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NGL Energy Partners LP Announces First Quarter Results And Filing Of Form 10-Q

About NGL Energy Partners LP:

NGL Energy Partners LP is a Delaware limited partnership. NGL owns and operates a vertically integrated energy business with four primary businesses: water services, crude oil logistics, NGL logistics and retail. NGL completed its initial public offering in May 2011. For further information about NGL and the financial results disclosed in this press release, see NGL Energy’s website at www.nglenergypartners.com.

   

NGL ENERGY PARTNERS LP

Unaudited Condensed Consolidated Balance Sheets

As of June 30, 2012, and March 31, 2012

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

 
 
June 30, March 31,
2012 2012
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 21,467 $ 7,832

Accounts receivable - trade, net of allowance for doubtful accounts of $1,111 and $818, respectively

347,709 84,004
Receivables from affiliates 4,599 2,282
Inventories 192,066 94,504
Prepaid expenses and other current assets   62,617     10,002  
Total current assets 628,458 198,624
 

PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $18,819 and $12,843, respectively

435,369 255,403
GOODWILL 476,894 148,785
INTANGIBLE ASSETS, net of accumulated amortization of $9,805 and $8,174, respectively 355,673 143,559
Other   3,816     2,766  
Total assets $ 1,900,210   $ 749,137  
 
LIABILITIES AND PARTNERS' EQUITY
CURRENT LIABILITIES:
Trade accounts payable $ 360,941 $ 81,369
Accrued expenses and other payables 51,068 10,023
Product exchanges 15,372 4,764
Advance payments received from customers 47,042 20,293
Payable to affiliates 14,778 8,486
Current maturities of long-term debt   92,412     19,484  
Total current liabilities 581,613 144,419
 
LONG-TERM DEBT, net of current maturities 510,437 199,177
OTHER NONCURRENT LIABILITIES 2,978 212
 
COMMITMENTS AND CONTINGENCIES
 
PARTNERS' EQUITY:
General Partner — 0.1% interest; 50,720 and 29,245 notional units outstanding, respectively (51,601 ) 442
Limited Partners — 99.9% interest —
Common units — 44,749,763 and 23,296,253 units outstanding, respectively 840,744 384,604

Subordinated units — 5,919,346 units outstanding at June 30, 2012, and March 31, 2012

13,133 19,824
Accumulated other comprehensive income —
Foreign currency translation 18 31
Noncontrolling interests   2,888     428  
Total partners' equity   805,182     405,329  
Total liabilities and partners' equity $ 1,900,210   $ 749,137  
 
   
NGL ENERGY PARTNERS LP
Unaudited Condensed Consolidated Statements of Operations
For the Three Months Ended June 30, 2012 and 2011
(U.S. Dollars in Thousands, except unit and per unit amounts)
 
 

 

Three Months

Three Months

 

Ended

Ended

 

June 30,

June 30,
2012 2011
REVENUES:
Retail propane $ 59,184 $ 12,852
Wholesale supply and marketing 164,675 177,497
Midstream 2,151 497
High Sierra operations   100,426     -  
Total Revenues   326,436     190,846  
 
COST OF SALES:
Retail propane 37,417 8,106
Wholesale supply and marketing 155,176 177,769
Midstream 803 98
High Sierra operations   105,589     -  
Total Cost of Sales   298,985     185,973  
 
 
OPERATING COSTS AND EXPENSES:
Operating 23,338 7,142
General and administrative 9,960 2,036
Depreciation and amortization   9,227     1,377  
Operating Loss (15,074 ) (5,682 )
 
OTHER INCOME (EXPENSE):
Interest income 366 126
Interest expense (3,800 ) (1,301 )
Loss on extinguishment of debt (5,769 ) -
Other, net   26     85  
Loss Before Income Taxes (24,251 ) (6,772 )
 
INCOME TAX PROVISION   (459 )   -  
 
Net Loss (24,710 ) (6,772 )
 
Net (Income) Loss Allocated to General Partner (95 ) 7
 
Net Loss Attributable to Noncontrolling Interests 60
 
Net Loss Attributable to Parent Equity            
Allocated to Limited Partners $ (24,745 ) $ (6,765 )
 
Basic and Diluted Earnings Per Common Unit $ (0.76 ) $ (0.53 )
 
Basic and Diluted Earnings per Subordinated Unit $ (0.77 ) $ (0.53 )
 
Basic and Diluted Weighted average units outstanding:
Common   26,529,133     9,883,342  
Subordinated   5,919,346     2,927,149  
 

OPERATIONAL DATA

The following table summarizes the volume of gallons sold by NGL Energy’s retail propane and wholesale supply and marketing segments and the throughput volume for the midstream segment. Gallons sold by the wholesale supply and marketing segment shown in the table below include sales to the retail segment.

   
Three Months Ended June 30,

Segment

2012 2011
(gallons in thousands)
Retail propane
Propane 19,270 5,003
Distillates 3,249 -
 
Wholesale supply and marketing
Propane 116,618 102,698
Other natural gas liquids 48,146 18,446
 
Midstream 36,300 21,004
 

The volumes shown in the table above do not include the operations of High Sierra. NGL Energy’s consolidated statement of operations for the three months ended June 30, 2012 includes the results of operations of High Sierra from the June 19, 2012 merger date through the end of the quarter.

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