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

This press release includes “forward-looking statements.” All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. While NGL believes its expectations as reflected in the forward-looking statements are reasonable, NGL can give no assurance that such expectations will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Other factors that could impact any forward-looking statements are those risks described in NGL’s annual report on Form 10-K, quarterly reports on Form 10-Q, and other public filings. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading “Risk Factors”. NGL undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.

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 visit the Partnership's website at www.nglenergypartners.com.

 
NGL ENERGY PARTNERS LP
Unaudited Condensed Consolidated Balance Sheets
As of December 31, 2012 and March 31, 2012
(U.S. Dollars in Thousands, except unit amounts)
 
   

December 31, 2012

   

March 31, 2012

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$ 23,903 $ 7,832

Accounts receivable - trade, net of allowance for doubtful accounts of $1,962 and $818, respectively

595,274 84,004
Receivables from affiliates 1,334 2,282
Inventories 234,025 94,504
Prepaid expenses and other current assets   58,004     10,002
Total current assets 912,540 198,624
 

PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $34,072 and $12,843, respectively

520,084 231,394
GOODWILL 510,072 167,245

INTANGIBLE ASSETS, net of accumulated amortization of $29,807 and $8,174, respectively

487,206 149,490
OTHER NONCURRENT ASSETS   7,567     2,766
Total assets $ 2,437,469   $ 749,519
 

LIABILITIES AND PARTNERS' EQUITY

CURRENT LIABILITIES:
Trade accounts payable $ 579,371 $ 81,369
Accrued expenses and other payables 74,064 14,143
Advance payments received from customers 59,237 20,293
Payables to affiliates 6,527 9,462
Current maturities of long-term debt   8,635     19,534
Total current liabilities 727,834 144,801
 
LONG-TERM DEBT, net of current maturities 827,570 199,177
OTHER NONCURRENT LIABILITIES 1,428 212
 
COMMITMENTS AND CONTINGENCIES
 
PARTNERS' EQUITY:
General Partner — 0.1% interest; 53,174 and 29,245 notional units outstanding, respectively (50,752 ) 442
Limited Partners — 99.9% interest —
Common units — 47,201,831 and 23,296,253 units outstanding, respectively 912,028 384,604

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

13,556 19,824
Accumulated other comprehensive income —
Foreign currency translation 32 31
Noncontrolling interests   5,773     428
Total partners' equity   880,637     405,329
Total liabilities and partners' equity $ 2,437,469   $ 749,519
 
 
NGL ENERGY PARTNERS LP
Unaudited Condensed Consolidated Statements of Operations
Three Months and Nine Months Ended December 31, 2012 and 2011
(U.S. Dollars in Thousands, except unit and per unit amounts)
 
   

Three Months Ended December 31,

   

Nine Months Ended December 31,

  2012         2011     2012         2011  
REVENUES:
Retail propane $ 127,905 $ 62,701 $ 244,116 $ 94,787
Natural gas liquids logistics 508,131 407,948 1,050,116 776,757
Crude oil logistics 677,985 1,462,523
Water services 22,806 40,557
Other   1,381         2,842      
Total Revenues   1,338,208     470,649     2,800,154     871,544  
 
COST OF SALES:
Retail propane 77,449 40,502 144,556 61,825
Natural gas liquids logistics 470,621 399,288 982,949 765,400
Crude oil logistics 654,976 1,425,546
Water services   1,499         4,169      
Total Cost of Sales   1,204,545     439,790     2,557,220     827,225  
 
OPERATING COSTS AND EXPENSES:
Operating 50,518 12,653 113,287 27,045
General and administrative 14,175 4,163 34,578 10,363
Depreciation and amortization   18,747     5,402     41,335     8,480  
Operating Income (Loss) 50,223 8,641 53,734 (1,569 )
 
OTHER INCOME (EXPENSE):
Interest income 241 197 870 422
Interest expense (9,762 ) (2,676 ) (22,254 ) (4,989 )
Loss on early extinguishment of debt (5,769 )
Other, net   20     86     49     215  
Income (Loss) Before Income Taxes 40,722 6,248 26,630 (5,921 )
 
INCOME TAX PROVISION   (245 )   (158 )   (781 )   (158 )
 
Net Income (Loss) 40,477 6,090 25,849 (6,079 )
 
Net (Income) Loss Allocated to General Partner (942 ) (6 ) (1,731 ) 6
 
Net (Income) Loss Attributable to Noncontrolling Interests   (301 )       (250 )    
 

Net Income (Loss) Attributable to Parent Equity Allocated to Limited Partners

$ 39,234   $ 6,084   $ 23,868   $ (6,073 )
 
Basic and Diluted Earnings (Loss) per Common Unit $ 0.75   $ 0.24   $ 0.53   $ (0.41 )
 
Basic and Diluted Earnings (Loss) per Subordinated Unit $ 0.75   $ 0.28   $ 0.51   $ (0.20 )
 
Basic and Diluted Weighted average units outstanding:
Common   46,364,381     18,699,590     39,288,012     12,491,836  
Subordinated   5,919,346     5,919,346     5,919,346     4,929,201  
 

OPERATIONAL DATA

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