NGL Energy Partners LP Announces Fourth Quarter and Full Year Fiscal 2023 Financial Results; Guidance for Fiscal 2024
TULSA, Okla.–(BUSINESS WIRE)–NGL Energy Partners LP (NYSE:NGL) (“NGL,” “our,” “we,” or the “Partnership”) today reported its fourth quarter and full year fiscal 2023 results.
Highlights for the fiscal year and quarter ended March 31, 2023 include:
- Net income for full year Fiscal 2023 of $52.5 million, compared to a net loss of $184.1 million for full year Fiscal 2022; a net loss for the fourth quarter of Fiscal 2023 of $33.2 million, compared to a net loss of $29.4 million for the fourth quarter of Fiscal 2022
- Adjusted EBITDA(1) for full year Fiscal 2023 of $632.7 million, compared to $542.5 million for full year Fiscal 2022; Adjusted EBITDA(1) for the fourth quarter of Fiscal 2023 of $173.3 million, compared to $157.4 million for the fourth quarter of Fiscal 2022
Water Solutions record year:
- Record produced water volumes processed of approximately 2.33 million barrels per day for Fiscal 2023, a 29.4% increase over the prior year and approximately 2.46 million barrels per day during the fourth quarter of Fiscal 2023, growing 28.0% compared to the prior fourth quarter
- Record Water Solutions’ Adjusted EBITDA(1) of $463.1 million for full year Fiscal 2023, a 35% increase over the prior year and $131.6 million for the fourth quarter of Fiscal 2023, a 45.7% increase compared to the prior fourth quarter
- In the face of significant inflationary pressure, Water Solutions reduced operating expense to $0.25 per barrel for Fiscal 2023, a 7.4% reduction compared to the prior year and $0.24 per barrel for the fourth quarter of Fiscal 2023, versus $0.28 per barrel compared to the prior fourth quarter
Debt reduction, leverage and asset sales:
- Reduced indebtedness by approximately $530 million in Fiscal 2023
- Retired all $475.7 million of the outstanding 2023 unsecured notes
- Paid off the outstanding equipment note of $41.7 million
- Purchased $12.5 million of the outstanding 2026 unsecured notes
- Reduced total leverage to 4.56 times on March 31, 2023, surpassing initial target of 4.75 times
- Subsequent to March 31, 2023, purchased $99.3 million of the outstanding 2025 unsecured notes, leaving a remaining balance of $280.7 million
- Closed $141 million(2) of asset sales, including marine assets for $111.7 million in cash. Based on the trailing twelve months of Adjusted EBITDA generated by these assets the resulting sales multiple was approximately 13.0 times.
“The Partnership had a strong Fiscal 2023, exceeding expectations with record Adjusted EBITDA(1), record water disposal volumes, accelerated debt reduction, declining leverage and significant asset sales at attractive multiples. Our team pulled on all the levers available to improve the balance sheet and financial metrics. Fiscal 2024 holds more of the same as we have closed additional asset sales, purchased 2025 unsecured notes and guided to increased Adjusted EBITDA(3). As soon as the 2025 unsecured notes are retired we will address the Preferred securities,” stated Mike Krimbill, NGL’s CEO. “Providing for potential crude oil volatility, we are guiding fiscal 2024 Water Solutions Adjusted EBITDA(3) to a range of $485 – $500 million and full year consolidated Adjusted EBITDA(3) of $645 million plus. Also, we are guiding to $125 million in total maintenance and growth capital expenditures for Fiscal 2024,” Krimbill concluded.
| ____________________ |
|
(1) See the “Non-GAAP Financial Measures” section of this release for the definition of Adjusted EBITDA (as used herein) and a discussion of this non-GAAP financial measure. |
|
(2) Excludes the sale of linefill of $16.6 million. |
| (3) Certain of the forward-looking financial measures are provided on a non-GAAP basis. A reconciliation of forward-looking financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP is potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant. |
Quarterly Results of Operations
The following table summarizes operating income (loss) and Adjusted EBITDA(1) by reportable segment for the periods indicated:
|
|
|
Quarter Ended |
||||||||||||||
|
|
|
March 31, 2023 |
|
March 31, 2022 |
||||||||||||
|
|
|
Operating Income (Loss) |
|
Adjusted EBITDA(1) |
|
Operating Income (Loss) |
|
Adjusted EBITDA(1) |
||||||||
|
|
|
(in thousands) |
||||||||||||||
|
Water Solutions |
|
$ |
38,470 |
|
|
$ |
131,558 |
|
|
$ |
34,645 |
|
|
$ |
90,279 |
|
|
Crude Oil Logistics |
|
|
(5,488 |
) |
|
|
29,715 |
|
|
|
7,092 |
|
|
|
54,459 |
|
|
Liquids Logistics |
|
|
17,818 |
|
|
|
28,469 |
|
|
|
10,349 |
|
|
|
24,546 |
|
|
Corporate and Other |
|
|
(20,340 |
) |
|
|
(16,441 |
) |
|
|
(13,637 |
) |
|
|
(11,870 |
) |
|
Total |
|
$ |
30,460 |
|
|
$ |
173,301 |
|
|
$ |
38,449 |
|
|
$ |
157,414 |
|
Water Solutions
Operating income for the Water Solutions segment increased $3.8 million for the quarter ended March 31, 2023, compared to the quarter ended March 31, 2022. The Partnership processed approximately 2.46 million barrels of water per day during the quarter ended March 31, 2023, a 28.0% increase when compared to approximately 1.93 million barrels of water per day processed during the quarter ended March 31, 2022. This increase was due to higher production volumes (and associated produced water) primarily in the Delaware Basin driven by higher completion activity as well as higher fees charged for spot volumes. In addition, there was an increase in payments made by certain producers for committed volumes not delivered. Service fees for produced water processed ($/barrel) also benefited from these deficiency payments. These increases were partially offset by lower crude oil prices. The Partnership also sold approximately 76,000 barrels per day of produced and recycled water for use in our customers’ completion activities.
Revenues from recovered skim oil totaled $24.5 million for the quarter ended March 31, 2023, a decrease of $3.9 million from the prior year period. This decrease was due to lower skim oil volumes per barrel of produced water processed and lower realized crude oil prices received from the sale of skim oil barrels partially offset by higher volumes of skim oil barrels sold due to an increase in produced water volumes processed. In addition, for the quarter ended March 31, 2023, approximately 33,480 barrels of skim oil were stored and will be sold during fiscal year 2024.
Operating expenses in the Water Solutions segment decreased to $0.24 per produced barrel processed compared to $0.28 per produced barrel processed in the comparative quarter last year primarily due to the increase in produced water processed. Three of the Water Solutions segment’s largest variable expenses, utility, royalty and chemical expenses, were not (and are not expected to be) impacted by the rise in inflation due to negotiated long-term utility contracts with fixed rates, royalty contracts with no escalation clauses and a fixed chemical expense per barrel with our chemical provider.
Crude Oil Logistics
Operating income for the fourth quarter of Fiscal 2023 decreased by $12.6 million, compared to the same quarter in Fiscal 2022. Operating income for the fourth quarter of Fiscal 2023 includes a loss from the disposal or impairment of assets of $32.4 million, compared to a gain of $5.3 million in the same period of the prior year. Excluding these amounts, operating income increased by $25.1 million for the fourth quarter of Fiscal 2023. This increase is primarily due to net gains on derivative contracts of $57.5 million, which is comprised of net gains of $7.4 million in the current year, versus a net loss of $50.2 million in the prior year period. This increase was partially offset by lower product margins due to the sale of higher priced inventory into a market in which prices were declining in the current quarter period, versus the opposite in the prior year period; we sold lower priced inventory into a market in which prices were rising. In addition, we experienced lower differentials on certain sales contracts which lowered current period product margin and partially offsets the increase discussed above. During the three months ended March 31, 2023, physical volumes on the Grand Mesa Pipeline averaged approximately 76,000 barrels per day, compared to approximately 74,000 barrels per day for the three months ended March 31, 2022. This increase was due to increased production in the Denver-Julesburg basin.
As a part of continued efforts to optimize the Partnership’s asset portfolio, we sold our crude marine assets during the quarter, which generated a $8.0 million loss on the sale of assets.
Liquids Logistics
Operating income for the Liquids Logistics segment increased $7.5 million for the quarter ended March 31, 2023, compared to the quarter ended March 31, 2022. Operating income for the fourth quarter of Fiscal 2023 includes a loss from the disposal or impairment of assets of $10.2 million. Excluding these amounts, operating income increased by $17.7 million for the fourth quarter of Fiscal 2023. This increase is primarily due to higher propane margins as customers pulled their fixed priced contracts later in the current year. Margins for refined products also increased as we continued to be well positioned from a supply and inventory perspective in certain markets experiencing tight supply. This increase was partially offset by lower butane margins (excluding the impact of derivatives) as our product purchased earlier in the season continued to compete with product purchased in a discounted market, resulting in our product being more expensive. For the current quarter, we recognized $2.3 million of gains from net derivative activity, compared to $16.8 million in losses in the prior year quarter.
Capitalization and Liquidity
Total liquidity (cash plus available capacity on our asset-based revolving credit facility (“ABL Facility”)) was approximately $315.4 million as of March 31, 2023. On March 31, 2023, the Partnership reported $138.0 million in outstanding borrowings on its ABL Facility, compared to $116.0 million in outstanding borrowings at March 31, 2022. This increase was due to the payoff of the 2023 Notes, which was offset by the seasonal decline in inventory levels and the sale of our marine assets.
As of March 31, 2023, the Partnership is in compliance with all of its debt covenants and has no significant current debt maturities before March 2025.
Fourth Quarter Conference Call Information
A conference call to discuss NGL’s results of operations is scheduled for 4:30 pm Central Time on Wednesday, May 31, 2023. Analysts, investors, and other interested parties may join the webcast via the event link: https://www.webcaster4.com/Webcast/Page/2808/48242 or by dialing (888) 506-0062 and providing access code: 106759. An archived audio replay of the call will be available for 14 days, which can be accessed by dialing (877) 481-4010 and providing replay passcode 48242.
NGL filed its Annual Report on Form 10-K for the year ended March 31, 2023 with the Securities and Exchange Commission after market on May 31, 2023. A copy of the Form 10-K can be found on the Partnership’s website at www.nglenergypartners.com. Unitholders may also request, free of charge, a hard copy of our Form 10-K and our complete audited financial statements.
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 certain refined products businesses within NGL’s Liquids Logistics segment, as discussed below. EBITDA and Adjusted EBITDA should not be considered alternatives to net (loss) income, (loss) income before income taxes, cash flows from operating activities, or any other measure of financial performance calculated in accordance with GAAP, as those items are used to measure operating performance, liquidity or the ability to service debt obligations. NGL believes that EBITDA provides additional information to investors for evaluating NGL’s ability to make quarterly distributions to NGL’s unitholders and is presented solely as a supplemental measure. NGL believes that Adjusted EBITDA provides additional information to investors for evaluating NGL’s financial performance without regard to NGL’s financing methods, capital structure and historical cost basis. Further, EBITDA and Adjusted EBITDA, as NGL defines them, may not be comparable to EBITDA, Adjusted EBITDA, or similarly titled measures used by other entities.
Other than for 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 records 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. 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 we are 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.
We do not provide a reconciliation for non-GAAP estimates on a forward-looking basis where we are unable to provide a meaningful calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various items that would impact the most directly comparable forward-looking U.S. GAAP financial measure that have not yet occurred, are out of the Partnership’s control and/or cannot be reasonably predicted. Forward-looking non-GAAP financial measures provided without the most directly comparable U.S. GAAP financial measures may vary materially from the corresponding U.S. GAAP financial measures.
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.
|
NGL ENERGY PARTNERS LP AND SUBSIDIARIES |
|||||||
|
Unaudited Consolidated Balance Sheets |
|||||||
|
(in Thousands, except unit amounts) |
|||||||
|
|
March 31, |
||||||
|
|
2023 |
|
2022 |
||||
|
ASSETS |
|
|
|
||||
|
CURRENT ASSETS: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
5,431 |
|
|
$ |
3,822 |
|
|
Accounts receivable-trade, net of allowance for expected credit losses of $1,964 and $2,626, respectively |
|
1,033,956 |
|
|
|
1,123,163 |
|
|
Accounts receivable-affiliates |
|
12,362 |
|
|
|
8,591 |
|
|
Inventories |
|
142,607 |
|
|
|
251,277 |
|
|
Prepaid expenses and other current assets |
|
98,089 |
|
|
|
159,486 |
|
|
Total current assets |
|
1,292,445 |
|
|
|
1,546,339 |
|
|
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $898,184 and $887,006, respectively |
|
2,223,380 |
|
|
|
2,462,390 |
|
|
GOODWILL |
|
712,364 |
|
|
|
744,439 |
|
|
INTANGIBLE ASSETS, net of accumulated amortization of $580,860 and $507,285, respectively |
|
1,058,668 |
|
|
|
1,135,354 |
|
|
INVESTMENTS IN UNCONSOLIDATED ENTITIES |
|
21,090 |
|
|
|
21,897 |
|
|
OPERATING LEASE RIGHT-OF-USE ASSETS |
|
90,220 |
|
|
|
114,124 |
|
|
OTHER NONCURRENT ASSETS |
|
57,977 |
|
|
|
45,802 |
|
|
Total assets |
$ |
5,456,144 |
|
|
$ |
6,070,345 |
|
|
LIABILITIES AND EQUITY |
|
|
|
||||
|
CURRENT LIABILITIES: |
|
|
|
||||
|
Accounts payable-trade |
$ |
927,591 |
|
|
$ |
1,084,837 |
|
|
Accounts payable-affiliates |
|
65 |
|
|
|
73 |
|
|
Accrued expenses and other payables |
|
133,616 |
|
|
|
140,719 |
|
|
Advance payments received from customers |
|
14,699 |
|
|
|
7,934 |
|
|
Current maturities of long-term debt |
|
— |
|
|
|
2,378 |
|
|
Operating lease obligations |
|
34,166 |
|
|
|
41,261 |
|
|
Total current liabilities |
|
1,110,137 |
|
|
|
1,277,202 |
|
|
LONG-TERM DEBT, net of debt issuance costs of $30,117 and $42,988, respectively, and current maturities |
|
2,857,805 |
|
|
|
3,350,463 |
|
|
OPERATING LEASE OBLIGATIONS |
|
58,450 |
|
|
|
72,784 |
|
|
OTHER NONCURRENT LIABILITIES |
|
111,226 |
|
|
|
104,346 |
|
|
|
|
|
|
||||
|
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, 132,059 and 130,827 notional units, respectively |
|
(52,551 |
) |
|
|
(52,478 |
) |
|
Limited partners, representing a 99.9% interest, 131,927,343 and 130,695,970 common units issued and outstanding, respectively |
|
455,564 |
|
|
|
401,486 |
|
|
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 |
|
(450 |
) |
|
|
(308 |
) |
|
Noncontrolling interests |
|
16,507 |
|
|
|
17,394 |
|
|
Total equity |
|
767,429 |
|
|
|
714,453 |
|
|
Total liabilities and equity |
$ |
5,456,144 |
|
|
$ |
6,070,345 |
|
|
NGL ENERGY PARTNERS LP AND SUBSIDIARIES |
||||||||||||||||
|
Unaudited Consolidated Statements of Operations |
||||||||||||||||
|
(in Thousands, except unit and per unit amounts) |
||||||||||||||||
|
|
|
Three Months Ended March 31, |
|
Year Ended March 31, |
||||||||||||
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
REVENUES: |
|
|
|
|
|
|
|
|
||||||||
|
Water Solutions |
|
$ |
185,807 |
|
|
$ |
147,777 |
|
|
$ |
697,038 |
|
|
$ |
544,866 |
|
|
Crude Oil Logistics |
|
|
493,055 |
|
|
|
789,839 |
|
|
|
2,464,822 |
|
|
|
2,505,496 |
|
|
Liquids Logistics |
|
|
1,369,972 |
|
|
|
1,595,631 |
|
|
|
5,533,044 |
|
|
|
4,897,553 |
|
|
Total Revenues |
|
|
2,048,834 |
|
|
|
2,533,247 |
|
|
|
8,694,904 |
|
|
|
7,947,915 |
|
|
COST OF SALES: |
|
|
|
|
|
|
|
|
||||||||
|
Water Solutions |
|
|
421 |
|
|
|
12,189 |
|
|
|
14,100 |
|
|
|
33,980 |
|
|
Crude Oil Logistics |
|
|
442,474 |
|
|
|
761,055 |
|
|
|
2,250,934 |
|
|
|
2,352,932 |
|
|
Liquids Logistics |
|
|
1,326,449 |
|
|
|
1,565,361 |
|
|
|
5,383,809 |
|
|
|
4,752,400 |
|
|
Corporate and Other |
|
|
1,181 |
|
|
|
— |
|
|
|
1,181 |
|
|
|
— |
|
|
Total Cost of Sales |
|
|
1,770,525 |
|
|
|
2,338,605 |
|
|
|
7,650,024 |
|
|
|
7,139,312 |
|
|
OPERATING COSTS AND EXPENSES: |
|
|
|
|
|
|
|
|
||||||||
|
Operating |
|
|
76,354 |
|
|
|
77,925 |
|
|
|
313,725 |
|
|
|
285,535 |
|
|
General and administrative |
|
|
21,217 |
|
|
|
17,397 |
|
|
|
71,818 |
|
|
|
63,546 |
|
|
Depreciation and amortization |
|
|
69,516 |
|
|
|
66,575 |
|
|
|
273,621 |
|
|
|
288,720 |
|
|
Loss on disposal or impairment of assets, net |
|
|
71,097 |
|
|
|
791 |
|
|
|
86,888 |
|
|
|
94,254 |
|
|
Revaluation of liabilities |
|
|
9,665 |
|
|
|
(6,495 |
) |
|
|
9,665 |
|
|
|
(6,495 |
) |
|
Operating Income |
|
|
30,460 |
|
|
|
38,449 |
|
|
|
289,163 |
|
|
|
83,043 |
|
|
OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
|
||||||||
|
Equity in earnings of unconsolidated entities |
|
|
1,026 |
|
|
|
635 |
|
|
|
4,120 |
|
|
|
1,400 |
|
|
Interest expense |
|
|
(63,917 |
) |
|
|
(67,636 |
) |
|
|
(275,445 |
) |
|
|
(271,640 |
) |
|
(Loss) gain on early extinguishment of liabilities, net |
|
|
(631 |
) |
|
|
682 |
|
|
|
6,177 |
|
|
|
1,813 |
|
|
Other income, net |
|
|
17 |
|
|
|
251 |
|
|
|
28,748 |
|
|
|
2,254 |
|
|
(Loss) Income Before Income Taxes |
|
|
(33,045 |
) |
|
|
(27,619 |
) |
|
|
52,763 |
|
|
|
(183,130 |
) |
|
INCOME TAX EXPENSE |
|
|
(158 |
) |
|
|
(1,791 |
) |
|
|
(271 |
) |
|
|
(971 |
) |
|
Net (Loss) Income |
|
|
(33,203 |
) |
|
|
(29,410 |
) |
|
|
52,492 |
|
|
|
(184,101 |
) |
|
LESS: NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS |
|
|
(316 |
) |
|
|
50 |
|
|
|
(1,106 |
) |
|
|
(655 |
) |
|
NET (LOSS) INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP |
|
$ |
(33,519 |
) |
|
$ |
(29,360 |
) |
|
$ |
51,386 |
|
|
$ |
(184,756 |
) |
|
NET LOSS ALLOCATED TO COMMON UNITHOLDERS |
|
$ |
(67,661 |
) |
|
$ |
(56,269 |
) |
|
$ |
(73,232 |
) |
|
$ |
(288,630 |
) |
|
BASIC AND DILUTED LOSS PER COMMON UNIT |
|
$ |
(0.51 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.56 |
) |
|
$ |
(2.22 |
) |
|
BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING |
|
|
131,631,271 |
|
|
|
130,371,691 |
|
|
|
131,007,171 |
|
|
|
129,840,234 |
|
|
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING |
|
|
131,631,271 |
|
|
|
130,371,691 |
|
|
|
131,007,171 |
|
|
|
129,840,234 |
|
Contacts
David Sullivan, 918-495-4631
Vice President – Finance
