63,359)
Issuance of Class C preferred units, net of offering costs— 1,800,000 42,638 — — — —