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Q2 2015 Results – NGL Energy Partners Lp

NGL Energy Partners Lp · Nov 10, 2015 · 17 slides

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Slides

  1. Q2 2015 Results – NGL Energy Partners Lp – slide 1
    Q2 Earnings Call November 2015
  2. Q2 2015 Results – NGL Energy Partners Lp – slide 2
    FY 2016 Q2 & YTD Results Adjusted EBITDA(1) Q2 Adjusted EBITDA of 67.6MM vs. 70.4MM PY or (4%) YOY; YTD Adjusted EBITDA of 156.6MM vs. 113.5MM PY or +38% YOY Confirming Guidance of 500MM EBITDA for FY 2016 Confirm Distribution…
  3. Q2 2015 Results – NGL Energy Partners Lp – slide 3
    Actual EBITDA vs. Consensus Estimate 200 Variance Drivers: 175.0 175 156.6 WACOG inventory impact in Wholesale 150 Propane 125 100 89.0 98.0 As of 9/30/15; approximately 200MM pre- 77.0 75 67.6 sold propane gallons at average…
  4. Q2 2015 Results – NGL Energy Partners Lp – slide 4
    Macro-Economic Back-drop Theme Current FY 2015 Impact Crude Price 45 90 Margin compression in Crude Marketing, Decreased value of crude cut in Water Solutions segment Increased value from Contango in Crude Storage Refined 190,000…
  5. Q2 2015 Results – NGL Energy Partners Lp – slide 5
    Adjusted EBITDA by Segment (s in Thousands) Refined 2nd QTR Crude Oil Water Retail Products/ Corporate Logistics Solutions Liquids Propane Renewables and Other Total Three Months Ended September 30, 2015 Adjusted EBITDA 13,773…
  6. Q2 2015 Results – NGL Energy Partners Lp – slide 6
    Commodity Price/Volume Sensitivity Segment Impact Crude Logistics Crude Marketing targets a Margin of 1.5% of the Crude Oil Price 1 change in crude price impacts margins .015 per bbl .10 change in Contango impacts EBITDA by 6MM…
  7. Q2 2015 Results – NGL Energy Partners Lp – slide 7
    Margins per Volume by Segment YOY YTD YTD YOY Q2 FY'16 Q2 FY'15 Change FY'16 FY'15 Change Crude Marketing (per BBL) 0.57 0.74 (0.17) -23% 0.64 0.92 (0.28) -30% Water (per BBL) 1.00 1.57 (0.57) -36% 0.95 1.44 (0.49) -34% Liquids…
  8. Q2 2015 Results – NGL Energy Partners Lp – slide 8
    Volumes per day by Segment (in Thousands) Q2 FY'16 Q2 FY'15 YOY Change YTD FY'16 YTD FY'15 YOY Change Crude Marketing (BBLs) 233 234 (2) -1% 246 223 23 10% Water (BBLs) 595 416 179 43% 597 359 238 66% Liquids (Gals) Propane 2,649…
  9. Q2 2015 Results – NGL Energy Partners Lp – slide 9
    Financial Metrics 2016 Q2 2016 YTD Remaining 2016 FY Guidance Adjusted EBITDA(1) 67MM 156MM 343MM 500MM Cash Interest Expense 27MM 53MM 62MM - 67MM 115MM - 120MM Maintenance Capex 11MM 19MM 11MM - 16MM 30MM - 35MM (1) Net…
  10. Q2 2015 Results – NGL Energy Partners Lp – slide 10
    Liquidity Update (in millions, unaudited) 9/30/2015 Commited Liquidity (1) Cash and Cash Equivalents 27.6 Revolver Availability (includes accordion exercise) 325.0 Total Liquidity 352.6 Debt Senior Secured Notes 250.0…
  11. Q2 2015 Results – NGL Energy Partners Lp – slide 11
    Total Year Capex / Acquisition Guidance Current Projects 2016 YTD(1) Remaining 2016 FY Guidance Grand Mesa 82.1MM 200MM 282MM Sawtooth 31.2MM 20MM 51MM Various Water Wells 194.4MM 85MM 280MM Organic Capex 44.3MM 40MM 85MM…
  12. Q2 2015 Results – NGL Energy Partners Lp – slide 12
    Section II Appendix 13
  13. Q2 2015 Results – NGL Energy Partners Lp – slide 13
    Operating Section II Income Walk to EBITDA QTD FY16 (In Thousands) Three Months Ended September 30, 2015 Refined Products Crude Oil Water Retail and Corporate Logistics Solutions Liquids Propane Renewables and Other…
  14. Q2 2015 Results – NGL Energy Partners Lp – slide 14
    Operating Section II Income Walk to EBITDA QTD FY15 (In Thousands) Three Months Ended September 30, 2014 Refined Products Crude Oil Water Retail and Corporate Logistics Solutions Liquids Propane Renewables and Other…
  15. Q2 2015 Results – NGL Energy Partners Lp – slide 15
    Operating Section Operating II Income Walk Income Walk to to EBITDA EBITDA YTD YTD FY16 FY16 (In Thousands) Six Months Ended September 30, 2015 Refined Products Crude Oil Water Retail and Corporate Logistics Solutions…
  16. Q2 2015 Results – NGL Energy Partners Lp – slide 16
    Operating Section Operating II Income Walk Income Walk to to EBITDA EBITDA YTD YTD FY15 FY15 (In Thousands) Six Months Ended September 30, 2014 Refined Products Crude Oil Water Retail and Corporate Logistics Solutions…
  17. Q2 2015 Results – NGL Energy Partners Lp – slide 17
    Section II EBITDA Walk Adjusted Three Months Ended September 30, Six Months Ended September 30, 2015 2014 2015 2014 (in thousands) Net loss (24,152) (15,879) (62,678) (55,789) Net income attributable to noncontrolling interests…

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