Attached files
| file | filename |
|---|---|
| EX-32.2 - EXHIBIT 32.2 - NGL Energy Partners LP | ex32212311710q.htm |
| EX-32.1 - EXHIBIT 32.1 - NGL Energy Partners LP | ex32112311710q.htm |
| EX-31.2 - EXHIBIT 31.2 - NGL Energy Partners LP | ex31212311710q.htm |
| EX-31.1 - EXHIBIT 31.1 - NGL Energy Partners LP | ex31112311710q.htm |
| EX-10.1 - EXHIBIT 10.1 - NGL Energy Partners LP | ex10112311710q.htm |
| 10-Q - 10-Q - NGL Energy Partners LP | ngl-12312017x10q.htm |
Exhibit 12.1
NGL ENERGY PARTNERS LP AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS (LOSS) TO FIXED CHARGES
COMPUTATION OF RATIOS OF EARNINGS (LOSS) TO FIXED CHARGES
AND COMBINED FIXED CHARGES AND PREFERRED UNIT DISTRIBUTIONS
(in Thousands, except ratio amounts)
Nine Months Ended December 31, | Fiscal Year Ended March 31, | |||||||||||||||||||||||
2017 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
EARNINGS (LOSS): | ||||||||||||||||||||||||
(Loss) income before income taxes | $ | (179,583 | ) | $ | 145,813 | $ | (187,464 | ) | $ | 46,571 | $ | 49,695 | $ | 50,065 | ||||||||||
Income before income taxes attributable to noncontrolling interests | (221 | ) | (6,832 | ) | (11,832 | ) | (12,887 | ) | (1,103 | ) | (250 | ) | ||||||||||||
Loss before income taxes attributable to redeemable noncontrolling interests | 261 | — | — | — | — | — | ||||||||||||||||||
Fixed charges | 205,361 | 189,465 | 146,401 | 151,956 | 91,622 | 66,824 | ||||||||||||||||||
Total earnings (loss) | $ | 25,818 | $ | 328,446 | $ | (52,895 | ) | $ | 185,640 | $ | 140,214 | $ | 116,639 | |||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||
Interest expense | $ | 151,249 | $ | 150,478 | $ | 133,089 | $ | 110,123 | $ | 58,854 | $ | 32,994 | ||||||||||||
Loss (gain) on early extinguishment of debt | 22,479 | (2,449 | ) | (28,532 | ) | — | — | 5,769 | ||||||||||||||||
Portion of rental expense estimated to relate to interest (1) | 31,633 | 41,436 | 41,844 | 41,833 | 32,768 | 28,061 | ||||||||||||||||||
Fixed charges | $ | 205,361 | $ | 189,465 | $ | 146,401 | $ | 151,956 | $ | 91,622 | $ | 66,824 | ||||||||||||
PREFERRED UNIT DISTRIBUTIONS | 25,017 | 14,693 | — | — | — | — | ||||||||||||||||||
Combined fixed charges and preferred unit distributions | $ | 230,378 | $ | 204,158 | $ | 146,401 | $ | 151,956 | $ | 91,622 | $ | 66,824 | ||||||||||||
Ratio of earnings to fixed charges (2) (3) | — | 1.73 | — | 1.22 | 1.53 | 1.75 | ||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred unit distributions (2) | — | 1.61 | ||||||||||||||||||||||
(1) | Represents one-third of the total operating lease rental expense, which is that portion estimated to represent interest. |
(2) | The ratio of earnings to fixed charges was less than 1:1 for the nine months ended December 31, 2017. NGL Energy Partners LP would have needed to generate an additional $179.5 million of earnings to achieve a ratio of 1:1. The ratio of earnings to combined fixed charges and preferred unit distributions was less than 1:1 for the nine months ended December 31, 2017. NGL Energy Partners LP would have needed to generate an additional $204.6 million of earnings to achieve a ratio of 1:1. |
(3) | The ratio of earnings to fixed charges was less than 1:1 for the fiscal year ended March 31, 2016. NGL Energy Partners LP would have needed to generate an additional $199.3 million of earnings to achieve a ratio of 1:1. |