NGL Energy Partners LP 2024年度报告

(MarkOne) UNITEDSTATES SECURITIESANDEXCHANGECOMMISSION Washington,D.C.20549 Form10-K ☒ANNUALREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 ForthefiscalyearendedMarch31,2025OR TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACT ☐OF1934 ForthetransitionperiodfromtoCommissionFileNumber:001-35172 NGLEnergyPartnersLP (ExactNameofRegistrantasSpecifiedinItsCharter) Delaware27-3427920 (StateorOtherJurisdictionofIncorporationorOrganization)(I.R.S.EmployerIdentificationNo.) 6120SouthYaleAvenue,Suite1300 Tulsa,Oklahoma74136 (AddressofPrincipalExecutiveOffices)(ZipCode) (918)481-1119 (Registrant’sTelephoneNumber,IncludingAreaCode)SecuritiesregisteredpursuanttoSection12(b)oftheAct: TitleofEachClass TradingSymbol(s) NameofEachExchangeonWhichRegistered CommonunitsrepresentingLimitedPartnerInterests Fixed-to-floatingratecumulativeredeemableperpetualpreferredunitsFixed-to-floatingratecumulativeredeemableperpetualpreferredunits NGLNGL-PBNGL-PC NewYorkStockExchangeNewYorkStockExchangeNewYorkStockExchange SecuritiesregisteredpursuanttoSection12(g)oftheAct:None Indicatebycheckmarkiftheregistrantisawell-knownseasonedissuer,asdefinedinRule405oftheSecuritiesAct.Yes ☒No☐ IndicatebycheckmarkiftheregistrantisnotrequiredtofilereportspursuanttoSection13orSection15(d)oftheAct.Yes☐No☒ Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days.Yes☒No☐ IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyeveryInteractiveDataFilerequiredtobesubmittedpursuanttoRule405ofRegulationS-T(§232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtosubmitsuchfiles).Yes☒No☐ Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,asmallerreportingcompany,oranemerginggrowthcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler,”“smallerreportingcompany,”and“emerginggrowthcompany”inRule12b-2oftheExchangeAct. Largeacceleratedfiler Acceleratedfiler  Non-acceleratedfiler Smallerreportingcompany ☐ Emerginggrowthcompany ☐ Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.☐ Indicatebycheckmarkwhethertheregistranthasfiledareportonandattestationtoitsmanagement’sassessmentoftheeffectivenessofitsinternalcontroloverfinancialreportingunderSection404(b)oftheSarbanes-OxleyAct(15U.S.C.7262(b))bytheregisteredpublicaccountingfirmthatpreparedorissueditsauditreport.☒ IfsecuritiesareregisteredpursuanttoSection12(b)oftheAct,indicatebycheckmarkwhetherthefinancialstatementsoftheregistrantincludedinthefilingreflectthecorrectionofanerrortopreviouslyissuedfinancialstatements.☐ Indicatebycheckmarkwhetheranyofthoseerrorcorrectionsarerestatementsthatrequiredarecoveryanalysisofincentive-basedcompensationreceivedbyanyoftheregistrant’sexecutiveofficersduringtherelevantrecoveryperiodpursuantto§240.10D-1(b).☐ Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheAct).Yes☐No☒ TheaggregatemarketvalueatSeptember30,2024oftheCommonUnitsheldbynon-affiliatesoftheregistrant,basedonthereportedclosingpriceoftheCommonUnitsontheNewYorkStockExchangeonsuchdate($4.50perCommonUnit)was $465.3million.Forpurposesofthiscomputation,allexecutiveofficers,directorsand10%beneficialownersoftheregistrantaredeemedtobeaffiliates.Suchadeterminationshouldnotbedeemedanadmissionthatsuchexecutiveofficers,directorsand10%beneficialownersareaffiliates. AtMay27,2025,therewere132,012,766commonunitsissuedandoutstanding. TABLEOFCONTENTS PARTI Item1. Business 3 Item1A. RiskFactors 21 Item1B. UnresolvedStaffComments 48 Item1C. Cybersecurity 48 Item2. Properties 50 Item3. LegalProceedings 50 Item4. MineSafetyDisclosures 50 PARTII Item5. MarketforRegistrant’sCommonEquity,RelatedUnitholderMattersandIssuerPurchasesofEquitySecurities 51 Item6. [Reserved] 52 Item7. Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations 52 Item7A. QuantitativeandQualitativeDisclosuresAboutMarketRisk 83 Item8. FinancialStatementsandSupplementaryData 85 Item9. ChangesinandDisagreementswithAccountantsonAccountingandFinancialDisclosure 85 Item9A. ControlsandProcedures 85 Item9B. OtherInformation 87 Item9C. DisclosureRegardingForeignJurisdictionsthatPreventInspections 87 PARTIII Item10. Directors,ExecutiveOfficersandCorporateGovernance 87 Item11. ExecutiveCompensation 91 Item12. SecurityOwnershipofCertainBeneficialOwnersandManagementandRelatedUnitholderMatters 97 Item13. CertainRelationshipsandRelatedTransactions,andDirectorIndependence 99 Item14.PrincipalAccountantFeesandServices102 PARTIV Item15. ExhibitandFinancialStatementSchedules 103 Item16. Form10-KSummary 10