Business Context and Reporting Period
This Form 8-K filing by NGL Energy Partners LP (NGL) is dated December 26, 2019. The report serves to provide updated historical and pro forma financial information regarding the acquisition of Hillstone Environmental Partners, LLC ("Hillstone"), which was completed on October 31, 2019. This filing supplements a previous Form 8-K/A filed on November 18, 2019.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. Instead, it references the following unaudited financial statements filed as exhibits:
- Consolidated balance sheet of Hillstone as of September 30, 2019 (Exhibit 99.1).
- Consolidated statement of operations for Hillstone for the three months ended September 30, 2019 (Exhibit 99.1).
- Pro forma condensed consolidated balance sheet of NGL as of September 30, 2019 (Exhibit 99.2).
- Pro forma condensed consolidated statements of operations for NGL for the six months ended September 30, 2019, and the year ended March 31, 2019 (Exhibit 99.2).
Material Changes
The primary material change reported is the completion of the acquisition of Hillstone Environmental Partners, LLC on October 31, 2019. This filing updates the pro forma financial data previously disclosed to reflect the impact of this transaction on NGL's consolidated financial position.
Guidance, Outlook, and Risks
The filing text does not contain management commentary, forward-looking guidance, specific risk factors, or details on contingencies beyond the reference to the acquisition. No unusual items are explicitly described in the summary text provided.
Investor Verification Checklist
- Review Exhibit 99.1 for Hillstone's standalone financial performance as of September 30, 2019.
- Analyze Exhibit 99.2 to understand the pro forma impact of the Hillstone acquisition on NGL's balance sheet and operations.
- Verify the specific debt levels and liquidity ratios in the pro forma statements to assess the post-acquisition capital structure.
- Confirm the integration status of Hillstone assets and any associated goodwill or intangible assets recorded in the pro forma data.