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

Stocks in this article: NGL

About NGL Energy Partners: NGL Energy Partners LP owns and operates a vertically integrated energy business. 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
Unaudited Condensed Consolidated Balance Sheets
As of September 30, 2012 and March 31, 2012
(U.S. Dollars in Thousands, except unit amounts)
 
September 30, March 31,
2012 2012
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 26,009 $ 7,832

Accounts receivable - trade, net of allowance for doubtful accounts of $1,356 and $818, respectively

385,494 84,004
Receivables from affiliates 3,238 2,282
Inventories 264,556 94,504
Prepaid expenses and other current assets   57,000     10,002
Total current assets 736,297 198,624
 

PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $25,326 and $12,843, respectively

425,641 237,652
GOODWILL 515,881 170,647
INTANGIBLE ASSETS, net of accumulated amortization of $17,646 and $8,174, respectively 345,942 139,780
OTHER NONCURRENT ASSETS   5,658     2,766
Total assets $ 2,029,419   $ 749,469
 
LIABILITIES AND PARTNERS' EQUITY
CURRENT LIABILITIES:
Trade accounts payable $ 419,750 $ 81,369
Accrued expenses and other payables 68,724 14,143
Advance payments received from customers 74,814 20,293
Payables to affiliates 11,780 9,462
Current maturities of long-term debt   78,033     19,484
Total current liabilities 653,101 144,751
 
LONG-TERM DEBT, net of current maturities 569,903 199,177
OTHER NONCURRENT LIABILITIES 2,599 212
 
COMMITMENTS AND CONTINGENCIES
 
PARTNERS' EQUITY:
General Partner — 0.1% interest; 50,821 and 29,245 notional units outstanding, respectively (51,052 ) 442
Limited Partners — 99.9% interest —
Common units — 44,850,439 and 23,296,253 units outstanding, respectively 839,977 384,604
Subordinated units — 5,919,346 units outstanding at September 30, 2012 and March 31, 2012 11,784 19,824
Accumulated other comprehensive income —
Foreign currency translation 28 31
Noncontrolling interests   3,079     428
Total partners' equity   803,816     405,329
Total liabilities and partners' equity $ 2,029,419   $ 749,469
     
 
NGL ENERGY PARTNERS LP
Unaudited Condensed Consolidated Statements of Operations
Three Months and Six Months Ended September 30, 2012 and 2011
(U.S. Dollars in Thousands, except unit and per unit amounts)
 
Three Months Ended Six Months Ended
September 30, September 30,
2012   2011 2012   2011
REVENUES:
Retail propane $ 57,003 $ 19,225 $ 116,211 $ 32,077
Natural gas liquids logistics 350,368 190,816 541,985 368,809
Crude oil logistics 711,021 - 784,538 -
Water services 15,810 - 17,751 -
Other   1,308     -     1,461     -  

Total Revenues

  1,135,510     210,041     1,461,946     400,886  
 
COST OF SALES:
Retail propane 29,666 13,208 67,107 21,314
Natural gas liquids logistics 328,283 188,246 512,328 366,113
Crude oil logistics 693,687 - 770,570 -
Water services   2,054     -     2,670     -  
Total Cost of Sales   1,053,690     201,454     1,352,675     387,427  
 
OPERATING COSTS AND EXPENSES:
Operating 39,431 7,250 62,769 14,392
General and administrative 10,443 4,164 20,403 6,200
Depreciation and amortization   13,361     1,701     22,588     3,078  
Operating Income (Loss) 18,585 (4,528 ) 3,511 (10,211 )
 
OTHER INCOME (EXPENSE):
Interest income 263 99 629 225
Interest expense (8,692 ) (1,012 ) (12,492 ) (2,313 )
Loss on early extinguishment of debt - - (5,769 ) -
Other, net   3     46     29     131  
Income (Loss) Before Income Taxes 10,159 (5,395 ) (14,092 ) (12,168 )
 
INCOME TAX PROVISION   (77 )   -     (536 )   -  
 
Net Income (Loss) 10,082 (5,395 ) (14,628 ) (12,168 )
 
Net (Income) Loss Allocated to General Partner (694 ) 5 (789 ) 12
 
Net (Income) Loss Attributable to Noncontrolling Interests (9 ) - 51 -
 
Net Income (Loss) Attributable to Parent Equity        
Allocated to Limited Partners $ 9,379   $ (5,390 ) $ (15,366 ) $ (12,156 )
 
Basic and Diluted Earnings (Loss) per Common Unit $ 0.18   $ (0.36 ) $ (0.37 ) $ (0.88 )
 
Basic and Diluted Earnings (Loss) per Subordinated Unit $ 0.18   $ (0.36 ) $ (0.38 ) $ (0.88 )
 
Basic and Diluted Weighted average units outstanding:
Common   44,831,836     8,864,222     35,730,492     9,370,997  
Subordinated   5,919,346     5,919,346     5,919,346     4,431,423  
 
 

OPERATIONAL DATA

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