NGL Energy Partners LP (NYSE:NGL), "NGL Energy," reported net income allocable to limited partners for the three month period ended December 31, 2011 of $6.1 million and Adjusted EBITDA of $13.6 million. Net income per limited partner common unit for the period was $0.24. Costs associated with acquisitions that were expensed amounted to $0.3 million.
For the nine month period ended December 31, 2011, NGL Energy reported a net loss allocable to limited partners of $(6.1) million and Adjusted EBITDA of $8.0 million. Net loss per limited partner common unit for the period was $(0.41). Costs associated with acquisitions that were expensed amounted to $1.4 million.
During the three months ended December 31, 2011, NGL Energy completed two significant business combinations. On October 3, 2011, NGL Energy combined the retail propane operations in the northeastern United States of E. Osterman Propane, Inc., its affiliated companies and members of the Osterman family. The contributed assets include 20 owned or leased customer service and satellite distribution locations, with aggregate propane storage capacity of 1.7 million gallons. On November 1, 2011, NGL Energy obtained substantially all of the natural gas liquids business of SemStream, L.P. The contributed assets include 12 natural gas liquids terminals, 12 million gallons of above ground propane storage, 3.7 million barrels of underground leased storage for natural gas liquids and a rail fleet of approximately 350 leased and 12 owned cars.
Subsequent to December 31, 2011, NGL Energy completed two significant business combinations. In January 2012, NGL Energy acquired the assets of seven retail propane companies affiliated with Pacer Propane Holdings, L.P. in exchange for approximately $32.2 million in cash and 1.5 million common units of NGL Energy. In February 2012, NGL Energy acquired the propane and distillate operations and assets of North American Propane for cash of approximately $66.8 million, subject to adjustment for certain assumed liabilities, working capital and other specified items.
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