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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