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NGL Energy Partners LP Announces Fourth Quarter and Fiscal 2018 Financial Results and Initiates Fiscal 2019 Guidance TULSA, Okla.
NGL Energy Partners LP (NYSE:NGL) (“NGL,” “our,” “we,” or the
“Partnership”) today reported net income for the quarter ended March 31,
2018 of $110.9 million, including an $89.3 million gain on the sale of a
portion of our Retail Propane segment, compared to net income for the
quarter ended March 31, 2017 of $26.5 million. The Partnership reported
a net loss for Fiscal 2018 of $69.6 million. NGL also announced earlier
today that it has signed a definitive agreement to sell its remaining
Retail Propane business to Superior Plus Corp. (“Superior”) (TSX:SPB)
for $900 million, which is subject to certain regulatory and other
customary closing conditions and is expected to be completed within 60
days.
Highlights for the quarter and fiscal year ended March 31, 2018 include:
-
Completion of the sale of a portion of the Partnership’s Retail
Propane segment for $200 million, the sale of its 50% interest in the
Glass Mountain Pipeline LLC for $300 million and the sale of a portion
of its interest in Sawtooth for $37.6 million, all proceeds from which
were used to reduce outstanding debt by fiscal year end
-
Adjusted EBITDA for the fourth quarter of Fiscal 2018 was $155.9
million, compared to $121.2 million for the fourth quarter of Fiscal
2017; Fiscal Year 2018 Adjusted EBITDA totaled $408.3 million
-
Distributable Cash Flow for the fourth quarter of Fiscal 2018 was
$98.6 million and totaled $180.0 million for the year
-
Growth capital expenditures, including acquisitions and other
investments, totaled approximately $51.4 million during the fourth
quarter and approximately $211.9 million for Fiscal 2018, of which
approximately $105 million related to investments in our Water
Solutions segment, approximately $55 million related to our Crude
Logistics segment and $50 million related to Retail Propane
Additionally, the Partnership is initiating its Fiscal 2019 Adjusted
EBITDA guidance with a target of $450 million, which assumes:
-
$200-$225 million of Adjusted EBITDA from the Water Solutions
segment which the Partnership believes could increase by up to 20%
annually for the next three years at current crude oil prices, rig
counts, expected volumes and market share in its core basins
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$145-$155 million of Adjusted EBITDA from the Crude Oil Logistics
segment due to increased volumes and margins under minimum volume
commitments on Grand Mesa, as well as generally increasing margins
across all basins in which we operate
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No significant changes to the Liquids and Refined Products segments
from FY 2018 actual results
“The Partnership has made progress through this year as Crude Oil
Logistics and Water Solutions have grown significantly and continue to
be supported by increased rig count, higher crude prices and volume
growth. Grand Mesa continues to exceed expectations by generating
approximately $45 million in gross Adjusted EBITDA for the quarter. Our
Water Solutions segment was operating at an annualized Adjusted EBITDA
run-rate of approximately $150 million in March and volumes and earnings
continue to grow into Fiscal 2019 with an estimated run-rate Adjusted
EBITDA in April of approximately $165 million,” stated Mike Krimbill,
CEO of NGL Energy Partners LP. “Our Refined Products business has
stabilized with better rack margins and manageable line space values.
Earlier today, we announced the sale of our remaining Retail Propane
business. Retail Propane has been a stable asset for NGL and has grown
through bolt-on acquisitions over time. We are making a strategic shift
in our business portfolio and the $900 million of proceeds from the sale
of this business allow for significant deleveraging of our balance sheet
and positions us to focus on, and reinvest in, Crude Logistics and Water
Solutions, our two largest growth and highest performing platforms.”
Quarterly Results of Operations
The following table summarizes operating income (loss) and Adjusted
EBITDA by operating segment for the periods indicated:
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Quarter Ended
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March 31, 2018
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March 31, 2017
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Operating
Income (Loss)
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Adjusted
EBITDA
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Operating
Income (Loss)
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Adjusted
EBITDA
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(in thousands)
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Crude Oil Logistics
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$
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11,072
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$
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31,904
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$
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11,352
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$
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29,558
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Refined Products and Renewables
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25,993
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25,644
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53,181
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12,206
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Liquids
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11,476
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14,957
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10,160
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16,189
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Retail Propane
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146,672
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64,513
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38,702
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48,869
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Water Solutions
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(14,156
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)
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31,766
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(18,549
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)
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18,212
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Corporate and Other
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(23,562
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)
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(12,863
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)
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(20,392
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)
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(3,871
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)
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Total
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$
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157,495
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$
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155,921
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$
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74,454
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$
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121,163
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The tables included in this release reconcile operating income (loss) to
Adjusted EBITDA, a non-GAAP financial measure, for each of our operating
segments.
Crude Oil Logistics
The Partnership’s Crude Oil Logistics segment generated Adjusted EBITDA
of $31.9 million during the quarter ended March 31, 2018, compared to
Adjusted EBITDA of $29.6 million during the quarter ended March 31,
2017. Results for the fourth quarter of Fiscal 2018 improved compared to
the same quarter in Fiscal 2017 primarily due to increased volumes on
Grand Mesa Pipeline, which was partially offset by the sale of our 50%
interest in Glass Mountain Pipeline, LLC in December 2017.
The Partnership’s Grand Mesa Pipeline contributed Adjusted EBITDA of
approximately $45.5 million during the fourth quarter of Fiscal 2018, an
increase of $18.9 million when compared to Adjusted EBITDA of
approximately $26.6 million during the same quarter of last year, due to
increased volumes related to production growth in the DJ Basin. Physical
volumes averaged approximately 103,000 barrels per day and financial
volumes averaged approximately 109,000 barrels per day during the
quarter ended March 31, 2018.
The remaining divisions of our Crude Oil Logistics segment continued to
be impacted by competition and low margins in the majority of the basins
across the United States. The Partnership continues to market crude
volumes in these basins to support its various pipeline, terminal and
transportation assets, at near break-even levels. Additionally, the
Crude Oil Logistics segment bears the cost of certain minimum volume
commitments on third-party crude oil pipelines in various basins which
are currently not profitable.
Refined Products and Renewables
The Partnership’s Refined Products and Renewables segment generated
Adjusted EBITDA of $25.6 million during the quarter ended March 31,
2018, compared to Adjusted EBITDA of $12.2 million during the quarter
ended March 31, 2017. The results for the quarter ended March 31, 2018
were positively impacted by an increase in inventory valuation as a
result of the seasonal motor fuel blend and strong margins at the rack,
as well as our ability to reduce our exposure to negative line space
values.
Refined product barrels sold during the quarter ended March 31, 2018
totaled approximately 42.8 million barrels, an increase of approximately
5.6 million barrels compared to the same period in the prior year due to
an increase in bulk trading volumes. Renewable barrels sold during the
quarter ended March 31, 2018 totaled approximately 1.0 million, a
decrease of approximately 0.9 million barrels compared to the same
period in the prior year.
Liquids
The Partnership’s Liquids segment generated Adjusted EBITDA of $15.0
million during the quarter ended March 31, 2018, compared to Adjusted
EBITDA of $16.2 million during the quarter ended March 31, 2017. Total
product margin per gallon was $0.031 for the quarter ended March 31,
2018, compared to $0.033 for the quarter ended March 31, 2017. Propane
margins were impacted by increased fixed-price contract deliveries
against rising inventory values, while butane margins were impacted by
higher commodity costs and storage costs due to the oversupplied
markets. Additionally, our Liquids segment continues to be impacted by
unrecovered railcar fleet costs and excess storage capacity.
Propane volumes increased by approximately 25.9 million gallons, or
5.7%, during the quarter ended March 31, 2018 compared to the quarter
ended March 31, 2017. Butane volumes increased by approximately 27.6
million gallons, or 25.4%, during the quarter ended March 31, 2018
compared to the quarter ended March 31, 2017. Other Liquids volumes
increased by 16.7 million gallons, or 19.3%, during the quarter ended
March 31, 2018 compared to the same period in the prior year. The
increase in overall volumes is primarily attributable to a new long-term
marketing agreement as well higher demand for propane due to colder
winter weather.
Retail Propane
The Partnership’s Retail Propane segment generated Adjusted EBITDA of
$64.5 million during the quarter ended March 31, 2018, compared to
Adjusted EBITDA of $48.9 million during the quarter ended March 31,
2017. Propane sold during the quarter ended March 31, 2018 increased by
approximately 15.0 million gallons, or 20.9%, compared to the quarter
ended March 31, 2017, primarily due to higher demand for propane related
to colder winter weather and acquisitions made during the current year
and previous year. Distillates sold during the quarter ended March 31,
2018 increased by approximately 0.9 million gallons compared to the
quarter ended March 31, 2017. Total product margin per gallon was $1.012
for the quarter ended March 31, 2018, compared to $0.957 for the quarter
ended March 31, 2017.
Water Solutions
The Partnership’s Water Solutions segment generated Adjusted EBITDA of
$31.8 million during the quarter ended March 31, 2018, compared to
Adjusted EBITDA of $18.2 million during the quarter ended March 31,
2017. The Partnership processed approximately 761,000 barrels of
wastewater per day during the quarter ended March 31, 2018, a 42%
increase compared to approximately 536,000 barrels of wastewater per day
during the quarter ended March 31, 2017. Processed water volumes have
increased throughout the year as the segment continued to benefit from
the increased rig counts in the basins in which it operates,
particularly in the Permian Basin. Additional water pipelines brought
online in previous quarters also contributed to increased revenues.
Revenues from recovered hydrocarbons totaled $21.5 million for the
quarter ended March 31, 2018, an increase of $9.7 million over the prior
year period, related to an increase in the volume of water processed, an
increase of oil percentage in water processed and increased crude oil
prices.
Corporate and Other
Adjusted EBITDA for Corporate and Other was $(12.9) million during the
quarter ended March 31, 2018, compared to $(3.9) million during the
quarter ended March 31, 2017. The decrease was due primarily to
increased legal fees of approximately $5.8 million related to certain
litigation expenses, including settlement costs of $1.5 million,
compared to $1.3 million in legal fees for the same quarter last year.
Additionally, the Partnership recognized a one-time workmen’s
compensation insurance audit expense of $3.5 million related to policy
years 2013 through 2016, the majority of which related to years 2013 and
2014.
Capitalization and Liquidity
Total long-term debt outstanding, excluding working capital borrowings,
was $1.713 billion at March 31, 2018 compared to $1.907 billion at
December 31, 2017, a decrease of $194.3 million primarily as a result of
debt repayment using net proceeds from asset sales. Working capital
borrowings totaled $969.5 million at March 31, 2018 compared to $1.015
billion at December 31, 2017, a decrease of $45.0 million driven
primarily by decreases in inventory volumes during the quarter. Total
liquidity (cash plus available capacity on our revolving credit
facility) was approximately $646.0 million as of March 31, 2018.
Fiscal 2019 Guidance
For Fiscal 2019, the Partnership expects to generate Adjusted EBITDA in
a range for each of its operating segments as follows:
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FY 2019 Adjusted EBITDA Ranges
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Low
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High
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(in thousands)
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Crude Oil Logistics
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$
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145,000
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$
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155,000
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Refined Products and Renewables
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55,000
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80,000
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Liquids
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55,000
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70,000
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Water Solutions
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200,000
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225,000
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Corporate and Other
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(30,000
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)
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(25,000
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Based on these ranges, management’s target for the Partnership is $450
million of Adjusted EBITDA for Fiscal Year 2019. The Partnership
currently expects to invest approximately $250-$275 million on growth
capital expenditures during Fiscal 2019, which includes certain
acquisitions in the Water Solutions segment that will total
approximately $140-$150 million and are expected to close in the first
quarter. All of these acquisitions are expected to be funded through
proceeds from the recently announced Retail Propane sale, excess cash
flow and use of the Partnership's revolving credit facility. The
Partnership will continue to target compliance leverage below 3.25x and
Distributable Cash Flow coverage is expected to be over 1.3x on a
trailing twelve month basis.
Fourth Quarter Conference Call Information
A conference call to discuss NGL’s results of operations is scheduled
for 6:00 pm Eastern Time (5:00 pm Central Time) on Wednesday, May 30,
2018. Analysts, investors, and other interested parties may access the
conference call by dialing (800) 291-4083 and providing access code
3866869. An archived audio replay of the conference call will be
available for 7 days beginning at 11:30 pm Eastern Time (10:30 pm
Central Time) on May 30, 2018, which can be accessed by dialing
(855) 859-2056 and providing access code 3866869.
Non-GAAP Financial Measures
NGL defines EBITDA as net income (loss) attributable to NGL Energy
Partners LP, plus interest expense, income tax expense (benefit), and
depreciation and amortization expense. NGL defines Adjusted EBITDA as
EBITDA excluding net unrealized gains and losses on derivatives, lower
of cost or market adjustments, gains and losses on disposal or
impairment of assets, gains and losses on early extinguishment of
liabilities, revaluation of investments, equity-based compensation
expense, acquisition expense, revaluation of liabilities and other. We
also include in Adjusted EBITDA certain inventory valuation adjustments
related to our Refined Products and Renewables segment, as discussed
below. EBITDA and Adjusted EBITDA should not be considered alternatives
to net (loss) income, (loss) income before income taxes, cash flows from
operating activities, or any other measure of financial performance
calculated in accordance with GAAP, as those items are used to measure
operating performance, liquidity or the ability to service debt
obligations. NGL believes that EBITDA provides additional information to
investors for evaluating NGL’s ability to make quarterly distributions
to NGL’s unitholders and is presented solely as a supplemental measure.
NGL believes that Adjusted EBITDA provides additional information to
investors for evaluating NGL’s financial performance without regard to
NGL’s financing methods, capital structure and historical cost basis.
Further, EBITDA and Adjusted EBITDA, as NGL defines them, may not be
comparable to EBITDA, Adjusted EBITDA, or similarly titled measures used
by other entities.
Other than for NGL’s Refined Products and Renewables segment, for
purposes of the Adjusted EBITDA calculation, NGL makes a distinction
between realized and unrealized gains and losses on derivatives. During
the period when a derivative contract is open, NGL records changes in
the fair value of the derivative as an unrealized gain or loss. When a
derivative contract matures or is settled, NGL reverses the previously
recorded unrealized gain or loss and records a realized gain or loss.
NGL does not draw such a distinction between realized and unrealized
gains and losses on derivatives of NGL’s Refined Products and Renewables
segment. The primary hedging strategy of NGL’s Refined Products and
Renewables segment is to hedge against the risk of declines in the value
of inventory over the course of the contract cycle, and many of the
hedges are six months to one year in duration at inception. The
“inventory valuation adjustment” row in the reconciliation table
reflects the difference between the market value of the inventory of
NGL’s Refined Products and Renewables segment at the balance sheet date
and its cost. We include this in Adjusted EBITDA because the unrealized
gains and losses associated with derivative contracts associated with
the inventory of this segment, which are intended primarily to hedge
inventory holding risk and are included in net income, also affect
Adjusted EBITDA.
Distributable Cash Flow is defined as Adjusted EBITDA minus maintenance
capital expenditures, income tax expense, cash interest expense and
other. Maintenance capital expenditures represent capital expenditures
necessary to maintain the Partnership’s operating capacity.
Distributable Cash Flow is a performance metric used by senior
management to compare cash flows generated by the Partnership (excluding
growth capital expenditures and prior to the establishment of any
retained cash reserves by the Board of Directors) to the cash
distributions expected to be paid to unitholders. Using this metric,
management can quickly compute the coverage ratio of estimated cash
flows to planned cash distributions. This financial measure also is
important to investors as an indicator of whether the Partnership is
generating cash flow at a level that can sustain, or support an increase
in, quarterly distribution rates. Actual distribution amounts are set by
the Board of Directors.
Forward-Looking Statements
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 such forward-looking statements are reasonable, NGL cannot
assure they 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.
NGL provides Adjusted EBITDA guidance that does not include certain
charges and costs, which in future periods are generally expected to be
similar to the kinds of charges and costs excluded from Adjusted EBITDA
in prior periods, such as income taxes, interest and other non-operating
items, depreciation and amortization, net unrealized gains and losses on
derivatives, lower of cost or market adjustments, gains and losses on
disposal or impairment of assets, gains and losses on early
extinguishment of liabilities, revaluation of investments, equity-based
compensation expense, acquisition expense, revaluation of liabilities
and items that are unusual in nature or infrequently occurring. The
exclusion of these charges and costs in future periods will have a
significant impact on the Partnership’s Adjusted EBITDA, and the
Partnership is not able to provide a reconciliation of its Adjusted
EBITDA guidance to net income (loss) without unreasonable efforts due to
the uncertainty and variability of the nature and amount of these future
charges and costs and the Partnership believes that such reconciliation,
if possible, would imply a degree of precision that would be potentially
confusing or misleading to investors.
About NGL Energy Partners LP
NGL Energy Partners LP is a Delaware limited partnership. NGL owns and
operates a vertically integrated energy business with five primary
businesses: Crude Oil Logistics, Water Solutions, Liquids, Retail
Propane and Refined Products and Renewables. NGL completed its initial
public offering in May 2011. For further information, visit the
Partnership’s website at www.nglenergypartners.com.
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NGL ENERGY PARTNERS LP AND SUBSIDIARIES
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Consolidated Balance Sheets
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(in Thousands, except unit amounts)
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(Unaudited)
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March 31,
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March 31,
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2018
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2017
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ASSETS
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CURRENT ASSETS:
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Cash and cash equivalents
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$
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26,207
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$
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12,264
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Accounts receivable-trade, net of allowance for doubtful accounts of
$5,347 and $5,234, respectively
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1,072,688
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800,607
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Accounts receivable-affiliates
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4,772
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6,711
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Inventories
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564,553
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561,432
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Prepaid expenses and other current assets
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131,538
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103,193
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Total current assets
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1,799,758
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1,484,207
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PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of
$443,066 and $375,594, respectively
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1,719,947
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1,790,273
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GOODWILL
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1,312,558
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1,451,716
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INTANGIBLE ASSETS, net of accumulated amortization of $486,456 and
$414,605, respectively
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1,054,482
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1,163,956
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INVESTMENTS IN UNCONSOLIDATED ENTITIES
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17,236
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187,423
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LOAN RECEIVABLE-AFFILIATE
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1,200
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3,200
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OTHER NONCURRENT ASSETS
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245,941
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239,604
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Total assets
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$
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6,151,122
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$
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6,320,379
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LIABILITIES AND EQUITY
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CURRENT LIABILITIES:
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Accounts payable-trade
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$
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860,629
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$
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658,021
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Accounts payable-affiliates
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1,254
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7,918
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Accrued expenses and other payables
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230,087
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207,125
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Advance payments received from customers
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21,216
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35,944
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Current maturities of long-term debt
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3,196
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29,590
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Total current liabilities
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1,116,382
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938,598
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LONG-TERM DEBT, net of debt issuance costs of $20,645 and $33,458,
respectively, and current maturities
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2,682,628
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2,963,483
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OTHER NONCURRENT LIABILITIES
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|
173,514
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|
|
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|
184,534
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COMMITMENTS AND CONTINGENCIES
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CLASS A 10.75% CONVERTIBLE PREFERRED UNITS, 19,942,169 and
19,942,169 preferred units issued and outstanding, respectively
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82,576
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63,890
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REDEEMABLE NONCONTROLLING INTEREST
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9,927
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3,072
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EQUITY:
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General partner, representing a 0.1% interest, 121,594 and 120,300
notional units, respectively
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(50,819
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)
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(50,529
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)
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Limited partners, representing a 99.9% interest, 121,472,725 and
120,179,407 common units issued and outstanding, respectively
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1,852,495
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2,192,413
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Class B preferred limited partners, 8,400,000 and 0 preferred units
issued and outstanding, respectively
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202,731
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—
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Accumulated other comprehensive loss
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(1,815
|
)
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|
|
|
(1,828
|
)
|
|
Noncontrolling interests
|
|
|
|
83,503
|
|
|
|
|
26,746
|
|
|
Total equity
|
|
|
|
2,086,095
|
|
|
|
|
2,166,802
|
|
|
Total liabilities and equity
|
|
|
$
|
6,151,122
|
|
|
|
$
|
6,320,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NGL ENERGY PARTNERS LP AND SUBSIDIARIES
|
|
Consolidated Statements of Operations
|
|
(in Thousands, except unit and per unit amounts)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Year Ended
|
|
|
|
|
March 31,
|
|
|
|
March 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
|
2018
|
|
|
2017
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil Logistics
|
|
|
$
|
733,131
|
|
|
|
$
|
505,142
|
|
|
|
|
$
|
2,260,075
|
|
|
|
$
|
1,666,884
|
|
|
Water Solutions
|
|
|
|
67,116
|
|
|
|
|
43,756
|
|
|
|
|
|
229,139
|
|
|
|
|
159,601
|
|
|
Liquids
|
|
|
|
690,034
|
|
|
|
|
529,504
|
|
|
|
|
|
2,070,015
|
|
|
|
|
1,439,088
|
|
|
Retail Propane
|
|
|
|
229,595
|
|
|
|
|
172,978
|
|
|
|
|
|
521,392
|
|
|
|
|
413,109
|
|
|
Refined Products and Renewables
|
|
|
|
3,394,206
|
|
|
|
|
2,596,534
|
|
|
|
|
|
12,200,923
|
|
|
|
|
9,342,702
|
|
|
Other
|
|
|
|
478
|
|
|
|
|
165
|
|
|
|
|
|
1,174
|
|
|
|
|
844
|
|
|
Total Revenues
|
|
|
|
5,114,560
|
|
|
|
|
3,848,079
|
|
|
|
|
|
17,282,718
|
|
|
|
|
13,022,228
|
|
|
COST OF SALES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil Logistics
|
|
|
|
690,236
|
|
|
|
|
464,428
|
|
|
|
|
|
2,113,747
|
|
|
|
|
1,572,015
|
|
|
Water Solutions
|
|
|
|
6,326
|
|
|
|
|
197
|
|
|
|
|
|
19,345
|
|
|
|
|
4,068
|
|
|
Liquids
|
|
|
|
663,208
|
|
|
|
|
502,895
|
|
|
|
|
|
1,982,552
|
|
|
|
|
1,334,116
|
|
|
Retail Propane
|
|
|
|
120,924
|
|
|
|
|
85,570
|
|
|
|
|
|
269,367
|
|
|
|
|
191,589
|
|
|
Refined Products and Renewables
|
|
|
|
3,369,488
|
|
|
|
|
2,545,527
|
|
|
|
|
|
12,150,497
|
|
|
|
|
9,219,721
|
|
|
Other
|
|
|
|
219
|
|
|
|
|
100
|
|
|
|
|
|
530
|
|
|
|
|
400
|
|
|
Total Cost of Sales
|
|
|
|
4,850,401
|
|
|
|
|
3,598,717
|
|
|
|
|
|
16,536,038
|
|
|
|
|
12,321,909
|
|
|
OPERATING COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
|
93,572
|
|
|
|
|
82,517
|
|
|
|
|
|
330,857
|
|
|
|
|
307,925
|
|
|
General and administrative
|
|
|
|
31,762
|
|
|
|
|
28,489
|
|
|
|
|
|
109,451
|
|
|
|
|
116,566
|
|
|
Depreciation and amortization
|
|
|
|
60,285
|
|
|
|
|
62,929
|
|
|
|
|
|
252,712
|
|
|
|
|
223,205
|
|
|
Gain on disposal or impairment of assets, net
|
|
|
|
(94,071
|
)
|
|
|
|
(5,744
|
)
|
|
|
|
|
(105,313
|
)
|
|
|
|
(209,177
|
)
|
|
Revaluation of liabilities
|
|
|
|
15,116
|
|
|
|
|
6,717
|
|
|
|
|
|
20,716
|
|
|
|
|
6,717
|
|
|
Operating Income
|
|
|
|
157,495
|
|
|
|
|
74,454
|
|
|
|
|
|
138,257
|
|
|
|
|
255,083
|
|
|
OTHER INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of unconsolidated entities
|
|
|
|
694
|
|
|
|
|
1,358
|
|
|
|
|
|
7,964
|
|
|
|
|
3,084
|
|
|
Revaluation of investments
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
(14,365
|
)
|
|
Interest expense
|
|
|
|
(48,321
|
)
|
|
|
|
(45,162
|
)
|
|
|
|
|
(199,570
|
)
|
|
|
|
(150,478
|
)
|
|
(Loss) gain on early extinguishment of liabilities, net
|
|
|
|
(722
|
)
|
|
|
|
(6,163
|
)
|
|
|
|
|
(23,201
|
)
|
|
|
|
24,727
|
|
|
Other income, net
|
|
|
|
2,290
|
|
|
|
|
1,902
|
|
|
|
|
|
8,403
|
|
|
|
|
27,762
|
|
|
Income (Loss) Before Income Taxes
|
|
|
|
111,436
|
|
|
|
|
26,389
|
|
|
|
|
|
(68,147
|
)
|
|
|
|
145,813
|
|
|
INCOME TAX (EXPENSE) BENEFIT
|
|
|
|
(524
|
)
|
|
|
|
97
|
|
|
|
|
|
(1,458
|
)
|
|
|
|
(1,939
|
)
|
|
Net Income (Loss)
|
|
|
|
110,912
|
|
|
|
|
26,486
|
|
|
|
|
|
(69,605
|
)
|
|
|
|
143,874
|
|
|
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
|
|
(19
|
)
|
|
|
|
(741
|
)
|
|
|
|
|
(240
|
)
|
|
|
|
(6,832
|
)
|
|
LESS: NET INCOME ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING INTERESTS
|
|
|
|
(1,291
|
)
|
|
|
|
—
|
|
|
|
|
|
(1,030
|
)
|
|
|
|
—
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO NGL ENERGY PARTNERS LP
|
|
|
|
109,602
|
|
|
|
|
25,745
|
|
|
|
|
|
(70,875
|
)
|
|
|
|
137,042
|
|
|
LESS: DISTRIBUTIONS TO PREFERRED UNITHOLDERS
|
|
|
|
(17,696
|
)
|
|
|
|
(9,184
|
)
|
|
|
|
|
(59,697
|
)
|
|
|
|
(30,142
|
)
|
|
LESS: NET INCOME ALLOCATED TO GENERAL PARTNER
|
|
|
|
(126
|
)
|
|
|
|
(52
|
)
|
|
|
|
|
(5
|
)
|
|
|
|
(232
|
)
|
|
LESS: REPURCHASE OF WARRANTS
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
|
(349
|
)
|
|
|
|
—
|
|
|
NET INCOME (LOSS) ALLOCATED TO COMMON UNITHOLDERS
|
|
|
$
|
91,780
|
|
|
|
$
|
16,509
|
|
|
|
|
$
|
(130,926
|
)
|
|
|
$
|
106,668
|
|
|
BASIC INCOME (LOSS) PER COMMON UNIT
|
|
|
$
|
0.76
|
|
|
|
$
|
0.14
|
|
|
|
|
$
|
(1.08
|
)
|
|
|
$
|
0.99
|
|
|
DILUTED INCOME (LOSS) PER COMMON UNIT
|
|
|
$
|
0.71
|
|
|
|
$
|
0.14
|
|
|
|
|
$
|
(1.08
|
)
|
|
|
$
|
0.95
|
|
|
BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING
|
|
|
|
121,271,959
|
|
|
|
|
114,131,764
|
|
|
|
|
|
120,991,340
|
|
|
|
|
108,091,486
|
|
|
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING
|
|
|
|
146,868,349
|
|
|
|
|
120,198,802
|
|
|
|
|
|
120,991,340
|
|
|
|
|
111,850,621
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW RECONCILIATION
|
|
(Unaudited)
|
|
|
|
The following table reconciles NGL’s net income (loss) to NGL’s
EBITDA, Adjusted EBITDA and Distributable Cash Flow:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Year Ended
|
|
|
|
|
March 31,
|
|
|
|
March 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
|
2018
|
|
|
2017
|
|
|
|
|
(in thousands)
|
|
Net income (loss)
|
|
|
$
|
110,912
|
|
|
|
$
|
26,486
|
|
|
|
|
$
|
(69,605
|
)
|
|
|
$
|
143,874
|
|
|
Less: Net income attributable to noncontrolling interests
|
|
|
|
(19
|
)
|
|
|
|
(741
|
)
|
|
|
|
|
(240
|
)
|
|
|
|
(6,832
|
)
|
|
Less: Net income attributable to redeemable noncontrolling interests
|
|
|
|
(1,291
|
)
|
|
|
|
—
|
|
|
|
|
|
(1,030
|
)
|
|
|
|
—
|
|
|
Net income (loss) attributable to NGL Energy Partners LP
|
|
|
|
109,602
|
|
|
|
|
25,745
|
|
|
|
|
|
(70,875
|
)
|
|
|
|
137,042
|
|
|
Interest expense
|
|
|
|
48,356
|
|
|
|
|
45,221
|
|
|
|
|
|
199,747
|
|
|
|
|
150,504
|
|
|
Income tax expense (benefit)
|
|
|
|
524
|
|
|
|
|
(97
|
)
|
|
|
|
|
1,458
|
|
|
|
|
1,939
|
|
|
Depreciation and amortization
|
|
|
|
62,011
|
|
|
|
|
66,837
|
|
|
|
|
|
266,525
|
|
|
|
|
238,583
|
|
|
EBITDA
|
|
|
|
220,493
|
|
|
|
|
137,706
|
|
|
|
|
|
396,855
|
|
|
|
|
528,068
|
|
|
Net unrealized (gains) losses on derivatives
|
|
|
|
(968
|
)
|
|
|
|
(2,601
|
)
|
|
|
|
|
15,883
|
|
|
|
|
(3,338
|
)
|
|
Inventory valuation adjustment (1)
|
|
|
|
4,594
|
|
|
|
|
(33,184
|
)
|
|
|
|
|
11,033
|
|
|
|
|
7,368
|
|
|
Lower of cost or market adjustments
|
|
|
|
102
|
|
|
|
|
(2,122
|
)
|
|
|
|
|
399
|
|
|
|
|
(1,283
|
)
|
|
Gain on disposal or impairment of assets, net
|
|
|
|
(94,072
|
)
|
|
|
|
(5,744
|
)
|
|
|
|
|
(105,313
|
)
|
|
|
|
(209,213
|
)
|
|
Loss (gain) on early extinguishment of liabilities, net
|
|
|
|
722
|
|
|
|
|
6,163
|
|
|
|
|
|
23,201
|
|
|
|
|
(24,727
|
)
|
|
Revaluation of investments
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
14,365
|
|
|
Equity-based compensation expense (2)
|
|
|
|
8,127
|
|
|
|
|
13,243
|
|
|
|
|
|
35,241
|
|
|
|
|
53,102
|
|
|
Acquisition expense (3)
|
|
|
|
131
|
|
|
|
|
232
|
|
|
|
|
|
263
|
|
|
|
|
1,771
|
|
|
Revaluation of liabilities (4)
|
|
|
|
15,007
|
|
|
|
|
12,761
|
|
|
|
|
|
20,607
|
|
|
|
|
12,761
|
|
|
Other (5)
|
|
|
|
1,785
|
|
|
|
|
(5,291
|
)
|
|
|
|
|
10,081
|
|
|
|
|
2,443
|
|
|
Adjusted EBITDA
|
|
|
|
155,921
|
|
|
|
|
121,163
|
|
|
|
|
|
408,250
|
|
|
|
|
381,317
|
|
|
Less: Cash interest expense (6)
|
|
|
|
45,785
|
|
|
|
|
45,462
|
|
|
|
|
|
188,543
|
|
|
|
|
142,258
|
|
|
Less: Income tax expense (benefit)
|
|
|
|
524
|
|
|
|
|
(97
|
)
|
|
|
|
|
1,458
|
|
|
|
|
1,939
|
|
|
Less: Maintenance capital expenditures
|
|
|
|
11,036
|
|
|
|
|
8,172
|
|
|
|
|
|
37,713
|
|
|
|
|
26,073
|
|
|
Less: Other (7)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
|
549
|
|
|
|
|
19
|
|
|
Distributable Cash Flow
|
|
|
$
|
98,576
|
|
|
|
$
|
67,626
|
|
|
|
|
$
|
179,987
|
|
|
|
$
|
211,028
|
|
|
____________
|
|
(1)
|
|
Amount reflects the difference between the market value of the
inventory of NGL’s Refined Products and Renewables segment at the
balance sheet date and its cost. See “Non-GAAP Financial Measures”
section above for a further discussion.
|
|
|
|
|
|
(2)
|
|
Equity-based compensation expense in the table above may differ from
equity-based compensation expense reported in the footnotes to our
consolidated financial statements included in the Partnership’s
Annual Report on Form 10-K for the year ended March 31, 2018.
Amounts reported in the table above include expense accruals for
bonuses expected to be paid in common units, whereas the amounts
reported in the footnotes to our consolidated financial statements
only include expenses associated with equity-based awards that have
been formally granted.
|
|
|
|
|
|
(3)
|
|
Amounts represent expenses we incurred related to legal and advisory
costs associated with acquisitions, partially offset by
reimbursement for certain legal costs incurred in prior periods.
|
|
|
|
|
|
(4)
|
|
Amounts represent the non-cash valuation adjustment of contingent
consideration liabilities, offset by the cash payments, related to
royalty agreements acquired as part of acquisitions in our Water
Solutions segment.
|
|
|
|
|
|
(5)
|
|
Amounts for the quarter ended March 31, 2018 and year ended March
31, 2017 represent non-cash operating expenses related to our Grand
Mesa Pipeline and accretion expense for asset retirement
obligations. The amount for the year ended March 31, 2018 represents
non-cash operating expenses related to our Grand Mesa Pipeline, an
adjustment to inventory related to prior periods and accretion
expense for asset retirement obligations. The amount for the quarter
ended March 31, 2017 represents non-cash operating expenses related
to our Grand Mesa Pipeline, adjustments for noncontrolling interests
and accretion expense for asset retirement obligations.
|
|
|
|
|
|
(6)
|
|
Amount represents interest expense payable in cash for the period
presented, excluding changes in the accrued interest balance.
|
|
|
|
|
|
(7)
|
|
Amount represents cash paid to settle asset retirement obligations.
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA RECONCILIATION BY SEGMENT
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2018
|
|
|
|
|
Crude Oil
Logistics
|
|
|
Water
Solutions
|
|
|
Liquids
|
|
|
Retail
Propane
|
|
|
Refined
Products
and
Renewables
|
|
|
Corporate
and
Other
|
|
|
Consolidated
|
|
|
|
|
(in thousands)
|
|
Operating income (loss)
|
|
|
$
|
11,072
|
|
|
|
$
|
(14,156
|
)
|
|
|
$
|
11,476
|
|
|
|
$
|
146,672
|
|
|
|
$
|
25,993
|
|
|
|
$
|
(23,562
|
)
|
|
|
$
|
157,495
|
|
|
Depreciation and amortization
|
|
|
|
18,502
|
|
|
|
|
24,776
|
|
|
|
|
6,219
|
|
|
|
|
9,487
|
|
|
|
|
323
|
|
|
|
|
978
|
|
|
|
|
60,285
|
|
|
Amortization recorded to cost of sales
|
|
|
|
84
|
|
|
|
|
—
|
|
|
|
|
71
|
|
|
|
|
—
|
|
|
|
|
1,348
|
|
|
|
|
—
|
|
|
|
|
1,503
|
|
|
Net unrealized losses (gains) on derivatives
|
|
|
|
293
|
|
|
|
|
2,168
|
|
|
|
|
(3,340
|
)
|
|
|
|
(89
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(968
|
)
|
|
Inventory valuation adjustment
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
4,594
|
|
|
|
|
—
|
|
|
|
|
4,594
|
|
|
Lower of cost or market adjustments
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
504
|
|
|
|
|
—
|
|
|
|
|
(402
|
)
|
|
|
|
—
|
|
|
|
|
102
|
|
|
(Gain) loss on disposal or impairment of assets, net
|
|
|
|
(103
|
)
|
|
|
|
3,749
|
|
|
|
|
1
|
|
|
|
|
(90,213
|
)
|
|
|
|
(7,513
|
)
|
|
|
|
8
|
|
|
|
|
(94,071
|
)
|
|
Equity-based compensation expense
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
8,127
|
|
|
|
|
8,127
|
|
|
Acquisition expense
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
131
|
|
|
|
|
131
|
|
|
Other income, net
|
|
|
|
436
|
|
|
|
|
1
|
|
|
|
|
5
|
|
|
|
|
275
|
|
|
|
|
118
|
|
|
|
|
1,455
|
|
|
|
|
2,290
|
|
|
Adjusted EBITDA attributable to unconsolidated entities
|
|
|
|
—
|
|
|
|
|
154
|
|
|
|
|
—
|
|
|
|
|
(69
|
)
|
|
|
|
1,183
|
|
|
|
|
—
|
|
|
|
|
1,268
|
|
|
Adjusted EBITDA attributable to noncontrolling interest
|
|
|
|
—
|
|
|
|
|
(118
|
)
|
|
|
|
—
|
|
|
|
|
(1,509
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(1,627
|
)
|
|
Revaluation of liabilities
|
|
|
|
—
|
|
|
|
|
15,007
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
15,007
|
|
|
Other
|
|
|
|
1,620
|
|
|
|
|
185
|
|
|
|
|
21
|
|
|
|
|
(41
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
1,785
|
|
|
Adjusted EBITDA
|
|
|
$
|
31,904
|
|
|
|
$
|
31,766
|
|
|
|
$
|
14,957
|
|
|
|
$
|
64,513
|
|
|
|
$
|
25,644
|
|
|
|
$
|
(12,863
|
)
|
|
|
$
|
155,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2017
|
|
|
|
|
Crude Oil
Logistics
|
|
|
Water
Solutions
|
|
|
Liquids
|
|
|
Retail
Propane
|
|
|
Refined
Products
and
Renewables
|
|
|
Corporate
and
Other
|
|
|
Consolidated
|
|
|
|
|
(in thousands)
|
|
Operating income (loss)
|
|
|
$
|
11,352
|
|
|
|
$
|
(18,549
|
)
|
|
|
$
|
10,160
|
|
|
|
$
|
38,702
|
|
|
|
$
|
53,181
|
|
|
|
$
|
(20,392
|
)
|
|
|
$
|
74,454
|
|
|
Depreciation and amortization
|
|
|
|
19,648
|
|
|
|
|
25,045
|
|
|
|
|
5,848
|
|
|
|
|
11,195
|
|
|
|
|
325
|
|
|
|
|
868
|
|
|
|
|
62,929
|
|
|
Amortization recorded to cost of sales
|
|
|
|
100
|
|
|
|
|
—
|
|
|
|
|
196
|
|
|
|
|
—
|
|
|
|
|
1,434
|
|
|
|
|
—
|
|
|
|
|
1,730
|
|
|
Net unrealized (gains) losses on derivatives
|
|
|
|
(2,464
|
)
|
|
|
|
50
|
|
|
|
|
(23
|
)
|
|
|
|
(164
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(2,601
|
)
|
|
Inventory valuation adjustment
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(33,184
|
)
|
|
|
|
—
|
|
|
|
|
(33,184
|
)
|
|
Lower of cost or market adjustments
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(2,122
|
)
|
|
|
|
—
|
|
|
|
|
(2,122
|
)
|
|
(Gain) loss on disposal or impairment of assets, net
|
|
|
|
(3,913
|
)
|
|
|
|
6,398
|
|
|
|
|
(17
|
)
|
|
|
|
(191
|
)
|
|
|
|
(8,024
|
)
|
|
|
|
3
|
|
|
|
|
(5,744
|
)
|
|
Equity-based compensation expense
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
13,243
|
|
|
|
|
13,243
|
|
|
Acquisition expense
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
232
|
|
|
|
|
232
|
|
|
Other income (expense), net
|
|
|
|
177
|
|
|
|
|
(785
|
)
|
|
|
|
6
|
|
|
|
|
165
|
|
|
|
|
164
|
|
|
|
|
2,175
|
|
|
|
|
1,902
|
|
|
Adjusted EBITDA attributable to unconsolidated entities
|
|
|
|
3,938
|
|
|
|
|
115
|
|
|
|
|
—
|
|
|
|
|
(39
|
)
|
|
|
|
432
|
|
|
|
|
—
|
|
|
|
|
4,446
|
|
|
Adjusted EBITDA attributable to noncontrolling interest
|
|
|
|
—
|
|
|
|
|
(6,912
|
)
|
|
|
|
—
|
|
|
|
|
(799
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(7,711
|
)
|
|
Revaluation of liabilities
|
|
|
|
—
|
|
|
|
|
12,761
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
12,761
|
|
|
Other
|
|
|
|
720
|
|
|
|
|
89
|
|
|
|
|
19
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
828
|
|
|
Adjusted EBITDA
|
|
|
$
|
29,558
|
|
|
|
$
|
18,212
|
|
|
|
$
|
16,189
|
|
|
|
$
|
48,869
|
|
|
|
$
|
12,206
|
|
|
|
$
|
(3,871
|
)
|
|
|
$
|
121,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended March 31, 2018
|
|
|
|
|
Crude Oil
Logistics
|
|
|
Water
Solutions
|
|
|
Liquids
|
|
|
Retail
Propane
|
|
|
Refined
Products
and
Renewables
|
|
|
Corporate
and
Other
|
|
|
Consolidated
|
|
|
|
|
(in thousands)
|
|
Operating income (loss)
|
|
|
$
|
122,904
|
|
|
|
$
|
(24,231
|
)
|
|
|
$
|
(93,113
|
)
|
|
|
$
|
155,550
|
|
|
|
$
|
56,740
|
|
|
|
$
|
(79,593
|
)
|
|
|
$
|
138,257
|
|
|
Depreciation and amortization
|
|
|
|
80,387
|
|
|
|
|
98,623
|
|
|
|
|
24,937
|
|
|
|
|
43,692
|
|
|
|
|
1,294
|
|
|
|
|
3,779
|
|
|
|
|
252,712
|
|
|
Amortization recorded to cost of sales
|
|
|
|
338
|
|
|
|
|
—
|
|
|
|
|
282
|
|
|
|
|
—
|
|
|
|
|
5,479
|
|
|
|
|
—
|
|
|
|
|
6,099
|
|
|
Net unrealized losses (gains) on derivatives
|
|
|
|
2,766
|
|
|
|
|
13,694
|
|
|
|
|
(577
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
15,883
|
|
|
Inventory valuation adjustment
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
11,033
|
|
|
|
|
—
|
|
|
|
|
11,033
|
|
|
Lower of cost or market adjustments
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
504
|
|
|
|
|
—
|
|
|
|
|
(105
|
)
|
|
|
|
—
|
|
|
|
|
399
|
|
|
(Gain) loss on disposal or impairment of assets, net
|
|
|
|
(111,393
|
)
|
|
|
|
6,863
|
|
|
|
|
117,516
|
|
|
|
|
(88,209
|
)
|
|
|
|
(30,098
|
)
|
|
|
|
8
|
|
|
|
|
(105,313
|
)
|
|
Equity-based compensation expense
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
35,241
|
|
|
|
|
35,241
|
|
|
Acquisition expense
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
263
|
|
|
|
|
263
|
|
|
Other income, net
|
|
|
|
535
|
|
|
|
|
211
|
|
|
|
|
105
|
|
|
|
|
555
|
|
|
|
|
604
|
|
|
|
|
6,393
|
|
|
|
|
8,403
|
|
|
Adjusted EBITDA attributable to unconsolidated entities
|
|
|
|
11,507
|
|
|
|
|
579
|
|
|
|
|
—
|
|
|
|
|
822
|
|
|
|
|
4,308
|
|
|
|
|
—
|
|
|
|
|
17,216
|
|
|
Adjusted EBITDA attributable to noncontrolling interest
|
|
|
|
—
|
|
|
|
|
(737
|
)
|
|
|
|
—
|
|
|
|
|
(1,894
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(2,631
|
)
|
|
Revaluation of liabilities
|
|
|
|
—
|
|
|
|
|
20,607
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
20,607
|
|
|
Other
|
|
|
|
10,617
|
|
|
|
|
461
|
|
|
|
|
85
|
|
|
|
|
(1,082
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
10,081
|
|
|
Adjusted EBITDA
|
|
|
$
|
117,661
|
|
|
|
$
|
116,070
|
|
|
|
$
|
49,739
|
|
|
|
$
|
109,434
|
|
|
|
$
|
49,255
|
|
|
|
$
|
(33,909
|
)
|
|
|
$
|
408,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended March 31, 2017
|
|
|
|
|
Crude Oil
Logistics
|
|
|
Water
Solutions
|
|
|
Liquids
|
|
|
Retail
Propane
|
|
|
Refined
Products
and
Renewables
|
|
|
Corporate
and
Other
|
|
|
Consolidated
|
|
|
|
|
(in thousands)
|
|
Operating (loss) income
|
|
|
$
|
(17,475
|
)
|
|
|
$
|
44,587
|
|
|
|
$
|
43,252
|
|
|
|
$
|
49,255
|
|
|
|
$
|
222,546
|
|
|
|
$
|
(87,082
|
)
|
|
|
$
|
255,083
|
|
|
Depreciation and amortization
|
|
|
|
54,144
|
|
|
|
|
101,758
|
|
|
|
|
19,163
|
|
|
|
|
42,966
|
|
|
|
|
1,562
|
|
|
|
|
3,612
|
|
|
|
|
223,205
|
|
|
Amortization recorded to cost of sales
|
|
|
|
384
|
|
|
|
|
—
|
|
|
|
|
781
|
|
|
|
|
—
|
|
|
|
|
5,663
|
|
|
|
|
—
|
|
|
|
|
6,828
|
|
|
Net unrealized (gains) losses on derivatives
|
|
|
|
(1,513
|
)
|
|
|
|
(2,088
|
)
|
|
|
|
216
|
|
|
|
|
47
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(3,338
|
)
|
|
Inventory valuation adjustment
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
7,368
|
|
|
|
|
—
|
|
|
|
|
7,368
|
|
|
Lower of cost or market adjustments
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(1,283
|
)
|
|
|
|
—
|
|
|
|
|
(1,283
|
)
|
|
Loss (gain) on disposal or impairment of assets, net
|
|
|
|
10,704
|
|
|
|
|
(85,560
|
)
|
|
|
|
92
|
|
|
|
|
(287
|
)
|
|
|
|
(134,125
|
)
|
|
|
|
(1
|
)
|
|
|
|
(209,177
|
)
|
|
Equity-based compensation expense
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
53,102
|
|
|
|
|
53,102
|
|
|
Acquisition expense
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
1,771
|
|
|
|
|
1,771
|
|
|
Other (expense) income, net
|
|
|
|
(412
|
)
|
|
|
|
739
|
|
|
|
|
73
|
|
|
|
|
504
|
|
|
|
|
19,263
|
|
|
|
|
7,595
|
|
|
|
|
27,762
|
|
|
Adjusted EBITDA attributable to unconsolidated entities
|
|
|
|
11,589
|
|
|
|
|
106
|
|
|
|
|
—
|
|
|
|
|
(427
|
)
|
|
|
|
3,975
|
|
|
|
|
—
|
|
|
|
|
15,243
|
|
|
Adjusted EBITDA attributable to noncontrolling interest
|
|
|
|
—
|
|
|
|
|
(9,210
|
)
|
|
|
|
—
|
|
|
|
|
(1,241
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(10,451
|
)
|
|
Revaluation of liabilities
|
|
|
|
—
|
|
|
|
|
12,761
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
12,761
|
|
|
Other
|
|
|
|
1,996
|
|
|
|
|
368
|
|
|
|
|
79
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
2,443
|
|
|
Adjusted EBITDA
|
|
|
$
|
59,417
|
|
|
|
$
|
63,461
|
|
|
|
$
|
63,656
|
|
|
|
$
|
90,817
|
|
|
|
$
|
124,969
|
|
|
|
$
|
(21,003
|
)
|
|
|
$
|
381,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONAL DATA
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Year Ended
|
|
|
|
|
March 31,
|
|
|
|
March 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
|
2018
|
|
|
2017
|
|
|
|
|
(in thousands, except per day amounts)
|
|
Crude Oil Logistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil sold (barrels)
|
|
|
11,038
|
|
|
9,374
|
|
|
|
39,626
|
|
|
34,212
|
|
Crude oil transported on owned pipelines (barrels)
|
|
|
9,278
|
|
|
4,755
|
|
|
|
33,454
|
|
|
6,365
|
|
Crude oil storage capacity - owned and leased (barrels) (1)
|
|
|
|
|
|
|
|
|
|
6,159
|
|
|
7,024
|
|
Crude oil inventory (barrels) (1)
|
|
|
|
|
|
|
|
|
|
1,219
|
|
|
2,844
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water Solutions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wastewater processed (barrels per day)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Ford Basin
|
|
|
257,148
|
|
|
211,448
|
|
|
|
235,713
|
|
|
208,649
|
|
Permian Basin
|
|
|
317,480
|
|
|
192,456
|
|
|
|
289,360
|
|
|
184,702
|
|
DJ Basin
|
|
|
112,594
|
|
|
85,845
|
|
|
|
113,771
|
|
|
68,253
|
|
Other Basins
|
|
|
73,300
|
|
|
46,254
|
|
|
|
68,466
|
|
|
40,185
|
|
Total
|
|
|
760,522
|
|
|
536,003
|
|
|
|
707,310
|
|
|
501,789
|
|
Solids processed (barrels per day)
|
|
|
6,594
|
|
|
4,319
|
|
|
|
5,662
|
|
|
3,056
|
|
Skim oil sold (barrels per day)
|
|
|
4,071
|
|
|
2,827
|
|
|
|
3,210
|
|
|
1,989
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquids:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Propane sold (gallons)
|
|
|
479,454
|
|
|
453,586
|
|
|
|
1,361,173
|
|
|
1,267,076
|
|
Butane sold (gallons)
|
|
|
136,310
|
|
|
108,728
|
|
|
|
544,750
|
|
|
456,586
|
|
Other products sold (gallons)
|
|
|
103,649
|
|
|
86,914
|
|
|
|
400,405
|
|
|
343,365
|
|
Liquids storage capacity - owned and leased (gallons) (1)
|
|
|
|
|
|
|
|
|
|
438,968
|
|
|
358,537
|
|
Propane inventory (gallons) (1)
|
|
|
|
|
|
|
|
|
|
48,928
|
|
|
48,351
|
|
Butane inventory (gallons) (1)
|
|
|
|
|
|
|
|
|
|
15,385
|
|
|
9,438
|
|
Other products inventory (gallons) (1)
|
|
|
|
|
|
|
|
|
|
5,822
|
|
|
6,426
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Propane:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Propane sold (gallons)
|
|
|
86,657
|
|
|
71,666
|
|
|
|
204,145
|
|
|
177,599
|
|
Distillates sold (gallons)
|
|
|
13,403
|
|
|
12,496
|
|
|
|
30,491
|
|
|
30,001
|
|
Propane inventory (gallons) (1)
|
|
|
|
|
|
|
|
|
|
7,526
|
|
|
8,180
|
|
Distillates inventory (gallons) (1)
|
|
|
|
|
|
|
|
|
|
1,051
|
|
|
1,148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refined Products and Renewables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gasoline sold (barrels)
|
|
|
30,550
|
|
|
25,727
|
|
|
|
108,427
|
|
|
91,004
|
|
Diesel sold (barrels)
|
|
|
12,228
|
|
|
11,402
|
|
|
|
56,020
|
|
|
49,817
|
|
Ethanol sold (barrels)
|
|
|
546
|
|
|
1,414
|
|
|
|
3,438
|
|
|
4,605
|
|
Biodiesel sold (barrels)
|
|
|
407
|
|
|
465
|
|
|
|
2,079
|
|
|
2,413
|
|
Refined Products and Renewables storage capacity - leased (barrels)
(1)
|
|
|
|
|
|
|
|
|
|
9,911
|
|
|
9,419
|
|
Gasoline inventory (barrels) (1)
|
|
|
|
|
|
|
|
|
|
3,367
|
|
|
2,993
|
|
Diesel inventory (barrels) (1)
|
|
|
|
|
|
|
|
|
|
1,419
|
|
|
1,464
|
|
Ethanol inventory (barrels) (1)
|
|
|
|
|
|
|
|
|
|
701
|
|
|
727
|
|
Biodiesel inventory (barrels) (1)
|
|
|
|
|
|
|
|
|
|
261
|
|
|
471
|
|
____________
|
|
(1)
|
|
Information is presented as of March 31, 2018 and March 31, 2017,
respectively, in the year-to-date columns above.
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180530006441/en/ Copyright Business Wire 2018
Source: Business Wire
(May 30, 2018 - 4:30 PM EDT)
News by QuoteMedia
www.quotemedia.com
|
