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
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(1)Information is presented as of June 30, 2021 and June 30, 2020, respectively.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005799/en/