NGL Energy Partners LP Announces First Quarter Fiscal 2024 Financial Results
- Net income of $19.6 million
- Adjusted EBITDA of $134.7 million
- 14.1% growth in produced water volumes processed
- Water Solutions segment achieved a 17.3% increase in Adjusted EBITDA
- Asset sales guidance increased to $75 million
- Growth capital expenditures reduced by $10 million
- Revenues from recovered skim oil decreased by $15.4 million
- Operating loss for the Crude Oil Logistics segment decreased by $2.0 million
- Operating income for the Liquids Logistics segment decreased by $18.8 million
-
Net income for the first quarter of Fiscal 2024 of
, compared to net income of$19.6 million for the first quarter of Fiscal 2023$23.1 million -
Adjusted EBITDA(1) for the first quarter of Fiscal 2024 of
, compared to$134.7 million for the first quarter of Fiscal 2023$123.9 million -
Produced water volumes processed of approximately 2.46 million barrels per day during the first quarter of Fiscal 2024, growing
14.1% from the first quarter of Fiscal 2023 -
Water Solutions’ quarterly Adjusted EBITDA(1) of
for the first quarter of Fiscal 2024, a$123.2 million 17.3% increase compared to the first quarter of Fiscal 2023 -
Increasing asset sales guidance from
to$50 million in Fiscal 2024$75 million -
Reducing growth capital expenditures by
, from$10 million to$75 million $65 million
“Our Water Solutions segment achieved strong Adjusted EBITDA(1) growth of
Quarterly Results of Operations
The following table summarizes operating income (loss) and Adjusted EBITDA(1) by reportable segment for the periods indicated:
|
|
Quarter Ended |
||||||||||||||
|
|
June 30, 2023 |
|
June 30, 2022 |
||||||||||||
|
|
Operating
|
|
Adjusted
|
|
Operating
|
|
Adjusted
|
||||||||
|
|
(in thousands) |
||||||||||||||
Water Solutions |
|
$ |
69,331 |
|
|
$ |
123,194 |
|
|
$ |
53,605 |
|
|
$ |
105,047 |
|
Crude Oil Logistics |
|
|
17,007 |
|
|
|
23,791 |
|
|
|
18,989 |
|
|
|
15,078 |
|
Liquids Logistics |
|
|
7,831 |
|
|
|
4,749 |
|
|
|
26,640 |
|
|
|
12,901 |
|
Corporate and Other |
|
|
(22,149 |
) |
|
|
(17,079 |
) |
|
|
(11,971 |
) |
|
|
(9,150 |
) |
Total |
|
$ |
72,020 |
|
|
$ |
134,655 |
|
|
$ |
87,263 |
|
|
$ |
123,876 |
|
_____________________________
(1) See the “Non-GAAP Financial Measures” section of this release for the definition of Adjusted EBITDA (as used herein) and a discussion of this non-GAAP financial measure. |
(2) Certain of the forward-looking financial measures are provided on a non-GAAP basis. A reconciliation of forward-looking financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP is potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant. |
Water Solutions
Operating income for the Water Solutions segment increased
Revenues from recovered skim oil totaled
Operating expenses in the Water Solutions segment increased
Crude Oil Logistics
Operating income for the Crude Oil Logistics segment decreased
Liquids Logistics
Operating income for the Liquids Logistics segment decreased by
Corporate and Other
The operating loss for the quarter ended June 30, 2023 includes losses from derivatives of
Capitalization and Liquidity
Total liquidity (cash plus available capacity on our asset-based revolving credit facility (“ABL Facility”)) was approximately
The Partnership is in compliance with all of its debt covenants and has no significant debt maturities before March 2025.
First Quarter Conference Call Information
A conference call to discuss NGL’s results of operations is scheduled for 4:30 pm Central Time on Wednesday, August 9, 2023. Analysts, investors, and other interested parties may join the webcast via the event link: https://www.webcaster4.com/Webcast/Page/2808/48748 or by dialing (888) 506-0062 and providing access code: 715919. An archived audio replay of the call will be available for 14 days, which can be accessed by dialing (877) 481-4010 and providing replay passcode 48748.
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 net realizable value 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. NGL also includes in Adjusted EBITDA certain inventory valuation adjustments related to certain refined products businesses within NGL’s Liquids Logistics segment as discussed below. EBITDA and Adjusted EBITDA should not be considered as alternatives to net income, 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 certain businesses within NGL’s Liquids Logistics 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 certain businesses within NGL’s Liquids Logistics segment. The primary hedging strategy of these businesses 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 cover extended periods of time. The “inventory valuation adjustment” row in the reconciliation table reflects the difference between the market value of the inventory of these businesses at the balance sheet date and its cost. NGL includes 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. In NGL’s Crude Oil Logistics segment, they purchase certain crude oil barrels using the West Texas Intermediate (“WTI”) calendar month average (“CMA”) price and sell the crude oil barrels using the WTI CMA price plus the Argus CMA Differential Roll Component (“CMA Differential Roll”) per NGL’s contracts. To eliminate the volatility of the CMA Differential Roll, NGL entered into derivative instrument positions in January 2021 to secure a margin of approximately
Distributable Cash Flow is defined as Adjusted EBITDA minus maintenance capital expenditures, income tax expense, cash interest expense, preferred unit distributions and other. Maintenance capital expenditures represent capital expenditures necessary to maintain the Partnership’s operating capacity. For the CMA Differential Roll transaction, as discussed above, we have included an adjustment to Distributable Cash Flow to reflect, in the period for which they relate, the actual cash flows for the positions that settled that are not being recognized in Adjusted EBITDA. 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.
We do not provide a reconciliation for non-GAAP estimates on a forward-looking basis where we are unable to provide a meaningful calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various items that would impact the most directly comparable forward-looking
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 net realizable value 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, a
For further information, visit the Partnership’s website at www.nglenergypartners.com.
NGL ENERGY PARTNERS LP AND SUBSIDIARIES Unaudited Condensed Consolidated Balance Sheets (in Thousands, except unit amounts) |
|||||||
|
June 30, 2023 |
|
March 31, 2023 |
||||
ASSETS |
|
|
|
||||
CURRENT ASSETS: |
|
|
|
||||
Cash and cash equivalents |
$ |
7,786 |
|
|
$ |
5,431 |
|
Accounts receivable-trade, net of allowance for expected credit losses of |
|
892,266 |
|
|
|
1,033,956 |
|
Accounts receivable-affiliates |
|
12,836 |
|
|
|
12,362 |
|
Inventories |
|
185,638 |
|
|
|
142,607 |
|
Prepaid expenses and other current assets |
|
84,339 |
|
|
|
98,089 |
|
Total current assets |
|
1,182,865 |
|
|
|
1,292,445 |
|
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of |
|
2,196,845 |
|
|
|
2,223,380 |
|
GOODWILL |
|
712,364 |
|
|
|
712,364 |
|
INTANGIBLE ASSETS, net of accumulated amortization of |
|
1,038,775 |
|
|
|
1,058,668 |
|
INVESTMENTS IN UNCONSOLIDATED ENTITIES |
|
20,049 |
|
|
|
21,090 |
|
OPERATING LEASE RIGHT-OF-USE ASSETS |
|
97,327 |
|
|
|
90,220 |
|
OTHER NONCURRENT ASSETS |
|
57,429 |
|
|
|
57,977 |
|
Total assets |
$ |
5,305,654 |
|
|
$ |
5,456,144 |
|
LIABILITIES AND EQUITY |
|
|
|
||||
CURRENT LIABILITIES: |
|
|
|
||||
Accounts payable-trade |
$ |
773,678 |
|
|
$ |
927,591 |
|
Accounts payable-affiliates |
|
55 |
|
|
|
65 |
|
Accrued expenses and other payables |
|
159,408 |
|
|
|
133,616 |
|
Advance payments received from customers |
|
19,026 |
|
|
|
14,699 |
|
Operating lease obligations |
|
34,702 |
|
|
|
34,166 |
|
Total current liabilities |
|
986,869 |
|
|
|
1,110,137 |
|
LONG-TERM DEBT, net of debt issuance costs of |
|
2,803,607 |
|
|
|
2,857,805 |
|
OPERATING LEASE OBLIGATIONS |
|
64,998 |
|
|
|
58,450 |
|
OTHER NONCURRENT LIABILITIES |
|
111,978 |
|
|
|
111,226 |
|
|
|
|
|
||||
CLASS D |
|
551,097 |
|
|
|
551,097 |
|
|
|
|
|
||||
EQUITY: |
|
|
|
||||
General partner, representing a |
|
(52,565 |
) |
|
|
(52,551 |
) |
Limited partners, representing a |
|
475,353 |
|
|
|
455,564 |
|
Class B preferred limited partners, 12,585,642 and 12,585,642 preferred units issued and outstanding, respectively |
|
305,468 |
|
|
|
305,468 |
|
Class C preferred limited partners, 1,800,000 and 1,800,000 preferred units issued and outstanding, respectively |
|
42,891 |
|
|
|
42,891 |
|
Accumulated other comprehensive loss |
|
(434 |
) |
|
|
(450 |
) |
Noncontrolling interests |
|
16,392 |
|
|
|
16,507 |
|
Total equity |
|
787,105 |
|
|
|
767,429 |
|
Total liabilities and equity |
$ |
5,305,654 |
|
|
$ |
5,456,144 |
|
NGL ENERGY PARTNERS LP AND SUBSIDIARIES Unaudited Condensed Consolidated Statements of Operations (in Thousands, except unit and per unit amounts) |
||||||||
|
|
Three Months Ended June 30, |
||||||
|
|
|
2023 |
|
|
|
2022 |
|
REVENUES: |
|
|
|
|
||||
Water Solutions |
|
$ |
181,302 |
|
|
$ |
166,079 |
|
Crude Oil Logistics |
|
|
464,390 |
|
|
|
865,371 |
|
Liquids Logistics |
|
|
970,412 |
|
|
|
1,465,933 |
|
Total Revenues |
|
|
1,616,104 |
|
|
|
2,497,383 |
|
COST OF SALES: |
|
|
|
|
||||
Water Solutions |
|
|
2,569 |
|
|
|
10,225 |
|
Crude Oil Logistics |
|
|
425,299 |
|
|
|
822,370 |
|
Liquids Logistics |
|
|
947,247 |
|
|
|
1,422,416 |
|
Corporate and Other |
|
|
4,214 |
|
|
|
— |
|
Total Cost of Sales |
|
|
1,379,329 |
|
|
|
2,255,011 |
|
OPERATING COSTS AND EXPENSES: |
|
|
|
|
||||
Operating |
|
|
76,681 |
|
|
|
71,860 |
|
General and administrative |
|
|
20,291 |
|
|
|
16,757 |
|
Depreciation and amortization |
|
|
68,979 |
|
|
|
66,660 |
|
Gain on disposal or impairment of assets, net |
|
|
(1,196 |
) |
|
|
(168 |
) |
Operating Income |
|
|
72,020 |
|
|
|
87,263 |
|
OTHER INCOME (EXPENSE): |
|
|
|
|
||||
Equity in earnings of unconsolidated entities |
|
|
91 |
|
|
|
674 |
|
Interest expense |
|
|
(59,522 |
) |
|
|
(67,311 |
) |
Gain on early extinguishment of liabilities, net |
|
|
6,808 |
|
|
|
1,662 |
|
Other income, net |
|
|
306 |
|
|
|
646 |
|
Income Before Income Taxes |
|
|
19,703 |
|
|
|
22,934 |
|
INCOME TAX (EXPENSE) BENEFIT |
|
|
(140 |
) |
|
|
172 |
|
Net Income |
|
|
19,563 |
|
|
|
23,106 |
|
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |
|
|
(262 |
) |
|
|
(245 |
) |
NET INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP |
|
$ |
19,301 |
|
|
$ |
22,861 |
|
NET LOSS ALLOCATED TO COMMON UNITHOLDERS |
|
$ |
(14,482 |
) |
|
$ |
(4,679 |
) |
BASIC AND DILUTED LOSS PER COMMON UNIT |
|
$ |
(0.11 |
) |
|
$ |
(0.04 |
) |
BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING |
|
|
131,927,343 |
|
|
|
130,695,970 |
|
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING |
|
|
131,927,343 |
|
|
|
130,695,970 |
|
EBITDA, ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW RECONCILIATION (Unaudited)
The following table reconciles NGL’s net income to NGL’s EBITDA, Adjusted EBITDA and Distributable Cash Flow: |
||||||||
|
|
Three Months Ended June 30, |
||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(in thousands) |
||||||
Net income |
|
$ |
19,563 |
|
|
$ |
23,106 |
|
Less: Net income attributable to noncontrolling interests |
|
|
(262 |
) |
|
|
(245 |
) |
Net income attributable to NGL Energy Partners LP |
|
|
19,301 |
|
|
|
22,861 |
|
Interest expense |
|
|
59,536 |
|
|
|
67,326 |
|
Income tax expense (benefit) |
|
|
140 |
|
|
|
(172 |
) |
Depreciation and amortization |
|
|
68,921 |
|
|
|
66,614 |
|
EBITDA |
|
|
147,898 |
|
|
|
156,629 |
|
Net unrealized gains on derivatives |
|
|
(632 |
) |
|
|
(56,902 |
) |
CMA Differential Roll net losses (gains) (1) |
|
|
(9,137 |
) |
|
|
34,620 |
|
Inventory valuation adjustment (2) |
|
|
336 |
|
|
|
(555 |
) |
Lower of cost or net realizable value adjustments |
|
|
2,764 |
|
|
|
(9,286 |
) |
Gain on disposal or impairment of assets, net |
|
|
(1,196 |
) |
|
|
(168 |
) |
Gain on early extinguishment of liabilities, net |
|
|
(6,808 |
) |
|
|
(1,662 |
) |
Equity-based compensation expense |
|
|
474 |
|
|
|
497 |
|
Acquisition expense (3) |
|
|
5 |
|
|
|
— |
|
Other (4) |
|
|
951 |
|
|
|
703 |
|
Adjusted EBITDA |
|
$ |
134,655 |
|
|
$ |
123,876 |
|
Less: Cash interest expense (5) |
|
|
55,411 |
|
|
|
63,125 |
|
Less: Income tax expense (benefit) |
|
|
140 |
|
|
|
(172 |
) |
Less: Maintenance capital expenditures |
|
|
16,527 |
|
|
|
15,367 |
|
Less: CMA Differential Roll (6) |
|
|
(10,695 |
) |
|
|
18,208 |
|
Less: Other (7) |
|
|
218 |
|
|
|
93 |
|
Distributable Cash Flow |
|
$ |
73,054 |
|
|
$ |
27,255 |
|
_____________________________
(1) |
Adjustment to align, within Adjusted EBITDA, the net gains and losses of the Partnership’s CMA Differential Roll derivative instruments positions with the physical margin being hedged. See “Non-GAAP Financial Measures” section above for a further discussion. |
|
(2) |
Amounts represent the difference between the market value of the inventory at the balance sheet date and its cost. See “Non-GAAP Financial Measures” section above for a further discussion. |
|
(3) |
Amount represents expenses we incurred related to legal and advisory costs associated with acquisitions. |
|
(4) |
Amounts represent unrealized gains/losses on marketable securities and accretion expense for asset retirement obligations. Also, the amount for the three months ended June 30, 2022 includes non-cash operating expenses related to our Grand Mesa Pipeline. |
|
(5) |
Amounts represent interest expense payable in cash, excluding changes in the accrued interest balance. |
|
(6) |
Amount represents the cash portion of the adjustments of the Partnership’s CMA Differential Roll derivative instrument positions, as discussed above, that settled during the period. |
|
(7) |
Amounts represents cash paid to settle asset retirement obligations. |
ADJUSTED EBITDA RECONCILIATION BY SEGMENT |
|||||||||||||||||||
|
Three Months Ended June 30, 2023 |
||||||||||||||||||
|
Water
|
|
Crude Oil
|
|
Liquids
|
|
Corporate
|
|
Consolidated |
||||||||||
|
(in thousands) |
||||||||||||||||||
Operating income (loss) |
$ |
69,331 |
|
|
$ |
17,007 |
|
|
$ |
7,831 |
|
|
$ |
(22,149 |
) |
|
$ |
72,020 |
|
Depreciation and amortization |
|
54,423 |
|
|
|
9,746 |
|
|
|
3,214 |
|
|
|
1,596 |
|
|
|
68,979 |
|
Amortization recorded to cost of sales |
|
— |
|
|
|
— |
|
|
|
65 |
|
|
|
— |
|
|
|
65 |
|
Net unrealized losses (gains) on derivatives |
|
— |
|
|
|
5,135 |
|
|
|
(8,719 |
) |
|
|
2,952 |
|
|
|
(632 |
) |
CMA Differential Roll net losses (gains) |
|
— |
|
|
|
(9,137 |
) |
|
|
— |
|
|
|
— |
|
|
|
(9,137 |
) |
Inventory valuation adjustment |
|
— |
|
|
|
— |
|
|
|
336 |
|
|
|
— |
|
|
|
336 |
|
Lower of cost or net realizable value adjustments |
|
— |
|
|
|
— |
|
|
|
2,764 |
|
|
|
— |
|
|
|
2,764 |
|
(Gain) loss on disposal or impairment of assets, net |
|
(1,281 |
) |
|
|
896 |
|
|
|
(811 |
) |
|
|
— |
|
|
|
(1,196 |
) |
Equity-based compensation expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
474 |
|
|
|
474 |
|
Acquisition expense |
|
1 |
|
|
|
— |
|
|
|
19 |
|
|
|
(15 |
) |
|
|
5 |
|
Other income, net |
|
180 |
|
|
|
106 |
|
|
|
1 |
|
|
|
19 |
|
|
|
306 |
|
Adjusted EBITDA attributable to unconsolidated entities |
|
227 |
|
|
|
— |
|
|
|
(5 |
) |
|
|
44 |
|
|
|
266 |
|
Adjusted EBITDA attributable to noncontrolling interest |
|
(546 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(546 |
) |
Other |
|
859 |
|
|
|
38 |
|
|
|
54 |
|
|
|
— |
|
|
|
951 |
|
Adjusted EBITDA |
$ |
123,194 |
|
|
$ |
23,791 |
|
|
$ |
4,749 |
|
|
$ |
(17,079 |
) |
|
$ |
134,655 |
|
|
Three Months Ended June 30, 2022 |
||||||||||||||||||
|
Water
|
|
Crude Oil
|
|
Liquids
|
|
Corporate
|
|
Consolidated |
||||||||||
|
(in thousands) |
||||||||||||||||||
Operating income (loss) |
$ |
53,605 |
|
|
$ |
18,989 |
|
|
$ |
26,640 |
|
|
$ |
(11,971 |
) |
|
$ |
87,263 |
|
Depreciation and amortization |
|
49,848 |
|
|
|
11,754 |
|
|
|
3,381 |
|
|
|
1,677 |
|
|
|
66,660 |
|
Amortization recorded to cost of sales |
|
— |
|
|
|
— |
|
|
|
68 |
|
|
|
— |
|
|
|
68 |
|
Net unrealized gains on derivatives |
|
(124 |
) |
|
|
(51,005 |
) |
|
|
(5,773 |
) |
|
|
— |
|
|
|
(56,902 |
) |
CMA Differential Roll net losses (gains) |
|
— |
|
|
|
34,620 |
|
|
|
— |
|
|
|
— |
|
|
|
34,620 |
|
Inventory valuation adjustment |
|
— |
|
|
|
— |
|
|
|
(555 |
) |
|
|
— |
|
|
|
(555 |
) |
Lower of cost or net realizable value adjustments |
|
— |
|
|
|
1,567 |
|
|
|
(10,853 |
) |
|
|
— |
|
|
|
(9,286 |
) |
Loss (gain) on disposal or impairment of assets, net |
|
941 |
|
|
|
(1,260 |
) |
|
|
— |
|
|
|
151 |
|
|
|
(168 |
) |
Equity-based compensation expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
497 |
|
|
|
497 |
|
Other income (expense), net |
|
259 |
|
|
|
28 |
|
|
|
(93 |
) |
|
|
452 |
|
|
|
646 |
|
Adjusted EBITDA attributable to unconsolidated entities |
|
825 |
|
|
|
— |
|
|
|
(7 |
) |
|
|
44 |
|
|
|
862 |
|
Adjusted EBITDA attributable to noncontrolling interest |
|
(532 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(532 |
) |
Other |
|
225 |
|
|
|
385 |
|
|
|
93 |
|
|
|
— |
|
|
|
703 |
|
Adjusted EBITDA |
$ |
105,047 |
|
|
$ |
15,078 |
|
|
$ |
12,901 |
|
|
$ |
(9,150 |
) |
|
$ |
123,876 |
|
OPERATIONAL DATA (Unaudited) |
|||
|
Three Months Ended |
||
|
June 30, |
||
|
2023 |
|
2022 |
|
(in thousands, except per day amounts) |
||
Water Solutions: |
|
|
|
Produced water processed (barrels per day) |
|
|
|
|
2,153,059 |
|
1,887,230 |
Eagle Ford Basin |
132,934 |
|
98,513 |
DJ Basin |
169,494 |
|
150,329 |
Other Basins |
2,978 |
|
17,886 |
Total |
2,458,465 |
|
2,153,958 |
Recycled water (barrels per day) |
99,436 |
|
136,925 |
Total (barrels per day) |
2,557,901 |
|
2,290,883 |
Skim oil sold (barrels per day) |
3,710 |
|
3,957 |
|
|
|
|
Crude Oil Logistics: |
|
|
|
Crude oil sold (barrels) |
6,007 |
|
7,634 |
Crude oil transported on owned pipelines (barrels) |
6,563 |
|
7,170 |
Crude oil storage capacity - owned and leased (barrels) (1) |
5,232 |
|
5,232 |
Crude oil inventory (barrels) (1) |
685 |
|
855 |
|
|
|
|
Liquids Logistics: |
|
|
|
Refined products sold (gallons) |
220,087 |
|
188,626 |
Propane sold (gallons) |
139,753 |
|
164,844 |
Butane sold (gallons) |
78,489 |
|
120,525 |
Other products sold (gallons) |
91,099 |
|
93,637 |
Natural gas liquids and refined products storage capacity - owned and leased (gallons) (1) |
158,124 |
|
167,559 |
Refined products inventory (gallons) (1) |
504 |
|
1,110 |
Propane inventory (gallons) (1) |
87,423 |
|
63,862 |
Butane inventory (gallons) (1) |
69,632 |
|
49,547 |
Other products inventory (gallons) (1) |
12,452 |
|
28,187 |
_____________________________
(1) | Information is presented as of June 30, 2023 and June 30, 2022, respectively. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230809987810/en/
David Sullivan, 918-495-4631
Vice President - Finance
David.Sullivan@nglep.com
Source: NGL Energy Partners LP
FAQ
What is NGL Energy Partners LP's ticker symbol?
What were the first quarter Fiscal 2024 financial results for NGL Energy Partners LP?
What was the growth in produced water volumes processed during the first quarter of Fiscal 2024?
What was the increase in Adjusted EBITDA for the Water Solutions segment?
What was the change in asset sales guidance for Fiscal 2024?
What was the reduction in growth capital expenditures for Fiscal 2024?
What caused the decrease in revenues from recovered skim oil?
Why did the operating loss for the Crude Oil Logistics segment decrease?
What caused the decrease in operating income for the Liquids Logistics segment?