Delaware | 001-35172 | 27-3427920 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240-14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c)) |
Emerging growth company o |
Item 2.02. | Results of Operations and Financial Condition |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit No. | Description | |
99.1 |
NGL ENERGY PARTNERS LP | |||
By: | NGL Energy Holdings LLC, | ||
its general partner | |||
Date: May 30, 2018 | By: | /s/ Robert W. Karlovich III | |
Robert W. Karlovich III | |||
Chief Financial Officer |
• | Completion of the sale of a portion of the Partnership’s Retail Propane segment for $200 million, the sale of its 50% interest in Glass Mountain Pipeline, LLC for $300 million and the sale of a portion of its interest in Sawtooth for $37.6 million, all proceeds from which were used to reduce outstanding debt by fiscal year end. |
• | Adjusted EBITDA for the fourth quarter of Fiscal 2018 was $155.9 million, compared to $121.2 million for the fourth quarter of Fiscal 2017; Fiscal Year 2018 Adjusted EBITDA totaled $408.3 million |
• | Distributable Cash Flow for the fourth quarter of Fiscal 2018 was $98.6 million and totaled $180.0 million for the year |
• | Growth capital expenditures, including acquisitions and other investments, totaled approximately $51.4 million during the fourth quarter and approximately $211.9 million for Fiscal 2018, of which approximately $105 million related to investments in our Water Solutions segment, approximately $55 million related to our Crude Oil Logistics segment and $50 million related to Retail Propane |
• | $200-$225 million of Adjusted EBITDA from the Water Solutions segment which the Partnership believes could increase by up to 20% annually for the next three years at current crude oil prices, rig counts, expected volumes and market share in its core basins |
• | $145-$155 million of Adjusted EBITDA from the Crude Oil Logistics segment due to increased volumes and margins under minimum volume commitments on Grand Mesa, as well as generally increasing margins across all basins in which we operate |
• | No significant changes to the Liquids and Refined Products segments from Fiscal 2018 actual results |
Quarter Ended | ||||||||||||||||
March 31, 2018 | March 31, 2017 | |||||||||||||||
Operating Income (Loss) | Adjusted EBITDA | Operating Income (Loss) | Adjusted EBITDA | |||||||||||||
(in thousands) | ||||||||||||||||
Crude Oil Logistics | $ | 11,072 | $ | 31,904 | $ | 11,352 | $ | 29,558 | ||||||||
Refined Products and Renewables | 25,993 | 25,644 | 53,181 | 12,206 | ||||||||||||
Liquids | 11,476 | 14,957 | 10,160 | 16,189 | ||||||||||||
Retail Propane | 146,672 | 64,513 | 38,702 | 48,869 | ||||||||||||
Water Solutions | (14,156 | ) | 31,766 | (18,549 | ) | 18,212 | ||||||||||
Corporate and Other | (23,562 | ) | (12,863 | ) | (20,392 | ) | (3,871 | ) | ||||||||
Total | $ | 157,495 | $ | 155,921 | $ | 74,454 | $ | 121,163 |
FY 2019 Adjusted EBITDA Ranges | ||||||||
Low | High | |||||||
(in thousands) | ||||||||
Crude Oil Logistics | $ | 145,000 | $ | 155,000 | ||||
Refined Products and Renewables | 55,000 | 80,000 | ||||||
Liquids | 55,000 | 70,000 | ||||||
Water Solutions | 200,000 | 225,000 | ||||||
Corporate and Other | (30,000 | ) | (25,000 | ) |
March 31, | March 31, | ||||||
2018 | 2017 | ||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 26,207 | $ | 12,264 | |||
Accounts receivable-trade, net of allowance for doubtful accounts of $5,347 and $5,234, respectively | 1,072,688 | 800,607 | |||||
Accounts receivable-affiliates | 4,772 | 6,711 | |||||
Inventories | 564,553 | 561,432 | |||||
Prepaid expenses and other current assets | 131,538 | 103,193 | |||||
Total current assets | 1,799,758 | 1,484,207 | |||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $443,066 and $375,594, respectively | 1,719,947 | 1,790,273 | |||||
GOODWILL | 1,312,558 | 1,451,716 | |||||
INTANGIBLE ASSETS, net of accumulated amortization of $486,456 and $414,605, respectively | 1,054,482 | 1,163,956 | |||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 17,236 | 187,423 | |||||
LOAN RECEIVABLE-AFFILIATE | 1,200 | 3,200 | |||||
OTHER NONCURRENT ASSETS | 245,941 | 239,604 | |||||
Total assets | $ | 6,151,122 | $ | 6,320,379 | |||
LIABILITIES AND EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable-trade | $ | 860,629 | $ | 658,021 | |||
Accounts payable-affiliates | 1,254 | 7,918 | |||||
Accrued expenses and other payables | 230,087 | 207,125 | |||||
Advance payments received from customers | 21,216 | 35,944 | |||||
Current maturities of long-term debt | 3,196 | 29,590 | |||||
Total current liabilities | 1,116,382 | 938,598 | |||||
LONG-TERM DEBT, net of debt issuance costs of $20,645 and $33,458, respectively, and current maturities | 2,682,628 | 2,963,483 | |||||
OTHER NONCURRENT LIABILITIES | 173,514 | 184,534 | |||||
COMMITMENTS AND CONTINGENCIES | |||||||
CLASS A 10.75% CONVERTIBLE PREFERRED UNITS, 19,942,169 and 19,942,169 preferred units issued and outstanding, respectively | 82,576 | 63,890 | |||||
REDEEMABLE NONCONTROLLING INTEREST | 9,927 | 3,072 | |||||
EQUITY: | |||||||
General partner, representing a 0.1% interest, 121,594 and 120,300 notional units, respectively | (50,819 | ) | (50,529 | ) | |||
Limited partners, representing a 99.9% interest, 121,472,725 and 120,179,407 common units issued and outstanding, respectively | 1,852,495 | 2,192,413 | |||||
Class B preferred limited partners, 8,400,000 and 0 preferred units issued and outstanding, respectively | 202,731 | — | |||||
Accumulated other comprehensive loss | (1,815 | ) | (1,828 | ) | |||
Noncontrolling interests | 83,503 | 26,746 | |||||
Total equity | 2,086,095 | 2,166,802 | |||||
Total liabilities and equity | $ | 6,151,122 | $ | 6,320,379 |
Three Months Ended | Year Ended | ||||||||||||||
March 31, | March 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
REVENUES: | |||||||||||||||
Crude Oil Logistics | $ | 733,131 | $ | 505,142 | $ | 2,260,075 | $ | 1,666,884 | |||||||
Water Solutions | 67,116 | 43,756 | 229,139 | 159,601 | |||||||||||
Liquids | 690,034 | 529,504 | 2,070,015 | 1,439,088 | |||||||||||
Retail Propane | 229,595 | 172,978 | 521,392 | 413,109 | |||||||||||
Refined Products and Renewables | 3,394,206 | 2,596,534 | 12,200,923 | 9,342,702 | |||||||||||
Other | 478 | 165 | 1,174 | 844 | |||||||||||
Total Revenues | 5,114,560 | 3,848,079 | 17,282,718 | 13,022,228 | |||||||||||
COST OF SALES: | |||||||||||||||
Crude Oil Logistics | 690,236 | 464,428 | 2,113,747 | 1,572,015 | |||||||||||
Water Solutions | 6,326 | 197 | 19,345 | 4,068 | |||||||||||
Liquids | 663,208 | 502,895 | 1,982,552 | 1,334,116 | |||||||||||
Retail Propane | 120,924 | 85,570 | 269,367 | 191,589 | |||||||||||
Refined Products and Renewables | 3,369,488 | 2,545,527 | 12,150,497 | 9,219,721 | |||||||||||
Other | 219 | 100 | 530 | 400 | |||||||||||
Total Cost of Sales | 4,850,401 | 3,598,717 | 16,536,038 | 12,321,909 | |||||||||||
OPERATING COSTS AND EXPENSES: | |||||||||||||||
Operating | 93,572 | 82,517 | 330,857 | 307,925 | |||||||||||
General and administrative | 31,762 | 28,489 | 109,451 | 116,566 | |||||||||||
Depreciation and amortization | 60,285 | 62,929 | 252,712 | 223,205 | |||||||||||
Gain on disposal or impairment of assets, net | (94,071 | ) | (5,744 | ) | (105,313 | ) | (209,177 | ) | |||||||
Revaluation of liabilities | 15,116 | 6,717 | 20,716 | 6,717 | |||||||||||
Operating Income | 157,495 | 74,454 | 138,257 | 255,083 | |||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||
Equity in earnings of unconsolidated entities | 694 | 1,358 | 7,964 | 3,084 | |||||||||||
Revaluation of investments | — | — | — | (14,365 | ) | ||||||||||
Interest expense | (48,321 | ) | (45,162 | ) | (199,570 | ) | (150,478 | ) | |||||||
(Loss) gain on early extinguishment of liabilities, net | (722 | ) | (6,163 | ) | (23,201 | ) | 24,727 | ||||||||
Other income, net | 2,290 | 1,902 | 8,403 | 27,762 | |||||||||||
Income (Loss) Before Income Taxes | 111,436 | 26,389 | (68,147 | ) | 145,813 | ||||||||||
INCOME TAX (EXPENSE) BENEFIT | (524 | ) | 97 | (1,458 | ) | (1,939 | ) | ||||||||
Net Income (Loss) | 110,912 | 26,486 | (69,605 | ) | 143,874 | ||||||||||
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (19 | ) | (741 | ) | (240 | ) | (6,832 | ) | |||||||
LESS: NET INCOME ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING INTERESTS | (1,291 | ) | — | (1,030 | ) | — | |||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO NGL ENERGY PARTNERS LP | 109,602 | 25,745 | (70,875 | ) | 137,042 | ||||||||||
LESS: DISTRIBUTIONS TO PREFERRED UNITHOLDERS | (17,696 | ) | (9,184 | ) | (59,697 | ) | (30,142 | ) | |||||||
LESS: NET INCOME ALLOCATED TO GENERAL PARTNER | (126 | ) | (52 | ) | (5 | ) | (232 | ) | |||||||
LESS: REPURCHASE OF WARRANTS | — | — | (349 | ) | — | ||||||||||
NET INCOME (LOSS) ALLOCATED TO COMMON UNITHOLDERS | $ | 91,780 | $ | 16,509 | $ | (130,926 | ) | $ | 106,668 | ||||||
BASIC INCOME (LOSS) PER COMMON UNIT | $ | 0.76 | $ | 0.14 | $ | (1.08 | ) | $ | 0.99 | ||||||
DILUTED INCOME (LOSS) PER COMMON UNIT | $ | 0.71 | $ | 0.14 | $ | (1.08 | ) | $ | 0.95 | ||||||
BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING | 121,271,959 | 114,131,764 | 120,991,340 | 108,091,486 | |||||||||||
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING | 146,868,349 | 120,198,802 | 120,991,340 | 111,850,621 |
Three Months Ended | Year Ended | ||||||||||||||
March 31, | March 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(in thousands) | |||||||||||||||
Net income (loss) | $ | 110,912 | $ | 26,486 | $ | (69,605 | ) | $ | 143,874 | ||||||
Less: Net income attributable to noncontrolling interests | (19 | ) | (741 | ) | (240 | ) | (6,832 | ) | |||||||
Less: Net income attributable to redeemable noncontrolling interests | (1,291 | ) | — | (1,030 | ) | — | |||||||||
Net income (loss) attributable to NGL Energy Partners LP | 109,602 | 25,745 | (70,875 | ) | 137,042 | ||||||||||
Interest expense | 48,356 | 45,221 | 199,747 | 150,504 | |||||||||||
Income tax expense (benefit) | 524 | (97 | ) | 1,458 | 1,939 | ||||||||||
Depreciation and amortization | 62,011 | 66,837 | 266,525 | 238,583 | |||||||||||
EBITDA | 220,493 | 137,706 | 396,855 | 528,068 | |||||||||||
Net unrealized (gains) losses on derivatives | (968 | ) | (2,601 | ) | 15,883 | (3,338 | ) | ||||||||
Inventory valuation adjustment (1) | 4,594 | (33,184 | ) | 11,033 | 7,368 | ||||||||||
Lower of cost or market adjustments | 102 | (2,122 | ) | 399 | (1,283 | ) | |||||||||
Gain on disposal or impairment of assets, net | (94,072 | ) | (5,744 | ) | (105,313 | ) | (209,213 | ) | |||||||
Loss (gain) on early extinguishment of liabilities, net | 722 | 6,163 | 23,201 | (24,727 | ) | ||||||||||
Revaluation of investments | — | — | — | 14,365 | |||||||||||
Equity-based compensation expense (2) | 8,127 | 13,243 | 35,241 | 53,102 | |||||||||||
Acquisition expense (3) | 131 | 232 | 263 | 1,771 | |||||||||||
Revaluation of liabilities (4) | 15,007 | 12,761 | 20,607 | 12,761 | |||||||||||
Other (5) | 1,785 | (5,291 | ) | 10,081 | 2,443 | ||||||||||
Adjusted EBITDA | 155,921 | 121,163 | 408,250 | 381,317 | |||||||||||
Less: Cash interest expense (6) | 45,785 | 45,462 | 188,543 | 142,258 | |||||||||||
Less: Income tax expense (benefit) | 524 | (97 | ) | 1,458 | 1,939 | ||||||||||
Less: Maintenance capital expenditures | 11,036 | 8,172 | 37,713 | 26,073 | |||||||||||
Less: Other (7) | — | — | 549 | 19 | |||||||||||
Distributable Cash Flow | $ | 98,576 | $ | 67,626 | $ | 179,987 | $ | 211,028 |
(1) | Amount reflects the difference between the market value of the inventory of NGL’s Refined Products and Renewables segment at the balance sheet date and its cost. See “Non-GAAP Financial Measures” section above for a further discussion. |
(2) | Equity-based compensation expense in the table above may differ from equity-based compensation expense reported in the footnotes to our consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended March 31, 2018. 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 consolidated financial statements only include expenses associated with equity-based awards that have been formally granted. |
(3) | Amounts represent expenses we incurred related to legal and advisory costs associated with acquisitions, partially offset by reimbursement for certain legal costs incurred in prior periods. |
(4) | Amounts represent the non-cash valuation adjustment of contingent consideration liabilities, offset by the cash payments, related to royalty agreements acquired as part of acquisitions in our Water Solutions segment. |
(5) | Amounts for the quarter ended March 31, 2018 and year ended March 31, 2017 represent non-cash operating expenses related to our Grand Mesa Pipeline and accretion expense for asset retirement obligations. The amount for the year ended March 31, 2018 represents non-cash operating expenses related to our Grand Mesa Pipeline, an adjustment to inventory related to prior periods and accretion expense for asset retirement obligations. The amount for the quarter ended March 31, 2017 represents non-cash operating expenses related to our Grand Mesa Pipeline, adjustments for noncontrolling interests and accretion expense for asset retirement obligations. |
(6) | Amount represents interest expense payable in cash for the period presented, excluding changes in the accrued interest balance. |
(7) | Amount represents cash paid to settle asset retirement obligations. |
Three Months Ended March 31, 2018 | ||||||||||||||||||||||||||||
Crude Oil Logistics | Water Solutions | Liquids | Retail Propane | Refined Products and Renewables | Corporate and Other | Consolidated | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Operating income (loss) | $ | 11,072 | $ | (14,156 | ) | $ | 11,476 | $ | 146,672 | $ | 25,993 | $ | (23,562 | ) | $ | 157,495 | ||||||||||||
Depreciation and amortization | 18,502 | 24,776 | 6,219 | 9,487 | 323 | 978 | 60,285 | |||||||||||||||||||||
Amortization recorded to cost of sales | 84 | — | 71 | — | 1,348 | — | 1,503 | |||||||||||||||||||||
Net unrealized losses (gains) on derivatives | 293 | 2,168 | (3,340 | ) | (89 | ) | — | — | (968 | ) | ||||||||||||||||||
Inventory valuation adjustment | — | — | — | — | 4,594 | — | 4,594 | |||||||||||||||||||||
Lower of cost or market adjustments | — | — | 504 | — | (402 | ) | — | 102 | ||||||||||||||||||||
(Gain) loss on disposal or impairment of assets, net | (103 | ) | 3,749 | 1 | (90,213 | ) | (7,513 | ) | 8 | (94,071 | ) | |||||||||||||||||
Equity-based compensation expense | — | — | — | — | — | 8,127 | 8,127 | |||||||||||||||||||||
Acquisition expense | — | — | — | — | — | 131 | 131 | |||||||||||||||||||||
Other income, net | 436 | 1 | 5 | 275 | 118 | 1,455 | 2,290 | |||||||||||||||||||||
Adjusted EBITDA attributable to unconsolidated entities | — | 154 | — | (69 | ) | 1,183 | — | 1,268 | ||||||||||||||||||||
Adjusted EBITDA attributable to noncontrolling interest | — | (118 | ) | — | (1,509 | ) | — | — | (1,627 | ) | ||||||||||||||||||
Revaluation of liabilities | — | 15,007 | — | — | — | — | 15,007 | |||||||||||||||||||||
Other | 1,620 | 185 | 21 | (41 | ) | — | — | 1,785 | ||||||||||||||||||||
Adjusted EBITDA | $ | 31,904 | $ | 31,766 | $ | 14,957 | $ | 64,513 | $ | 25,644 | $ | (12,863 | ) | $ | 155,921 |
Three Months Ended March 31, 2017 | ||||||||||||||||||||||||||||
Crude Oil Logistics | Water Solutions | Liquids | Retail Propane | Refined Products and Renewables | Corporate and Other | Consolidated | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Operating income (loss) | $ | 11,352 | $ | (18,549 | ) | $ | 10,160 | $ | 38,702 | $ | 53,181 | $ | (20,392 | ) | $ | 74,454 | ||||||||||||
Depreciation and amortization | 19,648 | 25,045 | 5,848 | 11,195 | 325 | 868 | 62,929 | |||||||||||||||||||||
Amortization recorded to cost of sales | 100 | — | 196 | — | 1,434 | — | 1,730 | |||||||||||||||||||||
Net unrealized (gains) losses on derivatives | (2,464 | ) | 50 | (23 | ) | (164 | ) | — | — | (2,601 | ) | |||||||||||||||||
Inventory valuation adjustment | — | — | — | — | (33,184 | ) | — | (33,184 | ) | |||||||||||||||||||
Lower of cost or market adjustments | — | — | — | — | (2,122 | ) | — | (2,122 | ) | |||||||||||||||||||
(Gain) loss on disposal or impairment of assets, net | (3,913 | ) | 6,398 | (17 | ) | (191 | ) | (8,024 | ) | 3 | (5,744 | ) | ||||||||||||||||
Equity-based compensation expense | — | — | — | — | — | 13,243 | 13,243 | |||||||||||||||||||||
Acquisition expense | — | — | — | — | — | 232 | 232 | |||||||||||||||||||||
Other income (expense), net | 177 | (785 | ) | 6 | 165 | 164 | 2,175 | 1,902 | ||||||||||||||||||||
Adjusted EBITDA attributable to unconsolidated entities | 3,938 | 115 | — | (39 | ) | 432 | — | 4,446 | ||||||||||||||||||||
Adjusted EBITDA attributable to noncontrolling interest | — | (6,912 | ) | — | (799 | ) | — | — | (7,711 | ) | ||||||||||||||||||
Revaluation of liabilities | — | 12,761 | — | — | — | — | 12,761 | |||||||||||||||||||||
Other | 720 | 89 | 19 | — | — | — | 828 | |||||||||||||||||||||
Adjusted EBITDA | $ | 29,558 | $ | 18,212 | $ | 16,189 | $ | 48,869 | $ | 12,206 | $ | (3,871 | ) | $ | 121,163 |
Year Ended March 31, 2018 | ||||||||||||||||||||||||||||
Crude Oil Logistics | Water Solutions | Liquids | Retail Propane | Refined Products and Renewables | Corporate and Other | Consolidated | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Operating income (loss) | $ | 122,904 | $ | (24,231 | ) | $ | (93,113 | ) | $ | 155,550 | $ | 56,740 | $ | (79,593 | ) | $ | 138,257 | |||||||||||
Depreciation and amortization | 80,387 | 98,623 | 24,937 | 43,692 | 1,294 | 3,779 | 252,712 | |||||||||||||||||||||
Amortization recorded to cost of sales | 338 | — | 282 | — | 5,479 | — | 6,099 | |||||||||||||||||||||
Net unrealized losses (gains) on derivatives | 2,766 | 13,694 | (577 | ) | — | — | — | 15,883 | ||||||||||||||||||||
Inventory valuation adjustment | — | — | — | — | 11,033 | — | 11,033 | |||||||||||||||||||||
Lower of cost or market adjustments | — | — | 504 | — | (105 | ) | — | 399 | ||||||||||||||||||||
(Gain) loss on disposal or impairment of assets, net | (111,393 | ) | 6,863 | 117,516 | (88,209 | ) | (30,098 | ) | 8 | (105,313 | ) | |||||||||||||||||
Equity-based compensation expense | — | — | — | — | — | 35,241 | 35,241 | |||||||||||||||||||||
Acquisition expense | — | — | — | — | — | 263 | 263 | |||||||||||||||||||||
Other income, net | 535 | 211 | 105 | 555 | 604 | 6,393 | 8,403 | |||||||||||||||||||||
Adjusted EBITDA attributable to unconsolidated entities | 11,507 | 579 | — | 822 | 4,308 | — | 17,216 | |||||||||||||||||||||
Adjusted EBITDA attributable to noncontrolling interest | — | (737 | ) | — | (1,894 | ) | — | — | (2,631 | ) | ||||||||||||||||||
Revaluation of liabilities | — | 20,607 | — | — | — | — | 20,607 | |||||||||||||||||||||
Other | 10,617 | 461 | 85 | (1,082 | ) | — | — | 10,081 | ||||||||||||||||||||
Adjusted EBITDA | $ | 117,661 | $ | 116,070 | $ | 49,739 | $ | 109,434 | $ | 49,255 | $ | (33,909 | ) | $ | 408,250 |
Year Ended March 31, 2017 | ||||||||||||||||||||||||||||
Crude Oil Logistics | Water Solutions | Liquids | Retail Propane | Refined Products and Renewables | Corporate and Other | Consolidated | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Operating (loss) income | $ | (17,475 | ) | $ | 44,587 | $ | 43,252 | $ | 49,255 | $ | 222,546 | $ | (87,082 | ) | $ | 255,083 | ||||||||||||
Depreciation and amortization | 54,144 | 101,758 | 19,163 | 42,966 | 1,562 | 3,612 | 223,205 | |||||||||||||||||||||
Amortization recorded to cost of sales | 384 | — | 781 | — | 5,663 | — | 6,828 | |||||||||||||||||||||
Net unrealized (gains) losses on derivatives | (1,513 | ) | (2,088 | ) | 216 | 47 | — | — | (3,338 | ) | ||||||||||||||||||
Inventory valuation adjustment | — | — | — | — | 7,368 | — | 7,368 | |||||||||||||||||||||
Lower of cost or market adjustments | — | — | — | — | (1,283 | ) | — | (1,283 | ) | |||||||||||||||||||
Loss (gain) on disposal or impairment of assets, net | 10,704 | (85,560 | ) | 92 | (287 | ) | (134,125 | ) | (1 | ) | (209,177 | ) | ||||||||||||||||
Equity-based compensation expense | — | — | — | — | — | 53,102 | 53,102 | |||||||||||||||||||||
Acquisition expense | — | — | — | — | — | 1,771 | 1,771 | |||||||||||||||||||||
Other (expense) income, net | (412 | ) | 739 | 73 | 504 | 19,263 | 7,595 | 27,762 | ||||||||||||||||||||
Adjusted EBITDA attributable to unconsolidated entities | 11,589 | 106 | — | (427 | ) | 3,975 | — | 15,243 | ||||||||||||||||||||
Adjusted EBITDA attributable to noncontrolling interest | — | (9,210 | ) | — | (1,241 | ) | — | — | (10,451 | ) | ||||||||||||||||||
Revaluation of liabilities | — | 12,761 | — | — | — | — | 12,761 | |||||||||||||||||||||
Other | 1,996 | 368 | 79 | — | — | — | 2,443 | |||||||||||||||||||||
Adjusted EBITDA | $ | 59,417 | $ | 63,461 | $ | 63,656 | $ | 90,817 | $ | 124,969 | $ | (21,003 | ) | $ | 381,317 |
Three Months Ended | Year Ended | ||||||||||
March 31, | March 31, | ||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||
(in thousands, except per day amounts) | |||||||||||
Crude Oil Logistics: | |||||||||||
Crude oil sold (barrels) | 11,038 | 9,374 | 39,626 | 34,212 | |||||||
Crude oil transported on owned pipelines (barrels) | 9,278 | 4,755 | 33,454 | 6,365 | |||||||
Crude oil storage capacity - owned and leased (barrels) (1) | 6,159 | 7,024 | |||||||||
Crude oil inventory (barrels) (1) | 1,219 | 2,844 | |||||||||
Water Solutions: | |||||||||||
Wastewater processed (barrels per day) | |||||||||||
Eagle Ford Basin | 257,148 | 211,448 | 235,713 | 208,649 | |||||||
Permian Basin | 317,480 | 192,456 | 289,360 | 184,702 | |||||||
DJ Basin | 112,594 | 85,845 | 113,771 | 68,253 | |||||||
Other Basins | 73,300 | 46,254 | 68,466 | 40,185 | |||||||
Total | 760,522 | 536,003 | 707,310 | 501,789 | |||||||
Solids processed (barrels per day) | 6,594 | 4,319 | 5,662 | 3,056 | |||||||
Skim oil sold (barrels per day) | 4,071 | 2,827 | 3,210 | 1,989 | |||||||
Liquids: | |||||||||||
Propane sold (gallons) | 479,454 | 453,586 | 1,361,173 | 1,267,076 | |||||||
Butane sold (gallons) | 136,310 | 108,728 | 544,750 | 456,586 | |||||||
Other products sold (gallons) | 103,649 | 86,914 | 400,405 | 343,365 | |||||||
Liquids storage capacity - owned and leased (gallons) (1) | 438,968 | 358,537 | |||||||||
Propane inventory (gallons) (1) | 48,928 | 48,351 | |||||||||
Butane inventory (gallons) (1) | 15,385 | 9,438 | |||||||||
Other products inventory (gallons) (1) | 5,822 | 6,426 | |||||||||
Retail Propane: | |||||||||||
Propane sold (gallons) | 86,657 | 71,666 | 204,145 | 177,599 | |||||||
Distillates sold (gallons) | 13,403 | 12,496 | 30,491 | 30,001 | |||||||
Propane inventory (gallons) (1) | 7,526 | 8,180 | |||||||||
Distillates inventory (gallons) (1) | 1,051 | 1,148 | |||||||||
Refined Products and Renewables: | |||||||||||
Gasoline sold (barrels) | 30,550 | 25,727 | 108,427 | 91,004 | |||||||
Diesel sold (barrels) | 12,228 | 11,402 | 56,020 | 49,817 | |||||||
Ethanol sold (barrels) | 546 | 1,414 | 3,438 | 4,605 | |||||||
Biodiesel sold (barrels) | 407 | 465 | 2,079 | 2,413 | |||||||
Refined Products and Renewables storage capacity - leased (barrels) (1) | 9,911 | 9,419 | |||||||||
Gasoline inventory (barrels) (1) | 3,367 | 2,993 | |||||||||
Diesel inventory (barrels) (1) | 1,419 | 1,464 | |||||||||
Ethanol inventory (barrels) (1) | 701 | 727 | |||||||||
Biodiesel inventory (barrels) (1) | 261 | 471 |
(1) | Information is presented as of March 31, 2018 and March 31, 2017, respectively, in the year-to-date columns above. |