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Share Name | Share Symbol | Market | Type |
---|---|---|---|
NGL Energy Partners LP | NYSE:NGL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.04 | -0.69% | 5.77 | 5.83 | 5.68 | 5.81 | 345,678 | 01:00:00 |
NGL Energy Partners LP (NYSE:NGL) today reported Adjusted EBITDA of $113.5 million for the three months ended December 31, 2015 (exclusive of $0.2 million of advisory and legal costs related to acquisitions) compared to Adjusted EBITDA of $144.8 million for the three months ended December 31, 2014 (exclusive of $0.7 million of advisory and legal costs related to acquisitions and $7.6 million of compensation costs related to the Gavilon and TransMontaigne acquisitions). NGL reported net income of $29.6 million for the three months ended December 31, 2015, compared to a net loss of $5.3 million for the three months ended December 31, 2014.
For the nine months ended December 31, 2015, NGL reported Adjusted EBITDA of $270.1 million (exclusive of $0.9 million of advisory and legal costs related to acquisitions), compared to Adjusted EBITDA of $258.3 million during the nine months ended December 31, 2014 (exclusive of $5.0 million of advisory and legal costs related to acquisitions and $15.3 million of compensation costs related to the Gavilon and TransMontaigne acquisitions). NGL reported a net loss of $33.1 million for the nine months ended December 31, 2015, compared to a net loss of $61.1 million for the nine months ended December 31, 2014.
Since December 1, 2015 NGL has achieved two major initiatives:
With respect to capital expenditures anticipated for the next 18 months, we reiterate our guidance of $350 million of which only $250 million is currently committed.
NGL is adjusting the EBITDA guidance for Fiscal Year 2016 to $450 million from our previous guidance of $500 million. This is driven by the continued decline of the price of crude oil, which has impacted the value of the recovered hydrocarbon revenue in our water solutions business.
Comparing Fiscal 2016 third quarter to the same quarter a year ago:
NGL defines EBITDA as net income (loss) attributable to parent equity, plus interest expense, income tax provision (benefit), and depreciation and amortization expense. NGL defines Adjusted EBITDA as EBITDA excluding net unrealized gains and losses on derivatives, lower of cost or market adjustments, gains and losses on disposal or impairment of assets, and equity-based compensation expense. NGL also includes in Adjusted EBITDA certain inventory valuation adjustments related to its refined products and renewables segment, as described below. EBITDA and Adjusted EBITDA should not be considered alternatives to net income, income before income taxes, cash flows from operating activities, or any other measure of financial performance calculated in accordance with accounting principles generally accepted in the United States (“GAAP”) as those items are used to measure operating performance, liquidity or the ability to service debt obligations. NGL believes that EBITDA provides additional information to investors for evaluating its ability to make quarterly distributions to its unitholders and is presented solely as a supplemental measure. NGL believes that Adjusted EBITDA provides additional information to investors for evaluating NGL’s financial performance without regard to financing methods, capital structure, and historical cost basis. Further, EBITDA and Adjusted EBITDA, as NGL defines them, may not be comparable to EBITDA and Adjusted EBITDA or similarly titled measures used by other entities.
Other than for its refined products and renewables segment, for purposes of its Adjusted EBITDA calculation, NGL makes a distinction between realized and unrealized gains and losses on derivatives. During the period when a derivative contract is open, NGL records changes in the fair value of the derivative as an unrealized gain or loss. When a derivative contract matures or is settled, NGL reverses the previously recorded unrealized gain or loss and records a realized gain or loss. NGL does not draw such a distinction between realized and unrealized gains and losses on derivatives of its refined products and renewables segment. The primary hedging strategy of NGL’s refined products and renewables segment is to hedge against the risk of declines in the value of inventory over the course of the contract cycle, and many of the hedges are six months to one year in duration at inception. The “inventory valuation adjustment” row in the table below reflects the excess of the market value of the inventory of the refined products and renewables segment at the balance sheet date over its cost. NGL adds this to Adjusted EBITDA because the gains and losses associated with derivative contracts of this segment, which are intended primarily to hedge inventory holding risk, also impact Adjusted EBITDA.
This press release includes “forward-looking statements.” All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. While NGL believes its expectations as reflected in the forward-looking statements are reasonable, NGL can give no assurance that such expectations will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Other factors that could impact any forward-looking statements are those risks described in NGL’s annual report on Form 10-K, quarterly reports on Form 10-Q, and other public filings. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading “Risk Factors.” NGL undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.
About NGL Energy Partners LP
NGL Energy Partners LP is a Delaware limited partnership. NGL owns and operates a vertically integrated energy business with five primary businesses: crude oil logistics, water solutions, liquids, retail propane, and refined products and renewables. For further information, visit the Partnership's website at www.nglenergypartners.com.
NGL ENERGY PARTNERS LP AND SUBSIDIARIES Unaudited Condensed Consolidated Balance Sheets (U.S. Dollars in Thousands, except unit amounts) December 31, March 31, 2015 2015 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 25,179 $ 41,303Accounts receivable–trade, net of allowance for doubtful accounts of $6,270 and $4,367, respectively
581,621 1,024,226 Accounts receivable–affiliates 3,812 17,198 Inventories 414,088 441,762 Prepaid expenses and other current assets 117,476 120,855 Assets held for sale 87,383 - Total current assets 1,229,559 1,645,344PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $305,233 and $202,959, respectively
1,972,925 1,617,389 GOODWILL 1,522,644 1,402,761INTANGIBLE ASSETS, net of accumulated amortization of $305,891 and $220,517, respectively
1,242,440 1,288,343 INVESTMENTS IN UNCONSOLIDATED ENTITIES 467,559 472,673 LOAN RECEIVABLE–AFFILIATE 23,258 8,154 OTHER NONCURRENT ASSETS 106,086 112,837 Total assets $ 6,564,471 $ 6,547,501 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable–trade $ 511,309 $ 833,380 Accounts payable–affiliates 11,042 25,794 Accrued expenses and other payables 193,295 195,116 Advance payments received from customers 73,662 54,234 Current maturities of long-term debt 7,600 4,472 Total current liabilities 796,908 1,112,996 LONG-TERM DEBT, net of current maturities 3,323,492 2,745,299 OTHER NONCURRENT LIABILITIES 13,232 16,086 COMMITMENTS AND CONTINGENCIES (NOTE 11) EQUITY: General partner, representing a 0.1% interest, 105,489 and 103,899 notional units, respectively (34,431 ) (37,021 )Limited partners, representing a 99.9% interest, 105,383,639 and 103,794,870 common units issued and outstanding, respectively
1,920,528 2,162,924 Accumulated other comprehensive loss (148 ) (109 ) Noncontrolling interests 544,890 547,326 Total equity 2,430,839 2,673,120 Total liabilities and equity $ 6,564,471 $ 6,547,501 NGL ENERGY PARTNERS LP AND SUBSIDIARIES Unaudited Condensed Consolidated Statements of Operations (U.S. Dollars in Thousands, except unit and per unit amounts) Three Months Ended December 31, Nine Months Ended December 31, 2015 2014 2015 2014 REVENUES: Crude oil logistics $ 519,425 $ 1,694,881 $ 2,854,787 $ 5,735,307 Water solutions 45,438 50,241 147,225 150,274 Liquids 353,527 685,096 861,504 1,700,006 Retail propane 100,145 139,765 217,798 286,025 Refined products and renewables 1,666,471 1,983,444 5,335,356 5,708,161 Other - (1,281 ) - 1,513 Total Revenues 2,685,006 4,552,146 9,416,670 13,581,286 COST OF SALES: Crude oil logistics 495,529 1,697,374 2,770,240 5,678,725 Water solutions (3,128 ) (29,085 ) (8,088 ) (27,951 ) Liquids 300,766 657,010 754,157 1,633,090 Retail propane 45,974 81,172 96,417 168,590 Refined products and renewables 1,594,359 1,905,021 5,149,151 5,570,185 Other - 176 - 2,547 Total Cost of Sales 2,433,500 4,311,668 8,761,877 13,025,186 OPERATING COSTS AND EXPENSES: Operating 106,783 97,761 314,470 262,616 General and administrative 23,035 44,230 114,814 113,742 Depreciation and amortization 59,180 50,335 175,772 139,809Loss on disposal or impairment of assets, net
1,328 30,073 3,040 34,639 Operating Income 61,180 18,079 46,697 5,294 OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities 2,858 1,242 14,008 7,504 Interest expense (36,176 ) (30,051 ) (98,549 ) (79,196 ) Other income, net 2,161 3,371 2,941 2,363 Income (Loss) Before Income Taxes 30,023 (7,359 ) (34,903 ) (64,035 ) INCOME TAX (EXPENSE) BENEFIT (402 ) 2,090 1,846 2,977 Net Income (Loss) 29,621 (5,269 ) (33,057 ) (61,058 )LESS: NET INCOME ALLOCATED TO GENERAL PARTNER
(16,217 ) (11,783 ) (47,742 ) (32,220 ) LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (6,140 ) (5,649 ) (12,906 ) (9,059 )NET LOSS ALLOCATED TO LIMITED PARTNERS
$ 7,264 $ (22,701 ) $ (93,705 ) $ (102,337 )BASIC INCOME (LOSS) PER COMMON UNIT
$ 0.07 $ (0.26 ) $ (0.89 ) $ (1.17 )DILUTED INCOME (LOSS) PER COMMON UNIT
$ 0.03 $ (0.26 ) $ (0.89 ) $ (1.17 )BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING
105,338,200 88,545,764 104,808,649 83,702,571DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING
106,194,547 88,545,764 104,808,649 83,702,571ADJUSTED EBITDA RECONCILIATION
The following table reconciles net loss attributable to parent equity to our EBITDA and Adjusted EBITDA, each of which are non-GAAP financial measures:
Three Months Ended December 31,
Nine Months Ended December 31,
2015 2014 2015 2014 (in thousands) Net income (loss) $ 29,621 $ (5,269 ) $ (33,057 ) $ (61,058 ) Less Net income attributable to noncontrolling interests (6,140 ) (5,649 ) (12,906 ) (9,059 ) Net income (loss) attributable to parent equity 23,481 (10,918 ) (45,963 ) (70,117 ) Interest expense 34,740 28,892 92,908 77,338 Income tax expense (benefit) 384 (2,099 ) (1,900 ) (2,997 ) Depreciation and amortization 55,261 51,065 162,728 143,781 EBITDA 113,866 66,940 207,773 148,005 Net unrealized gains on derivatives (1,748 ) (4,724 ) (4,494 ) (13,414 ) Inventory valuation adjustment (16,524 ) - 2,831 - Lower of cost or market adjustments 13,251 29,399 7,325 32,236 Loss on disposal or impairment of assets, net 1,343 30,072 3,056 34,680 Equity-based compensation expense 3,032 14,870 52,712 36,529 Adjusted EBITDA $ 113,220 $ 136,557 $ 269,203 $ 238,036
View source version on businesswire.com: http://www.businesswire.com/news/home/20160209006883/en/
NGL Energy Partners LPMichael Krimbill, 918-481-1119Chief Executive Officer
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