Business Context and Reporting Period
This Form 8-K filing by NGL Energy Partners LP covers events occurring on February 5, 2018, with the report dated February 9, 2018. The filing addresses corporate governance changes involving the Board of Directors of the General Partner, NGL Energy Holdings LLC.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
The primary material change reported is the composition of the Board of Directors of the General Partner:
- Departure: Patrick Wade ceased serving as the designated director for EMG I NGL GP Holdings, LLC ("EMG") effective February 5, 2018.
- Appointment: L. John Schaufele IV was appointed as EMG's designated director to the Board of Directors of the General Partner, effective immediately on February 5, 2018.
Guidance, Outlook, and Risks
The filing does not contain guidance, outlook, management commentary on operations, or specific risk factors. It notes that Mr. Schaufele's appointment complies with Section 9.02(d)(iii) of the Third Amended and Restated Limited Liability Company Agreement. Additionally, the filing confirms no transactions exceeding $120,000 involving the Partnership and Mr. Schaufele occurred since the beginning of the last fiscal year.
Investor Verification Checklist
- Verify the press release filed as Exhibit 99.1 for additional context on the leadership transition.
- Confirm the updated Board of Directors composition for NGL Energy Holdings LLC.
- Review the Third Amended and Restated Limited Liability Company Agreement regarding EMG's designation rights.