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MarketScreener Homepage  >  Equities  >  Nyse  >  NGL Energy Partners LP    NGL

NGL ENERGY PARTNERS LP

(NGL)
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NGL ENERGY PARTNERS LP : Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

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02/11/2019 | 05:24pm EDT

The following is a discussion of NGL Energy Partners LP's ("we," "us," "our," or the "Partnership") financial condition and results of operations as of and for the three months and nine months ended December 31, 2018. The discussion should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q ("Quarterly Report"), as well as Management's Discussion and Analysis of Financial Condition and Results of Operations and the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2018 ("Annual Report") filed with the Securities and Exchange Commission on May 30, 2018.

Overview

We are a Delaware limited partnership. NGL Energy Holdings LLC serves as our general partner. At December 31, 2018, our operations included:

•         Our Crude Oil Logistics segment purchases crude oil from producers and
          transports it to refineries or for resale at pipeline injection
          stations, storage terminals, barge loading facilities, rail facilities,
          refineries, and other trade hubs, and provides storage, terminaling,
          trucking, marine and pipeline transportation services through its owned
          assets.


•         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,
          drilling fluids and drilling muds and performs truck and frac tank
          washouts. In addition, our Water Solutions segment sells the recovered
          hydrocarbons that result from performing these services and it also
          sells freshwater to producers for exploration and production
          activities.


•         Our Liquids segment supplies natural gas liquids to retailers,
          wholesalers, refiners, and petrochemical plants throughout the United
          States and in Canada using its leased underground storage and fleet of
          leased railcars, markets regionally through its 19 owned terminals
          throughout the United States, and provides terminaling and storage
          services at its salt dome storage facility joint venture in Utah.


•         Our Refined Products and Renewables segment conducts gasoline, diesel,
          ethanol, and biodiesel marketing operations, purchases refined
          petroleum and renewable products primarily in the Gulf Coast, Southeast
          and Midwest regions of the United States and schedules them for
          delivery at various locations throughout the country. In addition, in
          certain storage locations, our Refined Products and Renewables segment
          may also purchase unfinished gasoline blending components for
          subsequent blending into finished gasoline to supply our marketing
          business as well as third parties.


On July 10, 2018, we completed the sale of virtually all of our Retail Propane segment to Superior Plus Corp. ("Superior"). See Note 1 and Note 14 to our unaudited condensed consolidated financial statements included in this Quarterly Report for a further discussion of the transaction.

As discussed in Note 1 to our unaudited condensed consolidated financial statements included in this Quarterly Report, we have classified the assets, liabilities and redeemable noncontrolling interest of the Retail Propane segment as held for sale and the operations as discontinued in our unaudited condensed consolidated financial statements. Accordingly, the results of operations and cash flows related to the entire Retail Propane segment (both the portion sold to DCC LPG in March 2018 and the remaining business sold to Superior as well as equity in earnings of Victory Propane, LLC) have been classified as discontinued operations for all periods presented (prior periods have been retrospectively adjusted) in the unaudited condensed consolidated statements of operations and unaudited condensed consolidated statements of cash flows.



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