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 NGL Energy Partners LP Announces Third Quarter Fiscal 2018 Financial Results
   Friday, February 09, 2018 8:53:00 AM ET

NGL Energy Partners LP (NGL ) ("NGL," "our," or the "Partnership") today reported net income for the quarter ended December 31, 2017, of $56.8 million, including the gain on the sale of our 50% interest in Glass Mountain Pipeline, LLC, which totaled $108.6 million, compared to net income of $1.3 million for the quarter ended December 31, 2016.

Highlights for the quarter include:

-- Adjusted EBITDA for the third quarter of Fiscal 2018 was $122.6 million, compared to $120.7 million for the third quarter of Fiscal 2017

-- Completion of the sale of the Partnership’s 50% interest in Glass Mountain Pipeline, LLC for total gross consideration of $300 million, the proceeds from which were used to pay down outstanding debt, including all of the Partnership’s outstanding Senior Secured Notes



-- Announcement of a definitive agreement to sell a portion of the Partnership’s Retail Propane segment for $200 million, which is expected to close by March 31, 2018, the proceeds from which will be used to further reduce indebtedness

-- Growth capital expenditures, including acquisitions and other investments, totaled approximately $53.9 million during the third quarter, the majority of which was related to investments in the Crude Oil Logistics, Water Solutions and Retail Propane segments

-- Fiscal 2018 Adjusted EBITDA target is updated to a range of $440 million to $450 million to reflect the announced asset sales, improved results in Water Solutions and under-performance in Refined Products and Renewables

"We continue to see improvements in our Crude Oil Logistics, Water and Propane businesses, evidenced by strong results from these businesses in the third quarter and tailwinds heading into our fourth quarter and beyond," stated CEO Mike Krimbill. "We announced two significant asset sales with expected proceeds of over $500 million and a blended multiple of over 12 times EBITDA. We closed the Glass Mountain sale prior to December 31, 2017, and used those proceeds to reduce senior secured and unsecured debt, and we expect to further de-lever upon the closing of the Retail Propane transaction at the end of March. Our challenges in the Refined Products business are being addressed through changes in strategies, contracting and personnel. There are market factors that continue to impact that portion of our business, many of which are outside of our control; however, we will continue to actively manage this business to achieve the improved results expected by our stakeholders and our management team."

Quarterly Results of Operations

The following table summarizes operating income (loss) and Adjusted EBITDA by operating segment for the periods indicated:

                                                                                                                                                               Quarter Ended
                                                     ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         December 31, 2017                                                                                                          December 31, 2016
                                                     -------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------
                                                                   Operating Income (Loss)                                 Adjusted EBITDA                                                    Operating Income (Loss)                                 Adjusted EBITDA
                                                     --------------------------------------------------                     --------------------------------------------------                     --------------------------------------------------                     --------------------------------------------------
                                                                                                                                                                                 (in thousands)
Crude Oil Logistics                                                     $ 106,279                                                              $  30,320                                                              $  (9,163 )                                                            $  16,606
Refined Products and Renewables                                            (4,791 )                                                                9,194                                                                  8,209                                                                 29,807
Liquids                                                                    22,290                                                                 19,957                                                                 24,765                                                                 26,098
Retail Propane                                                             23,972                                                                 35,122                                                                 21,772                                                                 32,414
Water Solutions                                                            (1,373 )                                                               34,886                                                                (11,898 )                                                               16,988
Corporate and Other                                    (21,846 )                                            (6,831 )                                           (11,128 )                                            (1,165 )
                                                     -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
   Total                                                                $ 124,531                                           $ 122,648                                           $  22,557                                           $ 120,748  
                                                     ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                        

The tables included in this release reconcile operating income (loss) to Adjusted EBITDA, a non-GAAP financial measure, for each of our operating segments.

Crude Oil Logistics

The Partnership’s Crude Oil Logistics segment generated Adjusted EBITDA of $30.3 million during the quarter ended December 31, 2017, compared to $16.6 million during the quarter ended December 31, 2016. The Partnership’s Grand Mesa Pipeline contributed Adjusted EBITDA of approximately $43.2 million during the third quarter of Fiscal 2018 as physical volumes averaged approximately 100,000 barrels per day and financial volumes averaged approximately 106,000 barrels per day for the quarter. The Partnership’s Grand Mesa Pipeline contributed Adjusted EBITDA of approximately $16.6 million during the same quarter of last year. Volumes have continued to increase throughout the current year as production in the DJ Basin grows. The average remaining contract term on the pipeline is approximately eight years.

The remaining divisions of our Crude Oil Logistics segment continued to be impacted by competition and low margins in the majority of the basins across the United States. The Partnership continues to market crude volumes in these basins to support its various pipeline, terminal and transportation assets, at near break-even levels. Additionally, the Crude Oil Logistics segment bears the cost of certain minimum volume commitments on third-party crude oil pipelines in various basins which are currently not profitable.

Refined Products and Renewables

The Partnership’s Refined Products and Renewables segment generated Adjusted EBITDA of $9.2 million during the quarter ended December 31, 2017, compared to Adjusted EBITDA of $29.8 million during the quarter ended December 31, 2016.

Total product loss per gallon was $0.004 for the quarter ended December 31, 2017, compared to total product margin per gallon of $0.005 for the quarter ended December 31, 2016. The decrease in margin was primarily due to a reduction in gasoline values at our terminals relative to New York Harbor, low line space value on Colonial Pipeline, and backwardated gasoline and diesel forward curves. The average value of line space was approximately $0.006 per gallon for the three months ended December 31, 2017, compared to an average value of approximately $0.032 per gallon for the three months ended December 31, 2016.

Refined product barrels sold during the quarter ended December 31, 2017, totaled approximately 37.9 million barrels, an increase of approximately 2.5 million barrels compared to the same period in the prior year as a result of the purchase of line space on Colonial Pipeline when it is trading at a negative value. Renewable barrels sold during the quarter ended December 31, 2017, totaled approximately 1.4 million, a decrease of approximately 0.5 million barrels compared to the same period in the prior year.

Liquids

The Partnership’s Liquids segment generated Adjusted EBITDA of $20.0 million during the quarter ended December 31, 2017, compared to Adjusted EBITDA of $26.1 million during the quarter ended December 31, 2016. Total product margin per gallon was $0.047 for the quarter ended December 31, 2017, compared to $0.054 for the quarter ended December 31, 2016. Propane margins were impacted by increased fixed-price contract deliveries against rising inventory values, while our butane margins were impacted by higher commodity costs and storage costs due to the oversupplied markets. Propane volumes increased by approximately 12.4 million gallons, or 3.2%, during the quarter ended December 31, 2017, compared to the quarter ended December 31, 2016. Butane volumes increased by approximately 42.1 million gallons, or 28.2%, during the quarter ended December 31, 2017, compared to the quarter ended December 31, 2016. Other Liquids volumes increased by approximately 14.2 million gallons, or 15.7%, during the quarter ended December 31, 2017, compared to the same period in the prior year. The increase in overall volumes is primarily attributable to a new long-term marketing agreement as well as the acquisition of certain natural gas liquid and condensate terminals from Murphy Energy Corporation. Our Liquids segment continues to be impacted by unrecovered railcar fleet costs and excess storage capacity.

Retail Propane

The Partnership’s Retail Propane segment generated Adjusted EBITDA of $35.1 million during the quarter ended December 31, 2017, compared to $32.4 million during the quarter ended December 31, 2016. Propane sold during the quarter ended December 31, 2017, increased by approximately 5.5 million gallons, or 9.7%, compared to the quarter ended December 31, 2016, primarily due to acquisitions made during the current year and previous year. Distillates sold during the quarter ended December 31, 2017, increased by approximately 0.2 million gallons compared to the quarter ended December 31, 2016. Total product margin per gallon was $0.890 for the quarter ended December 31, 2017, compared to $0.906 for the quarter ended December 31, 2016.

On November 7, 2017, we entered into a definitive agreement to sell a portion of our Retail Propane segment to DCC LPG, a division of DCC plc, for $200 million. The transaction is expected to close by March 31, 2018. As of December 31, 2017, the assets and liabilities related to this portion of the Retail Propane segment have been classified as assets and liabilities held for sale. As this transaction does not represent a strategic shift that will have a major effect on our operations or financial results, operations related to this portion of our Retail Propane segment have not been classified as discontinued operations.

Water Solutions

The Partnership’s Water Solutions segment generated Adjusted EBITDA of $34.9 million during the quarter ended December 31, 2017, compared to $17.0 million during the quarter ended December 31, 2016. The Partnership processed approximately 789,000 barrels of wastewater per day during the quarter ended December 31, 2017, a 52.9% increase, compared to approximately 516,000 barrels of wastewater per day during the quarter ended December 31, 2016. Processed water volumes have increased throughout the year as the segment continued to benefit from the increased rig counts in the basins in which it operates, particularly in the Permian Basin. Additional water pipelines brought online in the current quarter and the previous quarter also contributed to increased revenues. Revenues from recovered hydrocarbons totaled $17.0 million for the quarter ended December 31, 2017, an increase of $10.6 million over the prior year period, related to an increase in the volume of water processed, an increase of oil percentage in water processed and increased crude oil prices.

Corporate and Other

Adjusted EBITDA for Corporate and Other was $(6.8) million during the quarter ended December 31, 2017, compared to $(1.2) million during the quarter ended December 31, 2016. Prior year results included the benefit of the reversal of certain accruals that were ultimately covered by insurance.

Capitalization and Liquidity

Total long-term debt outstanding, excluding working capital borrowings, was $1.907 billion at December 31, 2017, compared to $2.149 billion at March 31, 2017, a decrease of $241.5 million. Working capital borrowings totaled $1.015 billion at December 31, 2017, compared to $814.5 million at March 31, 2017, an increase of $200.0 million driven primarily by increases in accounts receivable, inventory prices and inventory volumes during the quarter. Working capital borrowings, which are fully secured by the Partnership’s net working capital, are subject to a borrowing base and are excluded from the Partnership’s debt compliance leverage ratio. Total liquidity (cash plus available capacity on our revolving credit facility) was approximately $471.8 million as of December 31, 2017.

Third Quarter Conference Call Information

A conference call to discuss NGL’s results of operations is scheduled for 11:00 am Eastern Time (10:00 am Central Time) on Friday, February 9, 2018. Analysts, investors, and other interested parties may access the conference call by dialing (800) 291-4083 and providing access code 1861928. An archived audio replay of the conference call will be available for 7 days beginning at 2:00 pm Eastern Time (1:00 pm Central Time) on February 9, 2018, which can be accessed by dialing (855) 859-2056 and providing access code 1861928.

Non-GAAP Financial Measures

NGL defines EBITDA as net income (loss) attributable to NGL Energy Partners LP, plus interest expense, income tax expense (benefit), and depreciation and amortization expense. NGL defines Adjusted EBITDA as EBITDA excluding net unrealized gains and losses on derivatives, lower of cost or market adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, revaluation of investments, equity-based compensation expense, acquisition expense, revaluation of liabilities and other. NGL also includes in Adjusted EBITDA certain inventory valuation adjustments related to NGL’s Refined Products and Renewables segment, as discussed below. EBITDA and Adjusted EBITDA should not be considered alternatives to net income (loss), income (loss) before income taxes, cash flows from operating activities, or any other measure of financial performance calculated in accordance with GAAP, as those items are used to measure operating performance, liquidity or the ability to service debt obligations. NGL believes that EBITDA provides additional information to investors for evaluating NGL’s ability to make quarterly distributions to NGL’s unitholders and is presented solely as a supplemental measure. NGL believes that Adjusted EBITDA provides additional information to investors for evaluating NGL’s financial performance without regard to NGL’s financing methods, capital structure and historical cost basis. Further, EBITDA and Adjusted EBITDA, as NGL defines them, may not be comparable to EBITDA, Adjusted EBITDA, or similarly titled measures used by other entities.

Other than for NGL’s Refined Products and Renewables segment, for purposes of the Adjusted EBITDA calculation, NGL makes a distinction between realized and unrealized gains and losses on derivatives. During the period when a derivative contract is open, NGL records changes in the fair value of the derivative as an unrealized gain or loss. When a derivative contract matures or is settled, NGL reverses the previously recorded unrealized gain or loss and record a realized gain or loss. NGL does not draw such a distinction between realized and unrealized gains and losses on derivatives of NGL’s Refined Products and Renewables segment. The primary hedging strategy of NGL’s Refined Products and Renewables segment is to hedge against the risk of declines in the value of inventory over the course of the contract cycle, and many of the hedges are six months to one year in duration at inception. The "inventory valuation adjustment" row in the reconciliation table reflects the difference between the market value of the inventory of NGL’s Refined Products and Renewables segment at the balance sheet date and its cost. NGL includes this in Adjusted EBITDA because the unrealized gains and losses associated with derivative contracts associated with the inventory of this segment, which are intended primarily to hedge inventory holding risk and are included in net income, also affect Adjusted EBITDA.

Distributable Cash Flow is defined as Adjusted EBITDA minus maintenance capital expenditures, income tax expense, cash interest expense and other. Maintenance capital expenditures represent capital expenditures necessary to maintain the Partnership’s operating capacity. Distributable Cash Flow is a performance metric used by senior management to compare cash flows generated by the Partnership (excluding growth capital expenditures and prior to the establishment of any retained cash reserves by the Board of Directors) to the cash distributions expected to be paid to unitholders. Using this metric, management can quickly compute the coverage ratio of estimated cash flows to planned cash distributions. This financial measure also is important to investors as an indicator of whether the Partnership is generating cash flow at a level that can sustain, or support an increase in, quarterly distribution rates. Actual distribution amounts are set by the Board of Directors.

Forward Looking Statements

This press release includes "forward-looking statements." All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. While NGL believes such forward-looking statements are reasonable, NGL cannot assure they will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Other factors that could impact any forward-looking statements are those risks described in NGL’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other public filings. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading "Risk Factors." NGL undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.

NGL provides Adjusted EBITDA guidance that does not include certain charges and costs, which in future periods are generally expected to be similar to the kinds of charges and costs excluded from Adjusted EBITDA in prior periods, such as income taxes, interest and other non-operating items, depreciation and amortization, net unrealized gains and losses on derivatives, lower of cost or market adjustments, gains and losses on disposal or impairment of assets, equity-based compensation, acquisition-related expense, revaluation of liabilities and items that are unusual in nature or infrequently occurring. The exclusion of these charges and costs in future periods will have a significant impact on the Partnership’s Adjusted EBITDA, and the Partnership is not able to provide a reconciliation of its Adjusted EBITDA guidance to net income (loss) without unreasonable efforts due to the uncertainty and variability of the nature and amount of these future charges and costs and the Partnership believes that such reconciliation, if possible, would imply a degree of precision that would be potentially confusing or misleading to investors.

About NGL Energy Partners LP

NGL Energy Partners LP is a Delaware limited partnership. NGL owns and operates a vertically integrated energy business with five primary businesses: Crude Oil Logistics, Water Solutions, Liquids, Retail Propane and Refined Products and Renewables. NGL completed its initial public offering in May 2011. For further information, visit the Partnership’s website at www.nglenergypartners.com.

                                                                                                                               
                                                                                            NGL ENERGY PARTNERS LP AND SUBSIDIARIES
                                                                                        Unaudited Condensed Consolidated Balance Sheets
                                                                                              (in Thousands, except unit amounts)
                                                                                                                                                                                                           
                                                                                                               December 31, 2017                                                           March 31, 2017
                                                                                             ----------------------------------------------------                     ---------------------------------------------------------
                                 ASSETS
CURRENT ASSETS:
   Cash and cash equivalents                                                                                    $    28,469                                                              $         12,264
   Accounts receivable-trade, net of allowance for doubtful accounts of                                           1,063,907                                                                       800,607
   $5,561 and $5,234, respectively
   Accounts receivable-affiliates                                                                                     3,517                                                                         6,711
   Inventories                                                                                                      645,100                                                                       561,432
   Prepaid expenses and other current assets                                                                         97,395                                                                       103,193
   Assets held for sale                                                                          131,591                          --  
                                                                                             -------------------- --------- --------------------                      -------------------- -------------- --------------------
      Total current assets                                                                                        1,969,979                                                                     1,484,207
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of                                                 1,708,683                                                                     1,790,273
$420,174 and $375,594, respectively
GOODWILL                                                                                                          1,313,317                                                                     1,451,716
INTANGIBLE ASSETS, net of accumulated amortization of $455,532 and                                                1,064,955                                                                     1,163,956
$414,605, respectively
INVESTMENTS IN UNCONSOLIDATED ENTITIES                                                                               16,369                                                                       187,423
LOAN RECEIVABLE-AFFILIATE                                                                                               318                                                                         3,200
OTHER NONCURRENT ASSETS                                                                          242,765                                 239,604  
                                                                                             -------------------- --------- --------------------                      -------------------- -------------- --------------------
      Total assets                                                                                              $ 6,316,386                                           $      6,320,379  
                                                                                             ==================== ========= ====================                      ==================== ============== ====================
                                                                                                                                                                                                           
                         LIABILITIES AND EQUITY
CURRENT LIABILITIES:
   Accounts payable-trade                                                                                       $   866,768                                                              $        658,021
   Accounts payable-affiliates                                                                                          474                                                                         7,918
   Accrued expenses and other payables                                                                              230,752                                                                       207,125
   Advance payments received from customers                                                                          46,850                                                                        35,944
   Current maturities of long-term debt                                                                               3,260                                                                        29,590
   Liabilities held for sale                                                                      16,574                          --  
                                                                                             -------------------- --------- --------------------                      -------------------- -------------- --------------------
      Total current liabilities                                                                                   1,164,678                                                                       938,598
LONG-TERM DEBT, net of debt issuance costs of $22,883 and $33,458,                                                2,921,966                                                                     2,963,483
respectively, and current maturities
OTHER NONCURRENT LIABILITIES                                                                                        168,281                                                                       184,534
                                                                                                                                                                                                           
CLASS A 10.75% CONVERTIBLE PREFERRED UNITS, 19,942,169 and                                                           76,056                                                                        63,890
19,942,169 preferred units issued and outstanding, respectively
REDEEMABLE NONCONTROLLING INTEREST                                                                                    4,011                                                                         3,072
                                                                                                                                                                                                           
EQUITY:
   General partner, representing a 0.1% interest, 121,205 and 120,300                                               (50,869 )                                                                     (50,529 )
   notional units, respectively
   Limited partners, representing a 99.9% interest, 121,083,664 and                                               1,823,740                                                                     2,192,413
   120,179,407 common units issued and outstanding, respectively
   Class B preferred limited partners, 8,400,000 and 0 preferred units                                              202,731                                                                --
   issued and outstanding, respectively
   Accumulated other comprehensive loss                                                                              (1,478 )                                                                      (1,828 )
   Noncontrolling interests                                                                        7,270                                  26,746  
                                                                                             -------------------- --------- --------------------                      -------------------- -------------- --------------------
      Total equity                                                                             1,981,394                               2,166,802  
                                                                                             -------------------- --------- --------------------                      -------------------- -------------- --------------------
      Total liabilities and equity                                                                              $ 6,316,386                                           $      6,320,379  
                                                                                             ==================== ========= ====================                      ==================== ============== ====================
                                                                                                                                                                                                           
                                                                                                                                                                                                                                                    
                                                                                                                                                                          NGL ENERGY PARTNERS LP AND SUBSIDIARIES
                                                                                                                                                                 Unaudited Condensed Consolidated Statements of Operations
                                                                                                                                                                     (in Thousands, except unit and per unit amounts)
                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                           Three Months Ended December 31,                                                                                                                             Nine Months Ended December 31,
                                                                                       ---------------------------------------------------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                 2017                                                                          2016                                                                          2017                                                                          2016
                                                                                       ---------------------------------------------------------                     ---------------------------------------------------------                     ---------------------------------------------------------                     ---------------------------------------------------------
REVENUES:
   Crude Oil Logistics                                                                                    $        585,007                                                              $        385,906                                                              $      1,526,944                                                              $      1,161,742
   Water Solutions                                                                                                  64,024                                                                        40,359                                                                       162,023                                                                       115,845
   Liquids                                                                                                         709,044                                                                       470,275                                                                     1,379,981                                                                       909,584
   Retail Propane                                                                                                  160,025                                                                       128,654                                                                       291,797                                                                       240,131
   Refined Products and Renewables                                                                               2,944,874                                                                     2,381,283                                                                     8,806,717                                                                     6,746,168
   Other                                                                                            289                                     164                                     696                                     679  
                                                                                       -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
      Total Revenues                                                                                             4,463,263                                                                     3,406,641                                                                    12,168,158                                                                     9,174,149
COST OF SALES:
   Crude Oil Logistics                                                                                             552,871                                                                       361,839                                                                     1,423,511                                                                     1,107,587
   Water Solutions                                                                                                  10,192                                                                           477                                                                        13,019                                                                         3,871
   Liquids                                                                                                         670,701                                                                       430,946                                                                     1,319,344                                                                       831,221
   Retail Propane                                                                                                   87,487                                                                        60,508                                                                       148,443                                                                       106,019
   Refined Products and Renewables                                                                               2,951,440                                                                     2,374,175                                                                     8,781,009                                                                     6,674,194
   Other                                                                                            117                                      77                                     311                                     300  
                                                                                       -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
      Total Cost of Sales                                                                                        4,272,808                                                                     3,228,022                                                                    11,685,637                                                                     8,723,192
OPERATING COSTS AND EXPENSES:
   Operating                                                                                                        84,846                                                                        76,981                                                                       237,285                                                                       225,408
   General and administrative                                                                                       29,218                                                                        18,280                                                                        77,689                                                                        88,077
   Depreciation and amortization                                                                                    63,340                                                                        60,767                                                                       192,427                                                                       160,276
   (Gain) loss on disposal or impairment of assets, net                                                           (111,480 )                                                                          34                                                                       (11,242 )                                                                    (203,433 )
   Revaluation of liabilities                                                            --                          --                                   5,600                          --  
                                                                                       -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
      Operating Income (Loss)                                                                                      124,531                                                                        22,557                                                                       (19,238 )                                                                     180,629
OTHER INCOME (EXPENSE):
   Equity in earnings of unconsolidated entities                                                                     3,426                                                                         1,279                                                                         7,270                                                                         1,726
   Revaluation of investments                                                                               --                                                                --                                                                --                                                                       (14,365 )
   Interest expense                                                                                                (51,790 )                                                                     (41,436 )                                                                    (151,249 )                                                                    (105,316 )
   (Loss) gain on early extinguishment of liabilities, net                                                         (21,141 )                                                              --                                                                       (22,479 )                                                                      30,890
   Other income, net                                                                              2,107                                  20,007                                   6,113                                  25,860  
                                                                                       -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
      Income (Loss) Before Income Taxes                                                                             57,133                                                                         2,407                                                                      (179,583 )                                                                     119,424
INCOME TAX EXPENSE                                                                                 (364 )                                                   (1,114 )                                                     (934 )                                                   (2,036 )
                                                                                       -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
      Net Income (Loss)                                                                                             56,769                                                                         1,293                                                                      (180,517 )                                                                     117,388
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS                                                              (89 )                                                                        (317 )                                                                        (221 )                                                                      (6,091 )
LESS: NET (INCOME) LOSS ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING                                  (424 )                                           --                                     261                          --  
INTERESTS
                                                                                       -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
NET INCOME (LOSS) ATTRIBUTABLE TO NGL ENERGY PARTNERS LP                                                            56,256                                                                           976                                                                      (180,477 )                                                                     111,297
LESS: DISTRIBUTIONS TO PREFERRED UNITHOLDERS                                                                       (16,219 )                                                                      (8,906 )                                                                     (42,001 )                                                                     (20,958 )
LESS: NET (INCOME) LOSS ALLOCATED TO GENERAL PARTNER                                                                   (73 )                                                                         (22 )                                                                         121                                                                          (180 )
LESS: REPURCHASE OF WARRANTS                                                             --                          --                                    (349 )                                           --  
                                                                                       -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
NET INCOME (LOSS) ALLOCATED TO COMMON UNITHOLDERS                                                         $         39,964                                           $         (7,952 )                                                            $       (222,706 )                                                            $         90,159  
                                                                                       ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
BASIC INCOME (LOSS) PER COMMON UNIT                                                                       $           0.33                                           $          (0.07 )                                                            $          (1.84 )                                                            $           0.85  
                                                                                       ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
DILUTED INCOME (LOSS) PER COMMON UNIT                                                                     $           0.32                                           $          (0.07 )                                                            $          (1.84 )                                                            $           0.82  
                                                                                       ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING                                             120,844,008                             107,966,901                             120,899,502                             106,114,668  
                                                                                       ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING                                           124,161,966                             107,966,901                             120,899,502                             109,554,928  
                                                                                       ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                    
                                                                                                                                                                    EBITDA, ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW
                                                                                                                                                                                      RECONCILIATION
                                                                                                                                                                                        (Unaudited)
 
The following table reconciles NGL’s net income (loss) to NGL’s
EBITDA, Adjusted EBITDA and Distributable Cash Flow:
                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                           Three Months Ended December 31,                                                                                                                             Nine Months Ended December 31,
                                                                                       ---------------------------------------------------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                 2017                                                                          2016                                                                          2017                                                                          2016
                                                                                       ---------------------------------------------------------                     ---------------------------------------------------------                     ---------------------------------------------------------                     ---------------------------------------------------------
                                                                                                                                                                                                                                 (in thousands)
Net income (loss)                                                                                         $         56,769                                                              $          1,293                                                              $       (180,517 )                                                            $        117,388
Less: Net income attributable to noncontrolling interests                                                              (89 )                                                                        (317 )                                                                        (221 )                                                                      (6,091 )
Less: Net (income) loss attributable to redeemable noncontrolling                                  (424 )                                           --                                     261                          --  
interests
                                                                                       -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Net income (loss) attributable to NGL Energy Partners LP                                                            56,256                                                                           976                                                                      (180,477 )                                                                     111,297
Interest expense                                                                                                    51,825                                                                        41,486                                                                       151,391                                                                       105,283
Income tax expense                                                                                                     364                                                                         1,114                                                                           934                                                                         2,036
Depreciation and amortization                                                                    67,025                                  64,644                                 204,514                                 171,746  
                                                                                       -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
   EBITDA                                                                                                          175,470                                                                       108,220                                                                       176,362                                                                       390,362
Net unrealized losses (gains) on derivatives                                                                           775                                                                        (3,957 )                                                                      16,851                                                                          (737 )
Inventory valuation adjustment (1)                                                                                  27,786                                                                         7,859                                                                         6,439                                                                        40,552
Lower of cost or market adjustments                                                                                 (3,907 )                                                                         731                                                                         5,504                                                                           839
(Gain) loss on disposal or impairment of assets, net                                                              (111,479 )                                                                          35                                                                       (11,241 )                                                                    (203,469 )
Loss (gain) on early extinguishment of liabilities, net                                                             21,141                                                                --                                                                        22,479                                                                       (30,890 )
Revaluation of investments                                                                                  --                                                                --                                                                --                                                                        14,365
Equity-based compensation expense (2)                                                                               12,228                                                                         6,865                                                                        27,114                                                                        39,859
Acquisition expense (3)                                                                                                186                                                                           378                                                                           132                                                                         1,539
Revaluation of liabilities                                                                                  --                                                                --                                                                         5,600                                                                --
Other (4)                                                                                           448                                     617                                   3,089                                   7,734  
                                                                                       -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
   Adjusted EBITDA                                                                                                 122,648                                                                       120,748                                                                       252,329                                                                       260,154
Less: Cash interest expense (5)                                                                                     49,043                                                                        38,405                                                                       142,758                                                                        96,796
Less: Income tax expense                                                                                               364                                                                         1,114                                                                           934                                                                         2,036
Less: Maintenance capital expenditures                                                                              12,156                                                                         5,205                                                                        26,677                                                                        17,901
Less: Other (6)                                                                                     316                                      19                                     549                                      19  
                                                                                       -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
   Distributable Cash Flow                                                                                $         60,769                                           $         76,005                                           $         81,411                                           $        143,402  
                                                                                       ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
 
-----------------------------------------------------------------
(1) Amount reflects the difference between the market value of the
inventory of NGL’s Refined Products and Renewables segment at the
balance sheet date and its cost. See "Non-GAAP Financial Measures"
section above for a further discussion.
 
(2) Equity-based compensation expense in the table above may
differ from equity-based compensation expense reported in the
footnotes to our unaudited condensed consolidated financial
statements included in the Partnership’s Quarterly Report on Form
10-Q for the quarter ended December 31, 2017. Amounts reported in
the table above include expense accruals for bonuses expected to
be paid in common units, whereas the amounts reported in the
footnotes to our unaudited condensed consolidated financial
statements only include expenses associated with equity-based
awards that have been formally granted.
 
(3) Amounts represent expenses we incurred related to legal and
advisory costs associated with acquisitions, partially offset by
reimbursement for certain legal costs incurred in prior periods.
 
(4) Amounts for the three months ended December 31, 2017 and 2016,
and the nine months ended December 31, 2017, represent non-cash
operating expenses related to our Grand Mesa Pipeline and
accretion expense for asset retirement obligations. The amount for
the nine months ended December 31, 2016, represents non-cash
operating expenses related to our Grand Mesa Pipeline, adjustments
related to noncontrolling interests and accretion expense for
asset retirement obligations.
 
(5) Amount represents interest expense payable in cash for the
period presented, excluding changes in the accrued interest balance.
 
(6) Amount represents cash paid to settle asset retirement
obligations.
                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                     ADJUSTED EBITDA RECONCILIATION BY SEGMENT
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                  Three Months Ended December 31, 2017
                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                     Crude Oil                                                                       Water                                                                        Liquids                                                                       Retail                                                                        Refined                                                                      Corporate                                                                Consolidated
                                                                                                     Logistics                                                                     Solutions                                                                                                                                                    Propane                                                                      Products                                                                         and
                                                                                                                                                                                                                                                                                                                                                                                                                                and                                                                          Other
                                                                                                                                                                                                                                                                                                                                                                                                                            Renewables
                                                                             ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------
                                                                                                                                                                                                                                                                                                                  (in thousands)
Operating income (loss)                                                                         $        106,279                                                              $         (1,373 )                                                            $         22,290                                                              $         23,972                                                              $         (4,791 )                                                            $        (21,846 )                                                            $  124,531
Depreciation and amortization                                                                             20,092                                                                        24,586                                                                         6,247                                                                        11,130                                                                           323                                                                           962                                                                  63,340
Amortization recorded to cost of sales                                                                        85                                                                --                                                                            70                                                                --                                                                         1,350                                                                --                                                                   1,505
Net unrealized losses (gains) on derivatives                                                                 962                                                                         8,504                                                                        (8,550 )                                                                        (141 )                                                              --                                                                --                                                                     775
Inventory valuation adjustment                                                                    --                                                                --                                                                --                                                                --                                                                        27,786                                                                --                                                                  27,786
Lower of cost or market adjustments                                                                        5,207                                                                --                                                                --                                                                --                                                                        (9,114 )                                                              --                                                                  (3,907 )
(Gain) loss on disposal or impairment of assets, net                                                    (107,574 )                                                                       2,929                                                                          (214 )                                                                         908                                                                        (7,529 )                                                              --                                                                (111,480 )
Equity-based compensation expense                                                                 --                                                                --                                                                --                                                                --                                                                --                                                                        12,228                                                                  12,228
Acquisition expense                                                                               --                                                                --                                                                --                                                                --                                                                --                                                                           186                                                                     186
Other income, net                                                                                              5                                                                           190                                                                            93                                                                            29                                                                           151                                                                         1,639                                                                   2,107
Adjusted EBITDA attributable to unconsolidated entities                                                    3,887                                                                           144                                                                --                                                                           902                                                                         1,018                                                                --                                                                   5,951
Adjusted EBITDA attributable to noncontrolling interest                                           --                                                                          (185 )                                                              --                                                                          (637 )                                                              --                                                                --                                                                    (822 )
Other                                                                                   1,377                                      91                                      21                                  (1,041 )                                           --                          --                               448  
                                                                             -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------- --------------------
   Adjusted EBITDA                                                                              $         30,320                                           $         34,886                                           $         19,957                                           $         35,122                                           $          9,194                                           $         (6,831 )                                                            $  122,648  
                                                                             ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ======== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                  Three Months Ended December 31, 2016
                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                     Crude Oil                                                                       Water                                                                        Liquids                                                                       Retail                                                                        Refined                                                                      Corporate                                                                Consolidated
                                                                                                     Logistics                                                                     Solutions                                                                                                                                                    Propane                                                                      Products                                                                         and
                                                                                                                                                                                                                                                                                                                                                                                                                                and                                                                          Other
                                                                                                                                                                                                                                                                                                                                                                                                                            Renewables
                                                                             ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------
                                                                                                                                                                                                                                                                                                                  (in thousands)
Operating (loss) income                                                                         $         (9,163 )                                                            $        (11,898 )                                                            $         24,765                                                              $         21,772                                                              $          8,209                                                              $        (11,128 )                                                            $   22,557
Depreciation and amortization                                                                             16,503                                                                        27,150                                                                         4,441                                                                        11,379                                                                           404                                                                           890                                                                  60,767
Amortization recorded to cost of sales                                                                       100                                                                --                                                                           195                                                                --                                                                         1,458                                                                --                                                                   1,753
Net unrealized losses (gains) on derivatives                                                                 732                                                                        (1,304 )                                                                      (3,387 )                                                                           2                                                                --                                                                --                                                                  (3,957 )
Inventory valuation adjustment                                                                    --                                                                --                                                                --                                                                --                                                                         7,859                                                                --                                                                   7,859
Lower of cost or market adjustments                                                               --                                                                --                                                                --                                                                --                                                                           731                                                                --                                                                     731
Loss (gain) on disposal or impairment of assets, net                                                       4,655                                                                         2,323                                                                            60                                                                           (62 )                                                                      (6,941 )                                                                          (1 )                                                                    34
Equity-based compensation expense                                                                 --                                                                --                                                                --                                                                --                                                                --                                                                         6,865                                                                   6,865
Acquisition expense                                                                               --                                                                --                                                                --                                                                            (2 )                                                              --                                                                           380                                                                     378
Other income, net                                                                                            721                                                                         1,214                                                                             4                                                                            19                                                                        16,220                                                                         1,829                                                                  20,007
Adjusted EBITDA attributable to unconsolidated entities                                                    2,577                                                                            54                                                                --                                                                          (111 )                                                                       1,867                                                                --                                                                   4,387
Adjusted EBITDA attributable to noncontrolling interest                                           --                                                                          (667 )                                                              --                                                                          (583 )                                                              --                                                                --                                                                  (1,250 )
Other                                                                                     481                                     116                                      20                          --                          --                          --                               617  
                                                                             -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------- --------------------
   Adjusted EBITDA                                                                              $         16,606                                           $         16,988                                           $         26,098                                           $         32,414                                           $         29,807                                           $         (1,165 )                                                            $  120,748  
                                                                             ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ======== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                  Nine Months Ended December 31, 2017
                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                     Crude Oil                                                                       Water                                                                        Liquids                                                                       Retail                                                                        Refined                                                                      Corporate                                                                Consolidated
                                                                                                     Logistics                                                                     Solutions                                                                                                                                                    Propane                                                                      Products                                                                         and
                                                                                                                                                                                                                                                                                                                                                                                                                                and                                                                          Other
                                                                                                                                                                                                                                                                                                                                                                                                                            Renewables
                                                                             ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------
                                                                                                                                                                                                                                                                                                                  (in thousands)
Operating income (loss)                                                                         $        111,832                                                              $        (10,075 )                                                            $       (104,589 )                                                            $          8,878                                                              $         30,747                                                              $        (56,031 )                                                            $  (19,238 )
Depreciation and amortization                                                                             61,885                                                                        73,847                                                                        18,718                                                                        34,205                                                                           971                                                                         2,801                                                                 192,427
Amortization recorded to cost of sales                                                                       254                                                                --                                                                           211                                                                --                                                                         4,131                                                                --                                                                   4,596
Net unrealized losses on derivatives                                                                       2,473                                                                        11,526                                                                         2,763                                                                            89                                                                --                                                                --                                                                  16,851
Inventory valuation adjustment                                                                    --                                                                --                                                                --                                                                --                                                                         6,439                                                                --                                                                   6,439
Lower of cost or market adjustments                                                                        5,207                                                                --                                                                --                                                                --                                                                           297                                                                --                                                                   5,504
(Gain) loss on disposal or impairment of assets, net                                                    (111,290 )                                                                       3,114                                                                       117,515                                                                         2,004                                                                       (22,585 )                                                              --                                                                 (11,242 )
Equity-based compensation expense                                                                 --                                                                --                                                                --                                                                --                                                                --                                                                        27,114                                                                  27,114
Acquisition expense                                                                               --                                                                --                                                                --                                                                --                                                                --                                                                           132                                                                     132
Other income, net                                                                                             99                                                                           210                                                                           100                                                                           280                                                                           486                                                                         4,938                                                                   6,113
Adjusted EBITDA attributable to unconsolidated entities                                                   11,507                                                                           425                                                                --                                                                           891                                                                         3,125                                                                --                                                                  15,948
Adjusted EBITDA attributable to noncontrolling interest                                           --                                                                          (619 )                                                              --                                                                          (385 )                                                              --                                                                --                                                                  (1,004 )
Revaluation of liabilities                                                                        --                                                                         5,600                                                                --                                                                --                                                                --                                                                --                                                                   5,600
Other                                                                                   3,790                                     276                                      64                                  (1,041 )                                           --                          --                             3,089  
                                                                             -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------- --------------------
   Adjusted EBITDA                                                                              $         85,757                                           $         84,304                                           $         34,782                                           $         44,921                                           $         23,611                                           $        (21,046 )                                                            $  252,329  
                                                                             ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ======== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                  Nine Months Ended December 31, 2016
                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                     Crude Oil                                                                       Water                                                                        Liquids                                                                       Retail                                                                        Refined                                                                      Corporate                                                                Consolidated
                                                                                                     Logistics                                                                     Solutions                                                                                                                                                    Propane                                                                      Products                                                                         and
                                                                                                                                                                                                                                                                                                                                                                                                                                and                                                                          Other
                                                                                                                                                                                                                                                                                                                                                                                                                            Renewables
                                                                             ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------
                                                                                                                                                                                                                                                                                                                  (in thousands)
Operating (loss) income                                                                         $        (28,827 )                                                            $         63,136                                                              $         33,092                                                              $         10,553                                                              $        169,365                                                              $        (66,690 )                                                            $  180,629
Depreciation and amortization                                                                             34,496                                                                        76,713                                                                        13,315                                                                        31,771                                                                         1,237                                                                         2,744                                                                 160,276
Amortization recorded to cost of sales                                                                       284                                                                --                                                                           585                                                                --                                                                         4,229                                                                --                                                                   5,098
Net unrealized losses (gains) on derivatives                                                                 951                                                                        (2,138 )                                                                         239                                                                           211                                                                --                                                                --                                                                    (737 )
Inventory valuation adjustment                                                                    --                                                                --                                                                --                                                                --                                                                        40,552                                                                --                                                                  40,552
Lower of cost or market adjustments                                                               --                                                                --                                                                --                                                                --                                                                           839                                                                --                                                                     839
Loss (gain) on disposal or impairment of assets, net                                                      14,617                                                                       (91,958 )                                                                         109                                                                           (96 )                                                                    (126,101 )                                                                          (4 )                                                              (203,433 )
Equity-based compensation expense                                                                 --                                                                --                                                                --                                                                --                                                                --                                                                        39,859                                                                  39,859
Acquisition expense                                                                               --                                                                --                                                                --                                                                --                                                                --                                                                         1,539                                                                   1,539
Other (expense) income, net                                                                                 (589 )                                                                       1,524                                                                            67                                                                           339                                                                        19,099                                                                         5,420                                                                  25,860
Adjusted EBITDA attributable to unconsolidated entities                                                    7,651                                                                            (9 )                                                              --                                                                          (388 )                                                                       3,543                                                                --                                                                  10,797
Adjusted EBITDA attributable to noncontrolling interest                                           --                                                                        (2,298 )                                                              --                                                                          (442 )                                                              --                                                                --                                                                  (2,740 )
Other                                                                                   1,276                                     279                                      60                          --                          --                          --                             1,615  
                                                                             -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------- --------------------
   Adjusted EBITDA                                                                              $         29,859                                           $         45,249                                           $         47,467                                           $         41,948                                           $        112,763                                           $        (17,132 )                                                            $  260,154  
                                                                             ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ======== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                            
                                                                                               OPERATIONAL DATA
                                                                                                  (Unaudited)
                                                                                                                                                                                          
                                                                                                     Three Months Ended                                                    Nine Months Ended
                                                                                                        December 31,                                                         December 31,
                                                                                         -------------------------------------------                     -----------------------------------------------------
                                                                                            2017                            2016                            2017                                 2016
                                                                                         ----------                      ----------                      ----------                      --------------------
                                                                                                                                (in thousands, except per day amounts)
Crude Oil Logistics:
Crude oil sold (barrels)                                                                     10,006                           7,527                          28,588                                    24,838
Crude oil transported on owned pipelines (barrels)                                            9,228                           1,610                          24,176                                     1,610
Crude oil storage capacity - owned and leased (barrels) (1)                                                                                                   6,362                                     6,765
Crude oil inventory (barrels) (1)                                                                                                                             1,356                                     2,037
                                                                                                                                                                                          
Water Solutions:
Wastewater processed (barrels per day)
   Eagle Ford Basin                                                                         255,634                         203,349                         228,698                                   207,732
   Permian Basin                                                                            334,556                         208,495                         280,158                                   182,165
   DJ Basin                                                                                 121,061                          67,560                         114,156                                    62,495
   Other Basins                                                                              78,144                          36,778                          66,884                                    38,199
                                                                                         ----------                      ----------                      ----------                      --------------------
      Total                                                                                 789,395                         516,182                         689,896                                   490,591
                                                                                         ==========                      ==========                      ==========                      ====================
Solids processed (barrels per day)                                                            6,095                           2,624                           5,357                                     2,643
Skim oil sold (barrels per day)                                                               3,623                           1,597                           2,923                                     1,714
                                                                                                                                                                                          
Liquids:
Propane sold (gallons)                                                                      399,211                         386,854                         881,719                                   813,490
Butane sold (gallons)                                                                       191,504                         149,403                         408,440                                   347,858
Other products sold (gallons)                                                               104,136                          89,974                         296,756                                   256,451
Liquids storage capacity - owned and leased (gallons) (1)                                                                                                   453,971                                   358,537
Propane inventory (gallons) (1)                                                                                                                             130,940                                   135,582
Butane inventory (gallons) (1)                                                                                                                               41,941                                    22,261
Other products inventory (gallons) (1)                                                                                                                        9,616                                     6,887
                                                                                                                                                                                          
Retail Propane:
Propane sold (gallons)                                                                       62,058                          56,572                         117,488                                   105,933
Distillates sold (gallons)                                                                    9,381                           9,139                          17,088                                    17,505
Propane inventory (gallons) (1)                                                                                                                               6,760                                    10,708
Distillates inventory (gallons) (1)                                                                                                                           2,618                                     2,457
                                                                                                                                                                                          
Refined Products and Renewables:
Gasoline sold (barrels)                                                                      22,902                          22,227                          77,877                                    65,278
Diesel sold (barrels)                                                                        15,004                          13,215                          43,792                                    38,415
Ethanol sold (barrels)                                                                          900                           1,125                           2,892                                     3,190
Biodiesel sold (barrels)                                                                        477                             733                           1,672                                     1,948
Refined Products and Renewables storage capacity - leased (barrels)                                                                                           9,046                                     7,794
(1)
Gasoline inventory (barrels) (1)                                                                                                                              3,007                                     2,627
Diesel inventory (barrels) (1)                                                                                                                                1,605                                     2,738
Ethanol inventory (barrels) (1)                                                                                                                                 684                                       502
Biodiesel inventory (barrels) (1)                                                                                                                               153                                       501
 
-------------------------------------------------------------------
(1) Information is presented as of December 31, 2017, and
December 31, 2016, respectively, and does not include the
inventory for the portion of the Retail Propane segment that has
been classified as held for sale as of December 31, 2017.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20180209005361r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20180209005361/en/

SOURCE: NGL Energy Partners LP

NGL Energy Partners LP 
Trey Karlovich, 918-481-1119 
Chief Financial Officer and Executive Vice President 
Trey.Karlovich@nglep.com 
or 
Linda Bridges, 918-481-1119 
Vice President - Finance and Treasurer 
Linda.Bridges@nglep.com


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