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NGL: NGL Energy Partners LP - equity, debt and subsidiaries

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NGL Energy Partners LP

Summary (from latest annual 2017 report, Fiscal year ends in March)

  • Total stockholders' equity: 2.23 billion USD
  • Market Cap is 1.7 billion USD ( the last price of the stock is 14.05 USD)
  • NGL Energy Partners LP purchases propane, butane, and other natural gas liquids from refiners, processing plants, producers, and other parties, and sells the product to retailers, refiners, and other participants in the wholesale markets.
  •  Total stockholders' equity has increased from 1.69 billion USD in 2016 to 2.23 billion in 2017
  • Company has 12.26 million USD in cash on account (from latest annual report)
  • Total equity – cash on account = 2.23 billion USD – 12.26 million USD = 2.21 billion USD
  • In 2017 company has 2.96 billion USD long-term debt, short – term debt is 30 million USD (In 2016 company had 2.91 billion USD long-term debt , short-term debt was 8 million USD)
  • Company's revenue increased in 2017 (Fiscal year ends in March) to 13.02 billion USD from 11.74 billion in 2016
  • Net income in 2017 was 137 million USD, Net loss in 2016 was 386 million USD
  • NGL Energy Partners has spent 182 million USD on dividend in 2017

 

Opinion about the company

Fundamentally it is a good company and in the future, we can expect its growth (Total debt is big -2.99 billion USD, company has 12 million USD in cash on account, ROE is around 5%).

NGL Energy Partners LP

NGL Energy Partners LP purchases propane, butane, and other natural gas liquids from refiners, processing plants, producers, and other parties, and sells the product to retailers, refiners, and other participants in the wholesale markets. NGL is a Master Limited Partnership (or MLP) with a diverse group of growing businesses which pays a quarterly dividend of 39 cents. NGL has 5 business groups - Water Solutions, Retail Propane, Crude Logistics, Liquids, and Refined Products. NGL provides services for the energy industry and generally is paid on a fixed fee basis. However, in some segments - especially Liquids, Refined Products, and Retail Propane - NGL takes title to product and resells it at a mark up. At March 31, 2017 , NGL had 2,700 full-time employees.

  • Crude Oil Logistics represents 16% of total revenues
  • Water Solutions represents 2% of total revenues
  • Liquids represents 8% of total revenues
  • Retail Propane represents 4% of total revenues
  • Refined Products and Renewables represent 70% of total revenues

Among the key risk factors that may affect their consolidated financial position and results of operations are:

  • the prices of crude oil, natural gas liquids, gasoline, diesel, ethanol, and biodiesel;
  • energy prices generally;
  • the general level of crude oil, natural gas, and natural gas liquids production;
  • the general level of demand for crude oil, natural gas liquids, gasoline, diesel, ethanol, and biodiesel;
  • the availability of supply of crude oil, natural gas liquids, gasoline, diesel, ethanol, and biodiesel;
  • the level of crude oil and natural gas drilling and production in producing areas where we have water treatment and disposal facilities. Lower propane prices and volumes due to a warmer than average winter
  • Total debt is not small, NGL may be able to gradually reduce debt

NGL currently pays $1.56 in distributions per year for a yield of 11.14%, 2018 is certainly going to be better than fiscal 2017, according to analysts NGL should increase its distribution to at least 44 cents per quarter ($1.76 per year). The 11.14% dividend is covered and the growth projects ensure that the numbers will be moving up in fiscal 2018. NGL reported FQ4 earnings and revenues, the latter rising 65% Y/Y to $3.85B vs. the ~$2.5B analyst consensus. NGL says adjusted EBITDA totaled $121M for Q4 and $380.8M for FY 2017, lower than the $154M for Q4 2016 and $424M for FY 2016. For FY 2018, NGL expects to generate adjusted EBITDA of $500M-$525M, including $130M EBITDA for the Grand Mesa pipeline (this pipeline is projected to generate $10 - 12 million per month in EBITDA).

NGL standalone subsidiaries and acquisitions:

  • In 2012 NGL acquired Pecos Gathering & Marketing, L.L.C. and Third Coast Towing, LLC - worth around 150 million USD
  • In 2013 NGL acquired the operating assets of Crescent Terminals and the ownership interests in Cierra Marine. In August 2013, NGL completed a business combination whereby we acquired seven entities affiliated with Oilfield Water Lines LP. In December 2013, NGL acquired the ownership interests in Gavilon, LLC (“Gavilon Energy”) - worth 400 million USD
  • In July 2014, NGL acquired TransMontaigne worth around 600 million USD
  • In November 2014, NGL acquired two saltwater disposal facilities in the Bakken shale play in North Dakota. In February 2015, NGL acquired Sawtooth NGL Caverns, LLC (“Sawtooth”), which owns a natural gas liquids salt dome storage facility in Utah with rail and truck access to western United States markets and entered into a construction agreement to expand the storage capacity of the facility - worth 250 million USD
  • During the year ended March 31, 2015 , NGL acquired eight retail propane businesses. In August 2015, NGL acquired four saltwater disposal facilities and a 50% interest in an additional saltwater disposal facility in the Delaware Basin of the Permian Basin in Texas. In January 2016, NGL acquired a 57.125% interest in an existing produced water pipeline company operating in the Delaware Basin portion of West Texas – worth 200 million USD
  • During the year ended March 31, 2016 , NGL acquired six retail propane businesses. In June 2016, NGL acquired an additional 24.5% interest in an existing produced water pipeline company operating in the Delaware Basin portion of West Texas – worth 150 million USD
  • NGL has executed a definitive membership interest purchase agreement with Rimrock Midstream, LLC (“Rimrock”) for Rimrock’s 50% interest in Grand Mesa Pipeline, LLC. NGL now owns 100% of the pipeline system worth around 600 million USD

 

Total = 2.35 billion USD

 

Close : 9.10
As of Mon 09/18/2017
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