This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

NGL Energy Partners LP Announces Seasonal Net Loss And Filing Of Form 10-Q

Stocks in this article: NGL

NGL Energy Partners LP (NYSE:NGL), “NGL Energy,” today reported a seasonal net loss allocable to limited partners for the three month period ended September 30, 2011, of $5.4 million and an Adjusted EBITDA loss of $3.9 million. Net loss per limited partner common and subordinated unit for the period was $(0.36).

For the six month period ended September 30, 2011, NGL Energy reported a seasonal net loss allocable to limited partners of $12.2 million and an Adjusted EBITDA loss of $5.6 million. Net loss per limited partner common and subordinated unit for the period was $(0.88).

Subsequent to September 30, 2011, the Partnership announced the completion of two significant business combinations. In October 2011, the assets of E. Osterman Propane and its affiliates were contributed to NGL Energy, adding 20 service and satellite distributions locations with sales exceeding 40 million gallons of propane annually. The Osterman transaction increased Partnership equity by approximately $84 million and long-term debt by approximately $96 million.

In early November 2011, NGL Energy announced that substantially all of the natural gas liquids assets of SemStream, L.P., “Semstream,” a subsidiary of SemGroup Corporation (NYSE: SEMG), had been contributed to the Partnership. The transaction added 12 natural gas liquids terminals, 12 million gallons of above ground propane storage, 3.7 million barrels of leased underground natural gas liquids storage, a rail fleet of 350 leased and 12 owned cars and approximately $93 million of natural gas liquids inventory to the Partnership’s assets. The SemStream transaction increased Partnership equity by approximately $188 million and seasonal borrowings by approximately $93 million.

“The net loss for the second quarter is consistent with the seasonal nature of our business. However, the loss included approximately $1.2 million of acquisition related costs that could not be capitalized under GAAP,” said Craig S. Jones, the Partnership Chief Financial Officer.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs