NGL Energy Partners LP Files 2024 10-K

TL;DR

NGL Energy Partners LP filed its 2024 10-K. Financials look solid.

AI Summary

NGL Energy Partners LP filed its 2024 10-K report for the fiscal year ending March 31, 2024. The company, formerly Silverthorne Energy Partners LP, is involved in natural gas transmission. Key financial data and operational details for the period are presented in this filing.

Why It Matters

This filing provides a comprehensive overview of NGL Energy Partners LP's financial performance and operational status for the fiscal year, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new risks beyond those typical for a company in the energy sector.

Key Numbers

• 20240331 — Fiscal Year End (The reporting period concluded on this date.)
• 0001504461 — Central Index Key (Unique identifier for the filer.)
• 001-35172 — SEC File Number (SEC's file number for the company.)

Key Players & Entities

• NGL Energy Partners LP (company) — Filer of the 10-K
• Silverthorne Energy Partners LP (company) — Former name of NGL Energy Partners LP
• 20240331 (date) — Fiscal year end date
• 6120 S. YALE STREET SUITE 1300 (address) — Business and mailing address
• TULSA, OK 74136 (address) — City, State, and ZIP of business address

FAQ

Key Financial Figures

• $2.9 billion — losed a debt refinancing transaction of $2.9 billion. The refinancing consisted of a private
• $2.2 billion — cing consisted of a private offering of $2.2 billion of senior secured notes, which includes
• $900.0 million — of senior secured notes, which includes $900.0 million of 8.125% senior secured notes due 2029
• $1.3 billion — 2029 ("2029 Senior Secured Notes") and $1.3 billion of 8.375% senior secured notes due 2032
• $700.0 million — . We also entered into a new seven-year $700.0 million senior secured term loan "B" credit fac
• $600.0 million — ith the closing of the refinancing, our $600.0 million asset-based revolving credit facility (

Filing Documents

• ngl-20240331.htm (10-K) — 3582KB
• ex41203312410-k.htm (EX-4.12) — 1354KB
• ex41803312410k.htm (EX-4.18) — 240KB
• ex19103312410k.htm (EX-19.1) — 42KB
• ex19203312410k.htm (EX-19.2) — 38KB
• ex21103312410k.htm (EX-21.1) — 32KB
• ex23103312410k.htm (EX-23.1) — 3KB
• ex31103312410k.htm (EX-31.1) — 13KB
• ex31203312410k.htm (EX-31.2) — 12KB
• ex32103312410k.htm (EX-32.1) — 6KB
• ex32203312410k.htm (EX-32.2) — 6KB
• ex97103312410k.htm (EX-97.1) — 42KB
• ngl-20240331_g1.jpg (GRAPHIC) — 218KB
• ngl-20240331_g2.jpg (GRAPHIC) — 61KB
• 0001504461-24-000013.txt ( ) — 18038KB
• ngl-20240331.xsd (EX-101.SCH) — 89KB
• ngl-20240331_cal.xml (EX-101.CAL) — 102KB
• ngl-20240331_def.xml (EX-101.DEF) — 613KB
• ngl-20240331_lab.xml (EX-101.LAB) — 1031KB
• ngl-20240331_pre.xml (EX-101.PRE) — 867KB
• ngl-20240331_htm.xml (XML) — 2368KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 22 Item 1B. Unresolved Staff Comments 50 Item 1C. Cybersecurity 50 Item 2.

Properties

Properties 52 Item 3.

Legal Proceedings

Legal Proceedings 52 Item 4. Mine Safety Disclosures 52 PART II Item 5. Market for Registrant's Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities 53 Item 6. [Reserved] 54 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 54 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 87 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 90 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 90 Item 9A.

Controls and Procedures

Controls and Procedures 90 Item 9B. Other Information 92 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 92 PART III Item 10. Directors, Executive Officers and Corporate Governance 92 Item 11.

Executive Compensation

Executive Compensation 97 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters 105 Item 13. Certain Relationships and Related Transactions, and Director Independence 107 Item 14. Principal Accountant Fees and Services 110 PART IV Item 15. Exhibit and Financial Statement Schedules 111 Item 16. Form 10-K Summary 114 i

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K ("Annual Report") contains various forward-looking statements and information that are based on NGL Energy Partners LP's ("we," "us," "our," or the "Partnership") beliefs and those of our general partner ("GP"), as well as assumptions made by and information currently available to us. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. Certain words in this Annual Report such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "goal," "intend," "may," "plan," "project," "will," and similar expressions and statements regarding our plans and objectives for future operations, identify forward-looking statements. Although we and our GP believe such forward-looking statements are reasonable, neither we nor our GP can assure they will prove to be correct. Forward-looking statements are subject to a variety of risks, uncertainties and assumptions. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, our actual results may vary materially from those expected. Among the key risk factors that may affect our consolidated financial position and results of operations are: the prices of crude oil, natural gas liquids, gasoline, diesel, biodiesel, and energy prices generally; the general level of demand, and the availability of supply, for crude oil, natural gas liquids, gasoline, diesel, and biodiesel; the level of crude oil and natural gas drilling and production in areas where we have operations and facilities; the ability to obtain adequate supplies of products if an interruption in supply or transportation occurs and the availability of capacity to transport products to market areas; the effect of weather conditions on supply and demand for crude oil, natural gas liquids, gasoline, diesel, and biodiesel; the effect of natural disasters, earthquakes, hurricanes, tor

Business

Item 1. Business Overview We are a diversified midstream energy partnership that transports, treats, recycles and disposes of produced and flowback water generated as part of the energy production process as well as transports, stores, markets and provides other logistics services for crude oil and liquid hydrocarbons. Originally formed in September 2010, we are a Delaware master limited partnership and our business is currently organized into the following 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 and storage tanks. Our Liquids Logistics segment conducts supply operations for natural gas liquids, refined petroleum products and biodiesel to a broad range of commercial, retail

View Full Filing

View this 10-K filing on SEC EDGAR