NGL Energy Partners LP (NGL Energy Partners LP) Operating Income : $376 Mil (TTM As of Dec. 2023)

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What is NGL Energy Partners LP Operating Income?

NGL Energy Partners LP's Operating Income for the three months ended in Dec. 2023 was $101 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 was $376 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. NGL Energy Partners LP's Operating Income for the three months ended in Dec. 2023 was $101 Mil. NGL Energy Partners LP's Revenue for the three months ended in Dec. 2023 was $1,870 Mil. Therefore, NGL Energy Partners LP's Operating Margin % for the quarter that ended in Dec. 2023 was 5.40%.

Good Sign:

NGL Energy Partners LP operating margin is expanding. Margin expansion is usually a good sign.

NGL Energy Partners LP's 5-Year average Growth Rate for Operating Margin % was 7.90% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. NGL Energy Partners LP's annualized ROC % for the quarter that ended in Dec. 2023 was 9.10%. NGL Energy Partners LP's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 15.61%.

NGL Energy Partners LP Operating Income Historical Data

The historical data trend for NGL Energy Partners LP's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

NGL Energy Partners LP Operating Income Chart

NGL Energy Partners LP Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Operating Income

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161.02

258.45

84.68

177.30

376.05

NGL Energy Partners LP Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Operating Income	Get a 7-Day Free Trial															110.98	101.56	70.82	102.24	101.00

NGL Energy Partners LP Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 adds up the quarterly data reported by the company within the most recent 12 months, which was $376 Mil.

NGL Energy Partners LP (NYSE:NGL) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

NGL Energy Partners LP's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	403.996 * ( 1 - 0.34% )	/	( (4449.912	+	4402.523)	/ 2 )
=	402.6224136	/	4426.2175
=	9.10 %

where

	Invested Capital		(Q: Sep. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	5627.915	-	1175.323	-	( 2.68	-	max(0, 1307.447	-	1563.582	+	2.68	))
=	4449.912

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	5362.487	-	959.226	-	( 0.738	-	max(0, 1088.012	-	1340.567	+	0.738	))
=	4402.523

Note: The Operating Income data used here is four times the quarterly (Dec. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

NGL Energy Partners LP's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	395.884	/	( ( (2261.334 + max(286.831, 0))	+	(2238.935 + max(284.656, 0)) )	/	2 )
=	395.884	/	( ( 2548.165	+	2523.591 )	/	2 )
=	395.884	/	2535.878
=	15.61 %

where Working Capital is:

	Working Capital		(Q: Sep. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1172.745	+	250.572	+	137.585)	-	(1175.323	+	29.239	+	69.509)
=	286.831

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1014.962	+	201.575	+	123.292)	-	(959.226	+	27.727	+	68.22)
=	284.656

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2023) EBIT data.

3. Operating Income is also linked to Operating Margin %:

NGL Energy Partners LP's Operating Margin % for the quarter that ended in Dec. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2023 )	/	Revenue (Q: Dec. 2023 )
	=	100.999	/	1869.777
	=	5.40 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

NGL Energy Partners LP Operating Income Related Terms

Thank you for viewing the detailed overview of NGL Energy Partners LP's Operating Income provided by GuruFocus.com. Please click on the following links to see related term pages.

NGL Energy Partners LP (NGL Energy Partners LP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » NGL Energy Partners LP (NYSE:NGL) » Definitions » Operating Income

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Traded in Other Exchanges

NGLpC.PFD:USA NGLpB.PFD:USA

Address

6120 South Yale Avenue, Suite 805, Tulsa, OK, USA, 74136

Website

https://www.nglenergypartners.com

NGL Energy Partners LP is a us-based firm that owns and operates a vertically integrated energy business. The company's operating segments include Crude Oil Logistics, Water Solutions, and Liquids Logistics. It operates crude oil storage terminals, and owns pipeline injection stations and offers services for the treatment and disposal of wastewater generated from crude oil and natural gas production, and for the disposal of solids, such as tank bottoms and drilling fluids. The firm also supplies natural gas liquids to retailers, wholesalers, refiners and petrochemical plants and sells propane and distillates.

Executives

Bradley P Cooper	officer: CFO & EVP	6120 S YALE AVE SUITE 805, TULSA OK 74136
H Michael Krimbill	director, officer: CEO	8801 S YALE STE 310, TULSA OK 74137
Derek S Reiners	director	100 W. 5TH ST., TULSA OK 74103
James M Collingsworth	director	1100 LOUISIANA 10TH FLOOR, HOUSTON TX 77002
John Ciolek	officer: Exec. Vice President	6120 S. YALE AVE., SUITE 805, TULSA OK 74136
Kurston Patrick Mcmurray	officer: GC, SVP and Secretary	6120 S. YALE AVE., SUITE 805, TULSA OK 74136
Linda J Bridges	officer: CFO & EVP	6120 S. YALE AVE., SUITE 805, TULSA OK 74136
Eig Neptune Equity Aggregator, L.p.	10 percent owner	600 NEW HAMPSHIRE AVE NW, SUITE 1200, WASHINGTON DC 20037
Karlovich Robert W Iii	officer: CFO, Exec. VP and Treasurer	ATLAS PIPELINE PARTNERS, GP, 110 W. 7TH, SUITE 2300, TULSA OK 74119
Brian P. Boland	director	1700 PENNSYLVANIA AVE NW, SUITE 800, WASHINGTON DC 20006
John T Raymond	10 percent owner	THE ENERGY & MINERALS GROUP, 811 MAIN STREET, SUITE 4200, HOUSTON TX 77002
Highstar Capital Ngl Co-invest Manager Llc	10 percent owner	1301 AVENUE OF THE AMERICAS, 33RD FLOOR, NEW YORK NY 10019
Highstar Ngl Main Interco Llc	10 percent owner	1301 AVENUE OF THE AMERICAS, 33RD FLOOR, NEW YORK NY 10019
Highstar Capital Gp Iv Holdings	10 percent owner	1301 AVENUE OF THE AMERICAS, 33RD FLOOR, NEW YORK NY 10019
Ngl Civ A, Llc	10 percent owner	1301 AVENUE OF THE AMERICAS, 33RD FLOOR, NEW YORK NY 10019