Company Quick10K Filing
NGL Energy Partners
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 -0 $-0
10-Q 2019-11-08 Quarter: 2019-09-30
10-Q 2019-08-09 Quarter: 2019-06-30
10-K 2019-05-30 Annual: 2019-03-31
10-Q 2019-02-11 Quarter: 2018-12-31
10-Q 2018-11-08 Quarter: 2018-09-30
10-Q 2018-08-07 Quarter: 2018-06-30
10-K 2018-05-30 Annual: 2018-03-31
10-Q 2018-02-09 Quarter: 2017-12-31
10-Q 2017-11-07 Quarter: 2017-09-30
10-Q 2017-08-04 Quarter: 2017-06-30
10-K 2017-05-26 Annual: 2017-03-31
10-Q 2017-02-07 Quarter: 2016-12-31
10-Q 2016-11-07 Quarter: 2016-11-04
10-Q 2016-08-09 Quarter: 2016-06-30
10-K 2016-05-31 Annual: 2016-03-31
10-Q 2016-02-09 Quarter: 2015-12-31
10-Q 2015-11-09 Quarter: 2015-09-30
10-Q 2015-08-10 Quarter: 2015-06-30
10-K 2015-06-01 Annual: 2015-03-31
10-Q 2015-02-09 Quarter: 2014-12-31
10-Q 2014-11-10 Quarter: 2014-09-30
10-Q 2014-08-11 Quarter: 2014-06-30
10-K 2014-05-30 Annual: 2014-03-31
10-Q 2014-02-10 Quarter: 2013-12-31
10-Q 2013-11-12 Quarter: 2013-09-30
10-Q 2013-08-09 Quarter: 2013-06-30
10-K 2013-06-14 Annual: 2013-03-31
10-Q 2013-02-14 Quarter: 2012-12-31
10-Q 2012-11-14 Quarter: 2012-09-30
10-Q 2012-08-14 Quarter: 2012-06-30
10-K 2012-06-15 Annual: 2012-03-31
10-Q 2012-02-14 Quarter: 2011-12-31
10-Q 2011-11-14 Quarter: 2011-09-30
10-Q 2011-08-15 Quarter: 2011-06-30
10-K 2011-06-29 Annual: 2011-03-31
8-K 2020-01-03 Other Events, Exhibits
8-K 2019-12-30 Enter Agreement, Exhibits
8-K 2019-12-26 Other Events, Exhibits
8-K 2019-12-05 Officers, Exhibits
8-K 2019-11-22 Other Events, Exhibits
8-K 2019-11-08 Earnings, Exhibits
8-K 2019-10-30 Enter Agreement, M&A, Off-BS Arrangement, Sale of Shares, Shareholder Rights, Amend Bylaw, Other Events, Exhibits
8-K 2019-09-30 M&A, Other Events, Exhibits
8-K 2019-09-25 Enter Agreement, Sale of Shares, Other Events, Exhibits
8-K 2019-09-05 Officers, Other Events
8-K 2019-08-30 Other Events, Exhibits
8-K 2019-08-20 Amend Bylaw, Exhibits
8-K 2019-08-08 Earnings, Exhibits
8-K 2019-07-02 Enter Agreement, M&A, Off-BS Arrangement, Sale of Shares, Shareholder Rights, Officers, Amend Bylaw, Exhibits
8-K 2019-07-02 Other Events, Exhibits
8-K 2019-06-26 Enter Agreement, Exhibits
8-K 2019-05-30 Earnings, Exhibits
8-K 2019-05-14 Enter Agreement, Other Events, Exhibits
8-K 2019-05-11 Officers, Regulation FD, Other Events, Exhibits
8-K 2019-04-04 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2019-04-03 Other Events, Exhibits
8-K 2019-04-02 Shareholder Rights, Amend Bylaw, Other Events, Exhibits
8-K 2019-03-26 Regulation FD, Exhibits
8-K 2019-03-26 Enter Agreement, Exhibits
8-K 2019-02-28 Other Events, Exhibits
8-K 2019-02-13 Regulation FD, Other Events, Exhibits
8-K 2019-02-11 Earnings, Exhibits
8-K 2019-01-21 Officers
8-K 2018-12-19 Other Events, Exhibits
8-K 2018-11-08 Earnings, Exhibits
8-K 2018-09-14 Regulation FD, Other Events, Exhibits
8-K 2018-08-07 Earnings, Exhibits
8-K 2018-07-19 Other Events
8-K 2018-07-10 Officers
8-K 2018-07-03 Enter Agreement, M&A, Other Events, Exhibits
8-K 2018-05-30 Earnings, Exhibits
8-K 2018-05-30 Enter Agreement, Other Events, Exhibits
8-K 2018-03-30 Officers, Other Events, Exhibits
8-K 2018-03-06 Enter Agreement, Exhibits
8-K 2018-03-01 Other Events, Exhibits
8-K 2018-02-09 Earnings, Exhibits
8-K 2018-02-05 Officers, Exhibits
8-K 2017-12-29 Leave Agreement, Other Events, Exhibits
NGL 2019-09-30
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 17-Subsequent Events
Note 18-Unaudited Condensed Consolidating Guarantor and Non-Guarantor Financial Information
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-4.3 ex4309301910q.htm
EX-4.4 ex4409301910q.htm
EX-4.5 ex4509301910q.htm
EX-31.1 ex31109301910q.htm
EX-31.2 ex31209301910q.htm
EX-32.1 ex32109301910q.htm
EX-32.2 ex32209301910q.htm

NGL Energy Partners Earnings 2019-09-30

NGL 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
RRTS 337 843 622 1,524 0 -269 -173 514 0% -3.0 -32%
AE 142 302 152 1,840 0 3 18 10 0% 0.5 1%
SINO 11 21 5 40 6 -6 -5 8 14% -1.5 -31%
NGL 6,395 4,303 24,810 768 537 919 2,579 3% 2.8 8%
SUN 5,470 4,691 16,805 639 204 371 2,993 4% 8.1 4%
GLP 2,764 2,278 13,230 703 81 88 -10 5% -0.1 3%
GEL 6,555 4,197 2,689 0 32 571 2,490 0% 4.4 0%
SRLP 946 822 3,619 189 47 131 -6 5% -0.0 5%
CAPL 929 825 2,295 167 20 109 532 7% 4.9 2%
MMLP 701 738 910 320 -156 -84 594 35% -7.1 -22%

Document
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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 September 30, 2019
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)
Delaware
 
27-3427920
(State or Other Jurisdiction of Incorporation or Organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
6120 South Yale Avenue, Suite 805
 
 
Tulsa,
Oklahoma
 
74136
(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 filer
x
 
Accelerated filer
o
Non-accelerated filer
o
 
Smaller 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 Class
 
Trading Symbols
 
Name of Each Exchange on Which Registered
Common units representing Limited Partner Interests
 
NGL
 
New York Stock Exchange
Fixed-to-floating rate cumulative redeemable perpetual preferred units
 
NGL-PB
 
New York Stock Exchange
Fixed-to-floating rate cumulative redeemable perpetual preferred units
 
NGL-PC
 
New York Stock Exchange

At November 4, 2019, there were 128,040,420 common units issued and outstanding.



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TABLE OF CONTENTS

 
 
 
 
 
 
 
 
 
 
 
 


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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:

the prices of crude oil, natural gas liquids, gasoline, diesel, ethanol, 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, ethanol, and biodiesel;
the level of crude oil and natural gas drilling and production in areas where we have water treatment and disposal facilities;
the price of gasoline relative to the price of corn, which affects the price of ethanol;
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, ethanol, 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, wastewater disposal, 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 marketers;
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, wastewater disposal, recycling, and discharge services;
the ability to renew leases for our leased equipment and storage facilities;

1

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the nonpayment or nonperformance 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 hydrocarbons recovered during the wastewater 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;
any reduction or the elimination of the federal Renewable Fuel Standard; 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, 2019.

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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)
 
September 30, 2019
 
March 31, 2019
ASSETS
 
 
 
CURRENT ASSETS:
 
 
 
Cash and cash equivalents
$
21,154

 
$
18,572

Accounts receivable-trade, net of allowance for doubtful accounts of $4,773 and $4,016, respectively
987,875

 
998,203

Accounts receivable-affiliates
14,374

 
12,867

Inventories
308,793

 
252,770

Prepaid expenses and other current assets
199,002

 
142,811

Assets held for sale

 
387,450

Total current assets
1,531,198

 
1,812,673

PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $469,229 and $417,457, respectively
2,485,880

 
1,828,940

GOODWILL
1,176,042

 
1,113,149

INTANGIBLE ASSETS, net of accumulated amortization of $566,054 and $503,117, respectively
1,194,581

 
800,889

INVESTMENTS IN UNCONSOLIDATED ENTITIES
1,445

 
1,127

OPERATING LEASE RIGHT-OF-USE ASSETS
203,122

 

OTHER NONCURRENT ASSETS
71,755

 
113,857

ASSETS HELD FOR SALE

 
231,858

Total assets
$
6,664,023

 
$
5,902,493

LIABILITIES AND EQUITY
 
 
 
CURRENT LIABILITIES:
 
 
 
Accounts payable-trade
$
842,064

 
$
879,063

Accounts payable-affiliates
24,542

 
28,469

Accrued expenses and other payables
336,126

 
191,731

Advance payments received from customers
27,045

 
8,461

Current maturities of long-term debt
649

 
648

Operating lease obligations
68,084

 

Liabilities held for sale

 
142,781

Total current liabilities
1,298,510

 
1,251,153

LONG-TERM DEBT, net of debt issuance costs of $20,581 and $12,008, respectively, and current maturities
2,773,235

 
2,160,133

OPERATING LEASE OBLIGATIONS
132,132

 

OTHER NONCURRENT LIABILITIES
64,487

 
63,575

COMMITMENTS AND CONTINGENCIES (NOTE 9)


 


 
 
 
 
CLASS A 10.75% CONVERTIBLE PREFERRED UNITS, 0 and 19,942,169 preferred units issued and outstanding, respectively

 
149,814

CLASS D 9.00% PREFERRED UNITS, 400,000 and 0 preferred units issued and outstanding, respectively
343,748

 

 
 
 
 
EQUITY:
 
 
 
General partner, representing a 0.1% interest, 128,169 and 124,633 notional units, respectively
(51,014
)
 
(50,603
)
Limited partners, representing a 99.9% interest, 128,040,420 and 124,508,497 common units issued and outstanding, respectively
1,697,015

 
2,067,197

Class B preferred limited partners, 12,585,642 and 8,400,000 preferred units issued and outstanding, respectively
305,488

 
202,731

Class C preferred limited partners, 1,800,000 and 0 preferred units issued and outstanding, respectively
42,905

 

Accumulated other comprehensive loss
(264
)
 
(255
)
Noncontrolling interests
57,781

 
58,748

Total equity
2,051,911

 
2,277,818

Total liabilities and equity
$
6,664,023

 
$
5,902,493

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3

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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 September 30,
 
Six Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
REVENUES:
 
 
 
 
 
 
 
 
Crude Oil Logistics
 
$
641,152

 
$
860,054

 
$
1,357,312

 
$
1,643,884

Water Solutions
 
101,249

 
79,764

 
173,032

 
155,909

Liquids
 
328,509

 
550,442

 
676,156

 
1,010,339

Refined Products and Renewables
 
3,218,162

 
3,625,123

 
7,248,742

 
6,564,168

Other
 
264

 
592

 
519

 
747

Total Revenues
 
4,289,336

 
5,115,975

 
9,455,761

 
9,375,047

COST OF SALES:
 
 
 
 
 
 
 
 
Crude Oil Logistics
 
569,699

 
792,735

 
1,218,939

 
1,540,980

Water Solutions
 
(6,496
)
 
7,892

 
(9,303
)
 
22,161

Liquids
 
296,246

 
520,944

 
613,598

 
961,459

Refined Products and Renewables
 
3,197,492

 
3,622,915

 
7,228,208

 
6,625,845

Other
 
435

 
718

 
900

 
987

Total Cost of Sales
 
4,057,376

 
4,945,204

 
9,052,342

 
9,151,432

OPERATING COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
Operating
 
75,433

 
58,510

 
137,529

 
112,977

General and administrative
 
43,908

 
39,328

 
64,250

 
61,669

Depreciation and amortization
 
63,113

 
52,598

 
116,867

 
104,490

Loss on disposal or impairment of assets, net
 
3,111

 
5,988

 
2,144

 
107,323

Revaluation of liabilities
 

 

 

 
800

Operating Income (Loss)
 
46,395

 
14,347

 
82,629

 
(163,644
)
OTHER INCOME (EXPENSE):
 
 
 
 
 
 

 
 

(Loss) equity in earnings of unconsolidated entities
 
(265
)
 
379

 
(257
)
 
598

Interest expense
 
(45,016
)
 
(41,358
)
 
(84,910
)
 
(87,625
)
Loss on early extinguishment of liabilities, net
 

 

 

 
(137
)
Other income (expense), net
 
184

 
1,301

 
1,193

 
(32,602
)
Income (Loss) From Continuing Operations Before Income Taxes
 
1,298

 
(25,331
)
 
(1,345
)
 
(283,410
)
INCOME TAX EXPENSE
 
(640
)
 
(691
)
 
(319
)
 
(1,342
)
Income (Loss) From Continuing Operations
 
658

 
(26,022
)
 
(1,664
)
 
(284,752
)
(Loss) Income From Discontinued Operations, net of Tax
 
(202,024
)
 
380,961

 
(191,663
)
 
470,402

Net (Loss) Income
 
(201,366
)
 
354,939

 
(193,327
)
 
185,650

LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
129

 
518

 
397

 
863

LESS: NET LOSS ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING INTERESTS
 

 
48

 

 
446

NET (LOSS) INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP
 
$
(201,237
)
 
$
355,505

 
$
(192,930
)
 
$
186,959

NET LOSS FROM CONTINUING OPERATIONS ALLOCATED TO COMMON UNITHOLDERS (NOTE 3)
 
$
(16,295
)
 
$
(49,466
)
 
$
(147,714
)
 
$
(327,764
)
NET (LOSS) INCOME FROM DISCONTINUED OPERATIONS ALLOCATED TO COMMON UNITHOLDERS (NOTE 3)
 
$
(201,822
)
 
$
380,627

 
$
(191,471
)
 
$
470,377

NET (LOSS) INCOME ALLOCATED TO COMMON UNITHOLDERS
 
$
(218,117
)
 
$
331,161

 
$
(339,185
)
 
$
142,613

BASIC (LOSS) INCOME PER COMMON UNIT
 
 
 
 
 
 
 
 
Loss From Continuing Operations
 
$
(0.13
)
 
$
(0.40
)
 
$
(1.17
)
 
$
(2.69
)
(Loss) Income From Discontinued Operations, net of Tax
 
(1.59
)
 
3.10

 
(1.51
)
 
3.86

Net (Loss) Income
 
$
(1.72
)
 
$
2.70

 
$
(2.68
)
 
$
1.17

DILUTED (LOSS) INCOME PER COMMON UNIT
 
 
 
 
 
 
 
 
Loss From Continuing Operations
 
$
(0.13
)
 
$
(0.40
)
 
$
(1.17
)
 
$
(2.69
)
(Loss) Income From Discontinued Operations, net of Tax
 
(1.59
)
 
3.10

 
(1.51
)
 
3.86

Net (Loss) Income
 
$
(1.72
)
 
$
2.70

 
$
(2.68
)
 
$
1.17

BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING
 
126,979,034

 
122,380,197

 
126,435,870

 
121,964,593

DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING
 
126,979,034

 
122,380,197

 
126,435,870

 
121,964,593


The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4

Table of Contents


NGL ENERGY PARTNERS LP AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income
(in Thousands)
 
 
Three Months Ended September 30,
 
Six Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Net (loss) income
 
$
(201,366
)
 
$
354,939

 
$
(193,327
)
 
$
185,650

Other comprehensive loss
 
(46
)
 
(13
)
 
(9
)
 
(24
)
Comprehensive (loss) income
 
$
(201,412
)
 
$
354,926

 
$
(193,336
)
 
$
185,626


The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5

Table of Contents


NGL ENERGY PARTNERS LP AND SUBSIDIARIES
Unaudited Condensed Consolidated Statement of Changes in Equity
Three and Six Months Ended September 30, 2019
(in Thousands, except unit amounts)
 
 
 
 
Limited Partners
 
 
 
 
 
 
 
 
 
 
Preferred
 
Common
 
Accumulated
Other
 
 
 
 
 
 
General
Partner
 
Units
 
Amount
 

Units
 
Amount
 
Comprehensive
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 (Note 10)
 
(85
)
 

 

 

 
(63,274
)
 

 

 
(63,359
)
Issuance of Class C preferred units, net of offering costs (Note 10)
 

 
1,800,000

 
42,638

 

 

 

 

 
42,638

Equity issued pursuant to incentive compensation plan (Note 10)
 

 

 

 

 
2,752

 

 

 
2,752

Warrants exercised (Note 10)
 

 

 

 
1,458,371

 
15

 

 

 
15

Accretion of beneficial conversion feature of Class A convertible preferred units (Note 10)
 

 

 

 

 
(36,517
)
 

 

 
(36,517
)
Class A convertible preferred units redemption - amount paid in excess of carrying value (Note 10)
 

 

 

 

 
(78,797
)
 

 

 
(78,797
)
Investment in NGL Energy Holdings LLC (Note 13)
 

 

 

 

 
(2,361
)
 

 

 
(2,361
)
Net (loss) income
 
(85
)
 

 

 

 
8,392

 

 
(268
)
 
8,039

Other comprehensive income
 

 

 

 

 

 
37

 

 
37

BALANCES AT JUNE 30, 2019
 
(50,773
)
 
10,200,000

 
245,369

 
125,966,868

 
1,897,407

 
(218
)
 
58,480

 
2,150,265

Distributions to general and common unit partners and preferred unitholders (Note 10)
 
(85
)
 

 

 

 
(55,025
)
 

 

 
(55,110
)
Sawtooth joint venture
 

 

 

 

 

 

 
(570
)
 
(570
)
Common unit repurchases and cancellations (Note 10)
 

 

 

 
(78,229
)
 
(1,098
)
 

 

 
(1,098
)
Issuance of Class B preferred units, net of offering costs (see Note 10)
 

 
4,185,642

 
102,757

 

 

 

 

 
102,757

Class C preferred units issuance costs
 

 

 
267

 

 

 

 

 
267

Issuance of warrants, net of offering costs (Note 10)
 

 

 

 

 
41,685

 

 

 
41,685

Equity issued pursuant to incentive compensation plan (Note 10)
 
27

 

 

 
2,151,781

 
26,566

 

 

 
26,593

Investment in NGL Energy Holdings LLC (Note 13)
 

 

 

 

 
(11,466
)
 

 

 
(11,466
)
Net loss
 
(183
)
 

 

 

 
(201,054
)
 

 
(129
)
 
(201,366
)
Other comprehensive loss
 

 

 

 

 

 
(46
)
 

 
(46
)
BALANCES AT SEPTEMBER 30, 2019
 
$
(51,014
)
 
14,385,642

 
$
348,393

 
128,040,420

 
$
1,697,015

 
$
(264
)
 
$
57,781

 
$
2,051,911


The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

6

Table of Contents


NGL ENERGY PARTNERS LP AND SUBSIDIARIES
Unaudited Condensed Consolidated Statement of Changes in Equity
Three and Six Months Ended September 30, 2018
(in Thousands, except unit amounts)
 
 
 
 
Limited Partners
 
 
 
 
 
 
 
 
 
 
Preferred
 
Common
 
Accumulated
Other
 
 
 
 
 
 
General
Partner
 
Units
 
Amount
 

Units
 
Amount
 
Comprehensive
Income (Loss)
 
Noncontrolling
Interests
 
Total
Equity
BALANCES AT MARCH 31, 2018
 
$
(50,819
)
 
8,400,000

 
$
202,731

 
121,472,725

 
$
1,852,495

 
$
(1,815
)
 
$
83,503

 
2,086,095

Distributions to general and common unit partners and preferred unitholders
 
(82
)
 

 

 

 
(58,548
)
 

 

 
(58,630
)
Contributions
 

 

 

 

 

 

 
169

 
169

Sawtooth joint venture
 

 

 

 

 
(63
)
 

 
63

 

Purchase of noncontrolling interest