NGL Energy Partners LP (NYSE:NGL) (“NGL,” “our,” “we,” or the
“Partnership”) today reported its first quarter Fiscal 2023
financial results. Highlights include:
- Net income for the first quarter of Fiscal 2023 of $23.1
million, compared to a net loss of $134.5 million for the first
quarter of Fiscal 2022
- Adjusted EBITDA(1) for the first quarter of Fiscal 2023 of
$123.9 million, compared to $91.1 million for the first quarter of
Fiscal 2022
- Record Water Solutions quarterly Adjusted EBITDA(1) of $105.0
million, a 28.9% increase compared to the first quarter of Fiscal
2022 and a 16.4% increase from the immediately preceding fiscal
quarter
- Record produced water volumes processed of approximately 2.15
million barrels per day during the first quarter of Fiscal 2023,
growing 29.2% from the same period in the prior year and 11.8% over
the immediately preceding fiscal quarter
- Subsequent to the first quarter of Fiscal 2023, the Partnership
placed the entire Ambassador Pipeline into propane service by
connecting the southern leg from the Wheeler terminal into
Marysville storage
“Our Water Solutions segment outperformed during this past
quarter, achieving record numbers for both produced water volumes
processed and Adjusted EBITDA(1), while managing costs in a
challenging supply chain and inflationary macro environment. Due to
the positive results of the first fiscal quarter, we are increasing
our guidance for the Water Solutions segment to more than $410
million of Adjusted EBITDA(2) for Fiscal 2023. Full year guidance
for Adjusted EBITDA(2) is in excess of $600 million,” stated Mike
Krimbill, NGL’s CEO. “The Ambassador Pipeline is now fully
operational and in service and we expect the additional supply from
the pipeline will benefit many of Michigan’s propane customers in
one of the largest retail propane markets in the U.S. Fiscal 2023
is starting out well and we look forward to the next three
quarters,” Krimbill concluded.
Quarterly Results of Operations
The following table summarizes operating income (loss) and
Adjusted EBITDA(1) from continuing operations by reportable segment
for the periods indicated:
Quarter Ended
June 30, 2022
June 30, 2021
Operating Income
(Loss)
Adjusted EBITDA(1)
Operating Income
(Loss)
Adjusted EBITDA(1)
(in thousands)
Water Solutions
$
53,605
$
105,047
$
7,583
$
81,511
Crude Oil Logistics
18,989
15,078
(11,581
)
13,148
Liquids Logistics
26,640
12,901
(53,409
)
5,574
Corporate and Other
(11,971
)
(9,150
)
(11,927
)
(9,132
)
Total
$
87,263
$
123,876
$
(69,334
)
$
91,101
(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.
Water Solutions
Operating income for the Water Solutions segment increased $46.0
million for the quarter ended June 30, 2022, compared to the
quarter ended June 30, 2021. The Partnership processed
approximately 2.15 million barrels of produced water per day during
the quarter ended June 30, 2022, a 29.2% increase when compared to
approximately 1.67 million barrels of water per day processed
during the quarter ended June 30, 2021. This increase was due to
higher production volumes (and associated produced water) primarily
in the Delaware Basin driven by the recovery in crude oil prices
from the prior year. The Partnership also sold approximately
137,000 barrels per day of produced and recycled water for use in
our customers’ completion activities.
Revenues from recovered crude oil, including the impact from
realized skim oil hedges, totaled $32.9 million for the quarter
ended June 30, 2022, an increase of $16.9 million from the prior
year period. This increase was due to increased skim oil barrels
sold as a result of higher produced water volumes processed, higher
skim oil volumes captured per barrel of produced water processed
and higher realized crude oil prices received from the sale of skim
oil barrels.
Operating expenses in the Water Solutions segment decreased to
$0.25 per produced barrel processed compared to $0.26 per produced
barrel processed in the comparative quarter last year primarily due
to continued efforts to control operating costs per barrel along
with higher produced water volumes processed. Three of the Water
Solutions segment’s largest variable expenses, utility, royalty and
chemical expenses, were not (and are not expected to be) impacted
by the rise in inflation due to negotiating long-term utility
contracts with fixed rates, royalty contracts with no escalation
clauses and a fixed chemical expense per barrel with our chemical
provider.
Crude Oil Logistics
Operating income for the quarter ended June 30, 2022 increased
$30.6 million compared to the quarter ended June 30, 2021 primarily
due to an increase in average commodity prices period over period
and a decrease in net derivative losses. Our product margins also
continue to benefit due to high crude oil prices, which have a
favorable impact on contracted rates with certain producers, as
well as increased differentials on certain other sales contracts.
During the three months ended June 30, 2022, physical volumes on
the Grand Mesa Pipeline averaged approximately 79,000 barrels per
day, compared to approximately 77,000 barrels per day for the three
months ended June 30, 2021.
Liquids Logistics
Operating income for the Liquids Logistics segment increased
$80.0 million for the quarter ended June 30, 2022, compared to the
quarter ended June 30, 2021. The prior year included a loss of
$60.1 million related to the sale of the Partnership’s membership
interest in Sawtooth Caverns, LLC (“Sawtooth”). Butane margins
increased compared to the quarter ended June 30, 2021 due primarily
to net unrealized gains on derivatives of approximately $6.1
million recognized in the quarter ended June 30, 2022, compared to
net unrealized losses on derivatives of $6.5 million recognized in
the quarter ended June 30, 2021. Excluding the impact of
derivatives, butane product margin was negatively impacted by lower
location differentials. The remaining increase in operating income
was primarily related to higher product margins on refined products
and biodiesel sold due to tighter supply in certain markets as well
as favorable supply contracts and inventory positions in a volatile
market. These increases were partially offset by lower propane
product margin related to the impact of derivatives and decreased
service revenue due to the sale of Sawtooth.
Corporate and Other
Corporate and Other expenses remained consistent to the
comparable prior year period.
Capitalization and Liquidity
Total liquidity (cash plus available capacity on our asset-based
revolving credit facility) was approximately $286.2 million as of
June 30, 2022. Borrowings on the Partnership’s revolving credit
facility totaled approximately $171.0 million. The increase from
March 31, 2022 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 November 2023. The
Partnership expects to generate operational free cash flow in
Fiscal Year 2023, which will be utilized to repay outstanding
indebtedness and improve leverage.
First Quarter Conference Call Information
A conference call to discuss NGL’s results of operations is
scheduled for 4:00 pm Central Time on Tuesday, August 9, 2022.
Analysts, investors, and other interested parties may join the
webcast via the event link:
https://www.webcaster4.com/Webcast/Page/2808/46286 or by dialing
(877) 545-0523 and providing access code: 252394. An archived audio
replay of the call will be available for 14 days, which can be
accessed by dialing (877) 481-4010 and providing access passcode
46286.
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 (loss),
income (loss) 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)
June 30, 2022
March 31, 2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
816
$
3,822
Accounts receivable-trade, net of
allowance for expected credit losses of $2,625 and $2,626,
respectively
1,304,831
1,123,163
Accounts receivable-affiliates
9,238
8,591
Inventories
301,298
251,277
Prepaid expenses and other current
assets
133,135
159,486
Total current assets
1,749,318
1,546,339
PROPERTY, PLANT AND EQUIPMENT, net of
accumulated depreciation of $918,150 and $887,006, respectively
2,455,580
2,462,390
GOODWILL
744,439
744,439
INTANGIBLE ASSETS, net of accumulated
amortization of $527,994 and $507,285, respectively
1,116,122
1,135,354
INVESTMENTS IN UNCONSOLIDATED ENTITIES
22,571
21,897
OPERATING LEASE RIGHT-OF-USE ASSETS
107,176
114,124
OTHER NONCURRENT ASSETS
42,352
45,802
Total assets
$
6,237,558
$
6,070,345
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable-trade
$
1,150,270
$
1,084,837
Accounts payable-affiliates
91
73
Accrued expenses and other payables
179,101
140,719
Advance payments received from
customers
21,819
7,934
Current maturities of long-term debt
2,430
2,378
Operating lease obligations
38,667
41,261
Total current liabilities
1,392,378
1,277,202
LONG-TERM DEBT, net of debt issuance costs
of $39,938 and $42,988, respectively, and current maturities
3,384,571
3,350,463
OPERATING LEASE OBLIGATIONS
68,963
72,784
OTHER NONCURRENT LIABILITIES
103,518
104,346
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, 130,827 and 130,827 notional units, respectively
(52,483
)
(52,478
)
Limited partners, representing a 99.9%
interest, 130,695,970 and 130,695,970 common units issued and
outstanding, respectively
424,849
401,486
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
(358
)
(308
)
Noncontrolling interests
16,664
17,394
Total equity
737,031
714,453
Total liabilities and equity
$
6,237,558
$
6,070,345
NGL ENERGY PARTNERS LP AND
SUBSIDIARIES
Unaudited Condensed
Consolidated Statements of Operations
(in Thousands, except unit and
per unit amounts)
Three Months Ended June
30,
2022
2021
REVENUES:
Water Solutions
$
166,079
$
130,226
Crude Oil Logistics
865,371
553,624
Liquids Logistics
1,465,933
804,805
Total Revenues
2,497,383
1,488,655
COST OF SALES:
Water Solutions
10,225
10,338
Crude Oil Logistics
822,370
537,257
Liquids Logistics
1,422,416
777,198
Total Cost of Sales
2,255,011
1,324,793
OPERATING COSTS AND EXPENSES:
Operating
71,860
65,784
General and administrative
16,757
15,774
Depreciation and amortization
66,660
84,102
(Gain) loss on disposal or impairment of
assets, net
(168
)
67,536
Operating Income (Loss)
87,263
(69,334
)
OTHER INCOME (EXPENSE):
Equity in earnings of unconsolidated
entities
674
212
Interest expense
(67,311
)
(67,130
)
Gain on early extinguishment of
liabilities, net
1,662
51
Other income, net
646
1,249
Income (Loss) Before Income Taxes
22,934
(134,952
)
INCOME TAX BENEFIT
172
450
Net Income (Loss)
23,106
(134,502
)
LESS: NET INCOME ATTRIBUTABLE TO
NONCONTROLLING INTERESTS
(245
)
(438
)
NET INCOME (LOSS) ATTRIBUTABLE TO NGL
ENERGY PARTNERS LP
$
22,861
$
(134,940
)
NET LOSS ALLOCATED TO COMMON
UNITHOLDERS
$
(4,679
)
$
(159,332
)
BASIC LOSS PER COMMON UNIT
$
(0.04
)
$
(1.23
)
DILUTED LOSS PER COMMON UNIT
$
(0.04
)
$
(1.23
)
BASIC WEIGHTED AVERAGE COMMON UNITS
OUTSTANDING
130,695,970
129,593,939
DILUTED WEIGHTED AVERAGE COMMON UNITS
OUTSTANDING
130,695,970
129,593,939
EBITDA, ADJUSTED EBITDA AND
DISTRIBUTABLE CASH FLOW RECONCILIATION
(Unaudited)
The following table reconciles NGL’s net
income (loss) to NGL’s EBITDA, Adjusted EBITDA and Distributable
Cash Flow:
Three Months Ended June
30,
2022
2021
(in thousands)
Net income (loss)
$
23,106
$
(134,502
)
Less: Net income attributable to
noncontrolling interests
(245
)
(438
)
Net income (loss) attributable to NGL
Energy Partners LP
22,861
(134,940
)
Interest expense
67,326
67,130
Income tax benefit
(172
)
(450
)
Depreciation and amortization
66,614
83,357
EBITDA
156,629
15,097
Net unrealized gains on derivatives
(56,902
)
(16,264
)
CMA Differential Roll net losses (gains)
(1)
34,620
24,310
Inventory valuation adjustment (2)
(555
)
1,218
Lower of cost or net realizable value
adjustments
(9,286
)
(3,806
)
(Gain) loss on disposal or impairment of
assets, net
(168
)
67,538
Gain on early extinguishment of
liabilities, net
(1,662
)
(87
)
Equity-based compensation expense
497
960
Acquisition expense (3)
—
67
Other (4)
703
2,068
Adjusted EBITDA
$
123,876
$
91,101
Less: Cash interest expense (5)
63,125
63,359
Less: Income tax benefit
(172
)
(450
)
Less: Maintenance capital expenditures
15,367
7,745
Less: CMA Differential Roll (6)
18,208
23,932
Less: Other (7)
93
—
Distributable Cash Flow
$
27,255
$
(3,485
)
(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)
Amount reflects 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 non-cash
operating expenses related to our Grand Mesa Pipeline, unrealized
gains/losses on marketable securities and accretion expense for
asset retirement obligations.
(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 June 30,
2022
Water Solutions
Crude Oil
Logistics
Liquids
Logistics
Corporate and
Other
Consolidated
(in thousands)
Operating income (loss)
$
53,605
$
18,989
$
26,640
$
(11,971
)
$
87,263
Depreciation and amortization
49,848
11,754
3,381
1,677
66,660
Amortization recorded to cost of sales
—
—
68
—
68
Net unrealized gains on derivatives
(124
)
(51,005
)
(5,773
)
—
(56,902
)
CMA Differential Roll net losses
(gains)
—
34,620
—
—
34,620
Inventory valuation adjustment
—
—
(555
)
—
(555
)
Lower of cost or net realizable value
adjustments
—
1,567
(10,853
)
—
(9,286
)
Loss (gain) on disposal or impairment of
assets, net
941
(1,260
)
—
151
(168
)
Equity-based compensation expense
—
—
—
497
497
Other income (expense), net
259
28
(93
)
452
646
Adjusted EBITDA attributable to
unconsolidated entities
825
—
(7
)
44
862
Adjusted EBITDA attributable to
noncontrolling interest
(532
)
—
—
—
(532
)
Other
225
385
93
—
703
Adjusted EBITDA
$
105,047
$
15,078
$
12,901
$
(9,150
)
$
123,876
Three Months Ended June 30,
2021
Water Solutions
Crude Oil
Logistics
Liquids
Logistics
Corporate and
Other
Consolidated
(in thousands)
Operating income (loss)
$
7,583
$
(11,581
)
$
(53,409
)
$
(11,927
)
$
(69,334
)
Depreciation and amortization
62,981
12,409
6,967
1,745
84,102
Amortization recorded to cost of sales
—
—
73
—
73
Net unrealized losses (gains) on
derivatives
3,566
(14,454
)
(5,376
)
—
(16,264
)
CMA Differential Roll net losses
(gains)
—
24,310
—
—
24,310
Inventory valuation adjustment
—
—
1,218
—
1,218
Lower of cost or net realizable value
adjustments
—
(11
)
(3,795
)
—
(3,806
)
Loss (gain) on disposal or impairment of
assets, net
7,491
(42
)
60,087
—
67,536
Equity-based compensation expense
—
—
—
960
960
Acquisition expense
—
—
—
67
67
Other income, net
612
196
363
78
1,249
Adjusted EBITDA attributable to
unconsolidated entities
459
—
(10
)
(55
)
394
Adjusted EBITDA attributable to
noncontrolling interest
(954
)
—
(529
)
—
(1,483
)
Other
(227
)
2,321
(15
)
—
2,079
Adjusted EBITDA
$
81,511
$
13,148
$
5,574
$
(9,132
)
$
91,101
OPERATIONAL DATA
(Unaudited)
Three Months Ended
June 30,
2022
2021
(in thousands, except per day
amounts)
Water Solutions:
Produced water processed (barrels per
day)
Delaware Basin
1,887,230
1,428,222
Eagle Ford Basin
98,513
91,843
DJ Basin
150,329
118,801
Other Basins
17,886
28,082
Total
2,153,958
1,666,948
Recycled water (barrels per day)
136,925
109,437
Total (barrels per day)
2,290,883
1,776,385
Skim oil sold (barrels per day)
3,957
2,500
Crude Oil Logistics:
Crude oil sold (barrels)
7,634
7,994
Crude oil transported on owned pipelines
(barrels)
7,170
7,034
Crude oil storage capacity - owned and
leased (barrels) (1)
5,232
5,239
Crude oil inventory (barrels) (1)
855
1,147
Liquids Logistics:
Refined products sold (gallons)
188,626
185,306
Propane sold (gallons)
164,844
170,279
Butane sold (gallons)
120,525
122,574
Other products sold (gallons)
93,637
92,853
Natural gas liquids and refined products
storage capacity - owned and leased (gallons) (1)
167,559
168,677
Refined products inventory (gallons)
(1)
1,110
2,776
Propane inventory (gallons) (1)
63,862
60,673
Butane inventory (gallons) (1)
49,547
45,911
Other products inventory (gallons) (1)
28,187
40,691
(1)
Information is presented as of
June 30, 2022 and June 30, 2021, respectively.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220809005886/en/
NGL Energy Partners LP Linda J. Bridges, 918-481-1119 Executive
Vice President, Chief Financial Officer and Treasurer
Linda.Bridges@nglep.com or David Sullivan, 918-481-1119 Vice
President - Finance David.Sullivan@nglep.com
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