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NGL Energy Partners LP Announces Earnings And Filing Of Form 10-K

Stocks in this article: NGL

NGL Energy also announced that it has filed its annual report on Form 10-K for its fiscal year ended March 31, 2012 with the Securities and Exchange Commission. NGL Energy has posted a copy of the Form 10-K on its website at www.nglenergypartners.com. Unitholders of NGL Energy will be provided a copy of NGL Energy's Form 10-K free of charge upon request. Any such request should be made in writing directed to: NGL Energy Partners LP, Investor Relations, 6120 South Yale Avenue, #805, Tulsa, OK 74136.

About NGL Energy Partners: NGL Energy Partners LP owns and operates a vertically integrated energy business with three operating segments: midstream, wholesale supply and marketing, and retail propane. For further information about NGL Energy and the financial results disclosed in this press release, see NGL Energy’s website at www.nglenergypartners.com.

NGL ENERGY PARTNERS LP AND SUBSIDIARIES
Unaudited Consolidated Balance Sheets
As of March 31, 2012 and 2011
(U.S. Dollars in Thousands, except unit amounts)
                   
 
 
 
March 31, March 31,
2012 2011
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 7,832 $ 16,337

Accounts receivable, net of allowance for doubtful accounts of $818 and $161, respectively

84,004 44,346
Accounts receivable - affiliates 2,282 -
Inventories 94,504 12,697
Product exchanges 131 427
Prepaid expenses and other current assets   9,871   3,683
Total current assets 198,624 77,490
 

PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $12,843 and $2,871, respectively

255,403 66,020
GOODWILL 148,785 8,568

INTANGIBLE ASSETS, net of accumulated amortization of $8,174 and $1,558, respectively

143,559 11,755
OTHER   2,766   -
Total assets $ 749,137 $ 163,833
 
LIABILITIES AND PARTNERS' EQUITY
CURRENT LIABILITIES:
Trade accounts payable $ 81,369 $ 37,244
Accrued expenses and other payables 10,023 3,711
Product exchanges 4,764 1,045
Advance payments received from customers 20,293 7,714
Accounts payable-affiliates 8,486 -
Current maturities of long-term debt   19,484   830
Total current liabilities 144,419 50,544
 
LONG-TERM DEBT, net of current maturities 199,177 65,541
OTHER NON-CURRENT LIABILITIES 212 395
 
COMMITMENTS AND CONTINGENCIES
 
PARTNERS' EQUITY:

General partner, representing a 0.1% interest, 29,245 and 10,945 notional units at March 31, 2012 and 2011, respectively

442 72
Limited partners, representing a 99.9% interest -

Common units, 23,296,253 and 10,933,568 units issued and outstanding at March 31, 2012 and 2011, respectively

384,604 47,225

Subordinated units, 5,919,346 units issued and outstanding at March 31, 2012

19,824 -
Accumulated other comprehensive income -
Foreign currency translation 31 56
Noncontrolling interest   428   -
Total partners' equity   405,329   47,353
Total liabilities and partners' equity $ 749,137

 

$ 163,833
 
                   
NGL ENERGY PARTNERS LP AND SUBSIDIARIES
AND NGL SUPPLY, INC.
Unaudited Consolidated Statements of Operations
For the Year Ended March 31, 2012, the Six Months Ended March 31, 2011
and September 30, 2010, and the Year Ended March 31, 2010

(U.S. Dollars in Thousands, except unit, per unit, share, and per share amounts)

 

 

 

NGL Energy Partners LP

NGL Supply, Inc.
 

 

 

Six Months

Six Months  

 

Year Ended

 

Ended

Ended Year Ended

 

March 31,

 

March 31,

September 30, March 31,
 

2012

    2011       2010     2010  
REVENUES:
Retail propane operations $ 199,334 $ 72,813 $ 6,868 $ 26,967
Wholesale supply and marketing 1,104,706 546,782 309,029 704,436
Midstream   6,433     2,637     1,046     4,103  
Total Revenues   1,310,473     622,232     316,943     735,506  
 
COST OF SALES:
Retail propane operations 130,142 46,985 4,749 15,603
Wholesale supply and marketing 1,086,544 535,755 305,965 692,145
Midstream   337     292     194     467  
Total Cost of Sales   1,217,023     583,032     310,908     708,215  
Gross Margin 93,450 39,200 6,035 27,291
 
OPERATING COSTS AND EXPENSES:
Operating 47,300 15,898 5,231 11,523
General and administrative 16,009 5,024 3,210 6,326
Depreciation and amortization   15,111     3,441     1,389     2,781  
Operating Income (Loss) 15,030 14,837 (3,795 ) 6,661
 
OTHER INCOME (EXPENSE):
Interest income 765 221 66 120
Interest expense (7,620 ) (2,482 ) (372 ) (668 )
Other, net   290     103     124     (5 )
Income (Loss) Before Income Taxes 8,465 12,679 (3,977 ) 6,108
 
INCOME TAX PROVISION (BENEFIT)   601     -     (1,417 )   2,478  
 
Net Income (Loss) 7,864 12,679 (2,560 ) 3,630
 
INCOME ALLOCABLE TO GENERAL PARTNER (8 ) (13 ) - -
 
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST 12 - 45 6
       

NET INCOME (LOSS) ATTRIBUTABLE TO LIMITED PARTNERS OR PARENT EQUITY

$ 7,868   $ 12,666   $ (2,515 ) $ 3,636  
 
 
BASIC AND DILUTED NET INCOME PER LIMITED PARTNER UNIT:
Common units $ 0.32   $ 1.16  
Subordinated units $ 0.58   $ -  
BASIC AND DILUTED WEIGHTED AVERAGE UNITS OUTSTANDING:
Common units   15,169,983     10,933,568  
Subordinated units   5,175,384     -  
 
BASIC NET INCOME (LOSS) PER COMMON SHARE $ (128.46 ) $ 178.75  
 
BASIC WEIGHTED AVERAGE COMMON SHARES OUTSTANDING   19,711     19,603  
 
DILUTED NET INCOME (LOSS) PER COMMON SHARE $ (128.46 ) $ 176.61  
 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING   19,711     19,840  
 
                                 
NGL ENERGY PARTNERS LP AND SUBSIDIARIES
AND NGL SUPPLY, INC.
Unaudited Summarized Operating Information
 
VOLUME INFORMATION
 
 

 

NGL Energy Partners LP

 

NGL Supply, Inc.

            Six Months Six Months
Year Ended Ended Ended Year Ended
March 31, March 31, September 30, March 31,
2012 2011 2010 2010
(gallons in thousands)
Retail propane -
Propane 78,236 34,932 3,747 15,514
Distillates 1,650 - - -
Wholesale supply and marketing -
Propane 659,921 372,504 226,330 623,510
Other NGLs 134,998 49,465 46,092 53,878
Midstream 223,847 110,146 43,704 170,621
 
 
 

UNAUDITED ADJUSTED EBITDA RECONCILIATION

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