JP Energy Partners LP

CIK:0001523404|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
REVENUES
Crude oil sales	$ 300,220	$ 455,465	$ 470,336
Crude oil sales - related parties		884
Gathering, transportation and storage fees	20,539	25,991	30,762
Gathering, transportation and storage fees - related parties	3,319	2,165
NGL and refined product sales	143,528	170,009	192,804
NGL and refined product sales - related parties	244		7,419
Refined products terminals and storage fees	13,189	12,362	10,260
Refined products terminals and storage fees - related parties			1,533
Other revenues	12,921	13,709	13,040
Total revenues	493,960	680,585	726,154
COSTS AND EXPENSES
Cost of sales, excluding depreciation and amortization	350,187	527,476	605,682
Operating expense	64,137	69,377	65,584
General and administrative	42,581	45,383	46,362
Depreciation and amortization	47,151	46,852	40,230
Goodwill impairment	15,456	29,896	0
Loss on disposal of assets, net	2,569	909	1,137
Total costs and expenses	522,081	719,893	758,995
OPERATING LOSS	(28,121)	(39,308)	(32,841)
OTHER INCOME (EXPENSE)
Interest expense	(5,970)	(5,375)	(8,981)
Loss on extinguishment of debt			(1,634)
Other income, net	628	1,732	8
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(33,463)	(42,951)	(43,448)
Income tax expense	(521)	(754)	(300)
LOSS FROM CONTINUING OPERATIONS	(33,984)	(43,705)	(43,748)
DISCONTINUED OPERATIONS
Net loss from discontinued operations	(539)	(14,951)	(9,275)
NET LOSS	(34,523)	(58,656)	(53,023)
Net loss attributable to the period from January 1, 2014 to October 1, 2014			34,407
Net loss allocated to limited partners	(34,523)	(58,656)	(18,616)
Basic and diluted loss per unit
Net (loss) income from continuing operations allocated to limited partners	(33,984)	(43,705)	(18,950)
Net loss allocated to limited partners	$ (34,523)	$ (58,656)	(18,616)
Common and Subordinated
Basic and diluted loss per unit
Distribution declared per unit (in dollars per unit)	$ 1.300	$ 1.279
Common
DISCONTINUED OPERATIONS
Net loss allocated to limited partners	$ (17,227)	$ (29,351)	(9,293)
Basic and diluted loss per unit
Net (loss) income from continuing operations allocated to limited partners	(16,955)	(21,830)	(9,460)
Net loss allocated to limited partners	$ (17,227)	$ (29,351)	$ (9,293)
Weighted average number of common units outstanding - basic and diluted (in units)	18,514,476	18,373,594	18,212,632
Basic and diluted from continuing operations (in dollars per unit)	$ (0.92)	$ (1.19)	$ (0.52)
Basic and diluted income (loss) (in dollars per unit)	$ (0.93)	$ (1.60)	$ (0.51)
Subordinated
DISCONTINUED OPERATIONS
Net loss allocated to limited partners	$ (17,296)	$ (29,305)	$ (9,323)
Basic and diluted loss per unit
Net (loss) income from continuing operations allocated to limited partners	(17,029)	(21,875)	(9,490)
Net loss allocated to limited partners	$ (17,296)	$ (29,305)	$ (9,323)
Weighted average number of subordinated units outstanding - basic and diluted (in units)	18,125,093	18,151,700	18,209,948
Basic and diluted from continuing operations (in dollars per unit)	$ (0.94)	$ (1.20)	$ (0.52)
Basic and diluted income (loss) (in dollars per unit)	$ (0.95)	$ (1.61)	$ (0.51)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
NET LOSS	$ (34,523)	$ (58,656)	$ (53,023)
Adjustments to reconcile net loss to net cash provided by operating activities including discontinued operations:
Depreciation and amortization	47,362	49,133	43,922
Goodwill impairment	15,456	37,835
Asset Impairment		4,970	1,984
Derivative valuation changes	(1,179)	(11,340)	12,645
Amortization of deferred financing costs	969	909	906
Unit-based compensation expenses	2,024	1,309	1,789
Loss on disposal of assets	2,455	1,028	8,415
Bad debt expense	408	1,212	820
Loss on extinguishment of debt			1,634
Non-cash inventory LCM adjustment			222
Other non-cash items	(469)	(1,256)	434
Changes in working capital, net of acquired assets and liabilities:
Accounts receivable	5,563	47,926	13,307
Receivable from related parties	8,025	1,924	(7,806)
Inventory	(2,104)	13,372	17,501
Prepaid expenses and other current assets	(5,808)	709	(545)
Accounts payable and other accrued liabilities	(235)	(45,168)	(13,078)
Payables to related parties	177		(1,464)
Customer deposits and advances	(185)	(1,308)	2,328
Changes in other assets and liabilities	(159)	442	166
Corporate overhead support from general partner	7,500	3,000
NET CASH PROVIDED BY OPERATING ACTIVITIES	45,277	46,041	30,157
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(24,718)	(71,011)	(56,878)
Acquisitions of businesses		(12,583)
Proceeds received from sale of assets	11,655	3,917	11,325
Change in restricted cash		600	(600)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(13,063)	(79,077)	(46,153)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings under revolving line of credit	74,000	130,000	390,800
Payments on revolving line of credit	(59,000)	(51,000)	(485,357)
Payments on long-term debt and capital leases	(451)	(512)	(5,032)
Payment of related party note payable			(1,000)
Payments on contingent earnout liabilities		(488)
Change in cash overdraft		(91)	(295)
Debt issuance costs	(188)	(6)	(3,193)
Distributions to unitholders	(48,061)	(47,025)	(91,956)
Issuance of Series D preferred units			40,000
Redemption of Series D preferred units			(42,436)
Issuance of common units, net of issuance costs			262,638
Common control acquisition			(52,000)
Contributions from the Predecessor			4,321
Contributions from general partner	2,400	1,218
Tax withholding on unit-based vesting	(174)	(289)	(354)
Other		(109)	(49)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(31,474)	31,698	16,087
Net change in cash and cash equivalents	740	(1,338)	91
Cash and cash equivalents balance, beginning of period	1,987	3,325	3,234
Cash and cash equivalents balance, end of period	2,727	1,987	3,325
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest	5,381	4,527	7,179
Cash paid for taxes	530	450	108
Non-cash investing and financing transactions:
Accrued capital expenditures	1,180	3,796	3,628
Debt funded portion of acquisition		12,475	52,000
Contributions from general partner	7,500	4,350
Acquisitions funded by issuance of units		$ 3,442	267,100
Assets acquired under capital lease	$ 139		$ 177

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 2,727	$ 1,987
Accounts receivable, net	54,093	60,519
Receivables from related parties	599	8,624
Inventory	6,515	4,786
Prepaid expenses and other current assets	10,859	4,168
Current assets of discontinued operations held for sale		2,730
Total Current Assets	74,793	82,814
Non-current assets
Property, plant and equipment, net	278,150	291,454
Goodwill	201,236	216,692
Intangible assets, net	117,385	134,432
Deferred financing costs and other assets, net	2,866	3,223
Noncurrent assets of discontinued operations held for sale		6,644
Total Non-Current Assets	599,637	652,445
Total Assets	674,430	735,259
Current liabilities
Accounts payable	42,903	45,933
Payables to related parties	177
Accrued liabilities	15,268	15,260
Capital leases and short-term debt	77	107
Customer deposits and advances	3,080	3,742
Current portion of long-term debt	950	454
Current liabilities of discontinued operations held for sale		640
Total Current Liabilities	62,455	66,136
Non-current liabilities
Long-term debt	177,000	162,740
Other long-term liabilities	889	1,463
Total Liabilities	240,344	230,339
Commitments and Contingencies
Partners' capital
General partner	15,468	5,568
Common units (22,119,170 units authorized; 18,532,419 and 18,465,320 units issued and outstanding as of December 31, 2016 and December 31, 2015, respectively)	226,551	266,691
Subordinated units (18,197,249 units authorized; 18,124,071 and 18,127,678 units issued and outstanding as of December 31, 2016 and December 31, 2015, respectively)	192,067	232,661
Total Partners' Capital	434,086	504,920
Total Liabilities and Partners' Capital	$ 674,430	$ 735,259