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xbrli:pure iso4217:USD ngl:terminal utreg:gal ngl:facility




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 19, 2020

NGL ENERGY PARTNERS LP
(Exact name of registrant as specified in its charter)

Delaware
 
001-35172
 
27-3427920
(State or other jurisdiction of
incorporation or organization)
 
(Commission File Number)
 
(I.R.S. Employer
Identification No.)

6120 South Yale Avenue
Suite 805
Tulsa, Oklahoma 74136
(Address of principal executive offices) (Zip Code)

(918) 481-1119
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240-14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
 
Trading Symbols
 
Name of Each Exchange on Which Registered
Common units representing Limited Partner Interests
 
NGL
 
New York Stock Exchange
Fixed-to-floating rate cumulative redeemable perpetual preferred units
 
NGL-PB
 
New York Stock Exchange
Fixed-to-floating rate cumulative redeemable perpetual preferred units
 
NGL-PC
 
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
 


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   o






Item 8.01. 
  Other Events.

NGL Energy Partners LP (“NGL”) is filing this Current Report on Form 8-K to update the presentation of its historical financial statements to reflect the formalized plan and approval to divest its refined products marketing business in the mid-continent region of the Units States (“Mid-Con”) and its gas blending business in the southeastern and eastern regions of the United States (“Gas Blending”) on its previously filed financial statements and other disclosures included in NGL’s Annual Report on Form 10-K for the year ended March 31, 2019 (the “2019 Annual Report”) filed with the U.S. Securities and Exchange Commission (“SEC”). This presentation is consistent with NGL’s financial statements filed in its most recent Quarterly Report on Form 10-Q, which includes the Mid-Con and Gas Blending businesses as discontinued operations. Certain items of NGL’s 2019 Annual Report were subsequently updated in a Current Report on Form 8-K filed with the SEC on November 22, 2019 (“Prior Form 8-K”) related to the sale of TransMontaigne Product Services, LLC (“TPSL”) and associated assets.

On January 3, 2020, NGL completed the sale of its Mid-Con business. The business was sold to a third-party that purchased the inventory and open derivative positions and assumed NGL’s obligations under certain system storage agreements. NGL retained all of the outstanding accounts receivable and accounts payable balances associated with this business that related to transactions prior to the closing date. Prior to the sale, Mid-Con made up a portion of NGL’s Refined Products and Renewables segment. In the financial statements and related disclosures included in this Current Report on Form 8-K, the results of Mid-Con and Gas Blending are reflected as discontinued operations and certain assets and liabilities, particularly inventory, derivatives and leases, related to these two businesses have been classified as held for sale on the consolidated balance sheets as of March 31, 2019 and 2018, income from discontinued operations on the consolidated statements of operations for the three years ended March 31, 2019 and as net cash flows provided by (used in) operating, investing and financing activities for the three years ended March 31, 2019. Prior period results have been revised to reflect this presentation with assets and liabilities held for sale and discontinued operations. The reporting of assets and liabilities held for sale and discontinued operations had no impact on total consolidated assets, liabilities or equity, on total consolidated net income (loss) or total cash flows for any of the periods presented.

The following items of the 2019 Annual Report and Prior Form 8-K (collectively, the “Revised Sections”) are being revised in their entirety as reflected in Exhibit 99.1 to this Current Report on Form 8-K:

Part II, Item 6. Selected Financial Data;
Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations;
Part II, Item 7A. Quantitative and Qualitative Disclosures about Market Risk; and
Part II, Item 8. Financial Statements and Supplementary Data.

The Revised Sections are being filed as Exhibit 99.1 to this Current Report on Form 8-K and are hereby incorporated by reference herein. The disclosures filed as Exhibit 99.1 supersede the corresponding portions of the 2019 Annual Report and Prior Form 8-K, as specified in such exhibit. No Items of the 2019 Annual Report and Prior Form 8-K, other than those identified above, are being revised by this filing. Information in the 2019 Annual Report and Prior Form 8-K are generally stated as of March 31, 2019, and this filing does not reflect any subsequent information or events other than the changes described above. Without limitation of the foregoing, this filing does not purport to update Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in the 2019 Annual Report and Prior Form 8-K, for any information, uncertainties, transactions, risks, events or trends occurring, or known to management, other than the events described above. More recent information is contained in NGL’s Quarterly Reports on Form 10-Q for the quarters ended June 30, 2019, September 30, 2019 and December 31, 2019 and other filings made by NGL with the SEC. Accordingly, this Current Report on Form 8-K should be read in conjunction with the 2019 Annual Report, the Prior Form 8-K, the Quarterly Reports on Form 10-Q and other filings made by NGL with the SEC.






Item 9.01.  
  Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.
 
Description
 
 
 
23.1
 
99.1
 
101
 
Cover Page formatted as Inline XBRL
101.INS*
 
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*
 
Inline XBRL Schema Document
101.CAL*
 
Inline XBRL Calculation Linkbase Document
101.DEF*
 
Inline XBRL Definition Linkbase Document
101.LAB*
 
Inline XBRL Label Linkbase Document
101.PRE*
 
Inline XBRL Presentation Linkbase Document
104
 
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*
The following documents are formatted in Inline XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets at March 31, 2019 and 2018, (ii) Consolidated Statements of Operations for the years ended March 31, 2019, 2018, and 2017, (iii) Consolidated Statements of Comprehensive Income (Loss) for the years ended March 31, 2019, 2018, and 2017, (iv) Consolidated Statements of Changes in Equity for the years ended March 31, 2019, 2018, and 2017, (v) Consolidated Statements of Cash Flows for the years ended March 31, 2019, 2018, and 2017, and (vi) Notes to Consolidated Financial Statements.






SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
NGL ENERGY PARTNERS LP
 
By:
NGL Energy Holdings LLC,
 
 
its general partner
Date: February 19, 2020
 
By:
/s/ Robert W. Karlovich III
 
 
 
Robert W. Karlovich III
 
 
 
Chief Financial Officer



Exhibit


Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We have issued our report dated May 30, 2019 (except for the effects of discontinued operations, as discussed in Note 17, as to which the date is February 19, 2020), with respect to the consolidated financial statements included in this Current Report on Form 8-K. We consent to the incorporation by reference of said report in the Registration Statements of NGL Energy Partners LP on Forms S-3 (File No. 333-194035, File No. 333-214479, File No. 333-216079, and File No. 333-235736), on Form S-4 (File No. 333-235869), and on Forms S-8 (File No. 333-227201 and File No. 333-234153).

/s/ GRANT THORNTON LLP
 
 
 
Tulsa, Oklahoma
 
February 19, 2020
 


Exhibit


 
Exhibit 99.1
Item 6.    Selected Financial Data

The following table summarizes selected consolidated historical financial data for the periods and as of the dates indicated. The following table should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the financial statements and related notes included in this Current Report.

The selected consolidated historical financial data at March 31, 2019 and 2018, and for each of the three years in the period ended March 31, 2019 is derived from our audited historical consolidated financial statements included in this Current Report. The selected consolidated historical financial data at March 31, 2017, 2016 and 2015 and for each of the two years in the period ended March 31, 2016 is derived from our audited historical consolidated financial statements not included in this Current Report.
 
 
Year Ended March 31,
 
 
2019
 
2018
 
2017
 
2016
 
2015
 
 
(in thousands, except per unit data)
Income Statement Data
 
 
 
 
 
 
 
 
 
 
Total revenues
 
$
8,689,157

 
$
6,953,947

 
$
5,216,265

 
$
6,910,797

 
$
12,613,349

Total cost of sales
 
$
7,983,061

 
$
6,263,561

 
$
4,738,563

 
$
6,335,869

 
$
12,063,677

Operating income (loss)
 
$
126,728

 
$
187,335

 
$
226,469

 
$
(226,947
)
 
$
6,652

Interest expense
 
$
164,725

 
$
199,149

 
$
149,601

 
$
132,665

 
$
109,853

Loss (gain) on early extinguishment of liabilities, net
 
$
12,340

 
$
23,201

 
$
(24,727
)
 
$
(28,532
)
 
$

(Loss) income from continuing operations
 
$
(79,455
)
 
$
(22,477
)
 
$
115,547

 
$
(312,959
)
 
$
(58,047
)
Net (loss) income from continuing operations allocated to common unitholders
 
$
(171,153
)
 
$
(82,816
)
 
$
78,369

 
$
(371,655
)
 
$
(112,611
)
Basic (loss) income from continuing operations per common unit
 
$
(1.39
)
 
$
(0.68
)
 
$
0.73

 
$
(3.55
)
 
$
(1.30
)
Diluted (loss) income from continuing operations per common unit
 
$
(1.39
)
 
$
(0.68
)
 
$
0.70

 
$
(3.55
)
 
$
(1.30
)
Cash Flows Data
 
 
 
 

 
 

 
 

 
 

Net cash provided by (used in) operating activities
 
$
337,250

 
$
137,967

 
$
(25,038
)
 
$
354,264

 
$
262,831

Net cash provided by (used in) investing activities
 
$
453,473

 
$
270,582

 
$
(363,126
)
 
$
(445,327
)
 
$
(1,366,221
)
Net cash (used in) provided by financing activities
 
$
(794,245
)
 
$
(394,281
)
 
$
371,454

 
$
80,705

 
$
1,134,693

Cash distributions paid per common unit
 
$
1.56

 
$
1.56

 
$
1.56

 
$
2.54

 
$
2.37

Balance Sheet Data - Period End
 
 
 
 
 
 
 
 
 
 
Total assets
 
$
5,902,493

 
$
6,151,122

 
$
6,320,379

 
$
5,560,155

 
$
6,655,792

Total long-term obligations, net of debt issuance costs and current maturities
 
$
2,223,675

 
$
2,853,064

 
$
3,143,030

 
$
3,155,062

 
$
2,838,052

Total equity
 
$
2,277,818

 
$
2,086,095

 
$
2,166,802

 
$
1,694,065

 
$
2,693,432


1



Item 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

We are a Delaware limited partnership (“we,” “us,” “our,” or the “Partnership”) formed in September 2010. NGL Energy Holdings LLC serves as our general partner. At March 31, 2019, our operations included:

Crude Oil Logistics
Water Solutions
Liquids
Refined Products and Renewables (see “Dispositions” below)

On March 30, 2018, we sold a portion of our Retail Propane segment to DCC LPG (“DCC”) for net proceeds of $212.4 million in cash, and recorded a gain on disposal of $89.3 million during the year ended March 31, 2018. The Retail Propane businesses subject to this transaction consisted of our operations across the Mid-Continent and Western portions of the United States. On July 10, 2018, we completed the sale of virtually all of our remaining Retail Propane segment to Superior Plus Corp. (“Superior”) for total consideration of $889.8 million in cash, and recorded a gain on disposal of $408.9 million during the year ended March 31, 2019. We retained our 50% ownership interest in Victory Propane, LLC (“Victory Propane”), which we subsequently sold on August 14, 2018 (see Note 2 to our consolidated financial statements included in this Current Report). These transactions represent a strategic shift in our operations and will have a significant effect on our operations and financial results going forward. Accordingly, the results of operations and cash flows related to our former Retail Propane segment (including equity in earnings of Victory Propane) have been classified as discontinued operations for all periods presented and prior periods have been retrospectively adjusted in the consolidated statements of operations and consolidated statements of cash flows. In addition, the assets and liabilities related to our former Retail Propane segment have been classified as held for sale within our March 31, 2018 consolidated balance sheet. See Note 1 and Note 17 to our consolidated financial statements included in this Current Report for a further discussion of the transaction.

Crude Oil Logistics

Our Crude Oil Logistics segment purchases crude oil from producers and marketers and transports it to refineries or for resale at pipeline injection stations, storage terminals, barge loading facilities, rail facilities, refineries, and other trade hubs, and provides storage, terminaling, trucking, marine and pipeline transportation services through its owned assets.

Most of our contracts to purchase or sell crude oil are at floating prices that are indexed to published rates in active markets such as Cushing, Oklahoma. We attempt to reduce our exposure to price fluctuations by using back-to-back physical contracts whenever possible. When back-to-back physical contracts are not optimal, we enter into financially settled derivative contracts as economic hedges of our physical inventory, physical sales and physical purchase contracts. We use our transportation assets to move crude oil from the wellhead to the highest value market. Spreads between crude oil prices in different markets can fluctuate, which may expand or limit our opportunity to generate margins by transporting crude oil to different markets.

The following table summarizes the range of low and high crude oil spot prices per barrel of NYMEX West Texas Intermediate Crude Oil at Cushing, Oklahoma for the periods indicated and the prices at period end:
 
 
Crude Oil Spot Price Per Barrel
Year Ended March 31,
 
Low
 
High
 
At Period End
2019
 
$
42.53

 
$
76.41

 
$
60.14

2018
 
$
42.53

 
$
66.14

 
$
64.94

2017
 
$
35.70

 
$
54.45

 
$
50.60


We believe volatility in commodity prices will continue, and our ability to adjust to and manage this volatility may impact our financial results.

Our Crude Oil Logistics segment generated an operating loss of $7.4 million during the year ended March 31, 2019, which included a loss of $105.0 million on our transaction with a third party in which they agreed to be fully responsible for our future minimum volume commitment in exchange for $67.7 million of deficiency credits on a contract with a crude oil

2



pipeline operator and $35.3 million in cash (see Note 13 to our consolidated financial statements included in this Current Report for a further discussion). Our Crude Oil Logistics segment generated operating income of $122.9 million during the year ended March 31, 2018, which included a gain of $108.6 million on the sale of our previously held 50% interest in Glass Mountain Pipeline, LLC (“Glass Mountain”).

Water Solutions

Our Water Solutions segment provides services for the treatment and disposal of wastewater generated from crude oil and natural gas production and for the disposal of solids such as tank bottoms, drilling fluids and drilling muds and performs truck and frac tank washouts. In addition, our Water Solutions segment sells the recovered hydrocarbons that result from performing these services and sells freshwater to producers for exploration and production activities.

Our water processing facilities are strategically located near areas of high crude oil and natural gas production. A significant factor affecting the profitability of our Water Solutions segment is the extent of exploration and production in the areas near our facilities, which is generally based upon producers’ expectations about the profitability of drilling and producing new wells. The primary customer of our Wyoming facility has committed to deliver a specified minimum volume of water to our facility under a long-term contract. The primary customers of our Colorado facilities have committed to deliver all wastewater produced at wells within the DJ Basin to our facilities. Most customers of our other facilities are not under volume commitments, although many of our facilities have acreage dedications or are connected to producer facilities by pipeline.

Our Water Solutions segment generated operating income of $210.5 million during the year ended March 31, 2019, which included a gain of $141.3 million on the sales of our Bakken water disposal business and our South Pecos water disposal business (see Note 16 to our consolidated financial statements included in this Current Report for a further discussion of both transactions). Our Water Solutions segment generated an operating loss of $24.2 million during the year ended March 31, 2018.

Liquids

Our Liquids segment purchases propane, butane, and other products from refiners, processing plants, producers, and other parties, and sells the products to retailers, wholesalers, refiners, and petrochemical plants throughout the United States and in Canada. Our Liquids segment owns 27 terminals throughout the United States and a salt dome storage facility joint venture in Utah, operates a fleet of leased railcars, and leases underground storage capacity. We attempt to reduce our exposure to price fluctuations by using back-to-back physical contracts and pre-sale agreements that allow us to lock in a margin on a percentage of our winter volumes. We also enter into financially settled derivative contracts as economic hedges of our physical inventory, physical sales and physical purchase contracts.

Our wholesale Liquids business is a “cost-plus” business that can be affected by both price fluctuations and volume variations. We establish our selling price based on a pass-through of our product supply, transportation, handling, storage, and capital costs plus an acceptable margin.

Weather conditions and gasoline blending can have a significant impact on the demand for propane and butane, and sales volumes and prices are typically higher during the colder months of the year. Consequently, our revenues, operating profits, and operating cash flows are typically lower in the first and second quarters of our fiscal year.

The following table summarizes the range of low and high propane spot prices per gallon at Conway, Kansas, and Mt. Belvieu, Texas, two of our main pricing hubs, for the periods indicated and the prices at period end:
 
 
Conway, Kansas
 
Mt. Belvieu, Texas
 
 
Propane Spot Price Per Gallon
 
Propane Spot Price Per Gallon
Year Ended March 31,
 
Low
 
High
 
At Period End
 
Low
 
High
 
At Period End
2019
 
$
0.50

 
$
0.88

 
$
0.55

 
$
0.58

 
$
1.11

 
$
0.64

2018
 
$
0.53

 
$
0.98

 
$
0.66

 
$
0.57

 
$
1.02

 
$
0.80

2017
 
$
0.35

 
$
0.89

 
$
0.56

 
$
0.42

 
$
0.93

 
$
0.61


3





The following table summarizes the range of low and high butane spot prices per gallon at Mt. Belvieu, Texas for the periods indicated and the prices at period end:
 
 
Butane Spot Price Per Gallon
Year Ended March 31,
 
Low
 
High
 
At Period End
2019
 
$
0.71

 
$
1.51

 
$
0.75

2018
 
$
0.64

 
$
1.12

 
$
0.78

2017
 
$
0.52

 
$
1.42

 
$
0.75


We believe volatility in commodity prices will continue, and our ability to adjust to and manage this volatility may impact our financial results.

Our Liquids segment generated an operating loss of $2.9 million during the year ended March 31, 2019, which included a goodwill impairment charge of $66.2 million related to our salt dome storage facility joint venture in Utah (see Note 6 to our consolidated financial statements included in this Current Report). Our Liquids segment generated an operating loss of $93.1 million during the year ended March 31, 2018, which included a goodwill impairment charge of $116.9 million related to our salt dome storage facility joint venture in Utah (see Note 6 to our consolidated financial statements included in this Current Report).

Refined Products and Renewables

Our Refined Products and Renewables segment conducts gasoline, diesel, ethanol, and biodiesel marketing operations, purchases refined petroleum and renewable products primarily in the Gulf Coast, West Coast and Midwest regions of the United States and schedules them for delivery at various locations throughout the country. We sell our products to commercial and industrial end users, independent retailers, distributors, marketers, government entities, and other wholesalers of refined petroleum products. We sell our products at terminals owned by third parties.

On September 30, 2019, we completed the sale of TransMontaigne Product Services, LLC (“TPSL”) and associated assets to Trajectory Acquisition Company, LLC (“Trajectory”) for total consideration of approximately $233.8 million, including equity consideration, inventory and net working capital (see Note 17 to our consolidated financial statements included in this Current Report). TPSL made up a portion of our Refined Products and Renewables segment. The divested assets include (i) TPSL Terminaling Services Agreement with TransMontaigne Partners LP, including the exclusive rights to utilize 19 terminals; (ii) line space along Colonial and Plantation Pipelines; (iii) two wholly-owned refined products terminals in Georgia that we acquired in January 2019 and multiple third-party throughput agreements; and (iv) all associated customer contracts, inventory and other working capital associated with the assets. In December 2019, the Partnership formalized a plan and received approval to divest of its gas blending business in the southeastern and eastern regions of the United States (“Gas Blending”) and its refined products marketing business in the mid-continent region of the United States (“Mid-Con”). The Partnership had determined that these businesses were no longer core to the Partnership’s strategy. These transactions represent a strategic shift in our operations and will have a significant effect on our operations and financial results going forward. Accordingly, the results of operations and cash flows related to TPSL, Mid-Con and Gas Blending have been classified as discontinued operations for all periods presented, and prior periods have been retrospectively adjusted in the consolidated statements of operations and consolidated statements of cash flows. In addition, the assets and liabilities related to TPSL and certain assets and liabilities, particularly inventory, derivatives and leases, related to Mid-Con and Gas Blending have been classified as held for sale in our March 31, 2019 and 2018 consolidated balance sheets. On January 3, 2020, we completed the sale of Mid-Con to a third-party. See Note 1 and Note 17 to our consolidated financial statements included in this Current Report for a discussion of the accounting for the sale of a portion of our Refined Products and Renewables segment.

The following table summarizes the range of low and high Gulf Coast gasoline spot prices per barrel using NYMEX gasoline prompt-month futures for the periods indicated and the prices at period end:
 
 
Gasoline Spot Price Per Barrel
Year Ended March 31,
 
Low
 
High
 
At Period End
2019
 
$
52.45

 
$
95.35

 
$
79.62

2018
 
$
59.24

 
$
89.88

 
$
84.75

2017
 
$
53.44

 
$
71.40

 
$
71.40



4


The following table summarizes the range of low and high diesel spot prices per barrel using NYMEX ULSD prompt-month futures for the periods indicated and the prices at period end:
 
 
Diesel Spot Price Per Barrel
Year Ended March 31,
 
Low
 
High
 
At Period End
2019
 
$
69.81

 
$
102.36

 
$
82.88

2018
 
$
57.32

 
$
89.71

 
$
85.19

2017
 
$
45.13

 
$
71.58

 
$
66.09


Our Refined Products and Renewables segment generated operating income of $12.2 million and operating income of $261.2 million during the years ended March 31, 2019 and 2018, respectively.

Consolidated Results of Operations

The following table summarizes our consolidated statements of operations for the periods indicated:
 
 
Year Ended March 31,
 
 
2019
 
2018
 
2017
 
 
(in thousands)
Total revenues
 
$
8,689,157

 
$
6,953,947

 
$
5,216,265

Total cost of sales
 
7,983,061

 
6,263,561

 
4,738,563

Operating expenses
 
231,065

 
193,076

 
173,046

General and administrative expense
 
107,407

 
97,979

 
100,839

Depreciation and amortization
 
211,973

 
208,398

 
179,613

Loss (gain) on disposal or impairment of assets, net
 
34,296

 
(17,118
)
 
(208,982
)
Revaluation of liabilities
 
(5,373
)
 
20,716

 
6,717

Operating income
 
126,728

 
187,335

 
226,469

Equity in earnings of unconsolidated entities
 
2,533

 
7,539

 
3,830

Revaluation of investments
 

 

 
(14,365
)
Interest expense
 
(164,725
)
 
(199,149
)
 
(149,601
)
(Loss) gain on early extinguishment of liabilities, net
 
(12,340
)
 
(23,201
)
 
24,727

Other (expense) income, net
 
(30,418
)
 
6,352

 
26,420

(Loss) income from continuing operations before income taxes
 
(78,222
)
 
(21,124
)
 
117,480

Income tax expense
 
(1,233
)
 
(1,353
)
 
(1,933
)
(Loss) income from continuing operations
 
(79,455
)
 
(22,477
)
 
115,547

Income (loss) from discontinued operations, net of tax
 
418,850

 
(47,128
)
 
28,327

Net income (loss)
 
339,395

 
(69,605
)
 
143,874

Less: Net loss (income) attributable to noncontrolling interests
 
20,206

 
(240
)
 
(6,832
)
Less: Net loss (income) attributable to redeemable noncontrolling interests
 
446

 
(1,030
)
 

Net income (loss) attributable to NGL Energy Partners LP
 
$
360,047

 
$
(70,875
)
 
$
137,042


Items Impacting the Comparability of Our Financial Results

Our current and future results of operations may not be comparable to our historical results of operations for the periods presented due to business combinations, disposals and other transactions.

Recent Developments

Transactions during the Three Months Ended March 31, 2019

Repurchase and Redemption of Senior Unsecured Notes

During the three months ended March 31, 2019, we repurchased $11.9 million of the 2019 Notes (as defined herein). See Note 8 to our consolidated financial statements included in this Current Report for a further discussion.

5




On March 15, 2019, we paid $329.7 million to redeem all of our outstanding 2019 Notes. See Note 8 to our consolidated financial statements included in this Current Report for a further discussion.

Credit Agreement

On February 6, 2019, we amended the Credit Agreement (as defined herein) to, among other things, reset and increase the basket for the repurchase of common units, decrease the maximum total leverage indebtedness ratio for future quarters and amend the defined term “Consolidated EBITDA.” See Note 8 to our consolidated financial statements included in this Current Report for a further discussion.

Subsequent Events

See Note 19 to our consolidated financial statements included in this Current Report for a discussion of transactions that occurred subsequent to March 31, 2019.

Acquisitions

As discussed below, we completed numerous acquisitions during the years ended March 31, 2019 and 2018. These acquisitions impact the comparability of our results of operations between our current and prior fiscal years.

During the year ended March 31, 2019, in our Water Solutions segment, we acquired the remaining 18.375% interest in NGL Water Pipelines, LLC, six saltwater disposal facilities (including 22 saltwater disposal wells), two ranches and four freshwater facilities (including 45 freshwater wells). In our Liquids segment, we acquired the natural gas liquids terminal business of DCP Midstream, LP. In our Refined and Renewables segment, we acquired two refined products terminals, which were included in the sale of TPSL on September 30, 2019 and the operations of these two terminals have been classified as discontinued. See Note 4 to our consolidated financial statements included in this Current Report for a further discussion.

In our Retail Propane segment, we acquired three retail propane businesses and the remaining 40% interest in Atlantic Propane, LLC. The assets and liabilities of these retail propane transactions were included in the sale of virtually all of our remaining Retail Propane segment on July 10, 2018 and the operations have been classified as discontinued. See Note 4 and Note 17 to our consolidated financial statements included in this Current Report for a further discussion.

During the year ended March 31, 2018, in our Water Solutions segment, we acquired the remaining 50% ownership interest in NGL Solids Solutions, LLC, and in our Retail Propane segment, we acquired seven retail propane businesses and certain assets from Victory Propane. The assets and liabilities of these retail propane businesses are included in current assets and current liabilities held for sale in our March 31, 2018 consolidated balance sheet and the operations have been classified as discontinued. See Note 13 and Note 17 to our consolidated financial statements included in this Current Report for a further discussion.

Subsequent Events

See Note 19 to our consolidated financial statements included in this Current Report for a discussion of the acquisitions that occurred subsequent to March 31, 2019.

Dispositions

Sale of TPSL

On September 30, 2019, we completed the sale of TPSL to Trajectory. See “Overview-Refined and Renewables” above for a further discussion.

Sale of Mid-Con

On January 3, 2020, we completed the sale of Mid-Con to a third-party. See “Overview-Refined and Renewables” above for a further discussion.


6



Sale of South Pecos Water Disposal Business

On February 28, 2019, we completed the sale of our South Pecos water disposal business to a subsidiary of WaterBridge Resources LLC for $232.2 million in net cash proceeds and recorded a gain on disposal of $107.9 million during the year ended March 31, 2019. See Note 16 to our consolidated financial statements included in this Current Report for a further discussion.

As this sale transaction did not represent a strategic shift that will have a major effect on our operations or financial results, operations related to this portion of our Water Solutions segment have not been classified as discontinued operations.

Sale of Bakken Saltwater Disposal Business

On November 30, 2018, we completed the sale of NGL Water Solutions Bakken, LLC to an affiliate of Tallgrass Energy, LP for $85.0 million in net cash proceeds and recorded a gain on disposal of $33.4 million during the year ended March 31, 2019. See Note 16 to our consolidated financial statements included in this Current Report for a further discussion.

As this sale transaction did not represent a strategic shift that will have a major effect on our operations or financial results, operations related to this portion of our Water Solutions segment have not been classified as discontinued operations.

Sale of Retail Propane Business

On March 30, 2018, we sold a portion of our Retail Propane segment to DCC. On July 10, 2018, we completed the sale of virtually all of our remaining Retail Propane segment to Superior and on August 14, 2018, we sold our previously held interest in Victory Propane. See “Overview” above for a further discussion.

Sawtooth Joint Venture

On March 30, 2018, we completed the transaction to form a joint venture with Magnum Liquids, LLC, a portfolio company of Haddington Ventures LLC, along with Magnum Development, LLC and other Haddington-sponsored investment entities (collectively “Magnum”) to focus on the storage of natural gas liquids and refined products by combining our Sawtooth salt dome storage facility with Magnum’s refined products rights and adjacent leasehold. Magnum acquired an approximately 28.5% interest in Sawtooth from us, in exchange for consideration consisting of a cash payment of approximately $37.6 million (excluding working capital) and the contribution of certain refined products rights and adjacent leasehold. See Note 16 to our consolidated financial statements included in this Current Report for a further discussion.

Sale of Interest in Glass Mountain

On December 22, 2017, we sold our previously held 50% interest in Glass Mountain for net proceeds of $292.1 million and recorded a gain on disposal of $108.6 million during the three months ended December 31, 2017. See Note 16 to our consolidated financial statements included in this Current Report for a further discussion.

As this sale transaction did not represent a strategic shift that will have a major effect on our operations or financial results, operations related to this portion of our Crude Oil Logistics segment have not been classified as discontinued operations.

Trends

Crude oil prices can fluctuate widely based on changes in supply and demand conditions. The opportunity to generate revenues in our Crude Oil Logistics business is heavily influenced by the volume of crude oil being produced. Crude oil prices declined sharply during the period from July 2014 through February 2016. Crude oil prices have rebounded and at March 31, 2019, the spot price for NYMEX West Texas Intermediate Crude Oil at Cushing, Oklahoma was $60.14 per barrel. While crude oil production in the United States has been strong in recent years, a sharp decline in crude oil prices could reduce the incentive for producers to expand production. Low crude oil prices could result in declines in crude oil production and may adversely impact volumes and margins in our Crude Oil Logistics business. Crude oil price declines have had an adverse impact on many participants in the energy markets, and the inherent risk of customer or counterparty nonperformance is higher when crude oil prices are low or in decline.

From January 2015 to January 2018, crude oil markets were in contango, a condition in which forward crude oil prices are greater than spot prices. Our Crude Oil Logistics business benefits when the market is in contango, as increasing prices

7




result in inventory holding gains during the time between when we purchase inventory and when we sell it. In addition, we are able to better utilize our storage assets when contango markets justify storing barrels. During the year ended March 31, 2019, crude oil markets have moved from being in backwardation to fairly flat. Backwardation is a condition in which forward crude oil prices are lower than spot prices. When markets are in backwardation, falling prices typically have an unfavorable impact on our margins.

Our opportunity to generate revenues in our Water Solutions business is based on the level of production of natural gas and crude oil in the areas where our facilities are located. As described above, crude oil prices declined sharply since July 2014 but have increased since March 31, 2016. Also, drilling rigs and production have increased since March 31, 2016, particularly in the Permian and DJ Basins which has positively impacted the volumes of our Water Solutions business (during the three months ended March 31, 2019 we processed 860,000 barrels of wastewater per day, compared to 761,000 barrels of wastewater per day during the three months ended March 31, 2018). A portion of the revenues in our Water Solutions business is generated from the sale of hydrocarbons that we recover when processing wastewater. These recovered hydrocarbon revenues have increased due primarily to an increase in the volume of wastewater processed at existing facilities as well as facilities acquired from acquisitions and an increase in crude oil prices; however, these revenues were negatively impacted by a lower percentage of skim oil volumes recovered per wastewater barrel processed. This lower percentage was due primarily to an increase in wastewater transported through pipelines (which contains less oil per barrel of wastewater), as well as operational changes in the DJ Basin, which have resulted in lower per-barrel revenues for our Water Solutions business.

Seasonality

Seasonality impacts our Liquids segment. Consequently, for our Liquids business, revenues, operating profits and operating cash flows are generated mostly in the third and fourth quarters of our fiscal year. We borrow under the Revolving Credit Facility to supplement our operating cash flows during the periods in which we are building inventory. See “–Liquidity, Sources of Capital and Capital Resource ActivitiesCash Flows.”

 

8



Segment Operating Results for the Years Ended March 31, 2019 and 2018

Crude Oil Logistics 

The following table summarizes the operating results of our Crude Oil Logistics segment for the periods indicated:
 
 
Year Ended March 31,
 
 
 
 
2019
 
2018
 
Change
 
 
(in thousands, except per barrel amounts)
Revenues:
 
 
 
 
 
 
Crude oil sales
 
$
3,011,355

 
$
2,151,203

 
$
860,152

Crude oil transportation and other
 
161,336

 
122,786

 
38,550

Total revenues (1)
 
3,172,691

 
2,273,989

 
898,702

Expenses:
 
 

 
 

 
 

Cost of sales-excluding impact of derivatives
 
2,939,702

 
2,120,640

 
819,062

Cost of sales-derivative (gain) loss
 
(1,085
)
 
7,021

 
(8,106
)
Operating expenses
 
53,352

 
47,846

 
5,506

General and administrative expenses
 
6,512

 
6,584

 
(72
)
Depreciation and amortization expense
 
74,165

 
80,387

 
(6,222
)
Loss (gain) on disposal or impairment of assets, net
 
107,424

 
(111,393
)
 
218,817

Total expenses
 
3,180,070

 
2,151,085

 
1,028,985

Segment operating (loss) income
 
$
(7,379
)
 
$
122,904

 
$
(130,283
)
 
 
 
 
 
 
 
Crude oil sold (barrels)
 
48,366

 
39,626

 
8,740

Crude oil transported on owned pipelines (barrels)
 
42,564

 
33,454

 
9,110

Crude oil storage capacity - owned and leased (barrels) (2)
 
5,232

 
6,159

 
(927
)
Crude oil storage capacity leased to third parties (barrels) (2)
 
2,564

 
2,641

 
(77
)
Crude oil inventory (barrels) (2)
 
827

 
1,219

 
(392
)
Crude oil sold ($/barrel)
 
$
62.262

 
$
54.288

 
$
7.974

Cost per crude oil sold ($/barrel)
 
$
60.758

 
$
53.694

 
$
7.064

Crude oil product margin ($/barrel)
 
$
1.504

 
$
0.594

 
$
0.910

 
(1)
Revenues include $36.1 million and $13.9 million of intersegment sales during the years ended March 31, 2019 and 2018, respectively, that are eliminated in our consolidated statements of operations.
(2)
Information is presented as of March 31, 2019 and March 31, 2018, respectively.

Crude Oil Sales Revenues. The increase was due primarily to an increase in crude oil prices and sales volumes during the year ended March 31, 2019, compared to the year ended March 31, 2018. The increase in crude oil prices throughout our fiscal year 2019 has led to an increase in production volumes for us to market. We continue to market crude oil volumes in the majority of the basins across the United States to support our various pipeline, terminal and transportation assets.

Crude Oil Transportation and Other Revenues. The increase was due to our Grand Mesa Pipeline, which increased revenues by $17.0 million during the year ended March 31, 2019, compared to the year ended March 31, 2018, primarily due to increased production growth in the DJ Basin. During the year ended March 31, 2019, approximately 42.6 million barrels of crude oil were transported on the Grand Mesa Pipeline, which averaged approximately 117,000 barrels per day, physically, and financial volumes averaged approximately 120,000 barrels per day (volume amounts are from both internal and external parties). In addition, during the year ended March 31, 2019, a new crude marketing contract increased revenues by $23.4 million. This was partially offset by a reduction in railcar sublease revenue.

Cost of Sales-Excluding Impact of Derivatives. The increase was due primarily to an increase in crude oil prices and sales volumes during the year ended March 31, 2019, compared to the year ended March 31, 2018.

Cost of Sales-Derivatives. Our cost of sales during the year ended March 31, 2019 included $0.6 million of net realized losses on derivatives and $1.7 million of net unrealized gains on derivatives. Our cost of sales during the year ended

9



March 31, 2018 included $4.2 million of net realized losses on derivatives and $2.8 million of net unrealized losses on derivatives.

Operating and General and Administrative Expenses. The increase was due primarily to utilities related to the higher volumes transported on the Grand Mesa Pipeline.

Depreciation and Amortization Expense. The decrease was due primarily to downsizing our fleet of crude transportation assets, which decreased depreciation and amortization expense by $4.3 million during the year ended March 31, 2019, compared to the year ended March 31, 2018. The decrease was also due to certain intangible assets being fully amortized in prior periods.

Loss (Gain) on Disposal or Impairment of Assets, Net. During the year ended March 31, 2019, we recorded a net loss of $107.4 million, which included a loss of $105.0 million on our transaction with a third party in which they agreed to be fully responsible for our future minimum volume commitment in exchange for $67.7 million of deficiency credits on a contract with a crude oil pipeline operator and $35.3 million in cash (see Note 2 and Note 13 to our consolidated financial statements included in this Current Report). The loss also includes additional costs related to this transaction of $2.0 million. In addition, we recorded a loss of $1.3 million related to the sale of two terminals during the year ended March 31, 2019. During the year ended March 31, 2018, we recorded a gain of $108.6 million on the sale of our previously held 50% interest in Glass Mountain (see Note 16 to our consolidated financial statements included in this Current Report). In addition, we recorded a net gain of $2.8 million on the sales of certain other assets.


10



Water Solutions

The following table summarizes the operating results of our Water Solutions segment for the periods indicated:
 
 
Year Ended March 31,
 
 
 
 
2019
 
2018
 
Change
 
 
(in thousands, except per barrel and per day amounts)
Revenues:
 
 
 
 
 
 
Wastewater disposal service fees
 
$
189,947

 
$
149,114

 
$
40,833

Sale of recovered hydrocarbons
 
72,678

 
58,948

 
13,730

Other service revenues
 
39,061

 
21,077

 
17,984

Total revenues
 
301,686

 
229,139

 
72,547

Expenses:
 
 
 
 
 
 
Cost of sales-excluding impact of derivatives
 
2,668

 
2,150

 
518

Cost of sales-derivative (gain) loss
 
(13,455
)
 
17,195

 
(30,650
)
Operating expenses
 
130,748

 
105,200

 
25,548

General and administrative expenses
 
6,615

 
2,623

 
3,992

Depreciation and amortization expense
 
108,162

 
98,623

 
9,539

(Gain) loss on disposal or impairment of assets, net
 
(138,204
)
 
6,863

 
(145,067
)
Revaluation of liabilities
 
(5,373
)
 
20,716

 
(26,089
)
Total expenses
 
91,161

 
253,370

 
(162,209
)
Segment operating income (loss)
 
$
210,525

 
$
(24,231
)
 
$
234,756

 
 
 
 
 
 
 
Wastewater processed (barrels per day)
 
 
 
 
 
 
Permian Basin
 
461,456

 
289,360

 
172,096

Eagle Ford Basin
 
270,849

 
235,713

 
35,136

DJ Basin
 
161,010

 
113,771

 
47,239

Other Basins
 
53,799

 
68,466

 
(14,667
)
Total
 
947,114

 
707,310

 
239,804

Solids processed (barrels per day)
 
6,957

 
5,662

 
1,295

Skim oil sold (barrels per day)
 
3,567

 
3,210

 
357

Service fees for wastewater processed ($/barrel)
 
$
0.55

 
$
0.58

 
$
(0.03
)
Recovered hydrocarbons for wastewater processed ($/barrel)
 
$
0.21

 
$
0.23

 
$
(0.02
)
Operating expenses for wastewater processed ($/barrel)
 
$
0.38

 
$
0.41

 
$
(0.03
)

Wastewater Disposal Service Fee Revenues. The increase was due primarily to an increase in the volume of wastewater processed at existing facilities as well as facilities acquired from acquisitions. We continue to benefit from the increased oil and gas production and rig counts as compared to the prior year in the basins in which we operate, particularly in the Permian Basin.

Recovered Hydrocarbon Revenues. The increase was due primarily to an increase in the volume of wastewater processed at existing facilities as well as facilities acquired from acquisitions and an increase in crude oil prices; however, these revenues were negatively impacted by a lower percentage of skim oil volumes recovered per wastewater barrel processed. This lower percentage was due primarily to an increase in wastewater transported through pipelines (which contains less oil per barrel of wastewater), as well as operational changes in the DJ Basin.

Other Service Revenues. Other service revenues primarily include solids disposal revenues, water pipeline revenues and freshwater revenues, all of which increased during the year ended March 31, 2019 due to increased volumes as well as acquisitions.

Cost of Sales-Excluding Impact of Derivatives. The increase was due primarily to an increase in expenses to bring wastewater to certain of our water solutions facilities.


11



Cost of Sales-Derivatives. We enter into derivatives in our Water Solutions segment to protect against the risk of a decline in the market price of the hydrocarbons we expect to recover when processing the wastewater and selling the skim oil. Our cost of sales during the year ended March 31, 2019 included $15.5 million of net unrealized gains on derivatives and $2.1 million of net realized losses on derivatives. In December 2018, we settled derivative contracts that had scheduled settlement dates from January 2019 through December 2020 and recorded a gain of $8.4 million on those derivatives. Our cost of sales during the year ended March 31, 2018 included $13.7 million of net unrealized losses on derivatives and $3.5 million of net realized losses on derivatives.

Operating and General and Administrative Expenses. The increase was due primarily to the increase in the number of water disposal facilities and wells that we own and operated due to higher volumes processed at existing facilities and facilities acquired from acquisitions, partially offset by cost reduction efforts. Due to the higher volumes processed, our cost per barrel has decreased, as shown in the table above. Also contributing to the increase was an increase in acquisition expenses related to one of our ranch acquisitions.

Depreciation and Amortization Expense. The increase was due primarily to acquisitions and developed facilities, partially offset by the disposition of our Bakken and South Pecos water disposal businesses and certain intangible assets being fully amortized during the years ended March 31, 2019 and 2018.

(Gain) Loss on Disposal or Impairment of Assets, Net. During the year ended March 31, 2019, we completed the sale of our South Pecos water disposal business and recorded a gain on disposal of $107.9 million and the sale of our Bakken water disposal business and recorded a gain on disposal of $33.4 million (see Note 16 to our consolidated financial statements included in this Current Report for a further discussion of both transactions). In addition, we recorded a net loss of $3.1 million on the disposals of certain other assets during the year ended March 31, 2019.

During the year ended March 31, 2018, we recorded a loss of $8.2 million on the disposals of certain assets, partially offset by a gain of $1.3 million for the termination of a non-compete agreement, which included the carrying value of the non-compete agreement intangible asset that was written off (see Note 7 to our consolidated financial statements included in this Current Report).

Revaluation of Liabilities. The revaluation of liabilities represents the change in the valuation of our contingent consideration liabilities related to royalty agreements acquired as part of certain business combinations. The reduction in expense during the year ended March 31, 2019 was due primarily to lower expected production from new customers and an increase in facilities due to acquisitions, resulting in a decrease to the expected future royalty payment. The expense during the year ended March 31, 2018 was due primarily to higher actual and expected production from new customers, resulting in an increase to the expected future royalty payment.


12



Liquids

The following table summarizes the operating results of our Liquids segment for the periods indicated:
 
 
Year Ended March 31,
 
 
 
 
2019
 
2018
 
Change
 
 
(in thousands, except per gallon amounts)
Propane sales:
 
 
 
 
 
 
Revenues (1)
 
$
1,179,087

 
$
1,203,486

 
$
(24,399
)
Cost of sales-excluding impact of derivatives
 
1,111,678

 
1,165,414

 
(53,736
)
Cost of sales-derivative loss (gain)
 
5,856

 
(5,577
)
 
11,433

Product margin
 
61,553

 
43,649

 
17,904

 
 
 
 
 
 
 
Butane sales:
 
 
 
 
 
 
Revenues (1)
 
637,076

 
562,066

 
75,010

Cost of sales-excluding impact of derivatives
 
609,833

 
535,017

 
74,816

Cost of sales-derivative (gain) loss
 
(1,264
)
 
19,616

 
(20,880
)
Product margin
 
28,507

 
7,433

 
21,074

 
 
 
 
 
 
 
Other product sales:
 
 
 
 
 
 
Revenues (1)
 
599,166

 
432,570

 
166,596

Cost of sales-excluding impact of derivatives
 
570,866

 
414,980

 
155,886

Cost of sales-derivative loss (gain)
 
1,001

 
(173
)
 
1,174

Product margin
 
27,299

 
17,763

 
9,536

 
 
 
 
 
 
 
Service revenues:
 
 
 
 
 
 
Revenues (1)
 
23,003

 
22,548

 
455

Cost of sales
 
3,030

 
3,930

 
(900
)
Product margin
 
19,973

 
18,618

 
1,355

 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
Operating expenses
 
41,360

 
32,792

 
8,568

General and administrative expenses
 
5,672

 
5,331

 
341

Depreciation and amortization expense
 
25,997

 
24,937

 
1,060

Loss on disposal or impairment of assets, net
 
67,213

 
117,516

 
(50,303
)
Total expenses
 
140,242

 
180,576

 
(40,334
)
Segment operating loss
 
$
(2,910
)
 
$
(93,113
)
 
$
90,203

 
 
 
 
 
 
 
Liquids storage capacity - owned and leased (gallons) (2)
 
397,343

 
438,968

 
(41,625
)
 
 
 
 
 
 
 
Propane sold (gallons)
 
1,383,986

 
1,361,173

 
22,813

Propane sold ($/gallon)
 
$
0.852

 
$
0.884

 
$
(0.032
)
Cost per propane sold ($/gallon)
 
$
0.807

 
$
0.852

 
$
(0.045
)
Propane product margin ($/gallon)
 
$
0.045

 
$
0.032

 
$
0.013

Propane inventory (gallons) (2)
 
44,757

 
48,928

 
(4,171
)
Propane storage capacity leased to third parties (gallons) (2)
 
30,440

 
29,662

 
778

 
 
 
 
 
 
 
Butane sold (gallons)
 
610,968

 
544,750

 
66,218

Butane sold ($/gallon)
 
$
1.043

 
$
1.032

 
$
0.011

Cost per butane sold ($/gallon)
 
$
0.996

 
$
1.018

 
$
(0.022
)
Butane product margin ($/gallon)
 
$
0.047

 
$
0.014

 
$
0.033

Butane inventory (gallons) (2)
 
21,677

 
15,385

 
6,292

Butane storage capacity leased to third parties (gallons) (2)
 
62,185

 
51,660

 
10,525

 
 
 
 
 
 
 
Other products sold (gallons)
 
498,751

 
400,405

 
98,346

Other products sold ($/gallon)
 
$
1.201

 
$
1.080

 
$
0.121

Cost per other products sold ($/gallon)
 
$
1.147

 
$
1.036

 
$
0.111

Other products product margin ($/gallon)
 
$
0.054

 
$
0.044

 
$
0.010

Other products inventory (gallons) (2)
 
9,158

 
5,822

 
3,336


13



 
(1)
Revenues include $23.3 million and $4.7 million of intersegment sales during the years ended March 31, 2019 and 2018, respectively, that are eliminated in our consolidated statements of operations.
(2)
Information is presented as of March 31, 2019 and March 31, 2018, respectively.

Propane Sales and Cost of Sales-Excluding Impact of Derivatives. The decreases in revenues and cost of sales-excluding impact of derivatives were due primarily to a decline in product pricing and lower railcar costs.