XML 341 R24.htm IDEA: XBRL DOCUMENT v2.4.1.9
Condensed Consolidating Guarantor and Non-Guarantor Financial Information
6 Months Ended 12 Months Ended
Sep. 30, 2014
Mar. 31, 2014
Condensed Consolidating Guarantor and Non-Guarantor Financial Information    
Condensed Consolidating Guarantor and Non-Guarantor Financial Information

Note 14 — Condensed Consolidating Guarantor and Non-Guarantor Financial Information

 

Certain of our wholly-owned subsidiaries have, jointly and severally, fully and unconditionally guaranteed the 2019 Notes and the 2021 Notes (described in Note 7). Pursuant to Rule 3-10 of Regulation S-X, we have presented in columnar format the condensed consolidating financial information for NGL Energy Partners LP, NGL Energy Finance Corp. (which, along with NGL Energy Partners LP, is a co-issuer of the 2019 Notes and 2021 Notes), the guarantor subsidiaries on a combined basis, and the non-guarantor subsidiaries on a combined basis in the tables below.

 

During the periods presented in the tables below, the status of certain subsidiaries changed, in that they either became guarantors of or ceased to be guarantors of the 2019 Notes and 2021 Notes. Such changes have been given retrospective application in the tables below.

 

There are no significant restrictions upon the ability of the parent or any of the guarantor subsidiaries to obtain funds from their respective subsidiaries by dividend or loan. None of the assets of the guarantor subsidiaries represent restricted net assets pursuant to Rule 4-08(e)(3) of Regulation S-X under the Securities Act.

 

For purposes of the tables below, (i) the condensed consolidating financial information is presented on a legal entity basis, not a business segment basis, (ii) investments in consolidated subsidiaries are accounted for as equity method investments, and (iii) contributions, distributions, and advances to or from consolidated entities are reported on a net basis within net changes in advances with consolidated entities in the condensed consolidating cash flow tables below.

 

NGL ENERGY PARTNERS LP

Condensed Consolidating Balance Sheet

(U.S. Dollars in Thousands)

 

 

 

September 30, 2014

 

 

 

NGL Energy
Partners LP

 

NGL Energy

 

Guarantor

 

Non-Guarantor

 

Consolidating

 

 

 

 

 

(Parent) (1)

 

Finance Corp.

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Consolidated

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,841

 

$

—

 

$

7,823

 

$

1,159

 

$

—

 

$

11,823

 

Accounts receivable - trade, net of allowance for doubtful accounts

 

—

 

—

 

1,419,442

 

13,675

 

—

 

1,433,117

 

Accounts receivable - affiliates

 

—

 

—

 

41,035

 

671

 

—

 

41,706

 

Inventories

 

—

 

—

 

937,814

 

3,775

 

—

 

941,589

 

Prepaid expenses and other current assets

 

—

 

—

 

155,332

 

1,486

 

—

 

156,818

 

Total current assets

 

2,841

 

—

 

2,561,446

 

20,766

 

—

 

2,585,053

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation

 

—

 

—

 

863,694

 

569,619

 

—

 

1,433,313

 

GOODWILL

 

—

 

—

 

1,139,374

 

31,116

 

—

 

1,170,490

 

INTANGIBLE ASSETS, net of accumulated amortization

 

1,307

 

17,619

 

778,960

 

40,202

 

—

 

838,088

 

INVESTMENTS IN UNCONSOLIDATED ENTITIES

 

—

 

—

 

214,234

 

268,410

 

—

 

482,644

 

NET INTERCOMPANY RECEIVABLES (PAYABLES)

 

248,893

 

849,526

 

(1,026,605

)

(71,814

)

—

 

—

 

INVESTMENTS IN CONSOLIDATED SUBSIDIARIES

 

1,743,573

 

—

 

10,470

 

—

 

(1,754,043

)

—

 

OTHER NONCURRENT ASSETS

 

—

 

—

 

40,035

 

2,056

 

—

 

42,091

 

Total assets

 

$

1,996,614

 

$

867,145

 

$

4,581,608

 

$

860,355

 

$

(1,754,043

)

$

6,551,679

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable - trade

 

$

—

 

$

—

 

$

1,333,780

 

$

11,244

 

$

—

 

$

1,345,024

 

Accounts payable - affiliates

 

—

 

—

 

85,237

 

70

 

—

 

85,307

 

Accrued expenses and other payables

 

554

 

19,021

 

186,226

 

12,681

 

—

 

218,482

 

Advance payments received from customers

 

—

 

—

 

105,597

 

508

 

—

 

106,105

 

Current maturities of long-term debt

 

—

 

—

 

5,004

 

58

 

—

 

5,062

 

Total current liabilities

 

554

 

19,021

 

1,715,844

 

24,561

 

—

 

1,759,980

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LONG-TERM DEBT, net of current maturities

 

250,000

 

850,000

 

1,085,155

 

252,196

 

—

 

2,437,351

 

OTHER NONCURRENT LIABILITIES

 

—

 

—

 

35,160

 

4,358

 

—

 

39,518

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners’ equity (deficit)

 

1,746,060

 

(1,876

)

1,745,450

 

579,312

 

(2,322,813

)

1,746,133

 

Accumulated other comprehensive loss

 

—

 

—

 

(1

)

(72

)

—

 

(73

)

Noncontrolling interests

 

—

 

—

 

—

 

—

 

568,770

 

568,770

 

Total equity (deficit)

 

1,746,060

 

(1,876

)

1,745,449

 

579,240

 

(1,754,043

)

2,314,830

 

Total liabilities and equity

 

$

1,996,614

 

$

867,145

 

$

4,581,608

 

$

860,355

 

$

(1,754,043

)

$

6,551,679

 

 

 

(1)         The parent is a co-issuer of the 2019 Notes and 2021 Notes that are included in the NGL Energy Finance Corp. column.

 

NGL ENERGY PARTNERS LP

Condensed Consolidating Balance Sheet

(U.S. Dollars in Thousands)

 

 

 

March 31, 2014

 

 

 

NGL Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners LP

 

NGL Energy

 

Guarantor

 

Non-Guarantor

 

Consolidating

 

 

 

 

 

(Parent) (1)

 

Finance Corp.

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Consolidated

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,181

 

$

—

 

$

8,728

 

$

531

 

$

—

 

$

10,440

 

Accounts receivable - trade, net of allowance for doubtful accounts

 

—

 

—

 

887,789

 

13,115

 

—

 

900,904

 

Accounts receivable - affiliates

 

—

 

—

 

7,445

 

—

 

—

 

7,445

 

Inventories

 

—

 

—

 

306,434

 

3,726

 

—

 

310,160

 

Prepaid expenses and other current assets

 

—

 

—

 

80,294

 

56

 

—

 

80,350

 

Total current assets

 

1,181

 

—

 

1,290,690

 

17,428

 

—

 

1,309,299

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation

 

—

 

—

 

764,014

 

65,332

 

—

 

829,346

 

GOODWILL

 

—

 

—

 

1,105,008

 

1,998

 

—

 

1,107,006

 

INTANGIBLE ASSETS, net of accumulated amortization

 

1,169

 

11,552

 

700,603

 

1,632

 

—

 

714,956

 

INVESTMENTS IN UNCONSOLIDATED ENTITIES

 

—

 

—

 

189,821

 

—

 

—

 

189,821

 

NET INTERCOMPANY RECEIVABLES (PAYABLES)

 

327,281

 

437,714

 

(720,737

)

(44,258

)

—

 

—

 

INVESTMENTS IN CONSOLIDATED SUBSIDIARIES

 

1,447,502

 

—

 

17,673

 

—

 

(1,465,175

)

—

 

OTHER NONCURRENT ASSETS

 

—

 

—

 

16,674

 

121

 

—

 

16,795

 

Total assets

 

$

1,777,133

 

$

449,266

 

$

3,363,746

 

$

42,253

 

$

(1,465,175

)

$

4,167,223

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable - trade

 

$

—

 

$

—

 

$

726,252

 

$

13,959

 

$

—

 

$

740,211

 

Accounts payable - affiliates

 

—

 

—

 

73,703

 

3,143

 

—

 

76,846

 

Accrued expenses and other payables

 

554

 

14,266

 

124,923

 

1,947

 

—

 

141,690

 

Advance payments received from customers

 

—

 

—

 

29,891

 

74

 

—

 

29,965

 

Current maturities of long-term debt

 

—

 

—

 

7,058

 

22

 

—

 

7,080

 

Total current liabilities

 

554

 

14,266

 

961,827

 

19,145

 

—

 

995,792

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LONG-TERM DEBT, net of current maturities

 

250,000

 

450,000

 

929,754

 

80

 

—

 

1,629,834

 

OTHER NONCURRENT LIABILITIES

 

—

 

—

 

9,663

 

81

 

—

 

9,744

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners’ equity (deficit)

 

1,526,579

 

(15,000

)

1,462,691

 

22,994

 

(1,470,449

)

1,526,815

 

Accumulated other comprehensive loss

 

—

 

—

 

(189

)

(47

)

—

 

(236

)

Noncontrolling interests

 

—

 

—

 

—

 

—

 

5,274

 

5,274

 

Total equity (deficit)

 

1,526,579

 

(15,000

)

1,462,502

 

22,947

 

(1,465,175

)

1,531,853

 

Total liabilities and equity

 

$

1,777,133

 

$

449,266

 

$

3,363,746

 

$

42,253

 

$

(1,465,175

)

$

4,167,223

 

 

 

(1)     The parent is a co-issuer of the 2021 Notes that are included in the NGL Energy Finance Corp. column.

 

NGL ENERGY PARTNERS LP

Condensed Consolidating Statement of Operations

(U.S. Dollars in Thousands)

 

 

 

Three Months Ended September 30, 2014

 

 

 

NGL Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners LP

 

NGL Energy

 

Guarantor

 

Non-Guarantor

 

Consolidating

 

 

 

 

 

(Parent) (1)

 

Finance Corp.

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

$

—

 

$

—

 

$

5,325,186

 

$

55,364

 

$

(24

)

$

5,380,526

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COST OF SALES

 

—

 

—

 

5,161,935

 

17,554

 

(24

)

5,179,465

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING COSTS AND EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

—

 

—

 

84,300

 

17,253

 

—

 

101,553

 

General and administrative

 

—

 

—

 

36,360

 

5,279

 

—

 

41,639

 

Depreciation and amortization

 

—

 

—

 

38,999

 

11,100

 

—

 

50,099

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

—

 

—

 

3,592

 

4,178

 

—

 

7,770

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings of unconsolidated entities

 

—

 

—

 

2,310

 

1,387

 

—

 

3,697

 

Interest expense

 

(4,067

)

(13,134

)

(9,956

)

(1,506

)

12

 

(28,651

)

Other, net

 

—

 

—

 

(524

)

(81

)

(12

)

(617

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) Before Income Taxes

 

(4,067

)

(13,134

)

(4,578

)

3,978

 

—

 

(17,801

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAX (PROVISION) BENEFIT

 

—

 

—

 

1,951

 

(29

)

—

 

1,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY IN NET INCOME (LOSS) OF CONSOLIDATED SUBSIDIARIES

 

(15,157

)

—

 

604

 

—

 

14,553

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

(19,224

)

(13,134

)

(2,023

)

3,949

 

14,553

 

(15,879

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS: NET INCOME ALLOCATED TO GENERAL PARTNER

 

 

 

 

 

 

 

 

 

(11,056

)

(11,056

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 

 

 

 

 

 

 

(3,345

)

(3,345

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) ALLOCATED TO LIMITED PARTNERS

 

$

(19,224

)

$

(13,134

)

$

(2,023

)

$

3,949

 

$

152

 

$

(30,280

)

 

(1)     The parent is a co-issuer of the 2019 Notes and 2021 Notes.

 

NGL ENERGY PARTNERS LP

Condensed Consolidating Statement of Operations

(U.S. Dollars in Thousands)

 

 

 

Three Months Ended September 30, 2013

 

 

 

NGL Energy

 

 

 

 

 

 

 

 

 

 

 

Partners LP

 

Guarantor

 

Non-Guarantor

 

Consolidating

 

 

 

 

 

(Parent)

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

$

—

 

$

1,546,226

 

$

47,735

 

$

(24

)

$

1,593,937

 

 

 

 

 

 

 

 

 

 

 

 

 

COST OF SALES

 

—

 

1,445,442

 

43,432

 

(24

)

1,488,850

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING COSTS AND EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

Operating

 

—

 

52,979

 

2,790

 

—

 

55,769

 

General and administrative

 

—

 

14,089

 

223

 

—

 

14,312

 

Depreciation and amortization

 

—

 

23,970

 

1,091

 

—

 

25,061

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

—

 

9,746

 

199

 

—

 

9,945

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(4,179

)

(6,880

)

(13

)

12

 

(11,060

)

Other, net

 

—

 

528

 

(97

)

(12

)

419

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) Before Income Taxes

 

(4,179

)

3,394

 

89

 

—

 

(696

)

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAX PROVISION

 

—

 

(236

)

—

 

—

 

(236

)

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY IN NET INCOME OF CONSOLIDATED SUBSIDIARIES

 

3,238

 

80

 

—

 

(3,318

)

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

(941

)

3,238

 

89

 

(3,318

)

(932

)

 

 

 

 

 

 

 

 

 

 

 

 

LESS: NET INCOME ALLOCATED TO GENERAL PARTNER

 

 

 

 

 

 

 

(2,451

)

(2,451

)

 

 

 

 

 

 

 

 

 

 

 

 

LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 

 

 

 

 

(9

)

(9

)

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) ALLOCATED TO LIMITED PARTNERS

 

$

(941

)

$

3,238

 

$

89

 

$

(5,778

)

$

(3,392

)

 

NGL ENERGY PARTNERS LP

Condensed Consolidating Statement of Operations

(U.S. Dollars in Thousands)

 

 

 

Six Months Ended September 30, 2014

 

 

 

NGL Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners LP

 

NGL Energy

 

Guarantor

 

Non-Guarantor

 

Consolidating

 

 

 

 

 

(Parent) (1)

 

Finance Corp.

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

$

—

 

$

—

 

$

8,952,772

 

$

76,421

 

$

(53

)

$

9,029,140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COST OF SALES

 

—

 

—

 

8,676,881

 

36,690

 

(53

)

8,713,518

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING COSTS AND EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

—

 

—

 

150,919

 

18,502

 

—

 

169,421

 

General and administrative

 

—

 

—

 

64,124

 

5,388

 

—

 

69,512

 

Depreciation and amortization

 

—

 

—

 

77,545

 

11,929

 

—

 

89,474

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

 

—

 

—

 

(16,697

)

3,912

 

—

 

(12,785

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings of unconsolidated entities

 

—

 

—

 

4,875

 

1,387

 

—

 

6,262

 

Interest expense

 

(8,313

)

(21,280

)

(18,058

)

(1,517

)

23

 

(49,145

)

Other, net

 

—

 

—

 

(1,056

)

71

 

(23

)

(1,008

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) Before Income Taxes

 

(8,313

)

(21,280

)

(30,936

)

3,853

 

—

 

(56,676

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAX (PROVISION) BENEFIT

 

—

 

—

 

993

 

(106

)

—

 

887

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY IN NET INCOME (LOSS) OF CONSOLIDATED SUBSIDIARIES

 

(50,886

)

—

 

337

 

—

 

50,549

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

(59,199

)

(21,280

)

(29,606

)

3,747

 

50,549

 

(55,789

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS: NET INCOME ALLOCATED TO GENERAL PARTNER

 

 

 

 

 

 

 

 

 

(20,437

)

(20,437

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 

 

 

 

 

 

 

(3,410

)

(3,410

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) ALLOCATED TO LIMITED PARTNERS

 

$

(59,199

)

$

(21,280

)

$

(29,606

)

$

3,747

 

$

26,702

 

$

(79,636

)

 

 

(1)     The parent is a co-issuer of the 2019 Notes and 2021 Notes.

 

NGL ENERGY PARTNERS LP

Condensed Consolidating Statement of Operations

(U.S. Dollars in Thousands)

 

 

 

Six Months Ended September 30, 2013

 

 

 

NGL Energy

 

 

 

 

 

 

 

 

 

 

 

Partners LP

 

Guarantor

 

Non-Guarantor

 

Consolidating

 

 

 

 

 

(Parent)

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

$

—

 

$

2,914,531

 

$

65,421

 

$

(58

)

$

2,979,894

 

 

 

 

 

 

 

 

 

 

 

 

 

COST OF SALES

 

—

 

2,735,890

 

56,094

 

(58

)

2,791,926

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING COSTS AND EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

Operating

 

—

 

99,710

 

5,104

 

—

 

104,814

 

General and administrative

 

—

 

32,297

 

469

 

—

 

32,766

 

Depreciation and amortization

 

—

 

46,000

 

1,785

 

—

 

47,785

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

—

 

634

 

1,969

 

—

 

2,603

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(8,368

)

(13,309

)

(28

)

23

 

(21,682

)

Other, net

 

—

 

627

 

(135

)

(23

)

469

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) Before Income Taxes

 

(8,368

)

(12,048

)

1,806

 

—

 

(18,610

)

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAX BENEFIT

 

—

 

170

 

—

 

—

 

170

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY IN NET INCOME (LOSS) OF CONSOLIDATED SUBSIDIARIES

 

(10,206

)

1,672

 

—

 

8,534

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

(18,574

)

(10,206

)

1,806

 

8,534

 

(18,440

)

 

 

 

 

 

 

 

 

 

 

 

 

LESS: NET INCOME ALLOCATED TO GENERAL PARTNER

 

 

 

 

 

 

 

(4,139

)

(4,139

)

 

 

 

 

 

 

 

 

 

 

 

 

LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 

 

 

 

 

(134

)

(134

)

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) ALLOCATED TO LIMITED PARTNERS

 

$

(18,574

)

$

(10,206

)

$

1,806

 

$

4,261

 

$

(22,713

)

 

NGL ENERGY PARTNERS LP

Condensed Consolidating Statements of Comprehensive Income (Loss)

(U.S. Dollars in Thousands)

 

 

 

Three Months Ended September 30, 2014

 

 

 

NGL Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners LP

 

NGL Energy

 

Guarantor

 

Non-Guarantor

 

Consolidating

 

 

 

 

 

(Parent) (1)

 

Finance Corp.

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(19,224

)

$

(13,134

)

$

(2,023

)

$

3,949

 

$

14,553

 

$

(15,879

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

—

 

—

 

4

 

(26

)

—

 

(22

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

 

$

(19,224

)

$

(13,134

)

$

(2,019

)

$

3,923

 

$

14,553

 

$

(15,901

)

 

 

(1)     The parent is a co-issuer of the 2019 Notes and 2021 Notes.

 

 

 

Three Months Ended September 30, 2013

 

 

 

NGL Energy

 

 

 

 

 

 

 

 

 

 

 

Partners LP

 

Guarantor

 

Non-Guarantor

 

Consolidating

 

 

 

 

 

(Parent)

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(941

)

$

3,238

 

$

89

 

$

(3,318

)

$

(932

)

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss

 

—

 

—

 

(5

)

—

 

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

 

$

(941

)

$

3,238

 

$

84

 

$

(3,318

)

$

(937

)

 

NGL ENERGY PARTNERS LP

Condensed Consolidating Statements of Comprehensive Income (Loss)

(U.S. Dollars in Thousands)

 

 

 

Six Months Ended September 30, 2014

 

 

 

NGL Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners LP

 

NGL Energy

 

Guarantor

 

Non-Guarantor

 

Consolidating

 

 

 

 

 

(Parent) (1)

 

Finance Corp.

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(59,199

)

$

(21,280

)

$

(29,606

)

$

3,747

 

$

50,549

 

$

(55,789

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

—

 

—

 

189

 

(26

)

—

 

163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

 

$

(59,199

)

$

(21,280

)

$

(29,417

)

$

3,721

 

$

50,549

 

$

(55,626

)

 

 

(1)     The parent is a co-issuer of the 2019 Notes and 2021 Notes.

 

 

 

Six Months Ended September 30, 2013

 

 

 

NGL Energy

 

 

 

 

 

 

 

 

 

 

 

Partners LP

 

Guarantor

 

Non-Guarantor

 

Consolidating

 

 

 

 

 

(Parent)

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(18,574

)

$

(10,206

)

$

1,806

 

$

8,534

 

$

(18,440

)

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss

 

—

 

—

 

(30

)

—

 

(30

)

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

 

$

(18,574

)

$

(10,206

)

$

1,776

 

$

8,534

 

$

(18,470

)

 

NGL ENERGY PARTNERS LP

Condensed Consolidating Statement of Cash Flows

(U.S. Dollars in Thousands)

 

 

 

Six Months Ended September 30, 2014

 

 

 

NGL Energy

 

 

 

 

 

 

 

 

 

 

 

Partners LP

 

NGL Energy

 

Guarantor

 

Non-Guarantor

 

 

 

 

 

(Parent) (1)

 

Finance Corp.

 

Subsidiaries

 

Subsidiaries

 

Consolidated

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

$

(8,180

)

$

(15,383

)

$

(56,019

)

$

17,947

 

$

(61,635

)

 

 

 

 

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

Purchases of long-lived assets

 

—

 

—

 

(81,710

)

(1,141

)

(82,851

)

Acquisitions of businesses, including acquired working capital, net of cash acquired

 

—

 

—

 

(657,514

)

(1,250

)

(658,764

)

Cash flows from commodity derivatives

 

—

 

—

 

4,327

 

—

 

4,327

 

Proceeds from sales of assets

 

—

 

—

 

8,741

 

—

 

8,741

 

Investments in unconsolidated entities

 

—

 

—

 

(6,106

)

(20,284

)

(26,390

)

Distributions of capital from unconsolidated entities

 

—

 

—

 

2,774

 

1,875

 

4,649

 

Net cash used in investing activities

 

—

 

—

 

(729,488

)

(20,800

)

(750,288

)

 

 

 

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

Proceeds from borrowings under revolving credit facilities

 

—

 

—

 

1,923,500

 

56,000

 

1,979,500

 

Payments on revolving credit facilities

 

—

 

—

 

(1,766,000

)

(38,000

)

(1,804,000

)

Issuance of notes

 

—

 

400,000

 

—

 

—

 

400,000

 

Payments on other long-term debt

 

—

 

—

 

(4,173

)

(2

)

(4,175

)

Debt issuance costs

 

(269

)

(7,209

)

(1,720

)

—

 

(9,198

)

Contributions

 

395

 

—

 

—

 

—

 

395

 

Distributions to owners

 

(111,008

)

—

 

—

 

—

 

(111,008

)

Distributions to noncontrolling interest partners

 

—

 

—

 

—

 

(8,654

)

(8,654

)

Proceeds from sale of common units, net of offering costs

 

370,446

 

—

 

—

 

—

 

370,446

 

Net changes in advances with consolidated entities

 

(249,724

)

(377,408

)

632,995

 

(5,863

)

—

 

Net cash provided by financing activities

 

9,840

 

15,383

 

784,602

 

3,481

 

813,306

 

Net increase (decrease) in cash and cash equivalents

 

1,660

 

—

 

(905

)

628

 

1,383

 

Cash and cash equivalents, beginning of period

 

1,181

 

—

 

8,728

 

531

 

10,440

 

Cash and cash equivalents, end of period

 

$

2,841

 

$

—

 

$

7,823

 

$

1,159

 

$

11,823

 

 

 

(1)     The parent is a co-issuer of the 2019 Notes and 2021 Notes.

 

NGL ENERGY PARTNERS LP

Condensed Consolidating Statement of Cash Flows

(U.S. Dollars in Thousands)

 

 

 

Six Months Ended September 30, 2013

 

 

 

NGL Energy

 

 

 

 

 

 

 

 

 

Partners LP

 

Guarantor

 

Non-Guarantor

 

 

 

 

 

(Parent)

 

Subsidiaries

 

Subsidiaries

 

Consolidated

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

$

(8,312

)

$

(44,607

)

$

4,175

 

$

(48,744

)

 

 

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

Purchases of long-lived assets

 

—

 

(37,180

)

(30,219

)

(67,399

)

Acquisitions of businesses, including acquired working capital, net of cash acquired

 

(334,085

)

(56,237

)

(2,283

)

(392,605

)

Cash flows from commodity derivatives

 

—

 

(19,074

)

—

 

(19,074

)

Proceeds from sales of assets

 

—

 

2,223

 

1

 

2,224

 

Net cash used in investing activities

 

(334,085

)

(110,268

)

(32,501

)

(476,854

)

 

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

Proceeds from borrowings under revolving credit facility

 

—

 

1,061,500

 

—

 

1,061,500

 

Payments on revolving credit facility

 

—

 

(893,000

)

—

 

(893,000

)

Proceeds from borrowings on other long-term debt

 

—

 

780

 

100

 

880

 

Payments on other long-term debt

 

—

 

(4,499

)

(8

)

(4,507

)

Debt issuance costs

 

(133

)

(2,085

)

—

 

(2,218

)

Contributions

 

504

 

—

 

1,940

 

2,444

 

Distributions to owners

 

(60,258

)

—

 

(365

)

(60,623

)

Proceeds from sale of common units, net of offering costs

 

415,089

 

—

 

—

 

415,089

 

Net changes in advances with consolidated entities

 

(11,459

)

(15,123

)

26,582

 

—

 

Net cash provided by financing activities

 

343,743

 

147,573

 

28,249

 

519,565

 

Net increase (decrease) in cash and cash equivalents

 

1,346

 

(7,302

)

(77

)

(6,033

)

Cash and cash equivalents, beginning of period

 

—

 

11,206

 

355

 

11,561

 

Cash and cash equivalents, end of period

 

$

1,346

 

$

3,904

 

$

278

 

$

5,528

 

 

 

Note 17 — Condensed Consolidating Guarantor and Non-Guarantor Financial Information

 

Certain of our wholly-owned subsidiaries have, jointly and severally, fully and unconditionally guaranteed the Unsecured Notes (described in Note 8). Pursuant to Rule 3-10 of Regulation S-X, we have presented in columnar format the condensed consolidating financial information for NGL Energy Partners LP, NGL Energy Finance Corp. (which, along with NGL Energy Partners LP, is a co-issuer of the Unsecured Notes), the guarantor subsidiaries on a combined basis, and the non-guarantor subsidiaries on a combined basis in the tables below.

 

During the periods presented in the tables below, the status of certain subsidiaries changed, in that they either became guarantors of or ceased to be guarantors of the Unsecured Notes. Such changes have been given retrospective application in the tables below.

 

There are no significant restrictions upon the ability of the parent or any of the guarantor subsidiaries to obtain funds from their respective subsidiaries by dividend or loan. None of the assets of the guarantor subsidiaries represent restricted net assets pursuant to Rule 4-08(e)(3) of Regulation S-X under the Securities Act.

 

For purposes of the tables below, (i) the condensed consolidating financial information is presented on a legal entity basis, not a business segment basis, (ii) investments in consolidated subsidiaries are accounted for as equity method investments, and (iii) contributions, distributions, and advances to or from consolidated entities are reported on a net basis within net changes in advances with consolidated entities in the condensed consolidating cash flow tables below.

 

NGL ENERGY PARTNERS LP

Condensed Consolidating Balance Sheet

(U.S. Dollars in Thousands)

 

 

 

March 31, 2014

 

 

 

NGL Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners LP

 

NGL Energy

 

Guarantor

 

Non-Guarantor

 

Consolidating

 

 

 

 

 

(Parent) (1)

 

Finance Corp.

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Consolidated

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,181

 

$

—

 

$

8,728

 

$

531

 

$

—

 

$

10,440

 

Accounts receivable - trade, net of allowance for doubtful accounts

 

—

 

—

 

887,789

 

13,115

 

—

 

900,904

 

Accounts receivable - affiliates

 

—

 

—

 

7,445

 

—

 

—

 

7,445

 

Inventories

 

—

 

—

 

306,434

 

3,726

 

—

 

310,160

 

Prepaid expenses and other current assets

 

—

 

—

 

80,294

 

56

 

—

 

80,350

 

Total current assets

 

1,181

 

—

 

1,290,690

 

17,428

 

—

 

1,309,299

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation

 

—

 

—

 

764,014

 

65,332

 

—

 

829,346

 

GOODWILL

 

—

 

—

 

1,105,008

 

1,998

 

—

 

1,107,006

 

INTANGIBLE ASSETS, net of accumulated amortization

 

1,169

 

11,552

 

700,603

 

1,632

 

—

 

714,956

 

INVESTMENTS IN UNCONSOLIDATED ENTITIES

 

—

 

—

 

189,821

 

—

 

—

 

189,821

 

NET INTERCOMPANY RECEIVABLES (PAYABLES)

 

327,281

 

437,714

 

(720,737

)

(44,258

)

—

 

—

 

INVESTMENTS IN CONSOLIDATED SUBSIDIARIES

 

1,447,502

 

—

 

17,673

 

—

 

(1,465,175

)

—

 

OTHER NONCURRENT ASSETS

 

—

 

—

 

16,674

 

121

 

—

 

16,795

 

Total assets

 

$

1,777,133

 

$

449,266

 

$

3,363,746

 

$

42,253

 

$

(1,465,175

)

$

4,167,223

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable - trade

 

$

—

 

$

—

 

$

726,252

 

$

13,959

 

$

—

 

$

740,211

 

Accounts payable - affiliates

 

—

 

—

 

73,703

 

3,143

 

—

 

76,846

 

Accrued expenses and other payables

 

554

 

14,266

 

124,923

 

1,947

 

—

 

141,690

 

Advance payments received from customers

 

—

 

—

 

29,891

 

74

 

—

 

29,965

 

Current maturities of long-term debt

 

—

 

—

 

7,058

 

22

 

—

 

7,080

 

Total current liabilities

 

554

 

14,266

 

961,827

 

19,145

 

—

 

995,792

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LONG-TERM DEBT, net of current maturities

 

250,000

 

450,000

 

929,754

 

80

 

—

 

1,629,834

 

OTHER NONCURRENT LIABILITIES

 

—

 

—

 

9,663

 

81

 

—

 

9,744

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners’ equity (deficit)

 

1,526,579

 

(15,000

)

1,462,691

 

22,994

 

(1,470,449

)

1,526,815

 

Accumulated other comprehensive loss

 

—

 

—

 

(189

)

(47

)

—

 

(236

)

Noncontrolling interests

 

—

 

—

 

—

 

—

 

5,274

 

5,274

 

Total equity (deficit)

 

1,526,579

 

(15,000

)

1,462,502

 

22,947

 

(1,465,175

)

1,531,853

 

Total liabilities and equity

 

$

1,777,133

 

$

449,266

 

$

3,363,746

 

$

42,253

 

$

(1,465,175

)

$

4,167,223

 

 

(1)   The parent is a co-issuer of the $450.0 million 6.875% Unsecured Notes that are included in the NGL Energy Finance Corp. column.

 

NGL ENERGY PARTNERS LP

Condensed Consolidating Balance Sheet

(U.S. Dollars in Thousands)

 

 

 

March 31, 2013

 

 

 

NGL Energy

 

 

 

 

 

 

 

 

 

 

 

Partners LP

 

Guarantor

 

Non-Guarantor

 

Consolidating

 

 

 

 

 

(Parent)

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Consolidated

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

—

 

$

11,206

 

$

355

 

$

—

 

$

11,561

 

Accounts receivable - trade, net of allowance for doubtful accounts

 

—

 

561,560

 

1,197

 

—

 

562,757

 

Accounts receivable - affiliates

 

—

 

22,883

 

—

 

—

 

22,883

 

Inventories

 

—

 

126,024

 

871

 

—

 

126,895

 

Prepaid expenses and other current assets

 

—

 

37,784

 

107

 

—

 

37,891

 

Total current assets

 

—

 

759,457

 

2,530

 

—

 

761,987

 

 

 

 

 

 

 

 

 

 

 

 

 

PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation

 

—

 

497,743

 

28,694

 

—

 

526,437

 

GOODWILL

 

—

 

553,222

 

1,998

 

—

 

555,220

 

INTANGIBLE ASSETS, net of accumulated amortization

 

717

 

439,365

 

1,350

 

—

 

441,432

 

NET INTERCOMPANY RECEIVABLES (PAYABLES)

 

237,736

 

(233,294

)

(4,442

)

—

 

—

 

INVESTMENTS IN CONSOLIDATED SUBSIDIARIES

 

895,779

 

20,371

 

—

 

(916,150

)

—

 

OTHER NONCURRENT ASSETS

 

—

 

6,542

 

—

 

—

 

6,542

 

Total assets

 

$

1,134,232

 

$

2,043,406

 

$

30,130

 

$

(916,150

)

$

2,291,618

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable - trade

 

$

—

 

$

534,164

 

$

1,891

 

$

—

 

$

536,055

 

Accounts payable - affiliates

 

—

 

6,900

 

—

 

—

 

6,900

 

Accrued expenses and other payables

 

554

 

83,001

 

2,051

 

—

 

85,606

 

Advance payments received from customers

 

—

 

22,364

 

8

 

—

 

22,372

 

Current maturities of long-term debt

 

—

 

8,610

 

16

 

—

 

8,626

 

Total current liabilities

 

554

 

655,039

 

3,966

 

—

 

659,559

 

 

 

 

 

 

 

 

 

 

 

 

 

LONG-TERM DEBT, net of current maturities

 

250,000

 

490,433

 

3

 

—

 

740,436

 

OTHER NONCURRENT LIABILITIES

 

—

 

2,155

 

50

 

—

 

2,205

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

Partners’ equity

 

883,678

 

895,779

 

26,087

 

(921,890

)

883,654

 

Accumulated other comprehensive income

 

—

 

—

 

24

 

—

 

24

 

Noncontrolling interests

 

—

 

—

 

—

 

5,740

 

5,740

 

Total equity

 

883,678

 

895,779

 

26,111

 

(916,150

)

889,418

 

Total liabilities and equity

 

$

1,134,232

 

$

2,043,406

 

$

30,130

 

$

(916,150

)

$

2,291,618

 

 

NGL ENERGY PARTNERS LP

Condensed Consolidating Statement of Operations

(U.S. Dollars in Thousands)

 

 

 

Year Ended March 31, 2014

 

 

 

NGL Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners LP

 

NGL Energy

 

Guarantor

 

Non-Guarantor

 

Consolidating

 

 

 

 

 

(Parent) (1)

 

Finance Corp.

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

$

—

 

$

—

 

$

9,560,124

 

$

139,519

 

$

(369

)

$

9,699,274

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COST OF SALES

 

—

 

—

 

9,011,011

 

122,057

 

(369

)

9,132,699

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING COSTS AND EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

—

 

—

 

253,214

 

6,182

 

—

 

259,396

 

General and administrative

 

—

 

—

 

77,756

 

2,104

 

—

 

79,860

 

Depreciation and amortization

 

—

 

—

 

117,573

 

3,181

 

—

 

120,754

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

—

 

—

 

100,570

 

5,995

 

—

 

106,565

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from unconsolidated entities

 

—

 

—

 

1,898

 

—

 

—

 

1,898

 

Interest expense

 

(16,818

)

(15,000

)

(27,031

)

(51

)

46

 

(58,854

)

Other, net

 

—

 

—

 

202

 

(70

)

(46

)

86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) Before Income Taxes

 

(16,818

)

(15,000

)

75,639

 

5,874

 

—

 

49,695

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAX PROVISION

 

—

 

—

 

(937

)

—

 

—

 

(937

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY IN NET INCOME OF CONSOLIDATED SUBSIDIARIES

 

64,473

 

—

 

4,771

 

—

 

(69,244

)

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

47,655

 

(15,000

)

79,473

 

5,874

 

(69,244

)

48,758

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME ALLOCATED TO GENERAL PARTNER

 

 

 

 

 

 

 

 

 

(14,148

)

(14,148

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 

 

 

 

 

 

 

(1,103

)

(1,103

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) ALLOCATED TO LIMITED PARTNERS

 

$

47,655

 

$

(15,000

)

$

79,473

 

$

5,874

 

$

(84,495

)

$

33,507

 

 

(1)         The parent is a co-issuer of the $450.0 million 6.875% Unsecured Notes that are included in the NGL Energy Finance Corp. column.

 

NGL ENERGY PARTNERS LP

Condensed Consolidating Statement of Operations

(U.S. Dollars in Thousands)

 

 

 

Year Ended March 31, 2013

 

 

 

NGL Energy

 

 

 

 

 

 

 

 

 

 

 

Partners LP

 

Guarantor

 

Non-Guarantor

 

Consolidating

 

 

 

 

 

(Parent)

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

$

—

 

$

4,409,198

 

$

8,878

 

$

(309

)

$

4,417,767

 

 

 

 

 

 

 

 

 

 

 

 

 

COST OF SALES

 

—

 

4,038,251

 

1,168

 

(309

)

4,039,110

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING COSTS AND EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

Operating

 

—

 

164,944

 

4,855

 

—

 

169,799

 

General and administrative

 

—

 

52,461

 

237

 

—

 

52,698

 

Depreciation and amortization

 

—

 

66,916

 

1,937

 

—

 

68,853

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

—

 

86,626

 

681

 

—

 

87,307

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(13,041

)

(19,951

)

(48

)

46

 

(32,994

)

Loss on early extinguishment of debt

 

—

 

(5,769

)

—

 

—

 

(5,769

)

Other, net

 

—

 

1,666

 

(99

)

(46

)

1,521

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) Before Income Taxes

 

(13,041

)

62,572

 

534

 

—

 

50,065

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAX PROVISION

 

—

 

(1,875

)

—

 

—

 

(1,875

)

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY IN NET INCOME OF CONSOLIDATED SUBSIDIARIES

 

60,981

 

284

 

—

 

(61,265

)

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

47,940

 

60,981

 

534

 

(61,265

)

48,190

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME ALLOCATED TO GENERAL PARTNER

 

 

 

 

 

 

 

(2,917

)

(2,917

)

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 

 

 

 

 

(250

)

(250

)

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME ALLOCATED TO LIMITED PARTNERS

 

$

47,940

 

$

60,981

 

$

534

 

$

(64,432

)

$

45,023

 

 

NGL ENERGY PARTNERS LP

Condensed Consolidating Statement of Operations

(U.S. Dollars in Thousands)

 

 

 

Year Ended March 31, 2012

 

 

 

NGL Energy

 

 

 

 

 

 

 

 

 

 

 

Partners LP

 

Guarantor

 

Non-Guarantor

 

Consolidating

 

 

 

 

 

(Parent)

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

$

—

 

$

1,310,473

 

$

225

 

$

(225

)

$

1,310,473

 

 

 

 

 

 

 

 

 

 

 

 

 

COST OF SALES

 

—

 

1,217,248

 

—

 

(225

)

1,217,023

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING COSTS AND EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

Operating

 

—

 

47,162

 

138

 

—

 

47,300

 

General and administrative

 

—

 

15,823

 

186

 

—

 

16,009

 

Depreciation and amortization

 

—

 

14,964

 

147

 

—

 

15,111

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

 

—

 

15,276

 

(246

)

—

 

15,030

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

—

 

(7,619

)

(46

)

45

 

(7,620

)

Other, net

 

—

 

1,100

 

—

 

(45

)

1,055

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) Before Income Taxes

 

—

 

8,757

 

(292

)

—

 

8,465

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAX PROVISION

 

—

 

(601

)

—

 

—

 

(601

)

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY IN NET INCOME (LOSS) OF CONSOLIDATED SUBSIDIARIES

 

7,876

 

(280

)

—

 

(7,596

)

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

7,876

 

7,876

 

(292

)

(7,596

)

7,864

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME ALLOCATED TO GENERAL PARTNER

 

 

 

 

 

 

 

(8

)

(8

)

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 

 

 

 

 

12

 

12

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) ALLOCATED TO LIMITED PARTNERS

 

$

7,876

 

$

7,876

 

$

(292

)

$

(7,592

)

$

7,868

 

 

NGL ENERGY PARTNERS LP

Condensed Consolidating Statements of Comprehensive Income (Loss)

(U.S. Dollars in Thousands)

 

 

 

Year Ended March 31, 2014

 

 

 

NGL Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners LP

 

NGL Energy

 

Guarantor

 

Non-Guarantor

 

Consolidating

 

 

 

 

 

(Parent) (1)

 

Finance Corp.

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

47,655

 

$

(15,000

)

$

79,473

 

$

5,874

 

$

(69,244

)

$

48,758

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss, net of tax

 

—

 

—

 

(189

)

(71

)

—

 

(260

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

 

$

47,655

 

$

(15,000

)

$

79,284

 

$

5,803

 

$

(69,244

)

$

48,498

 

 

(1)         The parent is a co-issuer of the $450.0 million 6.875% Unsecured Notes that are included in the NGL Energy Finance Corp. column.

 

 

 

Year Ended March 31, 2013

 

 

 

NGL Energy

 

 

 

 

 

 

 

 

 

 

 

Partners LP

 

Guarantor

 

Non-Guarantor

 

Consolidating

 

 

 

 

 

(Parent)

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

47,940

 

$

60,981

 

$

534

 

$

(61,265

)

$

48,190

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss, net of tax

 

—

 

—

 

(7

)

—

 

(7

)

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

$

47,940

 

$

60,981

 

$

527

 

$

(61,265

)

$

48,183

 

 

 

 

Year Ended March 31, 2012

 

 

 

NGL Energy

 

 

 

 

 

 

 

 

 

 

 

Partners LP

 

Guarantor

 

Non-Guarantor

 

Consolidating

 

 

 

 

 

(Parent)

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

7,876

 

$

7,876

 

$

(292

)

$

(7,596

)

$

7,864

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss, net of tax

 

—

 

—

 

(25

)

—

 

(25

)

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

 

$

7,876

 

$

7,876

 

$

(317

)

$

(7,596

)

$

7,839

 

 

NGL ENERGY PARTNERS LP

Condensed Consolidating Statement of Cash Flows

(U.S. Dollars in Thousands)

 

 

 

Year Ended March 31, 2014

 

 

 

NGL Energy

 

 

 

 

 

 

 

 

 

 

 

Partners LP

 

NGL Energy

 

Guarantor

 

Non-Guarantor

 

 

 

 

 

(Parent) (1)

 

Finance Corp.

 

Subsidiaries

 

Subsidiaries

 

Consolidated

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

$

(16,625

)

$

—

 

$

99,754

 

$

2,107

 

$

85,236

 

 

 

 

 

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

Purchases of long-lived assets

 

—

 

—

 

(118,455

)

(46,693

)

(165,148

)

Acquisitions of businesses, including acquired working capital, net of cash acquired

 

(334,154

)

—

 

(932,373

)

(2,283

)

(1,268,810

)

Cash flows from commodity derivatives

 

—

 

—

 

(35,956

)

—

 

(35,956

)

Proceeds from sales of assets

 

—

 

—

 

12,884

 

11,776

 

24,660

 

Investments in unconsolidated entities

 

—

 

—

 

(11,515

)

—

 

(11,515

)

Distributions of capital from unconsolidated entities

 

—

 

—

 

1,591

 

—

 

1,591

 

Other

 

—

 

—

 

540

 

(735

)

(195

)

Net cash used in investing activities

 

(334,154

)

—

 

(1,083,284

)

(37,935

)

(1,455,373

)

 

 

 

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

Proceeds from borrowings under revolving credit facilities

 

—

 

—

 

2,545,500

 

—

 

2,545,500

 

Payments on revolving credit facilities

 

—

 

—

 

(2,101,000

)

—

 

(2,101,000

)

Issuances of notes

 

—

 

450,000

 

—

 

—

 

450,000

 

Proceeds from borrowings on other long-term debt

 

—

 

—

 

780

 

100

 

880

 

Payments on other long-term debt

 

—

 

—

 

(8,802

)

(17

)

(8,819

)

Debt issuance costs

 

(645

)

(12,286

)

(11,664

)

—

 

(24,595

)

Contributions

 

765

 

—

 

—

 

2,060

 

2,825

 

Distributions

 

(145,090

)

—

 

—

 

(840

)

(145,930

)

Proceeds from sale of common units, net of offering costs

 

650,155

 

—

 

—

 

—

 

650,155

 

Net changes in advances with consolidated entities

 

(153,225

)

(437,714

)

556,238

 

34,701

 

—

 

Net cash provided by financing activities

 

351,960

 

—

 

981,052

 

36,004

 

1,369,016

 

Net increase (decrease) in cash and cash equivalents

 

1,181

 

—

 

(2,478

)

176

 

(1,121

)

Cash and cash equivalents, beginning of period

 

—

 

—

 

11,206

 

355

 

11,561

 

Cash and cash equivalents, end of period

 

$

1,181

 

$

—

 

$

8,728

 

$

531

 

$

10,440

 

 

(1)         The parent is a co-issuer of the $450.0 million 6.875% Unsecured Notes that are included in the NGL Energy Finance Corp. column.

 

NGL ENERGY PARTNERS LP

Condensed Consolidating Statement of Cash Flows

(U.S. Dollars in Thousands)

 

 

 

Year Ended March 31, 2013

 

 

 

NGL Energy

 

 

 

 

 

 

 

 

 

Partners LP

 

Guarantor

 

Non-Guarantor

 

 

 

 

 

(Parent)

 

Subsidiaries

 

Subsidiaries

 

Consolidated

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

$

(12,428

)

$

140,794

 

$

4,268

 

$

132,634

 

 

 

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

Purchases of long-lived assets

 

—

 

(59,903

)

(12,572

)

(72,475

)

Acquisitions of businesses, including acquired working capital, net of cash acquired

 

(452,087

)

(38,718

)

—

 

(490,805

)

Cash flows from commodity derivatives

 

—

 

11,579

 

—

 

11,579

 

Proceeds from sales of assets

 

—

 

5,080

 

—

 

5,080

 

Net cash used in investing activities

 

(452,087

)

(81,962

)

(12,572

)

(546,621

)

 

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

Proceeds from borrowings under revolving credit facilities

 

—

 

1,227,975

 

—

 

1,227,975

 

Payments on revolving credit facilities

 

—

 

(964,475

)

—

 

(964,475

)

Issuance of notes

 

250,000

 

—

 

—

 

250,000

 

Proceeds from borrowings on other long-term debt

 

—

 

634

 

19

 

653

 

Payments on other long-term debt

 

—

 

(4,837

)

—

 

(4,837

)

Debt issuance costs

 

(777

)

(19,412

)

—

 

(20,189

)

Contributions

 

510

 

—

 

403

 

913

 

Distributions

 

(71,608

)

—

 

(74

)

(71,682

)

Proceeds from sale of common units, net of offering costs

 

(642

)

—

 

—

 

(642

)

Net changes in advances with consolidated entities

 

286,991

 

(295,105

)

8,114

 

—

 

Net cash provided by (used in) financing activities

 

464,474

 

(55,220

)

8,462

 

417,716

 

Net increase (decrease) in cash and cash equivalents

 

(41

)

3,612

 

158

 

3,729

 

Cash and cash equivalents, beginning of period

 

41

 

7,594

 

197

 

7,832

 

Cash and cash equivalents, end of period

 

$

—

 

$

11,206

 

$

355

 

$

11,561

 

 

NGL ENERGY PARTNERS LP

Condensed Consolidating Statement of Cash Flows

(U.S. Dollars in Thousands)

 

 

 

Year Ended March 31, 2012

 

 

 

NGL Energy

 

 

 

 

 

 

 

 

 

Partners LP

 

Guarantor

 

Non-Guarantor

 

 

 

 

 

(Parent)

 

Subsidiaries

 

Subsidiaries

 

Consolidated

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

$

—

 

$

90,477

 

$

(148

)

$

90,329

 

 

 

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

Purchases of long-lived assets

 

—

 

(6,667

)

(877

)

(7,544

)

Acquisitions of businesses, including acquired working capital, net of cash acquired

 

(291,097

)

(6,304

)

—

 

(297,401

)

Cash flows from commodity derivatives

 

—

 

6,464

 

—

 

6,464

 

Proceeds from sales of assets

 

—

 

1,238

 

—

 

1,238

 

Other

 

—

 

346

 

—

 

346

 

Net cash used in investing activities

 

(291,097

)

(4,923

)

(877

)

(296,897

)

 

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

Proceeds from borrowings under revolving credit facilities

 

—

 

478,900

 

—

 

478,900

 

Payments on revolving credit facilities

 

—

 

(329,900

)

—

 

(329,900

)

Payments on other long-term debt

 

—

 

(1,278

)

—

 

(1,278

)

Debt issuance costs

 

—

 

(2,380

)

—

 

(2,380

)

Contributions

 

—

 

—

 

440

 

440

 

Distributions

 

(19,060

)

—

 

—

 

(19,060

)

Proceeds from sale of common units, net of offering costs

 

74,759

 

—

 

—

 

74,759

 

Repurchase of common units

 

(3,418

)

—

 

—

 

(3,418

)

Net changes in advances with consolidated entities

 

238,816

 

(239,476

)

660

 

—

 

Net cash provided by (used in) financing activities

 

291,097

 

(94,134

)

1,100

 

198,063

 

Net increase (decrease) in cash and cash equivalents

 

—

 

(8,580

)

75

 

(8,505

)

Cash and cash equivalents, beginning of period

 

41

 

16,174

 

122

 

16,337

 

Cash and cash equivalents, end of period

 

$

41

 

$

7,594

 

$

197

 

$

7,832