NGL Energy Partners LP Files Q3 2024 10-Q

TL;DR

NGL Energy Partners LP dropped its Q3 10-Q. Check financials.

AI Summary

NGL Energy Partners LP filed its 10-Q for the period ending December 31, 2024. The company reported its financial results and operational updates for the third quarter of its fiscal year. Key financial data and business segments were detailed in the filing, which is standard for a quarterly report.

Why It Matters

This filing provides investors with an update on NGL Energy Partners LP's financial health and operational performance for the most recent quarter, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing routine financial updates and does not contain any immediately apparent high-risk disclosures.

Key Players & Entities

• NGL Energy Partners LP (company) — Filer of the 10-Q
• 2024-12-31 (date) — End of the reporting period
• 2025-02-10 (date) — Filing date
• Tulsa, OK (location) — Company headquarters

FAQ

Filing Documents

• ngl-20241231.htm (10-Q) — 2628KB
• ex31112312410q.htm (EX-31.1) — 13KB
• ex31212312410q.htm (EX-31.2) — 12KB
• ex32112312410q.htm (EX-32.1) — 6KB
• ex32212312410q.htm (EX-32.2) — 6KB
• 0001504461-25-000004.txt ( ) — 13036KB
• ngl-20241231.xsd (EX-101.SCH) — 75KB
• ngl-20241231_cal.xml (EX-101.CAL) — 109KB
• ngl-20241231_def.xml (EX-101.DEF) — 514KB
• ngl-20241231_lab.xml (EX-101.LAB) — 919KB
• ngl-20241231_pre.xml (EX-101.PRE) — 763KB
• ngl-20241231_htm.xml (XML) — 2189KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Unaudited Condensed Consolidated Balance Sheets at December 31, 2024 and March 31, 2024 3 Unaudited Condensed Consolidated Statements of Operations for the three months and nine months ended December 31, 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Comprehensive Income for the three months and nine months ended December 31, 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Changes in Equity for the three months and nine months ended December 31, 2024 and 2023 6 Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended December 31, 2024 and 2023 8 Notes to Unaudited Condensed Consolidated Financial Statements 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 64 Item 4.

Controls and Procedures

Controls and Procedures 66

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 67 Item 1A.

Risk Factors

Risk Factors 67 Item 2 . Unregistered Sales of Equity Securities and Use of Proceeds 67 Item 3 . Defaults Upon Senior Securities 67 Item 4. Mine Safety Disclosures 67 Item 5. Other Information 67 Item 6. Exhibits 67

SIGNATURES

SIGNATURES 68 i Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report on Form 10-Q ("Quarterly 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 Quarterly 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, hurric

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements NGL ENERGY PARTNERS LP AND SUBSIDIARIES Unaudited Condensed Consolidated Balance Sheets (in Thousands, except unit amounts) December 31, 2024 March 31, 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 5,683 $ 38,909 Accounts receivable-trade, net of allowance for expected credit losses of $ 3,670 and $ 1,671 , respectively 784,315 814,087 Accounts receivable-affiliates 1,679 1,501 Inventories 134,075 130,907 Prepaid expenses and other current assets 85,559 126,933 Assets held for sale 4,557 66,597 Total current assets 1,015,868 1,178,934 PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $ 1,131,870 and $ 1,011,274 , respectively 2,136,699 2,096,702 GOODWILL 634,282 634,282 INTANGIBLE ASSETS, net of accumulated amortization of $ 359,241 and $ 332,560 , respectively 905,035 939,978 INVESTMENTS IN UNCONSOLIDATED ENTITIES 19,312 20,305 OPERATING LEASE RIGHT-OF-USE ASSETS 112,860 97,155 OTHER NONCURRENT ASSETS 24,416 52,738 Total assets $ 4,848,472 $ 5,020,094 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable-trade $ 645,309 $ 707,536 Accounts payable-affiliates 52 37 Accrued expenses and other payables 138,236 213,757 Advance payments received from customers 24,896 17,313 Current maturities of long-term debt 8,769 7,000 Operating lease obligations 29,191 31,090 Liabilities held for sale — 614 Total current liabilities 846,453 977,347 LONG-TERM DEBT, net of debt issuance costs of $ 45,076 and $ 49,178 , respectively, and current maturities 3,078,988 2,843,822 OPERATING LEASE OBLIGATIONS 87,032 70,573 OTHER NONCURRENT LIABILITIES 121,943 129,185 COMMITMENTS AND CONTINGENCIES (NOTE 8) CLASS D 9.00 % PREFERRED UNITS, 600,000 and 600,000 preferred units issued and outstanding, respectively 551,097 551,097 REDEEMABLE NONCONTROLLING INTERESTS 367 — EQUITY: General partner, representing a 0.1 % interest, 132,145 and 132,645 notional units, respectively ( 52,897 ) ( 52,

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View this 10-Q filing on SEC EDGAR