NGL notifies SEC of sale of some operations

Tulsa-based NGL Energy Partners LP notified the Securities and Exchange Commission this week that its sale of the company’s operations is complete.

The sale of the refined products marketing business in the mid-continent region and the gas blending business in the southeastern and eastern regions of the U.S. was finalized in January.

The business was sold to a third-party that purchased the inventory and open derivative positions and assumed NGL’s obligations under certain system storage agreements. NGL retained all of the outstanding accounts receivable and accounts payable balances associated with this business that related to transactions prior to the closing date according to the Form 8-K filed with the SEC.

In the financial statements and related disclosures included in the report, the results of Mid-Con and Gas Blending are reflected as discontinued operations. Certain assets and liabilities, particularly inventory, derivatives and leases, related to these two businesses have been classified as held for sale on the consolidated balance sheets as of March 31, 2019 and 2018, income from discontinued operations on the consolidated statements of operations for the three years ended March 31, 2019 and as net cash flows provided by (used in) operating, investing and financing activities for the three years ended March 31, 2019.

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