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    NGL Energy Partners LP Announces Second Quarter Fiscal 2024 Financial Results

    11/9/23 4:23:00 PM ET
    $NGL
    Natural Gas Distribution
    Utilities
    Get the next $NGL alert in real time by email

    NGL Energy Partners LP (NYSE:NGL) ("NGL," "our," "we," or the "Partnership") today reported its second quarter Fiscal 2024 financial results. Highlights include:

    • Net income for the second quarter of Fiscal 2024 of $28.3 million, compared to net income of $3.6 million for the second quarter of Fiscal 2023
    • Adjusted EBITDA(1) for the second quarter of Fiscal 2024 of $176.2 million, compared to $142.2 million for the second quarter of Fiscal 2023
    • Produced water volumes processed of approximately 2.44 million barrels per day during the second quarter of Fiscal 2024, growing 7.7% from the second quarter of Fiscal 2023. Including minimum volume commitment payments, the Partnership received revenue on an additional 20.8 million barrels in the second quarter of Fiscal 2024
    • Record Water Solutions' quarterly Adjusted EBITDA(1) of $140.4 million for the second quarter of Fiscal 2024, a 34.0% increase compared to the second quarter of Fiscal 2023
    • Total leverage at the end of the quarter was 4.14 times, versus 6.11 times at the end of the second quarter of Fiscal 2023

    "Our Water Solutions segment continues to outperform, so we are increasing our Fiscal 2024 Adjusted EBITDA(2) guidance for this segment to $500 million plus. The significant reduction in total leverage should provide the financial flexibility to deal with our capital structure. Currently, we are reducing indebtedness on our ABL Facility, rather than the 2025 unsecured notes, as it is our highest cost of debt. We will continue to utilize operational free cash flow, reduced working capital, and asset sale proceeds to further improve the balance sheet. We are reaffirming our full year consolidated Adjusted EBITDA(2) guidance of $645 million plus rather than increasing it commensurate with the Water Solutions' increase as we are anticipating asset sales plus uncertainty around the Liquid Logistics segment's performance in the face of a potentially warmer than normal winter." stated Mike Krimbill NGL's CEO.

     
    (1) See the "Non-GAAP Financial Measures" section of this release for the definition of Adjusted EBITDA (as used herein) and a discussion of this non-GAAP financial measure.
    (2) Certain of the forward-looking financial measures are provided on a non-GAAP basis. A reconciliation of forward-looking financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP is potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant.

    Quarterly Results of Operations

    The following table summarizes operating income (loss) and Adjusted EBITDA(1) by reportable segment for the periods indicated:

     

     

    Quarter Ended

     

     

    September 30, 2023

     

    September 30, 2022

     

     

    Operating

    Income (Loss)

     

    Adjusted

    EBITDA(1)

     

    Operating

    Income (Loss)

     

    Adjusted

    EBITDA(1)

     

     

    (in thousands)

    Water Solutions

     

    $

    59,118

     

     

    $

    140,389

     

     

    $

    47,128

     

     

    $

    104,774

     

    Crude Oil Logistics

     

     

    14,778

     

     

     

    30,713

     

     

     

    32,927

     

     

     

    32,863

     

    Liquids Logistics

     

     

    23,577

     

     

     

    17,086

     

     

     

    1,653

     

     

     

    16,513

     

    Corporate and Other

     

     

    (11,443

    )

     

     

    (11,974

    )

     

     

    (12,938

    )

     

     

    (11,908

    )

    Total

     

    $

    86,030

     

     

    $

    176,214

     

     

    $

    68,770

     

     

    $

    142,242

     

    Water Solutions

    Operating income for the Water Solutions segment increased $12.0 million for the quarter ended September 30, 2023, compared to the quarter ended September 30, 2022. The Partnership processed approximately 2.44 million barrels of produced water per day during the quarter ended September 30, 2023, a 7.7% increase when compared to approximately 2.27 million barrels of water per day processed during the quarter ended September 30, 2022. The increase was due primarily to higher produced water volumes processed from contracted customers mainly in the Delaware Basin, increased fees from new contracts entered into during fiscal year 2023 and higher fees charged for interruptible spot volumes. Also, there was an increase in payments made by certain producers for committed volumes not delivered. In addition, during July 2023, we entered into a transaction in which a portion of the total consideration received was allocated to revenue due to the termination of a minimum volume water disposal contract.

    Revenues from recovered skim oil, including the impact from realized skim oil hedges, totaled $31.1 million for the quarter ended September 30, 2023, an increase of $6.9 million from the prior year period. The increase was due primarily to greater skim oil barrels sold as a result of higher skim oil recovered from increased produced water processed, and the sale during the current quarter of approximately 53,000 barrels of skim oil that were stored at the end of the prior quarter due to tighter pipeline specifications.

    Operating expenses in the Water Solutions segment decreased $1.7 million for the quarter ended September 30, 2023, compared to the quarter ended September 30, 2022 due primarily to lower chemical expense and lower severance taxes as a result of a severance tax refund in September 2023 related to prior periods. Operating expense per produced barrel processed was $0.24 for the quarter ended September 30, 2023, compared to $0.27 in the comparative quarter last year.

    Crude Oil Logistics

    Operating income for the Crude Oil Logistics segment decreased $18.1 million for the quarter ended September 30, 2023, compared to the quarter ended September 30, 2022. The decrease was primarily due to net losses on derivative contracts of $15.4 million compared to net gains in the prior year of $27.8 million. Product margin for crude oil sales increased due to the selling of lower priced inventory into a rising price market. The decrease in operating income was offset by a decrease in expenses of $5.3 million primarily related to the sale of our marine assets on March 30, 2023. During the quarter ended September 30, 2023, physical volumes on the Grand Mesa Pipeline averaged approximately 70,000 barrels per day, compared to approximately 72,000 barrels per day for the quarter ended September 30, 2022.

    Liquids Logistics

    Operating income for the Liquids Logistics segment increased by $21.9 million for the quarter ended September 30, 2023, compared to the quarter ended September 30, 2022. The increase was primarily due to increased product margins (excluding the impact of derivatives) for propane and butane, offset by lower product margins for refined and other products. Propane margins increased due to our selling lower priced inventory into a market with rising prices. Butane product margins increased due to higher demand for butane blending for the quarter ended September 30, 2023. Margins for refined products declined as the supply issues in certain regions, resulting in higher margins, were resolved and supply and demand were more in balance. Margins for certain other products decreased due to an increase in supply in the market as the final renewable fuel standards mandate released by the EPA lowered the required amount of biodiesel required for blending. In addition, derivative gains increased by approximately $3.4 million and the sale of two propane terminals in July 2023 netted a gain of approximately $6.9 million.

    Corporate and Other

    The operating loss for Corporate and Other was lower by $1.5 million for the quarter ended September 30, 2023, compared to the quarter ended September 30, 2022. Results for the current period include gains from derivatives of $3.4 million as we have entered into economic hedges to protect our liquidity positions and leverage from a significant increase in commodity prices. These positions will expire between November 2023 and March 2024. The gains were partially offset by an increase in business insurance and legal expenses.

    Capitalization and Liquidity

    Total liquidity (cash plus available capacity on our asset-based revolving credit facility ("ABL Facility")) was approximately $307.7 million as of September 30, 2023. Borrowings on the Partnership's ABL Facility totaled approximately $156.0 million. The increase from March 31, 2023 was primarily due to increases in working capital balances driven by increased inventory volumes and higher net account receivable balances.

    The Partnership is in compliance with all of its debt covenants and has no significant debt maturities before March 2025.

    Second Quarter Conference Call Information

    A conference call to discuss NGL's results of operations is scheduled for 4:00 pm Central Time on Thursday, November 9, 2023. Analysts, investors, and other interested parties may join the webcast via the event link: https://www.webcaster4.com/Webcast/Page/2808/49346 or by dialing (877) 545-0320 and providing access code: 476458. An archived audio replay of the call will be available for 14 days, which can be accessed by dialing (877) 481-4010 and providing replay passcode 49346.

    Upcoming Events

    Brad Cooper, NGL Energy Partners CFO, and other members of the management team will be attending the Bank of America Leverage Finance/Credit Conference in Boca Raton, FL on November 28, 2023 and the Wells Fargo Annual Midstream and Utilities Symposium in New York City, NY on December 6, 2023.

    Non-GAAP Financial Measures

    NGL defines EBITDA as net income (loss) attributable to NGL Energy Partners LP, plus interest expense, income tax expense (benefit), and depreciation and amortization expense. NGL defines Adjusted EBITDA as EBITDA excluding net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, equity-based compensation expense, acquisition expense, revaluation of liabilities, certain legal settlements and other. NGL also includes in Adjusted EBITDA certain inventory valuation adjustments related to certain refined products businesses within NGL's Liquids Logistics segment as discussed below. EBITDA and Adjusted EBITDA should not be considered as alternatives to net income, income before income taxes, cash flows from operating activities, or any other measure of financial performance calculated in accordance with 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 NGL's ability to make quarterly distributions to NGL's 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 NGL's financing methods, capital structure and historical cost basis. Further, EBITDA and Adjusted EBITDA, as NGL defines them, may not be comparable to EBITDA, Adjusted EBITDA, or similarly titled measures used by other entities.

    Other than for certain businesses within NGL's Liquids Logistics segment, for purposes of the 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 certain businesses within NGL's Liquids Logistics segment. The primary hedging strategy of these businesses 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 cover extended periods of time. The "inventory valuation adjustment" row in the reconciliation table reflects the difference between the market value of the inventory of these businesses at the balance sheet date and its cost. NGL includes this in Adjusted EBITDA because the unrealized gains and losses associated with derivative contracts associated with the inventory of this segment, which are intended primarily to hedge inventory holding risk and are included in net income, also affect Adjusted EBITDA. In NGL's Crude Oil Logistics segment, they purchase certain crude oil barrels using the West Texas Intermediate ("WTI") calendar month average ("CMA") price and sell the crude oil barrels using the WTI CMA price plus the Argus CMA Differential Roll Component ("CMA Differential Roll") per NGL's contracts. To eliminate the volatility of the CMA Differential Roll, NGL entered into derivative instrument positions in January 2021 to secure a margin of approximately $0.20 per barrel on 1.5 million barrels per month from May 2021 through December 2023. Due to the nature of these positions, the cash flow and earnings recognized on a GAAP basis will differ from period to period depending on the current crude oil price and future estimated crude oil price which are valued utilizing third-party market quoted prices. NGL is recognizing in Adjusted EBITDA the gains and losses from the derivative instrument positions entered into in January 2021 to properly align with the physical margin NGL is hedging each month through the term of this transaction. This representation aligns with management's evaluation of the transaction.

    Distributable Cash Flow is defined as Adjusted EBITDA minus maintenance capital expenditures, income tax expense, cash interest expense, preferred unit distributions and other. Maintenance capital expenditures represent capital expenditures necessary to maintain the Partnership's operating capacity. For the CMA Differential Roll transaction, as discussed above, we have included an adjustment to Distributable Cash Flow to reflect, in the period for which they relate, the actual cash flows for the positions that settled that are not being recognized in Adjusted EBITDA. Distributable Cash Flow is a performance metric used by senior management to compare cash flows generated by the Partnership (excluding growth capital expenditures and prior to the establishment of any retained cash reserves by the Board of Directors) to the cash distributions expected to be paid to unitholders. Using this metric, management can quickly compute the coverage ratio of estimated cash flows to planned cash distributions. This financial measure also is important to investors as an indicator of whether the Partnership is generating cash flow at a level that can sustain, or support an increase in, quarterly distribution rates. Actual distribution amounts are set by the Board of Directors.

    We do not provide a reconciliation for non-GAAP estimates on a forward-looking basis where we are unable to provide a meaningful calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various items that would impact the most directly comparable forward-looking U.S. GAAP financial measure that have not yet occurred, are out of the Partnership's control and/or cannot be reasonably predicted. Forward-looking non-GAAP financial measures provided without the most directly comparable U.S. GAAP financial measures may vary materially from the corresponding U.S. GAAP financial measures.

    Forward-Looking Statements

    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 such forward-looking statements are reasonable, NGL cannot assure they 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.

    NGL provides Adjusted EBITDA guidance that does not include certain charges and costs, which in future periods are generally expected to be similar to the kinds of charges and costs excluded from Adjusted EBITDA in prior periods, such as income taxes, interest and other non-operating items, depreciation and amortization, net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, equity-based compensation expense, acquisition expense, revaluation of liabilities and items that are unusual in nature or infrequently occurring. The exclusion of these charges and costs in future periods will have a significant impact on the Partnership's Adjusted EBITDA, and the Partnership is not able to provide a reconciliation of its Adjusted EBITDA guidance to net income (loss) without unreasonable efforts due to the uncertainty and variability of the nature and amount of these future charges and costs and the Partnership believes that such reconciliation, if possible, would imply a degree of precision that would be potentially confusing or misleading to investors.

    About NGL Energy Partners LP

    NGL Energy Partners LP, a Delaware limited partnership, is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of produced water generated as part of the oil and natural gas production process.

    For further information, visit the Partnership's website at www.nglenergypartners.com.

    NGL ENERGY PARTNERS LP AND SUBSIDIARIES

    Unaudited Condensed Consolidated Balance Sheets

    (in Thousands, except unit amounts)

     

     

    September 30, 2023

     

    March 31, 2023

    ASSETS

     

     

     

    CURRENT ASSETS:

     

     

     

    Cash and cash equivalents

    $

    2,680

     

     

    $

    5,431

     

    Accounts receivable-trade, net of allowance for expected credit losses of $1,840 and $1,964, respectively

     

    1,157,710

     

     

     

    1,033,956

     

    Accounts receivable-affiliates

     

    15,035

     

     

     

    12,362

     

    Inventories

     

    250,572

     

     

     

    142,607

     

    Prepaid expenses and other current assets

     

    137,585

     

     

     

    98,089

     

    Total current assets

     

    1,563,582

     

     

     

    1,292,445

     

    PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $908,595 and $898,184, respectively

     

    2,166,103

     

     

     

    2,223,380

     

    GOODWILL

     

    707,583

     

     

     

    712,364

     

    INTANGIBLE ASSETS, net of accumulated amortization of $406,653 and $580,860, respectively

     

    1,016,820

     

     

     

    1,058,668

     

    INVESTMENTS IN UNCONSOLIDATED ENTITIES

     

    20,900

     

     

     

    21,090

     

    OPERATING LEASE RIGHT-OF-USE ASSETS

     

    95,231

     

     

     

    90,220

     

    OTHER NONCURRENT ASSETS

     

    57,696

     

     

     

    57,977

     

    Total assets

    $

    5,627,915

     

     

    $

    5,456,144

     

    LIABILITIES AND EQUITY

     

     

     

    CURRENT LIABILITIES:

     

     

     

    Accounts payable-trade

    $

    1,080,673

     

     

    $

    927,591

     

    Accounts payable-affiliates

     

    44

     

     

     

    65

     

    Accrued expenses and other payables

     

    164,115

     

     

     

    133,616

     

    Advance payments received from customers

     

    29,239

     

     

     

    14,699

     

    Operating lease obligations

     

    33,376

     

     

     

    34,166

     

    Total current liabilities

     

    1,307,447

     

     

     

    1,110,137

     

    LONG-TERM DEBT, net of debt issuance costs of $24,385 and $30,117, respectively

     

    2,782,262

     

     

     

    2,857,805

     

    OPERATING LEASE OBLIGATIONS

     

    63,975

     

     

     

    58,450

     

    OTHER NONCURRENT LIABILITIES

     

    107,945

     

     

     

    111,226

     

     

     

     

     

    CLASS D 9.00% PREFERRED UNITS, 600,000 and 600,000 preferred units issued and outstanding, respectively

     

    551,097

     

     

     

    551,097

     

     

     

     

     

    EQUITY:

     

     

     

    General partner, representing a 0.1% interest, 132,059 and 132,059 notional units, respectively

     

    (52,572

    )

     

     

    (52,551

    )

    Limited partners, representing a 99.9% interest, 131,927,343 and 131,927,343 common units issued and outstanding, respectively

     

    503,798

     

     

     

    455,564

     

    Class B preferred limited partners, 12,585,642 and 12,585,642 preferred units issued and outstanding, respectively

     

    305,468

     

     

     

    305,468

     

    Class C preferred limited partners, 1,800,000 and 1,800,000 preferred units issued and outstanding, respectively

     

    42,891

     

     

     

    42,891

     

    Accumulated other comprehensive loss

     

    (473

    )

     

     

    (450

    )

    Noncontrolling interests

     

    16,077

     

     

     

    16,507

     

    Total equity

     

    815,189

     

     

     

    767,429

     

    Total liabilities and equity

    $

    5,627,915

     

     

    $

    5,456,144

     

    NGL ENERGY PARTNERS LP AND SUBSIDIARIES

    Unaudited Condensed Consolidated Statements of Operations

    (in Thousands, except unit and per unit amounts)

     

     

     

     

     

     

     

    Three Months Ended September 30,

     

    Six Months Ended September 30,

     

     

     

    2023

     

     

     

    2022

     

     

     

    2023

     

     

     

    2022

     

    REVENUES:

     

     

     

     

     

     

     

     

    Water Solutions

     

    $

    197,244

     

     

    $

    164,910

     

     

    $

    378,546

     

     

    $

    330,989

     

    Crude Oil Logistics

     

     

    489,713

     

     

     

    574,783

     

     

     

    954,103

     

     

     

    1,440,154

     

    Liquids Logistics

     

     

    1,154,139

     

     

     

    1,269,754

     

     

     

    2,124,551

     

     

     

    2,735,687

     

    Total Revenues

     

     

    1,841,096

     

     

     

    2,009,447

     

     

     

    3,457,200

     

     

     

    4,506,830

     

    COST OF SALES:

     

     

     

     

     

     

     

     

    Water Solutions

     

     

    7,424

     

     

     

    920

     

     

     

    9,993

     

     

     

    11,145

     

    Crude Oil Logistics

     

     

    454,927

     

     

     

    514,199

     

     

     

    880,226

     

     

     

    1,336,569

     

    Liquids Logistics

     

     

    1,119,478

     

     

     

    1,249,001

     

     

     

    2,066,725

     

     

     

    2,671,417

     

    Corporate and Other

     

     

    (3,381

    )

     

     

    —

     

     

     

    833

     

     

     

    —

     

    Total Cost of Sales

     

     

    1,578,448

     

     

     

    1,764,120

     

     

     

    2,957,777

     

     

     

    4,019,131

     

    OPERATING COSTS AND EXPENSES:

     

     

     

     

     

     

     

     

    Operating

     

     

    77,389

     

     

     

    84,158

     

     

     

    154,070

     

     

     

    156,018

     

    General and administrative

     

     

    17,496

     

     

     

    16,628

     

     

     

    37,787

     

     

     

    33,385

     

    Depreciation and amortization

     

     

    65,526

     

     

     

    68,118

     

     

     

    134,505

     

     

     

    134,778

     

    Loss on disposal or impairment of assets, net

     

     

    16,207

     

     

     

    7,653

     

     

     

    15,011

     

     

     

    7,485

     

    Operating Income

     

     

    86,030

     

     

     

    68,770

     

     

     

    158,050

     

     

     

    156,033

     

    OTHER INCOME (EXPENSE):

     

     

     

     

     

     

     

     

    Equity in earnings of unconsolidated entities

     

     

    851

     

     

     

    1,207

     

     

     

    942

     

     

     

    1,881

     

    Interest expense

     

     

    (58,627

    )

     

     

    (68,297

    )

     

     

    (118,149

    )

     

     

    (135,608

    )

    Gain on early extinguishment of liabilities, net

     

     

    63

     

     

     

    2,479

     

     

     

    6,871

     

     

     

    4,141

     

    Other income (expense), net

     

     

    310

     

     

     

    (15

    )

     

     

    616

     

     

     

    631

     

    Income Before Income Taxes

     

     

    28,627

     

     

     

    4,144

     

     

     

    48,330

     

     

     

    27,078

     

    INCOME TAX EXPENSE

     

     

    (342

    )

     

     

    (537

    )

     

     

    (482

    )

     

     

    (365

    )

    Net Income

     

     

    28,285

     

     

     

    3,607

     

     

     

    47,848

     

     

     

    26,713

     

    LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

     

     

    (257

    )

     

     

    (97

    )

     

     

    (519

    )

     

     

    (342

    )

    NET INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP

     

    $

    28,028

     

     

    $

    3,510

     

     

    $

    47,329

     

     

    $

    26,371

     

    NET LOSS ALLOCATED TO COMMON UNITHOLDERS

     

    $

    (6,709

    )

     

    $

    (26,899

    )

     

    $

    (21,191

    )

     

    $

    (31,578

    )

    BASIC AND DILUTED LOSS PER COMMON UNIT

     

    $

    (0.05

    )

     

    $

    (0.21

    )

     

    $

    (0.16

    )

     

    $

    (0.24

    )

    BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING

     

     

    131,927,343

     

     

     

    130,695,970

     

     

     

    131,927,343

     

     

     

    130,695,970

     

    DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING

     

     

    131,927,343

     

     

     

    130,695,970

     

     

     

    131,927,343

     

     

     

    130,695,970

     

    EBITDA, ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW RECONCILIATION

    (Unaudited)

     

    The following table reconciles NGL's net income to NGL's EBITDA, Adjusted EBITDA and Distributable Cash Flow for the periods indicated:

     

     

     

    Three Months Ended September 30,

     

    Six Months Ended September 30,

     

     

     

    2023

     

     

     

    2022

     

     

     

    2023

     

     

     

    2022

     

     

     

    (in thousands)

    Net income

     

    $

    28,285

     

     

    $

    3,607

     

     

    $

    47,848

     

     

    $

    26,713

     

    Less: Net income attributable to noncontrolling interests

     

     

    (257

    )

     

     

    (97

    )

     

     

    (519

    )

     

     

    (342

    )

    Net income attributable to NGL Energy Partners LP

     

     

    28,028

     

     

     

    3,510

     

     

     

    47,329

     

     

     

    26,371

     

    Interest expense

     

     

    58,642

     

     

     

    68,313

     

     

     

    118,178

     

     

     

    135,639

     

    Income tax expense

     

     

    342

     

     

     

    537

     

     

     

    482

     

     

     

    365

     

    Depreciation and amortization

     

     

    65,502

     

     

     

    68,103

     

     

     

    134,423

     

     

     

    134,717

     

    EBITDA

     

     

    152,514

     

     

     

    140,463

     

     

     

    300,412

     

     

     

    297,092

     

    Net unrealized losses (gains) on derivatives

     

     

    9,691

     

     

     

    (4,828

    )

     

     

    9,059

     

     

     

    (61,730

    )

    CMA Differential Roll net losses (gains) (1)

     

     

    2,233

     

     

     

    (6,518

    )

     

     

    (6,904

    )

     

     

    28,102

     

    Inventory valuation adjustment (2)

     

     

    (6,436

    )

     

     

    (3,560

    )

     

     

    (6,100

    )

     

     

    (4,115

    )

    Lower of cost or net realizable value adjustments

     

     

    1,080

     

     

     

    10,143

     

     

     

    3,844

     

     

     

    857

     

    Loss on disposal or impairment of assets, net

     

     

    16,207

     

     

     

    7,653

     

     

     

    15,011

     

     

     

    7,485

     

    Gain on early extinguishment of liabilities, net

     

     

    (63

    )

     

     

    (2,479

    )

     

     

    (6,871

    )

     

     

    (4,141

    )

    Equity-based compensation expense

     

     

    410

     

     

     

    479

     

     

     

    884

     

     

     

    976

     

    Acquisition expense (3)

     

     

    42

     

     

     

    —

     

     

     

    47

     

     

     

    —

     

    Other (4)

     

     

    536

     

     

     

    889

     

     

     

    1,487

     

     

     

    1,592

     

    Adjusted EBITDA

     

    $

    176,214

     

     

    $

    142,242

     

     

    $

    310,869

     

     

    $

    266,118

     

    Less: Cash interest expense (5)

     

     

    54,483

     

     

     

    64,096

     

     

     

    109,894

     

     

     

    127,221

     

    Less: Income tax expense

     

     

    342

     

     

     

    537

     

     

     

    482

     

     

     

    365

     

    Less: Maintenance capital expenditures

     

     

    16,358

     

     

     

    14,219

     

     

     

    32,885

     

     

     

    29,586

     

    Less: CMA Differential Roll (6)

     

     

    (7,352

    )

     

     

    (16,274

    )

     

     

    (18,047

    )

     

     

    1,934

     

    Less: Other (7)

     

     

    4

     

     

     

    77

     

     

     

    222

     

     

     

    170

     

    Distributable Cash Flow

     

    $

    112,379

     

     

    $

    79,587

     

     

    $

    185,433

     

     

    $

    106,842

     

     

    (1)

    Adjustment to align, within Adjusted EBITDA, the net gains and losses of the Partnership's CMA Differential Roll derivative instruments positions with the physical margin being hedged. See "Non-GAAP Financial Measures" section above for a further discussion.

    (2)

    Amounts represent the difference between the market value of the inventory at the balance sheet date and its cost. See "Non-GAAP Financial Measures" section above for a further discussion.

    (3)

    Amounts represent expenses we incurred related to legal and advisory costs associated with acquisitions.

    (4)

    Amounts represent unrealized gains/losses on marketable securities and accretion expense for asset retirement obligations. Also, the amount for the six months ended September 30, 2022 includes non-cash operating expenses related to our Grand Mesa Pipeline.

    (5)

    Amounts represent interest expense payable in cash, excluding changes in the accrued interest balance.

    (6)

    Amount represents the cash portion of the adjustments of the Partnership's CMA Differential Roll derivative instrument positions, as discussed above, that settled during the period.

    (7)

    Amounts represents cash paid to settle asset retirement obligations.

    ADJUSTED EBITDA RECONCILIATION BY SEGMENT
     

     

    Three Months Ended September 30, 2023

     

    Water

    Solutions

     

    Crude Oil

    Logistics

     

    Liquids

    Logistics

     

    Corporate

    and Other

     

    Consolidated

     

    (in thousands)

    Operating income (loss)

    $

    59,118

     

     

    $

    14,778

     

     

    $

    23,577

     

     

    $

    (11,443

    )

     

    $

    86,030

     

    Depreciation and amortization

     

    52,053

     

     

     

    9,573

     

     

     

    2,383

     

     

     

    1,517

     

     

     

    65,526

     

    Amortization recorded to cost of sales

     

    —

     

     

     

    —

     

     

     

    65

     

     

     

    —

     

     

     

    65

     

    Net unrealized losses (gains) on derivatives

     

    4,471

     

     

     

    4,554

     

     

     

    3,230

     

     

     

    (2,564

    )

     

     

    9,691

     

    CMA Differential Roll net losses (gains)

     

    —

     

     

     

    2,233

     

     

     

    —

     

     

     

    —

     

     

     

    2,233

     

    Inventory valuation adjustment

     

    —

     

     

     

    —

     

     

     

    (6,436

    )

     

     

    —

     

     

     

    (6,436

    )

    Lower of cost or net realizable value adjustments

     

    —

     

     

     

    —

     

     

     

    1,080

     

     

     

    —

     

     

     

    1,080

     

    Loss (gain) on disposal or impairment of assets, net

     

    23,599

     

     

     

    (467

    )

     

     

    (6,925

    )

     

     

    —

     

     

     

    16,207

     

    Equity-based compensation expense

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    410

     

     

     

    410

     

    Acquisition expense

     

    (29

    )

     

     

    —

     

     

     

    65

     

     

     

    6

     

     

     

    42

     

    Other income (expense), net

     

    248

     

     

     

    (1

    )

     

     

    14

     

     

     

    49

     

     

     

    310

     

    Adjusted EBITDA attributable to unconsolidated entities

     

    1,032

     

     

     

    —

     

     

     

    (21

    )

     

     

    51

     

     

     

    1,062

     

    Adjusted EBITDA attributable to noncontrolling interest

     

    (542

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (542

    )

    Other

     

    439

     

     

     

    43

     

     

     

    54

     

     

     

    —

     

     

     

    536

     

    Adjusted EBITDA

    $

    140,389

     

     

    $

    30,713

     

     

    $

    17,086

     

     

    $

    (11,974

    )

     

    $

    176,214

     

     

    Three Months Ended September 30, 2022

     

    Water

    Solutions

     

    Crude Oil

    Logistics

     

    Liquids

    Logistics

     

    Corporate

    and Other

     

    Consolidated

     

    (in thousands)

    Operating income (loss)

    $

    47,128

     

     

    $

    32,927

     

     

    $

    1,653

     

     

    $

    (12,938

    )

     

    $

    68,770

     

    Depreciation and amortization

     

    51,327

     

     

     

    11,775

     

     

     

    3,396

     

     

     

    1,620

     

     

     

    68,118

     

    Amortization recorded to cost of sales

     

    —

     

     

     

    —

     

     

     

    69

     

     

     

    —

     

     

     

    69

     

    Net unrealized (gains) losses on derivatives

     

    (4,340

    )

     

     

    (4,575

    )

     

     

    4,087

     

     

     

    —

     

     

     

    (4,828

    )

    CMA Differential Roll net losses (gains)

     

    —

     

     

     

    (6,518

    )

     

     

    —

     

     

     

    —

     

     

     

    (6,518

    )

    Inventory valuation adjustment

     

    —

     

     

     

    —

     

     

     

    (3,560

    )

     

     

    —

     

     

     

    (3,560

    )

    Lower of cost or net realizable value adjustments

     

    —

     

     

     

    (493

    )

     

     

    10,636

     

     

     

    —

     

     

     

    10,143

     

    Loss (gain) on disposal or impairment of assets, net

     

    9,035

     

     

     

    (296

    )

     

     

    52

     

     

     

    (1,138

    )

     

     

    7,653

     

    Equity-based compensation expense

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    479

     

     

     

    479

     

    Other (expense) income, net

     

    (251

    )

     

     

    303

     

     

     

    (91

    )

     

     

    24

     

     

     

    (15

    )

    Adjusted EBITDA attributable to unconsolidated entities

     

    1,387

     

     

     

    —

     

     

     

    (17

    )

     

     

    45

     

     

     

    1,415

     

    Adjusted EBITDA attributable to noncontrolling interest

     

    (373

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (373

    )

    Other

     

    861

     

     

     

    (260

    )

     

     

    288

     

     

     

    —

     

     

     

    889

     

    Adjusted EBITDA

    $

    104,774

     

     

    $

    32,863

     

     

    $

    16,513

     

     

    $

    (11,908

    )

     

    $

    142,242

     

     

    Six Months Ended September 30, 2023

     

    Water

    Solutions

     

    Crude Oil

    Logistics

     

    Liquids

    Logistics

     

    Corporate

    and Other

     

    Consolidated

     

    (in thousands)

    Operating income (loss)

    $

    128,449

     

     

    $

    31,785

     

     

    $

    31,408

     

     

    $

    (33,592

    )

     

    $

    158,050

     

    Depreciation and amortization

     

    106,476

     

     

     

    19,319

     

     

     

    5,597

     

     

     

    3,113

     

     

     

    134,505

     

    Amortization recorded to cost of sales

     

    —

     

     

     

    —

     

     

     

    130

     

     

     

    —

     

     

     

    130

     

    Net unrealized losses (gains) on derivatives

     

    4,471

     

     

     

    9,689

     

     

     

    (5,489

    )

     

     

    388

     

     

     

    9,059

     

    CMA Differential Roll net losses (gains)

     

    —

     

     

     

    (6,904

    )

     

     

    —

     

     

     

    —

     

     

     

    (6,904

    )

    Inventory valuation adjustment

     

    —

     

     

     

    —

     

     

     

    (6,100

    )

     

     

    —

     

     

     

    (6,100

    )

    Lower of cost or net realizable value adjustments

     

    —

     

     

     

    —

     

     

     

    3,844

     

     

     

    —

     

     

     

    3,844

     

    Loss (gain) on disposal or impairment of assets, net

     

    22,318

     

     

     

    429

     

     

     

    (7,736

    )

     

     

    —

     

     

     

    15,011

     

    Equity-based compensation expense

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    884

     

     

     

    884

     

    Acquisition expense

     

    (28

    )

     

     

    —

     

     

     

    84

     

     

     

    (9

    )

     

     

    47

     

    Other income, net

     

    428

     

     

     

    105

     

     

     

    15

     

     

     

    68

     

     

     

    616

     

    Adjusted EBITDA attributable to unconsolidated entities

     

    1,259

     

     

     

    —

     

     

     

    (26

    )

     

     

    95

     

     

     

    1,328

     

    Adjusted EBITDA attributable to noncontrolling interest

     

    (1,088

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (1,088

    )

    Other

     

    1,298

     

     

     

    81

     

     

     

    108

     

     

     

    —

     

     

     

    1,487

     

    Adjusted EBITDA

    $

    263,583

     

     

    $

    54,504

     

     

    $

    21,835

     

     

    $

    (29,053

    )

     

    $

    310,869

     

     

    Six Months Ended September 30, 2022

     

    Water

    Solutions

     

    Crude Oil

    Logistics

     

    Liquids

    Logistics

     

    Corporate

    and Other

     

    Consolidated

     

    (in thousands)

    Operating income (loss)

    $

    100,733

     

     

    $

    51,916

     

     

    $

    28,293

     

     

    $

    (24,909

    )

     

    $

    156,033

     

    Depreciation and amortization

     

    101,175

     

     

     

    23,529

     

     

     

    6,777

     

     

     

    3,297

     

     

     

    134,778

     

    Amortization recorded to cost of sales

     

    —

     

     

     

    —

     

     

     

    137

     

     

     

    —

     

     

     

    137

     

    Net unrealized gains on derivatives

     

    (4,464

    )

     

     

    (55,580

    )

     

     

    (1,686

    )

     

     

    —

     

     

     

    (61,730

    )

    CMA Differential Roll net losses (gains)

     

    —

     

     

     

    28,102

     

     

     

    —

     

     

     

    —

     

     

     

    28,102

     

    Inventory valuation adjustment

     

    —

     

     

     

    —

     

     

     

    (4,115

    )

     

     

    —

     

     

     

    (4,115

    )

    Lower of cost or net realizable value adjustments

     

    —

     

     

     

    1,074

     

     

     

    (217

    )

     

     

    —

     

     

     

    857

     

    Loss (gain) on disposal or impairment of assets, net

     

    9,976

     

     

     

    (1,556

    )

     

     

    52

     

     

     

    (987

    )

     

     

    7,485

     

    Equity-based compensation expense

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    976

     

     

     

    976

     

    Other income (expense), net

     

    8

     

     

     

    331

     

     

     

    (184

    )

     

     

    476

     

     

     

    631

     

    Adjusted EBITDA attributable to unconsolidated entities

     

    2,212

     

     

     

    —

     

     

     

    (24

    )

     

     

    89

     

     

     

    2,277

     

    Adjusted EBITDA attributable to noncontrolling interest

     

    (905

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (905

    )

    Other

     

    1,086

     

     

     

    125

     

     

     

    381

     

     

     

    —

     

     

     

    1,592

     

    Adjusted EBITDA

    $

    209,821

     

     

    $

    47,941

     

     

    $

    29,414

     

     

    $

    (21,058

    )

     

    $

    266,118

     

    OPERATIONAL DATA

    (Unaudited)

     

     

    Three Months Ended

     

    Six Months Ended

     

    September 30,

     

    September 30,

     

    2023

     

    2022

     

    2023

     

    2022

     

    (in thousands, except per day amounts)

    Water Solutions:

     

     

     

     

     

     

     

    Produced water processed (barrels per day)

     

     

     

     

     

     

     

    Delaware Basin

    2,156,733

     

    1,986,585

     

    2,154,906

     

    1,937,179

    Eagle Ford Basin

    138,509

     

    112,337

     

    135,737

     

    105,463

    DJ Basin

    146,124

     

    153,766

     

    157,745

     

    152,057

    Other Basins

    —

     

    13,150

     

    1,481

     

    15,505

    Total

    2,441,366

     

    2,265,838

     

    2,449,869

     

    2,210,204

    Recycled water (barrels per day)

    35,341

     

    93,898

     

    67,213

     

    115,294

    Total (barrels per day)

    2,476,707

     

    2,359,736

     

    2,517,082

     

    2,325,498

    Skim oil sold (barrels per day)

    4,378

     

    3,216

     

    4,046

     

    3,584

     

     

     

     

     

     

     

     

    Crude Oil Logistics:

     

     

     

     

     

     

     

    Crude oil sold (barrels)

    5,636

     

    5,839

     

    11,643

     

    13,473

    Crude oil transported on owned pipelines (barrels)

    6,484

     

    6,600

     

    13,047

     

    13,770

    Crude oil storage capacity - owned and leased (barrels) (1)

     

     

     

     

    5,232

     

    5,232

    Crude oil inventory (barrels) (1)

     

     

     

     

    660

     

    660

     

     

     

     

     

     

     

     

    Liquids Logistics:

     

     

     

     

     

     

     

    Refined products sold (gallons)

    209,919

     

    186,031

     

    430,006

     

    374,657

    Propane sold (gallons)

    129,988

     

    169,775

     

    269,741

     

    334,619

    Butane sold (gallons)

    108,085

     

    111,551

     

    186,574

     

    232,076

    Other products sold (gallons)

    100,389

     

    104,979

     

    191,488

     

    198,616

    Natural gas liquids and refined products storage capacity - owned and leased (gallons) (1)

     

     

     

     

    157,589

     

    167,559

    Refined products inventory (gallons) (1)

     

     

     

     

    707

     

    1,990

    Propane inventory (gallons) (1)

     

     

     

     

    115,491

     

    101,880

    Butane inventory (gallons) (1)

     

     

     

     

    92,651

     

    84,928

    Other products inventory (gallons) (1)

     

     

     

     

    18,012

     

    33,653

     

    (1)

    Information is presented as of September 30, 2023 and September 30, 2022, respectively.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20231109572038/en/

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