# EDGAR Filing Document

**Accession Number:** 0001504461
**File Stem:** 0001504461-23-000029
**Filing Date:** 2023-3
**Character Count:** 9681
**Document Hash:** 120379999a334ef16b10f874e669eeb3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001504461-23-000029.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0001504461-23-000029

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230303

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230306

**DATE AS OF CHANGE**: 20230306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NGL Energy Partners LP
- **CENTRAL INDEX KEY:** 0001504461
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATURAL GAS TRANSMISSION [4922]
- **IRS NUMBER:** 273427920
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35172
- **FILM NUMBER:** 23707498

**BUSINESS ADDRESS:**
- **STREET 1:** 6120 S. YALE
- **STREET 2:** SUITE 805
- **CITY:** TULSA
- **STATE:** OK
- **ZIP:** 74136
- **BUSINESS PHONE:** 918.481.1119

**MAIL ADDRESS:**
- **STREET 1:** 6120 S. YALE
- **STREET 2:** SUITE 805
- **CITY:** TULSA
- **STATE:** OK
- **ZIP:** 74136

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Silverthorne Energy Partners LP
- **DATE OF NAME CHANGE:** 20101028

?xml version="1.0" ? ngl-20230303

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): **March 3, 2023**

**NGL ENERGY PARTNERS LP**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-35172** | **27-3427920** |
| (State or other jurisdiction of<br>incorporation or organization) | (Commission File Number) | (I.R.S. Employer<br>Identification No.) |

---

**6120 South Yale Avenue**

**Suite 805**

**Tulsa, Oklahoma 74136**

(Address of principal executive offices) (Zip Code)

**(918) 481-1119**

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240-14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbols** | **Name of Each Exchange on Which Registered** |
| Common units representing Limited Partner Interests | NGL | New York Stock Exchange |
| Fixed-to-floating rate cumulative redeemable perpetual preferred units | NGL-PB | New York Stock Exchange |
| Fixed-to-floating rate cumulative redeemable perpetual preferred units | NGL-PC | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

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**Item 8.01. Other Events.**

On March 6, 2023, NGL Energy Partners LP (the "Partnership") issued a press release announcing the signing of two definitive agreements to sell all of its marine assets for $111.65 million in cash. The Partnership provided waterborne transportation of refined products and crude oil for a diversified group of customers which include major oil refineries on the Gulf Coast with these assets. The Partnership's marine fleet consists of 13 towboats and 25 tank barges. The transaction is expected to close at the end of March, subject to customary closing conditions.

A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

**Item 9.01. Financial Statements and Exhibits.**

***(d) Exhibits.***

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press Release, dated](exhibit991saleofmarinebusi.htm)[March](exhibit991saleofmarinebusi.htm)[6](exhibit991saleofmarinebusi.htm)[, 2023.](exhibit991saleofmarinebusi.htm)</u> |
| 101 | Cover Page formatted as Inline XBRL. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | NGL ENERGY PARTNERS LP | NGL ENERGY PARTNERS LP | NGL ENERGY PARTNERS LP |
| | By: | NGL Energy Holdings LLC, | NGL Energy Holdings LLC, |
| | | its general partner | its general partner |
| Date: March 6, 2023 |  | By: | /s/ Bradley P. Cooper |
|  |  |  | Bradley P. Cooper |
|  |  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**NGL Energy Partners LP Signs Agreements to Sell Marine Assets for $111.65MM**

TULSA, Okla.--(BUSINESS WIRE)—March 6, 2023--NGL Energy Partners LP (NYSE:NGL) ("NGL," "our," "we," or the "Partnership") announced the signing of two definitive agreements to sell all of its marine assets for $111.65 million in cash in the aggregate. NGL provided waterborne transportation of refined products and crude oil for a diversified group of customers which include major oil refineries on the Gulf Coast with these assets. NGL's marine fleet consists of 13 towboats and 25 tank barges. The transaction is expected to close at the end of this month, subject to customary closing conditions.

"I want to thank our Marine employees for their hard work and service over the years to build one of the best fleets in the business. This non-core asset sale should allow NGL to further reduce leverage by March 31, 2023, as these proceeds will be used for debt reduction." stated Mike Krimbill, NGL's CEO. "Our near-term focus continues to be reducing absolute debt and leverage." Krimbill concluded.

BofA Securities, Inc. is serving as NGL's financial advisor; and McAfee & Taft of Tulsa, Oklahoma is serving as NGL's outside legal counsel.

**About NGL Energy Partners LP**

NGL Energy Partners LP, a Delaware limited partnership, is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of produced water generated as part of the oil and natural gas production process.

For further information, visit the Partnership's website at <u>www.nglenergypartners.com</u>.

***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 net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, equity-based compensation expense, acquisition 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.

David Sullivan, 918-481-1119

Vice President - Finance

<u>David.Sullivan@nglep.com</u>

<br>