1 unchanged sentence
Market Information
−Removed: Our common units are listed on the New York Stock Exchange (“NYSE”) under the symbol “NGL.” At May 28, 2021, there were approximately 110 common unitholders of record which does not include unitholders for whom common units may be held in “street name.”
+Added: Our common units are listed on the New York Stock Exchange (“NYSE”) under the symbol “NGL.” At June 1, 2022, there were approximately 100 common unitholders of record which does not include unitholders for whom common units may be held in “street name.”
Cash Distribution Policy
9 unchanged sentences
The general partner will also receive, in addition to distributions on its 0.1% general partner interest, additional distributions based on the level of distributions to the limited partners.
−Removed: These distributions are referred to as “incentive distributions” or “IDRs.” Our general partner currently holds the IDRs, but may transfer these rights separately from its general partner interest, subject to restrictions in our partnership agreement.
+Added: These distributions are referred to as “incentive distributions” or “IDRs.” Our general partner currently holds the IDRs, but may transfer these rights separately from its general partner interest.
The following table illustrates the percentage allocations of available cash from operating surplus between our limited partner unitholders and our general partner based on the specified target distribution levels.
13 unchanged sentences
In addition, quarterly distributions on the Preferred Units must be fully paid for all preceding fiscal quarters before we are permitted to declare or pay any distributions on our common units.
−Removed: As the distributions for all of our Preferred Units are cumulative, we are unable to declare an distribution for our common units unless all accumulated and unpaid distributions have been declared and paid on the Preferred Units.
+Added: As the distributions for all of our Preferred Units are cumulative, we are unable to declare a distribution for our common units unless all accumulated and unpaid distributions have been declared and paid on the Preferred Units.
See Note 9 to our consolidated financial statements included in this Annual Report for a discussion of the cumulative distributions for the Preferred Units.
−Removed: Recent Development
The board of directors of our general partner decided to temporarily suspend all distributions in order to deleverage our balance sheet until we meet the 4.75 to 1.00 total leverage ratio set forth within the indenture of the 2026 Senior Secured Notes, as discussed further above.
−Removed: This resulted in the suspension of the quarterly common unit distributions, beginning with the quarter ended December 31, 2020, and all preferred unit distributions, beginning with the quarter ending March 31, 2021.
+Added: This resulted in the suspension of the quarterly common unit distributions, which began with the quarter ended December 31, 2020, and all preferred unit distributions, which began with the quarter ending March 31, 2021.
Common Unit Repurchase Program
2 unchanged sentences
Purchased Average Price
−Removed: Common Unit Total Number of
−Removed: Purchased as Part
−Removed: of Publicly Announced
−Removed: Program Approximate Dollar Value
−Removed: of Common Units
−Removed: that May Yet Be Purchased
−Removed: Under the Program
January 1-31, 2022 — $ —
1 unchanged sentence
March 1-31, 2022 — $ —
−Removed: 20,071 — $ 150,000,000
−Removed: The common units were not repurchased under the publicly announced program, but rather they were surrendered by employees to pay tax withholding in connection with the vesting of restricted common units.
−Removed: As a result, we are including the common units surrendered in the Total Number of Common Units Purchased column.
+Added: The common units were surrendered by employees to pay tax withholding in connection with the vesting of restricted common units.
Securities Authorized for Issuance Under Equity Compensation Plans
−Removed: In connection with the completion of our IPO, our general partner adopted the NGL Energy Partners LP Long-Term Incentive Plan.
+Added: In connection with the completion of our initial public offering, our general partner adopted the NGL Energy Partners LP Long-Term Incentive Plan.
See Part III, Item 12–“Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters–Securities Authorized for Issuance Under Equity Compensation Plan,” which is incorporated by reference into this Item 5.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.