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

FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission File Number: 001-35172

NGL Energy Partners LP
(Exact Name of Registrant as Specified in Its Charter)
Delaware27-3427920
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
6120 South Yale Avenue, Suite 805
Tulsa,Oklahoma74136
(Address of Principal Executive Offices)(Zip Code)
(918) 481-1119
(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes    No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes    No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filero
Non-accelerated fileroSmaller reporting company
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.   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes    No

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolsName of Each Exchange on Which Registered
Common units representing Limited Partner InterestsNGLNew York Stock Exchange
Fixed-to-floating rate cumulative redeemable perpetual preferred unitsNGL-PBNew York Stock Exchange
Fixed-to-floating rate cumulative redeemable perpetual preferred unitsNGL-PCNew York Stock Exchange

At November 5, 2020, there were 128,771,715 common units issued and outstanding.


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Forward-Looking Statements

This Quarterly Report on Form 10-Q (“Quarterly Report”) contains various forward-looking statements and information that are based on our beliefs and those of our general partner, as well as assumptions made by and information currently available to us. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. Certain words in this Quarterly Report such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “plan,” “project,” “will,” and similar expressions and statements regarding our plans and objectives for future operations, identify forward-looking statements. Although we and our general partner believe such forward-looking statements are reasonable, neither we nor our general partner can assure they will prove to be correct. Forward-looking statements are subject to a variety of risks, uncertainties and assumptions. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, our actual results may vary materially from those expected. Among the key risk factors that may affect our consolidated financial position and results of operations are:

changes in general economic conditions, including market and macroeconomic disruptions resulting from the novel strain of coronavirus (“COVID-19”) pandemic and related governmental responses;
the prices of crude oil, natural gas liquids, gasoline, diesel, and biodiesel;
energy prices generally;
the general level of crude oil, natural gas, and natural gas liquids production;
the general level of demand, and the availability of supply, for crude oil, natural gas liquids, gasoline, diesel, and biodiesel;
the level of crude oil and natural gas drilling and production in areas where we have water treatment and disposal facilities;
the ability to obtain adequate supplies of products if an interruption in supply or transportation occurs and the availability of capacity to transport products to market areas;
actions taken by foreign oil and gas producing nations;
the political and economic stability of foreign oil and gas producing nations;
the effect of weather conditions on supply and demand for crude oil, natural gas liquids, gasoline, diesel, and biodiesel;
the effect of natural disasters, lightning strikes, or other significant weather events;
the availability of local, intrastate, and interstate transportation infrastructure with respect to our truck, railcar, and barge transportation services;
the availability, price, and marketing of competing fuels;
the effect of energy conservation efforts on product demand;
energy efficiencies and technological trends;
changes in applicable laws and regulations, including tax, environmental, transportation, and employment regulations, or new interpretations by regulatory agencies concerning such laws and regulations and the effect of such laws and regulations (now existing or in the future) on our business operations;
the effect of legislative and regulatory actions on hydraulic fracturing, water disposal and transportation, and the treatment of flowback and produced water;
hazards or operating risks related to transporting and distributing petroleum products that may not be fully covered by insurance;
the maturity of the crude oil, natural gas liquids, and refined products industries and competition from other markets;
loss of key personnel;
the ability to renew contracts with key customers;
the ability to maintain or increase the margins we realize for our terminal, barging, trucking, water disposal, recycling, and discharge services;
the ability to renew leases for our leased equipment and storage facilities;
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the nonpayment, nonperformance or bankruptcy by our counterparties;
the availability and cost of capital and our ability to access certain capital sources;
a deterioration of the credit and capital markets;
the ability to successfully identify and complete accretive acquisitions, and integrate acquired assets and businesses;
changes in the volume of crude oil recovered during the water treatment process;
changes in the financial condition and results of operations of entities in which we own noncontrolling equity interests;
the costs and effects of legal and administrative proceedings;
political pressure and influence of environmental groups upon policies and decisions related to the production, gathering, refining, processing, fractionation, transportation and marketing of crude oil, refined products, natural gas, natural gas liquids, gasoline, diesel or biodiesel; and
changes in the jurisdictional characteristics of, or the applicable regulatory policies with respect to, our pipeline assets.

You should not put undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this Quarterly Report. Except as may be required by state and federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements as a result of new information, future events, or otherwise. When considering forward-looking statements, please review the risks discussed under Part I, Item 1A–“Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended March 31, 2020 and under Part II, Item 1A–“Risk Factors” in this Quarterly Report.
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PART I - FINANCIAL INFORMATION

Item 1.    Financial Statements
NGL ENERGY PARTNERS LP AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(in Thousands, except unit amounts)
September 30, 2020March 31, 2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$16,912 $22,704 
Accounts receivable-trade, net of allowance for expected credit losses of $3,399 and $4,540, respectively
439,889 566,834 
Accounts receivable-affiliates14,904 12,934 
Inventories182,859 69,634 
Prepaid expenses and other current assets74,150 101,981 
Total current assets728,714 774,087 
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $619,820 and $529,068, respectively
2,799,725 2,851,555 
GOODWILL982,239 993,587 
INTANGIBLE ASSETS, net of accumulated amortization of $706,259 and $631,449, respectively
1,538,417 1,612,480 
INVESTMENTS IN UNCONSOLIDATED ENTITIES21,215 23,182 
OPERATING LEASE RIGHT-OF-USE ASSETS168,349 180,708 
OTHER NONCURRENT ASSETS47,752 63,137 
Total assets$6,286,411 $6,498,736 
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable-trade$379,420 $515,049 
Accounts payable-affiliates23,985 17,717 
Accrued expenses and other payables138,572 232,062 
Advance payments received from customers24,143 19,536 
Current maturities of long-term debt13,123 4,683 
Operating lease obligations50,709 56,776 
Total current liabilities629,952 845,823 
LONG-TERM DEBT, net of debt issuance costs of $22,267 and $19,795, respectively, and current maturities
3,275,166 3,144,848 
OPERATING LEASE OBLIGATIONS114,833 121,013 
OTHER NONCURRENT LIABILITIES105,835 114,079 
COMMITMENTS AND CONTINGENCIES (NOTE 9)
CLASS D 9.00% PREFERRED UNITS, 600,000 and 600,000 preferred units issued and outstanding, respectively
551,097 537,283 
EQUITY:
General partner, representing a 0.1% interest, 128,901 and 128,901 notional units, respectively
(51,518)(51,390)
Limited partners, representing a 99.9% interest, 128,771,715 and 128,771,715 common units issued and outstanding, respectively
1,242,676 1,366,152 
Class B preferred limited partners, 12,585,642 and 12,585,642 preferred units issued and outstanding, respectively
305,468 305,468 
Class C preferred limited partners, 1,800,000 and 1,800,000 preferred units issued and outstanding, respectively
42,891 42,891 
Accumulated other comprehensive loss(307)(385)
Noncontrolling interests70,318 72,954 
Total equity1,609,528 1,735,690 
Total liabilities and equity$6,286,411 $6,498,736 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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NGL ENERGY PARTNERS LP AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(in Thousands, except unit and per unit amounts)
Three Months Ended September 30,Six Months Ended September 30,
2020201920202019
REVENUES:
Crude Oil Logistics$466,841 $641,152 $742,880 $1,357,312 
Water Solutions88,678 101,249 176,743 173,032 
Liquids and Refined Products612,324 1,061,671 1,092,322 2,145,364 
Other315 264 628 519 
Total Revenues1,168,158 1,804,336 2,012,573 3,676,227 
COST OF SALES:
Crude Oil Logistics386,771 569,699 604,328 1,218,939 
Water Solutions579 (6,496)5,279 (9,303)
Liquids and Refined Products577,086 1,025,565 1,031,422 2,068,597 
Other454 435 908 900 
Total Cost of Sales964,890 1,589,203 1,641,937 3,279,133 
OPERATING COSTS AND EXPENSES:
Operating56,054 74,886 121,041 136,198 
General and administrative17,475 43,908 34,633 64,250 
Depreciation and amortization87,469 63,113 171,455 116,867 
Loss on disposal or impairment of assets, net5,954 3,111 17,976 2,144 
Operating Income36,316 30,115 25,531 77,635 
OTHER INCOME (EXPENSE):  
Equity in earnings (loss) of unconsolidated entities501 (265)790 (257)
Interest expense(46,935)(45,017)(90,896)(84,894)
Gain on early extinguishment of liabilities, net13,747  33,102  
Other income, net1,585 183 2,620 1,193 
Income (Loss) From Continuing Operations Before Income Taxes5,214 (14,984)(28,853)(6,323)
INCOME TAX BENEFIT (EXPENSE)774 (640)1,075 (319)
Income (Loss) From Continuing Operations5,988 (15,624)(27,778)(6,642)
Loss From Discontinued Operations, net of Tax(153)(185,742)(1,639)(186,685)
Net Income (Loss)5,835 (201,366)(29,417)(193,327)
LESS: NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS(168)129 (219)397 
NET INCOME (LOSS) ATTRIBUTABLE TO NGL ENERGY PARTNERS LP$5,667 $(201,237)$(29,636)$(192,930)
NET LOSS FROM CONTINUING OPERATIONS ALLOCATED TO COMMON UNITHOLDERS (NOTE 3)$(17,933)$(32,561)$(73,748)$(152,687)
NET LOSS FROM DISCONTINUED OPERATIONS ALLOCATED TO COMMON UNITHOLDERS (NOTE 3)$(152)$(185,556)$(1,637)$(186,498)
NET LOSS ALLOCATED TO COMMON UNITHOLDERS$(18,085)$(218,117)$(75,385)$(339,185)
BASIC LOSS PER COMMON UNIT
Loss From Continuing Operations$(0.14)$(0.26)$(0.57)$(1.21)
Loss From Discontinued Operations, net of Tax$ $(1.46)$(0.01)$(1.47)
Net Loss$(0.14)$(1.72)$(0.58)$(2.68)
DILUTED LOSS PER COMMON UNIT
Loss From Continuing Operations$(0.14)$(0.26)$(0.57)$(1.21)
Loss From Discontinued Operations, net of Tax$ $(1.46)$(0.01)$(1.47)
Net Loss$(0.14)$(1.72)$(0.58)$(2.68)
BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING128,771,715 126,979,034 128,771,715 126,435,870 
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING128,771,715 126,979,034 128,771,715 126,435,870 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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NGL ENERGY PARTNERS LP AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)
(in Thousands)
Three Months Ended September 30,Six Months Ended September 30,
2020201920202019
Net income (loss)$5,835 $(201,366)$(29,417)$(193,327)
Other comprehensive income (loss)34 (46)78 (9)
Comprehensive income (loss)$5,869 $(201,412)$(29,339)$(193,336)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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NGL ENERGY PARTNERS LP AND SUBSIDIARIES
Unaudited Condensed Consolidated Statement of Changes in Equity
Three Months and Six Months Ended September 30, 2020
(in Thousands, except unit amounts)
Limited Partners
PreferredCommonAccumulated
Other
General
Partner
UnitsAmount
Units
AmountComprehensive
Income (Loss)
Noncontrolling
Interests
Total
Equity
BALANCES AT MARCH 31, 2020$(51,390)14,385,642 $348,359 128,771,715 $1,366,152 $(385)$72,954 $1,735,690 
Distributions to general and common unit partners and preferred unitholders (Note 10)(26)— — — (47,652)— — (47,678)
Distributions to noncontrolling interest owners— — — — — — (2,257)(2,257)
Equity issued pursuant to incentive compensation plan (Note 10) — — — 1,349 — — 1,349 
Net (loss) income(57)— — — (35,246)— 51 (35,252)
Other comprehensive income— — — — — 44 — 44 
Cumulative effect adjustment for adoption of ASU 2016-13 (Note 16)(1)— — — (1,112)— — (1,113)
BALANCES AT JUNE 30, 2020(51,474)14,385,642 348,359 128,771,715 1,283,491 (341)70,748 1,650,783 
Distributions to general and common unit partners and preferred unitholders (Note 10)(26)— — — (47,808)— — (47,834)
Distributions to noncontrolling interest owners— — — — — — (598)(598)
Equity issued pursuant to incentive compensation plan (Note 10)— — — — 1,308 — — 1,308 
Net (loss) income(18)— — — 5,685 — 168 5,835 
Other comprehensive income— — — — — 34 — 34 
BALANCES AT SEPTEMBER 30, 2020$(51,518)14,385,642 $348,359 128,771,715 $1,242,676 $(307)$70,318 $1,609,528 


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NGL ENERGY PARTNERS LP AND SUBSIDIARIES
Unaudited Condensed Consolidated Statement of Changes in Equity
Three Months and Six Months Ended September 30, 2019
(in Thousands, except unit amounts)
Limited Partners
PreferredCommonAccumulated
Other
General
Partner
UnitsAmount
Units
AmountComprehensive
Income (Loss)
Noncontrolling
Interests
Total
Equity
BALANCES AT MARCH 31, 2019$(50,603)8,400,000 $202,731 124,508,497 $2,067,197 $(255)$58,748 $2,277,818 
Distributions to general and common unit partners and preferred unitholders (85)— — — (63,274)— — (63,359)
Issuance of Class C preferred units, net of offering costs— 1,800,000 42,638 — — — — 42,638 
Equity issued pursuant to incentive compensation plan— — — — 2,752 — — 2,752 
Warrants exercised— — — 1,458,371 15 — — 15 
Accretion of beneficial conversion feature of 10.75% Class A convertible preferred units
— — — — (36,517)— — (36,517)
10.75% Class A convertible preferred units redemption - amount paid in excess of carrying value
— — — — (78,797)— — (78,797)
Investment in NGL Energy Holdings LLC— — — — (2,361)— — (2,361)
Net (loss) income(85)— — — 8,392 — (268)8,039 
Other comprehensive income— — — — — 37 — 37 
BALANCES AT JUNE 30, 2019(50,773)10,200,000 245,369 125,966,868 1,897,407 (218)58,480 2,150,265 
Distributions to general and common unit partners and preferred unitholders(85)— — — (55,025)— — (55,110)
Distributions to noncontrolling interest owners— — — — — — (570)(570)
Common unit repurchases and cancellations— — — (78,229)(1,098)— — (1,098)
Issuance of Class B preferred units, net of offering costs— 4,185,642 102,757 — — — — 102,757 
Class C preferred unit issuance costs— — 267 — — — — 267 
Issuance of warrants, net of offering costs— — — — 41,685 — — 41,685 
Equity issued pursuant to incentive compensation plan 27 — — 2,151,781 26,566 — — 26,593 
Investment in NGL Energy Holdings LLC— — — — (11,466)— — (11,466)
Net loss(183)— — — (201,054)— (129)(201,366)
Other comprehensive loss— — — — — (46)— (46)
BALANCES AT SEPTEMBER 30, 2019$(51,014)14,385,642 $348,393 128,040,420 $1,697,015 $(264)$57,781 $2,051,911 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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NGL ENERGY PARTNERS LP AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Cash Flows
(in Thousands)
Six Months Ended September 30,
20202019
OPERATING ACTIVITIES:
Net loss$(29,417)$(193,327)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Loss from discontinued operations, net of tax1,639 186,685 
Depreciation and amortization, including amortization of debt issuance costs178,506 121,697 
Gain on early extinguishment of liabilities, net(33,102) 
Non-cash equity-based compensation expense4,558 24,996 
Loss on disposal or impairment of assets, net17,976 2,144 
Provision for expected credit losses(259)767 
Net adjustments to fair value of commodity derivatives30,562 (15,860)
Equity in (earnings) loss of unconsolidated entities(790)257 
Distributions of earnings from unconsolidated entities2,994  
Lower of cost or net realizable value adjustments418 309 
Other941 490 
Changes in operating assets and liabilities, exclusive of acquisitions:
Accounts receivable-trade and affiliates124,801 7,836 
Inventories(113,691)(52,829)
Other current and noncurrent assets41,762 (35,899)
Accounts payable-trade and affiliates(51,312)(41,637)
Other current and noncurrent liabilities(30,335)13,734 
Net cash provided by operating activities-continuing operations145,251 19,363 
Net cash used in operating activities-discontinued operations(1,591)(23,851)
Net cash provided by (used in) operating activities143,660 (4,488)
INVESTING ACTIVITIES:
Capital expenditures(132,304)(259,075)
Acquisitions, net of cash acquired (647,048)
Net settlements of commodity derivatives(22,106)27,739 
Proceeds from sales of assets1,099 1,982 
Investments in unconsolidated entities(607)(1,015)
Distributions of capital from unconsolidated entities370 439 
Repayments on loan for natural gas liquids facility 3,022 
Deposit paid to acquire business
 (49,875)
Net cash used in investing activities-continuing operations(153,548)(923,831)
Net cash provided by investing activities-discontinued operations 290,617 
Net cash used in investing activities(153,548)(633,214)
FINANCING ACTIVITIES:
Proceeds from borrowings under Revolving Credit Facility704,000 2,198,000 
Payments on Revolving Credit Facility(471,500)(2,276,000)
Issuance of senior unsecured notes and term credit agreement250,000 700,000 
Repayment of bridge term credit agreement(250,000) 
Repurchase of senior unsecured notes(54,499) 
Payments on other long-term debt(326)(326)
Debt issuance costs(9,947)(10,446)
Distributions to general and common unit partners and preferred unitholders(81,698)(117,386)
Distributions to noncontrolling interest owners(2,855)(570)
Proceeds from sale of preferred units, net of offering costs 428,338 
Payments for redemption of preferred units (265,128)
Common unit repurchases and cancellations (1,098)
Payments for settlement and early extinguishment of liabilities(79,079)(1,273)
Investment in NGL Energy Holdings LLC (13,827)
Net cash provided by financing activities4,096 640,284 
Net (decrease) increase in cash and cash equivalents(5,792)2,582 
Cash and cash equivalents, beginning of period22,704 18,572 
Cash and cash equivalents, end of period$16,912 $21,154 
Supplemental cash flow information:
Cash interest paid$87,793 $65,615 
Income taxes paid (net of income tax refunds)$2,198 $3,237 
Supplemental non-cash investing and financing activities:
Distributions declared but not paid to Class B, Class C and Class D preferred unitholders$21,976 $8,162 
Accrued capital expenditures$10,969 $48,393 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
8

NGL ENERGY PARTNERS LP AND SUBSIDIARIES
Notes to Unaudited Condensed Consolidated Financial Statements

Note 1—Organization and Operations

NGL Energy Partners LP (“we,” “us,” “our,” or the “Partnership”) is a Delaware limited partnership. NGL Energy Holdings LLC serves as our general partner. At September 30, 2020, our operations included three segments:

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, and transportation services through its owned assets. Our activities in this segment are supported by certain long-term, fixed rate contracts which include minimum volume commitments on our pipelines.
Our Water Solutions segment transports, treats, recycles and disposes of produced and flowback water generated from crude oil and natural gas production. We also dispose of solids such as tank bottoms, drilling fluids and drilling muds and perform other ancillary services such as truck and frac tank washouts. As part of processing water, we are able to aggregate recovered crude oil, also known as skim oil, that was contained in the water and sell the crude oil. We also sell brackish non-potable water to our producer customers to be used in their crude oil exploration and production activities. Our activities in this segment are underpinned by long-term, fixed fee contracts and acreage dedications, some of which contain minimum volume commitments, with leading oil and gas companies including large, investment grade producer customers.
Our Liquids and Refined Products segment conducts marketing operations for natural gas liquids, refined petroleum products and biodiesel to a broad range of commercial, retail and industrial customers across the United States and Canada. These operations are conducted through our company-owned terminals, other third party storage and terminal facilities, common carrier pipelines and our extensive fleet of leased railcars. We also provide natural gas liquids and refined product terminaling and storage services at our salt dome storage facility joint venture in Utah and marine exports through our facility located in Chesapeake, Virginia. We employ a number of contractual and hedging strategies to minimize commodity exposure and maximize earnings stability of this segment.

Note 2—Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include our accounts and those of our controlled subsidiaries. Intercompany transactions and account balances have been eliminated in consolidation. Investments we do not control, but can exercise significant influence over, are accounted for using the equity method of accounting. We also own an undivided interest in a crude oil pipeline, and include our proportionate share of assets, liabilities, and expenses related to this pipeline in our unaudited condensed consolidated financial statements.

Our unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim consolidated financial information in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the unaudited condensed consolidated financial statements exclude certain information and notes required by GAAP for complete annual consolidated financial statements. However, we believe that the disclosures made are adequate to make the information presented not misleading. The unaudited condensed consolidated financial statements include all adjustments that we consider necessary for a fair presentation of our consolidated financial position, results of operations and cash flows for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed in this Quarterly Report. The unaudited condensed consolidated balance sheet at March 31, 2020 was derived from our audited consolidated financial statements for the fiscal year ended March 31, 2020 included in our Annual Report on Form 10-K (“Annual Report”) filed with the SEC on June 1, 2020.

These interim unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report. Due to the seasonal nature of certain of our operations and other factors, the results of operations for interim periods are not necessarily indicative of the results of operations to be expected for future periods or for the full fiscal year ending March 31, 2021.

9

NGL ENERGY PARTNERS LP AND SUBSIDIARIES
Notes to Unaudited Condensed Consolidated Financial Statements (Continued)

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amount of assets and liabilities reported at the date of the consolidated financial statements and the amount of revenues and expenses reported during the periods presented.

Critical estimates we make in the preparation of our unaudited condensed consolidated financial statements include, among others, determining the fair value of assets and liabilities acquired in acquisitions, the fair value of derivative instruments, the collectibility of accounts and notes receivable, the recoverability