Business Context and Reporting Period
This Form 8-K filing by NGL Energy Partners LP (NGL) reports corporate governance changes. The report date is December 5, 2019, with the latest event occurring on December 9, 2019. The filing addresses the departure of a director and the election of a new director to the Board of the General Partner, NGL Energy Holdings LLC.
Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The document is strictly a current report regarding personnel changes.
Material Changes
- Director Resignation: Jim Kneale resigned as a member of the Board of Directors of the General Partner, effective December 31, 2019. The resignation was not due to any disagreement regarding the Partnership's operations, policies, or practices.
- Director Election: Derek Reiners was elected to the Board of the General Partner on December 9, 2019, effective immediately. He was also appointed to the Audit Committee.
Outlook, Risks, and Management Commentary
New Director Background: Derek Reiners currently serves as President of Contango Energy Capital LLC. His prior experience includes senior financial and accounting roles at ONEOK, Inc. and ONEOK Partners, L.P., including Chief Financial Officer and Treasurer. He is a certified public accountant.
Compensation and Conflicts: Mr. Reiners will receive standard compensation for non-employee directors. There are no family relationships with other directors or officers, and no material interests in transactions requiring disclosure under Item 404(a) of Regulation S-K.
Risks and Contingencies: No specific financial risks, contingencies, or unusual items are disclosed in this filing.
Key Facts for Investor Verification
- Confirm the effective date of Jim Kneale's resignation (December 31, 2019).
- Verify Derek Reiners' appointment to the Audit Committee.
- Note that no financial performance data is included in this specific filing; refer to recent 10-Q or 10-K filings for financial metrics.