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

NGL Energy Partners LP (NYSE:NGL), "NGL Energy," today reported net income of $7.9 million and Adjusted EBITDA of $36.3 million for the year ended March 31, 2012. Net income per limited partner common unit for the year was $0.32. General and administrative expenses during the year ended March 31, 2012 included $3.8 million of costs related to four significant acquisitions that were completed during the year.

During the three months ended March 31, 2012, NGL Energy completed two significant business combinations. In January 2012, NGL Energy acquired the assets of seven retail propane companies affiliated with Pacer Propane Holding, L.P. In February 2012, NGL Energy acquired the propane and distillate operations and assets of North American Propane, Inc.

During April and May 2012, NGL entered into three separate business combination agreements to acquire retail propane and distillate operations in Georgia, Kansas, Maine, and New Hampshire.

During May 2012, NGL Energy entered into a merger agreement with High Sierra Energy, LP, or High Sierra, and NGL Energy’s general partner entered into a merger agreement with High Sierra Energy GP, LLC, the general partner of High Sierra. High Sierra is a Denver, Colorado-based limited partnership with three core business segments: crude oil gathering, transportation and marketing; water treatment, disposal, recycling and transportation; and natural gas liquids transportation and marketing. Upon completion of the mergers, NGL expects that it will be able to provide multiple services to upstream customers with its combined fleet of more than 3,000 rail cars, 18 natural gas liquids terminals, three crude oil terminals, over 90 trucks and a substantial wholesale marketing and supply network.

EBITDA and Adjusted EBITDA are non-GAAP financial measures which NGL Energy believes are used by industry analysts, investors, lenders and rating agencies to assess the financial performance and the operating results of NGL Energy's fundamental business activities and should not be considered in isolation or as a substitute for net income, income from operations, or other measures of cash flow. A table reconciling EBITDA and Adjusted EBITDA with appropriate GAAP financial measures is included in the summarized financial information in this release. NGL Energy's Adjusted EBITDA excludes from EBITDA the unrealized gain or loss on commodity derivative contracts and gain or loss on asset sales for the period.

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