Business Context and Reporting Period
This Form 8-K Current Report was filed by NGL Energy Partners LP on January 11, 2017. The filing addresses corporate governance changes regarding the Board of Directors of the Partnership's General Partner, NGL Energy Holdings LLC.
Key Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The document focuses exclusively on personnel changes.
Material Changes
The filing reports the following changes to the Board of Directors of the General Partner, effective immediately on January 11, 2017:
- Departure: Christopher Beall ceased serving as the designated director for Highstar Capital IV, L.P. ("Highstar").
- Appointment: Jared Parker was appointed by Highstar as its new designated director to the Board of Directors of the General Partner.
- Transaction Disclosure: No transactions exceeding $120,000 involving the Partnership and Mr. Parker have occurred since the beginning of the last fiscal year.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, management commentary on operations, or discussion of risks and contingencies. It notes that a press release announcing Mr. Parker's appointment was issued on January 13, 2017, and is filed as Exhibit 99.1.
Investor Verification Checklist
- Verify the appointment of Jared Parker as Highstar's designated director via the press release filed as Exhibit 99.1.
- Confirm the effective date of the board composition change (January 11, 2017).
- Review the Amended and Restated Board Representation and Observation Rights Agreement dated June 24, 2016, to understand Highstar's appointment rights.