QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of Each Class | Trading Symbols | Name of Each Exchange on Which Registered | ||||||||||||
Large accelerated filer | o | x | ||||||||||||
Non-accelerated filer | o | Smaller reporting company | ||||||||||||
Emerging growth company |
June 30, 2022 | March 31, 2022 | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable-trade, net of allowance for expected credit losses of $ | |||||||||||
Accounts receivable-affiliates | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $ | |||||||||||
GOODWILL | |||||||||||
INTANGIBLE ASSETS, net of accumulated amortization of $ | |||||||||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES | |||||||||||
OPERATING LEASE RIGHT-OF-USE ASSETS | |||||||||||
OTHER NONCURRENT ASSETS | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Accounts payable-trade | $ | $ | |||||||||
Accounts payable-affiliates | |||||||||||
Accrued expenses and other payables | |||||||||||
Advance payments received from customers | |||||||||||
Current maturities of long-term debt | |||||||||||
Operating lease obligations | |||||||||||
Total current liabilities | |||||||||||
LONG-TERM DEBT, net of debt issuance costs of $ | |||||||||||
OPERATING LEASE OBLIGATIONS | |||||||||||
OTHER NONCURRENT LIABILITIES | |||||||||||
COMMITMENTS AND CONTINGENCIES (NOTE 7) | |||||||||||
CLASS D | |||||||||||
EQUITY: | |||||||||||
General partner, representing a | ( | ( | |||||||||
Limited partners, representing a | |||||||||||
Class B preferred limited partners, | |||||||||||
Class C preferred limited partners, | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Three Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
REVENUES: | ||||||||||||||
Water Solutions | $ | $ | ||||||||||||
Crude Oil Logistics | ||||||||||||||
Liquids Logistics | ||||||||||||||
Total Revenues | ||||||||||||||
COST OF SALES: | ||||||||||||||
Water Solutions | ||||||||||||||
Crude Oil Logistics | ||||||||||||||
Liquids Logistics | ||||||||||||||
Total Cost of Sales | ||||||||||||||
OPERATING COSTS AND EXPENSES: | ||||||||||||||
Operating | ||||||||||||||
General and administrative | ||||||||||||||
Depreciation and amortization | ||||||||||||||
(Gain) loss on disposal or impairment of assets, net | ( | |||||||||||||
Operating Income (Loss) | ( | |||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||
Equity in earnings of unconsolidated entities | ||||||||||||||
Interest expense | ( | ( | ||||||||||||
Gain on early extinguishment of liabilities, net | ||||||||||||||
Other income, net | ||||||||||||||
Income (Loss) Before Income Taxes | ( | |||||||||||||
INCOME TAX BENEFIT | ||||||||||||||
Net Income (Loss) | ( | |||||||||||||
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ( | ( | ||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO NGL ENERGY PARTNERS LP | $ | $ | ( | |||||||||||
NET LOSS ALLOCATED TO COMMON UNITHOLDERS (NOTE 3) | $ | ( | $ | ( | ||||||||||
BASIC LOSS PER COMMON UNIT | $ | ( | $ | ( | ||||||||||
DILUTED LOSS PER COMMON UNIT | $ | ( | $ | ( | ||||||||||
BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING | ||||||||||||||
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING |
Three Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Net income (loss) | $ | $ | ( | |||||||||||
Other comprehensive (loss) income | ( | |||||||||||||
Comprehensive income (loss) | $ | $ | ( |
Limited Partners | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred | Common | Accumulated Other | ||||||||||||||||||||||||||||||||||||||||||||||||
General Partner | Units | Amount | Units | Amount | Comprehensive Income (Loss) | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||
BALANCES AT MARCH 31, 2022 | $ | ( | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest owners | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Equity issued pursuant to incentive compensation plan (Note 8) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | ( | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
BALANCES AT JUNE 30, 2022 | $ | ( | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Limited Partners | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred | Common | Accumulated Other | ||||||||||||||||||||||||||||||||||||||||||||||||
General Partner | Units | Amount | Units | Amount | Comprehensive Income (Loss) | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||
BALANCES AT MARCH 31, 2021 | $ | ( | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest owners | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Sawtooth joint venture disposition | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Equity issued pursuant to incentive compensation plan | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | ( | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
BALANCES AT JUNE 30, 2021 | $ | ( | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||
Net income (loss) | $ | $ | ( | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||
Depreciation and amortization, including amortization of debt issuance costs | ||||||||||||||
Gain on early extinguishment of liabilities, net | ( | ( | ||||||||||||
Non-cash equity-based compensation expense | ||||||||||||||
(Gain) loss on disposal or impairment of assets, net | ( | |||||||||||||
Change in provision for expected credit losses | ( | ( | ||||||||||||
Net adjustments to fair value of commodity derivatives | ||||||||||||||
Equity in earnings of unconsolidated entities | ( | ( | ||||||||||||
Distributions of earnings from unconsolidated entities | ||||||||||||||
Lower of cost or net realizable value adjustments | ||||||||||||||
Other | ||||||||||||||
Changes in operating assets and liabilities, exclusive of acquisitions: | ||||||||||||||
Accounts receivable-trade and affiliates | ( | ( | ||||||||||||
Inventories | ( | ( | ||||||||||||
Other current and noncurrent assets | ( | |||||||||||||
Accounts payable-trade and affiliates | ||||||||||||||
Other current and noncurrent liabilities | ||||||||||||||
Net cash provided by (used in) operating activities | ( | |||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||
Capital expenditures | ( | ( | ||||||||||||
Net settlements of commodity derivatives | ( | ( | ||||||||||||
Proceeds from sales of assets | ||||||||||||||
Proceeds from divestitures of businesses and investments, net | ||||||||||||||
Investments in unconsolidated entities | ( | |||||||||||||
Distributions of capital from unconsolidated entities | ||||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||
Proceeds from borrowings under revolving credit facility | ||||||||||||||
Payments on revolving credit facility | ( | ( | ||||||||||||
Repayment and repurchase of senior unsecured notes | ( | ( | ||||||||||||
Payments on other long-term debt | ( | ( | ||||||||||||
Debt issuance costs | ( | ( | ||||||||||||
Distributions to noncontrolling interest owners | ( | ( | ||||||||||||
Payments to settle contingent consideration liabilities | ( | ( | ||||||||||||
Net cash provided by financing activities | ||||||||||||||
Net decrease in cash and cash equivalents | ( | ( | ||||||||||||
Cash and cash equivalents, beginning of period | ||||||||||||||
Cash and cash equivalents, end of period | $ | $ | ||||||||||||
Supplemental cash flow information: | ||||||||||||||
Cash interest paid | $ | $ | ||||||||||||
Income taxes paid (net of income tax refunds) | $ | $ | ||||||||||||
Supplemental non-cash investing and financing activities: | ||||||||||||||
Accrued capital expenditures | $ | $ |
June 30, 2022 | March 31, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Crude oil | $ | $ | ||||||||||||
Propane | ||||||||||||||
Butane | ||||||||||||||
Biodiesel | ||||||||||||||
Diesel | ||||||||||||||
Ethanol | ||||||||||||||
Other | ||||||||||||||
Total | $ | $ |
Entity | Segment | Ownership Interest | June 30, 2022 | March 31, 2022 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Water services and land company | Water Solutions | $ | $ | |||||||||||||||||||||||
Water services and land company | Water Solutions | |||||||||||||||||||||||||
Water services and land company | Water Solutions | |||||||||||||||||||||||||
Aircraft company (1) | Corporate and Other | |||||||||||||||||||||||||
Water services company | Water Solutions | |||||||||||||||||||||||||
Natural gas liquids terminal company | Liquids Logistics | |||||||||||||||||||||||||
Total | $ | $ |
June 30, 2022 | March 31, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Linefill (1) | $ | $ | ||||||||||||
Minimum shipping fees - pipeline commitments (2) | ||||||||||||||
Loan receivable (3) | ||||||||||||||
Other | ||||||||||||||
Total | $ | $ |
June 30, 2022 | March 31, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Accrued interest | $ | $ | ||||||||||||
Derivative liabilities | ||||||||||||||
Accrued compensation and benefits | ||||||||||||||
Excise and other tax liabilities | ||||||||||||||
Product exchange liabilities | ||||||||||||||
Other | ||||||||||||||
Total | $ | $ |
Three Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Weighted average common units outstanding during the period: | ||||||||||||||
Common units - Basic | ||||||||||||||
Common units - Diluted |
Three Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands, except unit and per unit amounts) | ||||||||||||||
Net income (loss) | $ | $ | ( | |||||||||||
Less: Net income attributable to noncontrolling interests | ( | ( | ||||||||||||
Net income (loss) attributable to NGL Energy Partners LP | ( | |||||||||||||
Less: Distributions to preferred unitholders (1) | ( | ( | ||||||||||||
Less: Net loss allocated to GP (2) | ||||||||||||||
Net loss allocated to common unitholders | $ | ( | $ | ( | ||||||||||
Basic loss per common unit | $ | ( | $ | ( | ||||||||||
Diluted loss per common unit | $ | ( | $ | ( | ||||||||||
Basic weighted average common units outstanding | ||||||||||||||
Diluted weighted average common units outstanding |
Description | Estimated Useful Lives | June 30, 2022 | March 31, 2022 | |||||||||||||||||||||||
(in years) | (in thousands) | |||||||||||||||||||||||||
Natural gas liquids terminal and storage assets | - | $ | $ | |||||||||||||||||||||||
Pipeline and related facilities | - | |||||||||||||||||||||||||
Vehicles and railcars | - | |||||||||||||||||||||||||
Water treatment facilities and equipment | - | |||||||||||||||||||||||||
Crude oil tanks and related equipment | - | |||||||||||||||||||||||||
Barges and towboats | - | |||||||||||||||||||||||||
Information technology equipment | - | |||||||||||||||||||||||||
Buildings and leasehold improvements | - | |||||||||||||||||||||||||
Land | ||||||||||||||||||||||||||
Tank bottoms and linefill (1) | ||||||||||||||||||||||||||
Other | - | |||||||||||||||||||||||||
Construction in progress | ||||||||||||||||||||||||||
Accumulated depreciation | ( | ( | ||||||||||||||||||||||||
Net property, plant and equipment | $ | $ |
Three Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Depreciation expense | $ | $ | ||||||||||||
Capitalized interest expense | $ | $ |
Three Months Ended June 30, | ||||||||
2022 | ||||||||
(in thousands) | ||||||||
Water Solutions | $ | |||||||
Crude Oil Logistics | ( | |||||||
Total | $ |
June 30, 2022 | March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Description | Weighted-Average Remaining Useful Life | Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||||||||||||||||||||||||||
(in years) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||
Amortizable: | ||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
Customer commitments | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Pipeline capacity rights | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Rights-of-way and easements | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Water rights | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Executory contracts and other agreements | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Non-compete agreements | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Debt issuance costs (1) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Total amortizable | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Non-amortizable: | ||||||||||||||||||||||||||||||||||||||||||||
Trade names | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | ( | $ |
Three Months Ended June 30, | ||||||||||||||
Recorded In | 2022 | 2021 | ||||||||||||
(in thousands) | ||||||||||||||
Depreciation and amortization | $ | $ | ||||||||||||
Cost of sales | ||||||||||||||
Interest expense | ||||||||||||||
Operating expenses | ||||||||||||||
Total | $ | $ |
Fiscal Year Ending March 31, | |||||
2023 (nine months) | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
Total | $ |
June 30, 2022 | March 31, 2022 | |||||||||||||||||||||||||||||||||||||
Face Amount | Unamortized Debt Issuance Costs (1) | Book Value | Face Amount | Unamortized Debt Issuance Costs (1) | Book Value | |||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Senior secured notes: | ||||||||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||
Asset-based revolving credit facility (“ABL Facility”) | ||||||||||||||||||||||||||||||||||||||
Senior unsecured notes: | ||||||||||||||||||||||||||||||||||||||
( | ( | |||||||||||||||||||||||||||||||||||||
( | ( | |||||||||||||||||||||||||||||||||||||
( | ( | |||||||||||||||||||||||||||||||||||||
Other long-term debt | ( | ( | ||||||||||||||||||||||||||||||||||||
( | ( | |||||||||||||||||||||||||||||||||||||
Less: Current maturities | ||||||||||||||||||||||||||||||||||||||
Long-term debt | $ | $ | ( | $ | $ | $ | ( | $ |
Three Months Ended June 30, | ||||||||
2022 | ||||||||
(in thousands) | ||||||||
2023 Notes | ||||||||
Notes repurchased | $ | |||||||
Cash paid (excluding payments of accrued interest) | $ | |||||||
Gain on early extinguishment of debt (1) | $ | |||||||
Fiscal Year Ending March 31, | 2026 Senior Secured Notes | ABL Facility | Senior Unsecured Notes | Other Long-Term Debt | Total | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
2023 (nine months) | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
2024 | ||||||||||||||||||||||||||||||||
2025 | ||||||||||||||||||||||||||||||||
2026 | ||||||||||||||||||||||||||||||||
2027 | ||||||||||||||||||||||||||||||||
2028 | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Fiscal Year Ending March 31, | ||||||||
2023 (nine months) | $ | |||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
Total | $ |
Balance at March 31, 2022 | $ | ||||
Liabilities incurred | |||||
Liabilities associated with disposed assets (1) | ( | ||||
Liabilities settled | ( | ||||
Accretion expense | |||||
Balance at June 30, 2022 | $ |
Fiscal Year Ending March 31, | |||||
2023 (nine months) | $ | ||||
2024 | |||||
2025 | |||||
Total | $ |
Crude Oil (1) | Natural Gas Liquids | |||||||||||||||||||||||||
Value | Volume (in barrels) | Value | Volume (in gallons) | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Fixed-Price Commodity Purchase Commitments: | ||||||||||||||||||||||||||
2023 (nine months) | $ | $ | ||||||||||||||||||||||||
2024 | ||||||||||||||||||||||||||
2025 | ||||||||||||||||||||||||||
Total | $ | $ | ||||||||||||||||||||||||
Index-Price Commodity Purchase Commitments: | ||||||||||||||||||||||||||
2023 (nine months) | $ | $ | ||||||||||||||||||||||||
2024 | ||||||||||||||||||||||||||
2025 | ||||||||||||||||||||||||||
2026 | ||||||||||||||||||||||||||
Total | $ | $ |
Crude Oil | Natural Gas Liquids | |||||||||||||||||||||||||
Value | Volume (in barrels) | Value | Volume (in gallons) | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Fixed-Price Commodity Sale Commitments: | ||||||||||||||||||||||||||
2023 (nine months) | $ | $ | ||||||||||||||||||||||||
2024 | ||||||||||||||||||||||||||
2025 | ||||||||||||||||||||||||||
Total | $ | $ | ||||||||||||||||||||||||
Index-Price Commodity Sale Commitments: | ||||||||||||||||||||||||||
2023 (nine months) | $ | $ | ||||||||||||||||||||||||
2024 | ||||||||||||||||||||||||||
2025 | ||||||||||||||||||||||||||
2026 | ||||||||||||||||||||||||||
Total | $ | $ |
Fiscal Year Ending March 31, | |||||
2023 (nine months) | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
Total | $ |
Weighted-Average | ||||||||||||||
Grant Date | ||||||||||||||
Number of | Fair Value | |||||||||||||
Units | Per Unit | |||||||||||||
Unvested Service Award units at March 31, 2022 | $ | |||||||||||||
Units forfeited | ( | $ | ||||||||||||
Unvested Service Award units at June 30, 2022 | $ |
June 30, 2022 | March 31, 2022 | |||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Level 1 measurements | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Level 2 measurements | ( | ( | ||||||||||||||||||||||||
( | ( | |||||||||||||||||||||||||
Netting of counterparty contracts (1) | ( | ( | ||||||||||||||||||||||||
Net cash collateral (held) provided | ( | ( | ||||||||||||||||||||||||
Commodity derivatives | $ | $ | ( | $ | $ | ( |
June 30, 2022 | March 31, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Prepaid expenses and other current assets | $ | $ | ||||||||||||
Accrued expenses and other payables | ( | ( | ||||||||||||
Other noncurrent liabilities | ( | ( | ||||||||||||
Net commodity derivative asset | $ | $ |
Contracts | Settlement Period | Net Long (Short) Notional Units (in barrels) | Fair Value of Net Assets (Liabilities) | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
At June 30, 2022: | ||||||||||||||||||||
Crude oil fixed-price (1) | July 2022–December 2023 | ( | $ | |||||||||||||||||
Propane fixed-price (1) | July 2022–March 2024 | |||||||||||||||||||
Refined products fixed-price (1) | July 2022–January 2023 | ( | ( | |||||||||||||||||
Butane fixed-price (1) | July 2022–December 2023 | ( | ||||||||||||||||||
Other | July 2022–August 2024 | |||||||||||||||||||
Net cash collateral held | ( | |||||||||||||||||||
Net commodity derivative asset | $ | |||||||||||||||||||
At March 31, 2022: | ||||||||||||||||||||
Crude oil fixed-price (1) | April 2022–December 2023 | ( | $ | |||||||||||||||||
Propane fixed-price (1) | April 2022–December 2023 | |||||||||||||||||||
Refined products fixed-price (1) | April 2022–December 2022 | ( | ||||||||||||||||||
Butane fixed-price (1) | April 2022–December 2023 | ( | ( | |||||||||||||||||
Other | April 2022–March 2023 | |||||||||||||||||||
Net cash collateral provided | ||||||||||||||||||||
Net commodity derivative asset | $ |
Senior Secured Notes: | |||||
2026 Senior Secured Notes | $ | ||||
Senior Unsecured Notes: | |||||
2023 Notes | $ | ||||
2025 Notes | $ | ||||
2026 Notes | $ |
Three Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Revenues: | ||||||||||||||
Water Solutions: | ||||||||||||||
Topic 606 revenues | ||||||||||||||
Disposal service fees | $ | $ | ||||||||||||
Sale of recovered crude oil | ||||||||||||||
Sale of water | ||||||||||||||
Other service revenues | ||||||||||||||
Total Water Solutions revenues | ||||||||||||||
Crude Oil Logistics: | ||||||||||||||
Topic 606 revenues | ||||||||||||||
Crude oil sales | ||||||||||||||
Crude oil transportation and other | ||||||||||||||
Non-Topic 606 revenues | ||||||||||||||
Elimination of intersegment sales | ( | ( | ||||||||||||
Total Crude Oil Logistics revenues | ||||||||||||||
Liquids Logistics: | ||||||||||||||
Topic 606 revenues | ||||||||||||||
Refined products | ||||||||||||||
Propane sales | ||||||||||||||
Butane sales | ||||||||||||||
Other product sales | ||||||||||||||
Service revenues | ||||||||||||||
Non-Topic 606 revenues | ||||||||||||||
Elimination of intersegment sales | ( | |||||||||||||
Total Liquids Logistics revenues | ||||||||||||||
Total revenues | $ | $ |
Three Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Depreciation and Amortization: | ||||||||||||||
Water Solutions | $ | $ | ||||||||||||
Crude Oil Logistics | ||||||||||||||
Liquids Logistics | ||||||||||||||
Corporate and Other | ||||||||||||||
Total | $ | $ | ||||||||||||
Operating Income (Loss): | ||||||||||||||
Water Solutions | $ | $ | ||||||||||||
Crude Oil Logistics | ( | |||||||||||||
Liquids Logistics | ( | |||||||||||||
Corporate and Other | ( | ( | ||||||||||||
Total | $ | $ | ( |
Three Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Water Solutions | $ | $ | ||||||||||||
Crude Oil Logistics | ||||||||||||||
Liquids Logistics | ||||||||||||||
Corporate and Other | ||||||||||||||
Total | $ | $ |
June 30, 2022 | March 31, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Long-lived assets, net: | ||||||||||||||
Water Solutions | $ | $ | ||||||||||||
Crude Oil Logistics | ||||||||||||||
Liquids Logistics (1) | ||||||||||||||
Corporate and Other | ||||||||||||||
Total | $ | $ |
June 30, 2022 | March 31, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Total assets: | ||||||||||||||
Water Solutions | $ | $ | ||||||||||||
Crude Oil Logistics | ||||||||||||||
Liquids Logistics (1) | ||||||||||||||
Corporate and Other | ||||||||||||||
Total | $ | $ |
Three Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Purchases from entities affiliated with management | $ | $ | ||||||||||||
Purchases from equity method investees | $ | $ |
June 30, 2022 | March 31, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
NGL Energy Holdings LLC | $ | $ | ||||||||||||
Equity method investees | ||||||||||||||
Entities affiliated with management | ||||||||||||||
Total | $ | $ |
June 30, 2022 | March 31, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Equity method investees | $ | $ | ||||||||||||
Entities affiliated with management | ||||||||||||||
Total | $ | $ |
Fiscal Year Ending March 31, | |||||
2023 (nine months) | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
Total | $ |
June 30, 2022 | March 31, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Accounts receivable from contracts with customers | $ | $ | ||||||||||||
Contract assets (current) | $ | $ |
Contract liabilities balance at March 31, 2022 | $ | |||||||
Payment received and deferred | ||||||||
Payment recognized in revenue | ( | |||||||
Contract liabilities balance at June 30, 2022 | $ |
Three Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Operating lease expense | $ | $ | ||||||||||||
Variable lease expense | ||||||||||||||
Short-term lease expense | ||||||||||||||
Total | $ | $ |
Fiscal Year Ending March 31, | |||||
2023 (nine months) | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
Total lease payments | |||||
Less imputed interest | ( | ||||
Total operating lease obligations | $ |
Three Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Cash paid for amounts included in the measurement of operating lease obligations | $ | $ | ||||||||||||
Operating lease right-of-use assets obtained in exchange for operating lease obligations | $ | $ |
Fiscal Year Ending March 31, | |||||
2023 (nine months) | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
Total | $ |
Accounts Receivable - Trade | Notes Receivable and Other | |||||||||||||
(in thousands) | ||||||||||||||
Balance at March 31, 2022 | $ | $ | ||||||||||||
Change in provision for expected credit losses | ( | ( | ||||||||||||
Balance at June 30, 2022 | $ | $ |
Three Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Revenues | $ | 2,497,383 | $ | 1,488,655 | ||||||||||
Cost of sales | 2,255,011 | 1,324,793 | ||||||||||||
Operating expenses | 71,860 | 65,784 | ||||||||||||
General and administrative expense | 16,757 | 15,774 | ||||||||||||
Depreciation and amortization | 66,660 | 84,102 | ||||||||||||
(Gain) loss on disposal or impairment of assets, net | (168) | 67,536 | ||||||||||||
Operating income (loss) | 87,263 | (69,334) | ||||||||||||
Equity in earnings of unconsolidated entities | 674 | 212 | ||||||||||||
Interest expense | (67,311) | (67,130) | ||||||||||||
Gain on early extinguishment of liabilities, net | 1,662 | 51 | ||||||||||||
Other income, net | 646 | 1,249 | ||||||||||||
Income (loss) before income taxes | 22,934 | (134,952) | ||||||||||||
Income tax benefit | 172 | 450 | ||||||||||||
Net income (loss) | 23,106 | (134,502) | ||||||||||||
Less: Net income attributable to noncontrolling interests | (245) | (438) | ||||||||||||
Net income (loss) attributable to NGL Energy Partners LP | $ | 22,861 | $ | (134,940) |
Three Months Ended June 30, | ||||||||||||||||||||
2022 | 2021 | Change | ||||||||||||||||||
(in thousands, except per barrel and per day amounts) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Water disposal service fees | $ | 113,883 | $ | 94,728 | $ | 19,155 | ||||||||||||||
Sale of recovered crude oil | 38,449 | 13,801 | 24,648 | |||||||||||||||||
Recycled water | 4,410 | 3,202 | 1,208 | |||||||||||||||||
Other revenues | 9,337 | 18,495 | (9,158) | |||||||||||||||||
Total revenues | 166,079 | 130,226 | 35,853 | |||||||||||||||||
Expenses: | ||||||||||||||||||||
Cost of sales-excluding impact of derivatives | 4,818 | 8,965 | (4,147) | |||||||||||||||||
Derivative loss | 5,407 | 1,373 | 4,034 | |||||||||||||||||
Operating expenses | 48,197 | 40,025 | 8,172 | |||||||||||||||||
General and administrative expenses | 3,263 | 1,808 | 1,455 | |||||||||||||||||
Depreciation and amortization expense | 49,848 | 62,981 | (13,133) | |||||||||||||||||
Loss on disposal or impairment of assets, net | 941 | 7,491 | (6,550) | |||||||||||||||||
Total expenses | 112,474 | 122,643 | (10,169) | |||||||||||||||||
Segment operating income | $ | 53,605 | $ | 7,583 | $ | 46,022 | ||||||||||||||
Produced water processed (barrels per day) | ||||||||||||||||||||
Delaware Basin | 1,887,230 | 1,428,222 | 459,008 | |||||||||||||||||
Eagle Ford Basin | 98,513 | 91,843 | 6,670 | |||||||||||||||||
DJ Basin | 150,329 | 118,801 | 31,528 | |||||||||||||||||
Other Basins | 17,886 | 28,082 | (10,196) | |||||||||||||||||
Total | 2,153,958 | 1,666,948 | 487,010 | |||||||||||||||||
Recycled water (barrels per day) | 136,925 | 109,437 | 27,488 | |||||||||||||||||
Total (barrels per day) | 2,290,883 | 1,776,385 | 514,498 | |||||||||||||||||
Skim oil sold (barrels per day) | 3,957 | 2,500 | 1,457 | |||||||||||||||||
Service fees for produced water processed ($/barrel) (1) | $ | 0.58 | $ | 0.62 | $ | (0.04) | ||||||||||||||
Recovered crude oil for produced water processed ($/barrel) (1) | $ | 0.20 | $ | 0.09 | $ | 0.11 | ||||||||||||||
Operating expenses for produced water processed ($/barrel) (1) | $ | 0.25 | $ | 0.26 | $ | (0.01) |
Three Months Ended June 30, | ||||||||||||||||||||
2022 | 2021 | Change | ||||||||||||||||||
(in thousands, except per barrel amounts) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Crude oil sales | $ | 847,776 | $ | 535,429 | $ | 312,347 | ||||||||||||||
Crude oil transportation and other | 22,454 | 20,694 | 1,760 | |||||||||||||||||
Total revenues (1) | 870,230 | 556,123 | 314,107 | |||||||||||||||||
Expenses: | ||||||||||||||||||||
Cost of sales-excluding impact of derivatives | 801,362 | 501,462 | 299,900 | |||||||||||||||||
Derivative loss | 25,867 | 38,294 | (12,427) | |||||||||||||||||
Operating expenses | 12,188 | 13,587 | (1,399) | |||||||||||||||||
General and administrative expenses | 1,330 | 1,994 | (664) | |||||||||||||||||
Depreciation and amortization expense | 11,754 | 12,409 | (655) | |||||||||||||||||
Gain on disposal or impairment of assets, net | (1,260) | (42) | (1,218) | |||||||||||||||||
Total expenses | 851,241 | 567,704 | 283,537 | |||||||||||||||||
Segment operating income (loss) | $ | 18,989 | $ | (11,581) | $ | 30,570 | ||||||||||||||
Crude oil sold (barrels) | 7,634 | 7,994 | (360) | |||||||||||||||||
Crude oil transported on owned pipelines (barrels) | 7,170 | 7,034 | 136 | |||||||||||||||||
Crude oil storage capacity - owned and leased (barrels) (2) | 5,232 | 5,239 | (7) | |||||||||||||||||
Crude oil storage capacity leased to third parties (barrels) (2) | 1,501 | 1,501 | — | |||||||||||||||||
Crude oil inventory (barrels) (2) | 855 | 1,147 | (292) | |||||||||||||||||
Crude oil sold ($/barrel) | $ | 111.053 | $ | 66.979 | $ | 44.074 | ||||||||||||||
Cost per crude oil sold ($/barrel) (3) | $ | 104.973 | $ | 62.730 | $ | 42.243 | ||||||||||||||
Crude oil product margin ($/barrel) (3) | $ | 6.080 | $ | 4.249 | $ | 1.831 |
Three Months Ended June 30, | ||||||||||||||||||||
2022 | 2021 | Change | ||||||||||||||||||
(in thousands, except per gallon amounts) | ||||||||||||||||||||
Refined products sales: | ||||||||||||||||||||
Revenues-excluding impact of derivatives (1) | $ | 748,679 | $ | 393,147 | $ | 355,532 | ||||||||||||||
Cost of sales-excluding impact of derivatives | 738,074 | 389,571 | 348,503 | |||||||||||||||||
Derivative loss | 1,052 | 695 | 357 | |||||||||||||||||
Product margin | 9,553 | 2,881 | 6,672 | |||||||||||||||||
Propane sales: | ||||||||||||||||||||
Revenues (1) | 222,574 | 160,890 | 61,684 | |||||||||||||||||
Cost of sales-excluding impact of derivatives | 212,289 | 156,527 | 55,762 | |||||||||||||||||
Derivative gain | (1,932) | (10,115) | 8,183 | |||||||||||||||||
Product margin | 12,217 | 14,478 | (2,261) | |||||||||||||||||
Butane sales: | ||||||||||||||||||||
Revenues (1) | 200,594 | 118,519 | 82,075 | |||||||||||||||||
Cost of sales-excluding impact of derivatives | 200,219 | 114,410 | 85,809 | |||||||||||||||||
Derivative (gain) loss | (8,132) | 7,684 | (15,816) | |||||||||||||||||
Product margin (loss) | 8,507 | (3,575) | 12,082 | |||||||||||||||||
Other product sales: | ||||||||||||||||||||
Revenues-excluding impact of derivatives (1) | 295,006 | 134,815 | 160,191 | |||||||||||||||||
Cost of sales-excluding impact of derivatives | 266,752 | 109,176 | 157,576 | |||||||||||||||||
Derivative loss | 18,805 | 18,726 | 79 | |||||||||||||||||
Product margin | 9,449 | 6,913 | 2,536 | |||||||||||||||||
Service revenues: | ||||||||||||||||||||
Revenues (1) | 4,138 | 7,270 | (3,132) | |||||||||||||||||
Cost of sales | 347 | 360 | (13) | |||||||||||||||||
Product margin | 3,791 | 6,910 | (3,119) | |||||||||||||||||
Expenses: | ||||||||||||||||||||
Operating expenses | 11,475 | 12,172 | (697) | |||||||||||||||||
General and administrative expenses | 2,021 | 1,790 | 231 | |||||||||||||||||
Depreciation and amortization expense | 3,381 | 6,967 | (3,586) | |||||||||||||||||
Loss on disposal or impairment of assets, net | — | 60,087 | (60,087) | |||||||||||||||||
Total expenses | 16,877 | 81,016 | (64,139) | |||||||||||||||||
Segment operating income (loss) | $ | 26,640 | $ | (53,409) | $ | 80,049 | ||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||
2022 | 2021 | Change | ||||||||||||||||||
(in thousands, except per gallon amounts) | ||||||||||||||||||||
Natural gas liquids and refined products storage capacity - owned and leased (gallons) (2) | 167,559 | 168,677 | (1,118) | |||||||||||||||||
Refined products sold (gallons) | 188,626 | 185,306 | 3,320 | |||||||||||||||||
Refined products sold ($/gallon) | $ | 3.969 | $ | 2.122 | $ | 1.847 | ||||||||||||||
Cost per refined products sold ($/gallon) (3) | $ | 3.913 | $ | 2.102 | $ | 1.811 | ||||||||||||||
Refined products product margin ($/gallon) (3) | $ | 0.056 | $ | 0.020 | $ | 0.036 | ||||||||||||||
Refined products inventory (gallons) (2) | 1,110 | 2,776 | (1,666) | |||||||||||||||||
Propane sold (gallons) | 164,844 | 170,279 | (5,435) | |||||||||||||||||
Propane sold ($/gallon) | $ | 1.350 | $ | 0.945 | $ | 0.405 | ||||||||||||||
Cost per propane sold ($/gallon) (3) | $ | 1.288 | $ | 0.919 | $ | 0.369 | ||||||||||||||
Propane product margin ($/gallon) (3) | $ | 0.062 | $ | 0.026 | $ | 0.036 | ||||||||||||||
Propane inventory (gallons) (2) | 63,862 | 60,673 | 3,189 | |||||||||||||||||
Butane sold (gallons) | 120,525 | 122,574 | (2,049) | |||||||||||||||||
Butane sold ($/gallon) | $ | 1.664 | $ | 0.967 | $ | 0.697 | ||||||||||||||
Cost per butane sold ($/gallon) (3) | $ | 1.661 | $ | 0.933 | $ | 0.728 | ||||||||||||||
Butane product margin ($/gallon) (3) | $ | 0.003 | $ | 0.034 | $ | (0.031) | ||||||||||||||
Butane inventory (gallons) (2) | 49,547 | 45,911 | 3,636 | |||||||||||||||||
Other products sold (gallons) | 93,637 | 92,853 | 784 | |||||||||||||||||
Other products sold ($/gallon) | $ | 3.151 | $ | 1.452 | $ | 1.699 | ||||||||||||||
Cost per other products sold ($/gallon) (3) | $ | 2.849 | $ | 1.176 | $ | 1.673 | ||||||||||||||
Other products product margin ($/gallon) (3) | $ | 0.302 | $ | 0.276 | $ | 0.026 | ||||||||||||||
Other products inventory (gallons) (2) | 28,187 | 40,691 | (12,504) |
Three Months Ended June 30, | ||||||||||||||||||||
2022 | 2021 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Expenses: | ||||||||||||||||||||
General and administrative expenses | $ | 10,143 | $ | 10,182 | $ | (39) | ||||||||||||||
Depreciation and amortization expense | 1,677 | 1,745 | (68) | |||||||||||||||||
Loss on disposal or impairment of assets, net | 151 | — | 151 | |||||||||||||||||
Total expenses | 11,971 | 11,927 | 44 | |||||||||||||||||
Operating loss | $ | (11,971) | $ | (11,927) | $ | (44) |
Three Months Ended June 30, | ||||||||||||||||||||
2022 | 2021 | Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Senior secured notes | $ | 38,438 | $ | 38,438 | $ | — | ||||||||||||||
Senior unsecured notes | 20,819 | 22,529 | (1,710) | |||||||||||||||||
Revolving credit facility | 3,240 | 1,822 | 1,418 | |||||||||||||||||
Other indebtedness | 636 | 597 | 39 | |||||||||||||||||
Total debt interest expense | 63,133 | 63,386 | (253) | |||||||||||||||||
Amortization of debt issuance costs | 4,178 | 3,744 | 434 | |||||||||||||||||
Total interest expense | $ | 67,311 | $ | 67,130 | $ | 181 |
Three Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Net income (loss) | $ | 23,106 | $ | (134,502) | ||||||||||
Less: Net income attributable to noncontrolling interests | (245) | (438) | ||||||||||||
Net income (loss) attributable to NGL Energy Partners LP | 22,861 | (134,940) | ||||||||||||
Interest expense | 67,326 | 67,130 | ||||||||||||
Income tax benefit | (172) | (450) | ||||||||||||
Depreciation and amortization | 66,614 | 83,357 | ||||||||||||
EBITDA | 156,629 | 15,097 | ||||||||||||
Net unrealized gains on derivatives | (56,902) | (16,264) | ||||||||||||
CMA Differential Roll net losses (gains) (1) | 34,620 | 24,310 | ||||||||||||
Inventory valuation adjustment (2) | (555) | 1,218 | ||||||||||||
Lower of cost or net realizable value adjustments | (9,286) | (3,806) | ||||||||||||
(Gain) loss on disposal or impairment of assets, net | (168) | 67,538 | ||||||||||||
Gain on early extinguishment of liabilities, net | (1,662) | (87) | ||||||||||||
Equity-based compensation expense | 497 | 960 | ||||||||||||
Acquisition expense (3) | — | 67 | ||||||||||||
Other (4) | 703 | 2,068 | ||||||||||||
Adjusted EBITDA | $ | 123,876 | $ | 91,101 |
Three Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Depreciation and amortization per EBITDA table | $ | 66,614 | $ | 83,357 | ||||||||||
Intangible asset amortization recorded to cost of sales | (68) | (73) | ||||||||||||
Depreciation and amortization of unconsolidated entities | (170) | (166) | ||||||||||||
Depreciation and amortization attributable to noncontrolling interests | 284 | 984 | ||||||||||||
Depreciation and amortization per unaudited condensed consolidated statements of operations | $ | 66,660 | $ | 84,102 |
Three Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Depreciation and amortization per EBITDA table | $ | 66,614 | $ | 83,357 | ||||||||||
Amortization of debt issuance costs recorded to interest expense | 4,178 | 3,744 | ||||||||||||
Amortization of royalty expense recorded to operating expense | 62 | 62 | ||||||||||||
Depreciation and amortization of unconsolidated entities | (170) | (166) | ||||||||||||
Depreciation and amortization attributable to noncontrolling interests | 284 | 984 | ||||||||||||
Depreciation and amortization per unaudited condensed consolidated statements of cash flows | $ | 70,968 | $ | 87,981 |
Three Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Interest expense per EBITDA table | $ | 67,326 | $ | 67,130 | ||||||||||
Interest expense attributable to unconsolidated entities | (15) | (17) | ||||||||||||
Interest expense attributable to noncontrolling interests | — | 17 | ||||||||||||
Interest expense per unaudited condensed consolidated statements of operations | $ | 67,311 | $ | 67,130 |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||
Water Solutions | Crude Oil Logistics | Liquids Logistics | Corporate and Other | 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 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
Water Solutions | Crude Oil Logistics | Liquids Logistics | Corporate and Other | Consolidated | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Operating income (loss) | $ | 7,583 | $ | (11,581) | $ | (53,409) | $ | (11,927) | $ | (69,334) | |||||||||||||||||||
Depreciation and amortization | 62,981 | 12,409 | 6,967 | 1,745 | 84,102 | ||||||||||||||||||||||||
Amortization recorded to cost of sales | — | — | 73 | — | 73 | ||||||||||||||||||||||||
Net unrealized losses (gains) on derivatives | 3,566 | (14,454) | (5,376) | — | (16,264) | ||||||||||||||||||||||||
CMA Differential Roll net losses (gains) | — | 24,310 | — | — | 24,310 | ||||||||||||||||||||||||
Inventory valuation adjustment | — | — | 1,218 | — | 1,218 | ||||||||||||||||||||||||
Lower of cost or net realizable value adjustments | — | (11) | (3,795) | — | (3,806) | ||||||||||||||||||||||||
Loss (gain) on disposal or impairment of assets, net | 7,491 | (42) | 60,087 | — | 67,536 | ||||||||||||||||||||||||
Equity-based compensation expense | — | — | — | 960 | 960 | ||||||||||||||||||||||||
Acquisition expense | — | — | — | 67 | 67 | ||||||||||||||||||||||||
Other income, net | 612 | 196 | 363 | 78 | 1,249 | ||||||||||||||||||||||||
Adjusted EBITDA attributable to unconsolidated entities | 459 | — | (10) | (55) | 394 | ||||||||||||||||||||||||
Adjusted EBITDA attributable to noncontrolling interest | (954) | — | (529) | — | (1,483) | ||||||||||||||||||||||||
Other | (227) | 2,321 | (15) | — | 2,079 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 81,511 | $ | 13,148 | $ | 5,574 | $ | (9,132) | $ | 91,101 |
Capital Expenditures | Other | |||||||||||||||||||||||||
Expansion | Maintenance | Acquisitions (1) | Investments (2) | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||
2022 | $ | 31,354 | $ | 15,367 | $ | — | $ | — | ||||||||||||||||||
2021 | $ | 24,135 | $ | 7,745 | $ | — | $ | 116 | ||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||
Cash Flows Provided by (Used in): | 2022 | 2021 | ||||||||||||
(in thousands) | ||||||||||||||
Operating activities, before changes in operating assets and liabilities | $ | 139,586 | $ | 80,288 | ||||||||||
Changes in operating assets and liabilities | (137,100) | (85,451) | ||||||||||||
Operating activities | $ | 2,486 | $ | (5,163) | ||||||||||
Investing activities | $ | (36,422) | $ | (42,875) | ||||||||||
Financing activities | $ | 30,930 | $ | 45,680 |
Increase (Decrease) To Fair Value | |||||
Crude oil (Water Solutions segment) | $ | (1,880) | |||
Crude oil (Crude Oil Logistics segment) | $ | (3,106) | |||
Propane (Liquids Logistics segment) | $ | 6,312 | |||
Butane (Liquids Logistics segment) | $ | (5,654) | |||
Refined Products (Liquids Logistics segment) | $ | (1,997) | |||
Other Products (Liquids Logistics segment) | $ | 482 | |||
Canadian dollars (Liquids Logistics segment) | $ | 161 |
Exhibit Number | Exhibit | |||||||
10.1 | ||||||||
22.1 | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1* | ||||||||
32.2* | ||||||||
101.INS** | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH** | Inline XBRL Schema Document | |||||||
101.CAL** | Inline XBRL Calculation Linkbase Document | |||||||
101.DEF** | Inline XBRL Definition Linkbase Document | |||||||
101.LAB** | Inline XBRL Label Linkbase Document | |||||||
101.PRE** | Inline XBRL Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
NGL ENERGY PARTNERS LP | |||||||||||
By: | NGL Energy Holdings LLC, its general partner | ||||||||||
Date: August 9, 2022 | By: | /s/ H. Michael Krimbill | |||||||||
H. Michael Krimbill | |||||||||||
Chief Executive Officer | |||||||||||
Date: August 9, 2022 | By: | /s/ Linda J. Bridges | |||||||||
Linda J. Bridges | |||||||||||
Chief Financial Officer |
Date: August 9, 2022 | /s/ H. Michael Krimbill | ||||
H. Michael Krimbill | |||||
Chief Executive Officer of NGL Energy Holdings LLC, the general partner of NGL Energy Partners LP |
Date: August 9, 2022 | /s/ Linda J. Bridges | ||||
Linda J. Bridges | |||||
Chief Financial Officer of NGL Energy Holdings LLC, the general partner of NGL Energy Partners LP |
Date: August 9, 2022 | /s/ H. Michael Krimbill | ||||
H. Michael Krimbill | |||||
Chief Executive Officer of NGL Energy Holdings LLC, the general partner of NGL Energy Partners LP |
Date: August 9, 2022 | /s/ Linda J. Bridges | ||||
Linda J. Bridges | |||||
Chief Financial Officer of NGL Energy Holdings LLC, the general partner of NGL Energy Partners LP |
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | |
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Jun. 30, 2022 |
Jun. 30, 2021 |
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Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 23,106 | $ (134,502) |
Other comprehensive (loss) income | (50) | 8 |
Comprehensive income (loss) | $ 23,056 | $ (134,494) |
Unaudited Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands |
Total |
Accumulated other comprehensive (loss) income |
Noncontrolling Interests |
General Partner |
Preferred Class B and Class C Preferred Units |
Preferred Class B and Class C Preferred Units
Preferred Class B and Class C Preferred Units
|
Limited Partner |
Limited Partner
Common units
|
---|---|---|---|---|---|---|---|---|
Beginning Balance (in units) at Mar. 31, 2021 | 14,385,642 | 129,593,999 | ||||||
Beginning Balance at Mar. 31, 2021 | $ 948,159 | $ (266) | $ 69,471 | $ (52,189) | $ 348,359 | $ 582,784 | ||
Increase (Decrease) in Partnership Capital | ||||||||
Distributions to noncontrolling interest owners | (444) | (444) | ||||||
Sawtooth joint venture disposition | (51,097) | (51,097) | ||||||
Equity issued pursuant to incentive compensation plan (Note 8) | 960 | 960 | ||||||
Net (loss) income | (134,502) | 438 | (159) | (134,781) | ||||
Other comprehensive loss | 8 | 8 | ||||||
Ending Balance (in units) at Jun. 30, 2021 | 14,385,642 | 129,593,999 | ||||||
Ending Balance at Jun. 30, 2021 | 763,084 | (258) | 18,368 | (52,348) | 348,359 | 448,963 | ||
Beginning Balance (in units) at Mar. 31, 2022 | 14,385,642 | 130,695,970 | ||||||
Beginning Balance at Mar. 31, 2022 | 714,453 | (308) | 17,394 | (52,478) | 348,359 | 401,486 | ||
Increase (Decrease) in Partnership Capital | ||||||||
Distributions to noncontrolling interest owners | (975) | (975) | ||||||
Equity issued pursuant to incentive compensation plan (Note 8) | 497 | 497 | ||||||
Net (loss) income | 23,106 | 245 | (5) | 22,866 | ||||
Other comprehensive loss | (50) | (50) | ||||||
Ending Balance (in units) at Jun. 30, 2022 | 14,385,642 | 130,695,970 | ||||||
Ending Balance at Jun. 30, 2022 | $ 737,031 | $ (358) | $ 16,664 | $ (52,483) | $ 348,359 | $ 424,849 |
Organization and Operations |
3 Months Ended |
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Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Operations | Organization and Operations NGL Energy Partners LP (“we,” “us,” “our,” or the “Partnership”) is a Delaware limited partnership. NGL Energy Holdings LLC serves as our general partner (“GP”). At June 30, 2022, our operations included three segments: •Our Water Solutions segment transports, treats, recycles and disposes of produced and flowback water generated from crude oil and natural gas production. We also sell produced water for reuse and recycle and brackish non-potable water to our producer customers to be used in their crude oil exploration and production activities. As part of processing water, we aggregate and sell recovered crude oil, also known as skim oil. We also dispose of solids such as tank bottoms, drilling fluids and drilling muds and perform other ancillary services such as truck and frac tank washouts. Our activities in this segment are underpinned by long-term, fixed fee contracts and acreage dedications, some of which contain minimum volume commitments with leading oil and gas companies including large, investment grade producer customers. •Our Crude Oil Logistics segment purchases crude oil from producers and marketers and transports it to refineries or for resale at pipeline injection stations, storage terminals, barge loading facilities, rail facilities, refineries, and other trade hubs, and provides storage, terminaling, and transportation services through its owned assets. Our activities in this segment are supported by certain long-term, fixed rate contracts which include minimum volume commitments on our owned and leased pipelines. •Our Liquids Logistics segment conducts supply operations for natural gas liquids, refined petroleum products and biodiesel to a broad range of commercial, retail and industrial customers across the United States and Canada. These operations are conducted through our 24 owned terminals, third-party storage and terminal facilities, nine common carrier pipelines and a fleet of leased railcars. We also provide services for marine exports of butane through our facility located in Chesapeake, Virginia. Our propane pipeline in Michigan was completed on August 8, 2022.
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Significant Accounting Policies |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements include our accounts and those of our controlled subsidiaries. Intercompany transactions and account balances have been eliminated in consolidation. Investments we do not control, but can exercise significant influence over, are accounted for using the equity method of accounting. We also own an undivided interest in a crude oil pipeline, and include our proportionate share of assets, liabilities, and expenses related to this pipeline in our unaudited condensed consolidated financial statements. Our unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim consolidated financial information in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the unaudited condensed consolidated financial statements exclude certain information and notes required by GAAP for complete annual consolidated financial statements. However, we believe that the disclosures made are adequate to make the information presented not misleading. The unaudited condensed consolidated financial statements include all adjustments that we consider necessary for a fair presentation of our consolidated financial position, results of operations and cash flows for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed in this Quarterly Report. The unaudited condensed consolidated balance sheet at March 31, 2022 was derived from our audited consolidated financial statements for the fiscal year ended March 31, 2022 included in our Annual Report on Form 10-K (“Annual Report”) filed with the SEC on June 6, 2022. These interim unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report. Due to the seasonal nature of certain of our operations and other factors, the results of operations for interim periods are not necessarily indicative of the results of operations to be expected for future periods or for the full fiscal year ending March 31, 2023. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amount of assets and liabilities reported at the date of the consolidated financial statements and the amount of revenues and expenses reported during the periods presented. Critical accounting estimates we make in the preparation of our unaudited condensed consolidated financial statements include, among others, determining the impairment of goodwill and long-lived assets, useful lives and recoverability of property, plant and equipment and amortizable intangible assets, the fair value of derivative instruments, estimating certain revenues, the fair value of asset retirement obligations, the fair value of assets and liabilities acquired in acquisitions, the recoverability of inventories, the collectibility of accounts and notes receivable and accruals for environmental matters. Although we believe these estimates are reasonable, actual results could differ from those estimates. Significant Accounting Policies Our significant accounting policies are consistent with those disclosed in Note 2 of our audited consolidated financial statements included in our Annual Report. Income Taxes We qualify as a partnership for income tax purposes. As such, we generally do not pay United States federal income tax. Rather, each owner reports his or her share of our income or loss on his or her individual tax return. The aggregate difference in the basis of our net assets for financial and tax reporting purposes cannot be readily determined, as we do not have access to information regarding each partner’s basis in the Partnership. We have a deferred tax liability of $42.9 million and $43.5 million at June 30, 2022 and March 31, 2022, respectively, as a result of acquiring corporations in connection with certain of our acquisitions, which is included within other noncurrent liabilities in our unaudited condensed consolidated balance sheets. The deferred tax liability is the tax effected cumulative temporary difference between the GAAP basis and tax basis of the acquired assets within the corporation. For GAAP purposes, certain of the acquired assets will be depreciated and amortized over time which will lower the GAAP basis. The deferred tax benefit recorded during the three months ended June 30, 2022 was $0.7 million with an effective tax rate of 24.1%. The deferred tax benefit recorded during the three months ended June 30, 2021 was $1.1 million with an effective tax rate of 23.1%. We evaluate uncertain tax positions for recognition and measurement in the unaudited condensed consolidated financial statements. To recognize a tax position, we determine whether it is more likely than not that the tax position will be sustained upon examination, including resolution of any related appeals or litigation, based on the technical merits of the position. A tax position that meets the more likely than not threshold is measured to determine the amount of benefit to be recognized in the unaudited condensed consolidated financial statements. We had no uncertain tax positions that required recognition in our unaudited condensed consolidated financial statements at June 30, 2022 or March 31, 2022. Inventories Our inventories are valued at the lower of cost or net realizable value, with cost determined using either the weighted-average cost or the first in, first out (FIFO) methods, including the cost of transportation and storage, and with net realizable value defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. In performing this analysis, we consider fixed-price forward commitments. Inventories consist of the following at the dates indicated:
Investments in Unconsolidated Entities Investments we do not control, but can exercise significant influence over, are accounted for using the equity method of accounting. Investments in partnerships and limited liability companies, unless our investment is considered to be minor, and investments in unincorporated joint ventures are also accounted for using the equity method of accounting. Our investments in unconsolidated entities consist of the following at the dates indicated:
(1) This is an investment with a related party. Other Noncurrent Assets Other noncurrent assets consist of the following at the dates indicated:
(1) Represents minimum volumes of product we are required to leave on certain third-party owned pipelines under long-term shipment commitments. At June 30, 2022 and March 31, 2022, linefill consisted of 423,978 barrels of crude oil. Linefill held in pipelines we own is included within property, plant and equipment (see Note 4). (2) Represents the noncurrent portion of minimum shipping fees paid in excess of volumes shipped, or deficiency credits, for a contract with a crude oil pipeline operator. This amount can be recovered when volumes shipped exceed the minimum monthly volume commitment (see Note 7). As of June 30, 2022, the deficiency credit was $12.1 million, of which $4.3 million is recorded within prepaid expenses and other current assets in our unaudited condensed consolidated balance sheet. (3) Represents the noncurrent portion of a loan receivable, net of an allowance for an expected credit loss, with a former related party. During the three months ended June 30, 2022, we received a $2.0 million prepayment for this loan receivable and also reduced the final payment due July 31, 2023 to $1.1 million. We discounted the final payment to its net present value with the amount of the reduction in the value of the final payment recorded as a loss within (gain) loss on disposal or impairment of assets, net in our unaudited condensed consolidated statement of operations. Accrued Expenses and Other Payables Accrued expenses and other payables consist of the following at the dates indicated:
Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, “Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.” This ASU (i) simplifies an issuer’s accounting for convertible instruments by eliminating two of the three models in Accounting Standards Codification (“ASC”) 470-20 that require separate accounting for embedded conversion features, (ii) amends diluted earnings per share calculations for convertible instruments by requiring the use of the if-converted method and (iii) simplifies the settlement assessment entities are required to perform on contracts that can potentially settle in an entity’s own equity by removing certain requirements. We adopted this guidance on April 1, 2022, using the modified retrospective method. Under our Class D Preferred Unit (as defined in Note 8) agreement, we are permitted to issue common units to redeem a portion of the outstanding Class D Preferred Units. Using the if-converted method, we expect our calculation of earnings per unit to be impacted by both an increase in the number of diluted weighted average common units outstanding and a decrease in the amount of Class D Preferred Unit distributions, when they are determined to be dilutive. Other than the potential impact to our future earnings per unit calculations, the adoption of this guidance did not impact our financial position, results of operations or cash flows related to any debt or preferred units issued prior to adoption. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This guidance is effective prospectively upon issuance through December 31, 2022 and may be applied from the beginning of an interim period that includes the issuance date of this ASU. On April 13, 2022, the ABL Facility (as defined herein) was amended to replace the LIBOR benchmark with the SOFR (as defined herein) benchmark (as discussed further in Note 6). We are continuing to evaluate the effect that this guidance will have on our financial position, results of operations and cash flows.
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Loss Per Common Unit |
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Loss Per Common Unit | Loss Per Common Unit The following table presents our calculation of basic and diluted weighted average common units outstanding for the periods indicated:
For the three months ended June 30, 2022 and 2021, all potential common units or convertible securities were considered antidilutive. Our loss per common unit is as follows for the periods indicated:
(1) Includes cumulative distributions for the three months ended June 30, 2022 and 2021 which were earned but not declared or paid (see Note 8 for a further discussion of the suspension of common unit and preferred unit distributions). (2) Net loss allocated to the GP includes distributions to which it is entitled as the holder of incentive distribution rights.
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Property, Plant and Equipment |
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment Our property, plant and equipment consists of the following at the dates indicated:
(1) Tank bottoms, which are product volumes required for the operation of storage tanks, are recorded at historical cost. We recover tank bottoms when the storage tanks are removed from service. Linefill, which represents our portion of the product volume required for the operation of the proportionate share of a pipeline we own, is recorded at historical cost. The following table summarizes depreciation expense and capitalized interest expense for the periods indicated:
We record (gains) losses from the sales of property, plant and equipment and any write-downs in value due to impairment within (gain) loss on disposal or impairment of assets, net in our unaudited condensed consolidated statement of operations. The following table summarizes (gains) losses on the disposal or impairment of property, plant and equipment by segment for the period indicated:
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Intangible Assets |
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Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | Intangible Assets Our intangible assets consist of the following at the dates indicated:
(1) Includes debt issuance costs related to the ABL Facility (as defined herein). Debt issuance costs related to the fixed-rate notes are reported as a reduction of the carrying amount of long-term debt. Amortization expense is as follows for the periods indicated:
The following table summarizes expected amortization of our intangible assets at June 30, 2022 (in thousands):
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Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Our long-term debt consists of the following at the dates indicated:
(1) Debt issuance costs related to the ABL Facility are reported within intangible assets, rather than as a reduction of the carrying amount of long-term debt. 2026 Senior Secured Notes The 2026 Senior Secured Notes bear interest at 7.5%, which is payable on February 1 and August 1 of each year, beginning on August 1, 2021. The 2026 Senior Secured Notes mature on February 1, 2026. The 2026 Senior Secured Notes were issued pursuant to an indenture dated February 4, 2021 (the “Indenture”). The 2026 Senior Secured Notes are secured by first priority liens on substantially all of our assets other than our accounts receivable, inventory, pledged deposit accounts, cash and cash equivalents, renewable energy tax credits and related assets and second priority liens on our accounts receivable, inventory, pledged deposit accounts, cash and cash equivalents, renewable energy tax credits and related assets. The Indenture contains covenants that, among other things, limit our ability to: pay distributions or make other restricted payments or repurchase stock; incur or guarantee additional indebtedness or issue disqualified stock or certain preferred stock; make certain investments; create or incur liens; sell assets; enter into restrictions affecting the ability of restricted subsidiaries to make distributions, make loans or advances or transfer assets to the guarantors (including the Partnership); enter into certain transactions with our affiliates; designate restricted subsidiaries as unrestricted subsidiaries; and merge, consolidate or transfer or sell all or substantially all of our assets. The Indenture specifically restricts our ability to pay distributions until our total leverage ratio (as defined in the Indenture) for the most recently ended four full fiscal quarters at the time of the distribution is not greater than 4.75 to 1.00. These covenants are subject to a number of important exceptions and qualifications. Compliance At June 30, 2022, we were in compliance with the covenants under the 2026 Senior Secured Notes Indenture. ABL Facility The $500.0 million ABL Facility is subject to a borrowing base, which includes a sub-limit for letters of credit. The initial borrowing base was $500.0 million. On April 13, 2022, we amended the ABL Facility to increase the commitments to $600.0 million under the accordion feature within the ABL Facility. As part of the amendment, we agreed to reduce the commitments back to $500.0 million on or before March 31, 2023. In addition, the sub-limit for letters of credit was increased to $250.0 million and the LIBOR benchmark was replaced with an adjusted forward-looking term rate based on the secured overnight financing rate (“SOFR”) as the interest rate benchmark. The ABL Facility is secured by a lien on substantially all of our assets, including among other things, a first priority lien on our accounts receivable, inventory, pledged deposit accounts, cash and cash equivalents, renewable energy tax credits and related assets and a second priority lien on all of our other assets. At June 30, 2022, $171.0 million had been borrowed under the ABL Facility and we had letters of credit outstanding of approximately $143.6 million. The ABL Facility is scheduled to mature at the earliest of (a) February 4, 2026 or (b) 91 days prior to the earliest maturity date in respect to any of our indebtedness in an aggregate principal amount of $50.0 million or greater, if such indebtedness is outstanding at such time, subject to certain exceptions. At June 30, 2022, the borrowings under the ABL Facility had a weighted average interest rate of 4.84% calculated as the prime rate of 4.75% plus a margin of 1.75% on the alternate base borrowings and the weighted average SOFR of 1.28% plus a margin of 2.75% for the SOFR borrowings. On June 30, 2022, the interest rate in effect on letters of credit was 2.75%. The ABL Facility contains various affirmative and negative covenants, including financial reporting requirements and limitations on indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of assets, distributions and other restricted payments, investments (including acquisitions) and transactions with affiliates. The ABL Facility contains, as the only financial covenant, a fixed charge coverage ratio that is tested based on the financial statements for the most recently ended fiscal quarter upon the occurrence and during the continuation of a Cash Dominion Event (as defined in the ABL Facility). At June 30, 2022, no Cash Dominion Event had occurred. Compliance At June 30, 2022, we were in compliance with the covenants under the ABL Facility. Senior Unsecured Notes The senior unsecured notes include the 2023 Notes, 2025 Notes and 2026 Notes (collectively, the “Senior Unsecured Notes”). Repurchases The following table summarizes repurchases of Senior Unsecured Notes for the period indicated:
(1) Gain on early extinguishment of debt for the three months ended June 30, 2022 is inclusive of the write-off of debt issuance costs of $0.1 million. The gain is reported within gain on early extinguishment of liabilities, net within our unaudited condensed consolidated statement of operations. Compliance At June 30, 2022, we were in compliance with the covenants under all of the Senior Unsecured Notes indentures. Other Long-term Debt On October 29, 2020, we entered into an equipment loan for $45.0 million which bears interest at a rate of 8.6% and is secured by certain of our barges and towboats. We have an aggregate principal balance of $41.1 million at June 30, 2022. The loan matures on November 1, 2027. Debt Maturity Schedule The scheduled maturities of our long-term debt are as follows at June 30, 2022:
Amortization of Debt Issuance Costs Amortization expense for debt issuance costs related to long-term debt was $3.0 million and $3.1 million during the three months ended June 30, 2022 and 2021, respectively. The following table summarizes expected amortization of debt issuance costs at June 30, 2022 (in thousands):
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure | Commitments and Contingencies Legal Contingencies In August 2015, LCT Capital, LLC (“LCT”) filed a lawsuit against the GP and the Partnership seeking payment for investment banking services relating to the purchase of TransMontaigne Inc. and related assets in July 2014. After pre-trial rulings, LCT was limited to pursuing claims of (i) quantum meruit (the value of the services rendered by LCT) and (ii) fraudulent misrepresentation against the defendants. Following a jury trial conducted in Delaware state court from July 23, 2018 through August 1, 2018, the jury returned a verdict consisting of an award of $4.0 million for quantum meruit and $29.0 million for fraudulent misrepresentation, subject to statutory interest. On December 5, 2019, in response to the defendants’ post-trial motion, the Court issued an Order overturning the jury’s damages award and ordering the case to be set for a damages-only trial (the “December 5th Order”). Both parties filed applications with the trial court asking the trial court to certify the December 5th Order for interlocutory, immediate review by the Appellate Court. On January 7, 2020, the Supreme Court of Delaware (“Supreme Court”) entered an Order accepting an interlocutory appeal of various issues relating to both the quantum meruit and fraudulent misrepresentation verdicts. The Supreme Court heard oral arguments of the parties on November 4, 2020, took the matters presented under advisement and on January 28, 2021, issued a ruling that (a) LCT is not entitled to “benefit-of-the-bargain” damages on its fraud claim; (b) LCT is not entitled to receive fraudulent misrepresentation damages separate from its quantum meruit damages; (c) the trial court abused its discretion when it ordered a new trial on damages relating to LCT’s claim of fraudulent misrepresentation; and (d) the trial court properly ordered a new trial on LCT’s claim of quantum meruit damages. The date for a new trial, to be limited to the quantum meruit claim, has been set by the trial court for November 7, 2022. Any allocation of the ultimate verdict award, if any, between the GP and the Partnership will be made by the board of directors of our GP once all information is available to it and after the new trial, any post-trial and/or any appellate process has concluded and the verdict is final as a matter of law. As of June 30, 2022, we have accrued $2.5 million related to this matter. We are party to various other claims, legal actions, and complaints arising in the ordinary course of business. In the opinion of our management, the ultimate resolution of these claims, legal actions, and complaints, after consideration of amounts accrued, insurance coverage, and other arrangements, is not expected to have a material adverse effect on our consolidated financial position, results of operations or cash flows. However, the outcome of such matters is inherently uncertain, and estimates of our liabilities may change materially as circumstances develop. Environmental Matters At June 30, 2022, we have an environmental liability, measured on an undiscounted basis, of $1.7 million, which is recorded within accrued expenses and other payables in our unaudited condensed consolidated balance sheet. Our operations are subject to extensive federal, state, and local environmental laws and regulations. Although we believe our operations are in substantial compliance with applicable environmental laws and regulations, risks of additional costs and liabilities are inherent in our business, and there can be no assurance that we will not incur significant costs. Moreover, it is possible that other developments, such as increasingly stringent environmental laws, regulations and enforcement policies thereunder, and claims for damages to property or persons resulting from the operations, could result in substantial costs. Accordingly, we have adopted policies, practices, and procedures in the areas of pollution control, product safety, occupational health, and the handling, storage, use, and disposal of hazardous materials designed to prevent material environmental or other damage, and to limit the financial liability that could result from such events. However, some risk of environmental or other damage is inherent in our business. Asset Retirement Obligations We have contractual and regulatory obligations at certain facilities for which we have to perform remediation, dismantlement, or removal activities when the assets are retired. Our liability for asset retirement obligations is discounted to present value. To calculate the liability, we make estimates and assumptions about the retirement cost and the timing of retirement. Changes in our assumptions and estimates may occur as a result of the passage of time and the occurrence of future events. The following table summarizes changes in our asset retirement obligation, which is reported within other noncurrent liabilities in our unaudited condensed consolidated balance sheets (in thousands):
(1) Relates to the sale of two saltwater disposal wells. In addition to the obligations described above, we may be obligated to remove facilities or perform other remediation upon retirement of certain other assets. However, the fair value of the asset retirement obligation cannot currently be reasonably estimated because the settlement dates are indeterminable. We will record an asset retirement obligation for these assets in the periods in which settlement dates are reasonably determinable. Pipeline Capacity Agreements We have noncancelable agreements with crude oil pipeline operators, which guarantee us minimum monthly shipping capacity on the pipelines. As a result, we are required to pay the minimum shipping fees if actual shipments are less than our allotted capacity. Under certain agreements we have the ability to recover minimum shipping fees previously paid if our shipping volumes exceed the minimum monthly shipping commitment during each month remaining under the agreement, with some contracts containing provisions that allow us to continue shipping up to six months after the maturity date of the contract in order to recapture previously paid minimum shipping delinquency fees. We currently have an asset recorded in prepaid expenses and other current assets and in other noncurrent assets in our unaudited condensed consolidated balance sheet for minimum shipping fees paid in both the current and previous periods that are expected to be recovered in future periods by exceeding the minimum monthly volumes (see Note 2). The following table summarizes future minimum throughput payments under these agreements at June 30, 2022 (in thousands):
Sales and Purchase Contracts We have entered into product sales and purchase contracts for which we expect the parties to physically settle and deliver the inventory in future periods. At June 30, 2022, we had the following commodity purchase commitments:
(1) Our crude oil index-price purchase commitments exceed our crude oil index-price sales commitments (presented below) due primarily to our long-term purchase commitments for crude oil that we purchase and ship on the Grand Mesa Pipeline. As these purchase commitments are deliver-or-pay contracts, whereby our counterparty is required to pay us for any volumes not delivered, we have not entered into corresponding long-term sales contracts for volumes we may not receive. At June 30, 2022, we had the following commodity sale commitments:
We account for the contracts shown in the tables above using the normal purchase and normal sale election. Under this accounting policy election, we do not record the physical contracts at fair value at each balance sheet date; instead, we record the purchase or sale at the contracted value once the delivery occurs. Contracts in the tables above may have offsetting derivative contracts (described in Note 9) or inventory positions (described in Note 2). Certain other forward purchase and sale contracts do not qualify for the normal purchase and normal sale election. These contracts are recorded at fair value in our unaudited condensed consolidated balance sheet and are not included in the tables above. These contracts are included in the derivative disclosures in Note 9 and represent $37.9 million of our prepaid expenses and other current assets and $19.9 million of our accrued expenses and other payables at June 30, 2022. Other Commitments We have noncancelable agreements for product storage, railcar spurs and real estate. The following table summarizes future minimum payments under these agreements at June 30, 2022 (in thousands):
As part of the acquisition of Hillstone Environmental Partners, LLC, we assumed an obligation to pay a quarterly subsidy payment in the event that specified volumetric thresholds are not exceeded at a third-party facility. This agreement expires on December 31, 2022. For the three months ended June 30, 2022 and 2021, we recorded $0.4 million and $0.6 million, respectively, within operating expense in our unaudited condensed consolidated statements of operations. At June 30, 2022, the range of potential payments we could be obligated to make pursuant to the subsidy agreement could be from $0.0 million to $1.6 million.
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Equity |
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Equity | Equity Partnership Equity The Partnership’s equity consists of a 0.1% GP interest and a 99.9% limited partner interest, which consists of common units. Our GP has the right, but not the obligation, to contribute a proportionate amount of capital to us to maintain its 0.1% GP interest. Our GP is not required to guarantee or pay any of our debts and obligations. At June 30, 2022, we owned 8.69% of our GP. Suspension of Common Unit and Preferred Unit Distributions The board of directors of our GP temporarily suspended all distributions (common unit distributions which began with the quarter ended December 31, 2020 and preferred unit distributions which began with the quarter ended March 31, 2021) in order to deleverage our balance sheet and meet the financial performance ratios set within the Indenture of the 2026 Senior Secured Notes, as discussed further in Note 6. Class B Preferred Units As of June 30, 2022, there were 12,585,642 of our 9.00% Class B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class B Preferred Units”) outstanding. The current distribution rate for the Class B Preferred Units is 9.00% per year of the $25.00 liquidation preference per unit (equal to $2.25 per unit per year). For the quarter ended June 30, 2022, we did not declare or pay distributions to the holders of the Class B Preferred Units, thus the quarterly distribution for June 30, 2022 is $0.5625 and the cumulative distribution since suspension for each Class B Preferred Unit is $3.375. In addition, the amount of cumulative but unpaid distributions shall continue to accumulate at the then applicable rate until all unpaid distributions have been paid in full. The total amount due as of June 30, 2022 is $44.7 million. On July 1, 2022, the Class B Preferred Units distributions on and after July 1, 2022 began accumulating at a percentage of the $25.00 liquidation preference equal to the applicable three-month LIBOR interest rate (or alternative rate as determined in accordance with the partnership agreement) plus a spread of 7.213%. Class C Preferred Units As of June 30, 2022, there were 1,800,000 of our 9.625% Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class C Preferred Units”) outstanding. The current distribution rate for the Class C Preferred Units is 9.625% per year of the $25.00 liquidation preference per unit (equal to $2.41 per unit per year). For the quarter ended June 30, 2022, we did not declare or pay distributions to the holders of the Class C Preferred Units, thus the quarterly distribution for June 30, 2022 is $0.6016 and the cumulative distribution since suspension for each Class C Preferred Unit is $3.6094. In addition, the amount of cumulative but unpaid distributions shall continue to accumulate at the then applicable rate until all unpaid distributions have been paid in full. The total amount due as of June 30, 2022 is $6.9 million. Class D Preferred Units As of June 30, 2022, there were 600,000 preferred units (“Class D Preferred Units”) and warrants exercisable to purchase an aggregate of 25,500,000 common units outstanding. The current distribution rate for the Class D Preferred Units is 9.00% per year per unit (equal to $90.00 per every $1,000 in unit value per year), plus an additional 1.5% rate increase due to us exceeding the adjusted total leverage ratio and due to a Class D distribution payment default, as defined within the amended and restated limited partnership agreement. For the quarter ended June 30, 2022, we did not declare or pay distributions to the holders of the Class D Preferred Units, thus the average quarterly distribution at June 30, 2022 is $27.32 and the average cumulative distribution since suspension for each Class D Preferred unit is $162.60. In addition, the amount of cumulative but unpaid distributions shall continue to accumulate at the then applicable rate until all unpaid distributions have been paid in full. The total amount due as of June 30, 2022 is $103.9 million. On July 1, 2022, the current distribution rate for the Class D Preferred Units increased to 10.00% per year per unit, plus an additional 1.5% rate increase due to us exceeding the adjusted total leverage ratio and due to a Class D distribution payment default, as described above. Equity-Based Incentive Compensation Our GP adopted a long-term incentive plan (“LTIP”), which allowed for the issuance of equity-based compensation. Our GP granted certain restricted units to employees and directors, which vest in tranches, subject to the continued service of the recipients through the vesting date (the “Service Awards”). The Service Awards may also vest upon a change of control, at the discretion of the board of directors of our GP. No distributions accrue to or are paid on the Service Awards during the vesting period. The LTIP expired on May 10, 2021. The following table summarizes the Service Award activity during the three months ended June 30, 2022:
As the LTIP expired on May 10, 2021, we had no common units available for grant for the three months ended June 30, 2022. As of June 30, 2022, there are 1,426,075 unvested Service Award units which are expected to vest during the year ending March 31, 2023 and 713,225 unvested Service Award units which are expected to vest during the year ending March 31, 2024. Also, any current unvested Service Awards that are forfeited or canceled will not be available for future grants. Service Awards are valued at the average of the high/low sales price as of the grant date less the present value of the expected distribution stream over the vesting period using a risk-free interest rate. We record the expense for each Service Award on a straight-line basis over the requisite period for the entire award (that is, over the requisite service period of the last separately vesting portion of the award), ensuring that the amount of compensation cost recognized at any date at least equals the portion of the grant date value of the award that is vested at that date. During the three months ended June 30, 2022 and 2021, we recorded compensation expense related to Service Award units of $0.5 million and $1.0 million, respectively. For the unvested Service Award units, as of June 30, 2022, we had estimated future expense of $2.7 million which we expect to record during the year ending March 31, 2023 and $1.3 million which we expect to record during the year ending March 31, 2024.
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Fair Value of Financial Instruments |
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Fair Value of Financial Instruments | Fair Value of Financial Instruments Our cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and other current assets and liabilities (excluding derivative instruments) are carried at amounts which reasonably approximate their fair values due to their short-term nature. Commodity Derivatives The following table summarizes the estimated fair values of our commodity derivative assets and liabilities reported in our unaudited condensed consolidated balance sheets at the dates indicated:
(1) Relates to commodity derivative assets and liabilities that are expected to be net settled on an exchange or through a netting arrangement with the counterparty. Our physical contracts that do not qualify as normal purchase normal sale transactions are not subject to such netting arrangements. The following table summarizes the accounts that include our commodity derivative assets and liabilities in our unaudited condensed consolidated balance sheets at the dates indicated:
The following table summarizes our open commodity derivative contract positions at the dates indicated. We do not account for these derivatives as hedges.
(1) We may have fixed price physical purchases, including inventory, offset by floating price physical sales or floating price physical purchases offset by fixed price physical sales. These contracts are derivatives we have entered into as an economic hedge against the risk of mismatches between fixed and floating price physical obligations. During the three months ended June 30, 2022 and 2021, we recorded net losses of $41.1 million and $56.7 million, respectively, from our commodity derivatives to revenues and cost of sales in our unaudited condensed consolidated statements of operations. Credit Risk We have credit policies that we believe minimize our overall credit risk, including an evaluation of potential counterparties’ financial condition (including credit ratings), collateral requirements under certain circumstances, and the use of industry standard master netting agreements, which allow for offsetting counterparty receivable and payable balances for certain transactions. At June 30, 2022, our primary counterparties were retailers, resellers, energy marketers, producers, refiners, and dealers. This concentration of counterparties may impact our overall exposure to credit risk, either positively or negatively, as the counterparties may be similarly affected by changes in economic, regulatory or other conditions. If a counterparty does not perform on a contract, we may not realize amounts that have been recorded in our unaudited condensed consolidated balance sheets and recognized in our net income. Interest Rate Risk The ABL Facility is variable-rate debt with interest rates that are generally indexed to the Wall Street Journal prime rate or LIBOR interest rate (or successor rate, which has since been determined to be SOFR). At June 30, 2022, we had $171.0 million of outstanding borrowings under the ABL Facility at a weighted average interest rate of 4.84%. In addition, on and after certain dates, distributions for our Class B Preferred Units and Class C Preferred Units will be calculated using the applicable three-month LIBOR interest rate (or alternative rate as determined in accordance with the partnership agreement) plus a spread (see Note 8 for a further discussion). On and after a certain date, the holders of the Class D Preferred Units can elect, from time to time, for the distributions to be calculated based on the applicable three-month LIBOR interest rate (or alternative rate as determined in accordance with the partnership agreement) plus a spread (“Class D Variable Rate”, as defined in the partnership agreement). Each Class D Variable Rate election shall be effective for at least four quarters following such election. Fair Value of Fixed-Rate Notes The following table provides fair value estimates of our fixed-rate notes at June 30, 2022 (in thousands):
For the 2026 Senior Secured Notes and Senior Unsecured Notes, the fair value estimates were developed based on publicly traded quotes and would be classified as Level 2 in the fair value hierarchy.
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Segments |
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Segments | Segments Our operations are organized into three reportable segments: (i) Water Solutions, (ii) Crude Oil Logistics and (iii) Liquids Logistics, consistent with the manner in which our chief operating decision maker evaluates performance and allocates resources. These segments have been identified based on the differing products and services, regulatory environment and the expertise required for these operations. Our Liquids Logistics reportable segment includes operating segments that have been aggregated based on the nature of the products and services provided. Operating income of these segments is reviewed by the chief operating decision maker to evaluate performance and make business decisions. Intersegment transactions are recorded based on prices negotiated between the segments and are eliminated upon consolidation. See Note 1 for a discussion of the products and services of our reportable segments. The remainder of our business operations is presented as “Corporate and Other” and consists of certain corporate expenses that are not allocated to the reportable segments. The following table summarizes revenues related to our segments for the periods indicated:
The following tables summarize depreciation and amortization expense (including amortization expense recorded within interest expense, cost of sales and operating expenses in Note 5 and Note 6) and operating income (loss) by segment for the periods indicated.
The following table summarizes additions to property, plant and equipment and intangible assets by segment for the periods indicated. This information has been prepared on the accrual basis, and includes property, plant and equipment and intangible assets acquired in acquisitions.
The following tables summarize long-lived assets (consisting of property, plant and equipment, intangible assets, operating lease right-of-use assets and goodwill) and total assets by segment at the dates indicated:
(1) Includes $17.5 million and $17.1 million of non-US long-lived assets at June 30, 2022 and March 31, 2022, respectively.
(1) Includes $65.5 million and $40.2 million of non-US total assets at June 30, 2022 and March 31, 2022, respectively.
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Transactions with Affiliates |
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Transactions with Affiliates | Transactions with Affiliates The following table summarizes our related party transactions for the periods indicated:
Accounts receivable from affiliates consist of the following at the dates indicated:
Accounts payable to affiliates consist of the following at the dates indicated:
Other Related Party Transactions Guarantee of Outstanding Loan for KAIR2014 LLC (“KAIR2014”) In connection with the purchase of our 50% interest in an aircraft company, KAIR2014, we executed a joint and several guarantee for the benefit of the lender for KAIR2014’s outstanding loan. The other owner of KAIR2014, our Chief Executive Officer, H. Michael Krimbill, is a party to a similar guarantee. This guarantee obligates us for the payment and performance of KAIR2014 with respect to the repayment of the loan. As of June 30, 2022, the outstanding balance of the loan is approximately $2.5 million. Payments are made monthly, reducing the outstanding balance, and the loan matures in September 2023. As the guarantee is joint and several, we could be liable for the entire outstanding balance of the loan. The loan is collateralized by the airplane owned by KAIR2014 and in the event of a default, the lender could seek payment in full from us. As of June 30, 2022, no accrual has been recorded related to this guarantee.
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Revenue from Contracts with Customers |
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Revenue from Contracts with Customer | Revenue from Contracts with Customers We recognize revenue for services and products under revenue contracts as our obligations to either perform services or deliver or sell products under the contracts are satisfied. Our revenue contracts in scope under ASC 606 primarily have a single performance obligation and we do not receive material amounts of non-cash consideration. Our costs to obtain or fulfill our revenue contracts were not material as of June 30, 2022. The majority of our revenue agreements are within scope under ASC 606 and the remainder of our revenue comes from contracts that are accounted for as derivatives under ASC 815 or that contain nonmonetary exchanges or leases and are in scope under Topics 845 and 842, respectively. See Note 10 for a detail of disaggregated revenue. Revenue from contracts accounted for as derivatives under ASC 815 within our Liquids Logistics segment includes $5.1 million of net losses related to changes in the mark-to-market value of these arrangements recorded during the three months ended June 30, 2022. Remaining Performance Obligations Most of our service contracts are such that we have the right to consideration from a customer in an amount that corresponds directly with the value to the customer of our performance completed to date. Therefore, we utilized the practical expedient in ASC 606-10-55-18 under which we recognize revenue in the amount to which we have the right to invoice. Applying this practical expedient, we are not required to disclose the transaction price allocated to remaining performance obligations under these agreements. The following table summarizes the amount and timing of revenue recognition for such contracts at June 30, 2022 (in thousands):
Contract Assets and Liabilities The following tables summarize the balances of our contract assets and liabilities at the dates indicated:
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Lessee Accounting Our leasing activity primarily consists of product storage, office space, real estate, railcars, and equipment. The following table summarizes the components of our lease expense for the periods indicated:
The following table summarizes maturities of our operating lease obligations at June 30, 2022 (in thousands):
The following table summarizes supplemental cash flow and non-cash information related to our operating leases for the periods indicated:
Lessor Accounting and Subleases Our lessor arrangements include storage and railcar contracts. We also, from time to time, sublease certain of our storage capacity and railcars to third parties. Fixed rental revenue is recognized on a straight-line basis over the lease term. During the three months ended June 30, 2022 and 2021, fixed rental revenue was $3.5 million, which includes $0.2 million of sublease revenue, and $3.3 million, which includes $0.4 million of sublease revenue, respectively. The following table summarizes future minimum lease payments receivable under various noncancelable operating lease agreements at June 30, 2022 (in thousands):
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Allowance for Current Expected Credit Loss |
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Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Current Expected Credit Loss | Allowance for Current Expected Credit Loss (CECL) ASU 2016-13 requires that an allowance for expected credit losses be recognized for certain financial assets that reflects the current expected credit loss over the financial asset’s contractual life. The valuation allowance considers the risk of loss, even if remote, and considers past events, current conditions and reasonable and supportable forecasts. We are exposed to credit losses primarily through sale of products and services and notes receivable from third-parties. A counterparty’s ability to pay is assessed through a credit process that considers the payment terms, the counterparty’s established credit rating or our assessment of the counterparty’s credit worthiness and other risks. We can require prepayment or collateral to mitigate credit risks. We group our financial assets into pools of counterparties with similar risk characteristics for the purpose of determining the allowance for expected credit losses. Each reporting period, we assess whether a significant change in the risk of expected credit loss has occurred. Among the quantitative and qualitative factors considered in calculating our allowance for expected credit losses are historical financial data, including write-offs and allowances, current conditions, industry risk and current credit ratings. Financial assets will be written off in whole, or in part, when practical recovery efforts have been exhausted and no reasonable expectation of recovery exists. Subsequent recoveries of amounts previously written off are recorded as an increase to the allowance. We manage receivable pools using past due balances as a key credit quality indicator. The following table summarizes changes in our allowance for expected credit losses:
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Other Matters |
3 Months Ended |
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Jun. 30, 2022 | |
Other Matters [Abstract] | |
Other Matters | Other Matters Third-party Loan Receivable As previously disclosed, we had an outstanding loan receivable, including accrued interest, associated with our interest in a facility that was utilized by a third party. Due to the bankruptcy of the third-party, we wrote down the remaining outstanding balance to what we expected to collect as an unsecured claim. As of March 31, 2022, the outstanding balance of our unsecured claim was $0.6 million, net of an allowance for an expected credit loss, which was recorded within prepaid expenses and other current assets in our consolidated balance sheet. During the three months ended June 30, 2022, we received $1.0 million to settle our unsecured claim and we reversed the allowance for the expected credit loss.
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Subsequent Events |
3 Months Ended |
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Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsDuring July 2022, we repurchased $14.2 million of the 2023 Notes and $1.5 million of the 2026 Notes. |
Significant Accounting Policies (Policies) |
3 Months Ended |
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Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements include our accounts and those of our controlled subsidiaries. Intercompany transactions and account balances have been eliminated in consolidation. Investments we do not control, but can exercise significant influence over, are accounted for using the equity method of accounting. We also own an undivided interest in a crude oil pipeline, and include our proportionate share of assets, liabilities, and expenses related to this pipeline in our unaudited condensed consolidated financial statements. Our unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim consolidated financial information in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the unaudited condensed consolidated financial statements exclude certain information and notes required by GAAP for complete annual consolidated financial statements. However, we believe that the disclosures made are adequate to make the information presented not misleading. The unaudited condensed consolidated financial statements include all adjustments that we consider necessary for a fair presentation of our consolidated financial position, results of operations and cash flows for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed in this Quarterly Report. The unaudited condensed consolidated balance sheet at March 31, 2022 was derived from our audited consolidated financial statements for the fiscal year ended March 31, 2022 included in our Annual Report on Form 10-K (“Annual Report”) filed with the SEC on June 6, 2022. These interim unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report. Due to the seasonal nature of certain of our operations and other factors, the results of operations for interim periods are not necessarily indicative of the results of operations to be expected for future periods or for the full fiscal year ending March 31, 2023.
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Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amount of assets and liabilities reported at the date of the consolidated financial statements and the amount of revenues and expenses reported during the periods presented. Critical accounting estimates we make in the preparation of our unaudited condensed consolidated financial statements include, among others, determining the impairment of goodwill and long-lived assets, useful lives and recoverability of property, plant and equipment and amortizable intangible assets, the fair value of derivative instruments, estimating certain revenues, the fair value of asset retirement obligations, the fair value of assets and liabilities acquired in acquisitions, the recoverability of inventories, the collectibility of accounts and notes receivable and accruals for environmental matters. Although we believe these estimates are reasonable, actual results could differ from those estimates.
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Income Taxes | Income Taxes We qualify as a partnership for income tax purposes. As such, we generally do not pay United States federal income tax. Rather, each owner reports his or her share of our income or loss on his or her individual tax return. The aggregate difference in the basis of our net assets for financial and tax reporting purposes cannot be readily determined, as we do not have access to information regarding each partner’s basis in the Partnership. We have a deferred tax liability of $42.9 million and $43.5 million at June 30, 2022 and March 31, 2022, respectively, as a result of acquiring corporations in connection with certain of our acquisitions, which is included within other noncurrent liabilities in our unaudited condensed consolidated balance sheets. The deferred tax liability is the tax effected cumulative temporary difference between the GAAP basis and tax basis of the acquired assets within the corporation. For GAAP purposes, certain of the acquired assets will be depreciated and amortized over time which will lower the GAAP basis. The deferred tax benefit recorded during the three months ended June 30, 2022 was $0.7 million with an effective tax rate of 24.1%. The deferred tax benefit recorded during the three months ended June 30, 2021 was $1.1 million with an effective tax rate of 23.1%. We evaluate uncertain tax positions for recognition and measurement in the unaudited condensed consolidated financial statements. To recognize a tax position, we determine whether it is more likely than not that the tax position will be sustained upon examination, including resolution of any related appeals or litigation, based on the technical merits of the position. A tax position that meets the more likely than not threshold is measured to determine the amount of benefit to be recognized in the unaudited condensed consolidated financial statements. We had no uncertain tax positions that required recognition in our unaudited condensed consolidated financial statements at June 30, 2022 or March 31, 2022.
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Inventories | InventoriesOur inventories are valued at the lower of cost or net realizable value, with cost determined using either the weighted-average cost or the first in, first out (FIFO) methods, including the cost of transportation and storage, and with net realizable value defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. In performing this analysis, we consider fixed-price forward commitments. |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities Investments we do not control, but can exercise significant influence over, are accounted for using the equity method of accounting. Investments in partnerships and limited liability companies, unless our investment is considered to be minor, and investments in unincorporated joint ventures are also accounted for using the equity method of accounting.
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Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, “Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.” This ASU (i) simplifies an issuer’s accounting for convertible instruments by eliminating two of the three models in Accounting Standards Codification (“ASC”) 470-20 that require separate accounting for embedded conversion features, (ii) amends diluted earnings per share calculations for convertible instruments by requiring the use of the if-converted method and (iii) simplifies the settlement assessment entities are required to perform on contracts that can potentially settle in an entity’s own equity by removing certain requirements. We adopted this guidance on April 1, 2022, using the modified retrospective method. Under our Class D Preferred Unit (as defined in Note 8) agreement, we are permitted to issue common units to redeem a portion of the outstanding Class D Preferred Units. Using the if-converted method, we expect our calculation of earnings per unit to be impacted by both an increase in the number of diluted weighted average common units outstanding and a decrease in the amount of Class D Preferred Unit distributions, when they are determined to be dilutive. Other than the potential impact to our future earnings per unit calculations, the adoption of this guidance did not impact our financial position, results of operations or cash flows related to any debt or preferred units issued prior to adoption. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This guidance is effective prospectively upon issuance through December 31, 2022 and may be applied from the beginning of an interim period that includes the issuance date of this ASU. On April 13, 2022, the ABL Facility (as defined herein) was amended to replace the LIBOR benchmark with the SOFR (as defined herein) benchmark (as discussed further in Note 6). We are continuing to evaluate the effect that this guidance will have on our financial position, results of operations and cash flows.
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Commitment and Contingencies (Policies) |
3 Months Ended |
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Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Asset Retirement Obligation | Asset Retirement ObligationsWe have contractual and regulatory obligations at certain facilities for which we have to perform remediation, dismantlement, or removal activities when the assets are retired. Our liability for asset retirement obligations is discounted to present value. To calculate the liability, we make estimates and assumptions about the retirement cost and the timing of retirement. Changes in our assumptions and estimates may occur as a result of the passage of time and the occurrence of future events. |
Equity (Policies) |
3 Months Ended |
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Jun. 30, 2022 | |
Equity [Abstract] | |
Service Awards | Service Awards are valued at the average of the high/low sales price as of the grant date less the present value of the expected distribution stream over the vesting period using a risk-free interest rate. We record the expense for each Service Award on a straight-line basis over the requisite period for the entire award (that is, over the requisite service period of the last separately vesting portion of the award), ensuring that the amount of compensation cost recognized at any date at least equals the portion of the grant date value of the award that is vested at that date. |
Revenue from Contracts with Customers (Policies) |
3 Months Ended |
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Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue recognition | We recognize revenue for services and products under revenue contracts as our obligations to either perform services or deliver or sell products under the contracts are satisfied. Our revenue contracts in scope under ASC 606 primarily have a single performance obligation and we do not receive material amounts of non-cash consideration. Our costs to obtain or fulfill our revenue contracts were not material as of June 30, 2022. |
Allowance for Current Expected Credit Loss (Policies) |
3 Months Ended |
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Jun. 30, 2022 | |
Credit Loss [Abstract] | |
Expected credit loss | ASU 2016-13 requires that an allowance for expected credit losses be recognized for certain financial assets that reflects the current expected credit loss over the financial asset’s contractual life. The valuation allowance considers the risk of loss, even if remote, and considers past events, current conditions and reasonable and supportable forecasts. |
Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of inventories | Inventories consist of the following at the dates indicated:
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Schedule of investments in unconsolidated entities | Our investments in unconsolidated entities consist of the following at the dates indicated:
(1) This is an investment with a related party.
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Schedule of other noncurrent assets | Other noncurrent assets consist of the following at the dates indicated:
(1) Represents minimum volumes of product we are required to leave on certain third-party owned pipelines under long-term shipment commitments. At June 30, 2022 and March 31, 2022, linefill consisted of 423,978 barrels of crude oil. Linefill held in pipelines we own is included within property, plant and equipment (see Note 4). (2) Represents the noncurrent portion of minimum shipping fees paid in excess of volumes shipped, or deficiency credits, for a contract with a crude oil pipeline operator. This amount can be recovered when volumes shipped exceed the minimum monthly volume commitment (see Note 7). As of June 30, 2022, the deficiency credit was $12.1 million, of which $4.3 million is recorded within prepaid expenses and other current assets in our unaudited condensed consolidated balance sheet. (3) Represents the noncurrent portion of a loan receivable, net of an allowance for an expected credit loss, with a former related party. During the three months ended June 30, 2022, we received a $2.0 million prepayment for this loan receivable and also reduced the final payment due July 31, 2023 to $1.1 million. We discounted the final payment to its net present value with the amount of the reduction in the value of the final payment recorded as a loss within (gain) loss on disposal or impairment of assets, net in our unaudited condensed consolidated statement of operations.
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Schedule of accrued expenses and other payables | Accrued expenses and other payables consist of the following at the dates indicated:
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Loss Per Common Unit (Tables) |
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Earnings Per Unit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of weighted average number of units | The following table presents our calculation of basic and diluted weighted average common units outstanding for the periods indicated:
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Schedule of loss per common unit | Our loss per common unit is as follows for the periods indicated:
(1) Includes cumulative distributions for the three months ended June 30, 2022 and 2021 which were earned but not declared or paid (see Note 8 for a further discussion of the suspension of common unit and preferred unit distributions). (2) Net loss allocated to the GP includes distributions to which it is entitled as the holder of incentive distribution rights.
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Property, Plant and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of property, plant and equipment | Our property, plant and equipment consists of the following at the dates indicated:
(1) Tank bottoms, which are product volumes required for the operation of storage tanks, are recorded at historical cost. We recover tank bottoms when the storage tanks are removed from service. Linefill, which represents our portion of the product volume required for the operation of the proportionate share of a pipeline we own, is recorded at historical cost.
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Schedule of depreciation expense and capitalized interest expense | The following table summarizes depreciation expense and capitalized interest expense for the periods indicated:
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Schedule of (gain) loss on disposal or impairment of assets | We record (gains) losses from the sales of property, plant and equipment and any write-downs in value due to impairment within (gain) loss on disposal or impairment of assets, net in our unaudited condensed consolidated statement of operations. The following table summarizes (gains) losses on the disposal or impairment of property, plant and equipment by segment for the period indicated:
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Intangible Assets (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of finite-lived intangible assets | Our intangible assets consist of the following at the dates indicated:
(1) Includes debt issuance costs related to the ABL Facility (as defined herein). Debt issuance costs related to the fixed-rate notes are reported as a reduction of the carrying amount of long-term debt.
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Schedule of indefinite-lived intangible assets | Our intangible assets consist of the following at the dates indicated:
(1) Includes debt issuance costs related to the ABL Facility (as defined herein). Debt issuance costs related to the fixed-rate notes are reported as a reduction of the carrying amount of long-term debt.
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Schedule of amortization expense | Amortization expense is as follows for the periods indicated:
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Schedule of expected amortization of intangible assets | The following table summarizes expected amortization of our intangible assets at June 30, 2022 (in thousands):
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Long-Term Debt (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of long-term debt | Our long-term debt consists of the following at the dates indicated:
(1) Debt issuance costs related to the ABL Facility are reported within intangible assets, rather than as a reduction of the carrying amount of long-term debt.
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Schedule of repurchases | The following table summarizes repurchases of Senior Unsecured Notes for the period indicated:
(1) Gain on early extinguishment of debt for the three months ended June 30, 2022 is inclusive of the write-off of debt issuance costs of $0.1 million. The gain is reported within gain on early extinguishment of liabilities, net within our unaudited condensed consolidated statement of operations.
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Schedule of maturities of long-term debt | The scheduled maturities of our long-term debt are as follows at June 30, 2022:
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Schedule of future amortization expense of debt issuance costs | The following table summarizes expected amortization of debt issuance costs at June 30, 2022 (in thousands):
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Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of change in asset retirement obligation | The following table summarizes changes in our asset retirement obligation, which is reported within other noncurrent liabilities in our unaudited condensed consolidated balance sheets (in thousands):
(1) Relates to the sale of two saltwater disposal wells.
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Schedule of future minimum payments under pipeline capacity agreements | The following table summarizes future minimum throughput payments under these agreements at June 30, 2022 (in thousands):
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Schedule of outstanding purchase commitments | At June 30, 2022, we had the following commodity purchase commitments:
(1) Our crude oil index-price purchase commitments exceed our crude oil index-price sales commitments (presented below) due primarily to our long-term purchase commitments for crude oil that we purchase and ship on the Grand Mesa Pipeline. As these purchase commitments are deliver-or-pay contracts, whereby our counterparty is required to pay us for any volumes not delivered, we have not entered into corresponding long-term sales contracts for volumes we may not receive.
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Schedule of outstanding sale commitments | At June 30, 2022, we had the following commodity sale commitments:
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Schedule of future minimum payments under contractual commitments | The following table summarizes future minimum payments under these agreements at June 30, 2022 (in thousands):
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Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service awards | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Service Awards activity | The following table summarizes the Service Award activity during the three months ended June 30, 2022:
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Fair Value of Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of estimated fair value measurements of assets and liabilities | The following table summarizes the estimated fair values of our commodity derivative assets and liabilities reported in our unaudited condensed consolidated balance sheets at the dates indicated:
(1) Relates to commodity derivative assets and liabilities that are expected to be net settled on an exchange or through a netting arrangement with the counterparty. Our physical contracts that do not qualify as normal purchase normal sale transactions are not subject to such netting arrangements.
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Schedule of location of commodity derivative assets and liabilities reported in the unaudited condensed consolidated balance sheets | The following table summarizes the accounts that include our commodity derivative assets and liabilities in our unaudited condensed consolidated balance sheets at the dates indicated:
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Schedule of open commodity derivative contract positions | The following table summarizes our open commodity derivative contract positions at the dates indicated. We do not account for these derivatives as hedges.
(1) We may have fixed price physical purchases, including inventory, offset by floating price physical sales or floating price physical purchases offset by fixed price physical sales. These contracts are derivatives we have entered into as an economic hedge against the risk of mismatches between fixed and floating price physical obligations.
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Schedule of fair value estimates of fixed-rate notes | The following table provides fair value estimates of our fixed-rate notes at June 30, 2022 (in thousands):
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Segments (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of certain information related to results of operations by segment | The following table summarizes revenues related to our segments for the periods indicated:
The following tables summarize depreciation and amortization expense (including amortization expense recorded within interest expense, cost of sales and operating expenses in Note 5 and Note 6) and operating income (loss) by segment for the periods indicated.
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Schedule of additions to property, plant and equipment and intangible assets by segment | The following table summarizes additions to property, plant and equipment and intangible assets by segment for the periods indicated. This information has been prepared on the accrual basis, and includes property, plant and equipment and intangible assets acquired in acquisitions.
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Schedule of long-lived assets (consisting of property, plant and equipment, intangible assets, operating lease right-of-use assets and goodwill) and total assets by segment | The following tables summarize long-lived assets (consisting of property, plant and equipment, intangible assets, operating lease right-of-use assets and goodwill) and total assets by segment at the dates indicated:
(1) Includes $17.5 million and $17.1 million of non-US long-lived assets at June 30, 2022 and March 31, 2022, respectively.
(1) Includes $65.5 million and $40.2 million of non-US total assets at June 30, 2022 and March 31, 2022, respectively.
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Transactions with Affiliates (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of related party transactions | The following table summarizes our related party transactions for the periods indicated:
Accounts receivable from affiliates consist of the following at the dates indicated:
Accounts payable to affiliates consist of the following at the dates indicated:
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Revenue from Contracts with Customers (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of amount and timing of remaining performance obligations | The following table summarizes the amount and timing of revenue recognition for such contracts at June 30, 2022 (in thousands):
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Schedule of contract assets and liabilities | The following tables summarize the balances of our contract assets and liabilities at the dates indicated:
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Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of lease expense | The following table summarizes the components of our lease expense for the periods indicated:
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Schedule of maturities of operating lease obligations | The following table summarizes maturities of our operating lease obligations at June 30, 2022 (in thousands):
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Schedule of supplemental cash flow and non-cash information for operating leases | The following table summarizes supplemental cash flow and non-cash information related to our operating leases for the periods indicated:
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Schedule of future minimum lease payments receivable under contractual commitments | The following table summarizes future minimum lease payments receivable under various noncancelable operating lease agreements at June 30, 2022 (in thousands):
|
Allowance for Current Expected Credit Loss (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of allowance for expected credit losses | The following table summarizes changes in our allowance for expected credit losses:
|
Organization and Operations (Details) |
3 Months Ended |
---|---|
Jun. 30, 2022 | |
Business Acquisition | |
Number of segments | 3 |
Liquids logistics | |
Business Acquisition | |
Number of owned terminals | 24 |
Number of common carrier pipelines | 9 |
Significant Accounting Policies - Income Taxes (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Mar. 31, 2022 |
|
Accounting Policies [Abstract] | |||
Deferred tax liability | $ 42,900,000 | $ 43,500,000 | |
Deferred tax benefit | $ 700,000 | $ 1,100,000 | |
Effective tax rate | 24.10% | 23.10% | |
Uncertain tax positions | $ 0 |
Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Mar. 31, 2022 |
---|---|---|
Inventory | ||
Crude oil | $ 91,345 | $ 135,485 |
Propane | 81,101 | 43,971 |
Total | 301,298 | 251,277 |
Butane Inventory | ||
Inventory | ||
Energy Related Inventory, Natural Gas Liquids | 71,929 | 33,144 |
Biodiesel Inventory | ||
Inventory | ||
Renewable Energy Related Inventory | 37,550 | 20,474 |
Diesel Inventory | ||
Inventory | ||
Energy Related Inventory, Crude Oil, Products and Merchandise | 3,801 | 3,504 |
Ethanol Inventory | ||
Inventory | ||
Renewable Energy Related Inventory | 3,698 | 3,503 |
Other natural gas liquids | ||
Inventory | ||
Energy Related Inventory, Natural Gas Liquids | $ 11,874 | $ 11,196 |
Significant Accounting Policies - Other Noncurrent Assets (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Jun. 30, 2022
USD ($)
bbl
|
Mar. 31, 2022
USD ($)
bbl
|
|
Other Assets, Noncurrent [Abstract] | ||
Linefill | $ 28,065 | $ 28,065 |
Loan receivable | 1,039 | 3,147 |
Other | 5,417 | 5,691 |
Total | 42,352 | 45,802 |
Other Noncurrent Assets | ||
Minimum shipping fees - pipeline commitments | 12,100 | |
Proceeds from collection of loan receivable | 1,000 | |
Former related party | ||
Other Noncurrent Assets | ||
Proceeds from collection of loan receivable | 2,000 | |
Final loan payment | 1,100 | |
Other noncurrent assets | ||
Other Noncurrent Assets | ||
Minimum shipping fees - pipeline commitments | 7,831 | $ 8,899 |
Prepaid expenses and other current assets | ||
Other Noncurrent Assets | ||
Minimum shipping fees - pipeline commitments | $ 4,300 | |
Crude oil | ||
Other Noncurrent Assets | ||
Number of barrels of product | bbl | 423,978 | 423,978 |
Significant Accounting Policies - Accrued Expenses and Other Payables (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Mar. 31, 2022 |
---|---|---|
Accounting Policies [Abstract] | ||
Accrued interest | $ 85,063 | $ 56,104 |
Derivative liabilities | 23,013 | 27,108 |
Accrued compensation and benefits | 16,622 | 18,417 |
Excise and other tax liabilities | 10,301 | 10,451 |
Product exchange liabilities | 8,211 | 853 |
Other | 35,891 | 27,786 |
Total | $ 179,101 | $ 140,719 |
Intangible Assets - Amortization (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Mar. 31, 2022 |
|
Amortization related to intangible assets | |||
Amortization expense | $ 20,902 | $ 24,313 | |
Future amortization expense of intangible assets | |||
2023 (nine months) | 61,751 | ||
2024 | 75,923 | ||
2025 | 67,706 | ||
2026 | 64,853 | ||
2027 | 60,259 | ||
2028 | 57,407 | ||
Thereafter | 727,968 | ||
Total | 1,115,867 | $ 1,135,099 | |
Depreciation and amortization | |||
Amortization related to intangible assets | |||
Amortization expense | 19,609 | 23,496 | |
Cost of sales | |||
Amortization related to intangible assets | |||
Amortization expense | 68 | 73 | |
Interest expense | |||
Amortization related to intangible assets | |||
Amortization expense | 1,163 | 682 | |
Operating expenses | |||
Amortization related to intangible assets | |||
Amortization expense | $ 62 | $ 62 |
Long-Term Debt - 2026 Senior Secured Notes (Details) - 7.5% Senior Secured Notes due 2026 |
Feb. 04, 2021 |
Jun. 30, 2022 |
---|---|---|
Long-Term Debt | ||
Fixed interest rate | 7.50% | 7.50% |
Debt instrument, total leverage ratio | 4.75 |
Long-Term Debt - Senior Unsecured Notes (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Long-Term Debt | ||
Cash paid (excluding payments of accrued interest) | $ 21,517 | $ 18,393 |
Gain on early extinguishment of liabilities, net | 1,662 | $ 51 |
7.5% Senior Notes due 2023 | ||
Long-Term Debt | ||
Notes repurchased | 23,260 | |
Cash paid (excluding payments of accrued interest) | 21,517 | |
Gain on early extinguishment of liabilities, net | 1,662 | |
Write off of debt issuance costs | $ 100 |
Long-Term Debt - Other Long-Term Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Mar. 31, 2022 |
Oct. 29, 2020 |
---|---|---|---|
Long-Term Debt | |||
Face amount | $ 3,426,939 | $ 3,395,829 | |
Equipment loan secured by certain barges and towboats | |||
Long-Term Debt | |||
Face amount | $ 41,100 | $ 45,000 | |
Fixed interest rate | 8.60% |
Long-Term Debt - Debt Maturity Schedule (Details) $ in Thousands |
Jun. 30, 2022
USD ($)
|
---|---|
Maturities | |
2023 (nine months) | $ 1,748 |
2024 | 455,258 |
2025 | 383,088 |
2026 | 2,224,343 |
2027 | 336,044 |
2028 | 26,458 |
Total | 3,426,939 |
7.5% Senior Secured Notes due 2026 | |
Maturities | |
2023 (nine months) | 0 |
2024 | 0 |
2025 | 0 |
2026 | 2,050,000 |
2027 | 0 |
2028 | 0 |
Total | 2,050,000 |
Asset Based Credit Facility | |
Maturities | |
2023 (nine months) | 0 |
2024 | 0 |
2025 | 0 |
2026 | 171,000 |
2027 | 0 |
2028 | 0 |
Total | 171,000 |
Senior Unsecured Notes | |
Maturities | |
2023 (nine months) | 0 |
2024 | 452,442 |
2025 | 380,020 |
2026 | 0 |
2027 | 332,402 |
2028 | 0 |
Total | 1,164,864 |
Other long-term debt | |
Maturities | |
2023 (nine months) | 1,748 |
2024 | 2,816 |
2025 | 3,068 |
2026 | 3,343 |
2027 | 3,642 |
2028 | 26,458 |
Total | $ 41,075 |
Long-Term Debt - Amortization of Debt Issuance Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Debt Disclosure [Abstract] | ||
Amortization of debt issuance costs | $ 3,000 | $ 3,100 |
Expected Future Amortization of Debt Issuance Costs | ||
2023 (nine months) | 9,007 | |
2024 | 11,540 | |
2025 | 10,807 | |
2026 | 8,532 | |
2027 | 46 | |
2028 | 6 | |
Total | $ 39,938 |
Commitments and Contingencies - Legal Contingencies (Details) $ in Millions |
3 Months Ended |
---|---|
Jun. 30, 2022
USD ($)
| |
Loss Contingencies | |
Loss contingency accrual | $ 2.5 |
Services Rendered | |
Loss Contingencies | |
Damages awarded | 4.0 |
Fraudulent Misrepresentation | |
Loss Contingencies | |
Damages awarded | $ 29.0 |
Commitments and Contingencies - Environmental Matters (Details) $ in Millions |
Jun. 30, 2022
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Environmental matters liability | $ 1.7 |
Commitments and Contingencies - Asset Retirement Obligations (Details) $ in Thousands |
3 Months Ended |
---|---|
Jun. 30, 2022
USD ($)
| |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Balance at beginning of period | $ 29,941 |
Liabilities incurred | 146 |
Liabilities associated with disposed assets (1) | (85) |
Liabilities settled | 93 |
Accretion expense | 441 |
Balance at end of period | $ 30,350 |
Number of saltwater disposal wells sold | 2 |
Commitments and Contingencies - Pipeline Capacity Agreements (Details) $ in Thousands |
3 Months Ended |
---|---|
Jun. 30, 2022
USD ($)
| |
Customer contracts | |
Future minimum throughput payments | |
Number of months to continue shipping after maturity date of contract | 6 months |
Pipeline capacity agreements | |
Future minimum throughput payments | |
2023 (nine months) | $ 26,510 |
2024 | 35,410 |
2025 | 30,897 |
Total | $ 92,817 |
Commitments and Contingencies - Other Commitments (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Future minimum payments | ||
2023 (nine months) | $ 8,199 | |
2024 | 8,468 | |
2025 | 3,236 | |
2026 | 1,203 | |
2027 | 1,189 | |
2028 | 1,189 | |
Thereafter | 4,140 | |
Total | 27,624 | |
Hillstone Subsidy Payment | ||
Future minimum payments | ||
Subsidy payment | 400 | $ 600 |
Minimum | Hillstone Subsidy Payment | ||
Future minimum payments | ||
Contractual obligation | 0 | |
Maximum | Hillstone Subsidy Payment | ||
Future minimum payments | ||
Contractual obligation | $ 1,600 |
Equity - Partnership Equity (Details) |
3 Months Ended |
---|---|
Jun. 30, 2022 | |
Common units | |
Equity | |
Ownership interest in NGL Energy Holdings LLC | 8.69% |
General Partner | |
Equity | |
General partner interest | 0.10% |
General Partner | Common units | |
Equity | |
General partner interest | 0.10% |
Limited Partner | |
Equity | |
Limited partner interest | 99.90% |
Equity - Class B Preferred Units (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 18 Months Ended | |
---|---|---|---|
Jul. 01, 2022 |
Jun. 30, 2022 |
Jun. 30, 2022 |
|
Class B Perpetual Preferred Units | |||
Preferred Units | |||
Preferred units, dividend payment terms | The current distribution rate for the Class B Preferred Units is 9.00% per year of the $25.00 liquidation preference per unit (equal to $2.25 per unit per year). | ||
Class B Perpetual Preferred Units | Subsequent Event | |||
Preferred Units | |||
Preferred units, dividend payment terms | On July 1, 2022, the Class B Preferred Units distributions on and after July 1, 2022 began accumulating at a percentage of the $25.00 liquidation preference equal to the applicable three-month LIBOR interest rate (or alternative rate as determined in accordance with the partnership agreement) plus a spread of 7.213%. | ||
Class B Perpetual Preferred Units | |||
Preferred Units | |||
Preferred units, issued and outstanding (in units) | 12,585,642 | 12,585,642 | |
Preferred units dividend rate | 9.00% | ||
Distributions earned during the quarter but not declared | $ 0.5625 | ||
Class B Perpetual Preferred Units | Cumulative distributions | |||
Preferred Units | |||
Cumulative distributions earned but not declared | $ 3.375 | ||
Cumulative distributions earned but not paid including accumulated interest | $ 44.7 |
Equity - Class C Preferred Units (Details) $ / shares in Units, $ in Millions |
3 Months Ended | 18 Months Ended |
---|---|---|
Jun. 30, 2022
$ / shares
shares
|
Jun. 30, 2022
USD ($)
$ / shares
shares
|
|
Class C Perpetual Preferred Units | ||
Preferred Units | ||
Preferred units, dividend payment terms | The current distribution rate for the Class C Preferred Units is 9.625% per year of the $25.00 liquidation preference per unit (equal to $2.41 per unit per year). | |
Class C Perpetual Preferred Units | ||
Preferred Units | ||
Preferred units, issued and outstanding (in units) | shares | 1,800,000 | 1,800,000 |
Preferred units dividend rate | 9.625% | |
Distributions earned during the quarter but not declared | $ 0.6016 | |
Class C Perpetual Preferred Units | Cumulative distributions | ||
Preferred Units | ||
Cumulative distributions earned but not declared | $ 3.6094 | |
Cumulative distributions earned but not paid including accumulated interest | $ | $ 6.9 |
Equity - Class D Preferred Units (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 18 Months Ended | |
---|---|---|---|
Jul. 01, 2022 |
Jun. 30, 2022 |
Jun. 30, 2022 |
|
Class D Preferred Units | |||
Preferred Units | |||
Warrants outstanding (in units) | 25,500,000 | 25,500,000 | |
Class D Preferred Units | |||
Preferred Units | |||
Preferred units, dividend payment terms | The current distribution rate for the Class D Preferred Units is 9.00% per year per unit (equal to $90.00 per every $1,000 in unit value per year), plus an additional 1.5% rate increase due to us exceeding the adjusted total leverage ratio and due to a Class D distribution payment default, as defined within the amended and restated limited partnership agreement | ||
Class D Preferred Units | Subsequent Event | |||
Preferred Units | |||
Preferred units, dividend payment terms | On July 1, 2022, the current distribution rate for the Class D Preferred Units increased to 10.00% per year per unit, plus an additional 1.5% rate increase due to us exceeding the adjusted total leverage ratio and due to a Class D distribution payment default, as described above. | ||
Class D Preferred Units | |||
Preferred Units | |||
Temporary equity, issued and outstanding (in units) | 600,000 | 600,000 | |
Distributions earned during the quarter but not declared | $ 27.32 | ||
Class D Preferred Units | Cumulative distributions | |||
Preferred Units | |||
Cumulative distributions earned but not declared | $ 162.60 | ||
Cumulative distributions earned but not paid including accumulated interest | $ 103,900 |
Fair Value of Financial Instruments - (Losses) Gains From Commodity Derivatives (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Fair Value Disclosures [Abstract] | ||
Net adjustments to fair value of commodity derivatives | $ (41,068) | $ (56,657) |
Fair Value of Financial Instruments - Interest Rate Risk (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Mar. 31, 2022 |
---|---|---|
Interest Rate Risk | ||
Face amount | $ 3,426,939 | $ 3,395,829 |
Asset Based Credit Facility | ||
Interest Rate Risk | ||
Interest rate | 4.84% | |
Asset Based Credit Facility | ||
Interest Rate Risk | ||
Face amount | $ 171,000 | $ 116,000 |
Fair Value of Financial Instruments - Fair Value of Fixed-Rate Notes (Details) $ in Thousands |
Jun. 30, 2022
USD ($)
|
---|---|
7.5% Senior Secured Notes due 2026 | |
Fair Value of Fixed-Rate Notes | |
Fair value of fixed-rate notes | $ 1,843,292 |
7.5% Senior Notes due 2023 | |
Fair Value of Fixed-Rate Notes | |
Fair value of fixed-rate notes | 409,837 |
6.125% Senior Notes due 2025 | |
Fair Value of Fixed-Rate Notes | |
Fair value of fixed-rate notes | 286,282 |
7.5% Senior Notes due 2026 | |
Fair Value of Fixed-Rate Notes | |
Fair value of fixed-rate notes | $ 241,130 |
Transactions with Affiliates - Related Party Transactions (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Mar. 31, 2022 |
|
Transactions with Affiliates | |||
Accounts receivable-affiliates | $ 9,238 | $ 8,591 | |
Accounts payable-affiliates | 91 | 73 | |
Entities affiliated with management | |||
Transactions with Affiliates | |||
Purchases from related party | 0 | $ 70 | |
Accounts receivable-affiliates | 1 | 1 | |
Accounts payable-affiliates | 1 | 46 | |
Equity method investee | |||
Transactions with Affiliates | |||
Purchases from related party | 498 | $ 191 | |
Accounts receivable-affiliates | 390 | 107 | |
Accounts payable-affiliates | 90 | 27 | |
NGL Energy Holdings LLC | |||
Transactions with Affiliates | |||
Accounts receivable-affiliates | $ 8,847 | $ 8,483 |
Transactions with Affiliates - Other Related Party Transactions (Details) |
Jun. 30, 2022
USD ($)
|
---|---|
Transactions with Affiliates | |
Outstanding loan balance | $ 2,500,000 |
Guarantor obligation | $ 0 |
Operating segment | Aircraft Company | Corporate and other | |
Transactions with Affiliates | |
Ownership interest | 50.00% |
Revenue from Contracts with Customers - Revenue Agreements (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Net adjustments to fair value of commodity derivatives | $ (41,068) | $ (56,657) |
Liquids logistics | ||
Net adjustments to fair value of commodity derivatives | $ 5,100 |
Revenue from Contracts with Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Mar. 31, 2022 |
|
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Accounts receivable from contracts with customers | $ 590,488 | $ 605,384 |
Contract assets (current) | 1,467 | 0 |
Contract liabilities balance | 21,647 | $ 7,667 |
Payment received and deferred | 27,799 | |
Payment recognized in revenue | $ (13,819) |
Leases - Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Lease, Cost [Abstract] | ||
Operating lease expense | $ 13,678 | $ 15,274 |
Variable lease expense | 7,028 | 5,230 |
Short-term lease expense | 94 | 70 |
Total | $ 20,800 | $ 20,574 |
Leases - Lessee Maturities of Operating Lease Obligations (Details) $ in Thousands |
Jun. 30, 2022
USD ($)
|
---|---|
Leases [Abstract] | |
2023 (nine months) | $ 35,135 |
2024 | 31,997 |
2025 | 19,206 |
2026 | 8,446 |
2027 | 4,596 |
2028 | 4,405 |
Thereafter | 34,416 |
Total lease payments | 138,201 |
Less imputed interest | (30,571) |
Total operating lease obligations | $ 107,630 |
Leases - Lessee Supplemental Cash Flow and Non-Cash Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of operating lease obligations | $ 13,031 | $ 14,554 |
Operating lease right-of-use assets obtained in exchange for operating lease obligations | $ 5,920 | $ 7,312 |
Leases - Lessor Future Minimum Lease Payments Receivable (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Leases [Abstract] | ||
2023 (nine months) | $ 8,089 | |
2024 | 4,926 | |
2025 | 692 | |
2026 | 415 | |
2027 | 415 | |
2028 | 415 | |
Thereafter | 189 | |
Total | 15,141 | |
Operating lease revenues | 3,500 | $ 3,300 |
Sublease revenue | $ 200 | $ 400 |
Allowance for Current Expected Credit Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Mar. 31, 2022 |
|
Allowance for Expected Credit Loss | |||
Change in provision for expected credit losses | $ (419) | $ (21) | |
Trade Accounts Receivable | |||
Allowance for Expected Credit Loss | |||
Accounts receivable-trade, allowance for expected credit loss | 2,625 | $ 2,626 | |
Change in provision for expected credit losses | (1) | ||
Notes Receivable and Other | |||
Allowance for Expected Credit Loss | |||
Change in provision for expected credit losses | (418) | ||
Notes receivable and other, allowance for expected credit loss | $ 40 | $ 458 |
Other Matters - Third-party Loan Receivable (Details) $ in Millions |
3 Months Ended |
---|---|
Jun. 30, 2022
USD ($)
| |
Receivables [Abstract] | |
Financing receivable, after allowance for credit loss | $ 0.6 |
Proceeds from collection of loan receivable | $ 1.0 |
Subsequent Events (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended |
---|---|---|
Jul. 31, 2022 |
Jun. 30, 2022 |
|
Senior Notes 7.50 Percent Due 2023 member | ||
Subsequent Event | ||
Notes repurchased | $ 23,260 | |
Senior Notes 7.50 Percent Due 2023 member | Subsequent Event | ||
Subsequent Event | ||
Notes repurchased | $ 14,200 | |
7.5% Senior Notes due 2026 | Subsequent Event | ||
Subsequent Event | ||
Notes repurchased | $ 1,500 |
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