Business Context and Reporting Period
This Form 8-K filing by NGL Energy Partners LP (NGL) covers events occurring on September 5, 2019. The report details a corporate governance change and a related financial transaction involving the Partnership's General Partner, NGL Energy Holdings LLC.
Key Financial Metrics
The filing does not provide standard operating metrics such as revenue, profit, cash flow, margins, or debt levels. The only financial data disclosed relates to a specific transaction:
- Transaction Value: $11.5 million in cash.
- Asset Acquired: 5.733% interest in the General Partner.
Material Changes
The primary material change reported is the acquisition of a 5.733% interest in the General Partner from EMG I NGL Holdings, LLC. This transaction resulted in the immediate resignation of Louis John Schaufele IV as the designated director for EMG I NGL Holdings, LLC on the board of directors of the General Partner. The filing explicitly states that the resignation was not due to any disagreement regarding the Partnership's operations, policies, or practices.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future outlook, or discussion of new risks or contingencies. The document is limited to reporting the completed transaction and the associated change in directorship.
Investor Verification Checklist
- Verify the impact of the 5.733% General Partner interest acquisition on the Partnership's ownership structure and future distributions.
- Confirm the updated composition of the General Partner's board of directors following Mr. Schaufele's departure.
- Review the cash outflow of $11.5 million in the context of the Partnership's overall liquidity position in subsequent filings.