Attached files
| file | filename |
|---|---|
| EX-31.1 - EXHIBIT 31.1 - NGL Energy Partners LP | ex31106301810q.htm |
| EX-32.2 - EXHIBIT 32.2 - NGL Energy Partners LP | ex32206301810q.htm |
| EX-32.1 - EXHIBIT 32.1 - NGL Energy Partners LP | ex32106301810q.htm |
| EX-31.2 - EXHIBIT 31.2 - NGL Energy Partners LP | ex31206301810q.htm |
| 10-Q - 10-Q - NGL Energy Partners LP | ngl-06302018x10q.htm |
Exhibit 12.1
NGL ENERGY PARTNERS LP AND SUBSIDIARIES
COMPUTATION OF RATIOS OF (LOSS) EARNINGS TO FIXED CHARGES
COMPUTATION OF RATIOS OF (LOSS) EARNINGS TO FIXED CHARGES
AND COMBINED FIXED CHARGES AND PREFERRED UNIT DISTRIBUTIONS
(in Thousands, except ratio amounts)
Three Months Ended June 30, | Fiscal Year Ended March 31, | |||||||||||||||||||||||
2018 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||
(LOSS) EARNINGS FROM CONTINUING OPERATIONS: | ||||||||||||||||||||||||
(Loss) income before income taxes from continuing operations (1) | $ | (164,597 | ) | $ | (224,497 | ) | $ | 96,078 | $ | (232,274 | ) | $ | (18,897 | ) | $ | (12,585 | ) | |||||||
Loss (income) before income taxes attributable to noncontrolling interests (1) | 345 | (240 | ) | (6,297 | ) | (11,202 | ) | (12,157 | ) | (1,097 | ) | |||||||||||||
Fixed charges (1) | 55,689 | 263,141 | 188,210 | 145,390 | 151,133 | 90,789 | ||||||||||||||||||
Total (loss) earnings from continuing operations (1) | $ | (108,563 | ) | $ | 38,404 | $ | 277,991 | $ | (98,086 | ) | $ | 120,079 | $ | 77,107 | ||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||
Interest expense (1) | $ | 46,268 | $ | 199,147 | $ | 149,993 | $ | 132,749 | $ | 109,873 | $ | 58,539 | ||||||||||||
Loss (gain) on early extinguishment of debt | 137 | 23,201 | (2,449 | ) | (28,532 | ) | — | — | ||||||||||||||||
Portion of rental expense estimated to relate to interest (1) (2) | 9,284 | 40,793 | 40,666 | 41,173 | 41,260 | 32,250 | ||||||||||||||||||
Fixed charges (1) | $ | 55,689 | $ | 263,141 | $ | 188,210 | $ | 145,390 | $ | 151,133 | $ | 90,789 | ||||||||||||
PREFERRED UNIT DISTRIBUTIONS | 15,899 | 40,916 | 14,693 | — | — | — | ||||||||||||||||||
Combined fixed charges and preferred unit distributions (1) | $ | 71,588 | $ | 304,057 | $ | 202,903 | $ | 145,390 | $ | 151,133 | $ | 90,789 | ||||||||||||
Ratio of earnings to fixed charges (3) (4) | — | — | 1.48 | — | — | — | ||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred unit distributions (3) | — | — | 1.37 | |||||||||||||||||||||
(1) | Amounts have been revised for discontinued operations for all periods presented. |
(2) | Represents one-third of the total operating lease rental expense, which is that portion estimated to represent interest. |
(3) | The ratio of earnings to fixed charges was less than 1:1 for the three months ended June 30, 2018 and fiscal year ended March 31, 2018. NGL Energy Partners LP would have needed to generate an additional $164.3 million and $224.7 million of earnings to achieve a ratio of 1:1 for the three months ended June 30, 2018 and fiscal year ended March 31, 2018, respectively. The ratio of earnings to combined fixed charges and preferred unit distributions was less than 1:1 for the three months ended June 30, 2018 and fiscal year ended March 31, 2018. NGL Energy Partners LP would have needed to generate an additional $180.2 million and $265.7 million of earnings to achieve a ratio of 1:1 for the three months ended June 30, 2018 and fiscal year ended March 31, 2018, respectively. |
(4) | The ratio of earnings to fixed charges was less than 1:1 for the fiscal years ended March 31, 2016, 2015 and 2014. NGL Energy Partners LP would have needed to generate an additional $243.5 million, $31.1 million and $13.7 million of earnings to achieve a ratio of 1:1 for the fiscal years ended March 31, 2016, 2015 and 2014, respectively. |