Business Context and Reporting Period
This Form 8-K is a current report filed by NGL Energy Partners LP on February 15, 2012, covering events occurring between January 13, 2012, and February 9, 2012. The Partnership is a Delaware entity headquartered in Tulsa, Oklahoma, engaged in the energy sector.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, margin, or liquidity figures. The only financial metric disclosed relates to a credit facility amendment:
- Working Capital Facility: A $30 million portion of the facility designated for seasonal credit needs was addressed in a recent amendment.
Material Changes
Credit Agreement Amendment: On January 13, 2012, the Partnership entered into a Seventh Amendment to its Credit Agreement with Wells Fargo Bank and other lenders. This amendment extends the termination date for the $30 million seasonal working capital portion from February 2012 to August 2012.
Personnel Change: On February 9, 2012, Jeffrey A. Herbers was appointed Chief Accounting Officer of NGL Energy Holdings LLC (the General Partner), replacing Sharra Straight. Ms. Straight will continue as Vice President and Comptroller.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future performance, or specific risk factors beyond the standard disclosure that the credit agreement description is qualified by reference to the full text to be filed in the Form 10-K. No unusual items or contingencies were reported.
Investor Verification Checklist
- Verify the full terms of the Seventh Amendment to the Credit Agreement in the upcoming Form 10-K filing.
- Confirm the impact of the extended seasonal credit facility on the Partnership's liquidity management for the 2012 fiscal year.
- Review the background of the new Chief Accounting Officer, Jeffrey A. Herbers, regarding his prior tenure at SemGroup Corporation and Ernst & Young LLP.