(Mark One) |
x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 20-3533152 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of Each Class | Name of Each Exchange on Which Registered | |
Class A Common Stock, par value $0.01 per share | New York Stock Exchange |
Large Accelerated Filer | ý | Accelerated Filer | o | ||
Non-Accelerated Filer | o | (Do not check if a smaller reporting company) | Smaller Reporting Company | o |
(a) | (1) Financial Statements. The consolidated financial statements of the Registrant included in the Form 10-K |
(2) | Financial Statement Schedules. All financial statement schedules are omitted as inapplicable or because the required information is contained in the financial statements or the notes thereto. |
(3) | Exhibits. The following documents are included as exhibits to this Amendment No. 1. Those exhibits below incorporated by reference herein are indicated as such by the information supplied in the parenthetical thereafter. If no parenthetical appears after an exhibit, such exhibit is filed with this Amendment No. 1 or, except as otherwise noted, was filed with the Form 10-K of the Registrant filed on February 26, 2016. |
Exhibit Number | Description |
2.1 | Fourth Amended Joint Plan of Affiliated Debtors filed with the United States Bankruptcy Court for the District of Delaware on October 27, 2009 (filed as Exhibit 2.1 to our registration statement on Form 10, File No. 001-34736 (the “Form 10”)). |
2.2 | Contribution Agreement dated August 31, 2011, among SemStream, L.P., a wholly-owned subsidiary of SemGroup Corporation, NGL Supply Terminal Company LLC, NGL Energy Partners LP and NGL Energy Holdings LLC (filed as Exhibit 2.1 to our current report on Form 8-K dated November 1, 2011, filed November 4, 2011). |
2.3 | Second Amended and Restated Limited Liability Company Agreement of NGL Energy Holdings LLC (filed as Exhibit 2.2 to our current report on Form 8-K dated November 1, 2011, filed November 4, 2011). |
2.4 | First Amended and Restated Registration Rights Agreement dated October 3, 2011, among NGL Energy Partners LP, Hicks Oil & Hicksgas, Incorporated, NGL Holdings, Inc., Krim2010, LLC, Infrastructure Capital Management, LLC, Atkinson Investors, LLC, Stanley A. Bugh, Robert R. Foster, Brian K. Pauling, Stanley D. Perry, Stephen D. Tuttle, Craig S. Jones, Daniel Post, Mark McGinty, Sharra Straight, David Eastin, AO Energy, Inc., E. Osterman, Inc., E. Osterman Gas Service, Inc., E. Osterman Propane, Inc., Milford Propane, Inc., Osterman Propane, Inc., Propane Gas, Inc., and Saveway Propane Gas Service, Inc. (filed as Exhibit 2.3 to our current report on Form 8-K dated November 1, 2011, filed November 4, 2011). |
2.5 | Amendment No. 1 and Joinder to First Amended and Restated Registration Rights Agreement dated November 1, 2011, between NGL Energy Holdings LLC and SemStream, L.P. (filed as Exhibit 2.4 to our current report on Form 8-K dated November 1, 2011, filed November 4, 2011). |
2.6 | Contribution Agreement, dated as of June 23, 2014, by and among SemGroup Corporation, Rose Rock Midstream Holdings, LLC, Rose Rock Midstream GP, LLC, Rose Rock Midstream, L.P. and Rose Rock Midstream Operating, LLC (filed as Exhibit 2.1 to our current report on Form 8-K dated June 23, 2014, filed June 23, 2014). |
2.7 | Amended and Restated Contribution Agreement dated as of February 13, 2015, by and among SemGroup Corporation, Rose Rock Midstream Holdings, LLC, SemDevelopment, L.L.C., Rose Rock Midstream GP, LLC, Rose Rock Midstream, L.P. and Rose Rock Midstream Operating, LLC (filed as Exhibit 2.1 to Rose Rock Midstream, L.P.'s current report on Form 8-K/A dated February 13, 2015, filed March 25, 2015). |
3.1 | Amended and Restated Certificate of Incorporation, dated as of November 30, 2009, of SemGroup Corporation (filed as Exhibit 3.1 to the Form 10). |
3.2 | Amended and Restated Bylaws, dated as of October 28, 2011, of SemGroup Corporation (filed as Exhibit 3.1 to our current report on Form 8-K dated October 28, 2011, filed October 28, 2011). |
4.1 | Form of stock certificate for our Class A Common Stock, par value $0.01 per share (filed as Exhibit 4.1 to the Form 10). |
4.2 | Form of stock certificate for our Class B Common Stock, par value $0.01 per share (filed as Exhibit 4.2 to the Form 10). |
4.3 | Indenture (and form of 7.50% Senior Note due 2021 attached at Exhibit A thereto), dated as of June 14, 2013, by and among SemGroup Corporation, certain of its wholly-owned subsidiaries, as guarantors, and Wilmington Trust, National Association, as trustee (filed as Exhibit 4.1 to our current report on Form 8-K dated June 14, 2013, filed June 20, 2013). |
4.4 | Indenture (and form of 5.625% Senior Note due 2022 attached at Exhibit A thereto), dated as of July 2, 2014, by and among Rose Rock Midstream, L.P., Rose Rock Finance Corporation, the Guarantors party thereto and Wilmington Trust, National Association, as trustee (filed as Exhibit 4.1 to Rose Rock Midstream, L.P.'s current report on Form 8-K dated June 27, 2014, filed July 2, 2014). |
4.5 | Indenture (and form of 5.625% Senior Note due 2023 attached as Exhibit A, thereto), dated as of May 14, 2015, by and among Rose Rock Midstream, L.P., Rose Rock Finance Corporation, the Guarantors party thereto and Wilmington Trust, National Association, as Trustee (filed as Exhibit 4.1 to Rose Rock Midstream, L.P.'s current report on Form 8-K dated May 14, 2015, filed May 18, 2015). |
10.1 | Credit Agreement (the “Credit Facility”) dated as of June 17, 2011, among SemGroup Corporation, as borrower, the lenders parties thereto from time to time, and The Royal Bank of Scotland PLC, as Administrative Agent and Collateral Agent (filed as Exhibit 10 to our current report on Form 8-K dated June 17, 2011, filed June 21, 2011). |
10.2 | Second Amendment to the Credit Facility, dated as of September 19, 2011 (filed as Exhibit 10 to our current report on Form 8-K dated September 19, 2011, filed September 23, 2011). |
10.3 | Fifth Amendment to the Credit Facility, dated as of September 26, 2012 (filed as Exhibit 10.1 to our quarterly report on Form 10-Q for the quarter ended September 30, 2012, filed November 9, 2012). |
10.4 | Sixth Amendment to the Credit Facility, dated as of April 22, 2013 (filed as Exhibit 10.1 to our current report on Form 8-K dated April 22, 2013, filed April 24, 2013). |
10.5 | Seventh Amendment to the Credit Facility, dated as of December 11, 2013 (filed as Exhibit 10.1 to our current report on Form 8-K dated December 10, 2013, filed December 16, 2013). |
10.6 | Ninth Amendment to the Credit Facility, dated as of March 26, 2015 (filed as Exhibit 10.1 to our current report on Form 8-K dated March 26, 2015, filed April 1, 2015). |
10.7+ | SemGroup Corporation Board of Directors Compensation Plan, effective June 1, 2014 (filed as Exhibit 10.1 to our quarterly report on Form 10-Q for the quarter ended June 30, 2014, filed August 8, 2014). |
10.8+ | SemGroup Corporation Board of Directors Compensation Plan, effective June 1, 2015 (filed as Exhibit 10.1 to our current report on Form 10-Q for the quarter ended June 30, 2015, filed August 7, 2015). |
10.9+ | SemGroup Corporation Nonexecutive Directors’ Compensation Deferral Program (filed as Exhibit 10.7 to the Form 10). |
10.10+ | SemGroup Corporation Equity Incentive Plan (filed as Exhibit 10.8 to the Form 10). |
10.11+ | Form of 2012 Performance Share Unit Award Agreement under the SemGroup Corporation Equity Incentive Plan for executive officers (filed as Exhibit 10.20 to our annual report on Form 10-K for the fiscal year ended December 31, 2011, filed February 29, 2012 (the "2011 Form 10-K")). |
10.12+ | Form of Restricted Stock Award Agreement under the SemGroup Corporation Equity Incentive Plan for executive officers and employees in the United States for awards granted on or after January 1, 2012 (filed as Exhibit 10.21 to the 2011 Form 10-K). |
10.13+ | SemGroup Corporation Equity Incentive Plan Form of Restricted Stock Award Agreement for Directors for awards granted on or after May 22, 2012 (filed as Exhibit 10.31 to our Amendment No. 1 to our annual report on Form 10-K for the fiscal year ended December 31, 2012, filed March 1, 2013). |
10.14+ | SemGroup Corporation Equity Incentive Plan Form of Restricted Stock Award Agreement for executive officers and employees in the United States for awards granted on or after March 1, 2013 (filed as Exhibit 10.33 to our annual report on Form 10-K for the fiscal year ended December 31, 2012, filed March 1, 2013 (the "2012 Form 10-K")). |
10.15+ | SemGroup Corporation Equity Incentive Plan Form of 2013-2015 Performance Share Unit Award Agreement for executive officers (filed as Exhibit 10.34 to our 2012 Form 10-K). |
10.16+* | SemGroup Corporation Equity Incentive Plan Form of Performance Share Unit Award Agreement for executive officers and employees in the United States for awards granted on or after March 1, 2016. |
10.17+ | Employment Agreement dated as of March 6, 2014, by and among SemManagement, L.L.C., SemGroup Corporation, Rose Rock Midstream GP, LLC and Carlin G. Conner (filed as Exhibit 10.2 to our current report on Form 8-K dated March 6, 2014, filed March 12, 2014). |
10.18+ | Form of Severance Agreement between SemGroup Corporation and each of its executive officers other than Carlin G. Conner (filed as Exhibit 10.13 to the Form 10). |
10.19+ | Form of Amendment to Severance Agreement between SemGroup Corporation and certain of its executive officers (filed as Exhibit 10.14 to the 2011 Form 10-K). |
10.20+ | Form of Second Amendment to Severance Agreement between SemGroup Corporation and certain of its executive officers (filed as Exhibit 10.3 to our current report on Form 8-K dated December 10, 2013, filed December 16, 2013). |
10.21+ | SemGroup Corporation Short-Term Incentive Program (filed as Exhibit 10.1 to our current report on Form 8-K dated February 24, 2011, filed March 2, 2011). |
10.22+ | SemGroup Employee Stock Purchase Plan (filed as Appendix A to our definitive proxy statement, filed April 19, 2013). |
10.23 | Credit Agreement dated November 10, 2011, among Rose Rock Midstream, L.P., as borrower, The Royal Bank of Scotland plc, as administrative agent and collateral agent, the other agents party thereto and the lenders and issuing banks party thereto (filed as Exhibit 10.1 to Rose Rock Midstream, L.P.'s registration statement on Form S-1, File No. 333-176260). |
10.24 | First Amendment dated as of September 26, 2012, to the Credit Agreement among Rose Rock Midstream, L.P., certain subsidiaries of Rose Rock Midstream, L.P. as guarantors, the lenders party thereto and The Royal Bank of Scotland plc, as administrative agent and collateral agent for the lenders (filed as Exhibit 10.2 to our quarterly report on Form 10-Q for the quarter ended September 30, 2012, filed November 9, 2012). |
10.25 | Second Amendment to the Credit Agreement and First Amendment to the Guarantee and Collateral Agreement, dated as of September 20, 2013, by and among Rose Rock Midstream, L.P., certain subsidiaries of Rose Rock Midstream, L.P., as guarantors, the lenders party thereto and The Royal Bank of Scotland plc, as administrative agent and collateral agent for the lenders (filed as Exhibit 10.1 to our current report on Form 8-K dated September 20, 2013, filed September 26, 2013). |
10.26 | Third Amendment to the Credit Agreement, dated as of December 10, 2013, by and among Rose Rock Midstream, L.P., certain subsidiaries of Rose Rock Midstream, L.P., as guarantors, the lenders party thereto and The Royal Bank of Scotland plc, as administrative agent and collateral agent (filed as Exhibit 10.2 to our current report on Form 8-K dated December 10, 2013, filed December 16, 2013). |
10.27 | Second Amended and Restated Agreement of Limited Partnership of Rose Rock Midstream, L.P. (filed as Exhibit 3.1 to Rose Rock Midstream, L.P.’s current report on Form 8-K dated December 14, 2011, filed December 20, 2011). |
10.28 | Amendment No. 1 to the Second Amended and Restated Agreement of Limited Partnership of Rose Rock Midstream, L.P. (filed as Exhibit 3.1 to Rose Rock Midstream, L.P.'s current report on Form 8-K dated January 8, 2013, filed January 14, 2013). |
10.29 | Amendment No. 2, dated as of December 16, 2013, to the Second Amended and Restated Agreement of Limited Partnership of Rose Rock Midstream, L.P. (filed as Exhibit 3.1 to Rose Rock Midstream, L.P.'s current report on Form 8-K dated December 10, 2013, filed December 16, 2013). |
10.30 | First Amended and Restated Limited Liability Company Agreement of Rose Rock Midstream GP, LLC (filed as Exhibit 3.2 to Rose Rock Midstream, L.P.’s current report on Form 8-K dated December 14, 2011, filed December 20, 2011). |
10.31+ | Rose Rock Midstream Equity Incentive Plan (filed as Exhibit 10.1 to Rose Rock Midstream, L.P.’s current report on Form 8-K dated December 8, 2011, filed December 14, 2011). |
10.32+ | Form of Restricted Unit Award Agreement (Employees) under the Rose Rock Midstream Equity Incentive Plan (filed as Exhibit 10.3.1 to Rose Rock Midstream, L.P.’s annual report on Form 10-K for the fiscal year ended December 31, 2011, filed February 29, 2012). |
10.33+ | Form of Restricted Unit Award Agreement (Employees) under the Rose Rock Midstream Equity Incentive Plan for awards granted on or after March 1, 2013 (filed as Exhibit 10.35 to our 2012 Form 10-K). |
21* | Subsidiaries of SemGroup Corporation. |
23.1* | Consent of Independent Registered Public Accounting Firm - BDO USA, LLP. |
23.2* | Consent of Independent Registered Public Accounting Firm - BDO USA, LLP. |
23.3** | Consent of Independent Registered Public Accounting Firm - Grant Thornton LLP. |
31.1** | Rule 13a – 14(a)/15d – 14(a) Certification of Carlin G. Conner, Chief Executive Officer. |
31.2** | Rule 13a – 14(a)/15d – 14(a) Certification of Robert N. Fitzgerald, Chief Financial Officer. |
32.1** | Section 1350 Certification of Carlin G. Conner, Chief Executive Officer. |
32.2** | Section 1350 Certification of Robert N. Fitzgerald, Chief Financial Officer. |
99.1* | White Cliffs Pipeline, L.L.C. financial statements presented pursuant to Rule 3-09 of Regulation S-X. |
99.2** | NGL Energy Partners LP financial statements presented pursuant to Rule 3-09 of Regulation S-X. |
101* | Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Balance Sheets at December 31, 2015 and 2014, (ii) the Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, 2015, 2014 and 2013, (iii) the Consolidated Statements of Changes in Owners’ Equity for the years ended December 31, 2015, 2014 and 2013, (iv) the Consolidated Statements of Cash Flows for the years ended December 31, 2015, 2014 and 2013, and (v) the Notes to Consolidated Financial Statements. |
Exhibit Number | Description |
2.1 | Fourth Amended Joint Plan of Affiliated Debtors filed with the United States Bankruptcy Court for the District of Delaware on October 27, 2009 (filed as Exhibit 2.1 to our registration statement on Form 10, File No. 001-34736 (the “Form 10”)). |
2.2 | Contribution Agreement dated August 31, 2011, among SemStream, L.P., a wholly-owned subsidiary of SemGroup Corporation, NGL Supply Terminal Company LLC, NGL Energy Partners LP and NGL Energy Holdings LLC (filed as Exhibit 2.1 to our current report on Form 8-K dated November 1, 2011, filed November 4, 2011). |
2.3 | Second Amended and Restated Limited Liability Company Agreement of NGL Energy Holdings LLC (filed as Exhibit 2.2 to our current report on Form 8-K dated November 1, 2011, filed November 4, 2011). |
2.4 | First Amended and Restated Registration Rights Agreement dated October 3, 2011, among NGL Energy Partners LP, Hicks Oil & Hicksgas, Incorporated, NGL Holdings, Inc., Krim2010, LLC, Infrastructure Capital Management, LLC, Atkinson Investors, LLC, Stanley A. Bugh, Robert R. Foster, Brian K. Pauling, Stanley D. Perry, Stephen D. Tuttle, Craig S. Jones, Daniel Post, Mark McGinty, Sharra Straight, David Eastin, AO Energy, Inc., E. Osterman, Inc., E. Osterman Gas Service, Inc., E. Osterman Propane, Inc., Milford Propane, Inc., Osterman Propane, Inc., Propane Gas, Inc., and Saveway Propane Gas Service, Inc. (filed as Exhibit 2.3 to our current report on Form 8-K dated November 1, 2011, filed November 4, 2011). |
2.5 | Amendment No. 1 and Joinder to First Amended and Restated Registration Rights Agreement dated November 1, 2011, between NGL Energy Holdings LLC and SemStream, L.P. (filed as Exhibit 2.4 to our current report on Form 8-K dated November 1, 2011, filed November 4, 2011). |
2.6 | Contribution Agreement, dated as of June 23, 2014, by and among SemGroup Corporation, Rose Rock Midstream Holdings, LLC, Rose Rock Midstream GP, LLC, Rose Rock Midstream, L.P. and Rose Rock Midstream Operating, LLC (filed as Exhibit 2.1 to our current report on Form 8-K dated June 23, 2014, filed June 23, 2014). |
2.7 | Amended and Restated Contribution Agreement dated as of February 13, 2015, by and among SemGroup Corporation, Rose Rock Midstream Holdings, LLC, SemDevelopment, L.L.C., Rose Rock Midstream GP, LLC, Rose Rock Midstream, L.P. and Rose Rock Midstream Operating, LLC (filed as Exhibit 2.1 to Rose Rock Midstream, L.P.'s current report on Form 8-K/A dated February 13, 2015, filed March 25, 2015). |
3.1 | Amended and Restated Certificate of Incorporation, dated as of November 30, 2009, of SemGroup Corporation (filed as Exhibit 3.1 to the Form 10). |
3.2 | Amended and Restated Bylaws, dated as of October 28, 2011, of SemGroup Corporation (filed as Exhibit 3.1 to our current report on Form 8-K dated October 28, 2011, filed October 28, 2011). |
4.1 | Form of stock certificate for our Class A Common Stock, par value $0.01 per share (filed as Exhibit 4.1 to the Form 10). |
4.2 | Form of stock certificate for our Class B Common Stock, par value $0.01 per share (filed as Exhibit 4.2 to the Form 10). |
4.3 | Indenture (and form of 7.50% Senior Note due 2021 attached at Exhibit A thereto), dated as of June 14, 2013, by and among SemGroup Corporation, certain of its wholly-owned subsidiaries, as guarantors, and Wilmington Trust, National Association, as trustee (filed as Exhibit 4.1 to our current report on Form 8-K dated June 14, 2013, filed June 20, 2013). |
4.4 | Indenture (and form of 5.625% Senior Note due 2022 attached at Exhibit A thereto), dated as of July 2, 2014, by and among Rose Rock Midstream, L.P., Rose Rock Finance Corporation, the Guarantors party thereto and Wilmington Trust, National Association, as trustee (filed as Exhibit 4.1 to Rose Rock Midstream, L.P.'s current report on Form 8-K dated June 27, 2014, filed July 2, 2014). |
4.5 | Indenture (and form of 5.625% Senior Note due 2023 attached as Exhibit A, thereto), dated as of May 14, 2015, by and among Rose Rock Midstream, L.P., Rose Rock Finance Corporation, the Guarantors party thereto and Wilmington Trust, National Association, as Trustee (filed as Exhibit 4.1 to Rose Rock Midstream, L.P.'s current report on Form 8-K dated May 14, 2015, filed May 18, 2015). |
10.1 | Credit Agreement (the “Credit Facility”) dated as of June 17, 2011, among SemGroup Corporation, as borrower, the lenders parties thereto from time to time, and The Royal Bank of Scotland PLC, as Administrative Agent and Collateral Agent (filed as Exhibit 10 to our current report on Form 8-K dated June 17, 2011, filed June 21, 2011). |
10.2 | Second Amendment to the Credit Facility, dated as of September 19, 2011 (filed as Exhibit 10 to our current report on Form 8-K dated September 19, 2011, filed September 23, 2011). |
10.3 | Fifth Amendment to the Credit Facility, dated as of September 26, 2012 (filed as Exhibit 10.1 to our quarterly report on Form 10-Q for the quarter ended September 30, 2012, filed November 9, 2012). |
10.4 | Sixth Amendment to the Credit Facility, dated as of April 22, 2013 (filed as Exhibit 10.1 to our current report on Form 8-K dated April 22, 2013, filed April 24, 2013). |
10.5 | Seventh Amendment to the Credit Facility, dated as of December 11, 2013 (filed as Exhibit 10.1 to our current report on Form 8-K dated December 10, 2013, filed December 16, 2013). |
10.6 | Ninth Amendment to the Credit Facility, dated as of March 26, 2015 (filed as Exhibit 10.1 to our current report on Form 8-K dated March 26, 2015, filed April 1, 2015). |
10.7+ | SemGroup Corporation Board of Directors Compensation Plan, effective June 1, 2014 (filed as Exhibit 10.1 to our quarterly report on Form 10-Q for the quarter ended June 30, 2014, filed August 8, 2014). |
10.8+ | SemGroup Corporation Board of Directors Compensation Plan, effective June 1, 2015 (filed as Exhibit 10.1 to our current report on Form 10-Q for the quarter ended June 30, 2015, filed August 7, 2015). |
10.9+ | SemGroup Corporation Nonexecutive Directors’ Compensation Deferral Program (filed as Exhibit 10.7 to the Form 10). |
10.10+ | SemGroup Corporation Equity Incentive Plan (filed as Exhibit 10.8 to the Form 10). |
10.11+ | Form of 2012 Performance Share Unit Award Agreement under the SemGroup Corporation Equity Incentive Plan for executive officers (filed as Exhibit 10.20 to our annual report on Form 10-K for the fiscal year ended December 31, 2011, filed February 29, 2012 (the "2011 Form 10-K")). |
10.12+ | Form of Restricted Stock Award Agreement under the SemGroup Corporation Equity Incentive Plan for executive officers and employees in the United States for awards granted on or after January 1, 2012 (filed as Exhibit 10.21 to the 2011 Form 10-K). |
10.13+ | SemGroup Corporation Equity Incentive Plan Form of Restricted Stock Award Agreement for Directors for awards granted on or after May 22, 2012 (filed as Exhibit 10.31 to our Amendment No. 1 to our annual report on Form 10-K for the fiscal year ended December 31, 2012, filed March 1, 2013). |
10.14+ | SemGroup Corporation Equity Incentive Plan Form of Restricted Stock Award Agreement for executive officers and employees in the United States for awards granted on or after March 1, 2013 (filed as Exhibit 10.33 to our annual report on Form 10-K for the fiscal year ended December 31, 2012, filed March 1, 2013 (the "2012 Form 10-K")). |
10.15+ | SemGroup Corporation Equity Incentive Plan Form of 2013-2015 Performance Share Unit Award Agreement for executive officers (filed as Exhibit 10.34 to our 2012 Form 10-K). |
10.16+* | SemGroup Corporation Equity Incentive Plan Form of Performance Share Unit Award Agreement for executive officers and employees in the United States for awards granted on or after March 1, 2016. |
10.17+ | Employment Agreement dated as of March 6, 2014, by and among SemManagement, L.L.C., SemGroup Corporation, Rose Rock Midstream GP, LLC and Carlin G. Conner (filed as Exhibit 10.2 to our current report on Form 8-K dated March 6, 2014, filed March 12, 2014). |
10.18+ | Form of Severance Agreement between SemGroup Corporation and each of its executive officers other than Carlin G. Conner (filed as Exhibit 10.13 to the Form 10). |
10.19+ | Form of Amendment to Severance Agreement between SemGroup Corporation and certain of its executive officers (filed as Exhibit 10.14 to the 2011 Form 10-K). |
10.20+ | Form of Second Amendment to Severance Agreement between SemGroup Corporation and certain of its executive officers (filed as Exhibit 10.3 to our current report on Form 8-K dated December 10, 2013, filed December 16, 2013). |
10.21+ | SemGroup Corporation Short-Term Incentive Program (filed as Exhibit 10.1 to our current report on Form 8-K dated February 24, 2011, filed March 2, 2011). |
10.22+ | SemGroup Employee Stock Purchase Plan (filed as Appendix A to our definitive proxy statement, filed April 19, 2013). |
10.23 | Credit Agreement dated November 10, 2011, among Rose Rock Midstream, L.P., as borrower, The Royal Bank of Scotland plc, as administrative agent and collateral agent, the other agents party thereto and the lenders and issuing banks party thereto (filed as Exhibit 10.1 to Rose Rock Midstream, L.P.'s registration statement on Form S-1, File No. 333-176260). |
10.24 | First Amendment dated as of September 26, 2012, to the Credit Agreement among Rose Rock Midstream, L.P., certain subsidiaries of Rose Rock Midstream, L.P. as guarantors, the lenders party thereto and The Royal Bank of Scotland plc, as administrative agent and collateral agent for the lenders (filed as Exhibit 10.2 to our quarterly report on Form 10-Q for the quarter ended September 30, 2012, filed November 9, 2012). |
10.25 | Second Amendment to the Credit Agreement and First Amendment to the Guarantee and Collateral Agreement, dated as of September 20, 2013, by and among Rose Rock Midstream, L.P., certain subsidiaries of Rose Rock Midstream, L.P., as guarantors, the lenders party thereto and The Royal Bank of Scotland plc, as administrative agent and collateral agent for the lenders (filed as Exhibit 10.1 to our current report on Form 8-K dated September 20, 2013, filed September 26, 2013). |
10.26 | Third Amendment to the Credit Agreement, dated as of December 10, 2013, by and among Rose Rock Midstream, L.P., certain subsidiaries of Rose Rock Midstream, L.P., as guarantors, the lenders party thereto and The Royal Bank of Scotland plc, as administrative agent and collateral agent (filed as Exhibit 10.2 to our current report on Form 8-K dated December 10, 2013, filed December 16, 2013). |
10.27 | Second Amended and Restated Agreement of Limited Partnership of Rose Rock Midstream, L.P. (filed as Exhibit 3.1 to Rose Rock Midstream, L.P.’s current report on Form 8-K dated December 14, 2011, filed December 20, 2011). |
10.28 | Amendment No. 1 to the Second Amended and Restated Agreement of Limited Partnership of Rose Rock Midstream, L.P. (filed as Exhibit 3.1 to Rose Rock Midstream, L.P.'s current report on Form 8-K dated January 8, 2013, filed January 14, 2013). |
10.29 | Amendment No. 2, dated as of December 16, 2013, to the Second Amended and Restated Agreement of Limited Partnership of Rose Rock Midstream, L.P. (filed as Exhibit 3.1 to Rose Rock Midstream, L.P.'s current report on Form 8-K dated December 10, 2013, filed December 16, 2013). |
10.30 | First Amended and Restated Limited Liability Company Agreement of Rose Rock Midstream GP, LLC (filed as Exhibit 3.2 to Rose Rock Midstream, L.P.’s current report on Form 8-K dated December 14, 2011, filed December 20, 2011). |
10.31+ | Rose Rock Midstream Equity Incentive Plan (filed as Exhibit 10.1 to Rose Rock Midstream, L.P.’s current report on Form 8-K dated December 8, 2011, filed December 14, 2011). |
10.32+ | Form of Restricted Unit Award Agreement (Employees) under the Rose Rock Midstream Equity Incentive Plan (filed as Exhibit 10.3.1 to Rose Rock Midstream, L.P.’s annual report on Form 10-K for the fiscal year ended December 31, 2011, filed February 29, 2012). |
10.33+ | Form of Restricted Unit Award Agreement (Employees) under the Rose Rock Midstream Equity Incentive Plan for awards granted on or after March 1, 2013 (filed as Exhibit 10.35 to our 2012 Form 10-K). |
21* | Subsidiaries of SemGroup Corporation. |
23.1* | Consent of Independent Registered Public Accounting Firm - BDO USA, LLP. |
23.2* | Consent of Independent Registered Public Accounting Firm - BDO USA, LLP. |
23.3** | Consent of Independent Registered Public Accounting Firm - Grant Thornton LLP. |
31.1** | Rule 13a – 14(a)/15d – 14(a) Certification of Carlin G. Conner, Chief Executive Officer. |
31.2** | Rule 13a – 14(a)/15d – 14(a) Certification of Robert N. Fitzgerald, Chief Financial Officer. |
32.1** | Section 1350 Certification of Carlin G. Conner, Chief Executive Officer. |
32.2** | Section 1350 Certification of Robert N. Fitzgerald, Chief Financial Officer. |
99.1* | White Cliffs Pipeline, L.L.C. financial statements presented pursuant to Rule 3-09 of Regulation S-X. |
99.2** | NGL Energy Partners LP financial statements presented pursuant to Rule 3-09 of Regulation S-X. |
101* | Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Balance Sheets at December 31, 2015 and 2014, (ii) the Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, 2015, 2014 and 2013, (iii) the Consolidated Statements of Changes in Owners’ Equity for the years ended December 31, 2015, 2014 and 2013, (iv) the Consolidated Statements of Cash Flows for the years ended December 31, 2015, 2014 and 2013, and (v) the Notes to Consolidated Financial Statements. |
1. | I have reviewed this annual report on Form 10-K/A (Amendment No. 1) of SemGroup Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Carlin G. Conner |
Carlin G. Conner |
President and Chief Executive Officer |
1. | I have reviewed this annual report on Form 10-K/A (Amendment No. 1) of SemGroup Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Robert N. Fitzgerald |
Robert N. Fitzgerald |
Senior Vice President and Chief Financial Officer |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Carlin G. Conner |
Carlin G. Conner |
President and Chief Executive Officer |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Robert N. Fitzgerald |
Robert N. Fitzgerald |
Senior Vice President and |
Chief Financial Officer |
NGL ENERGY PARTNERS LP | |
Report of Independent Registered Public Accounting Firm | F-2 |
Consolidated Balance Sheets at March 31, 2016 and 2015 | F-4 |
Consolidated Statements of Operations for the years ended March 31, 2016, 2015, and 2014 | F-5 |
Consolidated Statements of Comprehensive Income (Loss) for the years ended March 31, 2016, 2015, and 2014 | F-6 |
Consolidated Statements of Changes in Equity for the years ended March 31, 2016, 2015, and 2014 | F-7 |
Consolidated Statements of Cash Flows for the years ended March 31, 2016, 2015, and 2014 | F-8 |
Notes to Consolidated Financial Statements | F-10 |
/s/ GRANT THORNTON LLP | |
Tulsa, Oklahoma | |
May 31, 2016 |
/s/ GRANT THORNTON LLP | |
Tulsa, Oklahoma | |
May 31, 2016 |
March 31, | |||||||
2016 | 2015 | ||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 28,176 | $ | 41,303 | |||
Accounts receivable-trade, net of allowance for doubtful accounts of $6,928 and $4,367, respectively | 521,014 | 1,025,763 | |||||
Accounts receivable-affiliates | 15,625 | 17,198 | |||||
Inventories | 367,806 | 442,025 | |||||
Prepaid expenses and other current assets | 95,859 | 121,207 | |||||
Total current assets | 1,028,480 | 1,647,496 | |||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $266,491 and $202,959, respectively | 1,649,572 | 1,624,016 | |||||
GOODWILL | 1,315,362 | 1,558,233 | |||||
INTANGIBLE ASSETS, net of accumulated amortization of $316,878 and $216,493, respectively | 1,148,890 | 1,232,308 | |||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 219,550 | 472,673 | |||||
LOAN RECEIVABLE-AFFILIATE | 22,262 | 8,154 | |||||
OTHER NONCURRENT ASSETS | 176,039 | 112,912 | |||||
Total assets | $ | 5,560,155 | $ | 6,655,792 | |||
LIABILITIES AND EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable-trade | $ | 420,306 | $ | 833,018 | |||
Accounts payable-affiliates | 7,193 | 25,794 | |||||
Accrued expenses and other payables | 214,426 | 202,349 | |||||
Advance payments received from customers | 56,185 | 54,234 | |||||
Current maturities of long-term debt | 7,907 | 4,472 | |||||
Total current liabilities | 706,017 | 1,119,867 | |||||
LONG-TERM DEBT, net of debt issuance costs of $15,500 and $17,835, respectively, and current maturities | 2,912,837 | 2,727,464 | |||||
OTHER NONCURRENT LIABILITIES | 247,236 | 115,029 | |||||
COMMITMENTS AND CONTINGENCIES (NOTE 10) | 0 | 0 | |||||
EQUITY: | |||||||
General partner, representing a 0.1% interest, 104,274 and 103,899 notional units, respectively | (50,811 | ) | (37,000 | ) | |||
Limited partners, representing a 99.9% interest, 104,169,573 and 103,794,870 common units issued and outstanding, respectively | 1,707,326 | 2,183,551 | |||||
Accumulated other comprehensive loss | (157 | ) | (109 | ) | |||
Noncontrolling interests | 37,707 | 546,990 | |||||
Total equity | 1,694,065 | 2,693,432 | |||||
Total liabilities and equity | $ | 5,560,155 | $ | 6,655,792 |
Year Ended March 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
REVENUES: | |||||||||||
Crude oil logistics | $ | 3,217,079 | $ | 6,635,384 | $ | 4,558,545 | |||||
Water solutions | 185,001 | 200,042 | 143,100 | ||||||||
Liquids | 1,194,479 | 2,243,825 | 2,650,425 | ||||||||
Retail propane | 352,977 | 489,197 | 551,815 | ||||||||
Refined products and renewables | 6,792,112 | 7,231,693 | 1,357,676 | ||||||||
Other | 462 | 1,916 | 437,713 | ||||||||
Total Revenues | 11,742,110 | 16,802,057 | 9,699,274 | ||||||||
COST OF SALES: | |||||||||||
Crude oil logistics | 3,111,717 | 6,560,506 | 4,477,397 | ||||||||
Water solutions | (7,336 | ) | (30,506 | ) | 11,738 | ||||||
Liquids | 1,037,118 | 2,111,614 | 2,518,099 | ||||||||
Retail propane | 156,757 | 278,538 | 354,676 | ||||||||
Refined products and renewables | 6,540,599 | 7,035,472 | 1,344,176 | ||||||||
Other | 182 | 2,583 | 426,613 | ||||||||
Total Cost of Sales | 10,839,037 | 15,958,207 | 9,132,699 | ||||||||
OPERATING COSTS AND EXPENSES: | |||||||||||
Operating | 401,118 | 364,131 | 259,799 | ||||||||
General and administrative | 139,541 | 149,430 | 75,860 | ||||||||
Depreciation and amortization | 228,924 | 193,949 | 120,754 | ||||||||
Loss on disposal or impairment of assets, net | 320,766 | 41,184 | 3,597 | ||||||||
Revaluation of liabilities | (82,673 | ) | (12,264 | ) | — | ||||||
Operating (Loss) Income | (104,603 | ) | 107,420 | 106,565 | |||||||
OTHER INCOME (EXPENSE): | |||||||||||
Equity in earnings of unconsolidated entities | 16,121 | 12,103 | 1,898 | ||||||||
Interest expense | (133,089 | ) | (110,123 | ) | (58,854 | ) | |||||
Gain on early extinguishment of debt | 28,532 | — | — | ||||||||
Other income, net | 5,575 | 37,171 | 86 | ||||||||
(Loss) Income Before Income Taxes | (187,464 | ) | 46,571 | 49,695 | |||||||
INCOME TAX BENEFIT (EXPENSE) | 367 | 3,622 | (937 | ) | |||||||
Net (Loss) Income | (187,097 | ) | 50,193 | 48,758 | |||||||
LESS: NET INCOME ALLOCATED TO GENERAL PARTNER | (47,620 | ) | (45,700 | ) | (14,148 | ) | |||||
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (11,832 | ) | (12,887 | ) | (1,103 | ) | |||||
NET (LOSS) INCOME ALLOCATED TO LIMITED PARTNERS | $ | (246,549 | ) | $ | (8,394 | ) | $ | 33,507 | |||
BASIC AND DILUTED (LOSS) INCOME PER COMMON UNIT | $ | (2.35 | ) | $ | (0.05 | ) | $ | 0.51 | |||
BASIC AND DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING | 104,838,886 | 86,359,300 | 61,970,471 |
Year Ended March 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Net (loss) income | $ | (187,097 | ) | $ | 50,193 | $ | 48,758 | ||||
Other comprehensive (loss) income | (48 | ) | 127 | (260 | ) | ||||||
Comprehensive (loss) income | $ | (187,145 | ) | $ | 50,320 | $ | 48,498 |
Limited Partners | |||||||||||||||||||||||||||||
General Partner | Common Units | Amount | Subordinated Units | Amount | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||
BALANCES AT MARCH 31, 2013 | $ | (50,497 | ) | 47,703,313 | $ | 920,998 | 5,919,346 | $ | 13,153 | $ | 24 | $ | 5,740 | $ | 889,418 | ||||||||||||||
Distributions | (9,703 | ) | — | (123,467 | ) | — | (11,920 | ) | — | (840 | ) | (145,930 | ) | ||||||||||||||||
Contributions | 765 | — | — | — | — | — | 2,060 | 2,825 | |||||||||||||||||||||
Business combinations | — | 2,860,879 | 80,591 | — | — | — | — | 80,591 | |||||||||||||||||||||
Sales of units, net of offering costs | — | 22,560,848 | 650,155 | — | — | — | — | 650,155 | |||||||||||||||||||||
Equity issued pursuant to incentive compensation plan | — | 296,269 | 9,085 | — | — | — | — | 9,085 | |||||||||||||||||||||
Disposal of noncontrolling interest | — | — | — | — | — | — | (2,789 | ) | (2,789 | ) | |||||||||||||||||||
Net income | 14,148 | — | 32,712 | — | 795 | — | 1,103 | 48,758 | |||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (260 | ) | — | (260 | ) | |||||||||||||||||||
BALANCES AT MARCH 31, 2014 | (45,287 | ) | 73,421,309 | 1,570,074 | 5,919,346 | 2,028 | (236 | ) | 5,274 | 1,531,853 | |||||||||||||||||||
Distributions | (38,236 | ) | — | (197,611 | ) | — | (6,748 | ) | — | (27,147 | ) | (269,742 | ) | ||||||||||||||||
Contributions | 823 | — | — | — | — | — | 9,433 | 10,256 | |||||||||||||||||||||
Business combinations | — | 8,851,105 | 259,937 | — | — | — | 546,740 | 806,677 | |||||||||||||||||||||
Sales of units, net of offering costs | — | 15,017,100 | 541,128 | — | — | — | — | 541,128 | |||||||||||||||||||||
Equity issued pursuant to incentive compensation plan | — | 586,010 | 23,134 | — | — | — | — | 23,134 | |||||||||||||||||||||
Net income (loss) | 45,700 | — | (4,479 | ) | — | (3,915 | ) | — | 12,887 | 50,193 | |||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 127 | — | 127 | |||||||||||||||||||||
Conversion of subordinated units to common units | — | 5,919,346 | (8,635 | ) | (5,919,346 | ) | 8,635 | — | — | — | |||||||||||||||||||
Other | — | — | 3 | — | — | — | (197 | ) | (194 | ) | |||||||||||||||||||
BALANCES AT MARCH 31, 2015 | (37,000 | ) | 103,794,870 | 2,183,551 | — | — | (109 | ) | 546,990 | 2,693,432 | |||||||||||||||||||
Distributions | (61,485 | ) | — | (260,522 | ) | — | — | — | (35,720 | ) | (357,727 | ) | |||||||||||||||||
Contributions | 54 | — | (3,829 | ) | — | — | — | 15,376 | 11,601 | ||||||||||||||||||||
Business combinations | — | 833,454 | 19,108 | — | — | — | 9,248 | 28,356 | |||||||||||||||||||||
Equity issued pursuant to incentive compensation plan | — | 1,165,053 | 33,290 | — | — | — | — | 33,290 | |||||||||||||||||||||
Common unit repurchases | — | (1,623,804 | ) | (17,680 | ) | — | — | — | — | (17,680 | ) | ||||||||||||||||||
Net income (loss) | 47,620 | — | (246,549 | ) | — | — | — | 11,832 | (187,097 | ) | |||||||||||||||||||
Deconsolidation of TLP | — | — | — | — | — | — | (511,291 | ) | (511,291 | ) | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (48 | ) | — | (48 | ) | |||||||||||||||||||
TLP equity-based compensation | — | — | — | — | — | — | 1,301 | 1,301 | |||||||||||||||||||||
Other | — | — | (43 | ) | — | — | — | (29 | ) | (72 | ) | ||||||||||||||||||
BALANCES AT MARCH 31, 2016 | $ | (50,811 | ) | 104,169,573 | $ | 1,707,326 | — | $ | — | $ | (157 | ) | $ | 37,707 | $ | 1,694,065 |
Year Ended March 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
OPERATING ACTIVITIES: | |||||||||||
Net (loss) income | $ | (187,097 | ) | $ | 50,193 | $ | 48,758 | ||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization, including amortization of debt issuance costs | 249,211 | 210,475 | 132,653 | ||||||||
Gain on early extinguishment of debt | (28,532 | ) | — | — | |||||||
Non-cash equity-based compensation expense | 51,565 | 32,767 | 14,054 | ||||||||
Loss on disposal or impairment of assets, net | 320,766 | 41,184 | 3,597 | ||||||||
Revaluation of liabilities | (82,673 | ) | (12,264 | ) | — | ||||||
Provision for doubtful accounts | 5,628 | 4,105 | 2,445 | ||||||||
Net commodity derivative (gain) loss | (103,223 | ) | (219,421 | ) | 43,655 | ||||||
Equity in earnings of unconsolidated entities | (16,121 | ) | (12,103 | ) | (1,898 | ) | |||||
Distributions of earnings from unconsolidated entities | 17,404 | 12,539 | — | ||||||||
Other | (47 | ) | 124 | 312 | |||||||
Changes in operating assets and liabilities, exclusive of acquisitions: | |||||||||||
Accounts receivable-trade | 497,560 | 50,620 | 21,115 | ||||||||
Accounts receivable-affiliates | 7,980 | (9,225 | ) | 18,002 | |||||||
Inventories | 74,686 | 243,292 | (73,321 | ) | |||||||
Prepaid expenses and other assets | 10,572 | (34,505 | ) | 20,308 | |||||||
Accounts payable-trade | (421,210 | ) | (1,965 | ) | (167,060 | ) | |||||
Accounts payable-affiliates | (18,499 | ) | (51,121 | ) | 67,361 | ||||||
Accrued expenses and other liabilities | (26,665 | ) | (61,889 | ) | (41,671 | ) | |||||
Advance payments received from customers | 190 | 19,585 | (3,074 | ) | |||||||
Net cash provided by operating activities | 351,495 | 262,391 | 85,236 | ||||||||
INVESTING ACTIVITIES: | |||||||||||
Purchases of long-lived assets | (661,885 | ) | (203,760 | ) | (165,148 | ) | |||||
Purchases of pipeline capacity allocations | — | (24,218 | ) | — | |||||||
Purchase of equity interest in Grand Mesa Pipeline | — | (310,000 | ) | — | |||||||
Acquisitions of businesses, including acquired working capital, net of cash acquired | (234,652 | ) | (960,922 | ) | (1,268,810 | ) | |||||
Cash flows from commodity derivatives | 105,662 | 199,165 | (35,956 | ) | |||||||
Proceeds from sales of assets | 8,455 | 26,262 | 24,660 | ||||||||
Proceeds from sale of general partner interest in TLP, net | 343,135 | — | — | ||||||||
Investments in unconsolidated entities | (11,431 | ) | (33,528 | ) | (11,515 | ) | |||||
Distributions of capital from unconsolidated entities | 15,792 | 10,823 | 1,591 | ||||||||
Loan for natural gas liquids facility | (3,913 | ) | (63,518 | ) | — | ||||||
Payments on loan for natural gas liquids facility | 7,618 | 1,625 | — | ||||||||
Loan to affiliate | (15,621 | ) | (8,154 | ) | — | ||||||
Payments on loan to affiliate | 1,513 | — | — | ||||||||
Other | — | 4 | (195 | ) | |||||||
Net cash used in investing activities | (445,327 | ) | (1,366,221 | ) | (1,455,373 | ) | |||||
FINANCING ACTIVITIES: | |||||||||||
Proceeds from borrowings under revolving credit facilities | 2,602,500 | 3,764,500 | 2,545,500 | ||||||||
Payments on revolving credit facilities | (2,133,000 | ) | (3,280,000 | ) | (2,101,000 | ) | |||||
Issuances of notes | — | 400,000 | 450,000 | ||||||||
Repurchases of senior notes | (43,421 | ) | — | — | |||||||
Proceeds from borrowings under other long-term debt | 53,223 | — | 880 | ||||||||
Payments on other long-term debt | (5,087 | ) | (6,688 | ) | (8,819 | ) | |||||
Debt issuance costs | (10,237 | ) | (11,076 | ) | (24,595 | ) |
Contributions from general partner | 54 | 823 | 765 | ||||||||
Contributions from limited partner | (3,829 | ) | — | — | |||||||
Contributions from noncontrolling interest owners | 15,376 | 9,433 | 2,060 | ||||||||
Distributions to partners | (322,007 | ) | (242,595 | ) | (145,090 | ) | |||||
Distributions to noncontrolling interest owners | (35,720 | ) | (27,147 | ) | (840 | ) | |||||
Taxes paid on behalf of equity incentive plan participants | (19,395 | ) | (13,491 | ) | — | ||||||
Common unit repurchases | (17,680 | ) | — | — | |||||||
Proceeds from sale of common units, net of offering costs | — | 541,128 | 650,155 | ||||||||
Other | (72 | ) | (194 | ) | — | ||||||
Net cash provided by financing activities | 80,705 | 1,134,693 | 1,369,016 | ||||||||
Net (decrease) increase in cash and cash equivalents | (13,127 | ) | 30,863 | (1,121 | ) | ||||||
Cash and cash equivalents, beginning of period | 41,303 | 10,440 | 11,561 | ||||||||
Cash and cash equivalents, end of period | $ | 28,176 | $ | 41,303 | $ | 10,440 |
• | Our crude oil logistics segment, the assets of which include owned and leased crude oil storage terminals and pipeline injection stations, a fleet of owned trucks and trailers, a fleet of owned and leased railcars, a fleet of owned barges and towboats, and interests in two crude oil pipelines. Our crude oil logistics segment purchases crude oil from producers and transports it to refineries or for resale at owned and leased pipeline injection stations, storage terminals, barge loading facilities, rail facilities, refineries, and other trade hubs. |
• | Our water solutions segment, the assets of which include water pipelines, water treatment and disposal facilities, washout facilities, and solid waste disposal facilities. Our water solutions segment provides services for the treatment and disposal of wastewater generated from crude oil and natural gas production and for the disposal of solids such as tank bottoms and drilling fluids and performs truck washouts. In addition, our water solutions segment sells the recycled water and recovered hydrocarbons that result from performing these services. |
• | Our liquids segment, which supplies natural gas liquids to retailers, wholesalers, refiners, and petrochemical plants throughout the United States and in Canada, and which provides natural gas liquids terminaling and storage services through its 19 owned terminals throughout the United States, its salt dome storage facility in Utah, and its leased storage and railcar transportation services through its fleet of leased railcars. |
• | Our retail propane segment, which sells propane, distillates, and equipment and supplies to end users consisting of residential, agricultural, commercial, and industrial customers and to certain resellers in 25 states and the District of Columbia. |
• | Our refined products and renewables segment, which conducts gasoline, diesel, ethanol, and biodiesel marketing operations. We purchase refined petroleum and renewable products primarily in the Gulf Coast, Southeast and Midwest regions of the United States and schedule them for delivery at various locations. See Note 14 for a discussion of our interests in TransMontaigne Partners L.P. (“TLP”). |
• | Level 1—Quoted prices in active markets for identical assets and liabilities that we have the ability to access at the measurement date. |
• | Level 2—Inputs (other than quoted prices included within Level 1) that are either directly or indirectly observable for the asset or liability, including (i) quoted prices for similar assets or liabilities in active markets, (ii) quoted prices for identical or similar assets or liabilities in inactive markets, (iii) inputs other than quoted prices that are observable for the asset or liability, and (iv) inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 include non-exchange traded derivatives such as over-the-counter commodity price swap and option contracts. We determine the fair value of all of our derivative financial instruments utilizing pricing models for similar instruments. Inputs to the pricing models include publicly available prices and forward curves generated from a compilation of data gathered from third parties. |
• | Level 3—Unobservable inputs for the asset or liability including situations where there is little, if any, market activity for the asset or liability. |
Year Ended March 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands) | ||||||||||||
Interest paid, exclusive of debt issuance costs and letter of credit fees | $ | 117,185 | $ | 90,556 | $ | 31,827 | ||||||
Income taxes paid (net of income tax refunds) | $ | 2,300 | $ | 22,816 | $ | 1,639 |
March 31, 2016 | March 31, 2015 | |||||||||||||||
Segment | Gross Receivable | Allowance for Doubtful Accounts | Gross Receivable | Allowance for Doubtful Accounts | ||||||||||||
(in thousands) | ||||||||||||||||
Crude oil logistics | $ | 175,341 | $ | 8 | $ | 600,896 | $ | 382 | ||||||||
Water solutions | 34,952 | 4,514 | 38,689 | 709 | ||||||||||||
Liquids | 73,478 | 505 | 99,699 | 1,133 | ||||||||||||
Retail propane | 31,583 | 965 | 55,147 | 1,619 | ||||||||||||
Refined products and renewables | 211,259 | 936 | 234,802 | 524 | ||||||||||||
Other | 1,329 | — | 897 | — | ||||||||||||
Total | $ | 527,942 | $ | 6,928 | $ | 1,030,130 | $ | 4,367 |
Year Ended March 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands) | ||||||||||||
Allowance for doubtful accounts, beginning of period | $ | 4,367 | $ | 2,822 | $ | 1,760 | ||||||
Provision for doubtful accounts | 5,628 | 4,105 | 2,445 | |||||||||
Write off of uncollectible accounts | (3,067 | ) | (2,560 | ) | (1,383 | ) | ||||||
Allowance for doubtful accounts, end of period | $ | 6,928 | $ | 4,367 | $ | 2,822 |
March 31, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
Crude oil | $ | 84,030 | $ | 145,412 | ||||
Natural gas liquids— | ||||||||
Propane | 28,639 | 44,798 | ||||||
Butane | 8,461 | 8,668 | ||||||
Other | 6,011 | 3,874 | ||||||
Refined products— | ||||||||
Gasoline | 80,569 | 128,092 | ||||||
Diesel | 99,398 | 59,097 | ||||||
Renewables | 52,458 | 44,668 | ||||||
Other | 8,240 | 7,416 | ||||||
Total | $ | 367,806 | $ | 442,025 |
Ownership | Date Acquired | March 31, | ||||||||||||
Entity | Segment | Interest | or Formed | 2016 | 2015 | |||||||||
(in thousands) | ||||||||||||||
Glass Mountain (1) | Crude oil logistics | 50.0% | December 2013 | $ | 179,594 | $ | 187,590 | |||||||
TLP (2) | Refined products and renewables | 19.6% | July 2014 | 8,301 | — | |||||||||
BOSTCO (3) | Refined products and renewables | 42.5% | July 2014 | — | 238,146 | |||||||||
Frontera (3) | Refined products and renewables | 50.0% | July 2014 | — | 16,927 | |||||||||
Water supply company | Water solutions | 35.0% | June 2014 | 15,875 | 16,471 | |||||||||
Water treatment and disposal facility | Water solutions | 50.0% | August 2015 | 2,238 | — | |||||||||
Ethanol production facility | Refined products and renewables | 19.0% | December 2013 | 12,570 | 13,539 | |||||||||
Retail propane company | Retail propane | 50.0% | April 2015 | 972 | — | |||||||||
Total | $ | 219,550 | $ | 472,673 |
(1) | When we acquired Gavilon Energy, we recorded the investment in Glass Mountain, which owns a crude oil pipeline in Oklahoma, at fair value. Our investment in Glass Mountain exceeds our proportionate share of the historical net book value of Glass Mountain’s net assets by $74.6 million at March 31, 2016. This difference relates primarily to goodwill and customer relationships. |
(2) | On February 1, 2016, we deconsolidated TLP (see Note 1 and Note 14), and as a result, we recorded our equity method investment in TLP. On April 1, 2016, we sold all of the TLP common units that we held (see Note 19). |
(3) | As part of the deconsolidation of TLP on February 1, 2016, our previous investments in BOSTCO and Frontera are no longer disclosed as investments in unconsolidated entities. |
Entity | Cumulative Earnings (Loss) From Unconsolidated Entities | Cumulative Distributions Received From Unconsolidated Entities | ||||||
(in thousands) | ||||||||
Glass Mountain | $ | 7,251 | $ | 23,260 | ||||
TLP | 807 | — | ||||||
BOSTCO | 13,432 | 23,491 | ||||||
Frontera | 3,779 | 4,274 | ||||||
Water supply company | (625 | ) | — | |||||
Water treatment and disposal facility | 44 | 96 | ||||||
Ethanol production facility | 5,961 | 7,028 | ||||||
Retail propane company | (528 | ) | — |
Current Assets | Noncurrent Assets | Current Liabilities | Noncurrent Liabilities | ||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||
Glass Mountain | $ | 7,248 | $ | 8,456 | $ | 204,020 | $ | 214,494 | $ | 1,268 | $ | 1,080 | $ | 24 | $ | 37 | |||||||||||||||
TLP | 10,419 | — | 652,309 | — | 18,812 | — | 267,373 | — | |||||||||||||||||||||||
BOSTCO | — | 13,710 | — | 507,655 | — | 11,189 | — | — | |||||||||||||||||||||||
Frontera | — | 4,608 | — | 43,805 | — | 1,370 | — | — | |||||||||||||||||||||||
Water supply company | 2,589 | 3,160 | 28,150 | 32,447 | 2,923 | 644 | 20,746 | 26,251 | |||||||||||||||||||||||
Water treatment and disposal facility | 91 | — | 4,476 | — | 124 | — | — | — | |||||||||||||||||||||||
Ethanol production facility | 34,477 | 38,607 | 90,310 | 85,277 | 14,616 | 15,755 | 30,730 | 21,403 | |||||||||||||||||||||||
Retail propane company | 700 | — | 2,248 | — | 555 | — | 449 | — |
Revenues | Cost of Sales | Net Income (Loss) | ||||||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||
Glass Mountain | $ | 35,978 | $ | 37,539 | $ | 3,979 | $ | 1,943 | 2,771 | $ | — | $ | 11,227 | $ | 12,345 | $ | 445 | |||||||||||||||||
TLP | 28,258 | — | — | — | — | — | 6,083 | — | — | |||||||||||||||||||||||||
BOSTCO | 60,420 | 45,067 | — | — | — | — | 21,987 | 11,074 | — | |||||||||||||||||||||||||
Frontera | 14,114 | 10,643 | — | — | — | — | 4,091 | 1,352 | — | |||||||||||||||||||||||||
Water supply company | 4,062 | 8,326 | — | — | — | — | (1,618 | ) | (104 | ) | — | |||||||||||||||||||||||
Water treatment and disposal facility | 777 | — | — | — | — | — | 85 | — | — | |||||||||||||||||||||||||
Ethanol production facility | 129,533 | 159,148 | 61,929 | 105,161 | 117,222 | 39,449 | 5,796 | 24,607 | 17,599 | |||||||||||||||||||||||||
Retail propane company | 715 | — | — | 321 | — | — | (1,056 | ) | — | — |
March 31, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
Loan receivable (1) | $ | 49,827 | $ | 58,050 | ||||
Linefill (2) | 35,060 | 35,060 | ||||||
Tank bottoms (3) | 42,044 | — | ||||||
Other | 49,108 | 19,802 | ||||||
Total | $ | 176,039 | $ | 112,912 |
(1) | Represents a loan receivable associated with our financing of the construction of a natural gas liquids facility to be utilized by a third party. |
(2) | Represents minimum volumes of crude oil we are required to leave on certain third-party owned pipelines under long-term shipment commitments. At March 31, 2016, linefill consisted of 487,104 barrels of crude oil. |
(3) | Tank bottoms, which are product volumes required for the operation of storage tanks, are recorded at historical cost. We recover tank bottoms when the storage tanks are removed from service. At March 31, 2016, tank bottoms held in third party terminals consisted of 366,212 barrels of refined products. Tank bottoms held in terminals we own are included within property, plant and equipment (see Note 5). |
March 31, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
Accrued compensation and benefits | $ | 40,517 | $ | 52,078 | ||||
Excise and other tax liabilities | 59,455 | 43,847 | ||||||
Derivative liabilities | 28,612 | 27,950 | ||||||
Accrued interest | 20,543 | 23,065 | ||||||
Product exchange liabilities | 5,843 | 15,480 | ||||||
Deferred gain on sale of general partner interest in TLP | 30,113 | — | ||||||
Other | 29,343 | 39,929 | ||||||
Total | $ | 214,426 | $ | 202,349 |
At March 31, | ||||||||||||||||
2016 | 2015 | |||||||||||||||
Current Standard | Previous Standard | Current Standard | Previous Standard | |||||||||||||
(in thousands) | ||||||||||||||||
Intangible assets | $ | 1,148,890 | $ | 1,164,390 | $ | 1,232,308 | $ | 1,250,143 | ||||||||
Long-term debt | 2,912,837 | 2,928,337 | 2,727,464 | 2,745,299 |
• | In the first step of the goodwill impairment test, we compare the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired. If the carrying amount of a reporting unit exceeds its fair value, we perform the second step of the goodwill impairment test to measure the amount of impairment loss, if any. |
• | In the second step of the goodwill impairment test, we compare the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. |
Year Ended March 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands, except unit and per unit amounts) | ||||||||||||
Net (loss) income | $ | (187,097 | ) | $ | 50,193 | $ | 48,758 | |||||
Less: Net income attributable to noncontrolling interests | (11,832 | ) | (12,887 | ) | (1,103 | ) | ||||||
Net (loss) income attributable to parent equity | (198,929 | ) | 37,306 | 47,655 | ||||||||
Less: Net income allocated to general partner (1) | (47,620 | ) | (45,700 | ) | (14,148 | ) | ||||||
Less: Net loss (income) allocated to subordinated unitholders (2) | — | 3,915 | (1,893 | ) | ||||||||
Net (loss) income allocated to common unitholders | $ | (246,549 | ) | $ | (4,479 | ) | $ | 31,614 | ||||
Basic and diluted (loss) income per common unit | $ | (2.35 | ) | $ | (0.05 | ) | $ | 0.51 | ||||
Basic and diluted weighted average common units outstanding | 104,838,886 | 86,359,300 | 61,970,471 |
(1) | Net income allocated to the general partner includes distributions to which it is entitled as the holder of incentive distribution rights, which are described in Note 11. |
(2) | All outstanding subordinated units converted to common units in August 2014. Since the subordinated units did not share in the distribution of cash generated after June 30, 2014, we did not allocate any income or loss after that date to the subordinated unitholders. During the three months ended June 30, 2014, 5,919,346 subordinated units were outstanding and the loss per subordinated unit was $(0.68). During the year ended March 31, 2014, 5,919,346 subordinated units were outstanding and income per subordinated unit was $0.32. |
Accounts receivable-affiliates | $ | 1,000 | |
Prepaid expenses and other current assets | 50 | ||
Property, plant and equipment: | |||
Water treatment facilities and equipment (3-30 years) | 12,154 | ||
Vehicles (5 years) | 54 | ||
Goodwill | 5,561 | ||
Intangible assets: | |||
Customer relationships (9 years) | 6,000 | ||
Non-compete agreements (32 years) | 350 | ||
Accrued expenses and other payables | (1,000 | ) | |
Noncurrent liabilities | (2,600 | ) | |
Noncontrolling interest | (9,248 | ) | |
Fair value of net assets acquired | $ | 12,321 |
Property, plant and equipment: | |||
Water treatment facilities and equipment (3-30 years) | $ | 18,902 | |
Vehicles (5 years) | 148 | ||
Goodwill | 23,776 | ||
Intangible asset: | |||
Customer relationships (6 years) | 16,000 | ||
Investments in unconsolidated entities | 2,290 | ||
Accrued expenses and other payables | (861 | ) | |
Noncurrent liabilities | (10,255 | ) | |
Fair value of net assets acquired | $ | 50,000 |
Property, plant and equipment: | |||
Water treatment facilities and equipment (3-30 years) | $ | 27,065 | |
Buildings and leasehold improvements (7-30 years) | 6,879 | ||
Land | 1,070 | ||
Other (5 years) | 32 | ||
Goodwill | 62,105 | ||
Accrued expenses and other payables | (2,512 | ) | |
Noncurrent liabilities | (21,462 | ) | |
Fair value of net assets acquired | $ | 73,177 |
Property, plant and equipment: | |||
Water treatment facilities and equipment (3-30 years) | $ | 48,465 | |
Buildings and leasehold improvements (7-30 years) | 8,214 | ||
Land | 3,907 | ||
Other (5 years) | 21 | ||
Goodwill | 55,880 | ||
Accrued expenses and other payables | (2,861 | ) | |
Noncurrent liabilities | (22,198 | ) | |
Fair value of net assets acquired | $ | 91,428 |
Final | Estimated At March 31, 2015 | Change | |||||||||
(in thousands) | |||||||||||
Accounts receivable-trade | $ | 42 | $ | 42 | $ | — | |||||
Inventories | 263 | — | 263 | ||||||||
Prepaid expenses and other current assets | 843 | 600 | 243 | ||||||||
Property, plant and equipment: | |||||||||||
Natural gas liquids terminal and storage assets (2-30 years) | 61,130 | 62,205 | (1,075 | ) | |||||||
Vehicles and railcars (3-25 years) | 78 | 75 | 3 | ||||||||
Land | 69 | 68 | 1 | ||||||||
Other | 17 | 32 | (15 | ) | |||||||
Construction in progress | 19,525 | 19,525 | — | ||||||||
Goodwill | 183,096 | 151,853 | 31,243 | ||||||||
Intangible assets: | |||||||||||
Customer relationships (20 years) | 61,500 | 85,000 | (23,500 | ) | |||||||
Non-compete agreements (24 years) | 5,100 | 12,000 | (6,900 | ) | |||||||
Accounts payable-trade | (931 | ) | (931 | ) | — | ||||||
Accrued expenses and other payables | (6,774 | ) | (6,511 | ) | (263 | ) | |||||
Advance payments received from customers | (1,015 | ) | (1,015 | ) | — | ||||||
Other noncurrent liabilities | (6,817 | ) | (6,817 | ) | — | ||||||
Fair value of net assets acquired | $ | 316,126 | $ | 316,126 | $ | — |
Year Ending March 31, | |||
2017 | $ | 4,805 | |
2018 | 1,306 | ||
2019 | 88 |
Final | Estimated At March 31, 2015 | Change | |||||||||
Property, plant and equipment: | (in thousands) | ||||||||||
Vehicles (10 years) | $ | 63 | $ | 63 | $ | — | |||||
Water treatment facilities and equipment (3-30 years) | 5,815 | 5,815 | — | ||||||||
Buildings and leasehold improvements (7-30 years) | 130 | 130 | — | ||||||||
Land | 100 | 100 | — | ||||||||
Goodwill | 7,946 | 10,085 | (2,139 | ) | |||||||
Intangible asset: | |||||||||||
Customer relationships (7 years) | 24,300 | 22,000 | 2,300 | ||||||||
Other noncurrent assets | 75 | — | 75 | ||||||||
Accrued expenses and other payables | (395 | ) | (395 | ) | — | ||||||
Other noncurrent liabilities | (3,434 | ) | (3,198 | ) | (236 | ) | |||||
Fair value of net assets acquired | $ | 34,600 | $ | 34,600 | $ | — |
Final | Estimated At March 31, 2015 | Change | |||||||||
(in thousands) | |||||||||||
Cash and cash equivalents | $ | 1,469 | $ | 1,469 | $ | — | |||||
Accounts receivable-trade | 199,366 | 197,829 | 1,537 | ||||||||
Accounts receivable-affiliates | 528 | 528 | — | ||||||||
Inventories | 373,870 | 373,870 | — | ||||||||
Prepaid expenses and other current assets | 15,110 | 15,001 | 109 | ||||||||
Property, plant and equipment: | |||||||||||
Refined products terminal assets and equipment (20 years) | 415,317 | 399,323 | 15,994 | ||||||||
Vehicles | 1,696 | 1,698 | (2 | ) | |||||||
Crude oil tanks and related equipment (20 years) | 1,085 | 1,058 | 27 | ||||||||
Information technology equipment | 7,253 | 7,253 | — | ||||||||
Buildings and leasehold improvements (20 years) | 15,323 | 14,770 | 553 | ||||||||
Land | 61,329 | 70,529 | (9,200 | ) | |||||||
Tank bottoms (indefinite life) | 46,900 | 46,900 | — | ||||||||
Other | 15,536 | 15,534 | 2 | ||||||||
Construction in progress | 4,487 | 4,487 | — | ||||||||
Goodwill | 30,169 | 28,074 | 2,095 | ||||||||
Intangible assets: | |||||||||||
Customer relationships (15 years) | 66,000 | 76,100 | (10,100 | ) | |||||||
Pipeline capacity rights (30 years) | 87,618 | 87,618 | — | ||||||||
Investments in unconsolidated entities | 240,583 | 240,583 | — | ||||||||
Other noncurrent assets | 3,911 | 3,911 | — | ||||||||
Accounts payable-trade | (113,103 | ) | (113,066 | ) | (37 | ) | |||||
Accounts payable-affiliates | (69 | ) | (69 | ) | — | ||||||
Accrued expenses and other payables | (79,405 | ) | (78,427 | ) | (978 | ) | |||||
Advance payments received from customers | (1,919 | ) | (1,919 | ) | — | ||||||
Long-term debt | (234,000 | ) | (234,000 | ) | — | ||||||
Other noncurrent liabilities | (33,227 | ) | (33,227 | ) | — | ||||||
Noncontrolling interests | (545,120 | ) | (545,120 | ) | — | ||||||
Fair value of net assets acquired | $ | 580,707 | $ | 580,707 | $ | — |
Final | Estimated At March 31, 2015 | Change | |||||||||
(in thousands) | |||||||||||
Accounts receivable-trade | $ | 939 | $ | 939 | $ | — | |||||
Inventories | 253 | 253 | — | ||||||||
Prepaid expenses and other current assets | 62 | 62 | — | ||||||||
Property, plant and equipment: | |||||||||||
Water treatment facilities and equipment (3-30 years) | 79,982 | 79,706 | 276 | ||||||||
Buildings and leasehold improvements (7-30 years) | 10,690 | 10,250 | 440 | ||||||||
Land | 3,127 | 3,109 | 18 | ||||||||
Other (5 years) | 132 | 129 | 3 | ||||||||
Goodwill | 253,517 | 254,255 | (738 | ) | |||||||
Intangible asset: | |||||||||||
Customer relationships (4 years) | 10,000 | 10,000 | — | ||||||||
Other noncurrent assets | 50 | 50 | — | ||||||||
Accounts payable-trade | (58 | ) | (58 | ) | — | ||||||
Accrued expenses and other payables | (15,785 | ) | (15,786 | ) | 1 | ||||||
Other noncurrent liabilities | (109,373 | ) | (109,373 | ) | — | ||||||
Noncontrolling interest | (5,775 | ) | (5,775 | ) | — | ||||||
Fair value of net assets acquired | $ | 227,761 | $ | 227,761 | $ | — |
Final | Estimated At March 31, 2015 | Change | |||||||||
(in thousands) | |||||||||||
Accounts receivable-trade | $ | 2,237 | $ | 2,237 | $ | — | |||||
Inventories | 771 | 771 | — | ||||||||
Prepaid expenses and other current assets | 110 | 110 | — | ||||||||
Property, plant and equipment: | |||||||||||
Retail propane equipment (15-20 years) | 13,177 | 13,177 | — | ||||||||
Vehicles and railcars (5-7 years) | 2,332 | 2,332 | — | ||||||||
Buildings and leasehold improvements (30 years) | 534 | 784 | (250 | ) | |||||||
Land | 505 | 655 | (150 | ) | |||||||
Other (5-7 years) | 118 | 116 | 2 | ||||||||
Goodwill | 8,097 | 8,097 | — | ||||||||
Intangible assets: | |||||||||||
Customer relationships (10-15 years) | 17,563 | 17,563 | — | ||||||||
Non-compete agreements (5-7 years) | 500 | 500 | — | ||||||||
Trade names (3-12 years) | 950 | 950 | — | ||||||||
Accounts payable-trade | (1,523 | ) | (1,921 | ) | 398 | ||||||
Advance payments received from customers | (1,750 | ) | (1,750 | ) | — | ||||||
Current maturities of long-term debt | (78 | ) | (78 | ) | — | ||||||
Long-term debt, net of current maturities | (760 | ) | (760 | ) | — | ||||||
Fair value of net assets acquired | $ | 42,783 | $ | 42,783 | $ | — |
Estimated | March 31, | |||||||||
Description | Useful Lives | 2016 | 2015 | |||||||
(in thousands) | ||||||||||
Natural gas liquids terminal and storage assets | 2-30 years | $ | 169,758 | $ | 131,776 | |||||
Refined products terminal assets and equipment | 20 years | 6,844 | 419,603 | |||||||
Retail propane equipment | 2-30 years | 201,312 | 181,140 | |||||||
Vehicles and railcars | 3-25 years | 185,547 | 180,680 | |||||||
Water treatment facilities and equipment | 3-30 years | 508,239 | 317,593 | |||||||
Crude oil tanks and related equipment | 2-40 years | 137,894 | 109,936 | |||||||
Barges and towboats | 5-40 years | 86,731 | 59,848 | |||||||
Information technology equipment | 3-7 years | 38,653 | 34,915 | |||||||
Buildings and leasehold improvements | 3-40 years | 118,885 | 99,732 | |||||||
Land | 47,114 | 97,767 | ||||||||
Tank bottoms (1) | 20,355 | 62,656 | ||||||||
Other | 3-30 years | 11,699 | 34,407 | |||||||
Construction in progress | 383,032 | 96,922 | ||||||||
1,916,063 | 1,826,975 | |||||||||
Accumulated depreciation | (266,491 | ) | (202,959 | ) | ||||||
Net property, plant and equipment | $ | 1,649,572 | $ | 1,624,016 |
(1) | Due to the deconsolidation of TLP in February 2016 (see Note 1), the tank bottoms for the TLP terminals were reclassified to noncurrent assets. |
Year Ended March 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Depreciation expense | $ | 136,938 | $ | 105,687 | $ | 59,899 | |||||
Capitalized interest expense | 4,012 | 113 | 774 |
March 31, 2016 | March 31, 2015 | |||||||||||||
Product | Volume (in barrels) (in thousands) | Value (in thousands) | Volume (in barrels) (in thousands) | Value (in thousands) | ||||||||||
Gasoline | — | $ | — | 219 | $ | 25,710 | ||||||||
Crude oil | 231 | 19,348 | 184 | 16,835 | ||||||||||
Diesel | — | — | 124 | 15,153 | ||||||||||
Renewables | — | — | 41 | 4,220 | ||||||||||
Other | 24 | 1,007 | 12 | 738 | ||||||||||
Total | $ | 20,355 | $ | 62,656 |
Crude Oil Logistics | Water Solutions | Liquids | Retail Propane | Refined Products and Renewables | Total | ||||||||||||||||||
Balances at March 31, 2014, as retrospectively adjusted | $ | 579,846 | $ | 264,127 | $ | 91,135 | $ | 114,285 | $ | 36,000 | $ | 1,085,393 | |||||||||||
Disposals (Note 14) | — | (1,797 | ) | (8,185 | ) | — | — | (9,982 | ) | ||||||||||||||
Acquisitions (Note 4) | — | 261,460 | 183,096 | 8,097 | 30,169 | 482,822 | |||||||||||||||||
Balances at March 31, 2015, as retrospectively adjusted | 579,846 | 523,790 | 266,046 | 122,382 | 66,169 | 1,558,233 | |||||||||||||||||
Acquisitions (Note 4) | — | 147,322 | — | 5,046 | — | 152,368 | |||||||||||||||||
Disposals (Note 14) | — | — | — | — | (15,042 | ) | (15,042 | ) | |||||||||||||||
Impairment (Note 14) | — | (380,197 | ) | — | — | — | (380,197 | ) | |||||||||||||||
Balances at March 31, 2016 | $ | 579,846 | $ | 290,915 | $ | 266,046 | $ | 127,428 | $ | 51,127 | $ | 1,315,362 |
March 31, 2016 | March 31, 2015 | |||||||||||||||||
Amortizable Lives | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||
(in thousands) | ||||||||||||||||||
Amortizable- | ||||||||||||||||||
Customer relationships | 3-20 years | $ | 852,118 | $ | 233,838 | $ | 890,118 | $ | 159,215 | |||||||||
Pipeline capacity rights | 30 years | 119,636 | 6,559 | 119,636 | 2,571 | |||||||||||||
Water facility development agreement | 5 years | 14,000 | 7,700 | 14,000 | 4,900 | |||||||||||||
Executory contracts and other agreements | 2-10 years | 23,920 | 21,075 | 23,920 | 18,387 | |||||||||||||
Non-compete agreements | 2-32 years | 20,903 | 13,564 | 19,762 | 10,408 | |||||||||||||
Trade names | 1-10 years | 15,439 | 12,034 | 15,439 | 7,569 | |||||||||||||
Debt issuance costs (1) | 3 years | 39,942 | 22,108 | 33,306 | 13,443 | |||||||||||||
Total amortizable | 1,085,958 | 316,878 | 1,116,181 | 216,493 | ||||||||||||||
Non-amortizable- | ||||||||||||||||||
Customer commitments | 310,000 | — | 310,000 | — | ||||||||||||||
Rights-of-way and easements (2) | 47,190 | — | — | — | ||||||||||||||
Trade names | 22,620 | — | 22,620 | — | ||||||||||||||
Total non-amortizable | 379,810 | — | 332,620 | — | ||||||||||||||
Total | $ | 1,465,768 | $ | 316,878 | $ | 1,448,801 | $ | 216,493 |
(1) | Includes debt issuance costs related to revolving credit facilities. Debt issuance costs related to fixed-rate notes are reported as a reduction of the carrying amount of long-term debt. |
(2) | See Note 16 for a discussion of acquired rights-of-way and easements along a planned pipeline route. |
Year Ended March 31, | ||||||||||||
Recorded In | 2016 | 2015 | 2014 | |||||||||
(in thousands) | ||||||||||||
Depreciation and amortization | $ | 91,986 | $ | 88,262 | $ | 60,855 | ||||||
Cost of sales | 6,700 | 7,767 | 6,172 | |||||||||
Interest expense | 8,942 | 5,722 | 4,800 | |||||||||
Total | $ | 107,628 | $ | 101,751 | $ | 71,827 |
Year Ending March 31, | |||
2017 | $ | 96,155 | |
2018 | 93,734 | ||
2019 | 83,981 | ||
2020 | 77,558 | ||
2021 | 65,717 | ||
Thereafter | 351,935 | ||
Total | $ | 769,080 |
March 31, 2016 | March 31, 2015 | |||||||||||||||||||||||
Face Amount | Unamortized Debt Issuance Costs (1) | Book Value | Face Amount | Unamortized Debt Issuance Costs (1) | Book Value | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Revolving credit facility — | ||||||||||||||||||||||||
Expansion capital borrowings | $ | 1,229,500 | $ | — | $ | 1,229,500 | $ | 702,500 | $ | — | $ | 702,500 | ||||||||||||
Working capital borrowings | 618,500 | — | 618,500 | 688,000 | — | 688,000 | ||||||||||||||||||
5.125% Notes due 2019 | 388,467 | (4,681 | ) | 383,786 | 400,000 | (6,242 | ) | 393,758 | ||||||||||||||||
6.875% Notes due 2021 | 388,289 | (7,545 | ) | 380,744 | 450,000 | (10,280 | ) | 439,720 | ||||||||||||||||
6.650% Notes due 2022 | 250,000 | (3,166 | ) | 246,834 | 250,000 | (1,313 | ) | 248,687 | ||||||||||||||||
TLP credit facility (2) | — | — | — | 250,000 | — | 250,000 | ||||||||||||||||||
Other long-term debt | 61,488 | (108 | ) | 61,380 | 9,271 | — | 9,271 | |||||||||||||||||
2,936,244 | (15,500 | ) | 2,920,744 | 2,749,771 | (17,835 | ) | 2,731,936 | |||||||||||||||||
Less: Current maturities | 7,907 | — | 7,907 | 4,472 | — | 4,472 | ||||||||||||||||||
Long-term debt | $ | 2,928,337 | $ | (15,500 | ) | $ | 2,912,837 | $ | 2,745,299 | $ | (17,835 | ) | $ | 2,727,464 |
(1) | Debt issuance costs related to revolving credit facilities are reported within intangible assets, rather than as a reduction of the carrying amount of long-term debt. |
(2) | Due to the sale of the general partner interest in TLP, TLP was deconsolidated as of February 1, 2016 (see Note 1 and Note 14). |
Year Ended March 31, | ||||
2016 | 2015 | 2014 | ||
(in thousands) | ||||
$4,645 | $3,037 | $927 |
Year Ending March 31, | ||||
2017 | $ | 3,410 | ||
2018 | 3,300 | |||
2019 | 3,296 | |||
2020 | 2,283 | |||
2021 | 1,865 | |||
Thereafter | 1,346 | |||
Total | $ | 15,500 |
Year Ending March 31, | Revolving Credit Facility | 2019 Notes | 2021 Notes | 2022 Notes | Other Long-Term Debt | Total | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
2017 | $ | — | $ | — | $ | — | $ | — | $ | 7,899 | $ | 7,899 | ||||||||||||
2018 | — | — | — | 25,000 | 7,143 | 32,143 | ||||||||||||||||||
2019 | 1,848,000 | — | — | 50,000 | 6,053 | 1,904,053 | ||||||||||||||||||
2020 | — | 388,467 | — | 50,000 | 5,621 | 444,088 | ||||||||||||||||||
2021 | — | — | — | 50,000 | 34,671 | 84,671 | ||||||||||||||||||
Thereafter | — | — | 388,289 | 75,000 | 101 | 463,390 | ||||||||||||||||||
Total | $ | 1,848,000 | $ | 388,467 | $ | 388,289 | $ | 250,000 | $ | 61,488 | $ | 2,936,244 |
Balance at March 31, 2014 | $ | 2,261 | ||
Liabilities incurred | 1,695 | |||
Liabilities settled | (390 | ) | ||
Accretion expense | 333 | |||
Balance at March 31, 2015 | 3,899 | |||
Liabilities incurred | 1,486 | |||
Liabilities settled | (191 | ) | ||
Accretion expense | 380 | |||
Balance at March 31, 2016 | $ | 5,574 |
Year Ending March 31, | |||
2017 | $ | 136,065 | |
2018 | 120,723 | ||
2019 | 98,266 | ||
2020 | 87,569 | ||
2021 | 77,821 | ||
Thereafter | 127,315 | ||
Total | $ | 647,759 |
Year Ending March 31, | |||
2017 | $ | 53,024 | |
2018 | 53,042 | ||
2019 | 52,250 | ||
2020 | 42,418 | ||
Total | $ | 200,734 |
Volume | Value | ||||||
(in thousands) | |||||||
Purchase commitments: | |||||||
Natural gas liquids fixed-price (gallons) | 22,078 | $ | 8,493 | ||||
Natural gas liquids index-price (gallons) | 855,945 | 365,477 | |||||
Crude oil fixed-price (barrels) | 1,077 | 41,756 | |||||
Crude oil index-price (barrels) | 14,722 | 518,431 | |||||
Sale commitments: | |||||||
Natural gas liquids fixed-price (gallons) | 85,162 | 52,633 | |||||
Natural gas liquids index-price (gallons) | 312,198 | 197,861 | |||||
Crude oil fixed-price (barrels) | 2,107 | 92,469 | |||||
Crude oil index-price (barrels) | 18,754 | 730,583 |
Issuance Date | Type of Offering | Number of Common Units Issued | Gross Proceeds | Underwriting Discounts and Commissions | Offering Costs | Net Proceeds | |||||||||||||||
March 11, 2015 | Public Offering | 6,250,000 | $ | 172.3 | $ | 1.4 | $ | 0.2 | $ | 170.7 | |||||||||||
June 23, 2014 | Public Offering | 8,767,100 | 383.2 | 12.3 | 0.5 | 370.4 | |||||||||||||||
December 2, 2013 | Private Placement | 8,110,848 | 240.0 | — | 4.9 | 235.1 | |||||||||||||||
September 25, 2013 | Public Offering | 4,100,000 | 132.8 | 5.0 | 0.2 | 127.6 | |||||||||||||||
July 5, 2013 | Public Offering | 10,350,000 | 300.2 | 12.0 | 0.7 | 287.5 |
Date Declared | Record Date | Date Paid | Amount Per Unit | Amount Paid to Limited Partners | Amount Paid To General Partner | |||||||||||
(in thousands) | ||||||||||||||||
April 25, 2013 | May 6, 2013 | May 15, 2013 | $ | 0.4775 | $ | 25,605 | $ | 1,189 | ||||||||
July 25, 2013 | August 5, 2013 | August 14, 2013 | 0.4938 | 31,725 | 1,739 | |||||||||||
October 23, 2013 | November 4, 2013 | November 14, 2013 | 0.5113 | 35,908 | 2,491 | |||||||||||
January 24, 2014 | February 4, 2014 | February 14, 2014 | 0.5313 | 42,150 | 4,283 | |||||||||||
April 24, 2014 | May 5, 2014 | May 15, 2014 | 0.5513 | 43,737 | 5,754 | |||||||||||
July 24, 2014 | August 4, 2014 | August 14, 2014 | 0.5888 | 52,036 | 9,481 | |||||||||||
October 24, 2014 | November 4, 2014 | November 14, 2014 | 0.6088 | 53,902 | 11,141 | |||||||||||
January 26, 2015 | February 6, 2015 | February 13, 2015 | 0.6175 | 54,684 | 11,860 | |||||||||||
April 24, 2015 | May 5, 2015 | May 15, 2015 | 0.6250 | 59,651 | 13,446 | |||||||||||
July 23, 2015 | August 3, 2015 | August 14, 2015 | 0.6325 | 66,248 | 15,483 | |||||||||||
October 22, 2015 | November 3, 2015 | November 13, 2015 | 0.6400 | 67,313 | 16,277 | |||||||||||
January 21, 2016 | February 3, 2016 | February 15, 2016 | 0.6400 | 67,310 | 16,279 | |||||||||||
April 21, 2016 | May 3, 2016 | May 13, 2016 | 0.3900 | 40,626 | 70 |
Record Date | Equivalent Units Not Eligible | ||
November 4, 2013 | 979,886 | ||
February 6, 2015 | 132,100 | ||
May 5, 2015 | 8,352,902 | ||
February 3, 2016 | 223,077 |
Date Declared | Record Date | Date Paid | Amount Per Unit | Amount Paid To NGL | Amount Paid To Other Partners | |||||||||||
(in thousands) | ||||||||||||||||
October 13, 2014 | October 31, 2014 | November 7, 2014 | $ | 0.6650 | $ | 4,010 | $ | 8,614 | ||||||||
January 8, 2015 | January 30, 2015 | February 6, 2015 | 0.6650 | 4,010 | 8,614 | |||||||||||
April 13, 2015 | April 30, 2015 | May 7, 2015 | 0.6650 | 4,007 | 8,617 | |||||||||||
July 13, 2015 | July 31, 2015 | August 7, 2015 | 0.6650 | 4,007 | 8,617 | |||||||||||
October 12, 2015 | October 30, 2015 | November 6, 2015 | 0.6650 | 4,007 | 8,617 | |||||||||||
January 19, 2016 | January 29, 2016 | February 8, 2016 | 0.6700 | 4,104 | 8,681 |
Unvested Service Award units at March 31, 2013 | 1,444,900 | ||
Units granted | 494,000 | ||
Units vested and issued | (296,269 | ) | |
Units withheld for employee taxes | (122,531 | ) | |
Units forfeited | (209,000 | ) | |
Unvested Service Award units at March 31, 2014 | 1,311,100 | ||
Units granted | 2,093,139 | ||
Units vested and issued | (586,010 | ) | |
Units withheld for employee taxes | (354,829 | ) | |
Units forfeited | (203,000 | ) | |
Unvested Service Award units at March 31, 2015 | 2,260,400 | ||
Units granted | 1,484,412 | ||
Units vested and issued | (844,626 | ) | |
Units withheld for employee taxes | (464,054 | ) | |
Units forfeited | (139,000 | ) | |
Unvested Service Award units at March 31, 2016 | 2,297,132 |
Year Ending March 31, | Number of Units | ||
2017 | 1,369,491 | ||
2018 | 763,141 | ||
2019 | 142,500 | ||
2020 | 21,000 | ||
2021 | 1,000 | ||
Unvested Service Award units at March 31, 2016 | 2,297,132 |
Year Ending March 31, | ||||
2017 | $ | 8,426 | ||
2018 | 2,029 | |||
2019 | 462 | |||
2020 | 45 | |||
2021 | 2 | |||
Total | $ | 10,964 |
March 31, 2013 | $ | 5,043 | ||
Expense recorded | 17,804 | |||
Value of units vested and issued | (9,085 | ) | ||
Taxes paid on behalf of participants | (3,750 | ) | ||
March 31, 2014 | 10,012 | |||
Expense recorded | 32,767 | |||
Value of units vested and issued | (23,134 | ) | ||
Taxes paid on behalf of participants | (13,491 | ) | ||
March 31, 2015 | 6,154 | |||
Expense recorded | 35,177 | |||
Value of units vested and issued | (23,631 | ) | ||
Taxes paid on behalf of participants | (12,975 | ) | ||
March 31, 2016 | $ | 4,725 |
Performance Units Granted Per Tranche | Vesting Date of Tranche | Performance Period for Tranche | ||
349,691 | July 1, 2015 | July 1, 2012 through June 30, 2015 | ||
347,691 | July 1, 2016 | July 1, 2013 through June 30, 2016 | ||
343,691 | July 1, 2017 | July 1, 2014 through June 30, 2017 |
Our Relative TUR Percentile Ranking | Payout (% of Target Units) | |
Less than 50th percentile | 0% | |
Between the 50th and 75th percentile | 50%–100% | |
Between the 75th and 90th percentile | 100%–200% | |
Above the 90% percentile | 200% |
Vesting Date of Tranche | Maximum Performance Award Units | ||
July 1, 2016 | 641,382 | ||
July 1, 2017 | 633,382 | ||
Total | 1,274,764 |
Vesting Date of Tranche | Fair Value of Unvested Awards | |||
(in thousands) | ||||
July 1, 2016 | $ | 263 | ||
July 1, 2017 | 285 | |||
Total | $ | 548 |
Vesting Date of Tranche | ||||
July 1, 2015 | $ | 16,077 | ||
July 1, 2016 | 197 | |||
July 1, 2017 | 114 | |||
Total | $ | 16,388 |
Balance at March 31, 2015 | $ | — | ||
Expense recorded | 16,388 | |||
Value of units vested and issued | (9,659 | ) | ||
Taxes paid on behalf of participants | (6,420 | ) | ||
Balance at March 31, 2016 | $ | 309 |
March 31, 2016 | March 31, 2015 | |||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||
(in thousands) | ||||||||||||||||
Level 1 measurements | $ | 47,361 | $ | (3,983 | ) | $ | 83,779 | $ | (3,969 | ) | ||||||
Level 2 measurements | 32,700 | (28,612 | ) | 34,963 | (28,764 | ) | ||||||||||
80,061 | (32,595 | ) | 118,742 | (32,733 | ) | |||||||||||
Netting of counterparty contracts (1) | (3,384 | ) | 3,384 | (1,804 | ) | 1,804 | ||||||||||
Net cash collateral provided (held) | (18,176 | ) | 599 | (56,660 | ) | 2,979 | ||||||||||
Commodity derivatives in consolidated balance sheet | $ | 58,501 | $ | (28,612 | ) | $ | 60,278 | $ | (27,950 | ) |
(1) | Relates to commodity derivative assets and liabilities that are expected to be net settled on an exchange or through a netting arrangement with the counterparty. |
March 31, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
Prepaid expenses and other current assets | $ | 58,501 | $ | 60,278 | ||||
Accrued expenses and other payables | (28,612 | ) | (27,950 | ) | ||||
Net commodity derivative asset | $ | 29,889 | $ | 32,328 |
Contracts | Settlement Period | Net Long (Short) Notional (Barrels) | Fair Value of Net Assets (Liabilities) | ||||||
(in thousands) | |||||||||
At March 31, 2016- | |||||||||
Cross-commodity (1) | April 2016–March 2017 | 251 | $ | 1,663 | |||||
Crude oil fixed-price (2) | April 2016–December 2016 | (1,583 | ) | (3,655 | ) | ||||
Propane fixed-price (2) | April 2016–December 2017 | 540 | (592 | ) | |||||
Refined products fixed-price (2) | April 2016–June 2017 | (5,355 | ) | 48,557 | |||||
Other | April 2016–March 2017 | 1,493 | |||||||
47,466 | |||||||||
Net cash collateral held | (17,577 | ) | |||||||
Net commodity derivatives in consolidated balance sheet | $ | 29,889 | |||||||
At March 31, 2015- | |||||||||
Cross-commodity (1) | April 2015–March 2016 | 98 | $ | (105 | ) | ||||
Crude oil fixed-price (2) | April 2015–June 2015 | (1,113 | ) | (171 | ) | ||||
Crude oil index-price (3) | April 2015–July 2015 | 751 | 1,835 | ||||||
Propane fixed-price (2) | April 2015–December 2016 | 193 | (2,842 | ) | |||||
Refined products fixed-price (2) | April 2015–December 2015 | (3,005 | ) | 84,996 | |||||
Other | April 2015–December 2015 | 2,296 | |||||||
86,009 | |||||||||
Net cash collateral held | (53,681 | ) | |||||||
Net commodity derivatives in consolidated balance sheet | $ | 32,328 |
(1) | Cross-commodity - We may purchase or sell a physical commodity where the underlying contract pricing mechanisms are tied to different commodity price indices. These contracts are derivatives we have entered into as an economic hedge against the risk of one commodity price moving relative to another commodity price. |
(2) | Commodity fixed-price - We may have fixed price physical purchases, including inventory, offset by floating price physical sales or floating price physical purchases offset by fixed price physical sales. These contracts are derivatives we have entered into as an economic hedge against the risk of mismatches between fixed and floating price physical obligations. |
(3) | Commodity fixed-price - We may purchase or sell a physical commodity where the underlying contract pricing mechanisms are tied to different indices. These indices may vary in the commodity grade or location, or in the timing of delivery within a given month. These contracts are derivatives we have entered into as an economic hedge against the risk of one index moving relative to another index. |
Year Ending March 31, | ||||
2016 | $ | 103,223 | ||
2015 | 219,421 | |||
2014 | (43,655 | ) |
5.125% Notes due 2019 | $ | 235,023 | ||
6.875% Notes due 2021 | 233,621 | |||
6.650% Notes due 2022 | 156,638 |
Year Ended March 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands) | ||||||||||||
Revenues (1): | ||||||||||||
Crude oil logistics- | ||||||||||||
Crude oil sales | $ | 3,170,891 | $ | 6,621,871 | $ | 4,559,923 | ||||||
Crude oil transportation and other | 55,882 | 43,349 | 36,469 | |||||||||
Elimination of intersegment sales | (9,694 | ) | (29,836 | ) | (37,847 | ) | ||||||
Total crude oil logistics revenues | 3,217,079 | 6,635,384 | 4,558,545 | |||||||||
Water solutions- | ||||||||||||
Service fees | 136,710 | 105,682 | 58,161 | |||||||||
Recovered hydrocarbons | 41,090 | 81,762 | 67,627 | |||||||||
Water transportation | — | 10,760 | 17,312 | |||||||||
Other revenues | 7,201 | 1,838 | — | |||||||||
Total water solutions revenues | 185,001 | 200,042 | 143,100 | |||||||||
Liquids- | ||||||||||||
Propane sales | 618,919 | 1,265,262 | 1,632,948 | |||||||||
Other product sales | 620,175 | 1,111,834 | 1,231,965 | |||||||||
Other revenues | 35,943 | 28,745 | 31,062 | |||||||||
Elimination of intersegment sales | (80,558 | ) | (162,016 | ) | (245,550 | ) | ||||||
Total liquids revenues | 1,194,479 | 2,243,825 | 2,650,425 | |||||||||
Retail propane- | ||||||||||||
Propane sales | 248,673 | 347,575 | 388,225 | |||||||||
Distillate sales | 64,868 | 106,037 | 127,672 | |||||||||
Other revenues | 39,436 | 35,585 | 35,918 | |||||||||
Total retail propane revenues | 352,977 | 489,197 | 551,815 | |||||||||
Refined products and renewables- | ||||||||||||
Refined products sales | 6,294,008 | 6,682,040 | 1,180,895 | |||||||||
Renewables sales | 390,753 | 473,885 | 176,781 | |||||||||
Service fees | 108,221 | 76,847 | — | |||||||||
Elimination of intersegment sales | (870 | ) | (1,079 | ) | — | |||||||
Total refined products and renewables revenues | 6,792,112 | 7,231,693 | 1,357,676 | |||||||||
Corporate and other | 462 | 1,916 | 437,713 | |||||||||
Total revenues | $ | 11,742,110 | $ | 16,802,057 | $ | 9,699,274 | ||||||
Depreciation and Amortization: | ||||||||||||
Crude oil logistics | $ | 39,363 | $ | 38,626 | $ | 22,111 | ||||||
Water solutions | 91,685 | 73,618 | 55,105 | |||||||||
Liquids | 15,642 | 13,513 | 11,018 | |||||||||
Retail propane | 35,992 | 31,827 | 28,878 | |||||||||
Refined products and renewables | 40,861 | 32,948 | 625 | |||||||||
Corporate and other | 5,381 | 3,417 | 3,017 | |||||||||
Total depreciation and amortization | $ | 228,924 | $ | 193,949 | $ | 120,754 | ||||||
Operating Income (Loss): | ||||||||||||
Crude oil logistics | $ | (40,745 | ) | $ | (35,832 | ) | $ | 678 | ||||
Water solutions | (313,673 | ) | 65,340 | 10,317 | ||||||||
Liquids | 76,173 | 45,072 | 71,888 | |||||||||
Retail propane | 44,096 | 64,075 | 61,285 | |||||||||
Refined products and renewables | 226,951 | 54,567 | 6,514 | |||||||||
Corporate and other | (97,405 | ) | (85,802 | ) | (44,117 | ) | ||||||
Total operating (loss) income | $ | (104,603 | ) | $ | 107,420 | $ | 106,565 |
(1) | During the six months ended September 30, 2015, we made certain changes in the way we attribute revenues to the categories shown in the table above. These changes did not impact total revenues. We have retrospectively adjusted previously reported amounts to conform to the current presentation. |
Year Ended March 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands) | ||||||||||||
Additions to property, plant and equipment: | ||||||||||||
Crude oil logistics | $ | 447,952 | $ | 58,747 | $ | 204,642 | ||||||
Water solutions | 211,080 | 186,007 | 100,877 | |||||||||
Liquids | 50,533 | 114,180 | 52,560 | |||||||||
Retail propane | 41,235 | 35,602 | 24,430 | |||||||||
Refined products and renewables | 25,147 | 573,954 | 1,238 | |||||||||
Corporate and other | 15,172 | 1,286 | 7,242 | |||||||||
Total | $ | 791,119 | $ | 969,776 | $ | 390,989 |
March 31, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
Long-lived assets, net: | ||||||||
Crude oil logistics | $ | 1,679,027 | $ | 1,327,538 | ||||
Water solutions | 1,162,405 | 1,244,965 | ||||||
Liquids | 572,081 | 534,317 | ||||||
Retail propane | 483,330 | 467,254 | ||||||
Refined products and renewables | 180,783 | 808,126 | ||||||
Corporate and other | 36,198 | 32,357 | ||||||
Total | $ | 4,113,824 | $ | 4,414,557 | ||||
Total assets: | ||||||||
Crude oil logistics | $ | 2,197,113 | $ | 2,337,188 | ||||
Water solutions | 1,236,875 | 1,311,175 | ||||||
Liquids | 693,872 | 713,810 | ||||||
Retail propane | 538,267 | 542,078 | ||||||
Refined products and renewables | 765,806 | 1,669,851 | ||||||
Corporate and other | 128,222 | 81,690 | ||||||
Total | $ | 5,560,155 | $ | 6,655,792 |
Year Ending March 31, | |||
2017 | $ | 30,113 | |
2018 | 30,113 | ||
2019 | 30,113 | ||
2020 | 30,113 | ||
2021 | 29,593 | ||
Thereafter | 49,487 | ||
Total | $ | 199,532 |
Year Ended March 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands) | ||||||||||||
Sales to SemGroup | $ | 43,825 | $ | 88,276 | $ | 160,993 | ||||||
Purchases from SemGroup | 53,209 | 130,134 | 300,164 | |||||||||
Sales to equity method investees | 14,836 | 14,493 | — | |||||||||
Purchases from equity method investees | 113,780 | 149,828 | 47,731 | |||||||||
Sales to entities affiliated with management | 318 | 2,151 | 110,824 | |||||||||
Purchases from entities affiliated with management | 45,197 | 29,419 | 120,038 |
March 31, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
Receivables from SemGroup | $ | 1,166 | $ | 13,443 | ||||
Receivables from equity method investees | 14,446 | 652 | ||||||
Receivables from entities affiliated with management | 13 | 3,103 | ||||||
Total | $ | 15,625 | $ | 17,198 |
March 31, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
Payables to SemGroup | $ | 1,823 | $ | 11,546 | ||||
Payables to equity method investees | 3,947 | 6,788 | ||||||
Payables to entities affiliated with management | 1,423 | 7,460 | ||||||
Total | $ | 7,193 | $ | 25,794 |
December 31, 2015 | |||||||||||
(Unaudited) | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Goodwill | $ | 1,522,644 | $ | 177,509 | $ | 1,700,153 | |||||
Total assets | 6,547,043 | 177,509 | 6,724,552 | ||||||||
Accrued expenses and other payables | 193,295 | 4,563 | 197,858 | ||||||||
Total current liabilities | 796,908 | 4,563 | 801,471 | ||||||||
Other noncurrent liabilities | 13,232 | 99,692 | 112,924 | ||||||||
Equity - general partner interest | (34,431 | ) | 77 | (34,354 | ) | ||||||
Equity - limited partners interest | 1,920,528 | 71,734 | 1,992,262 | ||||||||
Equity - noncontrolling interests | 544,890 | 1,443 | 546,333 | ||||||||
Total equity | 2,430,839 | 73,254 | 2,504,093 | ||||||||
Total liabilities and equity | 6,547,043 | 177,509 | 6,724,552 |
September 30, 2015 | |||||||||||
(Unaudited) | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Goodwill | $ | 1,490,928 | $ | 167,309 | $ | 1,658,237 | |||||
Total assets | 6,433,747 | 167,309 | 6,601,056 | ||||||||
Accrued expenses and other payables | 164,433 | 5,469 | 169,902 | ||||||||
Total current liabilities | 852,170 | 5,469 | 857,639 | ||||||||
Other noncurrent liabilities | 17,679 | 109,960 | 127,639 | ||||||||
Equity - general partner interest | (34,380 | ) | 55 | (34,325 | ) | ||||||
Equity - limited partners interest | 1,976,663 | 51,080 | 2,027,743 | ||||||||
Equity - noncontrolling interests | 544,147 | 745 | 544,892 | ||||||||
Total equity | 2,486,294 | 51,880 | 2,538,174 | ||||||||
Total liabilities and equity | 6,433,747 | 167,309 | 6,601,056 |
June 30, 2015 | |||||||||||
(Unaudited) | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Goodwill | $ | 1,451,654 | $ | 148,809 | $ | 1,600,463 | |||||
Total assets | 6,625,715 | 148,809 | 6,774,524 | ||||||||
Accrued expenses and other payables | 237,407 | 5,898 | 243,305 | ||||||||
Total current liabilities | 1,088,700 | 5,898 | 1,094,598 | ||||||||
Other noncurrent liabilities | 17,082 | 109,083 | 126,165 | ||||||||
Equity - general partner interest | (35,097 | ) | 36 | (35,061 | ) | ||||||
Equity - limited partners interest | 2,056,852 | 33,653 | 2,090,505 | ||||||||
Equity - noncontrolling interests | 547,162 | 139 | 547,301 | ||||||||
Total equity | 2,568,800 | 33,828 | 2,602,628 | ||||||||
Total liabilities and equity | 6,625,715 | 148,809 | 6,774,524 |
March 31, 2015 | |||||||||||
As Reported | Adjustment | As Corrected | |||||||||
Goodwill | $ | 1,433,224 | $ | 125,009 | $ | 1,558,233 | |||||
Total assets | 6,530,783 | 125,009 | 6,655,792 | ||||||||
Accrued expenses and other payables | 196,357 | 5,992 | 202,349 | ||||||||
Total current liabilities | 1,113,875 | 5,992 | 1,119,867 | ||||||||
Other noncurrent liabilities | 16,321 | 98,708 | 115,029 | ||||||||
Equity - general partner interest | (37,021 | ) | 21 | (37,000 | ) | ||||||
Equity - limited partners interest | 2,162,924 | 20,624 | 2,183,551 | ||||||||
Equity - noncontrolling interests | 547,326 | (336 | ) | 546,990 | |||||||
Total equity | 2,673,120 | 20,309 | 2,693,432 | ||||||||
Total liabilities and equity | 6,530,783 | 125,009 | 6,655,792 |
December 31, 2014 | |||||||||||
(Unaudited) | |||||||||||
As Reported | Adjustment | As Corrected | |||||||||
Goodwill | $ | 1,250,239 | $ | 111,308 | $ | 1,361,547 | |||||
Total assets | 6,905,902 | 111,308 | 7,017,210 | ||||||||
Accrued expenses and other payables | 277,304 | 5,661 | 282,965 | ||||||||
Total current liabilities | 1,901,168 | 5,661 | 1,906,829 | ||||||||
Other noncurrent liabilities | 11,811 | 99,805 | 111,616 | ||||||||
Equity - general partner interest | (39,035 | ) | 6 | (39,029 | ) | ||||||
Equity - limited partners interest | 1,709,150 | 5,638 | 1,714,788 | ||||||||
Equity - noncontrolling interests | 569,575 | 198 | 569,773 | ||||||||
Total equity | 2,239,601 | 5,842 | 2,245,443 | ||||||||
Total liabilities and equity | 6,905,902 | 111,308 | 7,017,210 |
September 30, 2014 | |||||||||||
(Unaudited) | |||||||||||
As Reported | Adjustment | As Corrected | |||||||||
Goodwill | $ | 1,170,490 | $ | 83,783 | $ | 1,254,273 | |||||
Total assets | 6,551,679 | 83,783 | 6,635,462 | ||||||||
Accrued expenses and other payables | 218,482 | 4,922 | 223,404 | ||||||||
Total current liabilities | 1,759,980 | 4,922 | 1,764,902 | ||||||||
Other noncurrent liabilities | 39,518 | 75,211 | 114,729 | ||||||||
Equity - general partner interest | (39,690 | ) | 4 | (39,686 | ) | ||||||
Equity - limited partners interest | 1,785,823 | 3,550 | 1,789,373 | ||||||||
Equity - noncontrolling interests | 568,770 | 96 | 568,866 | ||||||||
Total equity | 2,314,830 | 3,650 | 2,318,480 | ||||||||
Total liabilities and equity | 6,551,679 | 83,783 | 6,635,462 |
June 30, 2014 | |||||||||||
(Unaudited) | |||||||||||
As Reported | Adjustment | As Corrected | |||||||||
Goodwill | $ | 1,101,471 | $ | 56,830 | $ | 1,158,301 | |||||
Total assets | 4,265,502 | 56,830 | 4,322,332 | ||||||||
Accrued expenses and other payables | 123,939 | 4,621 | 128,560 | ||||||||
Total current liabilities | 1,034,335 | 4,621 | 1,038,956 | ||||||||
Other noncurrent liabilities | 8,000 | 50,862 | 58,862 | ||||||||
Equity - general partner interest | (41,308 | ) | 1 | (41,307 | ) | ||||||
Equity - limited partners interest | 1,822,572 | 1,223 | 1,823,795 | ||||||||
Equity - subordinated interest | (5,248 | ) | 98 | (5,150 | ) | ||||||
Equity - noncontrolling interests | 5,327 | 25 | 5,352 | ||||||||
Total equity | 1,781,292 | 1,347 | 1,782,639 | ||||||||
Total liabilities and equity | 4,265,502 | 56,830 | 4,322,332 |
Three Months Ended | |||||||||||
December 31, 2015 | |||||||||||
(Unaudited) | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Operating expenses | $ | 106,783 | $ | (2,062 | ) | $ | 104,721 | ||||
Revaluation of liabilities | — | (19,312 | ) | (19,312 | ) | ||||||
Income before income taxes | 30,023 | 21,374 | 51,397 | ||||||||
Net income | 29,621 | 21,374 | 50,995 | ||||||||
Net income allocated to general partner | 16,217 | 22 | 16,239 | ||||||||
Net income attributable to noncontrolling interests | 6,140 | 698 | 6,838 | ||||||||
Net income allocated to limited partners | 7,264 | 20,654 | 27,918 | ||||||||
Basic income per common unit | 0.07 | 0.20 | 0.27 | ||||||||
Diluted income per common unit | 0.03 | 0.19 | 0.22 |
Three Months Ended | |||||||||||
September 30, 2015 | |||||||||||
(Unaudited) | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Operating expenses | $ | 99,773 | $ | (2,143 | ) | $ | 97,630 | ||||
Revaluation of liabilities | — | (15,909 | ) | (15,909 | ) | ||||||
Loss before income taxes | (26,938 | ) | 18,052 | (8,886 | ) | ||||||
Net loss | (24,152 | ) | 18,052 | (6,100 | ) | ||||||
Net income allocated to general partner | 16,166 | 19 | 16,185 | ||||||||
Net income attributable to noncontrolling interests | 2,891 | 606 | 3,497 | ||||||||
Net loss allocated to limited partners | (43,209 | ) | 17,427 | (25,782 | ) | ||||||
Basic and diluted loss per common unit | (0.41 | ) | 0.16 | (0.25 | ) |
Three Months Ended | |||||||||||
June 30, 2015 | |||||||||||
(Unaudited) | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Operating expenses | $ | 107,914 | $ | (2,324 | ) | $ | 105,590 | ||||
Revaluation of liabilities | — | (11,195 | ) | (11,195 | ) | ||||||
Loss before income taxes | (37,988 | ) | 13,519 | (24,469 | ) | ||||||
Net loss | (38,526 | ) | 13,519 | (25,007 | ) | ||||||
Net income allocated to general partner | 15,359 | 15 | 15,374 | ||||||||
Net income attributable to noncontrolling interests | 3,875 | 475 | 4,350 | ||||||||
Net loss allocated to limited partners | (57,760 | ) | 13,029 | (44,731 | ) | ||||||
Basic and diluted loss per common unit | (0.56 | ) | 0.13 | (0.43 | ) |
Three Months Ended | |||||||||||
March 31, 2015 | |||||||||||
(Unaudited) | |||||||||||
As Reported | Adjustment | As Corrected | |||||||||
Operating expenses | $ | 109,560 | $ | (2,203 | ) | $ | 107,357 | ||||
Revaluation of liabilities | — | (12,264 | ) | (12,264 | ) | ||||||
Income before income taxes | 90,297 | 14,467 | 104,764 | ||||||||
Net income | 90,942 | 14,467 | 105,409 | ||||||||
Net income allocated to general partner | 13,459 | 15 | 13,474 | ||||||||
Net income attributable to noncontrolling interests | 4,164 | (534 | ) | 3,630 | |||||||
Net income allocated to limited partners | 73,319 | 14,986 | 88,305 | ||||||||
Basic and diluted income per common unit | 0.78 | 0.15 | 0.93 |
Three Months Ended | |||||||||||
December 31, 2014 | |||||||||||
(Unaudited) | |||||||||||
As Reported | Adjustment | As Corrected | |||||||||
Operating expenses | $ | 97,761 | $ | (2,192 | ) | $ | 95,569 | ||||
Loss before income taxes | (7,359 | ) | 2,192 | (5,167 | ) | ||||||
Net loss | (5,269 | ) | 2,192 | (3,077 | ) | ||||||
Net income allocated to general partner | 11,783 | 2 | 11,785 | ||||||||
Net income attributable to noncontrolling interests | 5,649 | 102 | 5,751 | ||||||||
Net loss allocated to limited partners | (22,701 | ) | 2,088 | (20,613 | ) | ||||||
Basic and diluted loss per common unit | (0.26 | ) | 0.03 | (0.23 | ) |
Three Months Ended | |||||||||||
September 30, 2014 | |||||||||||
(Unaudited) | |||||||||||
As Reported | Adjustment | As Corrected | |||||||||
Operating expenses | $ | 97,419 | $ | (2,303 | ) | $ | 95,116 | ||||
Loss before income taxes | (17,801 | ) | 2,303 | (15,498 | ) | ||||||
Net loss | (15,879 | ) | 2,303 | (13,576 | ) | ||||||
Net income allocated to general partner | 11,056 | 3 | 11,059 | ||||||||
Net income attributable to noncontrolling interests | 3,345 | 71 | 3,416 | ||||||||
Net loss allocated to limited partners | (30,280 | ) | 2,229 | (28,051 | ) | ||||||
Basic and diluted loss per common unit | (0.34 | ) | 0.02 | (0.32 | ) |
Three Months Ended | |||||||||||
June 30, 2014 | |||||||||||
(Unaudited) | |||||||||||
As Reported | Adjustment | As Corrected | |||||||||
Operating expenses | $ | 67,436 | $ | (1,347 | ) | $ | 66,089 | ||||
Loss before income taxes | (38,875 | ) | 1,347 | (37,528 | ) | ||||||
Net loss | (39,910 | ) | 1,347 | (38,563 | ) | ||||||
Net income allocated to general partner | 9,381 | 1 | 9,382 | ||||||||
Net income attributable to noncontrolling interests | 65 | 25 | 90 | ||||||||
Net loss allocated to limited partners | (49,356 | ) | 1,321 | (48,035 | ) | ||||||
Basic and diluted loss per common unit | (0.61 | ) | 0.01 | (0.60 | ) |
Six Months Ended | |||||||||||
September 30, 2015 | |||||||||||
(Unaudited) | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Operating expenses | $ | 207,687 | $ | (4,467 | ) | $ | 203,220 | ||||
Revaluation of liabilities | — | (27,104 | ) | (27,104 | ) | ||||||
Loss before income taxes | (64,926 | ) | 31,571 | (33,355 | ) | ||||||
Net loss | (62,678 | ) | 31,571 | (31,107 | ) | ||||||
Net income allocated to general partner | 31,525 | 34 | 31,559 | ||||||||
Net income attributable to noncontrolling interests | 6,766 | 1,081 | 7,847 | ||||||||
Net loss allocated to limited partners | (100,969 | ) | 30,456 | (70,513 | ) | ||||||
Basic and diluted loss per common unit | (0.97 | ) | 0.30 | (0.67 | ) |
Six Months Ended | |||||||||||
September 30, 2014 | |||||||||||
(Unaudited) | |||||||||||
As Reported | Adjustment | As Corrected | |||||||||
Operating expenses | $ | 164,855 | $ | (3,650 | ) | $ | 161,205 | ||||
Loss before income taxes | (56,676 | ) | 3,650 | (53,026 | ) | ||||||
Net loss | (55,789 | ) | 3,650 | (52,139 | ) | ||||||
Net income allocated to general partner | 20,437 | 4 | 20,441 | ||||||||
Net income attributable to noncontrolling interests | 3,410 | 96 | 3,506 | ||||||||
Net loss allocated to limited partners | (79,636 | ) | 3,550 | (76,086 | ) | ||||||
Basic and diluted loss per common unit | (0.93 | ) | 0.04 | (0.89 | ) |
Nine Months Ended | |||||||||||
December 31, 2015 | |||||||||||
(Unaudited) | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Operating expenses | $ | 314,470 | $ | (6,529 | ) | $ | 307,941 | ||||
Revaluation of liabilities | — | (46,416 | ) | (46,416 | ) | ||||||
(Loss) income before income taxes | (34,903 | ) | 52,945 | 18,042 | |||||||
Net (loss) income | (33,057 | ) | 52,945 | 19,888 | |||||||
Net income allocated to general partner | 47,742 | 56 | 47,798 | ||||||||
Net income attributable to noncontrolling interests | 12,906 | 1,779 | 14,685 | ||||||||
Net loss allocated to limited partners | (93,705 | ) | 51,110 | (42,595 | ) | ||||||
Basic and diluted loss per common unit | (0.90 | ) | 0.49 | (0.41 | ) |
Nine Months Ended | |||||||||||
December 31, 2014 | |||||||||||
(Unaudited) | |||||||||||
As Reported | Adjustment | As Corrected | |||||||||
Operating expenses | $ | 262,616 | $ | (5,842 | ) | $ | 256,774 | ||||
Loss before income taxes | (64,035 | ) | 5,842 | (58,193 | ) | ||||||
Net loss | (61,058 | ) | 5,842 | (55,216 | ) | ||||||
Net income allocated to general partner | 32,220 | 6 | 32,226 | ||||||||
Net income attributable to noncontrolling interests | 9,059 | 198 | 9,257 | ||||||||
Net loss allocated to limited partners | (102,337 | ) | 5,638 | (96,699 | ) | ||||||
Basic and diluted loss per common unit | (1.17 | ) | 0.06 | (1.11 | ) |
Year Ended | |||||||||||
March 31, 2015 | |||||||||||
As Reported | Adjustment | As Corrected | |||||||||
Operating expenses | $ | 372,176 | $ | (8,045 | ) | $ | 364,131 | ||||
Revaluation of liabilities | — | (12,264 | ) | (12,264 | ) | ||||||
Income before income taxes | 26,262 | 20,309 | 46,571 | ||||||||
Net income | 29,884 | 20,309 | 50,193 | ||||||||
Net income allocated to general partner | 45,679 | 21 | 45,700 | ||||||||
Net income attributable to noncontrolling interests | 13,223 | (336 | ) | 12,887 | |||||||
Net loss allocated to limited partners | (29,018 | ) | 20,624 | (8,394 | ) | ||||||
Basic and diluted loss per common unit | (0.29 | ) | 0.24 | (0.05 | ) |
Year Ended | |||||||||||
March 31, 2015 | |||||||||||
As Reported | Adjustment | As Corrected | |||||||||
Net income | $ | 29,884 | $ | 20,309 | $ | 50,193 | |||||
Comprehensive income | 30,011 | 20,309 | 50,320 |
Year Ended | |||||||||||
March 31, 2015 | |||||||||||
As Reported | Adjustment | As Corrected | |||||||||
Net income allocated to general partner | $ | 45,679 | $ | 21 | $ | 45,700 | |||||
Net income attributable to noncontrolling interests | 13,223 | (336 | ) | 12,887 | |||||||
Net loss allocated to limited partners | (29,018 | ) | 20,624 | (8,394 | ) | ||||||
Net income | 29,884 | 20,309 | 50,193 | ||||||||
Equity - general partner interest | (37,021 | ) | 21 | (37,000 | ) | ||||||
Equity - limited partners interest | 2,162,924 | 20,624 | 2,183,551 | ||||||||
Equity - noncontrolling interests | 547,326 | (336 | ) | 546,990 | |||||||
Total equity | 2,673,120 | 20,309 | 2,693,432 |
Year Ended | |||||||||||
March 31, 2015 | |||||||||||
As Reported | Adjustment | As Corrected | |||||||||
Net income | $ | 29,884 | $ | 20,309 | $ | 50,193 | |||||
Revaluation of liabilities | — | (12,264 | ) | (12,264 | ) | ||||||
Accrued expenses and other liabilities | (53,844 | ) | (8,045 | ) | (61,889 | ) |
As Restated | |||||||||||||||
March 31, | December 31, | September 30, | June 30, | ||||||||||||
2016 | 2015 | 2015 | 2015 | ||||||||||||
ASSETS | |||||||||||||||
CURRENT ASSETS: | |||||||||||||||
Cash and cash equivalents | $ | 28,176 | $ | 25,179 | $ | 30,053 | $ | 43,506 | |||||||
Accounts receivable-trade, net of allowance for doubtful accounts | 521,014 | 581,621 | 712,025 | 905,196 | |||||||||||
Accounts receivable-affiliates | 15,625 | 3,812 | 6,345 | 18,740 | |||||||||||
Inventories | 367,806 | 414,088 | 408,374 | 489,064 | |||||||||||
Prepaid expenses and other current assets | 95,859 | 117,476 | 120,122 | 130,889 | |||||||||||
Assets held for sale | — | 87,383 | — | — | |||||||||||
Total current assets | 1,028,480 | 1,229,559 | 1,276,919 | 1,587,395 | |||||||||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation | 1,649,572 | 1,972,925 | 1,845,112 | 1,743,584 | |||||||||||
GOODWILL | 1,315,362 | 1,700,153 | 1,658,237 | 1,600,463 | |||||||||||
INTANGIBLE ASSETS, net of accumulated amortization | 1,148,890 | 1,225,012 | 1,215,102 | 1,234,542 | |||||||||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 219,550 | 467,559 | 473,239 | 474,221 | |||||||||||
LOAN RECEIVABLE-AFFILIATE | 22,262 | 23,258 | 23,775 | 23,775 | |||||||||||
OTHER NONCURRENT ASSETS | 176,039 | 106,086 | 108,672 | 110,544 | |||||||||||
Total assets | $ | 5,560,155 | $ | 6,724,552 | $ | 6,601,056 | $ | 6,774,524 | |||||||
LIABILITIES AND EQUITY | |||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||
Accounts payable-trade | $ | 420,306 | $ | 511,309 | $ | 568,523 | $ | 755,062 | |||||||
Accounts payable-affiliates | 7,193 | 11,042 | 18,794 | 25,592 | |||||||||||
Accrued expenses and other payables | 214,426 | 197,858 | 169,902 | 243,305 | |||||||||||
Advance payments received from customers | 56,185 | 73,662 | 96,380 | 66,706 | |||||||||||
Current maturities of long-term debt | 7,907 | 7,600 | 4,040 | 3,933 | |||||||||||
Total current liabilities | 706,017 | 801,471 | 857,639 | 1,094,598 | |||||||||||
LONG-TERM DEBT, net of debt issuance costs and current maturities | 2,912,837 | 3,306,064 | 3,077,604 | 2,951,133 | |||||||||||
OTHER NONCURRENT LIABILITIES | 247,236 | 112,924 | 127,639 | 126,165 | |||||||||||
COMMITMENTS AND CONTINGENCIES | — | — | — | — | |||||||||||
EQUITY: | |||||||||||||||
General partner, representing a 0.1% interest | (50,811 | ) | (34,354 | ) | (34,325 | ) | (35,061 | ) | |||||||
Limited partners, representing a 99.9% interest | 1,707,326 | 1,992,262 | 2,027,743 | 2,090,505 | |||||||||||
Accumulated other comprehensive loss | (157 | ) | (148 | ) | (136 | ) | (117 | ) | |||||||
Noncontrolling interests | 37,707 | 546,333 | 544,892 | 547,301 | |||||||||||
Total equity | 1,694,065 | 2,504,093 | 2,538,174 | 2,602,628 | |||||||||||
Total liabilities and equity | $ | 5,560,155 | $ | 6,724,552 | $ | 6,601,056 | $ | 6,774,524 |
As Corrected | |||||||||||||||
March 31, | December 31, | September 30, | June 30, | ||||||||||||
2015 | 2014 | 2014 | 2014 | ||||||||||||
ASSETS | |||||||||||||||
CURRENT ASSETS: | |||||||||||||||
Cash and cash equivalents | $ | 41,303 | $ | 30,556 | $ | 11,823 | $ | 39,679 | |||||||
Accounts receivable-trade, net of allowance for doubtful accounts | 1,025,763 | 1,664,039 | 1,433,117 | 903,011 | |||||||||||
Accounts receivable-affiliates | 17,198 | 42,549 | 41,706 | 1,110 | |||||||||||
Inventories | 442,025 | 535,928 | 941,589 | 373,633 | |||||||||||
Prepaid expenses and other current assets | 121,207 | 184,675 | 156,818 | 58,613 | |||||||||||
Total current assets | 1,647,496 | 2,457,747 | 2,585,053 | 1,376,046 | |||||||||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation | 1,624,016 | 1,472,295 | 1,433,313 | 863,457 | |||||||||||
GOODWILL | 1,558,233 | 1,361,547 | 1,254,273 | 1,158,301 | |||||||||||
INTANGIBLE ASSETS, net of accumulated amortization | 1,232,308 | 1,153,028 | 838,088 | 699,315 | |||||||||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 472,673 | 478,444 | 482,644 | 211,480 | |||||||||||
LOAN RECEIVABLE-AFFILIATE | 8,154 | — | — | — | |||||||||||
OTHER NONCURRENT ASSETS | 112,912 | 94,149 | 42,091 | 13,733 | |||||||||||
Total assets | $ | 6,655,792 | $ | 7,017,210 | $ | 6,635,462 | $ | 4,322,332 | |||||||
LIABILITIES AND EQUITY | |||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||
Accounts payable-trade | $ | 833,018 | $ | 1,534,568 | $ | 1,345,024 | $ | 810,149 | |||||||
Accounts payable-affiliates | 25,794 | 12,766 | 85,307 | 37,706 | |||||||||||
Accrued expenses and other payables | 202,349 | 282,965 | 223,404 | 128,560 | |||||||||||
Advance payments received from customers | 54,234 | 72,075 | 106,105 | 56,373 | |||||||||||
Current maturities of long-term debt | 4,472 | 4,455 | 5,062 | 6,168 | |||||||||||
Total current liabilities | 1,119,867 | 1,906,829 | 1,764,902 | 1,038,956 | |||||||||||
LONG-TERM DEBT, net of debt issuance costs and current maturities | 2,727,464 | 2,753,322 | 2,437,351 | 1,441,875 | |||||||||||
OTHER NONCURRENT LIABILITIES | 115,029 | 111,616 | 114,729 | 58,862 | |||||||||||
COMMITMENTS AND CONTINGENCIES | 0 | 0 | 0 | 0 | |||||||||||
EQUITY: | |||||||||||||||
General partner, representing a 0.1% interest | (37,000 | ) | (39,029 | ) | (39,686 | ) | (41,307 | ) | |||||||
Limited partners, representing a 99.9% interest | 2,183,551 | 1,714,788 | 1,789,373 | 1,823,795 | |||||||||||
Subordinated units | — | — | — | (5,150 | ) | ||||||||||
Accumulated other comprehensive loss | (109 | ) | (89 | ) | (73 | ) | (51 | ) | |||||||
Noncontrolling interests | 546,990 | 569,773 | 568,866 | 5,352 | |||||||||||
Total equity | 2,693,432 | 2,245,443 | 2,318,480 | 1,782,639 | |||||||||||
Total liabilities and equity | $ | 6,655,792 | $ | 7,017,210 | $ | 6,635,462 | $ | 4,322,332 |
As Restated | |||||||||||||||
Three Months Ended | |||||||||||||||
March 31, | December 31, | September 30, | June 30, | ||||||||||||
2016 | 2015 | 2015 | 2015 | ||||||||||||
REVENUES: | |||||||||||||||
Crude oil logistics | $ | 362,292 | $ | 519,425 | $ | 1,007,578 | $ | 1,327,784 | |||||||
Water solutions | 37,776 | 45,438 | 47,494 | 54,293 | |||||||||||
Liquids | 332,975 | 353,527 | 258,992 | 248,985 | |||||||||||
Retail propane | 135,179 | 100,145 | 53,206 | 64,447 | |||||||||||
Refined products and renewables | 1,456,756 | 1,666,471 | 1,825,925 | 1,842,960 | |||||||||||
Other | 462 | — | — | — | |||||||||||
Total Revenues | 2,325,440 | 2,685,006 | 3,193,195 | 3,538,469 | |||||||||||
COST OF SALES: | |||||||||||||||
Crude oil logistics | 341,477 | 495,529 | 982,719 | 1,291,992 | |||||||||||
Water solutions | 752 | (3,128 | ) | (8,567 | ) | 3,607 | |||||||||
Liquids | 282,961 | 300,766 | 221,115 | 232,276 | |||||||||||
Retail propane | 60,340 | 45,974 | 20,879 | 29,564 | |||||||||||
Refined products and renewables | 1,391,448 | 1,594,359 | 1,789,680 | 1,765,112 | |||||||||||
Other | 182 | — | — | — | |||||||||||
Total Cost of Sales | 2,077,160 | 2,433,500 | 3,005,826 | 3,322,551 | |||||||||||
OPERATING COSTS AND EXPENSES: | |||||||||||||||
Operating | 93,177 | 104,721 | 97,630 | 105,590 | |||||||||||
General and administrative | 24,727 | 23,035 | 29,298 | 62,481 | |||||||||||
Depreciation and amortization | 53,152 | 59,180 | 56,761 | 59,831 | |||||||||||
Loss on disposal or impairment of assets, net | 317,726 | 1,328 | 1,291 | 421 | |||||||||||
Revaluation of liabilities | (36,257 | ) | (19,312 | ) | (15,909 | ) | (11,195 | ) | |||||||
Operating (Loss) Income | (204,245 | ) | 82,554 | 18,298 | (1,210 | ) | |||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||
Equity in earnings of unconsolidated entities | 2,113 | 2,858 | 2,432 | 8,718 | |||||||||||
Interest expense | (34,540 | ) | (36,176 | ) | (31,571 | ) | (30,802 | ) | |||||||
Gain on early extinguishment of debt | 28,532 | — | — | — | |||||||||||
Other income (expense), net | 2,634 | 2,161 | 1,955 | (1,175 | ) | ||||||||||
(Loss) Income Before Income Taxes | (205,506 | ) | 51,397 | (8,886 | ) | (24,469 | ) | ||||||||
INCOME TAX (EXPENSE) BENEFIT | (1,479 | ) | (402 | ) | 2,786 | (538 | ) | ||||||||
Net (Loss) Income | (206,985 | ) | 50,995 | (6,100 | ) | (25,007 | ) | ||||||||
LESS: NET LOSS (INCOME) ALLOCATED TO GENERAL PARTNER | 178 | (16,239 | ) | (16,185 | ) | (15,374 | ) | ||||||||
LESS: NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 2,853 | (6,838 | ) | (3,497 | ) | (4,350 | ) | ||||||||
NET (LOSS) INCOME ALLOCATED TO LIMITED PARTNERS | $ | (203,954 | ) | $ | 27,918 | $ | (25,782 | ) | $ | (44,731 | ) | ||||
BASIC (LOSS) INCOME PER COMMON UNIT | $ | (1.94 | ) | $ | 0.27 | $ | (0.25 | ) | $ | (0.43 | ) | ||||
DILUTED (LOSS) INCOME PER COMMON UNIT | $ | (1.94 | ) | $ | 0.22 | $ | (0.25 | ) | $ | (0.43 | ) | ||||
BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING | 104,930,260 | 105,338,200 | 105,189,463 | 103,888,281 | |||||||||||
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING | 104,930,260 | 106,194,547 | 105,189,463 | 103,888,281 |
As Corrected | |||||||||||||||
Three Months Ended | |||||||||||||||
March 31, | December 31, | September 30, | June 30, | ||||||||||||
2015 | 2014 | 2014 | 2014 | ||||||||||||
REVENUES: | |||||||||||||||
Crude oil logistics | $ | 900,077 | $ | 1,694,881 | $ | 2,111,143 | $ | 1,929,283 | |||||||
Water solutions | 49,768 | 50,241 | 52,719 | 47,314 | |||||||||||
Liquids | 543,819 | 685,096 | 539,753 | 475,157 | |||||||||||
Retail propane | 203,172 | 139,765 | 68,358 | 77,902 | |||||||||||
Refined products and renewables | 1,523,532 | 1,983,444 | 2,607,220 | 1,117,497 | |||||||||||
Other | 403 | (1,281 | ) | 1,333 | 1,461 | ||||||||||
Total Revenues | 3,220,771 | 4,552,146 | 5,380,526 | 3,648,614 | |||||||||||
COST OF SALES: | |||||||||||||||
Crude oil logistics | 881,781 | 1,697,374 | 2,083,712 | 1,897,639 | |||||||||||
Water solutions | (2,555 | ) | (29,085 | ) | (9,439 | ) | 10,573 | ||||||||
Liquids | 478,524 | 657,010 | 514,064 | 462,016 | |||||||||||
Retail propane | 109,948 | 81,172 | 39,894 | 47,524 | |||||||||||
Refined products and renewables | 1,465,287 | 1,905,021 | 2,550,851 | 1,114,313 | |||||||||||
Other | 36 | 176 | 383 | 1,988 | |||||||||||
Total Cost of Sales | 2,933,021 | 4,311,668 | 5,179,465 | 3,534,053 | |||||||||||
OPERATING COSTS AND EXPENSES: | |||||||||||||||
Operating | 107,357 | 95,569 | 95,116 | 66,089 | |||||||||||
General and administrative | 35,688 | 44,230 | 41,639 | 27,873 | |||||||||||
Depreciation and amortization | 54,140 | 50,335 | 50,099 | 39,375 | |||||||||||
Loss on disposal or impairment of assets, net | 6,545 | 30,073 | 4,134 | 432 | |||||||||||
Revaluation of liabilities | (12,264 | ) | — | — | — | ||||||||||
Operating Income (Loss) | 96,284 | 20,271 | 10,073 | (19,208 | ) | ||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||
Equity in earnings of unconsolidated entities | 4,599 | 1,242 | 3,697 | 2,565 | |||||||||||
Interest expense | (30,927 | ) | (30,051 | ) | (28,651 | ) | (20,494 | ) | |||||||
Other income (expense), net | 34,808 | 3,371 | (617 | ) | (391 | ) | |||||||||
Income (Loss) Before Income Taxes | 104,764 | (5,167 | ) | (15,498 | ) | (37,528 | ) | ||||||||
INCOME TAX BENEFIT (EXPENSE) | 645 | 2,090 | 1,922 | (1,035 | ) | ||||||||||
Net Income (Loss) | 105,409 | (3,077 | ) | (13,576 | ) | (38,563 | ) | ||||||||
LESS: NET INCOME ALLOCATED TO GENERAL PARTNER | (13,474 | ) | (11,785 | ) | (11,059 | ) | (9,382 | ) | |||||||
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (3,630 | ) | (5,751 | ) | (3,416 | ) | (90 | ) | |||||||
NET INCOME (LOSS) ALLOCATED TO LIMITED PARTNERS | $ | 88,305 | $ | (20,613 | ) | $ | (28,051 | ) | $ | (48,035 | ) | ||||
BASIC INCOME (LOSS) PER COMMON UNIT | $ | 0.93 | $ | (0.23 | ) | $ | (0.32 | ) | $ | (0.60 | ) | ||||
DILUTED INCOME (LOSS) PER COMMON UNIT | $ | 0.93 | $ | (0.23 | ) | $ | (0.32 | ) | $ | (0.60 | ) | ||||
BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING | 94,447,339 | 88,545,764 | 88,331,653 | 74,126,205 | |||||||||||
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING | 94,447,339 | 88,545,764 | 88,331,653 | 74,126,205 |
March 31, 2016 | ||||||||||||||||||||||||
NGL Energy Partners LP (Parent)(1) | NGL Energy Finance Corp. (1) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 25,749 | $ | — | $ | 784 | $ | 1,643 | $ | — | $ | 28,176 | ||||||||||||
Accounts receivable-trade, net of allowance for doubtful accounts | — | — | 516,362 | 4,652 | — | 521,014 | ||||||||||||||||||
Accounts receivable-affiliates | — | — | 15,625 | — | — | 15,625 | ||||||||||||||||||
Inventories | — | — | 367,250 | 556 | — | 367,806 | ||||||||||||||||||
Prepaid expenses and other current assets | — | — | 94,426 | 1,433 | — | 95,859 | ||||||||||||||||||
Total current assets | 25,749 | — | 994,447 | 8,284 | — | 1,028,480 | ||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation | — | — | 1,568,488 | 81,084 | — | 1,649,572 | ||||||||||||||||||
GOODWILL | — | — | 1,313,364 | 1,998 | — | 1,315,362 | ||||||||||||||||||
INTANGIBLE ASSETS, net of accumulated amortization | — | — | 1,146,355 | 2,535 | — | 1,148,890 | ||||||||||||||||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES | — | — | 219,550 | — | — | 219,550 | ||||||||||||||||||
NET INTERCOMPANY RECEIVABLES (PAYABLES) | 1,404,479 | — | (1,402,360 | ) | (2,119 | ) | — | — | ||||||||||||||||
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES | 1,254,383 | — | 42,227 | — | (1,296,610 | ) | — | |||||||||||||||||
LOAN RECEIVABLE-AFFILIATE | — | — | 22,262 | — | — | 22,262 | ||||||||||||||||||
OTHER NONCURRENT ASSETS | — | — | 175,512 | 527 | — | 176,039 | ||||||||||||||||||
Total assets | $ | 2,684,611 | $ | — | $ | 4,079,845 | $ | 92,309 | $ | (1,296,610 | ) | $ | 5,560,155 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable-trade | $ | — | $ | — | $ | 417,707 | $ | 2,599 | $ | — | $ | 420,306 | ||||||||||||
Accounts payable-affiliates | 1 | — | 7,190 | 2 | — | 7,193 | ||||||||||||||||||
Accrued expenses and other payables | 16,887 | — | 196,596 | 943 | — | 214,426 | ||||||||||||||||||
Advance payments received from customers | — | — | 55,737 | 448 | — | 56,185 | ||||||||||||||||||
Current maturities of long-term debt | — | — | 7,109 | 798 | — | 7,907 | ||||||||||||||||||
Total current liabilities | 16,888 | — | 684,339 | 4,790 | — | 706,017 | ||||||||||||||||||
LONG-TERM DEBT, net of debt issuance costs and current maturities | 1,011,365 | — | 1,894,428 | 7,044 | — | 2,912,837 | ||||||||||||||||||
OTHER NONCURRENT LIABILITIES | — | — | 246,695 | 541 | — | 247,236 | ||||||||||||||||||
EQUITY | ||||||||||||||||||||||||
Partners’ equity | 1,656,358 | — | 1,254,384 | 80,090 | (1,334,317 | ) | 1,656,515 | |||||||||||||||||
Accumulated other comprehensive loss | — | — | (1 | ) | (156 | ) | — | (157 | ) | |||||||||||||||
Noncontrolling interests | — | — | — | — | 37,707 | 37,707 | ||||||||||||||||||
Total equity | 1,656,358 | — | 1,254,383 | 79,934 | (1,296,610 | ) | 1,694,065 | |||||||||||||||||
Total liabilities and equity | $ | 2,684,611 | $ | — | $ | 4,079,845 | $ | 92,309 | $ | (1,296,610 | ) | $ | 5,560,155 |
(1) | The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. Since the parent received the proceeds from the issuance of the 2019 Notes and 2021 Notes, all activity has been reflected in the parent column. |
March 31, 2015 | ||||||||||||||||||||||||
NGL Energy Partners LP (Parent)(1) | NGL Energy Finance Corp. (1) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 29,115 | $ | — | $ | 9,757 | $ | 2,431 | $ | — | $ | 41,303 | ||||||||||||
Accounts receivable-trade, net of allowance for doubtful accounts | — | — | 1,007,001 | 18,762 | — | 1,025,763 | ||||||||||||||||||
Accounts receivable-affiliates | 5 | — | 16,610 | 583 | — | 17,198 | ||||||||||||||||||
Inventories | — | — | 440,289 | 1,736 | — | 442,025 | ||||||||||||||||||
Prepaid expenses and other current assets | — | — | 104,771 | 16,436 | — | 121,207 | ||||||||||||||||||
Total current assets | 29,120 | — | 1,578,428 | 39,948 | — | 1,647,496 | ||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation | — | — | 1,092,271 | 531,745 | — | 1,624,016 | ||||||||||||||||||
GOODWILL | — | — | 1,526,067 | 32,166 | — | 1,558,233 | ||||||||||||||||||
INTANGIBLE ASSETS, net of accumulated amortization | — | — | 1,167,795 | 64,513 | — | 1,232,308 | ||||||||||||||||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES | — | — | 217,600 | 255,073 | — | 472,673 | ||||||||||||||||||
NET INTERCOMPANY RECEIVABLES (PAYABLES) | 1,363,792 | — | (1,319,388 | ) | (44,404 | ) | — | — | ||||||||||||||||
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES | 1,855,386 | — | 56,690 | — | (1,912,076 | ) | — | |||||||||||||||||
LOAN RECEIVABLE-AFFILIATE | — | — | 8,154 | — | — | 8,154 | ||||||||||||||||||
OTHER NONCURRENT ASSETS | — | — | 110,195 | 2,717 | — | 112,912 | ||||||||||||||||||
Total assets | $ | 3,248,298 | $ | — | $ | 4,437,812 | $ | 881,758 | $ | (1,912,076 | ) | $ | 6,655,792 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable-trade | $ | — | $ | — | $ | 820,042 | $ | 12,976 | $ | — | $ | 833,018 | ||||||||||||
Accounts payable-affiliates | — | — | 25,690 | 104 | — | 25,794 | ||||||||||||||||||
Accrued expenses and other payables | 19,690 | — | 172,074 | 10,585 | — | 202,349 | ||||||||||||||||||
Advance payments received from customers | — | — | 53,903 | 331 | — | 54,234 | ||||||||||||||||||
Current maturities of long-term debt | — | — | 4,413 | 59 | — | 4,472 | ||||||||||||||||||
Total current liabilities | 19,690 | — | 1,076,122 | 24,055 | — | 1,119,867 | ||||||||||||||||||
LONG-TERM DEBT, net of debt issuance costs and current maturities (2) | 1,082,166 | — | 1,395,099 | 250,199 | — | 2,727,464 | ||||||||||||||||||
OTHER NONCURRENT LIABILITIES | — | — | 111,205 | 3,824 | — | 115,029 | ||||||||||||||||||
EQUITY | ||||||||||||||||||||||||
Partners’ equity | 2,146,442 | — | 1,855,386 | 603,789 | (2,459,066 | ) | 2,146,551 | |||||||||||||||||
Accumulated other comprehensive loss | — | — | — | (109 | ) | — | (109 | ) | ||||||||||||||||
Noncontrolling interests | — | — | — | — | 546,990 | 546,990 | ||||||||||||||||||
Total equity | 2,146,442 | — | 1,855,386 | 603,680 | (1,912,076 | ) | 2,693,432 | |||||||||||||||||
Total liabilities and equity | $ | 3,248,298 | $ | — | $ | 4,437,812 | $ | 881,758 | $ | (1,912,076 | ) | $ | 6,655,792 |
(1) | The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. Since the parent received the proceeds from the issuance of the 2019 Notes and 2021 Notes, all activity has been reflected in the parent column. |
(2) | The carrying value of long-term debt in the NGL Energy Partners LP (Parent) column has been reduced by $17.8 million of debt issuance costs. |
Year Ended March 31, 2016 | ||||||||||||||||||||||||
NGL Energy Partners LP (Parent) (1) | NGL Energy Finance Corp. (1) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||||||
REVENUES | $ | — | $ | — | $ | 11,593,272 | $ | 182,175 | $ | (33,337 | ) | $ | 11,742,110 | |||||||||||
COST OF SALES | — | — | 10,843,937 | 28,237 | (33,137 | ) | 10,839,037 | |||||||||||||||||
OPERATING COSTS AND EXPENSES: | ||||||||||||||||||||||||
Operating | — | — | 327,377 | 73,941 | (200 | ) | 401,118 | |||||||||||||||||
General and administrative | — | — | 122,196 | 17,345 | — | 139,541 | ||||||||||||||||||
Depreciation and amortization | — | — | 184,091 | 44,833 | — | 228,924 | ||||||||||||||||||
Loss on disposal or impairment of assets, net | — | — | 303,422 | 17,344 | — | 320,766 | ||||||||||||||||||
Revaluation of liabilities | — | — | (82,673 | ) | — | — | (82,673 | ) | ||||||||||||||||
Operating (Loss) Income | — | — | (105,078 | ) | 475 | — | (104,603 | ) | ||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Equity in earnings of unconsolidated entities | — | — | 4,374 | 11,747 | — | 16,121 | ||||||||||||||||||
Interest expense | (43,493 | ) | — | (82,360 | ) | (7,546 | ) | 310 | (133,089 | ) | ||||||||||||||
Gain on early extinguishment of debt | — | — | 28,532 | — | — | 28,532 | ||||||||||||||||||
Other income, net | — | — | 5,533 | 352 | (310 | ) | 5,575 | |||||||||||||||||
(Loss) Income Before Income Taxes | (43,493 | ) | — | (148,999 | ) | 5,028 | — | (187,464 | ) | |||||||||||||||
INCOME TAX BENEFIT (EXPENSE) | — | — | 574 | (207 | ) | — | 367 | |||||||||||||||||
EQUITY IN NET LOSS OF CONSOLIDATED SUBSIDIARIES | (155,436 | ) | — | (7,011 | ) | — | 162,447 | — | ||||||||||||||||
Net (Loss) Income | (198,929 | ) | — | (155,436 | ) | 4,821 | 162,447 | (187,097 | ) | |||||||||||||||
LESS: NET INCOME ALLOCATED TO GENERAL PARTNER | (47,620 | ) | (47,620 | ) | ||||||||||||||||||||
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (11,832 | ) | (11,832 | ) | ||||||||||||||||||||
NET (LOSS) INCOME ALLOCATED TO LIMITED PARTNERS | $ | (198,929 | ) | $ | — | $ | (155,436 | ) | $ | 4,821 | $ | 102,995 | $ | (246,549 | ) |
(1) | The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. |
Year Ended March 31, 2015 | ||||||||||||||||||||||||
NGL Energy Partners LP (Parent) (1) | NGL Energy Finance Corp. (1) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||||||
REVENUES | $ | — | $ | — | $ | 16,648,382 | $ | 189,979 | $ | (36,304 | ) | $ | 16,802,057 | |||||||||||
COST OF SALES | — | — | 15,934,529 | 59,825 | (36,147 | ) | 15,958,207 | |||||||||||||||||
OPERATING COSTS AND EXPENSES: | ||||||||||||||||||||||||
Operating | — | — | 306,576 | 57,555 | — | 364,131 | ||||||||||||||||||
General and administrative | — | — | 131,898 | 17,532 | — | 149,430 | ||||||||||||||||||
Depreciation and amortization | — | — | 161,906 | 32,043 | — | 193,949 | ||||||||||||||||||
Loss on disposal or impairment of assets, net | — | — | 11,619 | 29,565 | — | 41,184 | ||||||||||||||||||
Revaluation of liabilities | — | — | (12,264 | ) | — | — | (12,264 | ) | ||||||||||||||||
Operating Income (Loss) | — | — | 114,118 | (6,541 | ) | (157 | ) | 107,420 | ||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Equity in earnings of unconsolidated entities | — | — | 6,640 | 5,463 | — | 12,103 | ||||||||||||||||||
Interest expense | (65,723 | ) | — | (39,023 | ) | (5,423 | ) | 46 | (110,123 | ) | ||||||||||||||
Other income, net | — | — | 36,953 | 264 | (46 | ) | 37,171 | |||||||||||||||||
(Loss) Income Before Income Taxes | (65,723 | ) | — | 118,688 | (6,237 | ) | (157 | ) | 46,571 | |||||||||||||||
INCOME TAX BENEFIT (EXPENSE) | — | — | 3,795 | (173 | ) | — | 3,622 | |||||||||||||||||
EQUITY IN NET INCOME (LOSS) OF CONSOLIDATED SUBSIDIARIES | 103,029 | — | (19,297 | ) | — | (83,732 | ) | — | ||||||||||||||||
Net Income (Loss) | 37,306 | — | 103,186 | (6,410 | ) | (83,889 | ) | 50,193 | ||||||||||||||||
LESS: NET INCOME ALLOCATED TO GENERAL PARTNER | (45,700 | ) | (45,700 | ) | ||||||||||||||||||||
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (12,887 | ) | (12,887 | ) | ||||||||||||||||||||
NET INCOME (LOSS) ALLOCATED TO LIMITED PARTNERS | $ | 37,306 | $ | — | $ | 103,186 | $ | (6,410 | ) | $ | (142,476 | ) | $ | (8,394 | ) |
(1) | The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. |
Year Ended March 31, 2014 | ||||||||||||||||||||||||
NGL Energy Partners LP (Parent) (1) | NGL Energy Finance Corp. (1) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||||||
REVENUES | $ | — | $ | — | $ | 9,560,124 | $ | 139,519 | $ | (369 | ) | $ | 9,699,274 | |||||||||||
COST OF SALES | — | — | 9,011,011 | 122,057 | (369 | ) | 9,132,699 | |||||||||||||||||
OPERATING COSTS AND EXPENSES: | ||||||||||||||||||||||||
Operating | — | — | 250,841 | 8,958 | — | 259,799 | ||||||||||||||||||
General and administrative | — | — | 73,756 | 2,104 | — | 75,860 | ||||||||||||||||||
Depreciation and amortization | — | — | 117,573 | 3,181 | — | 120,754 | ||||||||||||||||||
Loss (gain) on disposal or impairment of assets, net | — | — | 6,373 | (2,776 | ) | — | 3,597 | |||||||||||||||||
Operating Income | — | — | 100,570 | 5,995 | — | 106,565 | ||||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Equity in earnings of unconsolidated entities | — | — | 1,898 | — | — | 1,898 | ||||||||||||||||||
Interest expense | (31,818 | ) | — | (27,031 | ) | (51 | ) | 46 | (58,854 | ) | ||||||||||||||
Other income (expense), net | — | — | 202 | (70 | ) | (46 | ) | 86 | ||||||||||||||||
(Loss) Income Before Income Taxes | (31,818 | ) | — | 75,639 | 5,874 | — | 49,695 | |||||||||||||||||
INCOME TAX EXPENSE | — | — | (937 | ) | — | — | (937 | ) | ||||||||||||||||
EQUITY IN NET INCOME OF CONSOLIDATED SUBSIDIARIES | 79,473 | — | 4,771 | — | (84,244 | ) | — | |||||||||||||||||
Net Income | 47,655 | — | 79,473 | 5,874 | (84,244 | ) | 48,758 | |||||||||||||||||
LESS: NET INCOME ALLOCATED TO GENERAL PARTNER | (14,148 | ) | (14,148 | ) | ||||||||||||||||||||
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1,103 | ) | (1,103 | ) | ||||||||||||||||||||
NET INCOME ALLOCATED TO LIMITED PARTNERS | $ | 47,655 | $ | — | $ | 79,473 | $ | 5,874 | $ | (99,495 | ) | $ | 33,507 |
(1) | The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. |
Year Ended March 31, 2016 | ||||||||||||||||||||||||
NGL Energy Partners LP (Parent) (1) | NGL Energy Finance Corp. (1) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Net (loss) income | $ | (198,929 | ) | $ | — | $ | (155,436 | ) | $ | 4,821 | $ | 162,447 | $ | (187,097 | ) | |||||||||
Other comprehensive loss | — | — | — | (48 | ) | — | (48 | ) | ||||||||||||||||
Comprehensive (loss) income | $ | (198,929 | ) | $ | — | $ | (155,436 | ) | $ | 4,773 | $ | 162,447 | $ | (187,145 | ) |
(1) | The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. |
Year Ended March 31, 2015 | ||||||||||||||||||||||||
NGL Energy Partners LP (Parent) (1) | NGL Energy Finance Corp. (1) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Net income (loss) | $ | 37,306 | $ | — | $ | 103,186 | $ | (6,410 | ) | $ | (83,889 | ) | $ | 50,193 | ||||||||||
Other comprehensive income (loss) | — | — | 189 | (62 | ) | — | 127 | |||||||||||||||||
Comprehensive income (loss) | $ | 37,306 | $ | — | $ | 103,375 | $ | (6,472 | ) | $ | (83,889 | ) | $ | 50,320 |
(1) | The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. |
Year Ended March 31, 2014 | ||||||||||||||||||||||||
NGL Energy Partners LP (Parent) (1) | NGL Energy Finance Corp. (1) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Net income | $ | 47,655 | $ | — | $ | 79,473 | $ | 5,874 | $ | (84,244 | ) | $ | 48,758 | |||||||||||
Other comprehensive loss | — | — | (189 | ) | (71 | ) | — | (260 | ) | |||||||||||||||
Comprehensive income | $ | 47,655 | $ | — | $ | 79,284 | $ | 5,803 | $ | (84,244 | ) | $ | 48,498 |
(1) | The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. |
Year Ended March 31, 2016 | ||||||||||||||||||||
NGL Energy Partners LP (Parent) (1) | NGL Energy Finance Corp. (1) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidated | ||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (74,822 | ) | $ | — | $ | 360,851 | $ | 65,466 | $ | 351,495 | |||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Purchases of long-lived assets | — | — | (604,214 | ) | (57,671 | ) | (661,885 | ) | ||||||||||||
Acquisitions of businesses, including acquired working capital, net of cash acquired | (624 | ) | — | (232,148 | ) | (1,880 | ) | (234,652 | ) | |||||||||||
Cash flows from commodity derivatives | — | — | 105,662 | — | 105,662 | |||||||||||||||
Proceeds from sales of assets | — | — | 8,453 | 2 | 8,455 | |||||||||||||||
Proceeds from sale of general partner interest in TLP, net | — | — | 343,135 | — | 343,135 | |||||||||||||||
Investments in unconsolidated entities | — | — | (4,480 | ) | (6,951 | ) | (11,431 | ) | ||||||||||||
Distributions of capital from unconsolidated entities | — | — | 11,031 | 4,761 | 15,792 | |||||||||||||||
Loan for natural gas liquids facility | — | — | (3,913 | ) | — | (3,913 | ) | |||||||||||||
Payments on loan for natural gas liquids facility | — | — | 7,618 | — | 7,618 | |||||||||||||||
Loan to affiliate | — | — | (15,621 | ) | — | (15,621 | ) | |||||||||||||
Payments on loan to affiliate | — | — | 1,513 | — | 1,513 | |||||||||||||||
Net cash used in investing activities | (624 | ) | — | (382,964 | ) | (61,739 | ) | (445,327 | ) | |||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from borrowings under revolving credit facilities | — | — | 2,499,000 | 103,500 | 2,602,500 | |||||||||||||||
Payments on revolving credit facilities | — | — | (2,041,500 | ) | (91,500 | ) | (2,133,000 | ) | ||||||||||||
Repurchases of senior notes | (43,421 | ) | — | — | — | (43,421 | ) | |||||||||||||
Proceeds from borrowings under other long-term debt | — | — | 45,873 | 7,350 | 53,223 | |||||||||||||||
Payments on other long-term debt | — | — | (4,762 | ) | (325 | ) | (5,087 | ) | ||||||||||||
Debt issuance costs | (3,493 | ) | — | (6,744 | ) | — | (10,237 | ) | ||||||||||||
Contributions from general partner | 54 | — | — | — | 54 | |||||||||||||||
Contributions from limited partner | (3,829 | ) | — | — | — | (3,829 | ) | |||||||||||||
Contributions from noncontrolling interest owners | — | — | — | 15,376 | 15,376 | |||||||||||||||
Distributions to partners | (322,007 | ) | — | — | — | (322,007 | ) | |||||||||||||
Distributions to noncontrolling interest owners | — | — | — | (35,720 | ) | (35,720 | ) | |||||||||||||
Taxes paid on behalf of equity incentive plan participants | — | — | (19,395 | ) | — | (19,395 | ) | |||||||||||||
Common unit repurchases | (17,680 | ) | — | — | — | (17,680 | ) | |||||||||||||
Net changes in advances with consolidated entities | 462,456 | — | (459,289 | ) | (3,167 | ) | — | |||||||||||||
Other | — | — | (43 | ) | (29 | ) | (72 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 72,080 | — | 13,140 | (4,515 | ) | 80,705 | ||||||||||||||
Net decrease in cash and cash equivalents | (3,366 | ) | — | (8,973 | ) | (788 | ) | (13,127 | ) | |||||||||||
Cash and cash equivalents, beginning of period | 29,115 | — | 9,757 | 2,431 | 41,303 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 25,749 | $ | — | $ | 784 | $ | 1,643 | $ | 28,176 |
(1) | The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. |
Year Ended March 31, 2015 | ||||||||||||||||||||
NGL Energy Partners LP (Parent) (1) | NGL Energy Finance Corp. (1) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidated | ||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (59,448 | ) | $ | — | $ | 287,953 | $ | 33,886 | $ | 262,391 | |||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Purchases of long-lived assets | — | — | (198,847 | ) | (4,913 | ) | (203,760 | ) | ||||||||||||
Purchases of pipeline capacity allocations | — | — | (24,218 | ) | — | (24,218 | ) | |||||||||||||
Purchase of equity interest in Grand Mesa Pipeline | — | — | (310,000 | ) | — | (310,000 | ) | |||||||||||||
Acquisitions of businesses, including acquired working capital, net of cash acquired | (124,281 | ) | — | (831,505 | ) | (5,136 | ) | (960,922 | ) | |||||||||||
Cash flows from commodity derivatives | — | — | 199,165 | — | 199,165 | |||||||||||||||
Proceeds from sales of assets | — | — | 11,806 | 14,456 | 26,262 | |||||||||||||||
Investments in unconsolidated entities | — | — | (13,244 | ) | (20,284 | ) | (33,528 | ) | ||||||||||||
Distributions of capital from unconsolidated entities | — | — | 5,030 | 5,793 | 10,823 | |||||||||||||||
Loan for natural gas liquids facility | — | — | (63,518 | ) | — | (63,518 | ) | |||||||||||||
Payments on loan for natural gas liquids facility | — | — | 1,625 | — | 1,625 | |||||||||||||||
Loan to affiliate | — | — | (8,154 | ) | — | (8,154 | ) | |||||||||||||
Other | — | — | 4 | — | 4 | |||||||||||||||
Net cash used in investing activities | (124,281 | ) | — | (1,231,856 | ) | (10,084 | ) | (1,366,221 | ) | |||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from borrowings under revolving credit facilities | — | — | 3,663,000 | 101,500 | 3,764,500 | |||||||||||||||
Payments on revolving credit facilities | — | — | (3,194,500 | ) | (85,500 | ) | (3,280,000 | ) | ||||||||||||
Issuances of notes | 400,000 | — | — | — | 400,000 | |||||||||||||||
Payments on other long-term debt | — | — | (6,666 | ) | (22 | ) | (6,688 | ) | ||||||||||||
Debt issuance costs | (8,150 | ) | — | (2,926 | ) | — | (11,076 | ) | ||||||||||||
Contributions from general partner | 823 | — | — | — | 823 | |||||||||||||||
Contributions from noncontrolling interest owners | — | — | — | 9,433 | 9,433 | |||||||||||||||
Distributions to partners | (242,595 | ) | — | — | — | (242,595 | ) | |||||||||||||
Distributions to noncontrolling interest owners | — | — | — | (27,147 | ) | (27,147 | ) | |||||||||||||
Proceeds from sale of common units, net of offering costs | 541,128 | — | — | — | 541,128 | |||||||||||||||
Taxes paid on behalf of equity incentive plan participants | — | — | (13,491 | ) | — | (13,491 | ) | |||||||||||||
Net changes in advances with consolidated entities | (479,543 | ) | — | 499,709 | (20,166 | ) | — | |||||||||||||
Other | — | — | (194 | ) | — | (194 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 211,663 | — | 944,932 | (21,902 | ) | 1,134,693 | ||||||||||||||
Net increase in cash and cash equivalents | 27,934 | — | 1,029 | 1,900 | 30,863 | |||||||||||||||
Cash and cash equivalents, beginning of period | 1,181 | — | 8,728 | 531 | 10,440 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 29,115 | $ | — | $ | 9,757 | $ | 2,431 | $ | 41,303 |
(1) | The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. |
Year Ended March 31, 2014 | ||||||||||||||||||||
NGL Energy Partners LP (Parent) (1) | NGL Energy Finance Corp. (1) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidated | ||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (16,625 | ) | $ | — | $ | 99,754 | $ | 2,107 | $ | 85,236 | |||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Purchases of long-lived assets | — | — | (118,455 | ) | (46,693 | ) | (165,148 | ) | ||||||||||||
Acquisitions of businesses, including acquired working capital, net of cash acquired | (334,154 | ) | — | (932,373 | ) | (2,283 | ) | (1,268,810 | ) | |||||||||||
Cash flows from commodity derivatives | — | — | (35,956 | ) | — | (35,956 | ) | |||||||||||||
Proceeds from sales of assets | — | — | 12,884 | 11,776 | 24,660 | |||||||||||||||
Investments in unconsolidated entities | — | — | (11,515 | ) | — | (11,515 | ) | |||||||||||||
Distributions of capital from unconsolidated entities | — | — | 1,591 | — | 1,591 | |||||||||||||||
Other | — | — | 540 | (735 | ) | (195 | ) | |||||||||||||
Net cash used in investing activities | (334,154 | ) | — | (1,083,284 | ) | (37,935 | ) | (1,455,373 | ) | |||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from borrowings under revolving credit facilities | — | — | 2,545,500 | — | 2,545,500 | |||||||||||||||
Payments on revolving credit facilities | — | — | (2,101,000 | ) | — | (2,101,000 | ) | |||||||||||||
Issuances of notes | 450,000 | — | — | — | 450,000 | |||||||||||||||
Proceeds from borrowings under other long-term debt | — | — | 780 | 100 | 880 | |||||||||||||||
Payments on other long-term debt | — | — | (8,802 | ) | (17 | ) | (8,819 | ) | ||||||||||||
Debt issuance costs | (12,931 | ) | — | (11,664 | ) | — | (24,595 | ) | ||||||||||||
Contributions from general partner | 765 | — | — | — | 765 | |||||||||||||||
Contributions from noncontrolling interest owners | — | — | — | 2,060 | 2,060 | |||||||||||||||
Distributions to partners | (145,090 | ) | — | — | — | (145,090 | ) | |||||||||||||
Distributions to noncontrolling interest owners | — | — | — | (840 | ) | (840 | ) | |||||||||||||
Proceeds from sale of common units, net of offering costs | 650,155 | — | — | — | 650,155 | |||||||||||||||
Net changes in advances with consolidated entities | (590,939 | ) | — | 556,238 | 34,701 | — | ||||||||||||||
Net cash provided by financing activities | 351,960 | — | 981,052 | 36,004 | 1,369,016 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 1,181 | — | (2,478 | ) | 176 | (1,121 | ) | |||||||||||||
Cash and cash equivalents, beginning of period | — | — | 11,206 | 355 | 11,561 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 1,181 | $ | — | $ | 8,728 | $ | 531 | $ | 10,440 |
(1) | The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. |