$NGL-PB

NGL Energy Partners LP

CIK:0001504461|SEC Filings

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Total Revenues	$ 989,992	$ 622,156
Total Cost of Sales	684,409	382,812
OPERATING COSTS AND EXPENSES:
Operating	78,885	70,768
General and administrative	17,568	13,740
Depreciation and amortization	61,895	66,585
Loss (gain) on disposal or impairment of assets, net	1,916	(9,199)
Operating Income	145,319	97,450
OTHER INCOME (EXPENSE):
Equity in earnings of unconsolidated entities	0	201
Interest expense	(67,068)	(65,545)
Gain on early extinguishment of liabilities, net	0	1,492
Other income (expense), net	1,496	(3,515)
Income From Continuing Operations Before Income Taxes	79,747	30,083
INCOME TAX BENEFIT	299	182
Income From Continuing Operations	80,046	30,265
Income From Discontinued Operations, net of Tax	35	39,379
Net Income	80,081	69,644
Less: Net income from continuing operations attributable to nonredeemable noncontrolling interests	(1,377)	(705)
Less: Net loss (income) from continuing operations attributable to redeemable noncontrolling interests	28	(17)
NET INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP	78,732	68,922
Net income (loss) from continuing operations allocated to common unitholders, basic	59,831	(34,024)
Net income from discontinued operations allocated to common unitholders, basic	35	39,340
NET INCOME ALLOCATED TO COMMON UNITHOLDERS - BASIC (NOTE 3)	59,866	5,316
NET INCOME ALLOCATED TO COMMON UNITHOLDERS - DILUTED (NOTE 3)	61,212	5,316
Product
Total Revenues	774,300	436,418
Total Cost of Sales	679,472	377,464
Service
Total Revenues	215,692	185,738
Total Cost of Sales	$ 4,937	$ 5,348
Limited Partner
Income (loss) from continuing operations, basic	$ 0.48	$ (0.26)
Income from discontinued operations, net of tax, basic	0	0.30
Basic income per common unit	0.48	0.04
Income (loss) from continuing operations, diluted	0.48	(0.26)
Income from discontinued operations, net of tax, diluted	0	0.30
Diluted income per common unit	$ 0.48	$ 0.04
BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING (in units)	124,803,300	131,747,544
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING (in units)	128,085,880	131,747,544

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES:
Net income	$ 80,081	$ 69,644
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations, net of tax	(35)	(39,379)
Depreciation and amortization, including amortization of debt issuance costs	66,720	69,767
Gain on early extinguishment or revaluation of liabilities, net	0	(1,492)
Equity-based compensation expense	1,991	0
Loss (gain) on disposal or impairment of assets, net	1,916	(9,199)
Change in provision for expected credit losses	37	22
Net adjustments to fair value of derivatives	(21,471)	(8,791)
Equity in earnings of unconsolidated entities	0	(201)
Distributions of earnings from unconsolidated entities	0	108
Lower of cost or net realizable value adjustments	6,343	0
Other	3,226	1,227
Changes in operating assets and liabilities:
Accounts receivable and affiliates	15,152	110,159
Inventories	(6,664)	(12,773)
Other current and noncurrent assets	18,820	21,195
Accounts payable and affiliates	(44,754)	(149,746)
Other current and noncurrent liabilities	(44,359)	(33,285)
Net cash provided by operating activities-continuing operations	77,003	17,256
Net cash provided by operating activities-discontinued operations	35	15,946
Net cash provided by operating activities	77,038	33,202
INVESTING ACTIVITIES:
Capital expenditures	(108,762)	(22,129)
Net settlements of derivatives	693	5,116
Proceeds from sales of assets	12,473	61,120
Proceeds from divestitures of businesses and investments, net	0	87,243
Net cash (used in) provided by investing activities-continuing operations	(95,596)	131,350
Net cash provided by investing activities-discontinued operations	0	67,797
Net cash (used in) provided by investing activities	(95,596)	199,147
FINANCING ACTIVITIES:
Proceeds from borrowings under ABL Facility	316,000	208,000
Payments on ABL Facility	(274,000)	(280,000)
Payments on 2024 Term Loan B and 2026 Term Loan B	(2,375)	(1,750)
Repayment and repurchase of senior notes	0	(17,274)
Payments on other long-term debt	(473)	(436)
Debt issuance costs	(1,174)	(323)
Contributions from noncontrolling interest owners	220	621
Distributions to preferred unitholders	(18,753)	(31,536)
Distributions to noncontrolling interest owners	(1,679)	(1,977)
Class D preferred unit repurchases	0	(100,010)
Common unit repurchases and cancellations	0	(8,068)
Payments to settle contingent consideration liabilities	(35)	(52)
Net settlements of derivatives	(102)	248
Principal payments of finance leases	(707)	0
Investment in NGL Energy Holdings LLC	(1,798)	0
Net cash provided by (used in) financing activities	15,124	(232,557)
Net decrease in cash and cash equivalents	(3,434)	(208)
Cash and cash equivalents, beginning of period	8,505	5,649
Cash and cash equivalents, end of period	5,071	5,441
Supplemental cash flow information:
Cash interest paid	64,228	61,992
Income taxes paid (net of income tax refunds)	759	1,500
Supplemental non-cash investing and financing activities:
Distributions declared but not paid to preferred unitholders	18,806	26,153
Accrued capital expenditures	$ 24,729	$ 5,109

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Mar. 31, 2026
CURRENT ASSETS:
Cash and cash equivalents	$ 5,071	$ 8,505
Accounts receivable, allowance for expected credit losses	1,635	1,738
Inventories	67,672	67,351
Prepaid expenses and other current assets	26,131	36,624
Total current assets	737,601	773,950
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $1,312,835 and $1,272,286, respectively	2,150,699	2,091,747
PROPERTY, PLANT AND EQUIPMENT, accumulated depreciation	(1,312,835)	(1,272,286)
GOODWILL	351,506	351,506
INTANGIBLE ASSETS, net of accumulated amortization of $405,622 and $389,992, respectively	794,183	805,110
INTANGIBLE ASSETS, accumulated amortization	(405,622)	(389,992)
OPERATING LEASE RIGHT-OF-USE ASSETS	115,338	113,326
OTHER NONCURRENT ASSETS	30,757	39,900
Total assets	4,180,084	4,175,539
CURRENT LIABILITIES:
Accrued expenses and other payables	128,165	184,184
Advance payments received from customers	18,392	15,201
Current maturities of long-term debt	11,497	11,457
Operating lease obligations	36,199	33,459
Total current liabilities	644,715	739,482
Long-term debt, net	3,264,175	3,223,126
Debt issuance costs, noncurrent, net	(39,327)	(41,264)
OPERATING LEASE OBLIGATIONS	81,435	82,160
OTHER NONCURRENT LIABILITIES	135,865	136,953
COMMITMENTS AND CONTINGENCIES (NOTE 7)
REDEEMABLE NONCONTROLLING INTERESTS	598	559
DEFICIT:
General partner, representing a 0.1% interest, 124,939 and 123,938 notional units, respectively	(53,259)	(53,319)
Limited partners, representing a 99.9% interest, 124,814,289 and 123,814,289 common units issued and outstanding, respectively	(552,217)	(612,276)
Noncontrolling interests	20,589	20,671
Total deficit	(236,528)	(296,565)
Total liabilities and deficit	4,180,084	4,175,539
Nonrelated Party
CURRENT ASSETS:
Accounts receivable, net of allowance for expected credit losses	638,201	661,157
CURRENT LIABILITIES:
Accounts payable	450,461	495,180
Related Party
CURRENT ASSETS:
Accounts receivable-affiliates	526	313
CURRENT LIABILITIES:
Accounts payable	$ 1	$ 1
NGL Energy Holdings LLC \| NGL Energy Partners LP
DEFICIT:
General partner interest	0.10%
NGL Limited Partners \| NGL Limited Partners
DEFICIT:
Limited partner interest	99.90%
General Partner
DEFICIT:
General partner, notional units outstanding (in units)	124,939	123,938
Limited Partner
DEFICIT:
Limited partners, common units issued and outstanding (in units)	124,814,289	123,814,289
Series D Preferred Stock
CURRENT LIABILITIES:
CLASS D PREFERRED UNITS, 315,489 and 315,489 preferred units issued and outstanding, respectively	$ 289,824	$ 289,824
Temporary equity, issued and outstanding (in units)	315,489	315,489
Series B Preferred Stock
DEFICIT:
Preferred limited partners	$ 305,468	$ 305,468
Preferred units, issued and outstanding (in units)	12,585,642	12,585,642
Series C Preferred Stock
DEFICIT:
Preferred limited partners	$ 42,891	$ 42,891
Preferred units, issued and outstanding (in units)	1,800,000	1,800,000