|
NGL Energy Partners LP Announces Third Quarter Fiscal 2019 Financial Results TULSA, Okla.
NGL Energy Partners LP (NYSE:NGL) (“NGL,” “our,” “we,” or the
“Partnership”) today reported net income for the quarter ended
December 31, 2018 of $110.5 million, compared to net income of $56.8
million for the quarter ended December 31, 2017.
Highlights include:
-
Adjusted EBITDA for the third quarter of Fiscal 2019 was $132.6
million, compared to $122.6 million for the third quarter of Fiscal
2018; Fiscal 2019 year-to-date Adjusted EBITDA totals $308.3 million
-
Confirms Fiscal 2019 Adjusted EBITDA guidance of $450 million
-
Reduced indebtedness by $462.8 million since March 31, 2018 and
significantly improved leverage
-
Redeemed all of our $367.0 million of outstanding 6.875% Senior
Notes due 2021 in October 2018 and expects to redeem all outstanding
5.125% Senior Notes due 2019 in March 2019
-
Received approval from lenders to repurchase up to $150 million in
common units
-
Growth capital expenditures and other investments totaled
approximately $113.2 million during the third fiscal quarter and
$303.6 million during the nine months ended December 31, 2018
-
Completed the sale of our Bakken saltwater disposal business for
$91 million in gross cash proceeds on November 30, 2018
-
Entered into definitive agreements to sell our South Pecos water
disposal assets for $238.8 million and to purchase DCP’s natural gas
liquids terminal business, both of which are expected to close by
March 31, 2019
“We are pleased to announce another strong quarter of results with
Adjusted EBITDA for the fiscal third quarter growing to $132.6 million.
We are reaffirming our Adjusted EBITDA guidance of $450 million for this
fiscal year. The steps we have taken over the past year to focus our
business strategy and improve our balance sheet are clearly reflected in
our financial results,” stated Mike Krimbill, NGL’s CEO. “Our compliance
leverage is below our 3.25x target while our distribution coverage is
improving and we expect will continue to do so. We now have the means
and the authority to repurchase a significant amount of our own equity
should the opportunity present itself, but we will remain prudent in our
allocation of capital and management of our balance sheet. We are
focused on delivering significant value to our unitholders now and in
the foreseeable future.”
Quarterly Results of Operations
The following table summarizes operating income (loss) and Adjusted
EBITDA by operating segment for the periods indicated:
|
|
|
Quarter Ended
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
|
|
|
Operating Income (Loss)
|
|
Adjusted EBITDA
|
|
Operating Income (Loss)
|
|
Adjusted EBITDA
|
|
|
|
(in thousands)
|
|
Crude Oil Logistics
|
|
$
|
32,022
|
|
|
$
|
50,693
|
|
|
$
|
106,279
|
|
|
$
|
30,320
|
|
|
Refined Products and Renewables
|
|
33,680
|
|
|
10,541
|
|
|
(4,791
|
)
|
|
9,194
|
|
|
Liquids
|
|
21,532
|
|
|
26,992
|
|
|
22,290
|
|
|
19,957
|
|
|
Water Solutions
|
|
86,737
|
|
|
48,250
|
|
|
(1,373
|
)
|
|
34,886
|
|
|
Corporate and Other
|
|
(16,394
|
)
|
|
(3,728
|
)
|
|
(21,846
|
)
|
|
(7,028
|
)
|
|
Discontinued Operations
|
|
—
|
|
|
(158
|
)
|
|
—
|
|
|
35,319
|
|
|
Total
|
|
$
|
157,577
|
|
|
$
|
132,590
|
|
|
$
|
100,559
|
|
|
$
|
122,648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 $50.7 million during the quarter ended December 31, 2018, compared to
Adjusted EBITDA of $30.3 million during the quarter ended December 31,
2017. Results for the third quarter of Fiscal 2019 improved compared to
the same quarter in Fiscal 2018 primarily due to increased volumes on
Grand Mesa Pipeline. Financial volumes averaged approximately 129,000
barrels per day during the quarter ended December 31, 2018, compared to
approximately 106,000 barrels per day in the same quarter of the prior
year.
The Partnership’s Grand Mesa Pipeline contributed Adjusted EBITDA of
approximately $55.1 million during the third quarter of Fiscal 2019, an
increase of $11.9 million when compared to Adjusted EBITDA of
approximately $43.2 million during the same quarter of last year.
Refined Products and Renewables
The Partnership’s Refined Products and Renewables segment generated
Adjusted EBITDA of $10.5 million during the quarter ended December 31,
2018, compared to Adjusted EBITDA of $9.2 million during the quarter
ended December 31, 2017. The results for the quarter ended December 31,
2018 were positively impacted by stronger demand at our wholesale
locations, especially in the Southeast and West Texas, offset by lower
Gulf Coast gasoline and diesel prices.
Refined product barrels sold during the quarter ended December 31, 2018
totaled approximately 58.8 million barrels, an increase of approximately
20.9 million barrels compared to the same period in the prior year due
to an increase in bulk sales volumes. Renewable barrels sold during the
quarter ended December 31, 2018 totaled approximately 0.8 million, a
decrease of approximately 0.5 million barrels compared to the same
period in the prior year.
Liquids
The Partnership’s Liquids segment generated Adjusted EBITDA of $27.0
million during the quarter ended December 31, 2018, compared to Adjusted
EBITDA of $20.0 million during the quarter ended December 31, 2017. This
increase was the result of increased volumes and improved railcar
utilization driven by the Partnership’s efforts to right size its
railcar fleet and to continue to grow its business. Total product margin
per gallon was $0.049 for the quarter ended December 31, 2018, compared
to $0.047 for the quarter ended December 31, 2017.
Propane volumes increased by approximately 29.8 million gallons, or
7.5%, during the quarter ended December 31, 2018 compared to the quarter
ended December 31, 2017. Butane volumes increased by approximately 10.4
million gallons, or 5.4%, during the quarter ended December 31, 2018
compared to the quarter ended December 31, 2017. Other Liquids volumes
increased by approximately 26.2 million gallons, or 25.2%, during the
quarter ended December 31, 2018 compared to the same period in the prior
year. The increase in overall volumes is primarily attributable to an
increase in natural gas liquids volumes being transported by railcars
due to increased production, our business development efforts, and
third-party pipeline infrastructure issues.
Water Solutions
The Partnership’s Water Solutions segment generated Adjusted EBITDA of
$48.3 million during the quarter ended December 31, 2018, compared to
Adjusted EBITDA of $34.9 million during the quarter ended December 31,
2017. The Partnership processed approximately 999,000 barrels of
wastewater per day during the quarter ended December 31, 2018, a 26.5%
increase when compared to approximately 789,000 barrels of wastewater
per day during the quarter ended December 31, 2017. The Partnership
completed the sale of its Bakken saltwater disposal business on November
30, 2018.
Processed water volumes have increased, as compared to the same quarter
in the prior year, as the segment continued to benefit from crude oil
activity, including increased rig activity and crude oil production
compared to the prior period. Processed water volumes decreased, as
compared to the previous quarter, primarily due to the sale of our
assets in the Bakken, well workovers and other maintenance at certain of
our facilities. Revenues from recovered hydrocarbons totaled $17.2
million for the quarter ended December 31, 2018, an increase of $0.2
million over the prior year period. Revenues from recovered hydrocarbons
were negatively impacted by lower skim oil volumes recovered per
wastewater barrel processed. Lower skim oil volumes were 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.
Corporate and Other
Adjusted EBITDA for Corporate and Other was $(3.7) million during the
quarter ended December 31, 2018, compared to Adjusted EBITDA of $(7.0)
million during the quarter ended December 31, 2017. The reduction in
costs was due primarily to the sale of our retail propane business and
lower legal costs related to certain litigation matters that were
resolved or litigated in prior quarters.
Capitalization and Liquidity
Total debt outstanding, excluding working capital borrowings, was $1.329
billion at December 31, 2018 compared to $1.711 billion at March 31,
2018, a decrease of $382.3 million. The Partnership’s Leverage Ratio (as
defined in our Credit Agreement) is now approximately 2.96x. On October
16, 2018, we redeemed all of our outstanding 6.875% Senior Notes due
2021 using amounts available under our revolving credit facility. We
expect to redeem our 5.125% Senior Notes due 2019 by the end of March
2019 using proceeds from our South Pecos sale and borrowings under our
revolving credit facility.
Working capital borrowings totaled $889.0 million at December 31, 2018
compared to $969.5 million at March 31, 2018, a decrease of $80.5
million. Total liquidity (cash plus available capacity on our revolving
credit facility) was approximately $741.1 million as of December 31,
2018, which does not include the $238.8 million in gross proceeds from
our South Pecos sale, which is expected to close by our fiscal year-end.
On February 6, 2019, we amended our Credit Agreement to, among other
things, reset the basket for the repurchase of common units with a limit
of $150 million in aggregate during the remaining term of the Credit
Agreement, not to exceed $50 million per fiscal quarter, so long as,
both immediately before and after giving pro forma effect to the
repurchases, the Partnership’s Leverage Ratio (as defined in our Credit
Agreement) is less than 3.25x and Revolving Availability (also as
defined in our Credit Agreement) is greater than or equal to $200
million. The Partnership currently meets these thresholds and expects to
maintain them for the remaining term of the agreement.
Third Quarter Conference Call Information
A conference call to discuss NGL’s results of operations is scheduled
for 10:00 am Central Time on Monday, February 11, 2019. Analysts,
investors, and other interested parties may access the conference call
by dialing (800) 291-4083 and providing access code 9478607. An archived
audio replay of the conference call will be available for 7 days
beginning at 10:00 am Central Time on February 12, 2019, which can be
accessed by dialing (855) 859-2056 and providing access code 9478607.
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, equity-based compensation expense, acquisition expense,
revaluation of liabilities, certain legal settlements 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 income (loss), income (loss) from continuing operations 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, adjusted for the impact of seasonal market movements
related to our base inventory and the related hedge. 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, 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 four primary
businesses: Crude Oil Logistics, Water Solutions, Liquids, 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
Unaudited Condensed Consolidated Balance Sheets
(in Thousands, except unit amounts)
|
|
|
|
|
|
|
|
|
|
December 31, 2018
|
|
March 31, 2018
|
|
ASSETS
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
23,025
|
|
|
$
|
22,094
|
|
|
Accounts receivable-trade, net of allowance for doubtful accounts of
$4,463 and $4,201, respectively
|
|
1,006,033
|
|
|
1,026,764
|
|
|
Accounts receivable-affiliates
|
|
12,564
|
|
|
4,772
|
|
|
Inventories
|
|
572,931
|
|
|
551,303
|
|
|
Prepaid expenses and other current assets
|
|
210,452
|
|
|
128,742
|
|
|
Assets held for sale
|
|
124,509
|
|
|
517,604
|
|
|
Total current assets
|
|
1,949,514
|
|
|
2,251,279
|
|
|
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of
$402,025 and $343,345, respectively
|
|
1,726,162
|
|
|
1,518,607
|
|
|
GOODWILL
|
|
1,182,614
|
|
|
1,204,607
|
|
|
INTANGIBLE ASSETS, net of accumulated amortization of $492,892 and
$433,565, respectively
|
|
922,763
|
|
|
913,154
|
|
|
INVESTMENTS IN UNCONSOLIDATED ENTITIES
|
|
4,797
|
|
|
17,236
|
|
|
LOAN RECEIVABLE-AFFILIATE
|
|
—
|
|
|
1,200
|
|
|
OTHER NONCURRENT ASSETS
|
|
170,097
|
|
|
245,039
|
|
|
Total assets
|
|
$
|
5,955,947
|
|
|
$
|
6,151,122
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
CURRENT LIABILITIES AND REDEEMABLE NONCONTROLLING INTEREST:
|
|
|
|
|
|
Accounts payable-trade
|
|
$
|
905,958
|
|
|
$
|
852,839
|
|
|
Accounts payable-affiliates
|
|
23,410
|
|
|
1,254
|
|
|
Accrued expenses and other payables
|
|
263,732
|
|
|
223,504
|
|
|
Advance payments received from customers
|
|
21,437
|
|
|
8,374
|
|
|
Current maturities of long-term debt, net of debt issuance costs of
$666 and $0, respectively
|
|
339,867
|
|
|
646
|
|
|
Liabilities and redeemable noncontrolling interest held for sale
|
|
10,564
|
|
|
42,580
|
|
|
Total current liabilities and redeemable noncontrolling interest
|
|
1,564,968
|
|
|
1,129,197
|
|
|
LONG-TERM DEBT, net of debt issuance costs of $12,602 and $20,645,
respectively, and current maturities
|
|
1,877,701
|
|
|
2,679,740
|
|
|
OTHER NONCURRENT LIABILITIES
|
|
74,903
|
|
|
173,514
|
|
|
|
|
|
|
|
|
CLASS A 10.75% CONVERTIBLE PREFERRED UNITS, 19,942,169 and
19,942,169 preferred units issued and outstanding, respectively
|
|
122,934
|
|
|
82,576
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
General partner, representing a 0.1% interest, 124,158 and 121,594
notional units, respectively
|
|
(50,581
|
)
|
|
(50,819
|
)
|
|
Limited partners, representing a 99.9% interest, 124,033,723 and
121,472,725 common units issued and outstanding, respectively
|
|
2,085,780
|
|
|
1,852,495
|
|
|
Class B preferred limited partners, 8,400,000 and 8,400,000
preferred units issued and outstanding, respectively
|
|
202,731
|
|
|
202,731
|
|
|
Accumulated other comprehensive loss
|
|
(273
|
)
|
|
(1,815
|
)
|
|
Noncontrolling interests
|
|
77,784
|
|
|
83,503
|
|
|
Total equity
|
|
2,315,441
|
|
|
2,086,095
|
|
|
Total liabilities and equity
|
|
$
|
5,955,947
|
|
|
$
|
6,151,122
|
|
|
|
|
|
|
|
|
|
|
|
|
NGL ENERGY PARTNERS LP AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(in Thousands, except unit and per unit amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Nine Months Ended December 31,
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
Crude Oil Logistics
|
|
$
|
751,180
|
|
|
$
|
585,007
|
|
|
$
|
2,395,064
|
|
|
$
|
1,526,944
|
|
|
Water Solutions
|
|
75,458
|
|
|
64,024
|
|
|
231,367
|
|
|
162,023
|
|
|
Liquids
|
|
749,433
|
|
|
759,589
|
|
|
1,759,772
|
|
|
1,464,784
|
|
|
Refined Products and Renewables
|
|
4,800,430
|
|
|
2,944,874
|
|
|
14,488,619
|
|
|
8,806,717
|
|
|
Other
|
|
319
|
|
|
289
|
|
|
1,066
|
|
|
696
|
|
|
Total Revenues
|
|
6,376,820
|
|
|
4,353,783
|
|
|
18,875,888
|
|
|
11,961,164
|
|
|
COST OF SALES:
|
|
|
|
|
|
|
|
|
|
Crude Oil Logistics
|
|
685,417
|
|
|
552,871
|
|
|
2,226,397
|
|
|
1,423,511
|
|
|
Water Solutions
|
|
(39,470
|
)
|
|
10,192
|
|
|
(17,309
|
)
|
|
13,019
|
|
|
Liquids
|
|
707,187
|
|
|
721,246
|
|
|
1,668,646
|
|
|
1,404,147
|
|
|
Refined Products and Renewables
|
|
4,760,756
|
|
|
2,951,440
|
|
|
14,440,852
|
|
|
8,781,009
|
|
|
Other
|
|
494
|
|
|
117
|
|
|
1,481
|
|
|
311
|
|
|
Total Cost of Sales
|
|
6,114,384
|
|
|
4,235,866
|
|
|
18,320,067
|
|
|
11,621,997
|
|
|
OPERATING COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
|
|
Operating
|
|
62,892
|
|
|
51,140
|
|
|
179,463
|
|
|
146,768
|
|
|
General and administrative
|
|
24,779
|
|
|
26,396
|
|
|
86,538
|
|
|
69,939
|
|
|
Depreciation and amortization
|
|
53,434
|
|
|
52,210
|
|
|
158,229
|
|
|
158,222
|
|
|
(Gain) loss on disposal or impairment of assets, net
|
|
(36,246
|
)
|
|
(112,388
|
)
|
|
71,077
|
|
|
(13,246
|
)
|
|
Revaluation of liabilities
|
|
—
|
|
|
—
|
|
|
800
|
|
|
5,600
|
|
|
Operating Income (Loss)
|
|
157,577
|
|
|
100,559
|
|
|
59,714
|
|
|
(28,116
|
)
|
|
OTHER INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
Equity in earnings of unconsolidated entities
|
|
1,777
|
|
|
2,588
|
|
|
2,375
|
|
|
6,677
|
|
|
Interest expense
|
|
(39,151
|
)
|
|
(51,696
|
)
|
|
(126,777
|
)
|
|
(150,918
|
)
|
|
Loss on early extinguishment of liabilities, net
|
|
(10,083
|
)
|
|
(21,141
|
)
|
|
(10,220
|
)
|
|
(22,479
|
)
|
|
Other income (expense), net
|
|
1,292
|
|
|
1,881
|
|
|
(31,006
|
)
|
|
5,251
|
|
|
Income (Loss) From Continuing Operations Before Income Taxes
|
|
111,412
|
|
|
32,191
|
|
|
(105,914
|
)
|
|
(189,585
|
)
|
|
INCOME TAX EXPENSE
|
|
(980
|
)
|
|
(364
|
)
|
|
(2,322
|
)
|
|
(869
|
)
|
|
Income (Loss) From Continuing Operations
|
|
110,432
|
|
|
31,827
|
|
|
(108,236
|
)
|
|
(190,454
|
)
|
|
Income From Discontinued Operations, net of Tax
|
|
96
|
|
|
24,942
|
|
|
404,414
|
|
|
9,937
|
|
|
Net Income (Loss)
|
|
110,528
|
|
|
56,769
|
|
|
296,178
|
|
|
(180,517
|
)
|
|
LESS: NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
307
|
|
|
(89
|
)
|
|
1,170
|
|
|
(221
|
)
|
|
LESS: NET (INCOME) LOSS ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING
INTERESTS
|
|
—
|
|
|
(424
|
)
|
|
446
|
|
|
261
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO NGL ENERGY PARTNERS LP
|
|
$
|
110,835
|
|
|
$
|
56,256
|
|
|
$
|
297,794
|
|
|
$
|
(180,477
|
)
|
|
NET INCOME (LOSS) FROM CONTINUING OPERATIONS ALLOCATED TO COMMON
UNITHOLDERS
|
|
$
|
80,876
|
|
|
$
|
15,470
|
|
|
$
|
(180,870
|
)
|
|
$
|
(232,893
|
)
|
|
NET INCOME FROM DISCONTINUED OPERATIONS ALLOCATED TO COMMON
UNITHOLDERS
|
|
$
|
96
|
|
|
$
|
24,494
|
|
|
$
|
404,455
|
|
|
$
|
10,187
|
|
|
NET INCOME (LOSS) ALLOCATED TO COMMON UNITHOLDERS
|
|
$
|
80,972
|
|
|
$
|
39,964
|
|
|
$
|
223,585
|
|
|
$
|
(222,706
|
)
|
|
BASIC INCOME (LOSS) PER COMMON UNIT
|
|
|
|
|
|
|
|
|
|
Income (Loss) From Continuing Operations
|
|
$
|
0.65
|
|
|
$
|
0.13
|
|
|
$
|
(1.48
|
)
|
|
$
|
(1.92
|
)
|
|
Income From Discontinued Operations, net of Tax
|
|
0.00
|
|
|
0.20
|
|
|
3.30
|
|
|
0.08
|
|
|
Net Income (Loss)
|
|
$
|
0.65
|
|
|
$
|
0.33
|
|
|
$
|
1.82
|
|
|
$
|
(1.84
|
)
|
|
DILUTED INCOME (LOSS) PER COMMON UNIT
|
|
|
|
|
|
|
|
|
|
Income (Loss) From Continuing Operations
|
|
$
|
0.64
|
|
|
$
|
0.12
|
|
|
$
|
(1.48
|
)
|
|
$
|
(1.92
|
)
|
|
Income From Discontinued Operations, net of Tax
|
|
0.00
|
|
|
0.20
|
|
|
3.30
|
|
|
0.08
|
|
|
Net Income (Loss)
|
|
$
|
0.64
|
|
|
$
|
0.32
|
|
|
$
|
1.82
|
|
|
$
|
(1.84
|
)
|
|
BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING
|
|
123,892,680
|
|
|
120,844,008
|
|
|
122,609,625
|
|
|
120,899,502
|
|
|
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING
|
|
125,959,751
|
|
|
124,161,966
|
|
|
122,609,625
|
|
|
120,899,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 December 31,
|
|
Nine Months Ended December 31,
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
(in thousands)
|
|
Net income (loss)
|
|
$
|
110,528
|
|
|
$
|
56,769
|
|
|
$
|
296,178
|
|
|
$
|
(180,517
|
)
|
|
Less: Net loss (income) attributable to noncontrolling interests
|
|
307
|
|
|
(89
|
)
|
|
1,170
|
|
|
(221
|
)
|
|
Less: Net (income) loss attributable to redeemable noncontrolling
interests
|
|
—
|
|
|
(424
|
)
|
|
446
|
|
|
261
|
|
|
Net income (loss) attributable to NGL Energy Partners LP
|
|
110,835
|
|
|
56,256
|
|
|
297,794
|
|
|
(180,477
|
)
|
|
Interest expense
|
|
39,151
|
|
|
51,825
|
|
|
126,930
|
|
|
151,391
|
|
|
Income tax expense
|
|
988
|
|
|
364
|
|
|
2,454
|
|
|
934
|
|
|
Depreciation and amortization
|
|
54,153
|
|
|
67,025
|
|
|
169,235
|
|
|
204,514
|
|
|
EBITDA
|
|
205,127
|
|
|
175,470
|
|
|
596,413
|
|
|
176,362
|
|
|
Net unrealized (gains) losses on derivatives
|
|
(47,909
|
)
|
|
775
|
|
|
(30,849
|
)
|
|
16,851
|
|
|
Inventory valuation adjustment (1)
|
|
(61,665
|
)
|
|
27,786
|
|
|
(60,497
|
)
|
|
6,439
|
|
|
Lower of cost or market adjustments
|
|
48,198
|
|
|
(3,907
|
)
|
|
47,785
|
|
|
5,504
|
|
|
Gain on disposal or impairment of assets, net
|
|
(36,507
|
)
|
|
(112,520
|
)
|
|
(337,925
|
)
|
|
(12,282
|
)
|
|
Loss on early extinguishment of liabilities, net
|
|
10,083
|
|
|
21,141
|
|
|
10,220
|
|
|
22,479
|
|
|
Equity-based compensation expense (2)
|
|
7,845
|
|
|
12,228
|
|
|
32,575
|
|
|
27,114
|
|
|
Acquisition expense (3)
|
|
5,155
|
|
|
186
|
|
|
9,270
|
|
|
132
|
|
|
Revaluation of liabilities (4)
|
|
—
|
|
|
—
|
|
|
800
|
|
|
5,600
|
|
|
Gavilon legal matter settlement (5)
|
|
(212
|
)
|
|
—
|
|
|
34,788
|
|
|
—
|
|
|
Other (6)
|
|
2,475
|
|
|
1,489
|
|
|
5,694
|
|
|
4,130
|
|
|
Adjusted EBITDA
|
|
132,590
|
|
|
122,648
|
|
|
308,274
|
|
|
252,329
|
|
|
Less: Cash interest expense (7)
|
|
36,922
|
|
|
49,043
|
|
|
119,654
|
|
|
142,758
|
|
|
Less: Income tax expense
|
|
988
|
|
|
364
|
|
|
2,454
|
|
|
934
|
|
|
Less: Maintenance capital expenditures
|
|
9,521
|
|
|
12,156
|
|
|
37,210
|
|
|
26,677
|
|
|
Less: Other (8)
|
|
237
|
|
|
316
|
|
|
546
|
|
|
549
|
|
|
Distributable Cash Flow
|
|
$
|
84,922
|
|
|
$
|
60,769
|
|
|
$
|
148,410
|
|
|
$
|
81,411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______________________
(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, adjusted for the impact of seasonal
market movements related to our base inventory and the related hedge.
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
unaudited condensed consolidated financial statements included in the
Partnership’s Quarterly Report on Form 10-Q for the quarter ended
December 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 unaudited condensed
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, including amounts accrued related to
the LCT Capital, LLC legal matter (as discussed in the footnotes to our
unaudited condensed consolidated financial statements included in the
Partnership’s Quarterly Report on Form 10-Q for the quarter ended
December 31, 2018), 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) Represents the accrual for the estimated cost of the settlement of
the Gavilon legal matter (see the footnotes to our unaudited condensed
consolidated financial statements included in the Partnership’s
Quarterly Report on Form 10-Q for the quarter ended December 31, 2018).
We have excluded this amount from Adjusted EBITDA as it relates to
transactions that occurred prior to our acquisition of Gavilon LLC in
December 2013.
(6) Amounts for the three months and nine months ended December 31, 2018
represent non-cash operating expenses related to our Grand Mesa
Pipeline, unrealized losses on marketable securities and accretion
expense for asset retirement obligations. Amounts for the three months
and nine months ended December 31, 2017 represent non-cash operating
expenses related to our Grand Mesa Pipeline and accretion expense for
asset retirement obligations.
(7) Amounts represent interest expense payable in cash for the period
presented, excluding changes in the accrued interest balance.
(8) Amounts represents cash paid to settle asset retirement obligations.
ADJUSTED EBITDA RECONCILIATION BY SEGMENT
|
|
|
Three Months Ended December 31, 2018
|
|
|
|
Crude Oil
Logistics
|
|
Water
Solutions
|
|
Liquids
|
|
Refined
Products
and
Renewables
|
|
Corporate
and
Other
|
|
Discontinued
Operations
|
|
Consolidated
|
|
|
|
(in thousands)
|
|
Operating income (loss)
|
|
$
|
32,022
|
|
|
$
|
86,737
|
|
|
$
|
21,532
|
|
|
$
|
33,680
|
|
|
$
|
(16,394
|
)
|
|
$
|
—
|
|
|
$
|
157,577
|
|
|
Depreciation and amortization
|
|
18,387
|
|
|
27,561
|
|
|
6,412
|
|
|
321
|
|
|
753
|
|
|
—
|
|
|
53,434
|
|
|
Amortization recorded to cost of sales
|
|
—
|
|
|
—
|
|
|
37
|
|
|
1,348
|
|
|
—
|
|
|
—
|
|
|
1,385
|
|
|
Net unrealized gains on derivatives
|
|
(13,165
|
)
|
|
(34,114
|
)
|
|
(630
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47,909
|
)
|
|
Inventory valuation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(61,665
|
)
|
|
—
|
|
|
—
|
|
|
(61,665
|
)
|
|
Lower of cost or market adjustments
|
|
11,446
|
|
|
—
|
|
|
—
|
|
|
36,752
|
|
|
—
|
|
|
—
|
|
|
48,198
|
|
|
Gain on disposal or impairment of assets, net
|
|
(75
|
)
|
|
(36,171
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36,246
|
)
|
|
Equity-based compensation expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,845
|
|
|
—
|
|
|
7,845
|
|
|
Acquisition expense
|
|
—
|
|
|
3,459
|
|
|
—
|
|
|
—
|
|
|
1,696
|
|
|
—
|
|
|
5,155
|
|
|
Other income (expense), net
|
|
3
|
|
|
(1,134
|
)
|
|
19
|
|
|
(180
|
)
|
|
2,584
|
|
|
—
|
|
|
1,292
|
|
|
Adjusted EBITDA attributable to unconsolidated entities
|
|
—
|
|
|
1,845
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,845
|
|
|
Adjusted EBITDA attributable to noncontrolling interest
|
|
—
|
|
|
(33
|
)
|
|
(394
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(427
|
)
|
|
Gavilon legal matter settlement
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(212
|
)
|
|
—
|
|
|
(212
|
)
|
|
Other
|
|
2,075
|
|
|
100
|
|
|
16
|
|
|
285
|
|
|
—
|
|
|
—
|
|
|
2,476
|
|
|
Discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(158
|
)
|
|
(158
|
)
|
|
Adjusted EBITDA
|
|
$
|
50,693
|
|
|
$
|
48,250
|
|
|
$
|
26,992
|
|
|
$
|
10,541
|
|
|
$
|
(3,728
|
)
|
|
$
|
(158
|
)
|
|
$
|
132,590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2017
|
|
|
|
Crude Oil
Logistics
|
|
Water
Solutions
|
|
Liquids
|
|
Refined
Products
and
Renewables
|
|
Corporate
and
Other
|
|
Discontinued
Operations
|
|
Consolidated
|
|
|
|
(in thousands)
|
|
Operating income (loss)
|
|
$
|
106,279
|
|
|
$
|
(1,373
|
)
|
|
$
|
22,290
|
|
|
$
|
(4,791
|
)
|
|
$
|
(21,846
|
)
|
|
$
|
—
|
|
|
$
|
100,559
|
|
|
Depreciation and amortization
|
|
20,092
|
|
|
24,586
|
|
|
6,247
|
|
|
323
|
|
|
962
|
|
|
—
|
|
|
52,210
|
|
|
Amortization recorded to cost of sales
|
|
85
|
|
|
—
|
|
|
70
|
|
|
1,350
|
|
|
—
|
|
|
—
|
|
|
1,505
|
|
|
Net unrealized losses (gains) on derivatives
|
|
962
|
|
|
8,504
|
|
|
(8,550
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
916
|
|
|
Inventory valuation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,786
|
|
|
—
|
|
|
—
|
|
|
27,786
|
|
|
Lower of cost or market adjustments
|
|
5,207
|
|
|
—
|
|
|
—
|
|
|
(9,114
|
)
|
|
—
|
|
|
—
|
|
|
(3,907
|
)
|
|
(Gain) loss on disposal or impairment of assets, net
|
|
(107,574
|
)
|
|
2,929
|
|
|
(214
|
)
|
|
(7,529
|
)
|
|
—
|
|
|
—
|
|
|
(112,388
|
)
|
|
Equity-based compensation expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,228
|
|
|
—
|
|
|
12,228
|
|
|
Acquisition expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
186
|
|
|
—
|
|
|
186
|
|
|
Other income, net
|
|
5
|
|
|
190
|
|
|
93
|
|
|
151
|
|
|
1,442
|
|
|
—
|
|
|
1,881
|
|
|
Adjusted EBITDA attributable to unconsolidated entities
|
|
3,887
|
|
|
144
|
|
|
—
|
|
|
1,018
|
|
|
—
|
|
|
—
|
|
|
5,049
|
|
|
Adjusted EBITDA attributable to noncontrolling interest
|
|
—
|
|
|
(185
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(185
|
)
|
|
Other
|
|
1,377
|
|
|
91
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,489
|
|
|
Discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,319
|
|
|
35,319
|
|
|
Adjusted EBITDA
|
|
$
|
30,320
|
|
|
$
|
34,886
|
|
|
$
|
19,957
|
|
|
$
|
9,194
|
|
|
$
|
(7,028
|
)
|
|
$
|
35,319
|
|
|
$
|
122,648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended December 31, 2018
|
|
|
|
Crude Oil
Logistics
|
|
Water
Solutions
|
|
Liquids
|
|
Refined
Products
and
Renewables
|
|
Corporate
and
Other
|
|
Discontinued
Operations
|
|
Consolidated
|
|
|
|
(in thousands)
|
|
Operating (loss) income
|
|
$
|
(36,694
|
)
|
|
$
|
97,476
|
|
|
$
|
34,913
|
|
|
$
|
33,195
|
|
|
$
|
(69,176
|
)
|
|
$
|
—
|
|
|
$
|
59,714
|
|
|
Depreciation and amortization
|
|
56,486
|
|
|
79,212
|
|
|
19,339
|
|
|
962
|
|
|
2,230
|
|
|
—
|
|
|
158,229
|
|
|
Amortization recorded to cost of sales
|
|
80
|
|
|
—
|
|
|
110
|
|
|
4,044
|
|
|
—
|
|
|
—
|
|
|
4,234
|
|
|
Net unrealized (gains) losses on derivatives
|
|
(11,895
|
)
|
|
(23,216
|
)
|
|
4,183
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30,928
|
)
|
|
Inventory valuation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(60,497
|
)
|
|
—
|
|
|
—
|
|
|
(60,497
|
)
|
|
Lower of cost or market adjustments
|
|
11,446
|
|
|
—
|
|
|
(504
|
)
|
|
36,843
|
|
|
—
|
|
|
—
|
|
|
47,785
|
|
|
Loss (gain) on disposal or impairment of assets, net
|
|
105,186
|
|
|
(32,966
|
)
|
|
994
|
|
|
(3,026
|
)
|
|
889
|
|
|
—
|
|
|
71,077
|
|
|
Equity-based compensation expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32,575
|
|
|
—
|
|
|
32,575
|
|
|
Acquisition expense
|
|
—
|
|
|
3,459
|
|
|
161
|
|
|
—
|
|
|
5,696
|
|
|
—
|
|
|
9,316
|
|
|
Other income (expense), net
|
|
26
|
|
|
(1,504
|
)
|
|
63
|
|
|
66
|
|
|
(29,657
|
)
|
|
—
|
|
|
(31,006
|
)
|
|
Adjusted EBITDA attributable to unconsolidated entities
|
|
—
|
|
|
2,214
|
|
|
—
|
|
|
476
|
|
|
—
|
|
|
—
|
|
|
2,690
|
|
|
Adjusted EBITDA attributable to noncontrolling interest
|
|
—
|
|
|
(119
|
)
|
|
(945
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,064
|
)
|
|
Revaluation of liabilities
|
|
—
|
|
|
800
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
800
|
|
|
Gavilon legal matter settlement
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,788
|
|
|
—
|
|
|
34,788
|
|
|
Other
|
|
4,976
|
|
|
304
|
|
|
49
|
|
|
365
|
|
|
—
|
|
|
—
|
|
|
5,694
|
|
|
Discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,867
|
|
|
4,867
|
|
|
Adjusted EBITDA
|
|
$
|
129,611
|
|
|
$
|
125,660
|
|
|
$
|
58,363
|
|
|
$
|
12,428
|
|
|
$
|
(22,655
|
)
|
|
$
|
4,867
|
|
|
$
|
308,274
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended December 31, 2017
|
|
|
|
Crude Oil
Logistics
|
|
Water
Solutions
|
|
Liquids
|
|
Refined
Products
and
Renewables
|
|
Corporate
and
Other
|
|
Discontinued
Operations
|
|
Consolidated
|
|
|
|
(in thousands)
|
|
Operating income (loss)
|
|
$
|
111,832
|
|
|
$
|
(10,075
|
)
|
|
$
|
(104,589
|
)
|
|
$
|
30,747
|
|
|
$
|
(56,031
|
)
|
|
$
|
—
|
|
|
$
|
(28,116
|
)
|
|
Depreciation and amortization
|
|
61,885
|
|
|
73,847
|
|
|
18,718
|
|
|
971
|
|
|
2,801
|
|
|
—
|
|
|
158,222
|
|
|
Amortization recorded to cost of sales
|
|
254
|
|
|
—
|
|
|
211
|
|
|
4,131
|
|
|
—
|
|
|
—
|
|
|
4,596
|
|
|
Net unrealized losses on derivatives
|
|
2,473
|
|
|
11,526
|
|
|
2,763
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,762
|
|
|
Inventory valuation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,439
|
|
|
—
|
|
|
—
|
|
|
6,439
|
|
|
Lower of cost or market adjustments
|
|
5,207
|
|
|
—
|
|
|
—
|
|
|
297
|
|
|
—
|
|
|
—
|
|
|
5,504
|
|
|
(Gain) loss on disposal or impairment of assets, net
|
|
(111,290
|
)
|
|
3,114
|
|
|
117,515
|
|
|
(22,585
|
)
|
|
—
|
|
|
—
|
|
|
(13,246
|
)
|
|
Equity-based compensation expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,114
|
|
|
—
|
|
|
27,114
|
|
|
Acquisition expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
132
|
|
|
—
|
|
|
132
|
|
|
Other income, net
|
|
99
|
|
|
210
|
|
|
100
|
|
|
486
|
|
|
4,356
|
|
|
—
|
|
|
5,251
|
|
|
Adjusted EBITDA attributable to unconsolidated entities
|
|
11,507
|
|
|
425
|
|
|
—
|
|
|
3,125
|
|
|
—
|
|
|
—
|
|
|
15,057
|
|
|
Adjusted EBITDA attributable to noncontrolling interest
|
|
—
|
|
|
(619
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(619
|
)
|
|
Revaluation of liabilities
|
|
—
|
|
|
5,600
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,600
|
|
|
Other
|
|
3,790
|
|
|
276
|
|
|
64
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,130
|
|
|
Discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45,503
|
|
|
45,503
|
|
|
Adjusted EBITDA
|
|
$
|
85,757
|
|
|
$
|
84,304
|
|
|
$
|
34,782
|
|
|
$
|
23,611
|
|
|
$
|
(21,628
|
)
|
|
$
|
45,503
|
|
|
$
|
252,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONAL DATA
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
(in thousands, except per day amounts)
|
|
Crude Oil Logistics:
|
|
|
|
|
|
|
|
|
|
Crude oil sold (barrels)
|
|
12,333
|
|
|
10,006
|
|
|
35,449
|
|
|
28,588
|
|
Crude oil transported on owned pipelines (barrels)
|
|
11,820
|
|
|
9,228
|
|
|
31,385
|
|
|
24,176
|
|
Crude oil storage capacity - owned and leased (barrels) (1)
|
|
|
|
|
|
5,362
|
|
|
6,362
|
|
Crude oil inventory (barrels) (1)
|
|
|
|
|
|
1,204
|
|
|
1,356
|
|
|
|
|
|
|
|
|
|
|
|
Water Solutions:
|
|
|
|
|
|
|
|
|
|
Wastewater processed (barrels per day)
|
|
|
|
|
|
|
|
|
|
Eagle Ford Basin
|
|
282,070
|
|
|
255,634
|
|
|
277,431
|
|
|
228,698
|
|
Permian Basin
|
|
461,722
|
|
|
334,556
|
|
|
455,211
|
|
|
280,158
|
|
DJ Basin
|
|
177,412
|
|
|
121,061
|
|
|
159,980
|
|
|
114,156
|
|
Other Basins
|
|
77,320
|
|
|
78,144
|
|
|
82,928
|
|
|
66,884
|
|
Total
|
|
998,524
|
|
|
789,395
|
|
|
975,550
|
|
|
689,896
|
|
Solids processed (barrels per day)
|
|
7,284
|
|
|
6,095
|
|
|
6,728
|
|
|
5,357
|
|
Skim oil sold (barrels per day)
|
|
3,609
|
|
|
3,623
|
|
|
3,516
|
|
|
2,923
|
|
|
|
|
|
|
|
|
|
|
|
Liquids:
|
|
|
|
|
|
|
|
|
|
Propane sold (gallons)
|
|
428,961
|
|
|
399,211
|
|
|
929,401
|
|
|
881,719
|
|
Butane sold (gallons)
|
|
201,891
|
|
|
191,504
|
|
|
446,340
|
|
|
408,440
|
|
Other products sold (gallons)
|
|
130,362
|
|
|
104,136
|
|
|
372,282
|
|
|
296,756
|
|
Liquids storage capacity - owned and leased (gallons) (1)
|
|
|
|
|
|
399,757
|
|
|
453,971
|
|
Propane inventory (gallons) (1)
|
|
|
|
|
|
120,239
|
|
|
130,940
|
|
Butane inventory (gallons) (1)
|
|
|
|
|
|
34,488
|
|
|
41,941
|
|
Other products inventory (gallons) (1)
|
|
|
|
|
|
8,367
|
|
|
9,616
|
|
|
|
|
|
|
|
|
|
|
|
Refined Products and Renewables:
|
|
|
|
|
|
|
|
|
|
Gasoline sold (barrels)
|
|
42,882
|
|
|
22,902
|
|
|
130,687
|
|
|
77,877
|
|
Diesel sold (barrels)
|
|
15,931
|
|
|
15,004
|
|
|
39,765
|
|
|
43,792
|
|
Ethanol sold (barrels)
|
|
592
|
|
|
900
|
|
|
1,757
|
|
|
2,892
|
|
Biodiesel sold (barrels)
|
|
237
|
|
|
477
|
|
|
815
|
|
|
1,672
|
|
Refined Products and Renewables storage capacity - leased (barrels)
(1)
|
|
|
|
|
|
10,293
|
|
|
9,046
|
|
Gasoline inventory (barrels) (1)
|
|
|
|
|
|
3,942
|
|
|
3,007
|
|
Diesel inventory (barrels) (1)
|
|
|
|
|
|
1,815
|
|
|
1,605
|
|
Ethanol inventory (barrels) (1)
|
|
|
|
|
|
1,292
|
|
|
684
|
|
Biodiesel inventory (barrels) (1)
|
|
|
|
|
|
162
|
|
|
153
|
|
|
|
|
|
|
|
|
|
|
|
____________________
(1) Information is presented as of December 31, 2018 and December 31,
2017, respectively.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190211005227/en/ Copyright Business Wire 2019
Source: Business Wire
(February 11, 2019 - 6:35 AM EST)
News by QuoteMedia
www.quotemedia.com
|
