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NGL Energy Partners LP Announces First Quarter Fiscal 2022 Financial Results

NGL Energy Partners LP (NYSE:NGL) (“NGL,” “our,” “we,” or the “Partnership”) today reported its first quarter Fiscal 2022 results. Highlights for the quarter include:

  • Loss from continuing operations for the first quarter of Fiscal 2022 of $134.5 million, compared to a loss from continuing operations of $33.8 million for the first quarter of Fiscal 2021
  • Adjusted EBITDA1 from continuing operations for the first quarter of Fiscal 2022 of $91.1 million, compared to $91.0 million for the first quarter of Fiscal 2021; Record quarterly Adjusted EBITDA of $81.5 million in the Water Solutions segment as produced water volumes approach pre-pandemic levels
  • Sale of the Partnership’s approximately 71.5% interest in Sawtooth Caverns, LLC for gross consideration of $70.0 million
  • Publication of the Partnership’s inaugural Sustainability Report, which can be found on the Partnership’s website (www.nglenergypartners.com)
  • Reaffirms Fiscal 2022 Adjusted EBITDA guidance of $570 million - $600 million and capital expenditure guidance of $100 million - $125 million2

“Our Water Solutions segment continues to drive the growth of the Partnership and performed very well during the first quarter. Adjusted EBITDA for the segment grew significantly quarter over quarter with both produced water volumes processed and Adjusted EBITDA achieving expectations. Results in our Crude Oil Logistics and Liquids Logistics segments were impacted by increases in our inventories and timing of recognizing hedge gains (losses). We expect to see improved results going forward due to embedded, unrealized gains in our inventory, with the annual result being in line with the low end of our original expectations for the fiscal year,” stated Mike Krimbill, NGL’s CEO. “Overall, the Partnership is pleased with the outlook for the future as both the macroeconomic environment and our Water Solutions business continue to improve,” Krimbill concluded.

Quarterly Results of Operations

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

Quarter Ended

June 30, 2021

June 30, 2020

Operating
Income (Loss)

Adjusted
EBITDA

Operating
Income (Loss)

Adjusted
EBITDA

(in thousands)

Water Solutions

$

7,583

$

81,511

$

(16,047

)

$

56,926

Crude Oil Logistics

(11,581

)

13,148

23,320

30,854

Liquids Logistics

(53,409

)

5,574

4,562

12,232

Corporate and Other

(11,927

)

(9,132

)

(22,620

)

(9,030

)

Total

$

(69,334

)

$

91,101

$

(10,785

)

$

90,982

Water Solutions

The Partnership processed approximately 1.7 million barrels of water per day during the quarter ended June 30, 2021, a 22.0% increase when compared to approximately 1.4 million barrels of water per day processed during the quarter ended June 30, 2020, due to higher production volumes in the Delaware Basin driven by the recovery in crude oil prices from the prior year. Additionally, brackish non-potable water, resale of raw produced water and recycled water revenue all increased driven by the demand for these services.

Revenues from recovered crude oil, including the impact from realized skim oil hedges, totaled $16.0 million for the quarter ended June 30, 2021, an increase of $5.9 million from the prior year period. This increase was due to an increase in the number of wells completed in our area of operations during the current period and higher crude oil prices, as well as a strategic decision made by the Partnership to store the majority of its recovered barrels due to low prices during the quarter ended June 30, 2020.

Operating expenses in the Water Solutions segment decreased to $0.26 per barrel compared to $0.32 per barrel in the comparative quarter last year primarily due to significant steps taken to reduce operating costs per barrel along with higher produced water volumes processed. The Water Solutions segment continues to evaluate additional cost saving initiatives.

Crude Oil Logistics

Operating income for the first quarter of Fiscal 2022 decreased compared to the first quarter of Fiscal 2021 primarily due to an increase in net derivative losses on our inventory position as a result of increasing crude oil prices as well as lower activity and the reduction of minimum volume commitments on our Grand Mesa Pipeline. Revenues from third parties for Grand Mesa Pipeline decreased by $27.3 million, compared to the quarter ended June 30, 2020 due to lower third-party volumes transported on the pipeline. During the three months ended June 30, 2021, financial volumes on the Grand Mesa Pipeline averaged approximately 77,000 barrels per day, compared to approximately 119,000 barrels per day for the three months ended June 30, 2020.

Liquids Logistics

Operating loss for the Liquids Logistics segment totaled $53.4 million for the quarter ended June 30, 2021, including the $60.1 million loss on the sale of the Partnership’s membership interest in Sawtooth Caverns, LLC, which impacts comparability to the prior year period.

Total product margin per gallon, excluding the impact of derivatives, was $0.066 for the quarter ended June 30, 2021, compared to $0.024 for the quarter ended June 30, 2020. This increase in margin was primarily due to increased biodiesel and RIN prices and was offset by lower demand for other products. Refined products volumes decreased by approximately 26.7 million gallons, or 12.6%, during the quarter ended June 30, 2021 compared to the quarter ended June 30, 2020 due to tighter supply and continued weakness in demand in certain parts of the country due to the COVID-19 pandemic. Propane volumes decreased by approximately 82.0 million gallons, or 32.5%, as warmer weather during the quarter and higher prices led to weaker demand. Butane volumes increased by approximately 3.0 million gallons, or 2.5%, when compared to the quarter ended June 30, 2020.

Corporate and Other

Corporate and Other expenses decreased from the comparable prior year period primarily due the $10.2 million net loss recorded for the uncollectible portion of a loan receivable with a third party in the prior year.

Capitalization and Liquidity

Total liquidity (cash plus available capacity on our asset-based revolving credit facility) was approximately $303 million as of June 30, 2021. Borrowings on the Partnership’s revolving credit facility totaled $77 million, a $73 million increase to the March 31, 2021 balance. This increase was primarily due to increases in working capital balances as both inventory volumes and commodity prices increased.

The Partnership is in compliance with all of its debt covenants and has no significant debt maturities before November 2023. The Partnership still expects to generate excess cash flow in Fiscal Year 2022, which will be utilized to repay outstanding indebtedness and improve leverage.

First Quarter Conference Call Information

A conference call to discuss NGL’s results of operations is scheduled for 4:00 pm Central Time on Monday, August 9, 2021. Analysts, investors, and other interested parties may access the conference call by pre-registering here and providing access code 5592767. An archived audio replay of the conference call will be available for 7 days beginning at 1:00 pm Central Time on August 10, 2021, which can be accessed by dialing (855) 859-2056 and providing access code 5592767.

Non-GAAP Financial Measures

NGL defines EBITDA as net income (loss) attributable to NGL Energy Partners LP, plus interest expense, income tax expense (benefit), and depreciation and amortization expense. NGL defines Adjusted EBITDA as EBITDA excluding net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, equity-based compensation expense, acquisition expense, revaluation of liabilities, certain legal settlements and other. NGL also includes in Adjusted EBITDA certain inventory valuation adjustments related to TransMontaigne Product Services, LLC (“TPSL”), our refined products business in the mid-continent region of the United States (“Mid-Con”) and our gas blending business in the southeastern and eastern regions of the United States (“Gas Blending”), which are included in discontinued operations, and certain refined products businesses within NGL’s Liquids Logistics segment, as discussed below. EBITDA and Adjusted EBITDA should not be considered as alternatives to net loss, loss from continuing operations before income taxes, cash flows from operating activities, or any other measure of financial performance calculated in accordance with GAAP, as those items are used to measure operating performance, liquidity or the ability to service debt obligations. NGL believes that EBITDA provides additional information to investors for evaluating NGL’s ability to make quarterly distributions to NGL’s unitholders and is presented solely as a supplemental measure. NGL believes that Adjusted EBITDA provides additional information to investors for evaluating NGL’s financial performance without regard to NGL’s financing methods, capital structure and historical cost basis. Further, EBITDA and Adjusted EBITDA, as NGL defines them, may not be comparable to EBITDA, Adjusted EBITDA, or similarly titled measures used by other entities.

Other than for certain businesses within NGL’s Liquids Logistics segment, for purposes of the Adjusted EBITDA calculation, NGL makes a distinction between realized and unrealized gains and losses on derivatives. During the period when a derivative contract is open, NGL records changes in the fair value of the derivative as an unrealized gain or loss. When a derivative contract matures or is settled, NGL reverses the previously recorded unrealized gain or loss and record a realized gain or loss. NGL does not draw such a distinction between realized and unrealized gains and losses on derivatives of certain businesses within NGL’s Liquids Logistics segment. The primary hedging strategy of these businesses is to hedge against the risk of declines in the value of inventory over the course of the contract cycle, and many of the hedges cover extended periods of time. The “inventory valuation adjustment” row in the reconciliation table reflects the difference between the market value of the inventory of these businesses at the balance sheet date and its cost, adjusted for the impact of seasonal market movements related to our base inventory and the related hedge. NGL includes this in Adjusted EBITDA because the unrealized gains and losses associated with derivative contracts associated with the inventory of this segment, which are intended primarily to hedge inventory holding risk and are included in net income, also affect Adjusted EBITDA. In NGL’s Crude Oil Logistics segment, they purchase certain crude oil barrels using the West Texas Intermediate (“WTI”) calendar month average (“CMA”) price and sell the crude oil barrels using the WTI CMA price plus the Argus CMA Differential Roll Component (“CMA Differential Roll”) per NGL’s contracts. To eliminate the volatility of the CMA Differential Roll, NGL entered into derivative instrument positions in January 2021 to secure a margin of approximately $0.20 per barrel on 1.5 million barrels per month from May 2021 through December 2023. Due to the nature of these positions, the cash flow and earnings recognized on a GAAP basis will differ from period to period depending on the current crude oil price and future estimated crude oil price which are valued utilizing third-party market quoted prices. NGL is recognizing in Adjusted EBITDA the gains and losses from the derivative instrument positions entered into in January 2021 to properly align with the physical margin NGL is hedging each month through the term of this transaction. This representation aligns with management’s evaluation of the transaction.

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

Forward-Looking Statements

This press release includes “forward-looking statements.” All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. While NGL believes such forward-looking statements are reasonable, NGL cannot assure they will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Other factors that could impact any forward-looking statements are those risks described in NGL’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other public filings. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading “Risk Factors.” NGL undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.

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

About NGL Energy Partners LP

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

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

____________________

1 See the “Non-GAAP Financial Measures” section of this release for the definition of Adjusted EBITDA and a discussion of this non-GAAP financial measure.

2 See the “Forward-Looking Statements” section of this release for more information.

NGL ENERGY PARTNERS LP AND SUBSIDIARIES

Unaudited Condensed Consolidated Balance Sheets

(in Thousands, except unit amounts)

June 30, 2021

March 31, 2021

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

2,471

$

4,829

Accounts receivable-trade, net of allowance for expected credit losses of $2,154 and $2,192, respectively

844,072

725,943

Accounts receivable-affiliates

8,775

9,435

Inventories

246,181

158,467

Prepaid expenses and other current assets

106,418

109,164

Total current assets

1,207,917

1,007,838

PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $804,971 and $776,279, respectively

2,548,552

2,706,853

GOODWILL

744,439

744,439

INTANGIBLE ASSETS, net of accumulated amortization of $509,622 and $517,518, respectively

1,187,070

1,262,613

INVESTMENTS IN UNCONSOLIDATED ENTITIES

21,425

22,719

OPERATING LEASE RIGHT-OF-USE ASSETS

143,365

152,146

OTHER NONCURRENT ASSETS

54,722

50,733

Total assets

$

5,907,490

$

5,947,341

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Accounts payable-trade

$

763,220

$

679,868

Accounts payable-affiliates

101

119

Accrued expenses and other payables

182,230

170,400

Advance payments received from customers

16,408

11,163

Current maturities of long-term debt

2,230

2,183

Operating lease obligations

45,864

47,070

Total current liabilities

1,010,053

910,803

LONG-TERM DEBT, net of debt issuance costs of $52,385 and $55,555, respectively, and current maturities

3,370,908

3,319,030

OPERATING LEASE OBLIGATIONS

96,910

103,637

OTHER NONCURRENT LIABILITIES

115,438

114,615

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

551,097

551,097

EQUITY:

General partner, representing a 0.1% interest, 129,724 and 129,724 notional units, respectively

(52,348

)

(52,189

)

Limited partners, representing a 99.9% interest, 129,593,939 and 129,593,939 common units issued and outstanding, respectively

448,963

582,784

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

305,468

305,468

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

42,891

42,891

Accumulated other comprehensive loss

(258

)

(266

)

Noncontrolling interests

18,368

69,471

Total equity

763,084

948,159

Total liabilities and equity

$

5,907,490

$

5,947,341

NGL ENERGY PARTNERS LP AND SUBSIDIARIES

Unaudited Condensed Consolidated Statements of Operations

(in Thousands, except unit and per unit amounts)

Three Months Ended June 30,

2021

2020

REVENUES:

Water Solutions

$

130,226

$

88,065

Crude Oil Logistics

553,624

276,039

Liquids Logistics

804,805

479,998

Other

313

Total Revenues

1,488,655

844,415

COST OF SALES:

Water Solutions

10,338

4,700

Crude Oil Logistics

537,257

217,557

Liquids Logistics

777,198

454,336

Other

454

Total Cost of Sales

1,324,793

677,047

OPERATING COSTS AND EXPENSES:

Operating

65,784

64,987

General and administrative

15,774

17,158

Depreciation and amortization

84,102

83,986

Loss on disposal or impairment of assets, net

67,536

12,022

Operating Loss

(69,334

)

(10,785

)

OTHER INCOME (EXPENSE):

Equity in earnings of unconsolidated entities

212

289

Interest expense

(67,130

)

(43,961

)

Gain on early extinguishment of liabilities, net

51

19,355

Other income, net

1,249

1,035

Loss From Continuing Operations Before Income Taxes

(134,952

)

(34,067

)

INCOME TAX BENEFIT

450

301

Loss From Continuing Operations

(134,502

)

(33,766

)

Loss From Discontinued Operations, net of Tax

(1,486

)

Net Loss

(134,502

)

(35,252

)

LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

(438

)

(51

)

NET LOSS ATTRIBUTABLE TO NGL ENERGY PARTNERS LP

$

(134,940

)

$

(35,303

)

NET LOSS FROM CONTINUING OPERATIONS ALLOCATED TO COMMON UNITHOLDERS

$

(159,332

)

$

(55,815

)

NET LOSS FROM DISCONTINUED OPERATIONS ALLOCATED TO COMMON UNITHOLDERS

$

$

(1,485

)

NET LOSS ALLOCATED TO COMMON UNITHOLDERS

$

(159,332

)

$

(57,300

)

BASIC LOSS PER COMMON UNIT

Loss From Continuing Operations

$

(1.23

)

$

(0.43

)

Loss From Discontinued Operations, net of Tax

$

$

(0.01

)

Net Loss

$

(1.23

)

$

(0.44

)

DILUTED LOSS PER COMMON UNIT

Loss From Continuing Operations

$

(1.23

)

$

(0.43

)

Loss From Discontinued Operations, net of Tax

$

$

(0.01

)

Net Loss

$

(1.23

)

$

(0.44

)

BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING

129,593,939

128,771,715

DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING

129,593,939

128,771,715

EBITDA, ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW RECONCILIATION

(Unaudited)

The following table reconciles NGL’s net loss to NGL’s EBITDA, Adjusted EBITDA and Distributable Cash Flow:

Three Months Ended June 30,

2021

2020

(in thousands)

Net loss

$

(134,502

)

$

(35,252

)

Less: Net income attributable to noncontrolling interests

(438

)

(51

)

Net loss attributable to NGL Energy Partners LP

(134,940

)

(35,303

)

Interest expense

67,130

44,066

Income tax benefit

(450

)

(301

)

Depreciation and amortization

83,357

83,202

EBITDA

15,097

91,664

Net unrealized (gains) losses on derivatives

(16,264

)

26,671

CMA Differential Roll net losses (gains) (1)

24,310

Inventory valuation adjustment (2)

1,218

3,820

Lower of cost or net realizable value adjustments

(3,806

)

(32,003

)

Loss on disposal or impairment of assets, net

67,538

13,084

Gain on early extinguishment of liabilities, net

(87

)

(19,355

)

Equity-based compensation expense (3)

960

2,302

Acquisition expense (4)

67

157

Other (5)

2,068

4,348

Adjusted EBITDA

$

91,101

$

90,688

Adjusted EBITDA - Discontinued Operations (6)

$

$

(294

)

Adjusted EBITDA - Continuing Operations

$

91,101

$

90,982

Less: Cash interest expense (7)

63,359

40,399

Less: Income tax benefit

(450

)

(301

)

Less: Maintenance capital expenditures

7,745

9,168

Less: CMA Differential Roll (8)

23,932

Less: Preferred unit distributions paid

15,030

Distributable Cash Flow - Continuing Operations

$

(3,485

)

$

26,686

____________________

(1)

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

(2)

Amount reflects the difference between the market value of the inventory at the balance sheet date and its cost, adjusted for the impact of seasonal market movements related to our base inventory and the related hedge. See “Non-GAAP Financial Measures” section above for a further discussion.

(3)

Equity-based compensation expense in the table above may differ from equity-based compensation expense reported in the footnotes to our unaudited condensed consolidated financial statements included in the Partnership’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021. Amounts reported in the table above include expense accruals for bonuses expected to be paid in common units, whereas the amounts reported in the footnotes to our unaudited condensed consolidated financial statements only include expenses associated with equity-based awards that have been formally granted.

(4)

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

(5)

Amounts for the three months ended June 30, 2021 and 2020 represent non-cash operating expenses related to our Grand Mesa Pipeline, unrealized losses on marketable securities and accretion expense for asset retirement obligations.

(6)

Amounts include the operations of TPSL, Gas Blending and Mid-Con.

(7)

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

(8)

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

ADJUSTED EBITDA RECONCILIATION BY SEGMENT

Three Months Ended June 30, 2021

Water
Solutions

Crude Oil
Logistics

Liquids
Logistics

Corporate
and Other

Consolidated

(in thousands)

Operating income (loss)

$

7,583

$

(11,581

)

$

(53,409

)

$

(11,927

)

$

(69,334

)

Depreciation and amortization

62,981

12,409

6,967

1,745

84,102

Amortization recorded to cost of sales

73

73

Net unrealized losses (gains) on derivatives

3,566

(14,454

)

(5,376

)

(16,264

)

CMA Differential Roll net losses (gains)

24,310

24,310

Inventory valuation adjustment

1,218

1,218

Lower of cost or net realizable value adjustments

(11

)

(3,795

)

(3,806

)

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

7,491

(42

)

60,087

67,536

Equity-based compensation expense

960

960

Acquisition expense

67

67

Other income, net

612

196

363

78

1,249

Adjusted EBITDA attributable to unconsolidated entities

459

(10

)

(55

)

394

Adjusted EBITDA attributable to noncontrolling interest

(954

)

(529

)

(1,483

)

Other

(227

)

2,321

(15

)

2,079

Adjusted EBITDA

$

81,511

$

13,148

$

5,574

$

(9,132

)

$

91,101

Three Months Ended June 30, 2020

Water
Solutions

Crude Oil
Logistics

Liquids
Logistics

Corporate
and Other

Continuing
Operations

Discontinued
Operations
(TPSL, Mid-Con,
Gas Blending)

Consolidated

(in thousands)

Operating (loss) income

$

(16,047

)

$

23,320

$

4,562

$

(22,620

)

$

(10,785

)

$

$

(10,785

)

Depreciation and amortization

58,133

16,795

8,156

902

83,986

83,986

Amortization recorded to cost of sales

77

77

77

Net unrealized losses (gains) on derivatives

13,312

14,638

(1,279

)

26,671

26,671

Inventory valuation adjustment

3,840

3,840

3,840

Lower of cost or net realizable value adjustments

(29,060

)

(2,963

)

(32,023

)

(32,023

)

Loss on disposal or impairment of assets, net

329

1,450

4

10,239

12,022

12,022

Equity-based compensation expense

2,302

2,302

2,302

Acquisition expense

12

145

157

157

Other income, net

256

338

377

64

1,035

1,035

Adjusted EBITDA attributable to unconsolidated entities

465

(1

)

(62

)

402

402

Adjusted EBITDA attributable to noncontrolling interest

(487

)

(536

)

(1,023

)

(1,023

)

Intersegment transactions (1)

(27

)

(27

)

(27

)

Other

953

3,373

22

4,348

4,348

Discontinued operations

(294

)

(294

)

Adjusted EBITDA

$

56,926

$

30,854

$

12,232

$

(9,030

)

$

90,982

$

(294

)

$

90,688

____________________

(1) Amount reflects the transactions with TPSL, Mid-Con and Gas Blending that are eliminated in consolidation.

OPERATIONAL DATA

(Unaudited)

Three Months Ended

June 30,

2021

2020

(in thousands, except per day amounts)

Water Solutions:

Produced water processed (barrels per day)

Delaware Basin

1,428,222

1,106,355

Eagle Ford Basin

91,843

95,375

DJ Basin

118,801

132,365

Other Basins

28,082

32,324

Total

1,666,948

1,366,419

Solids processed (barrels per day)

1,316

1,899

Skim oil sold (barrels per day)

2,500

687

Crude Oil Logistics:

Crude oil sold (barrels)

7,994

9,292

Crude oil transported on owned pipelines (barrels)

7,034

10,476

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

5,239

5,239

Crude oil inventory (barrels) (1)

1,147

1,622

Liquids Logistics:

Refined products sold (gallons)

185,306

211,974

Propane sold (gallons)

170,279

252,289

Butane sold (gallons)

122,574

119,566

Other products sold (gallons)

92,853

114,222

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

168,677

399,251

Refined products inventory (gallons) (1)

2,776

2,656

Propane inventory (gallons) (1)

60,673

77,968

Butane inventory (gallons) (1)

45,911

73,291

Other products inventory (gallons) (1)

40,691

31,583

____________________

(1)

Information is presented as of June 30, 2021 and June 30, 2020, respectively.

Contacts:

NGL Energy Partners LP
Trey Karlovich, 918-481-1119
Chief Financial Officer and Executive Vice President
Trey.Karlovich@nglep.com
or
Linda Bridges, 918-481-1119
Senior Vice President - Finance and Treasurer
Linda.Bridges@nglep.com

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