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NGL Energy Partners LP Announces First Quarter Fiscal 2023 Financial Results

·22-min read

TULSA, Okla., August 09, 2022--(BUSINESS WIRE)--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/

Contacts

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