NGL Energy Partners (NGL) 10-Q 10 Aug 15 2015 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2015	Aug. 03, 2015
Document and Entity Information
Entity Registrant Name	NGL Energy Partners LP
Entity Central Index Key	1,504,461
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Units Outstanding		107,274,540
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 43,506	$ 41,303
Accounts receivable-trade, net of allowance for doubtful accounts of $4,827 and $4,367, respectively	905,196	1,024,226
Accounts receivable - affiliates	18,740	17,198
Inventories	489,064	441,762
Prepaid expenses and other current assets	130,889	120,855
Total current assets	1,587,395	1,645,344
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of$236,863 and $202,959, respectively	1,743,584	1,617,389
GOODWILL	1,451,654	1,402,761
INTANGIBLE ASSETS, net of accumulated amortization of $248,497 and $220,517,respectively	1,251,478	1,288,343
INVESTMENTS IN UNCONSOLIDATED ENTITIES	474,221	472,673
LOAN RECEIVABLE-AFFILIATE	23,775	8,154
OTHER NONCURRENT ASSETS	110,544	112,837
Total assets	6,642,651	6,547,501
CURRENT LIABILITIES:
Accounts payable - trade	755,062	833,380
Accounts payable - affiliates	25,592	25,794
Accrued expenses and other payables	237,407	195,116
Advance payments received from customers	66,706	54,234
Current maturities of long-term debt	3,933	4,472
Total current liabilities	1,088,700	1,112,996
LONG-TERM DEBT, net of current maturities	2,968,069	2,745,299
OTHER NONCURRENT LIABILITIES	$ 17,082	$ 16,086
COMMITMENTS AND CONTINGENCIES
EQUITY:
General partner, representing a 0.1% interest, 104,286 and 103,899 notional units at June 30, 2015 and March 31, 2015, respectively	$ (35,097)	$ (37,021)
Accumulated other comprehensive loss	(117)	(109)
Noncontrolling interests	547,162	547,326
Total equity	2,568,800	2,673,120
Total liabilities and equity	6,642,651	6,547,501
Common Units
EQUITY:
Limited partners, representing a 99.9% interest - 104,181,253 and 103,794,870 common units issued and outstanding at June 30, 2015 and March 31, 2015, respectively	$ 2,056,852	$ 2,162,924

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015
Accounts receivable - trade, allowance for doubtful accounts (in dollars)	$ 4,827	$ 4,367
PROPERTY, PLANT AND EQUIPMENT, accumulated depreciation (in dollars)	236,863	202,959
INTANGIBLE ASSETS, accumulated amortization (in dollars)	$ 248,497	$ 220,517
General partner interest (as a percent)	0.10%	0.10%
General partner, notional units outstanding	104,286	103,899
Limited partners, interest (as a percent)	99.90%	99.90%
Common Units
Units issued	104,181,253	103,794,870
Units outstanding	104,181,253	103,794,870

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
REVENUES:
Crude oil logistics	$ 1,327,784	$ 1,929,283
Water solutions	54,293	47,314
Liquids	248,985	475,157
Retail propane	64,447	77,902
Refined products and renewables	1,842,960	1,117,497
Other		1,461
Total Revenues	3,538,469	3,648,614
COST OF SALES:
Crude oil logistics	1,291,992	1,897,639
Water solutions	3,607	10,573
Liquids	232,276	462,016
Retail propane	29,564	47,524
Refined products and renewables	1,765,112	1,114,313
Other		1,988
Total Cost of Sales	3,322,551	3,534,053
OPERATING COSTS AND EXPENSES:
Operating	107,914	67,436
General and administrative	62,481	27,873
Depreciation and amortization	59,831	39,375
Loss on disposal or impairment of assets, net	421	432
Operating Loss	(14,729)	(20,555)
OTHER INCOME (EXPENSE):
Equity in earnings of unconsolidated entities	8,718	2,565
Interest expense	(30,802)	(20,494)
Other expense, net	(1,175)	(391)
Loss Before Income Taxes	(37,988)	(38,875)
INCOME TAX PROVISION	(538)	(1,035)
Net Income (Loss)	(38,526)	(39,910)
LESS: NET INCOME ALLOCATED TO GENERAL PARTNER	(15,359)	(9,381)
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(3,875)	(65)
NET LOSS ALLOCATED TO LIMITED PARTNERS	(57,760)	(49,356)
Common Units
OTHER INCOME (EXPENSE):
NET LOSS ALLOCATED TO LIMITED PARTNERS	$ (57,760)	$ (45,343)
BASIC AND DILUTED LOSS PER COMMON UNIT (in dollars per unit)	$ (0.56)	$ (0.61)
BASIC AND DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING (in units)	103,888,281	74,126,205

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Consolidated Statements of Comprehensive Loss
Net loss	$ (38,526)	$ (39,910)
Other comprehensive income (loss)	(8)	185
Comprehensive loss	$ (38,534)	$ (39,725)

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Changes in Equity - 3 months ended Jun. 30, 2015 - USD ($) $ in Thousands	General Partner	Limited PartnerCommon Units	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Total
BALANCES at Mar. 31, 2015	$ (37,021)	$ 2,162,924	$ (109)	$ 547,326	$ 2,673,120
BALANCES (in units) at Mar. 31, 2015		103,794,870
Increase (Decrease) in Partnership Capital
Distributions	(13,446)	$ (59,651)		(9,057)	(82,154)
Contributions	11			3,947	3,958
Business combinations		$ 11,367			11,367
Business combinations (in units)		386,383
Net income (loss)	15,359	$ (57,760)		3,875	(38,526)
Other comprehensive loss			(8)		(8)
Other		(28)		1,071	1,043
BALANCES at Jun. 30, 2015	$ (35,097)	$ 2,056,852	$ (117)	$ 547,162	$ 2,568,800
BALANCES (in units) at Jun. 30, 2015		104,181,253

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
OPERATING ACTIVITIES:
Net loss	$ (38,526)	$ (39,910)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization, including debt issuance cost amortization	63,814	43,424
Non-cash equity-based compensation expense	36,294	7,769
Loss on disposal or impairment of assets, net	421	432
Provision for doubtful accounts	1,060	251
Net commodity derivative loss	41,243	17,485
Equity in earnings of unconsolidated entities	(8,718)	(2,565)
Distributions of earnings from unconsolidated entities	6,163
Other	(8)	192
Changes in operating assets and liabilities, exclusive of acquisitions:
Accounts receivable - trade	119,675	(2,875)
Accounts receivable - affiliates	(1,542)	6,335
Inventories	(47,017)	(63,536)
Prepaid expenses and other assets	(25,432)	(14,993)
Accounts payable - trade	(78,115)	70,113
Accounts payable - affiliates	(202)	(39,140)
Accrued expenses and other liabilities	714	(184)
Advance payments received from customers	12,005	26,408
Net cash provided by operating activities	81,829	9,206
INVESTING ACTIVITIES:
Purchases of long-lived assets	(122,110)	(48,867)
Acquisitions of businesses, including acquired working capital, net of cash acquired	(63,898)	(15,869)
Cash flows from commodity derivatives	(21,693)	(9,967)
Proceeds from sales of assets	1,931	989
Investments in unconsolidated entities	(2,149)	(4,094)
Distributions of capital from unconsolidated entities	3,156
Loan for facility under construction	(3,913)
Payment on loan for facility under construction	1,600
Loan to affiliate	(15,621)
Net cash used in investing activities	(222,697)	(77,808)
FINANCING ACTIVITIES:
Proceeds from borrowings under revolving credit facilities	721,200	494,500
Payments on revolving credit facilities	(498,200)	(681,000)
Payments on other long-term debt	(1,629)	(2,347)
Debt issuance costs	(6)	(2,194)
Contributions from general partner	11	352
Contributions from noncontrolling interest owners	3,947
Distribution to partners	(73,097)	(49,491)
Distributions to noncontrolling interest owners	(9,057)	(12)
Proceeds from sale of common units, net of offering costs		338,033
Other	(98)
Net cash provided by financing activities	143,071	97,841
Net increase (decrease) in cash and cash equivalents	2,203	29,239
Cash and cash equivalents, beginning of period	41,303	10,440
Cash and cash equivalents, end of period	$ 43,506	$ 39,679

Organization and Operations

Organization and Operations	3 Months Ended
	Jun. 30, 2015
Organization and Operations
Organization and Operations	Note 1—Organization and Operations NGL Energy Partners LP (“we,” “us,” “our,” or the “Partnership”) is a Delaware limited partnership. NGL Energy Holdings LLC serves as our general partner. At June 30, 2015, our operations include: · Our crude oil logistics segment, the assets of which include owned and leased crude oil storage terminals, owned and leased pipeline injection stations, a fleet of owned trucks and trailers, a fleet of owned and leased railcars, a fleet of owned and leased barges and towboats, and a 50% interest in a crude oil pipeline. Our crude oil logistics segment purchases crude oil from producers and transports it for resale at owned and leased pipeline injection stations, storage terminals, barge loading facilities, rail facilities, refineries, and other trade hubs. · Our water solutions segment, the assets of which include water treatment and disposal facilities. Our water solutions segment generates revenues from the treatment and disposal of wastewater generated from crude oil and natural gas production, from the sale of recycled water and recovered hydrocarbons, and from the disposal of solids such as tank bottoms and drilling fluids. · Our liquids segment, which supplies natural gas liquids to retailers, wholesalers, refiners, and petrochemical plants throughout the United States and in Canada, and which provides natural gas liquids terminaling and storage services through its 21 owned terminals throughout the United States and its salt dome storage facility in Utah and railcar transportation services through its fleet of leased railcars. Our liquids segment purchases propane, butane, and other products from refiners, processing plants, producers, and other parties, and sells the products to retailers, refiners, petrochemical plants, and other participants in the wholesale markets. · Our retail propane segment, which sells propane, distillates, and equipment and supplies to end users consisting of residential, agricultural, commercial, and industrial customers and to certain resellers in 25 states and the District of Columbia. · Our refined products and renewables segment, which conducts gasoline, diesel, ethanol, and biodiesel marketing operations. We also own the 2.0% general partner interest and a 19.6% limited partner interest in TransMontaigne Partners L.P. (“TLP”), which conducts refined products terminaling operations.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Jun. 30, 2015
Significant Accounting Policies
Significant Accounting Policies	Note 2—Significant Accounting Policies Basis of Presentation Our unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim consolidated financial information in accordance with the rules and regulations of the Securities and Exchange Commission. The accompanying unaudited condensed consolidated financial statements include our accounts and those of our controlled subsidiaries. Investments that we do not have the ability to exercise control of, but do have the ability to exercise significant influence over, are accounted for using the equity method of accounting. All significant intercompany transactions and account balances have been eliminated in consolidation. The unaudited condensed consolidated balance sheet at March 31, 2015 is derived from audited financial statements. We have made certain reclassifications to prior period financial statements to conform to classification methods used in fiscal year 2016. These reclassifications had no impact on previously reported amounts of equity or net income. The unaudited condensed consolidated financial statements include all adjustments that we consider necessary for a fair presentation of our consolidated financial position and results of operations for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed herein. Accordingly, the unaudited condensed consolidated financial statements do not include all the information and notes required by GAAP for complete annual consolidated financial statements. However, we believe that the disclosures made are adequate to make the information presented not misleading. These interim unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto for the fiscal year ended March 31, 2015 included in our Annual Report on Form 10—K (“Annual Report”). Due to the seasonal nature of our liquids and retail propane operations and other factors, the results of operations for interim periods are not necessarily indicative of the results to be expected for future periods or for the full fiscal year ending March 31, 2016. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the period. Critical estimates we make in the preparation of our condensed consolidated financial statements include determining the fair value of assets and liabilities acquired in business combinations; the collectability of accounts receivable; the recoverability of inventories; useful lives and recoverability of property, plant and equipment and amortizable intangible assets; the impairment of goodwill; the fair value of asset retirement obligations; the value of equity-based compensation; and accruals for various commitments and contingencies, among others. Although we believe these estimates are reasonable, actual results could differ from those estimates. Significant Accounting Policies Our significant accounting policies are consistent with those disclosed in Note 2 of our audited consolidated financial statements included in our Annual Report. Fair Value Measurements We apply fair value measurements to certain assets and liabilities, principally our commodity derivative instruments and assets and liabilities acquired in business combinations. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Fair value is based upon assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and risks inherent in valuation techniques and inputs to valuations. This includes not only the credit standing of counterparties and credit enhancements but also the impact of our own nonperformance risk on our liabilities. Fair value measurements assume that the transaction occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability (the market for which the reporting entity would be able to maximize the amount received or minimize the amount paid). We evaluate the need for credit adjustments to our derivative instrument fair values in accordance with the requirements noted above. Such adjustments were not material to the fair values of our derivative instruments. We use the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: · Level 1—Quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access at the measurement date. · Level 2—Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 include non-exchange traded derivatives such as over-the-counter commodity price swap and option contracts. We determine the fair value of all of our derivative financial instruments utilizing pricing models for significantly similar instruments. Inputs to the pricing models include publicly available prices and forward curves generated from a compilation of data gathered from third parties. · Level 3—Unobservable inputs for the asset or liability including situations where there is little, if any, market activity for the asset or liability. The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3). In some cases, the inputs used to measure fair value might fall into different levels of the fair value hierarchy. The lowest level input that is significant to a fair value measurement determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to the fair value measurement requires judgment, considering factors specific to the asset or liability. Revenue Recognition We record revenues from product sales at the time title to the product transfers to the purchaser, which typically occurs upon receipt of the product by the purchaser. We record terminaling, transportation, storage, and service revenues at the time the service is performed, and we record tank and other rentals over the term of the lease. Pursuant to terminaling service agreements with certain of our throughput customers, we are entitled to the volume of product gained resulting from differences in the measurement of product volumes received and distributed at our terminaling facilities. Such measurement differentials occur as the result of the inherent variances in measurement devices and methodology. We recognize as revenue the net proceeds from the sale of the product gained. Revenues for our water solutions segment are recognized when we take delivery of the wastewater at our treatment and disposal facilities. We report taxes collected from customers and remitted to taxing authorities, such as sales and use taxes, on a net basis. Amounts billed to customers for shipping and handling costs are included in revenues in our condensed consolidated statements of operations. We enter into certain contracts whereby we agree to purchase product from a counterparty and sell the same volume of product to the same counterparty at a different location or time. When such agreements are entered into concurrently and are entered into in contemplation of each other, we record the revenues for these transactions net of cost of sales. Revenues during the three months ended June 30, 2015 include $1.5 million associated with the amortization of a liability recorded in the acquisition accounting for an acquired business related to certain out-of-market revenue contracts. Supplemental Cash Flow Information Supplemental cash flow information is as follows: Three Months Ended June 30, 2015 2014 (in thousands) Interest paid, exclusive of debt issuance costs and letter of credit fees $ $ Income taxes paid $ $ Cash flows from settlements of commodity derivative instruments are classified as cash flows from investing activities in our condensed consolidated statements of cash flows, and adjustments to the fair value of commodity derivative instruments are included in the reconciliation of net loss to net cash provided by operating activities. Inventories We value our inventories at the lower of cost or market, with cost determined using either the weighted-average cost or the first in, first out (FIFO) methods, including the cost of transportation and storage. Market is determined based on estimated replacement cost using prices at the end of the reporting period. In performing this analysis, we consider fixed-price forward commitments and the opportunity to transfer propane inventory from our wholesale liquids business to our retail propane business to sell the inventory in retail markets. Inventories consist of the following: June 30, March 31, 2015 2015 (in thousands) Crude oil $ $ Natural gas liquids— Propane Butane Other Refined products— Gasoline Diesel Renewables Other Total $ $ Investments in Unconsolidated Entities In December 2013, as part of our acquisition of Gavilon, LLC (“Gavilon Energy”), we acquired a 50% interest in Glass Mountain Pipeline, LLC (“Glass Mountain”) and an interest in a limited liability company that owns an ethanol production facility in the Midwest. In June 2014, we acquired an interest in a limited liability company that operates a water supply company in the DJ Basin. On July 1, 2014, as part of our acquisition of TransMontaigne Inc. (“TransMontaigne”), we acquired the 2.0% general partner interest and a 19.7% limited partner interest in TLP, which owns a 42.5% interest in Battleground Oil Specialty Terminal Company LLC (“BOSTCO”) and a 50% interest in Frontera Brownsville LLC (“Frontera”), which are entities that own refined products storage facilities. We also own a 50% interest in a limited liability company that operates a retail propane business. We account for these investments using the equity method of accounting. Under the equity method, we do not report the individual assets and liabilities of these entities on our condensed consolidated balance sheets; instead, our ownership interests are reported within investments in unconsolidated entities on our condensed consolidated balance sheets. Under the equity method, the investment is recorded at acquisition cost, increased by our proportionate share of any earnings and additional capital contributions and decreased by our proportionate share of any losses, distributions paid, and amortization of any excess investment. Excess investment is the amount by which our total investment exceeds our proportionate share of the historical net book value of the net assets of the investee. Our investments in unconsolidated entities consist of the following: June 30, March 31, Entity Segment 2015 2015 (in thousands) Glass Mountain (1) Crude oil logistics $ $ BOSTCO (2) Refined products and renewables Frontera (2) Refined products and renewables Water supply company Water solutions Ethanol production facility Refined products and renewables Retail propane company Retail propane — Total $ $ (1) When we acquired Gavilon Energy, we recorded the investment in Glass Mountain at fair value. Our investment in Glass Mountain exceeds our share of the historical net book value of Glass Mountain’s net assets by $76.3 million at June 30, 2015. This difference relates primarily to goodwill and customer relationships. (2) When we acquired TransMontaigne, we recorded the investments in BOSTCO and Frontera at fair value. Our investments in BOSTCO and Frontera exceed our share of the historical net book value of BOSTCO’s and Frontera’s net assets by $14.9 million at June 30, 2015. This difference relates primarily to goodwill. Other Noncurrent Assets Other noncurrent assets consist of the following: June 30, March 31, 2015 2015 (in thousands) Loan receivable (1) $ $ Linefill (2) Other Total $ $ (1) Represents a loan receivable associated with our financing of the construction of a natural gas liquids facility to be utilized by a third party. (2) Represents minimum volumes of crude oil we are required to leave on certain third-party owned pipelines under long-term shipment commitments. At June 30, 2015, linefill consisted of 487,104 barrels of crude oil. Accrued Expenses and Other Payables Accrued expenses and other payables consist of the following: June 30, March 31, 2015 2015 (in thousands) Accrued compensation and benefits $ $ Excise and other tax liabilities Derivative liabilities Accrued interest Product exchange liabilities Other Total $ $ Noncontrolling Interests We have certain consolidated subsidiaries in which outside parties own interests. The noncontrolling interest shown in our condensed consolidated financial statements represents the other owners’ interests in these entities. On July 1, 2014, as part of our acquisition of TransMontaigne, we acquired a 19.7% limited partner interest in TLP. We have attributed net earnings allocable to TLP’s limited partners to the controlling and noncontrolling interests based on the relative ownership interests in TLP as well as including certain adjustments related to our acquisition accounting. Earnings allocable to TLP’s limited partners are net of the earnings allocable to TLP’s general partner interest. The earnings allocable to TLP’s general partner interest include the distributions of available cash (as defined by TLP’s partnership agreement) attributable to the period to TLP’s general partner interest and incentive distribution rights, net of adjustments for TLP’s general partner’s share of undistributed earnings. Undistributed earnings are allocated to TLP’s limited partners and TLP’s general partner interest based on their respective sharing of earnings or losses specified in TLP’s partnership agreement, which is based on their ownership percentages of 98% and 2%, respectively. Business Combination Measurement Period We record the assets acquired and liabilities assumed in a business combination at their acquisition date fair values. Pursuant to GAAP, an entity is allowed a reasonable period of time (not to exceed one year) to obtain the information necessary to identify and measure the fair values of the assets acquired and liabilities assumed in a business combination. As described in Note 4, certain of our acquisitions during the year ended March 31, 2015 are still within this measurement period, and as a result, the acquisition date fair values we have recorded for the assets acquired and liabilities assumed are subject to change. Also as described in Note 4, we made certain adjustments during the three months ended June 30, 2015 to our estimates of the acquisition date fair values of the assets acquired and liabilities assumed in business combinations that occurred during the year ended March 31, 2015. Recent Accounting Pronouncements In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015–11, “Simplifying the Measurement of Inventory.” ASU No. 2015–11 requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. The ASU is effective for the Partnership beginning April 1, 2017, although early adoption is permitted. We are in the process of assessing the impact of this ASU on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015–03, “Simplifying the Presentation of Debt Issuance Costs.” ASU No. 2015–03 requires that debt issuance costs (excluding costs associated with revolving debt arrangements) be presented in the balance sheet as a reduction to the carrying amount of the debt. We plan to adopt this ASU effective March 31, 2016, at which time we will begin presenting debt issuance costs as a reduction to long-term debt, rather than as an intangible asset. The ASU requires retrospective application for all prior periods presented. In May 2014, the FASB issued ASU No. 2014–09, “Revenue from Contracts with Customers.” ASU No. 2014–09 will replace most existing revenue recognition guidance in GAAP. The core principle of this ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The ASU is effective for the Partnership beginning April 1, 2018, and allows for both full retrospective and modified retrospective (with cumulative effect) methods of adoption. We are in the process of determining the method of adoption and assessing the impact of this ASU on our consolidated financial statements.

Loss Per Common Unit

Loss Per Common Unit	3 Months Ended
	Jun. 30, 2015
Loss Per Common Unit
Loss Per Common Unit	Note 3—Loss Per Common Unit Our loss per common unit was computed as follows: Three Months Ended June 30, 2015 2014 (in thousands, except unit and per unit amounts) Net loss attributable to parent equity $ ) $ ) Less: Net income allocated to general partner (1) ) ) Less: Net loss allocated to subordinated unitholders (2) — Net loss allocated to common unitholders $ ) $ ) Basic and diluted weighted average common units outstanding Basic and diluted loss per common unit $ ) $ ) (1) Net income allocated to the general partner includes distributions to which it is entitled as the holder of incentive distribution rights, which are described in Note 11. (2) All outstanding subordinated units converted to common units in August 2014. Since the subordinated units did not share in the distribution of cash generated subsequent to June 30, 2014, we did not allocate any income or loss subsequent to that date to the subordinated unitholders. During the three months ended June 30, 2014, 5,919,346 subordinated units were outstanding. The loss per subordinated unit was ($0.68) for the three months ended June 30, 2014. The restricted units described in Note 11 were antidilutive during the three months ended June 30, 2015 and 2014, but could have an impact on earnings per unit in future periods.

Acquisitions

Acquisitions	3 Months Ended
	Jun. 30, 2015
Acquisitions
Acquisitions	Note 4—Acquisitions Year Ending March 31, 2016 Water Solutions Facilities As described below, we are party to certain development agreements that provide us a right to purchase water solutions facilities developed by the other party to the agreements. During the three months ended June 30, 2015, we purchased six water treatment and disposal facilities under these development agreements. On a combined basis, we paid $59.3 million of cash and issued 386,383 common units, valued at $11.4 million, in exchange for these facilities. We are in the process of identifying and determining the fair values of the assets acquired and liabilities assumed in these business combinations, and as a result, the estimates of fair value at June 30, 2015 are subject to change. We expect to complete this process prior to finalizing our financial statements for the year ending March 31, 2016. We have preliminarily estimated the fair values of the assets acquired (and useful lives) and liabilities assumed as follows (in thousands): Property, plant and equipment: Water treatment facilities and equipment (3–30 years) $ Buildings and leasehold improvements (7–30 years) Land Other (5 years) Goodwill Accrued expenses and other payables ) Other noncurrent liabilities ) Fair value of net assets acquired $ Goodwill represents the excess of the consideration paid for the acquired business over the fair value of the individual assets acquired, net of liabilities assumed. Goodwill primarily represents the value of synergies between the acquired business and the Partnership and the opportunity to use the acquired business as a platform for growth. We estimate that all of the goodwill will be deductible for federal income tax purposes. The operations of these water treatment and disposal facilities have been included in our condensed consolidated statement of operations since their acquisition dates. Our condensed consolidated statement of operations for the three months ended June 30, 2015 includes revenues of $1.0 million and an operating loss of $0.5 million that were generated by the operations of these facilities after we acquired them. Retail Propane Acquisition During the three months ended June 30, 2015, we completed an acquisition of a retail propane business that operates in the northeastern United States and paid $4.6 million of cash to acquire these assets and operations. The agreement for this acquisition contemplates post-closing payments for certain working capital items. We are in the process of identifying and determining the fair values of the assets acquired and liabilities assumed in this business combination, and as a result, the estimates of fair value at June 30, 2015 are subject to change. We expect to complete this process prior to finalizing our financial statements for the three months ended December 31, 2015. The operations of this retail propane business have been included in our condensed consolidated statement of operations since its acquisition date. Our condensed consolidated statement of operations for the three months ended June 30, 2015 includes revenues of $0.3 million and operating income of $0.1 million that were generated by the operations of this business after we acquired them. Year Ended March 31, 2015 As described in Note 2, pursuant to GAAP, an entity is allowed a reasonable period of time (not to exceed one year) to obtain the information necessary to identify and measure the fair values of the assets acquired and liabilities assumed in a business combination. Certain of our acquisitions during the year ended March 31, 2015 are still within this measurement period, and as a result, the acquisition date fair values we have recorded for the assets acquired and liabilities assumed are subject to change. These business combinations are described below. Natural Gas Liquids Storage Acquisition In February 2015, we acquired Sawtooth NGL Caverns, LLC (“Sawtooth”), which owns a natural gas liquids salt dome storage facility in Utah with rail and truck access to western United States markets and entered into a construction agreement to expand the storage capacity of the facility. We paid $97.6 million of cash, net of cash acquired, and issued 7,396,973 common units, valued at $218.5 million, in exchange for these assets and operations. The agreement for this acquisition contemplates post-closing payments for certain working capital items. We are in the process of identifying and determining the fair values of the assets acquired and liabilities assumed in this business combination, and as a result, the estimates of fair value at June 30, 2015 are subject to change. We expect to complete this process prior to finalizing our financial statements for the three months ended December 31, 2015. We have preliminarily estimated the fair values of the assets acquired (and useful lives) and liabilities assumed as follows: Estimated At June 30, March 31, 2015 2015 Change (in thousands) Accounts receivable—trade $ $ $ — Prepaid expenses and other current assets Property, plant and equipment: Natural gas liquids terminal and storage assets (2–30 years) — Vehicles and railcars (3–25 years) — Land — Other — Construction in progress — Goodwill ) Intangible assets: Customer relationships (15 years) — Non-compete agreements (10 years) — Accounts payable—trade ) ) — Accrued expenses and other payables ) ) — Advance payments received from customers ) ) — Other noncurrent liabilities ) ) — Fair value of net assets acquired $ $ $ — Goodwill represents the excess of the consideration paid for the acquired business over the fair value of the individual assets acquired, net of liabilities assumed. Goodwill primarily represents the value of synergies between the acquired business and the Partnership, the opportunity to use the acquired business as a platform for growth, and the acquired assembled workforce. We estimate that all of the goodwill will be deductible for federal income tax purposes. We estimated the value of the customer relationship intangible asset using the income approach, which uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. The acquisition method of accounting requires that executory contracts with unfavorable terms relative to current market conditions at the acquisition date be recorded as assets or liabilities in the acquisition accounting. Since certain natural gas liquids storage lease commitments were at unfavorable terms relative to acquisition-date market conditions, we recorded a liability of $12.8 million related to these lease commitments in the acquisition accounting, and we amortized $1.5 million of this balance as an increase to revenues during the three months ended June 30, 2015. We will amortize the remainder of this liability over the term of the leases. The future amortization of this liability is shown below (in thousands): Year Ending March 31, 2016 (nine months) $ 2017 2018 2019 Bakken Water Solutions Facilities On November 21, 2014, we completed the acquisition of two saltwater disposal facilities in the Bakken shale play in North Dakota for $34.6 million of cash. We are in the process of identifying and determining the fair values of the assets acquired and liabilities assumed in this business combination, and as a result, the estimates of fair value at June 30, 2015 are subject to change. We expect to complete this process prior to finalizing our financial statements for the three months ending September 30, 2015. We have preliminarily estimated the fair values of the assets acquired (and useful lives) and liabilities assumed as follows: Estimated At June 30, March 31, 2015 2015 Change (in thousands) Property, plant and equipment: Vehicles (10 years) $ $ $ — Water treatment facilities and equipment (3–30 years) — Buildings and leasehold improvements (7–30 years) — Land — Goodwill Intangible asset: Customer relationships (6 years) — Other noncurrent assets — Other noncurrent liabilities ) ) ) Fair value of net assets acquired $ $ $ — Goodwill represents the excess of the consideration paid for the acquired business over the fair value of the individual assets acquired, net of liabilities assumed. Goodwill primarily represents the value of synergies between the acquired business and the Partnership and the opportunity to use the acquired business as a platform for growth. We estimate that all of the goodwill will be deductible for federal income tax purposes. TransMontaigne Inc. On July 1, 2014, we acquired TransMontaigne for $200.3 million of cash, net of cash acquired (including $174.1 million paid at closing and $26.2 million paid upon completion of the working capital settlement). As part of this transaction, we also purchased $380.4 million of inventory from the previous owner of TransMontaigne (including $346.9 million paid at closing and $33.5 million subsequently paid as the working capital settlement process progressed). The operations of TransMontaigne include the marketing of refined products. As part of this transaction, we acquired the 2.0% general partner interest, the incentive distribution rights, a 19.7% limited partner interest in TLP, and assumed certain terminaling service agreements with TLP from an affiliate of the previous owner of TransMontaigne. During the three months ended June 30, 2015, we completed the acquisition accounting for this business combination. The following table presents the final calculation of the fair values of the assets acquired (and useful lives) and liabilities assumed for this acquisition: Estimated at March 31, Final 2015 Change (in thousands) Cash and cash equivalents $ $ $ — Accounts receivable—trade Accounts receivable—affiliates — Inventories — Prepaid expenses and other current assets Property, plant and equipment: Refined products terminal assets and equipment (20 years) Vehicles ) Crude oil tanks and related equipment (20 years) Information technology equipment — Buildings and leasehold improvements (20 years) Land ) Tank bottoms (indefinite life) — Other Construction in progress — Goodwill Intangible assets: Customer relationships (15 years) ) Pipeline capacity rights (30 years) — Investments in unconsolidated entities — Other noncurrent assets — Accounts payable—trade ) ) ) Accounts payable—affiliates ) ) — Accrued expenses and other payables ) ) ) Advance payments received from customers ) ) — Long-term debt ) ) — Other noncurrent liabilities ) ) — Noncontrolling interests ) ) — Fair value of net assets acquired $ $ $ — Goodwill represents the excess of the consideration paid for the acquired business over the fair value of the individual assets acquired, net of liabilities assumed. Goodwill primarily represents the value of synergies between the acquired business and the Partnership, the opportunity to use the acquired business as a platform for growth, and the acquired assembled workforce. We estimate that all of the goodwill will be deductible for federal income tax purposes. We estimated the value of the customer relationship intangible asset using the income approach, which uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. The intangible asset for pipeline capacity rights relates to capacity allocations on a third-party refined products pipeline. Demand for use of this pipeline exceeds the pipeline’s capacity, and the limited capacity is allocated based on a shipper’s historical shipment volumes. The fair value of the noncontrolling interests was calculated by multiplying the closing price of TLP’s common units on the acquisition date by the number of TLP common units held by parties other than us, adjusted for a lack-of-control discount. Water Solutions Facilities As described above, we are party to certain development agreements that provide us a right to purchase water solutions facilities developed by the other party to the agreements. During the year ended March 31, 2015, we purchased 16 water treatment and disposal facilities under these development agreements over the course of the year. We also purchased a 75% interest in one additional water treatment and disposal facility in July 2014 from a different seller. On a combined basis, we paid $190.0 million of cash and issued 1,322,032 common units, valued at $37.8 million, in exchange for these 17 facilities. During the three months ended June 30, 2015, we completed the acquisition accounting for 12 of these water treatment and disposal facilities. The following table presents the final calculation of the fair values of the assets acquired (and useful lives) and liabilities assumed for these water treatment and disposal facilities: Estimated at March 31, Final 2015 Change (in thousands) Accounts receivable—trade $ $ $ — Inventories — Prepaid expenses and other current assets — Property, plant and equipment: Water treatment facilities and equipment (3–30 years) — Buildings and leasehold improvements (7–30 years) — Land — Other (5 years) — Goodwill — Intangible asset: Customer relationships (4 years) — Other noncurrent assets — Accounts payable—trade ) ) — Accrued expenses and other payables ) ) — Other noncurrent liabilities ) ) — Noncontrolling interest ) ) — Fair value of net assets acquired $ $ $ — We are in the process of identifying and determining the fair values of the assets acquired and liabilities assumed for the remaining five water treatment and disposal facilities, and as a result, the estimates of fair value at June 30, 2015 are subject to change. We expect to complete this process prior to finalizing our financial statements for the three months ending December 31, 2015. We have preliminarily estimated the fair values of the assets acquired (and useful lives) and liabilities assumed as follows: Estimated At June 30, March 31, 2015 2015 Change (in thousands) Property, plant and equipment: Water treatment facilities and equipment (3–30 years) $ $ $ — Buildings and leasehold improvements (7–30 years) — Land — Other (5 years) — Goodwill — Accrued expenses and other payables ) ) — Other noncurrent liabilities ) ) — Fair value of net assets acquired $ $ $ — Goodwill represents the excess of the consideration paid for the acquired business over the fair value of the individual assets acquired, net of liabilities assumed. Goodwill primarily represents the value of synergies between the acquired business and the Partnership and the opportunity to use the acquired business as a platform for growth. We estimate that all of the goodwill will be deductible for federal income tax purposes. Retail Propane Acquisitions During the year ended March 31, 2015, we completed eight acquisitions of retail propane businesses that operate in the northeastern, Midwest, and southern United States. On a combined basis, we paid $39.0 million of cash and issued 132,100 common units, valued at $3.7 million, in exchange for these assets and operations. The agreements for these acquisitions contemplate post-closing payments for certain working capital items. During the three months ended June 30, 2015, we completed the acquisition accounting for seven of these business combinations. The following table presents the final calculation of the fair values of the assets acquired (and useful lives) and liabilities assumed for these acquisitions: Estimated at March 31, Final 2015 Change (in thousands) Accounts receivable—trade $ $ $ — Inventories — Prepaid expenses and other current assets — Property, plant and equipment: Retail propane equipment (15–20 years) — Vehicles and railcars (5–7 years) — Buildings and leasehold improvements (30 years) — Land — Other (5–7 years) — Goodwill — Intangible assets: Customer relationships (10–15 years) — Non-compete agreements (5–7 years) — Trade names (3–12 years) — Accounts payable—trade ) ) — Advance payments received from customers ) ) — Current maturities of long-term debt ) ) — Long-term debt, net of current maturities ) ) — Fair value of net assets acquired $ $ $ — We are in the process of identifying and determining the fair values of the assets acquired and liabilities assumed for the remaining one of these business combinations, and as a result, the estimates of fair value at June 30, 2015 are subject to change. We expect to complete this process prior to finalizing our financial statements for the three months ending September 30, 2015. We have preliminarily estimated the fair values of the assets acquired (and useful lives) and liabilities assumed as follows: Estimated At June 30, March 31, 2015 2015 Change (in thousands) Accounts receivable—trade $ $ $ — Inventories — Property, plant and equipment: Retail propane equipment (15–20 years) — Vehicles and railcars (5–7 years) — Buildings and leasehold improvements (30 years) — ) Land ) Other (5–7 years) — Intangible assets: Customer relationships (10–15 years) — Non-compete agreements (5–7 years) — Accounts payable—trade — ) Advance payments received from customers ) ) Fair value of net assets acquired $ $ $ — We estimated the value of the customer relationship intangible asset using the income approach, which uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts.

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment
Property, Plant and Equipment	Note 5—Property, Plant and Equipment Our property, plant and equipment consists of the following: June 30, March 31, Description and Estimated Useful Lives 2015 2015 (in thousands) Natural gas liquids terminal and storage assets (2–30 years) $ $ Refined products terminal assets and equipment (20 years) Retail propane equipment (2–30 years) Vehicles and railcars (3–25 years) Water treatment facilities and equipment (3–30 years) Crude oil tanks and related equipment (2–40 years) Barges and towboats (5–40 years) Information technology equipment (3–7 years) Buildings and leasehold improvements (3–40 years) Land Tank bottoms Other (3–30 years) Construction in progress Accumulated depreciation ) ) Net property, plant and equipment $ $ Depreciation expense was $35.8 million and $18.5 million during the three months ended June 30, 2015 and 2014, respectively. Product volumes required for the operation of storage tanks, known as tank bottoms, are recorded at historical cost. We recover tank bottoms when we no longer use the storage tanks or the storage tanks are removed from service. The following table summarizes the tank bottoms included in the table above: June 30, 2015 March 31, 2015 Product Volume Book Value Volume Book Value (in thousands) Gasoline (barrels) $ $ Crude oil (barrels) Diesel (barrels) Renewables (barrels) Other Total $ $

Goodwill

Goodwill	3 Months Ended
	Jun. 30, 2015
Goodwill
Goodwill	Note 6—Goodwill The changes in the balance of goodwill were as follows (in thousands): Balance at March 31, 2015 $ Revisions to acquisition accounting (Note 4) Acquisitions (Note 4) Balance at June 30, 2015 $ Goodwill by segment is as follows: June 30, March 31, 2015 2015 (in thousands) Crude oil logistics $ $ Water solutions Liquids Retail propane Refined products and renewables Total $ $

Intangible Assets

Intangible Assets	3 Months Ended
	Jun. 30, 2015
Intangible Assets
Intangible Assets	Note 7—Intangible Assets Our intangible assets consist of the following: June 30, 2015 March 31, 2015 Amortizable Gross Carrying Accumulated Gross Carrying Accumulated Lives Amount Amortization Amount Amortization (in thousands) Amortizable— Customer relationships 3–20 years $ $ $ $ Pipeline capacity rights 30 years Water facility development agreement 5 years Executory contracts and other agreements 2–10 years Non-compete agreements 2–10 years Trade names 2–12 years Debt issuance costs 5–10 years Total amortizable Non-amortizable— Customer commitments — — Trade names — — Total non-amortizable — — Total $ $ $ $ The weighted-average remaining amortization period for intangible assets is approximately 12 years. Amortization expense is as follows: Three Months Ended June 30, Recorded In 2015 2014 (in thousands) Depreciation and amortization $ $ Cost of sales Interest expense Total $ $ Expected amortization of our intangible assets, exclusive of assets that are not yet amortizable, is as follows (in thousands): Year Ending March 31, 2016 (nine months) $ 2017 2018 2019 2020 Thereafter Total $

Long-Term Debt

Long-Term Debt	3 Months Ended
	Jun. 30, 2015
Long-Term Debt
Long-Term Debt	Note 8—Long-Term Debt Our long-term debt consists of the following: June 30, March 31, 2015 2015 (in thousands) Revolving credit facility — Expansion capital borrowings $ $ Working capital borrowings 5.125% Notes due 2019 6.875% Notes due 2021 6.650% Notes due 2022 TLP credit facility Other long-term debt Less: Current maturities Long-term debt $ $ Credit Agreement We have entered into a credit agreement (as amended, the “Credit Agreement”) with a syndicate of banks. The Credit Agreement includes a revolving credit facility to fund working capital needs (the “Working Capital Facility”) and a revolving credit facility to fund acquisitions and expansion projects (the “Expansion Capital Facility,” and together with the Working Capital Facility, the “Revolving Credit Facility”). At June 30, 2015, our Revolving Credit Facility had a total capacity of $2.296 billion. The Credit Agreement gives us the option to reallocate up to $400 million of capacity between the Working Capital Facility and the Expansion Capital Facility. In May 2015, we reallocated $125 million from the Working Capital Facility to the Expansion Capital Facility. The Expansion Capital Facility had a total capacity of $983.0 million for cash borrowings at June 30, 2015. At that date, we had outstanding borrowings of $890.0 million on the Expansion Capital Facility. The Working Capital Facility had a total capacity of $1.313 billion for cash borrowings and letters of credit at June 30, 2015. At that date, we had outstanding borrowings of $716.5 million and outstanding letters of credit of $129.9 million on the Working Capital Facility. Amounts outstanding for letters of credit are not recorded as long-term debt on our condensed consolidated balance sheets, but decrease our borrowing capacity under the Working Capital Facility. The capacity available under the Working Capital Facility may be limited by a “borrowing base,” as defined in the Credit Agreement, which is calculated based on the value of certain working capital items at any point in time. The commitments under the Credit Agreement mature on November 5, 2018. We have the right to prepay outstanding borrowings under the Credit Agreement without incurring any penalties, and prepayments of principal may be required if we enter into certain transactions to sell assets or obtain new borrowings. All borrowings under the Credit Agreement bear interest, at our option, at (i) an alternate base rate plus a margin of 0.50% to 1.50% per annum or (ii) an adjusted LIBOR rate plus a margin of 1.50% to 2.50% per annum. The applicable margin is determined based on our consolidated leverage ratio, as defined in the Credit Agreement. At June 30, 2015, the majority of the borrowings under the Credit Agreement were LIBOR borrowings with an interest rate at June 30, 2015 of 2.19%, calculated as the LIBOR rate of 0.19% plus a margin of 2.0%. At June 30, 2015, the interest rate in effect on letters of credit was 2.25%. Commitment fees are charged at a rate ranging from 0.38% to 0.50% on any unused capacity. The Credit Agreement is secured by substantially all of our assets. The Credit Agreement specifies that our leverage ratio, as defined in the Credit Agreement, cannot exceed 4.25 to 1 at any quarter end. The leverage coverage ratio in our Credit Agreement excludes TLP’s debt. At June 30, 2015, our leverage ratio was approximately 3.3 to 1. The Credit Agreement also specifies that our interest coverage ratio, as defined in the Credit Agreement, cannot be less than 2.75 to 1 at any quarter end. At June 30, 2015, our interest coverage ratio was approximately 5.9 to 1. The Credit Agreement contains various customary representations, warranties, and additional covenants, including, without limitation, limitations on fundamental changes and limitations on indebtedness and liens. Our obligations under the Credit Agreement may be accelerated following certain events of default (subject to applicable cure periods), including, without limitation, (i) the failure to pay principal or interest when due, (ii) a breach by the Partnership or its subsidiaries of any material representation or warranty or any covenant made in the Credit Agreement, or (iii) certain events of bankruptcy or insolvency. At June 30, 2015, we were in compliance with the covenants under the Credit Agreement. 2019 Notes On July 9, 2014, we issued $400.0 million of 5.125% Senior Notes Due 2019 (the “2019 Notes”). We received net proceeds of $393.5 million, after the initial purchasers’ discount of $6.0 million and offering costs of $0.5 million. The 2019 Notes mature on July 15, 2019. Interest is payable on January 15 and July 15 of each year. We have the right to redeem the 2019 Notes prior to the maturity date, although we would be required to pay a premium for early redemption. The Partnership and NGL Energy Finance Corp. are co-issuers of the 2019 Notes, and the obligations under the 2019 Notes are guaranteed by certain of our existing and future restricted subsidiaries that incur or guarantee indebtedness under certain of our other indebtedness, including the Revolving Credit Facility. The indenture governing the 2019 Notes contains various customary covenants, including, without limitation, limitations on fundamental changes and limitations on indebtedness and liens. Our obligations under the indenture may be accelerated following certain events of default (subject to applicable cure periods), including, without limitation, (i) the failure to pay principal or interest when due, (ii) experiencing an event of default on certain other debt agreements, or (iii) certain events of bankruptcy or insolvency. At June 30, 2015, we were in compliance with the covenants under the indenture governing the 2019 Notes. 2021 Notes On October 16, 2013, we issued $450.0 million of 6.875% Senior Notes Due 2021 (the “2021 Notes”). We received net proceeds of $438.4 million, after the initial purchasers’ discount of $10.1 million and offering costs of $1.5 million. The 2021 Notes mature on October 15, 2021. Interest is payable on April 15 and October 15 of each year. We have the right to redeem the 2021 Notes prior to the maturity date, although we would be required to pay a premium for early redemption. The Partnership and NGL Energy Finance Corp. are co-issuers of the 2021 Notes, and the obligations under the 2021 Notes are guaranteed by certain of our existing and future restricted subsidiaries that incur or guarantee indebtedness under certain of our other indebtedness, including the Revolving Credit Facility. The indenture governing the 2021 Notes contains various customary covenants, including, without limitation, limitations on fundamental changes and limitations on indebtedness and liens. Our obligations under the indenture may be accelerated following certain events of default (subject to applicable cure periods), including, without limitation, (i) the failure to pay principal or interest when due, (ii) experiencing an event of default on certain other debt agreements, or (iii) certain events of bankruptcy or insolvency. At June 30, 2015, we were in compliance with the covenants under the indenture governing the 2021 Notes. 2022 Notes On June 19, 2012, we entered into a Note Purchase Agreement (as amended, the “Note Purchase Agreement”) whereby we issued $250.0 million of Senior Notes in a private placement (the “2022 Notes”). The 2022 Notes bear interest at a fixed rate of 6.65%, which is payable quarterly. The 2022 Notes are required to be repaid in semi-annual installments of $25.0 million beginning on December 19, 2017 and ending on the maturity date of June 19, 2022. We have the option to prepay outstanding principal, although we would incur a prepayment penalty. The 2022 Notes are secured by substantially all of our assets and rank equal in priority with borrowings under the Credit Agreement. The Note Purchase Agreement contains various customary representations, warranties, and additional covenants that, among other things, limit our ability to (subject to certain exceptions): (i) incur additional debt, (ii) pay dividends and make other restricted payments, (iii) create or permit certain liens, (iv) create or permit restrictions on the ability of certain of our subsidiaries to pay dividends or make other distributions to us, (v) enter into transactions with affiliates, (vi) enter into sale and leaseback transactions and (vii) consolidate or merge or sell all or substantially all or any portion of our assets. In addition, the Note Purchase Agreement contains similar leverage ratio and interest coverage ratio requirements to those of our Credit Agreement described above. The Note Purchase Agreement provides for customary events of default that include, among other things (subject in certain cases to customary grace and cure periods): (i) failure to pay principal or interest when due, (ii) breach of certain covenants contained in the Note Purchase Agreement or the 2022 Notes, (iii) failure to pay certain other indebtedness or the acceleration of certain other indebtedness prior to maturity if the total amount of such indebtedness unpaid or accelerated exceeds $10.0 million, (iv) the rendering of a judgment for the payment of money in excess of $10.0 million, (v) the failure of the Note Purchase Agreement, the 2022 Notes, or the guarantees by the subsidiary guarantors to be in full force and effect in all material respects and (vi) certain events of bankruptcy or insolvency. Generally, if an event of default occurs (subject to certain exceptions), the trustee or the holders of at least 51% in aggregate principal amount of the then outstanding 2022 Notes may declare all of the 2022 Notes to be due and payable immediately. At June 30, 2015, we were in compliance with the covenants under the Note Purchase Agreement. TLP Credit Facility TLP is party to a credit agreement with a syndicate of banks that provides for a revolving credit facility (the “TLP Credit Facility”). The TLP Credit Facility provides for a maximum borrowing line of credit equal to the lesser of (i) $400 million and (ii) 4.75 times Consolidated EBITDA (as defined in the TLP Credit Facility). The terms of the TLP Credit Facility include covenants that restrict TLP’s ability to make cash distributions, acquisitions and investments, including investments in joint ventures. TLP may make distributions of cash to the extent of TLP’s “available cash” as defined in TLP’s partnership agreement. TLP may make acquisitions and investments that meet the definition of “permitted acquisitions”, “other investments” which may not exceed 5% of “consolidated net tangible assets”, and additional future “permitted JV investments” up to $125 million, which may include additional investments in BOSTCO. The principal balance of loans and any accrued and unpaid interest are due and payable in full on the maturity date of July 31, 2018. The following table summarizes our basis in the assets and liabilities of TLP at June 30, 2015, inclusive of the impact of our acquisition accounting for the business combination with TransMontaigne (in thousands): Cash and cash equivalents $ Accounts receivable—trade Accounts receivable—affiliates Inventories Prepaid expenses and other current assets Property, plant and equipment, net Goodwill Intangible assets, net Investments in unconsolidated entities Other noncurrent assets Accounts payable—trade ) Accounts payable—affiliates ) Net intercompany payable ) Accrued expenses and other payables ) Advanced payments received from customers ) Long-term debt ) Other noncurrent liabilities ) Net assets $ TLP may elect to have loans under the TLP Credit Facility bear interest either (i) at a rate of LIBOR plus a margin ranging from 2% to 3% depending on the total leverage ratio then in effect, or (ii) at the base rate plus a margin ranging from 1% to 2% depending on the total leverage ratio then in effect. TLP also pays a commitment fee on the unused amount of commitments, ranging from 0.375% to 0.5% per annum, depending on the total leverage ratio then in effect. For the three months ended June 30, 2015, the weighted-average interest rate on borrowings under the TLP Credit Facility was approximately 2.88%. TLP’s obligations under the TLP Credit Facility are secured by a first priority security interest in favor of the lenders in the majority of TLP’s assets, including TLP’s investments in unconsolidated entities. At June 30, 2015, TLP had outstanding borrowings under the TLP Credit Facility of $257.0 million and no outstanding letters of credit. The TLP Credit Facility also contains customary representations and warranties (including those relating to organization and authorization, compliance with laws, absence of defaults, material agreements and litigation) and customary events of default (including those relating to monetary defaults, covenant defaults, cross defaults and bankruptcy events). The primary financial covenants contained in the TLP Credit Facility are (i) a total leverage ratio test (not to exceed 4.75 times), (ii) a senior secured leverage ratio test (not to exceed 3.75 times) in the event TLP issues senior unsecured notes, and (iii) a minimum interest coverage ratio test (not less than 3.0 times). These financial covenants are based on a defined financial performance measure within the TLP Credit Facility known as “Consolidated EBITDA.” TLP’s Credit Facility is non-recourse to NGL. Other Long-Term Debt We have executed various noninterest bearing notes payable, primarily related to non-compete agreements entered into in connection with acquisitions of businesses. We also have certain notes payable related to equipment financing. Debt Maturity Schedule The scheduled maturities of our long-term debt are as follows at June 30, 2015: Revolving TLP Other Credit 2019 2021 2022 Credit Long-Term Year Ending March 31, Facility Notes Notes Notes Facility Debt Total (in thousands) 2016 (nine months) $ — $ — $ — $ — $ — $ $ 2017 — — — — — 2018 — — — — 2019 — — 2020 — — — Thereafter — — — Total $ $ $ $ $ $ $

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2015
Income Taxes
Income Taxes	Note 9—Income Taxes We qualify as a partnership for income tax purposes. As such, we generally do not pay United States federal income tax. Rather, each owner reports his or her share of our income or loss on his or her individual tax return. The aggregate difference in the basis of our net assets for financial and tax reporting purposes cannot be readily determined, as we do not have access to information regarding each partner’s basis in the Partnership. We have certain taxable corporate subsidiaries in the United States and in Canada, and our operations in Texas are subject to a state franchise tax that is calculated based on revenues net of cost of sales. Our fiscal years 2011 to 2015 generally remain subject to examination by federal, state, and Canadian tax authorities. A publicly traded partnership is required to generate at least 90% of its gross income (as defined for federal income tax purposes) from certain qualifying sources. Income generated by our taxable corporate subsidiaries is excluded from this qualifying income calculation. Although we routinely generate income outside of our corporate subsidiaries that is non-qualifying, we believe that at least 90% of our gross income has been qualifying income for each of the calendar years since our initial public offering. We evaluate uncertain tax positions for recognition and measurement in the consolidated financial statements. To recognize a tax position, we determine whether it is more likely than not that the tax position will be sustained upon examination, including resolution of any related appeals or litigation, based on the technical merits of the position. A tax position that meets the more likely than not threshold is measured to determine the amount of benefit to be recognized in the consolidated financial statements. We had no material uncertain tax positions that required recognition in our condensed consolidated financial statements at June 30, 2015 or March 31, 2015.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2015
Commitments and Contingencies
Commitments and Contingencies	Note 10—Commitments and Contingencies Legal Contingencies We are party to various claims, legal actions, and complaints arising in the ordinary course of business. In the opinion of our management, the ultimate resolution of these claims, legal actions, and complaints, after consideration of amounts accrued, insurance coverage, and other arrangements, is not expected to have a material adverse effect on our consolidated financial position, results of operations or cash flows. However, the outcome of such matters is inherently uncertain, and estimates of our liabilities may change materially as circumstances develop. Environmental Matters Our operations are subject to extensive federal, state, and local environmental laws and regulations. Although we believe our operations are in substantial compliance with applicable environmental laws and regulations, risks of additional costs and liabilities are inherent in our business, and there can be no assurance that significant costs will not be incurred. Moreover, it is possible that other developments, such as increasingly stringent environmental laws, regulations and enforcement policies thereunder, and claims for damages to property or persons resulting from the operations, could result in substantial costs. Accordingly, we have adopted policies, practices, and procedures in the areas of pollution control, product safety, occupational health, and the handling, storage, use, and disposal of hazardous materials designed to prevent material environmental or other damage, and to limit the financial liability that could result from such events. However, some risk of environmental or other damage is inherent in our business. Asset Retirement Obligations Our condensed consolidated balance sheet at June 30, 2015 includes a liability of $4.6 million related to asset retirement obligations, which is reported within other noncurrent liabilities. This liability is related to facilities for which we have contractual and regulatory obligations to perform remediation and, in some instances, dismantlement and removal activities when the assets are retired. In addition to the obligations described above, we may be obligated to remove facilities or perform other remediation upon retirement of certain other assets. We do not believe the present value of these asset retirement obligations, under current laws and regulations, after considering the estimated lives of our facilities, is material to our consolidated financial position or results of operations. Operating Leases We have executed various noncancelable operating lease agreements for product storage, office space, vehicles, real estate, railcars, and equipment. Future minimum lease payments under these agreements at June 30, 2015 are as follows (in thousands): Year Ending March 31, 2016 (nine months) $ 2017 2018 2019 2020 Thereafter Total $ Rental expense relating to operating leases was $33.8 million and $25.3 million during the three months ended June 30, 2015 and 2014, respectively. Pipeline Capacity Agreements We have executed noncancelable agreements with crude oil and refined products pipeline operators, which guarantee us minimum monthly shipping capacity on the pipelines. In exchange, we are obligated to pay the minimum shipping fees in the event actual shipments are less than our allotted capacity. Future minimum throughput payments under these agreements at June 30, 2015 are as follows (in thousands): Year Ending March 31, 2016 (nine months) $ 2017 2018 2019 2020 Thereafter Total $ Sales and Purchase Contracts We have entered into sales and purchase contracts for products to be delivered in future periods for which we expect the parties to physically settle the contracts with inventory. At June 30, 2015, we had the following such commitments outstanding: Volume Value (in thousands) Purchase commitments: Natural gas liquids fixed-price (gallons) $ Natural gas liquids index-price (gallons) Crude oil index-price (barrels) Sale commitments: Natural gas liquids fixed-price (gallons) Natural gas liquids index-price (gallons) Crude oil fixed-price (barrels) Crude oil index-price (barrels) We account for the contracts shown in the table above as normal purchases and normal sales. Under this accounting policy election, we do not record the contracts at fair value at each balance sheet date; instead, we record the purchase or sale at the contracted value once the delivery occurs. Contracts in the table above may have offsetting derivative contracts (see Note 12) or inventory positions (see Note 2). Certain other forward purchase and sale contracts do not qualify for the normal purchase and normal sale election. These contracts are recorded at fair value in our condensed consolidated balance sheet and are not included in the table above. These contracts are included in the derivative disclosures in Note 12, and represent $39.5 million of our prepaid expenses and other current assets and $26.7 million of our accrued expenses and other payables at June 30, 2015.

Equity

Equity	3 Months Ended
	Jun. 30, 2015
Equity
Equity	Note 11—Equity Partnership Equity The Partnership’s equity consists of a 0.1% general partner interest and a 99.9% limited partner interest, which consists of common units. Prior to August 2014, the Partnership’s limited partner interest also included subordinated units. The subordination period ended in August 2014, at which time all remaining subordinated units were converted into common units on a one-for-one basis. Our general partner is not obligated to make any additional capital contributions or to guarantee or pay any of our debts and obligations. Common Units Issued in Business Combination During the three months ended June 30, 2015, we issued 386,383 common units as consideration for a water solutions facility acquisition. Our Distribution Policy Our general partner has adopted a cash distribution policy that requires us to pay a quarterly distribution to unitholders as of the record date to the extent we have sufficient cash from operations after establishment of cash reserves and payment of fees and expenses, including payments to the general partner and its affiliates, referred to as “available cash.” 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. 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. The following table illustrates the percentage allocations of available cash from operating surplus between our unitholders and our general partner based on the specified target distribution levels. The amounts set forth under “Marginal Percentage Interest In Distributions” are the percentage interests of our general partner and our unitholders in any available cash from operating surplus we distribute up to and including the corresponding amount in the column “Total Quarterly Distribution Per Unit,” until available cash from operating surplus we distribute reaches the next target distribution level, if any. The percentage interests shown for our unitholders and our general partner for the minimum quarterly distribution are also applicable to quarterly distribution amounts that are less than the minimum quarterly distribution. The percentage interests set forth below for our general partner include its 0.1% general partner interest, and assume that our general partner has contributed any additional capital necessary to maintain its 0.1% general partner interest and has not transferred its IDRs. Marginal Percentage Interest In Total Quarterly Distributions Distribution Per Unit Unitholders General Partner Minimum quarterly distribution $ % % First target distribution above $ up to $ % % Second target distribution above $ up to $ % % Third target distribution above $ up to $ % % Thereafter above $ % % During the three months ended June 30, 2015, we distributed a total of $73.1 million ($0.6250 per common and general partner notional unit) to our unitholders of record on May 5, 2015, which included an incentive distribution of $13.4 million to our general partner. In July 2015, we declared a distribution of $0.6325 per common unit, to be paid on August 14, 2015 to unitholders of record on August 3, 2015. This distribution is expected to be $81.7 million in total, including amounts to be paid on common and general partner notional units and the amount to be paid on IDRs. TLP’s Distribution Policy TLP’s partnership agreement requires it to pay a quarterly distribution to unitholders as of the record date to the extent TLP has sufficient cash from operations after establishment of cash reserves and payment of fees and expenses, including payments to TLP’s general partner and its affiliates, referred to as “available cash.” TLP’s general partner will also receive, in addition to distributions on its 2.0% general partner interest, additional distributions based on the level of distributions to the limited partners. These distributions are referred to as “incentive distributions” or “IDRs.” TLP’s general partner currently holds the IDRs, but may transfer these rights separately from its general partner interest, subject to restrictions in TLP’s partnership agreement. The following table illustrates the percentage allocations of available cash from operating surplus between TLP’s unitholders and TLP’s general partner based on the specified target distribution levels. The amounts set forth under “Marginal Percentage Interest In Distributions” are the percentage interests of TLP’s general partner and TLP’s unitholders in any available cash from operating surplus TLP distributes up to and including the corresponding amount in the column “Total Quarterly Distribution Per Unit,” until available cash from operating surplus TLP distributes reaches the next target distribution level, if any. The percentage interests shown for TLP’s unitholders and TLP’s general partner for the minimum quarterly distribution are also applicable to quarterly distribution amounts that are less than the minimum quarterly distribution. The percentage interests set forth below for TLP’s general partner include its 2.0% general partner interest, and assume that TLP’s general partner has contributed any additional capital necessary to maintain its 2.0% general partner interest and has not transferred its IDRs. Marginal Percentage Interest In Total Quarterly Distributions Distribution Per Unit Unitholders General Partner Minimum quarterly distribution $ % % First target distribution above $ up to $ % % Second target distribution above $ up to $ % % Third target distribution above $ up to $ % % Thereafter above $ % % During the three months ended June 30, 2015, TLP declared and paid a distribution of $0.6650 per unit. We received a total of $4.0 million from this distribution on our general partner interest, IDRs, and limited partner interest. The noncontrolling interest owners received a total of $8.6 million from this distribution. In July 2015, TLP declared a distribution of $0.6650 per unit, which was paid on August 7, 2015. We received a total of $4.0 million from this distribution on our general partner interest, IDRs, and limited partner interest. The noncontrolling interest owners received a total of $8.6 million from this distribution. Equity-Based Incentive Compensation Our general partner has adopted a long-term incentive plan (“LTIP”), which allows for the issuance of equity-based incentive compensation. Our general partner has granted certain restricted units to employees and directors, which vest in tranches, subject to the continued service of the recipients. The awards may also vest in the event of a change in control, at the discretion of the board of directors. No distributions accrue to or are paid on the restricted units during the vesting period. The restricted units include awards that vest contingent on the continued service of the recipients through the vesting date (the “Service Awards”). The restricted units also include awards that are contingent both on the continued service of the recipients through the vesting date and also on the performance of our common units relative to other entities in the Alerian MLP Index (the “Index”) over specified periods of time (the “Performance Awards”). The following table summarizes the Service Award activity during the three months ended June 30, 2015: Unvested Service Award units at March 31, 2015 Units granted Unvested Service Award units at June 30, 2015 The scheduled vesting of our Service Award units is summarized below: Year Ending March 31, Number of Units 2016 (nine months) 2017 2018 Thereafter Unvested Service Award units at June 30, 2015 On July 1, 2015, 798,441 of the Service Award units vested. Of these units, recipients elected for us to withhold 252,307 common units for employee taxes, valued at $7.6 million. We issued the remaining 546,134 common units, valued at $16.5 million. We record the expense for the first tranche of each Service Award on a straight-line basis over the period beginning with the grant date of the awards and ending with the vesting date of the tranche. We record the expense for succeeding tranches over the period beginning with the vesting date of the previous tranche and ending with the vesting date of the tranche. At each balance sheet date, we adjust the cumulative expense recorded using the estimated fair value of the awards at the balance sheet date. We calculate the fair value of the awards using the closing price of our common units on the New York Stock Exchange on the balance sheet date, adjusted to reflect the fact that the holders of the unvested units are not entitled to distributions during the vesting period. We estimate the impact of the lack of distribution rights during the vesting period using the value of the most recent distribution and assumptions that a market participant might make about future distribution growth. We recorded expense related to Service Award units of $18.5 million and $7.9 million during the three months ended June 30, 2015 and 2014, respectively. We estimate that the future expense we will record on the unvested Service Award units at June 30, 2015 will be as follows (in thousands), after taking into consideration an estimate of forfeitures of approximately 173,000 units. For purposes of this calculation, we used the closing price of our common units on June 30, 2015, which was $30.33. Year Ending March 31, 2016 (nine months) $ 2017 2018 2019 2020 Total $ The following table is a rollforward of the liability related to the Service Award units, which is reported within accrued expenses and other payables in our condensed consolidated balance sheets (in thousands): Balance at March 31, 2015 $ Expense recorded Balance at June 30, 2015 $ The weighted-average fair value of the Service Award units at June 30, 2015 was $27.40 per common unit, which was calculated as the closing price of our common units on June 30, 2015, adjusted to reflect the fact that the restricted units are not entitled to distributions during the vesting period. The impact of the lack of distribution rights during the vesting period was estimated using the value of the most recent distribution and assumptions that a market participant might make about future distribution growth. During April 2015, our general partner granted Performance Award units to certain employees. The maximum number of units that could vest on these Performance Awards for each vesting tranche is summarized below: Maximum Performance Vesting Date Award Units July 1, 2015 July 1, 2016 July 1, 2017 Total The number of Performance Award units that will vest is contingent on the performance of our common units relative to the performance of the other entities in the Index. Performance will be calculated based on the return on our common units (including changes in the market price of the common units and distributions paid during the performance period) relative to the returns on the common units of the other entities in the Index. Performance will be measured over the following periods: Vesting Date of Tranche Performance Period for Tranche July 1, 2015 July 1, 2012 through June 30, 2015 July 1, 2016 July 1, 2013 through June 30, 2016 July 1, 2017 July 1, 2014 through June 30, 2017 The percentage of the maximum Performance Award units that will vest will depend on the percentage of entities in the Index that NGL outperforms, as summarized in the table below: Percentage of Entities in the Percentage of Maximum Index that NGL Outperforms Performance Award Units to Vest Less than 50% 50% - 75% 25–50% 75% - 90% 50%–100% Greater than 90% During the July 1, 2012 through June 30, 2015 performance period, the return on our common units exceeded the return on 83% of our peer companies in the Index. As a result, the July 1, 2015 tranche of the Performance Awards vested at 76% of the maximum number of awards, and 518,426 common units vested on July 1, 2015. Of these units, recipients elected for us to withhold 205,045 common units for employee taxes, valued at $6.2 million. We issued the remaining 313,381 common units, valued at $9.4 million, on July 1, 2015. We record the expense for each of the tranches of the Performance Awards on a straight-line basis over the period beginning with the grant date and ending with the vesting date of the tranche. At each balance sheet date, we adjust the cumulative expense recorded using the estimated fair value of the awards at the balance sheet date. We calculate the fair value of the awards using a Monte Carlo simulation. The estimated fair value at June 30, 2015 for each vesting tranche, and the expense recorded during the three months ended June 30, 2015, is summarized below (in thousands): Fair Value of Life-to-Date Vesting Date Unvested Awards Expense Recorded July 1, 2015 $ $ July 1, 2016 July 1, 2017 Total $ $ We estimate that the future expense we will record on the unvested Performance Award units at June 30, 2015 will be as follows (in thousands), after taking into consideration an estimate of forfeitures. For purposes of this calculation, we used the June 30, 2015 fair value of the Performance Awards. Year Ending March 31, 2016 (nine months) $ 2017 2018 Total $ The following table is a rollforward of the liability related to the Performance Award units, which is reported within accrued expenses and other payables in our condensed consolidated balance sheets (in thousands): Balance at March 31, 2015 $ — Expense recorded Balance at June 30, 2015 $ The number of common units that may be delivered pursuant to awards under the LTIP is limited to 10% of the issued and outstanding common units. The maximum number of units deliverable under the plan automatically increases to 10% of the issued and outstanding common units immediately after each issuance of common units, unless the plan administrator determines to increase the maximum number of units deliverable by a lesser amount. Units withheld to satisfy tax withholding obligations are not considered to be delivered under the LTIP. In addition, when an award is forfeited, canceled, exercised, paid or otherwise terminates or expires without the delivery of units, the units subject to such award are again available for new awards under the LTIP. At June 30, 2015, approximately 4.8 million common units remain available for issuance under the LTIP. In August 2015, certain bonuses that were recorded as liabilities on the June 30, 2015 condensed consolidated balance sheet were paid in common units. We issued 463,239 common units related to these bonuses (before consideration of common units withheld for employee taxes).

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Jun. 30, 2015
Fair Value of Financial Instruments
Fair Value of Financial Instruments	Note 12—Fair Value of Financial Instruments Our cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and other current assets and liabilities (excluding derivative instruments) are carried at amounts which reasonably approximate their fair values due to their short-term nature. Commodity Derivatives The following table summarizes the estimated fair values of our commodity derivative assets and liabilities reported in our condensed consolidated balance sheet at June 30, 2015: Derivative Derivative Assets Liabilities (in thousands) Level 1 measurements $ $ ) Level 2 measurements ) ) Netting of counterparty contracts (1) ) Net cash collateral provided — Commodity derivatives in condensed consolidated balance sheet $ $ ) (1) Relates to commodity derivative assets and liabilities that are expected to be net settled on an exchange or through a netting arrangement with the counterparty. The following table summarizes the estimated fair values of our commodity derivative assets and liabilities reported in our condensed consolidated balance sheet at March 31, 2015: Derivative Derivative Assets Liabilities (in thousands) Level 1 measurements $ $ ) Level 2 measurements ) ) Netting of counterparty contracts (1) ) Net cash collateral provided (held) ) Commodity derivatives in condensed consolidated balance sheet $ $ ) (1) Relates to commodity derivative assets and liabilities that are expected to be net settled on an exchange or through a netting arrangement with the counterparty. Our commodity derivative assets and liabilities are reported in the following accounts in our condensed consolidated balance sheets: June 30, March 31, 2015 2015 (in thousands) Prepaid expenses and other current assets $ $ Accrued expenses and other payables ) ) Net commodity derivative asset $ $ The following table summarizes our open commodity derivative contract positions at June 30, 2015 and March 31, 2015. We do not account for these derivatives as hedges. Net Long (Short) Fair Value Notional of Units Net Assets Contracts Settlement Period (Barrels) (Liabilities) (in thousands) At June 30, 2015— Cross-commodity (1) July 2015–March 2016 $ ) Crude oil fixed-price (2) July 2015–December 2015 ) Crude oil index-price (3) July 2015–July 2015 Propane fixed-price (4) July 2015–November 2017 ) Refined products fixed-price (4) July 2015–December 2015 ) Other July 2015–April 2016 Net cash collateral provided Net commodity derivatives in condensed consolidated balance sheet $ At March 31, 2015— Cross-commodity (1) April 2015–March 2016 $ ) Crude oil fixed-price (2) April 2015–June 2015 ) ) Crude oil index-price (3) April 2015–July 2015 Propane fixed-price (4) April 2015–December 2016 ) Refined products fixed-price (4) April 2015–December 2015 ) Other April 2015–December 2015 Net cash collateral held ) Net commodity derivatives in condensed consolidated balance sheet $ (1) Cross-commodity—We may purchase or sell a physical commodity where the underlying contract pricing mechanisms are tied to different commodity price indices. The contracts listed in this table as “Cross-commodity” represent derivatives we have entered into as an economic hedge against the risk of one commodity price moving relative to another commodity price. (2) Crude oil fixed-price—Our crude oil logistics segment routinely purchases crude oil inventory to enable us to fulfill future orders expected to be placed by our customers. The contracts listed in this table as “Crude oil fixed-price” represent derivatives we have entered into as an economic hedge against the risk that crude oil prices will decline while we are holding the inventory. (3) Crude oil index-price—Our crude oil logistics segment may purchase or sell crude oil where the underlying contract pricing mechanisms are tied to different crude oil indices. These indices may vary in the type or location of crude oil, or in the timing of delivery within a given month. The contracts listed in this table as “Crude oil index-price” represent derivatives we have entered into as an economic hedge against the risk of one crude oil index moving relative to another crude oil index. (4) Commodity fixed-price—We may have fixed price physical purchases, including inventory , offset by floating price physical sales or floating price physical purchases offset by fixed price physical sales. The contracts listed in this table as “fixed-price” represent derivatives we have entered into as an economic hedge against the risk of mismatches between fixed and floating price physical obligations. We recorded the following net losses from our commodity derivatives to cost of sales (in thousands): Three Months Ended June 30, 2015 $ ) 2014 ) Credit Risk We maintain credit policies with regard to our counterparties on derivative financial instruments that we believe minimize our overall credit risk, including an evaluation of potential counterparties’ financial condition (including credit ratings), collateral requirements under certain circumstances and the use of industry standard master netting agreements, which allow for offsetting counterparty receivable and payable balances for certain transactions, as deemed appropriate. The principal counterparties associated with our operations at June 30, 2015 were retailers, resellers, energy marketers, producers, refiners, and dealers. This concentration of counterparties may impact our overall exposure to credit risk, either positively or negatively, in that the counterparties may be similarly affected by changes in economic, regulatory or other conditions. Failure of a counterparty to perform on a contract could result in our inability to realize amounts that have been recorded in our condensed consolidated balance sheets and recognized in our net income. Interest Rate Risk Our Revolving Credit Facility is variable-rate debt with interest rates that are generally indexed to bank prime or LIBOR interest rates. At June 30, 2015, we had $1.6 billion of outstanding borrowings under our Revolving Credit Facility at a rate of 2.2%. A change in interest rates of 0.125% would result in an increase or decrease of our annual interest expense of $2.0 million, based on borrowings outstanding at June 30, 2015. The TLP Credit Facility is variable-rate debt with interest rates that are generally indexed to bank prime or LIBOR interest rates. At June 30, 2015, TLP had $257.0 million of outstanding borrowings under the TLP Credit Facility at a rate of 2.93%. A change in interest rates of 0.125% would result in an increase or decrease in TLP’s annual interest expense of $0.3 million, based on borrowings outstanding at June 30, 2015. Fair Value of Fixed-Rate Notes The following table provides fair value estimates of our fixed-rate notes at June 30, 2015 (in thousands): 5.125% Notes due 2019 $ 6.875% Notes due 2021 6.650% Notes due 2022 For the 2019 Notes and the 2021 Notes, the fair value estimates were developed based on publicly traded quotes. These fair value estimates would be classified as Level 1 in the fair value hierarchy. For the 2022 Notes, the fair value estimate was developed using observed yields on publicly traded notes issued by other entities, adjusted for differences in the key terms of those notes and the key terms of our notes (examples include differences in the tenor of the debt, credit standing of the issuer, whether the notes are publicly traded, and whether the notes are secured or unsecured). This fair value estimate would be classified as Level 3 in the fair value hierarchy.

Segments

Segments	3 Months Ended
	Jun. 30, 2015
Segments
Segments	Note 13—Segments Certain financial data related to our segments is shown below. Transactions between segments are recorded based on prices negotiated between the segments. Our liquids and retail propane segments each consist of two divisions, which are organized based on the location of the operations. The “corporate and other” category consists primarily of certain corporate expenses that are incurred and are not allocated to the reportable segments. This data is included to reconcile the data for the reportable segments to data in our condensed consolidated financial statements. Three Months Ended June 30, 2015 2014 (in thousands) Revenues: Crude oil logistics— Crude oil sales $ $ Crude oil transportation and other Water solutions— Service fees Recovered hydrocarbons Water transportation — Other revenues — Liquids— Propane sales Other product sales Other revenues Retail propane— Propane sales Distillate sales Other revenues Refined products and renewables— Refined products sales Renewables sales Service fees — Corporate and other — Elimination of intersegment sales ) ) Total revenues $ $ Depreciation and Amortization: Crude oil logistics $ $ Water solutions Liquids Retail propane Refined products and renewables Corporate and other Total depreciation and amortization $ $ Operating Income (Loss): Crude oil logistics $ $ Water solutions ) ) Liquids ) ) Retail propane ) ) Refined products and renewables ) Corporate and other ) ) Total operating loss $ ) $ ) The following table summarizes additions to property, plant and equipment for each segment. This information has been prepared on the accrual basis, and includes property, plant and equipment acquired in acquisitions. Three Months Ended June 30, 2015 2014 (in thousands) Additions to property, plant and equipment: Crude oil logistics $ $ Water solutions Liquids Retail propane Refined products and renewables — Corporate and other Total $ $ The following tables summarize long-lived assets (consisting of property, plant and equipment, intangible assets, and goodwill) and total assets by segment: June 30, March 31, 2015 2015 (in thousands) Total assets: Crude oil logistics $ $ Water solutions Liquids Retail propane Refined products and renewables Corporate and other Total $ $ Long-lived assets, net: Crude oil logistics $ $ Water solutions Liquids Retail propane Refined products and renewables Corporate and other Total $ $

Transactions with Affiliates

Transactions with Affiliates	3 Months Ended
	Jun. 30, 2015
Transactions with Affiliates
Transactions with Affiliates	Note 14—Transactions with Affiliates SemGroup Corporation (“SemGroup”) holds ownership interests in our general partner. We sell product to and purchase product from SemGroup, and these transactions are included within revenues and cost of sales in our condensed consolidated statements of operations. We also lease crude oil storage from SemGroup. We purchase ethanol from one of our equity method investees. These transactions are reported within cost of sales in our condensed consolidated statements of operations. Certain members of our management and members of their families own interests in entities which we have purchased products and services and to which we have sold products and services. Approximately $7.0 million of these transactions during the three months ended June 30, 2015 represented capital expenditures and were recorded as increases to property, plant and equipment. The above transactions are summarized in the following table: Three Months Ended June 30, 2015 2014 (in thousands) Sales to SemGroup $ $ Purchases from SemGroup Sales to equity method investees — Purchases from equity method investees Sales to entities affiliated with management Purchases from entities affiliated with management Accounts receivable from affiliates consist of the following: June 30, March 31, 2015 2015 (in thousands) Receivables from SemGroup $ $ Receivables from equity method investees Receivables from entities affiliated with management Total $ $ Accounts payable to affiliates consist of the following: June 30, March 31, 2015 2015 (in thousands) Payables to SemGroup $ $ Payables to equity method investees Payables to entities affiliated with management Total $ $ We also have a loan receivable of $23.8 million at June 30, 2015 from one of our equity method investees. The investee is required to make monthly principal repayments beginning on June 1, 2018 with the remaining principal balance due on May 31, 2020.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2015
Subsequent Events
Subsequent Events	Note 15—Subsequent Events Water Solutions Facility Acquisition As described in Note 4, we are party to certain development agreements that provide us a right to purchase water solutions facilities developed by the other party to the agreements. During August 2015, we purchased one water treatment and disposal facility under these development agreements for $10.3 million of cash.

Condensed Consolidating Guarant

Condensed Consolidating Guarantor and Non-Guarantor Financial Information	3 Months Ended
	Jun. 30, 2015
Condensed Consolidating Guarantor and Non-Guarantor Financial Information
Condensed Consolidating Guarantor and Non-Guarantor Financial Information	Note 16—Condensed Consolidating Guarantor and Non-Guarantor Financial Information Certain of our wholly owned subsidiaries have, jointly and severally, fully and unconditionally guaranteed the 2019 Notes and the 2021 Notes (see Note 8). Pursuant to Rule 3-10 of Regulation S-X, we have presented in columnar format the condensed consolidating financial information for NGL Energy Partners LP, NGL Energy Finance Corp. (which, along with NGL Energy Partners LP, is a co-issuer of the 2019 Notes and 2021 Notes), the guarantor subsidiaries on a combined basis, and the non-guarantor subsidiaries on a combined basis in the tables below. There are no significant restrictions upon the ability of the parent or any of the guarantor subsidiaries to obtain funds from their respective subsidiaries by dividend or loan, other than restrictions contained in TLP’s Credit Facility. None of the assets of the guarantor subsidiaries (other than the investments in non-guarantor subsidiaries) represent restricted net assets pursuant to Rule 4-08(e)(3) of Regulation S-X under the Securities Act of 1933, as amended. For purposes of the tables below, (i) the condensed consolidating financial information is presented on a legal entity basis, (ii) investments in consolidated subsidiaries are accounted for as equity method investments, and (iii) contributions, distributions, and advances to (from) consolidated entities are reported on a net basis within net changes in advances with consolidated entities in the condensed consolidating statement of cash flow tables below. NGL ENERGY PARTNERS LP AND SUBSIDIARIES Condensed Consolidating Balance Sheet (U.S. Dollars in Thousands) June 30, 2015 NGL Energy Partners LP NGL Energy Guarantor Non-Guarantor Consolidating (Parent) (1) Finance Corp. (1) Subsidiaries Subsidiaries Adjustments Consolidated ASSETS CURRENT ASSETS: Cash and cash equivalents $ $ — $ $ $ — $ Accounts receivable—trade, net of allowance for doubtful accounts — — — Accounts receivable—affiliates — — Inventories — — — Prepaid expenses and other current assets — — — Total current assets — — PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation — — — GOODWILL — — — INTANGIBLE ASSETS, net of accumulated amortization — — INVESTMENTS IN UNCONSOLIDATED ENTITIES — — — NET INTERCOMPANY RECEIVABLES (PAYABLES) — ) ) — — INVESTMENTS IN CONSOLIDATED SUBSIDIARIES — — ) — LOAN RECEIVABLE—AFFILIATE — — — — OTHER NONCURRENT ASSETS — — — Total assets $ $ — $ $ $ ) $ LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable—trade $ — $ — $ $ $ — $ Accounts payable—affiliates — — Accrued expenses and other payables — — Advance payments received from customers — — — Current maturities of long-term debt — — — Total current liabilities — — LONG-TERM DEBT, net of current maturities — — OTHER NONCURRENT LIABILITIES — — — EQUITY: Partners’ equity — ) Accumulated other comprehensive loss — — — ) — ) Noncontrolling interests — — — — Total equity — ) Total liabilities and equity $ $ — $ $ $ ) $ (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. Since the parent received the proceeds from the issuance of the 2019 Notes and 2021 Notes, all activity has been reflected in the parent column. NGL ENERGY PARTNERS LP AND SUBSIDIARIES Condensed Consolidating Balance Sheet (U.S. Dollars in Thousands) March 31, 2015 NGL Energy Partners LP NGL Energy Guarantor Non-Guarantor Consolidating (Parent) (1) Finance Corp. (1) Subsidiaries Subsidiaries Adjustments Consolidated ASSETS CURRENT ASSETS: Cash and cash equivalents $ $ — $ $ $ — $ Accounts receivable—trade, net of allowance for doubtful accounts — — — Accounts receivable—affiliates — — Inventories — — — Prepaid expenses and other current assets — — — Total current assets — — PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation — — — GOODWILL — — — INTANGIBLE ASSETS, net of accumulated amortization — — INVESTMENTS IN UNCONSOLIDATED ENTITIES — — — NET INTERCOMPANY RECEIVABLES (PAYABLES) — ) ) — — INVESTMENTS IN CONSOLIDATED SUBSIDIARIES — — ) — LOAN RECEIVABLE—AFFILIATE — — — — OTHER NONCURRENT ASSETS — — — Total assets $ $ — $ $ $ ) $ LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable—trade $ — $ — $ $ $ — $ Accounts payable—affiliates — — — Accrued expenses and other payables — — Advance payments received from customers — — — Current maturities of long-term debt — — — Total current liabilities — — LONG-TERM DEBT, net of current maturities — — OTHER NONCURRENT LIABILITIES — — — EQUITY: Partners’ equity — ) Accumulated other comprehensive loss — — — ) — ) Noncontrolling interests — — — — Total equity — ) Total liabilities and equity $ $ — $ $ $ ) $ (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. Since the parent received the proceeds from the issuance of the 2019 Notes and 2021 Notes, all activity has been reflected in the parent column. NGL ENERGY PARTNERS LP AND SUBSIDIARIES Condensed Consolidating Statement of Operations (U.S. Dollars in Thousands) Three Months Ended June 30, 2015 NGL Energy Partners LP NGL Energy Guarantor Non-Guarantor Consolidating (Parent) (1) Finance Corp. (1) Subsidiaries Subsidiaries Adjustments Consolidated REVENUES $ — $ — $ $ $ ) $ COST OF SALES — — ) OPERATING COSTS AND EXPENSES: Operating — — ) General and administrative — — — Depreciation and amortization — — — Loss on disposal or impairment of assets, net — — — — Operating Income (Loss) — — ) — ) OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities — — — Interest expense ) — ) ) ) Other income (expense), net — — ) ) ) Income (Loss) Before Income Taxes ) — ) — ) INCOME TAX PROVISION — — ) ) — ) EQUITY IN NET INCOME (LOSS) OF CONSOLIDATED SUBSIDIARIES ) — — — Net Income (Loss) ) — ) ) LESS: NET INCOME ALLOCATED TO GENERAL PARTNER ) ) LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS ) ) NET INCOME (LOSS) ALLOCATED TO LIMITED PARTNERS $ ) $ — $ ) $ $ $ ) (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. NGL ENERGY PARTNERS LP AND SUBSIDIARIES Condensed Consolidating Statement of Operations (U.S. Dollars in Thousands) Three Months Ended June 30, 2014 NGL Energy Partners LP NGL Energy Guarantor Non-Guarantor Consolidating (Parent) (1) Finance Corp. (1) Subsidiaries Subsidiaries Adjustments Consolidated REVENUES $ — $ — $ $ $ ) $ COST OF SALES — — ) OPERATING COSTS AND EXPENSES: Operating — — — General and administrative — — — Depreciation and amortization — — — Loss (gain) on disposal or impairment of assets, net — — ) — Operating Loss — — ) ) — ) OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities — — — — Interest expense ) — ) ) ) Other income (expense), net — — ) ) ) Loss Before Income Taxes ) — ) ) — ) INCOME TAX PROVISION — — ) ) — ) EQUITY IN NET LOSS OF CONSOLIDATED SUBSIDIARIES ) — ) — — Net Loss ) — ) ) ) LESS: NET INCOME ALLOCATED TO GENERAL PARTNER ) ) LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS ) ) NET LOSS ALLOCATED TO LIMITED PARTNERS $ ) $ — $ ) $ ) $ $ ) (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2021 Notes. NGL ENERGY PARTNERS LP AND SUBSIDIARIES Condensed Consolidating Statements of Comprehensive Income (Loss) (U.S. Dollars in Thousands) Three Months Ended June 30, 2015 NGL Energy Partners LP NGL Energy Guarantor Non-Guarantor Consolidating (Parent) (1) Finance Corp. (1) Subsidiaries Subsidiaries Adjustments Consolidated Net income (loss) $ ) $ — $ ) $ $ $ ) Other comprehensive loss — — — ) — ) Comprehensive income (loss) $ ) $ — $ ) $ $ $ ) (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. Three Months Ended June 30, 2014 NGL Energy Partners LP NGL Energy Guarantor Non-Guarantor Consolidating (Parent) (2) Finance Corp. (2) Subsidiaries Subsidiaries Adjustments Consolidated Net loss $ ) $ — $ ) $ ) $ $ ) Other comprehensive income — — — — Comprehensive loss $ ) $ — $ ) $ ) $ $ ) (2) The parent and NGL Energy Finance Corp. are co-issuers of the 2021 Notes. NGL ENERGY PARTNERS LP AND SUBSIDIARIES Condensed Consolidating Statement of Cash Flows (U.S. Dollars in Thousands) Three Months Ended June 30, 2015 NGL Energy Partners LP NGL Energy Guarantor Non-Guarantor (Parent) (1) Finance Corp. (1) Subsidiaries Subsidiaries Consolidated OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ ) $ — $ $ $ INVESTING ACTIVITIES: Purchases of long-lived assets — — ) ) ) Acquisitions of businesses, including acquired working capital, net of cash acquired — — ) — ) Cash flows from commodity derivatives — — ) — ) Proceeds from sales of assets — — — Investments in unconsolidated entities — — ) — ) Distributions of capital from unconsolidated entities — — — Loan for facility under construction — — ) — ) Payments on loan for facility under construction — — — Loan to affiliate — — ) — ) Net cash used in investing activities — — ) ) ) FINANCING ACTIVITIES: Proceeds from borrowings under revolving credit facilities — — Payments on revolving credit facilities — — ) ) ) Payments on other long-term debt — — ) ) ) Debt issuance costs — ) — ) Contributions from general partner — — — Contributions from noncontrolling interest owners — — — Distributions to partners ) — — — ) Distributions to noncontrolling interest owners — — — ) ) Net changes in advances with consolidated entities — ) — Other — — ) ) ) Net cash provided by financing activities — Net increase (decrease) in cash and cash equivalents ) — Cash and cash equivalents, beginning of period — Cash and cash equivalents, end of period $ $ — $ $ $ (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. NGL ENERGY PARTNERS LP AND SUBSIDIARIES Condensed Consolidating Statement of Cash Flows (U.S. Dollars in Thousands) Three Months Ended June 30, 2014 NGL Energy Partners LP NGL Energy Guarantor Non-Guarantor (Parent) (1) Finance Corp. (1) Subsidiaries Subsidiaries Consolidated OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ ) $ — $ $ $ INVESTING ACTIVITIES: Purchases of long-lived assets — — ) ) ) Acquisitions of businesses, including acquired working capital, net of cash acquired — — ) ) ) Cash flows from commodity derivatives — — ) — ) Proceeds from sales of assets — — — Investments in unconsolidated entities — — ) — ) Net cash used in investing activities — — ) ) ) FINANCING ACTIVITIES: Proceeds from borrowings under revolving credit facility — — — Payments on revolving credit facility — — ) — ) Payments on other long-term debt — — ) ) ) Debt issuance costs ) — ) — ) Contributions from general partner — — — Distributions to partners ) — — — ) Distributions to noncontrolling interest owners — — — ) ) Proceeds from sale of common units, net of offering costs — — — Net changes in advances with consolidated entities ) — ) — Net cash provided by (used in) financing activities — ) Net increase (decrease) in cash and cash equivalents — ) Cash and cash equivalents, beginning of period — Cash and cash equivalents, end of period $ $ — $ $ $ (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2021 Notes.

Significant Accounting Polici24

Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2015
Significant Accounting Policies
Basis of Presentation	Basis of Presentation Our unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim consolidated financial information in accordance with the rules and regulations of the Securities and Exchange Commission. The accompanying unaudited condensed consolidated financial statements include our accounts and those of our controlled subsidiaries. Investments that we do not have the ability to exercise control of, but do have the ability to exercise significant influence over, are accounted for using the equity method of accounting. All significant intercompany transactions and account balances have been eliminated in consolidation. The unaudited condensed consolidated balance sheet at March 31, 2015 is derived from audited financial statements. We have made certain reclassifications to prior period financial statements to conform to classification methods used in fiscal year 2016. These reclassifications had no impact on previously reported amounts of equity or net income. The unaudited condensed consolidated financial statements include all adjustments that we consider necessary for a fair presentation of our consolidated financial position and results of operations for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed herein. Accordingly, the unaudited condensed consolidated financial statements do not include all the information and notes required by GAAP for complete annual consolidated financial statements. However, we believe that the disclosures made are adequate to make the information presented not misleading. These interim unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto for the fiscal year ended March 31, 2015 included in our Annual Report on Form 10—K (“Annual Report”). Due to the seasonal nature of our liquids and retail propane operations and other factors, the results of operations for interim periods are not necessarily indicative of the results to be expected for future periods or for the full fiscal year ending March 31, 2016.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the period. Critical estimates we make in the preparation of our condensed consolidated financial statements include determining the fair value of assets and liabilities acquired in business combinations; the collectability of accounts receivable; the recoverability of inventories; useful lives and recoverability of property, plant and equipment and amortizable intangible assets; the impairment of goodwill; the fair value of asset retirement obligations; the value of equity-based compensation; and accruals for various commitments and contingencies, among others. Although we believe these estimates are reasonable, actual results could differ from those estimates.
Fair Value Measurements	Fair Value Measurements We apply fair value measurements to certain assets and liabilities, principally our commodity derivative instruments and assets and liabilities acquired in business combinations. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Fair value is based upon assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and risks inherent in valuation techniques and inputs to valuations. This includes not only the credit standing of counterparties and credit enhancements but also the impact of our own nonperformance risk on our liabilities. Fair value measurements assume that the transaction occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability (the market for which the reporting entity would be able to maximize the amount received or minimize the amount paid). We evaluate the need for credit adjustments to our derivative instrument fair values in accordance with the requirements noted above. Such adjustments were not material to the fair values of our derivative instruments. We use the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: · Level 1—Quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access at the measurement date. · Level 2—Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 include non-exchange traded derivatives such as over-the-counter commodity price swap and option contracts. We determine the fair value of all of our derivative financial instruments utilizing pricing models for significantly similar instruments. Inputs to the pricing models include publicly available prices and forward curves generated from a compilation of data gathered from third parties. · Level 3—Unobservable inputs for the asset or liability including situations where there is little, if any, market activity for the asset or liability. The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3). In some cases, the inputs used to measure fair value might fall into different levels of the fair value hierarchy. The lowest level input that is significant to a fair value measurement determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to the fair value measurement requires judgment, considering factors specific to the asset or liability.
Revenue Recognition	Revenue Recognition We record revenues from product sales at the time title to the product transfers to the purchaser, which typically occurs upon receipt of the product by the purchaser. We record terminaling, transportation, storage, and service revenues at the time the service is performed, and we record tank and other rentals over the term of the lease. Pursuant to terminaling service agreements with certain of our throughput customers, we are entitled to the volume of product gained resulting from differences in the measurement of product volumes received and distributed at our terminaling facilities. Such measurement differentials occur as the result of the inherent variances in measurement devices and methodology. We recognize as revenue the net proceeds from the sale of the product gained. Revenues for our water solutions segment are recognized when we take delivery of the wastewater at our treatment and disposal facilities. We report taxes collected from customers and remitted to taxing authorities, such as sales and use taxes, on a net basis. Amounts billed to customers for shipping and handling costs are included in revenues in our condensed consolidated statements of operations. We enter into certain contracts whereby we agree to purchase product from a counterparty and sell the same volume of product to the same counterparty at a different location or time. When such agreements are entered into concurrently and are entered into in contemplation of each other, we record the revenues for these transactions net of cost of sales. Revenues during the three months ended June 30, 2015 include $1.5 million associated with the amortization of a liability recorded in the acquisition accounting for an acquired business related to certain out-of-market revenue contracts.
Inventories	Inventories We value our inventories at the lower of cost or market, with cost determined using either the weighted-average cost or the first in, first out (FIFO) methods, including the cost of transportation and storage. Market is determined based on estimated replacement cost using prices at the end of the reporting period. In performing this analysis, we consider fixed-price forward commitments and the opportunity to transfer propane inventory from our wholesale liquids business to our retail propane business to sell the inventory in retail markets. Inventories consist of the following: June 30, March 31, 2015 2015 (in thousands) Crude oil $ $ Natural gas liquids— Propane Butane Other Refined products— Gasoline Diesel Renewables Other Total $ $
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities In December 2013, as part of our acquisition of Gavilon, LLC (“Gavilon Energy”), we acquired a 50% interest in Glass Mountain Pipeline, LLC (“Glass Mountain”) and an interest in a limited liability company that owns an ethanol production facility in the Midwest. In June 2014, we acquired an interest in a limited liability company that operates a water supply company in the DJ Basin. On July 1, 2014, as part of our acquisition of TransMontaigne Inc. (“TransMontaigne”), we acquired the 2.0% general partner interest and a 19.7% limited partner interest in TLP, which owns a 42.5% interest in Battleground Oil Specialty Terminal Company LLC (“BOSTCO”) and a 50% interest in Frontera Brownsville LLC (“Frontera”), which are entities that own refined products storage facilities. We also own a 50% interest in a limited liability company that operates a retail propane business. We account for these investments using the equity method of accounting. Under the equity method, we do not report the individual assets and liabilities of these entities on our condensed consolidated balance sheets; instead, our ownership interests are reported within investments in unconsolidated entities on our condensed consolidated balance sheets. Under the equity method, the investment is recorded at acquisition cost, increased by our proportionate share of any earnings and additional capital contributions and decreased by our proportionate share of any losses, distributions paid, and amortization of any excess investment. Excess investment is the amount by which our total investment exceeds our proportionate share of the historical net book value of the net assets of the investee. Our investments in unconsolidated entities consist of the following: June 30, March 31, Entity Segment 2015 2015 (in thousands) Glass Mountain (1) Crude oil logistics $ $ BOSTCO (2) Refined products and renewables Frontera (2) Refined products and renewables Water supply company Water solutions Ethanol production facility Refined products and renewables Retail propane company Retail propane — Total $ $ (1) When we acquired Gavilon Energy, we recorded the investment in Glass Mountain at fair value. Our investment in Glass Mountain exceeds our share of the historical net book value of Glass Mountain’s net assets by $76.3 million at June 30, 2015. This difference relates primarily to goodwill and customer relationships. (2) When we acquired TransMontaigne, we recorded the investments in BOSTCO and Frontera at fair value. Our investments in BOSTCO and Frontera exceed our share of the historical net book value of BOSTCO’s and Frontera’s net assets by $14.9 million at June 30, 2015. This difference relates primarily to goodwill.
Noncontrolling Interests	Noncontrolling Interests We have certain consolidated subsidiaries in which outside parties own interests. The noncontrolling interest shown in our condensed consolidated financial statements represents the other owners’ interests in these entities. On July 1, 2014, as part of our acquisition of TransMontaigne, we acquired a 19.7% limited partner interest in TLP. We have attributed net earnings allocable to TLP’s limited partners to the controlling and noncontrolling interests based on the relative ownership interests in TLP as well as including certain adjustments related to our acquisition accounting. Earnings allocable to TLP’s limited partners are net of the earnings allocable to TLP’s general partner interest. The earnings allocable to TLP’s general partner interest include the distributions of available cash (as defined by TLP’s partnership agreement) attributable to the period to TLP’s general partner interest and incentive distribution rights, net of adjustments for TLP’s general partner’s share of undistributed earnings. Undistributed earnings are allocated to TLP’s limited partners and TLP’s general partner interest based on their respective sharing of earnings or losses specified in TLP’s partnership agreement, which is based on their ownership percentages of 98% and 2%, respectively.
Business Combination Measurement Period	Business Combination Measurement Period We record the assets acquired and liabilities assumed in a business combination at their acquisition date fair values. Pursuant to GAAP, an entity is allowed a reasonable period of time (not to exceed one year) to obtain the information necessary to identify and measure the fair values of the assets acquired and liabilities assumed in a business combination. As described in Note 4, certain of our acquisitions during the year ended March 31, 2015 are still within this measurement period, and as a result, the acquisition date fair values we have recorded for the assets acquired and liabilities assumed are subject to change. Also as described in Note 4, we made certain adjustments during the three months ended June 30, 2015 to our estimates of the acquisition date fair values of the assets acquired and liabilities assumed in business combinations that occurred during the year ended March 31, 2015.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015–11, “Simplifying the Measurement of Inventory.” ASU No. 2015–11 requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. The ASU is effective for the Partnership beginning April 1, 2017, although early adoption is permitted. We are in the process of assessing the impact of this ASU on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015–03, “Simplifying the Presentation of Debt Issuance Costs.” ASU No. 2015–03 requires that debt issuance costs (excluding costs associated with revolving debt arrangements) be presented in the balance sheet as a reduction to the carrying amount of the debt. We plan to adopt this ASU effective March 31, 2016, at which time we will begin presenting debt issuance costs as a reduction to long-term debt, rather than as an intangible asset. The ASU requires retrospective application for all prior periods presented. In May 2014, the FASB issued ASU No. 2014–09, “Revenue from Contracts with Customers.” ASU No. 2014–09 will replace most existing revenue recognition guidance in GAAP. The core principle of this ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The ASU is effective for the Partnership beginning April 1, 2018, and allows for both full retrospective and modified retrospective (with cumulative effect) methods of adoption. We are in the process of determining the method of adoption and assessing the impact of this ASU on our consolidated financial statements.

Significant Accounting Polici25

Significant Accounting Policies (Tables)	3 Months Ended
	Jun. 30, 2015
Significant Accounting Policies
Schedule of supplemental cash flow information	Three Months Ended June 30, 2015 2014 (in thousands) Interest paid, exclusive of debt issuance costs and letter of credit fees $ $ Income taxes paid $ $
Schedule of inventories	June 30, March 31, 2015 2015 (in thousands) Crude oil $ $ Natural gas liquids— Propane Butane Other Refined products— Gasoline Diesel Renewables Other Total $ $
Schedule of investments in unconsolidated entities	June 30, March 31, Entity Segment 2015 2015 (in thousands) Glass Mountain (1) Crude oil logistics $ $ BOSTCO (2) Refined products and renewables Frontera (2) Refined products and renewables Water supply company Water solutions Ethanol production facility Refined products and renewables Retail propane company Retail propane — Total $ $ (1) When we acquired Gavilon Energy, we recorded the investment in Glass Mountain at fair value. Our investment in Glass Mountain exceeds our share of the historical net book value of Glass Mountain’s net assets by $76.3 million at June 30, 2015. This difference relates primarily to goodwill and customer relationships. (2) When we acquired TransMontaigne, we recorded the investments in BOSTCO and Frontera at fair value. Our investments in BOSTCO and Frontera exceed our share of the historical net book value of BOSTCO’s and Frontera’s net assets by $14.9 million at June 30, 2015. This difference relates primarily to goodwill.
Schedule of other noncurrent assets	June 30, March 31, 2015 2015 (in thousands) Loan receivable (1) $ $ Linefill (2) Other Total $ $ (1) Represents a loan receivable associated with our financing of the construction of a natural gas liquids facility to be utilized by a third party. (2) Represents minimum volumes of crude oil we are required to leave on certain third-party owned pipelines under long-term shipment commitments. At June 30, 2015, linefill consisted of 487,104 barrels of crude oil.
Schedule of accrued expenses and other payables	June 30, March 31, 2015 2015 (in thousands) Accrued compensation and benefits $ $ Excise and other tax liabilities Derivative liabilities Accrued interest Product exchange liabilities Other Total $ $

Loss Per Common Unit (Tables)

Loss Per Common Unit (Tables)	3 Months Ended
	Jun. 30, 2015
Loss Per Common Unit
Schedule of loss per common unit	Three Months Ended June 30, 2015 2014 (in thousands, except unit and per unit amounts) Net loss attributable to parent equity $ ) $ ) Less: Net income allocated to general partner (1) ) ) Less: Net loss allocated to subordinated unitholders (2) — Net loss allocated to common unitholders $ ) $ ) Basic and diluted weighted average common units outstanding Basic and diluted loss per common unit $ ) $ ) (1) Net income allocated to the general partner includes distributions to which it is entitled as the holder of incentive distribution rights, which are described in Note 11. (2) All outstanding subordinated units converted to common units in August 2014. Since the subordinated units did not share in the distribution of cash generated subsequent to June 30, 2014, we did not allocate any income or loss subsequent to that date to the subordinated unitholders. During the three months ended June 30, 2014, 5,919,346 subordinated units were outstanding. The loss per subordinated unit was ($0.68) for the three months ended June 30, 2014.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Jun. 30, 2015
Water Solutions Facilities - 2016 Acquisitions
Acquisitions
Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed	We have preliminarily estimated the fair values of the assets acquired (and useful lives) and liabilities assumed as follows (in thousands): Property, plant and equipment: Water treatment facilities and equipment (3–30 years) $ Buildings and leasehold improvements (7–30 years) Land Other (5 years) Goodwill Accrued expenses and other payables ) Other noncurrent liabilities ) Fair value of net assets acquired $
Natural Gas Liquids Storage
Acquisitions
Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed	Estimated At June 30, March 31, 2015 2015 Change (in thousands) Accounts receivable—trade $ $ $ — Prepaid expenses and other current assets Property, plant and equipment: Natural gas liquids terminal and storage assets (2–30 years) — Vehicles and railcars (3–25 years) — Land — Other — Construction in progress — Goodwill ) Intangible assets: Customer relationships (15 years) — Non-compete agreements (10 years) — Accounts payable—trade ) ) — Accrued expenses and other payables ) ) — Advance payments received from customers ) ) — Other noncurrent liabilities ) ) — Fair value of net assets acquired $ $ $ —
Schedule of future amortization of liability	We will amortize the remainder of this liability over the term of the leases. The future amortization of this liability is shown below (in thousands): Year Ending March 31, 2016 (nine months) $ 2017 2018 2019
Bakken Shale Play Water Solutions Facilities
Acquisitions
Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed	Estimated At June 30, March 31, 2015 2015 Change (in thousands) Property, plant and equipment: Vehicles (10 years) $ $ $ — Water treatment facilities and equipment (3–30 years) — Buildings and leasehold improvements (7–30 years) — Land — Goodwill Intangible asset: Customer relationships (6 years) — Other noncurrent assets — Other noncurrent liabilities ) ) ) Fair value of net assets acquired $ $ $ —
TransMontaigne
Acquisitions
Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed	Estimated at March 31, Final 2015 Change (in thousands) Cash and cash equivalents $ $ $ — Accounts receivable—trade Accounts receivable—affiliates — Inventories — Prepaid expenses and other current assets Property, plant and equipment: Refined products terminal assets and equipment (20 years) Vehicles ) Crude oil tanks and related equipment (20 years) Information technology equipment — Buildings and leasehold improvements (20 years) Land ) Tank bottoms (indefinite life) — Other Construction in progress — Goodwill Intangible assets: Customer relationships (15 years) ) Pipeline capacity rights (30 years) — Investments in unconsolidated entities — Other noncurrent assets — Accounts payable—trade ) ) ) Accounts payable—affiliates ) ) — Accrued expenses and other payables ) ) ) Advance payments received from customers ) ) — Long-term debt ) ) — Other noncurrent liabilities ) ) — Noncontrolling interests ) ) — Fair value of net assets acquired $ $ $ —
Water Solutions Facilities - 2015 Acquisitions, 12 completed acquisitions
Acquisitions
Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed	Estimated at March 31, Final 2015 Change (in thousands) Accounts receivable—trade $ $ $ — Inventories — Prepaid expenses and other current assets — Property, plant and equipment: Water treatment facilities and equipment (3–30 years) — Buildings and leasehold improvements (7–30 years) — Land — Other (5 years) — Goodwill — Intangible asset: Customer relationships (4 years) — Other noncurrent assets — Accounts payable—trade ) ) — Accrued expenses and other payables ) ) — Other noncurrent liabilities ) ) — Noncontrolling interest ) ) — Fair value of net assets acquired $ $ $ —
Water Solutions Facilities - 2015 Acquisitions, five in the process of completion
Acquisitions
Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed	Estimated At June 30, March 31, 2015 2015 Change (in thousands) Property, plant and equipment: Water treatment facilities and equipment (3–30 years) $ $ $ — Buildings and leasehold improvements (7–30 years) — Land — Other (5 years) — Goodwill — Accrued expenses and other payables ) ) — Other noncurrent liabilities ) ) — Fair value of net assets acquired $ $ $ —
Retail Propane - 2015 Acquisitions, seven completed acquisitions
Acquisitions
Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed	Estimated at March 31, Final 2015 Change (in thousands) Accounts receivable—trade $ $ $ — Inventories — Prepaid expenses and other current assets — Property, plant and equipment: Retail propane equipment (15–20 years) — Vehicles and railcars (5–7 years) — Buildings and leasehold improvements (30 years) — Land — Other (5–7 years) — Goodwill — Intangible assets: Customer relationships (10–15 years) — Non-compete agreements (5–7 years) — Trade names (3–12 years) — Accounts payable—trade ) ) — Advance payments received from customers ) ) — Current maturities of long-term debt ) ) — Long-term debt, net of current maturities ) ) — Fair value of net assets acquired $ $ $ —
Retail Propane 2015 Acquisitions, one in the process of completion
Acquisitions
Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed	Estimated At June 30, March 31, 2015 2015 Change (in thousands) Accounts receivable—trade $ $ $ — Inventories — Property, plant and equipment: Retail propane equipment (15–20 years) — Vehicles and railcars (5–7 years) — Buildings and leasehold improvements (30 years) — ) Land ) Other (5–7 years) — Intangible assets: Customer relationships (10–15 years) — Non-compete agreements (5–7 years) — Accounts payable—trade — ) Advance payments received from customers ) ) Fair value of net assets acquired $ $ $ —

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment
Schedule of property, plant and equipment	June 30, March 31, Description and Estimated Useful Lives 2015 2015 (in thousands) Natural gas liquids terminal and storage assets (2–30 years) $ $ Refined products terminal assets and equipment (20 years) Retail propane equipment (2–30 years) Vehicles and railcars (3–25 years) Water treatment facilities and equipment (3–30 years) Crude oil tanks and related equipment (2–40 years) Barges and towboats (5–40 years) Information technology equipment (3–7 years) Buildings and leasehold improvements (3–40 years) Land Tank bottoms Other (3–30 years) Construction in progress Accumulated depreciation ) ) Net property, plant and equipment $ $
Summary of tank bottoms	June 30, 2015 March 31, 2015 Product Volume Book Value Volume Book Value (in thousands) Gasoline (barrels) $ $ Crude oil (barrels) Diesel (barrels) Renewables (barrels) Other Total $ $

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Jun. 30, 2015
Goodwill
Schedule of changes in the balance of goodwill	The changes in the balance of goodwill were as follows (in thousands): Balance at March 31, 2015 $ Revisions to acquisition accounting (Note 4) Acquisitions (Note 4) Balance at June 30, 2015 $
Schedule of goodwill by segment, including changes to goodwill	June 30, March 31, 2015 2015 (in thousands) Crude oil logistics $ $ Water solutions Liquids Retail propane Refined products and renewables Total $ $

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Jun. 30, 2015
Intangible Assets
Schedule of intangible assets	June 30, 2015 March 31, 2015 Amortizable Gross Carrying Accumulated Gross Carrying Accumulated Lives Amount Amortization Amount Amortization (in thousands) Amortizable— Customer relationships 3–20 years $ $ $ $ Pipeline capacity rights 30 years Water facility development agreement 5 years Executory contracts and other agreements 2–10 years Non-compete agreements 2–10 years Trade names 2–12 years Debt issuance costs 5–10 years Total amortizable Non-amortizable— Customer commitments — — Trade names — — Total non-amortizable — — Total $ $ $ $
Schedule of amortization expense	Three Months Ended June 30, Recorded In 2015 2014 (in thousands) Depreciation and amortization $ $ Cost of sales Interest expense Total $ $
Schedule of expected amortization of intangible assets	Expected amortization of our intangible assets, exclusive of assets that are not yet amortizable, is as follows (in thousands): Year Ending March 31, 2016 (nine months) $ 2017 2018 2019 2020 Thereafter Total $

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Jun. 30, 2015
Long-Term Debt
Schedule of long-term debt	June 30, March 31, 2015 2015 (in thousands) Revolving credit facility — Expansion capital borrowings $ $ Working capital borrowings 5.125% Notes due 2019 6.875% Notes due 2021 6.650% Notes due 2022 TLP credit facility Other long-term debt Less: Current maturities Long-term debt $ $
Schedule of maturities of long-term debt	The scheduled maturities of our long-term debt are as follows at June 30, 2015: Revolving TLP Other Credit 2019 2021 2022 Credit Long-Term Year Ending March 31, Facility Notes Notes Notes Facility Debt Total (in thousands) 2016 (nine months) $ — $ — $ — $ — $ — $ $ 2017 — — — — — 2018 — — — — 2019 — — 2020 — — — Thereafter — — — Total $ $ $ $ $ $ $
TLP
Long-Term Debt
Summary of assets and liabilities	The following table summarizes our basis in the assets and liabilities of TLP at June 30, 2015, inclusive of the impact of our acquisition accounting for the business combination with TransMontaigne (in thousands): Cash and cash equivalents $ Accounts receivable—trade Accounts receivable—affiliates Inventories Prepaid expenses and other current assets Property, plant and equipment, net Goodwill Intangible assets, net Investments in unconsolidated entities Other noncurrent assets Accounts payable—trade ) Accounts payable—affiliates ) Net intercompany payable ) Accrued expenses and other payables ) Advanced payments received from customers ) Long-term debt ) Other noncurrent liabilities ) Net assets $

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Jun. 30, 2015
Commitments and Contingencies
Schedule of future minimum lease payments under contractual commitments	Future minimum lease payments under these agreements at June 30, 2015 are as follows (in thousands): Year Ending March 31, 2016 (nine months) $ 2017 2018 2019 2020 Thereafter Total $
Schedule of future minimum throughput payments under agreements	Future minimum throughput payments under these agreements at June 30, 2015 are as follows (in thousands): Year Ending March 31, 2016 (nine months) $ 2017 2018 2019 2020 Thereafter Total $
Schedule of commitments outstanding	At June 30, 2015, we had the following such commitments outstanding: Volume Value (in thousands) Purchase commitments: Natural gas liquids fixed-price (gallons) $ Natural gas liquids index-price (gallons) Crude oil index-price (barrels) Sale commitments: Natural gas liquids fixed-price (gallons) Natural gas liquids index-price (gallons) Crude oil fixed-price (barrels) Crude oil index-price (barrels)

Equity (Tables)

Equity (Tables)	3 Months Ended
	Jun. 30, 2015
Future Distribution Payments
Equity
Schedule of percentage allocations of available cash from operating surplus between the unitholders and general partner	Marginal Percentage Interest In Total Quarterly Distributions Distribution Per Unit Unitholders General Partner Minimum quarterly distribution $ % % First target distribution above $ up to $ % % Second target distribution above $ up to $ % % Third target distribution above $ up to $ % % Thereafter above $ % %
Future Distribution Payments | TLP
Equity
Schedule of percentage allocations of available cash from operating surplus between the unitholders and general partner	Marginal Percentage Interest In Total Quarterly Distributions Distribution Per Unit Unitholders General Partner Minimum quarterly distribution $ % % First target distribution above $ up to $ % % Second target distribution above $ up to $ % % Third target distribution above $ up to $ % % Thereafter above $ % %
Service awards
Equity
Schedule of service awards activity	Unvested Service Award units at March 31, 2015 Units granted Unvested Service Award units at June 30, 2015
Summary of scheduled vesting of awards	Year Ending March 31, Number of Units 2016 (nine months) 2017 2018 Thereafter Unvested Service Award units at June 30, 2015
Schedule of estimated equity-based expense to be recorded on the service awards granted	We estimate that the future expense we will record on the unvested Service Award units at June 30, 2015 will be as follows (in thousands) Year Ending March 31, 2016 (nine months) $ 2017 2018 2019 2020 Total $
Schedule of rollforward of the liability	The following table is a rollforward of the liability related to the Service Award units, which is reported within accrued expenses and other payables in our condensed consolidated balance sheets (in thousands): Balance at March 31, 2015 $ Expense recorded Balance at June 30, 2015 $
Performance awards
Equity
Schedule of rollforward of the liability	The following table is a rollforward of the liability related to the Performance Award units, which is reported within accrued expenses and other payables in our condensed consolidated balance sheets (in thousands): Balance at March 31, 2015 $ — Expense recorded Balance at June 30, 2015 $
Schedule of performance measurement period for each tranche	Vesting Date of Tranche Performance Period for Tranche July 1, 2015 July 1, 2012 through June 30, 2015 July 1, 2016 July 1, 2013 through June 30, 2016 July 1, 2017 July 1, 2014 through June 30, 2017
Summary of percentage of the maximum performance award units that will vest depending on the percentage of entities in the Index that NGL outperforms	Percentage of Entities in the Percentage of Maximum Index that NGL Outperforms Performance Award Units to Vest Less than 50% 50% - 75% 25–50% 75% - 90% 50%–100% Greater than 90%
Summary of fair value and expense recorded related to the restricted unit awards	The estimated fair value at June 30, 2015 for each vesting tranche, and the expense recorded during the three months ended June 30, 2015, is summarized below (in thousands): Fair Value of Life-to-Date Vesting Date Unvested Awards Expense Recorded July 1, 2015 $ $ July 1, 2016 July 1, 2017 Total $ $
Schedule of estimated share-based expense to be recorded on the awards granted	We estimate that the future expense we will record on the unvested Performance Award units at June 30, 2015 will be as follows (in thousands), after taking into consideration an estimate of forfeitures. For purposes of this calculation, we used the June 30, 2015 fair value of the Performance Awards. Year Ending March 31, 2016 (nine months) $ 2017 2018 Total $
Performance awards | Maximum
Equity
Summary of scheduled vesting of awards	Maximum Performance Vesting Date Award Units July 1, 2015 July 1, 2016 July 1, 2017 Total

Fair Value of Financial Instr34

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Jun. 30, 2015
Fair Value of Financial Instruments
Schedule of estimated fair value measurements of assets and liabilities	The following table summarizes the estimated fair values of our commodity derivative assets and liabilities reported in our condensed consolidated balance sheet at June 30, 2015: Derivative Derivative Assets Liabilities (in thousands) Level 1 measurements $ $ ) Level 2 measurements ) ) Netting of counterparty contracts (1) ) Net cash collateral provided — Commodity derivatives in condensed consolidated balance sheet $ $ ) (1) Relates to commodity derivative assets and liabilities that are expected to be net settled on an exchange or through a netting arrangement with the counterparty. The following table summarizes the estimated fair values of our commodity derivative assets and liabilities reported in our condensed consolidated balance sheet at March 31, 2015: Derivative Derivative Assets Liabilities (in thousands) Level 1 measurements $ $ ) Level 2 measurements ) ) Netting of counterparty contracts (1) ) Net cash collateral provided (held) ) Commodity derivatives in condensed consolidated balance sheet $ $ ) (1) Relates to commodity derivative assets and liabilities that are expected to be net settled on an exchange or through a netting arrangement with the counterparty.
Schedule of location of commodity derivative assets and liabilities reported on the condensed consolidated balance sheets	June 30, March 31, 2015 2015 (in thousands) Prepaid expenses and other current assets $ $ Accrued expenses and other payables ) ) Net commodity derivative asset $ $
Summary of open commodity derivative contract positions	Net Long (Short) Fair Value Notional of Units Net Assets Contracts Settlement Period (Barrels) (Liabilities) (in thousands) At June 30, 2015— Cross-commodity (1) July 2015–March 2016 $ ) Crude oil fixed-price (2) July 2015–December 2015 ) Crude oil index-price (3) July 2015–July 2015 Propane fixed-price (4) July 2015–November 2017 ) Refined products fixed-price (4) July 2015–December 2015 ) Other July 2015–April 2016 Net cash collateral provided Net commodity derivatives in condensed consolidated balance sheet $ At March 31, 2015— Cross-commodity (1) April 2015–March 2016 $ ) Crude oil fixed-price (2) April 2015–June 2015 ) ) Crude oil index-price (3) April 2015–July 2015 Propane fixed-price (4) April 2015–December 2016 ) Refined products fixed-price (4) April 2015–December 2015 ) Other April 2015–December 2015 Net cash collateral held ) Net commodity derivatives in condensed consolidated balance sheet $ (1) Cross-commodity—We may purchase or sell a physical commodity where the underlying contract pricing mechanisms are tied to different commodity price indices. The contracts listed in this table as “Cross-commodity” represent derivatives we have entered into as an economic hedge against the risk of one commodity price moving relative to another commodity price. (2) Crude oil fixed-price—Our crude oil logistics segment routinely purchases crude oil inventory to enable us to fulfill future orders expected to be placed by our customers. The contracts listed in this table as “Crude oil fixed-price” represent derivatives we have entered into as an economic hedge against the risk that crude oil prices will decline while we are holding the inventory. (3) Crude oil index-price—Our crude oil logistics segment may purchase or sell crude oil where the underlying contract pricing mechanisms are tied to different crude oil indices. These indices may vary in the type or location of crude oil, or in the timing of delivery within a given month. The contracts listed in this table as “Crude oil index-price” represent derivatives we have entered into as an economic hedge against the risk of one crude oil index moving relative to another crude oil index. (4) Commodity fixed-price—We may have fixed price physical purchases, including inventory , offset by floating price physical sales or floating price physical purchases offset by fixed price physical sales. The contracts listed in this table as “fixed-price” represent derivatives we have entered into as an economic hedge against the risk of mismatches between fixed and floating price physical obligations.
Schedule of net gains (losses) from entity's commodity derivatives to cost of sales	We recorded the following net losses from our commodity derivatives to cost of sales (in thousands): Three Months Ended June 30, 2015 $ ) 2014 )
Schedule of fair value estimates of fixed-rate notes	The following table provides fair value estimates of our fixed-rate notes at June 30, 2015 (in thousands): 5.125% Notes due 2019 $ 6.875% Notes due 2021 6.650% Notes due 2022

Segments (Tables)

Segments (Tables)	3 Months Ended
	Jun. 30, 2015
Segments
Schedule of certain information related to the results of operations of each segment	Three Months Ended June 30, 2015 2014 (in thousands) Revenues: Crude oil logistics— Crude oil sales $ $ Crude oil transportation and other Water solutions— Service fees Recovered hydrocarbons Water transportation — Other revenues — Liquids— Propane sales Other product sales Other revenues Retail propane— Propane sales Distillate sales Other revenues Refined products and renewables— Refined products sales Renewables sales Service fees — Corporate and other — Elimination of intersegment sales ) ) Total revenues $ $ Depreciation and Amortization: Crude oil logistics $ $ Water solutions Liquids Retail propane Refined products and renewables Corporate and other Total depreciation and amortization $ $ Operating Income (Loss): Crude oil logistics $ $ Water solutions ) ) Liquids ) ) Retail propane ) ) Refined products and renewables ) Corporate and other ) ) Total operating loss $ ) $ )
Schedule of additions to property, plant and equipment for each segment	Three Months Ended June 30, 2015 2014 (in thousands) Additions to property, plant and equipment: Crude oil logistics $ $ Water solutions Liquids Retail propane Refined products and renewables — Corporate and other Total $ $
Schedule of long-lived assets (consisting of property, plant and equipment, intangible assets and goodwill) and total assets by segment	June 30, March 31, 2015 2015 (in thousands) Total assets: Crude oil logistics $ $ Water solutions Liquids Retail propane Refined products and renewables Corporate and other Total $ $ Long-lived assets, net: Crude oil logistics $ $ Water solutions Liquids Retail propane Refined products and renewables Corporate and other Total $ $

Transactions with Affiliates (T

Transactions with Affiliates (Tables)	3 Months Ended
	Jun. 30, 2015
Transactions with Affiliates
Summary of purchase and sales transactions of products and services	Three Months Ended June 30, 2015 2014 (in thousands) Sales to SemGroup $ $ Purchases from SemGroup Sales to equity method investees — Purchases from equity method investees Sales to entities affiliated with management Purchases from entities affiliated with management
Schedule of accounts receivable from affiliates	June 30, March 31, 2015 2015 (in thousands) Receivables from SemGroup $ $ Receivables from equity method investees Receivables from entities affiliated with management Total $ $
Schedule of accounts payable to affiliates	June 30, March 31, 2015 2015 (in thousands) Payables to SemGroup $ $ Payables to equity method investees Payables to entities affiliated with management Total $ $

Condensed Consolidating Guara37

Condensed Consolidating Guarantor and Non-Guarantor Financial Information (Tables)	3 Months Ended
	Jun. 30, 2015
Condensed Consolidating Guarantor and Non-Guarantor Financial Information
Schedule of Condensed Consolidating Balance Sheets	NGL ENERGY PARTNERS LP AND SUBSIDIARIES Condensed Consolidating Balance Sheet (U.S. Dollars in Thousands) June 30, 2015 NGL Energy Partners LP NGL Energy Guarantor Non-Guarantor Consolidating (Parent) (1) Finance Corp. (1) Subsidiaries Subsidiaries Adjustments Consolidated ASSETS CURRENT ASSETS: Cash and cash equivalents $ $ — $ $ $ — $ Accounts receivable—trade, net of allowance for doubtful accounts — — — Accounts receivable—affiliates — — Inventories — — — Prepaid expenses and other current assets — — — Total current assets — — PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation — — — GOODWILL — — — INTANGIBLE ASSETS, net of accumulated amortization — — INVESTMENTS IN UNCONSOLIDATED ENTITIES — — — NET INTERCOMPANY RECEIVABLES (PAYABLES) — ) ) — — INVESTMENTS IN CONSOLIDATED SUBSIDIARIES — — ) — LOAN RECEIVABLE—AFFILIATE — — — — OTHER NONCURRENT ASSETS — — — Total assets $ $ — $ $ $ ) $ LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable—trade $ — $ — $ $ $ — $ Accounts payable—affiliates — — Accrued expenses and other payables — — Advance payments received from customers — — — Current maturities of long-term debt — — — Total current liabilities — — LONG-TERM DEBT, net of current maturities — — OTHER NONCURRENT LIABILITIES — — — EQUITY: Partners’ equity — ) Accumulated other comprehensive loss — — — ) — ) Noncontrolling interests — — — — Total equity — ) Total liabilities and equity $ $ — $ $ $ ) $ (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. Since the parent received the proceeds from the issuance of the 2019 Notes and 2021 Notes, all activity has been reflected in the parent column. NGL ENERGY PARTNERS LP AND SUBSIDIARIES Condensed Consolidating Balance Sheet (U.S. Dollars in Thousands) March 31, 2015 NGL Energy Partners LP NGL Energy Guarantor Non-Guarantor Consolidating (Parent) (1) Finance Corp. (1) Subsidiaries Subsidiaries Adjustments Consolidated ASSETS CURRENT ASSETS: Cash and cash equivalents $ $ — $ $ $ — $ Accounts receivable—trade, net of allowance for doubtful accounts — — — Accounts receivable—affiliates — — Inventories — — — Prepaid expenses and other current assets — — — Total current assets — — PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation — — — GOODWILL — — — INTANGIBLE ASSETS, net of accumulated amortization — — INVESTMENTS IN UNCONSOLIDATED ENTITIES — — — NET INTERCOMPANY RECEIVABLES (PAYABLES) — ) ) — — INVESTMENTS IN CONSOLIDATED SUBSIDIARIES — — ) — LOAN RECEIVABLE—AFFILIATE — — — — OTHER NONCURRENT ASSETS — — — Total assets $ $ — $ $ $ ) $ LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable—trade $ — $ — $ $ $ — $ Accounts payable—affiliates — — — Accrued expenses and other payables — — Advance payments received from customers — — — Current maturities of long-term debt — — — Total current liabilities — — LONG-TERM DEBT, net of current maturities — — OTHER NONCURRENT LIABILITIES — — — EQUITY: Partners’ equity — ) Accumulated other comprehensive loss — — — ) — ) Noncontrolling interests — — — — Total equity — ) Total liabilities and equity $ $ — $ $ $ ) $ (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. Since the parent received the proceeds from the issuance of the 2019 Notes and 2021 Notes, all activity has been reflected in the parent column.
Schedule of Condensed Consolidating Statements of Operations	NGL ENERGY PARTNERS LP AND SUBSIDIARIES Condensed Consolidating Statement of Operations (U.S. Dollars in Thousands) Three Months Ended June 30, 2015 NGL Energy Partners LP NGL Energy Guarantor Non-Guarantor Consolidating (Parent) (1) Finance Corp. (1) Subsidiaries Subsidiaries Adjustments Consolidated REVENUES $ — $ — $ $ $ ) $ COST OF SALES — — ) OPERATING COSTS AND EXPENSES: Operating — — ) General and administrative — — — Depreciation and amortization — — — Loss on disposal or impairment of assets, net — — — — Operating Income (Loss) — — ) — ) OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities — — — Interest expense ) — ) ) ) Other income (expense), net — — ) ) ) Income (Loss) Before Income Taxes ) — ) — ) INCOME TAX PROVISION — — ) ) — ) EQUITY IN NET INCOME (LOSS) OF CONSOLIDATED SUBSIDIARIES ) — — — Net Income (Loss) ) — ) ) LESS: NET INCOME ALLOCATED TO GENERAL PARTNER ) ) LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS ) ) NET INCOME (LOSS) ALLOCATED TO LIMITED PARTNERS $ ) $ — $ ) $ $ $ ) (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. NGL ENERGY PARTNERS LP AND SUBSIDIARIES Condensed Consolidating Statement of Operations (U.S. Dollars in Thousands) Three Months Ended June 30, 2014 NGL Energy Partners LP NGL Energy Guarantor Non-Guarantor Consolidating (Parent) (1) Finance Corp. (1) Subsidiaries Subsidiaries Adjustments Consolidated REVENUES $ — $ — $ $ $ ) $ COST OF SALES — — ) OPERATING COSTS AND EXPENSES: Operating — — — General and administrative — — — Depreciation and amortization — — — Loss (gain) on disposal or impairment of assets, net — — ) — Operating Loss — — ) ) — ) OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities — — — — Interest expense ) — ) ) ) Other income (expense), net — — ) ) ) Loss Before Income Taxes ) — ) ) — ) INCOME TAX PROVISION — — ) ) — ) EQUITY IN NET LOSS OF CONSOLIDATED SUBSIDIARIES ) — ) — — Net Loss ) — ) ) ) LESS: NET INCOME ALLOCATED TO GENERAL PARTNER ) ) LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS ) ) NET LOSS ALLOCATED TO LIMITED PARTNERS $ ) $ — $ ) $ ) $ $ ) (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2021 Notes.
Schedule of Condensed Consolidating Statements of Comprehensive Income (Loss)	NGL ENERGY PARTNERS LP AND SUBSIDIARIES Condensed Consolidating Statements of Comprehensive Income (Loss) (U.S. Dollars in Thousands) Three Months Ended June 30, 2015 NGL Energy Partners LP NGL Energy Guarantor Non-Guarantor Consolidating (Parent) (1) Finance Corp. (1) Subsidiaries Subsidiaries Adjustments Consolidated Net income (loss) $ ) $ — $ ) $ $ $ ) Other comprehensive loss — — — ) — ) Comprehensive income (loss) $ ) $ — $ ) $ $ $ ) (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. Three Months Ended June 30, 2014 NGL Energy Partners LP NGL Energy Guarantor Non-Guarantor Consolidating (Parent) (2) Finance Corp. (2) Subsidiaries Subsidiaries Adjustments Consolidated Net loss $ ) $ — $ ) $ ) $ $ ) Other comprehensive income — — — — Comprehensive loss $ ) $ — $ ) $ ) $ $ ) (2) The parent and NGL Energy Finance Corp. are co-issuers of the 2021 Notes.
Schedule of Condensed Consolidating Statements of Cash Flows	NGL ENERGY PARTNERS LP AND SUBSIDIARIES Condensed Consolidating Statement of Cash Flows (U.S. Dollars in Thousands) Three Months Ended June 30, 2015 NGL Energy Partners LP NGL Energy Guarantor Non-Guarantor (Parent) (1) Finance Corp. (1) Subsidiaries Subsidiaries Consolidated OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ ) $ — $ $ $ INVESTING ACTIVITIES: Purchases of long-lived assets — — ) ) ) Acquisitions of businesses, including acquired working capital, net of cash acquired — — ) — ) Cash flows from commodity derivatives — — ) — ) Proceeds from sales of assets — — — Investments in unconsolidated entities — — ) — ) Distributions of capital from unconsolidated entities — — — Loan for facility under construction — — ) — ) Payments on loan for facility under construction — — — Loan to affiliate — — ) — ) Net cash used in investing activities — — ) ) ) FINANCING ACTIVITIES: Proceeds from borrowings under revolving credit facilities — — Payments on revolving credit facilities — — ) ) ) Payments on other long-term debt — — ) ) ) Debt issuance costs — ) — ) Contributions from general partner — — — Contributions from noncontrolling interest owners — — — Distributions to partners ) — — — ) Distributions to noncontrolling interest owners — — — ) ) Net changes in advances with consolidated entities — ) — Other — — ) ) ) Net cash provided by financing activities — Net increase (decrease) in cash and cash equivalents ) — Cash and cash equivalents, beginning of period — Cash and cash equivalents, end of period $ $ — $ $ $ (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. NGL ENERGY PARTNERS LP AND SUBSIDIARIES Condensed Consolidating Statement of Cash Flows (U.S. Dollars in Thousands) Three Months Ended June 30, 2014 NGL Energy Partners LP NGL Energy Guarantor Non-Guarantor (Parent) (1) Finance Corp. (1) Subsidiaries Subsidiaries Consolidated OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ ) $ — $ $ $ INVESTING ACTIVITIES: Purchases of long-lived assets — — ) ) ) Acquisitions of businesses, including acquired working capital, net of cash acquired — — ) ) ) Cash flows from commodity derivatives — — ) — ) Proceeds from sales of assets — — — Investments in unconsolidated entities — — ) — ) Net cash used in investing activities — — ) ) ) FINANCING ACTIVITIES: Proceeds from borrowings under revolving credit facility — — — Payments on revolving credit facility — — ) — ) Payments on other long-term debt — — ) ) ) Debt issuance costs ) — ) — ) Contributions from general partner — — — Distributions to partners ) — — — ) Distributions to noncontrolling interest owners — — — ) ) Proceeds from sale of common units, net of offering costs — — — Net changes in advances with consolidated entities ) — ) — Net cash provided by (used in) financing activities — ) Net increase (decrease) in cash and cash equivalents — ) Cash and cash equivalents, beginning of period — Cash and cash equivalents, end of period $ $ — $ $ $ (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2021 Notes.

Organization and Operations (De

Organization and Operations (Details) - item	3 Months Ended	12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015
Organization and operations
Ownership interest (as a percent)	0.10%	0.10%
TLP | General Partner
Organization and operations
Ownership interest (as a percent)	2.00%
TLP | Limited Partner
Organization and operations
Ownership interest (as a percent)	19.60%
Retail propane
Organization and operations
Number of owned terminals	21
Retail propane | Minimum
Organization and operations
Number of states in which entity operates	25
Crude oil logistics
Organization and operations
Equity method ownership interest (as a percent)	50.00%

Significant Accounting Polici39

Significant Accounting Policies (Details) $ in Millions	3 Months Ended
	Jun. 30, 2015USD ($)
Revenues Recognition
Amortization of contract liabilities to revenues	$ 1.5

Significant Accounting Polici40

Significant Accounting Policies (Detail2) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Supplemental Cash Flow Information
Interest paid, exclusive of debt issuance costs and letter of credit fees	$ 31,172	$ 25,984
Income taxes paid	$ 4,083	$ 1,005

Significant Accounting Polici41

Significant Accounting Policies (Details 3) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015
Inventories
Crude oil	$ 109,227	$ 145,412
Natural gas liquids-
Propane	52,572	44,535
Butane	19,999	8,668
Other	9,958	3,874
Refined products-
Gasoline	161,566	128,092
Diesel	91,364	59,097
Renewables	34,331	44,668
Other	10,047	7,416
Total	$ 489,064	$ 441,762

Significant Accounting Polici42

Significant Accounting Policies (Details 4) - Inventory [Domain] - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015	Jul. 01, 2014	Dec. 31, 2013
Investments in Unconsolidated Entities
Carrying Value	$ 474,221	$ 472,673
Glass Mountain
Investments in Unconsolidated Entities
Carrying Value	185,834	187,590
Fair value in excess of historical net book value	76,300
Ethanol production facility
Investments in Unconsolidated Entities
Carrying Value	14,350	13,539
Water Supply Company
Investments in Unconsolidated Entities
Carrying Value	16,767	16,471
BOSTCO and Frontera
Investments in Unconsolidated Entities
Fair value in excess of historical net book value	14,900
BOSTCO
Investments in Unconsolidated Entities
Carrying Value	239,299	238,146
Frontera
Investments in Unconsolidated Entities
Carrying Value	17,287	$ 16,927
Retail propane company
Investments in Unconsolidated Entities
Ownership interest acquired in general partner (as a percent)			50.00%
Carrying Value	$ 684
Gavilon Energy | Glass Mountain
Investments in Unconsolidated Entities
Equity method ownership interest (as a percent)				50.00%
TransMontaigne | BOSTCO
Investments in Unconsolidated Entities
Equity method ownership interest (as a percent)			42.50%
TransMontaigne | Frontera
Investments in Unconsolidated Entities
Equity method ownership interest (as a percent)			50.00%
Limited Partner | TransMontaigne
Investments in Unconsolidated Entities
Ownership interest acquired in general partner (as a percent)			19.70%
General Partner | TransMontaigne
Investments in Unconsolidated Entities
Ownership interest acquired in general partner (as a percent)			2.00%

Significant Accounting Polici43

Significant Accounting Policies (Details 5) $ in Thousands	Jun. 30, 2015USD ($)bbl	Mar. 31, 2015USD ($)
Other Noncurrent Assets
Loan receivable	$ 56,605	$ 58,050
Linefill	35,060	35,060
Other	18,879	19,727
Total	$ 110,544	$ 112,837
Linefill volume | bbl	487,104

Significant Accounting Polici44

Significant Accounting Policies (Details 6) - Entity [Domain] - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015
Accrued Expenses and Other Payables
Accrued compensation and benefits	$ 104,044	$ 52,078
Excise and other tax liabilities	39,844	43,847
Derivative liabilities	27,321	27,950
Accrued interest	19,655	23,065
Product exchange liabilities	17,322	15,480
Other	29,221	32,696
Total	$ 237,407	$ 195,116

Significant Accounting Polici45

Significant Accounting Policies (Details 7)	Jul. 01, 2014	Jun. 30, 2015	Mar. 31, 2015
Noncontrolling Interests
Limited partners, interest (as a percent)		99.90%	99.90%
General partner interest (as a percent)		0.10%	0.10%
TLP
Noncontrolling Interests
Ownership interest acquired (as a percent)	19.70%
Limited partners, interest (as a percent)	98.00%
General partner interest (as a percent)	2.00%

Loss Per Common Unit (Details)

Loss Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Loss Per Unit
Net loss attributable to parent equity	$ (42,401)	$ (39,975)
Less: Net income allocated to general partner	(15,359)	(9,381)
NET LOSS ALLOCATED TO LIMITED PARTNERS	(57,760)	(49,356)
Common Units
Loss Per Unit
NET LOSS ALLOCATED TO LIMITED PARTNERS	$ (57,760)	$ (45,343)
Basic and diluted weighted average units outstanding (in units)	103,888,281	74,126,205
Basic and diluted loss per unit (in dollars per unit)	$ (0.56)	$ (0.61)
Subordinated Units
Loss Per Unit
NET LOSS ALLOCATED TO LIMITED PARTNERS		$ 4,013
Basic and diluted weighted average units outstanding (in units)		5,919,346
Basic and diluted loss per unit (in dollars per unit)		$ (0.68)

Acquisitions (Details)

Acquisitions (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2015USD ($)itemshares	Jun. 30, 2014USD ($)	Mar. 31, 2015USD ($)
Estimated fair values of the assets acquired and liabilities assumed
Goodwill	$ 1,451,654		$ 1,402,761
Revenue	3,538,469	$ 3,648,614
Operating loss	$ (14,729)	$ (20,555)
Water Solutions Facilities - 2016 Acquisitions
Acquisitions
Number of water treatment disposal facilities acquired | item	6
Cash paid	$ 59,300
Value of common units issued	11,400
Estimated fair values of the assets acquired and liabilities assumed
Goodwill	45,809
Accrued expenses and other payables	(5,102)
Other noncurrent liabilities	(174)
Fair value of net assets acquired	70,671
Revenue	1,000
Operating loss	500
Water Solutions Facilities - 2016 Acquisitions | Water treatment facilities and equipment
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment	24,511
Water Solutions Facilities - 2016 Acquisitions | Buildings and leasehold improvements
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment	5,050
Water Solutions Facilities - 2016 Acquisitions | Land
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment	547
Water Solutions Facilities - 2016 Acquisitions | Other
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment	$ 30
Useful life of property, plant and equipment	5 years
Water Solutions Facilities - 2016 Acquisitions | Common Units
Acquisitions
Common units issued | shares	386,383
Maximum | Water treatment facilities and equipment
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	30 years
Maximum | Buildings and leasehold improvements
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	40 years
Maximum | Water Solutions Facilities - 2016 Acquisitions | Water treatment facilities and equipment
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	30 years
Maximum | Water Solutions Facilities - 2016 Acquisitions | Buildings and leasehold improvements
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	30 years
Minimum | Water treatment facilities and equipment
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	3 years
Minimum | Buildings and leasehold improvements
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	3 years
Minimum | Water Solutions Facilities - 2016 Acquisitions | Water treatment facilities and equipment
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	3 years
Minimum | Water Solutions Facilities - 2016 Acquisitions | Buildings and leasehold improvements
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	7 years

Acquisitions (Details 2)

Acquisitions (Details 2) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2015USD ($)item
Acquisitions
Revenue	$ 3,538,469	$ 3,648,614
Operating income (loss)	(14,729)	$ (20,555)
Retail Propane
Acquisitions
Number of businesses acquired | item			8
Cash paid	4,600		$ 39,000
Revenue	300
Operating income (loss)	$ 100

Acquisitions (Details 3)

Acquisitions (Details 3) - Change in Accounting Estimate, Type [Domain] - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2015	Jun. 30, 2015	Mar. 31, 2015
Estimated fair values of the assets acquired and liabilities assumed
Goodwill		$ 1,451,654	$ 1,402,761
Change
Goodwill		1,973
Consideration paid for acquisition
Amortization of contract liabilities to revenues		$ 1,500
Natural gas liquids terminal and storage assets | Minimum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		2 years
Natural gas liquids terminal and storage assets | Maximum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		30 years
Vehicles and railcars | Minimum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		3 years
Vehicles and railcars | Maximum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		25 years
Natural Gas Liquids Storage
Acquisitions
Cash paid	$ 97,600
Value of common units issued	$ 218,500
Estimated fair values of the assets acquired and liabilities assumed
Accounts receivable - trade		$ 42	42
Prepaid expenses and other current assets		883	600
Goodwill		151,570	151,853
Accounts payable - trade		(931)	(931)
Accrued expenses and other payables		(6,511)	(6,511)
Advance payments received from customers		(1,015)	(1,015)
Other noncurrent liabilities		(6,817)	(6,817)
Fair value of net assets acquired		316,126	316,126
Change
Prepaid expenses and other current assets		283
Goodwill		(283)
Natural Gas Liquids Storage | Common Units
Acquisitions
Common units issued	7,396,973
Natural Gas Liquids Storage | Crude oil storage lease commitments
Consideration paid for acquisition
Liability recorded in the acquisition accounting		12,800
Amortization of contract liabilities to revenues		1,500
Future amortization
2016 (nine months)		4,355
2,017		4,905
2,018		1,306
2,019		88
Natural Gas Liquids Storage | Customer relationships
Estimated fair values of the assets acquired and liabilities assumed
Intangible assets		$ 85,000	85,000
Useful life of intangible assets		15 years
Natural Gas Liquids Storage | Non-compete agreements
Estimated fair values of the assets acquired and liabilities assumed
Intangible assets		$ 12,000	12,000
Useful life of intangible assets		10 years
Natural Gas Liquids Storage | Natural gas liquids terminal and storage assets
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		$ 62,205	62,205
Natural Gas Liquids Storage | Natural gas liquids terminal and storage assets | Minimum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		2 years
Natural Gas Liquids Storage | Natural gas liquids terminal and storage assets | Maximum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		30 years
Natural Gas Liquids Storage | Vehicles and railcars
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		$ 75	75
Natural Gas Liquids Storage | Vehicles and railcars | Minimum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		3 years
Natural Gas Liquids Storage | Vehicles and railcars | Maximum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		25 years
Natural Gas Liquids Storage | Land
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		$ 68	68
Natural Gas Liquids Storage | Other
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		32	32
Natural Gas Liquids Storage | Construction in process
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		$ 19,525	$ 19,525

Acquisitions (Details 4)

Acquisitions (Details 4) - Change in Accounting Estimate, Type [Domain] $ in Thousands	Nov. 21, 2014USD ($)item	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)
Estimated fair values of the assets acquired and liabilities assumed
Goodwill		$ 1,451,654	$ 1,402,761
Change
Goodwill		$ 1,973
Water treatment facilities and equipment | Minimum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		3 years
Water treatment facilities and equipment | Maximum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		30 years
Buildings and leasehold improvements | Minimum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		3 years
Buildings and leasehold improvements | Maximum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		40 years
Bakken Shale Play Water Solutions Facilities
Acquisitions
Number of businesses acquired | item	2
Total consideration paid	$ 34,600
Estimated fair values of the assets acquired and liabilities assumed
Goodwill		$ 6,721	6,560
Other noncurrent assets		75
Other noncurrent liabilities		(304)	(68)
Fair value of net assets acquired		34,600	34,600
Change
Goodwill		161
Other noncurrent assets		75
Other noncurrent liabilities		(236)
Bakken Shale Play Water Solutions Facilities | Customer relationships
Estimated fair values of the assets acquired and liabilities assumed
Intangible assets		$ 22,000	22,000
Useful life of intangible assets		6 years
Bakken Shale Play Water Solutions Facilities | Vehicles
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		$ 63	63
Useful life of property, plant and equipment		10 years
Bakken Shale Play Water Solutions Facilities | Water treatment facilities and equipment
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		$ 5,815	5,815
Bakken Shale Play Water Solutions Facilities | Water treatment facilities and equipment | Minimum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		3 years
Bakken Shale Play Water Solutions Facilities | Water treatment facilities and equipment | Maximum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		30 years
Bakken Shale Play Water Solutions Facilities | Buildings and leasehold improvements
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		$ 130	130
Bakken Shale Play Water Solutions Facilities | Buildings and leasehold improvements | Minimum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		7 years
Bakken Shale Play Water Solutions Facilities | Buildings and leasehold improvements | Maximum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		30 years
Bakken Shale Play Water Solutions Facilities | Land
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		$ 100	$ 100

Acquisitions (Details 5)

Acquisitions (Details 5) - Change in Accounting Estimate, Type [Domain] - USD ($) $ in Thousands	Jul. 01, 2014	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015
Acquisitions
Purchase price, net of cash acquired		$ 63,898	$ 15,869
Estimated fair values of the assets acquired and liabilities assumed
Goodwill		1,451,654		$ 1,402,761
Change
Goodwill		$ 1,973
Refined products terminal assets and equipment
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		20 years
TransMontaigne
Acquisitions
Purchase price, net of cash acquired	$ 200,300
Paid at closing	174,100
Paid upon completion of working capital settlement	26,200
Inventory purchased		$ 373,870		373,870
Amount paid for inventory purchased	346,900
Working capital settlement payment	33,500
Estimated fair values of the assets acquired and liabilities assumed
Cash and cash equivalents		1,469		1,469
Accounts receivable - trade		199,366		197,829
Accounts receivable - affiliates		528		528
Inventories		373,870		373,870
Prepaid expenses and other current assets		15,110		15,001
Goodwill		30,169		28,074
Investments in unconsolidated entities		240,583		240,583
Other noncurrent assets		3,911		3,911
Accounts payable - trade		(113,103)		(113,066)
Accounts payable - affiliates		(69)		(69)
Accrued expenses and other payables		(79,405)		(78,427)
Advance payments received from customers		(1,919)		(1,919)
Long-term debt		(234,000)		(234,000)
Other noncurrent liabilities		(33,227)		(33,227)
Noncontrolling interest		(545,120)		(545,120)
Fair value of net assets acquired		580,707		580,707
Change
Accounts receivable - trade		1,537
Prepaid expenses and other current assets		109
Goodwill		2,095
Accounts payable - trade		(37)
Accrued expenses and other payables		(978)
TransMontaigne | Customer relationships
Estimated fair values of the assets acquired and liabilities assumed
Intangible assets		$ 66,000		76,100
Useful life of intangible assets		15 years
Change
Intangible assets		$ (10,100)
TransMontaigne | Pipeline capacity rights
Estimated fair values of the assets acquired and liabilities assumed
Intangible assets		$ 87,618		87,618
Useful life of intangible assets		30 years
TransMontaigne | Refined products terminal assets and equipment
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		$ 415,317		399,323
Useful life of property, plant and equipment		20 years
Change
Property, plant and equipment		$ 15,994
TransMontaigne | Vehicles
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		1,696		1,698
Change
Property, plant and equipment		(2)
TransMontaigne | Crude oil tanks and related equipment
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		$ 1,085		1,058
Useful life of property, plant and equipment		20 years
Change
Property, plant and equipment		$ 27
TransMontaigne | Information technology equipment
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		7,253		7,253
TransMontaigne | Buildings and leasehold improvements
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		$ 15,323		14,770
Useful life of property, plant and equipment		20 years
Change
Property, plant and equipment		$ 553
TransMontaigne | Land
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		61,329		70,529
Change
Property, plant and equipment		(9,200)
TransMontaigne | Tank bottoms
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		46,900		46,900
TransMontaigne | Other
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		15,536		15,534
Change
Property, plant and equipment		2
TransMontaigne | Construction in process
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		$ 4,487		$ 4,487
Previous owner of TransMontaigne
Acquisitions
Inventory purchased	380,400
Estimated fair values of the assets acquired and liabilities assumed
Inventories	$ 380,400
General Partner | TransMontaigne
Acquisitions
Ownership interest acquired (as a percent)	2.00%
Limited Partner | TransMontaigne
Acquisitions
Ownership interest acquired (as a percent)	19.70%
TLP | Limited Partner | TransMontaigne
Acquisitions
Ownership interest acquired (as a percent)	19.70%

Acquisitions (Details 6)

Acquisitions (Details 6) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Jul. 31, 2014USD ($)itemshares	Jun. 30, 2015USD ($)item	Mar. 31, 2015USD ($)item
Estimated fair values of the assets acquired and liabilities assumed
Goodwill		$ 1,451,654	$ 1,402,761
Change
Goodwill		$ 1,973
Water treatment facilities and equipment | Minimum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		3 years
Water treatment facilities and equipment | Maximum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		30 years
Buildings and leasehold improvements | Minimum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		3 years
Buildings and leasehold improvements | Maximum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		40 years
Water Solutions Facilities - 2015 Acquisitions
Acquisitions
Number of water treatment disposal facilities acquired | item			16
Ownership interest acquired (as a percent)	75.00%
Number of additional water disposal facilities acquired | item	1
Cash paid to acquire ownership interests	$ 190,000
Value of common units issued	$ 37,800
Number of combined water treatment and disposal facilities acquired | item	17
Water Solutions Facilities - 2015 Acquisitions, 12 completed acquisitions
Acquisitions
Number of business combinations for which acquisition accounting is completed | item		12
Estimated fair values of the assets acquired and liabilities assumed
Accounts receivable - trade		$ 939	$ 939
Inventories		253	253
Prepaid expenses and other current assets		62	62
Goodwill		93,358	93,358
Other noncurrent assets		50	50
Accounts payable - trade		(58)	(58)
Accrued expenses and other payables		(1,092)	(1,092)
Other noncurrent liabilities		(420)	(420)
Noncontrolling interest		(5,775)	(5,775)
Fair value of net assets acquired		166,025	166,025
Water Solutions Facilities - 2015 Acquisitions, 12 completed acquisitions | Customer relationships
Estimated fair values of the assets acquired and liabilities assumed
Intangible assets		$ 10,000	10,000
Useful life of intangible assets		4 years
Water Solutions Facilities - 2015 Acquisitions, 12 completed acquisitions | Water treatment facilities and equipment
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		$ 60,784	60,784
Water Solutions Facilities - 2015 Acquisitions, 12 completed acquisitions | Water treatment facilities and equipment | Minimum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		3 years
Water Solutions Facilities - 2015 Acquisitions, 12 completed acquisitions | Water treatment facilities and equipment | Maximum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		30 years
Water Solutions Facilities - 2015 Acquisitions, 12 completed acquisitions | Buildings and leasehold improvements
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		$ 5,701	5,701
Water Solutions Facilities - 2015 Acquisitions, 12 completed acquisitions | Buildings and leasehold improvements | Minimum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		7 years
Water Solutions Facilities - 2015 Acquisitions, 12 completed acquisitions | Buildings and leasehold improvements | Maximum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		30 years
Water Solutions Facilities - 2015 Acquisitions, 12 completed acquisitions | Land
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		$ 2,122	2,122
Water Solutions Facilities - 2015 Acquisitions, 12 completed acquisitions | Other
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		$ 101	101
Useful life of property, plant and equipment		5 years
Water Solutions Facilities - 2015 Acquisitions, five in the process of completion
Acquisitions
Number of business combinations for which acquisition accounting remains to be completed | item		5
Estimated fair values of the assets acquired and liabilities assumed
Goodwill		$ 39,412
Accrued expenses and other payables		(2,000)
Other noncurrent liabilities		(162)
Fair value of net assets acquired		61,736
Water Solutions Facilities - 2015 Acquisitions, five in the process of completion | Estimated
Estimated fair values of the assets acquired and liabilities assumed
Goodwill			39,412
Accrued expenses and other payables			(2,000)
Other noncurrent liabilities			(162)
Fair value of net assets acquired			61,736
Water Solutions Facilities - 2015 Acquisitions, five in the process of completion | Water treatment facilities and equipment
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		$ 18,922
Water Solutions Facilities - 2015 Acquisitions, five in the process of completion | Water treatment facilities and equipment | Estimated
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment			18,922
Water Solutions Facilities - 2015 Acquisitions, five in the process of completion | Water treatment facilities and equipment | Minimum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		3 years
Water Solutions Facilities - 2015 Acquisitions, five in the process of completion | Water treatment facilities and equipment | Maximum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		30 years
Water Solutions Facilities - 2015 Acquisitions, five in the process of completion | Buildings and leasehold improvements
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		$ 4,549
Water Solutions Facilities - 2015 Acquisitions, five in the process of completion | Buildings and leasehold improvements | Estimated
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment			4,549
Water Solutions Facilities - 2015 Acquisitions, five in the process of completion | Buildings and leasehold improvements | Minimum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		7 years
Water Solutions Facilities - 2015 Acquisitions, five in the process of completion | Buildings and leasehold improvements | Maximum
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment		30 years
Water Solutions Facilities - 2015 Acquisitions, five in the process of completion | Land
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		$ 987
Water Solutions Facilities - 2015 Acquisitions, five in the process of completion | Land | Estimated
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment			987
Water Solutions Facilities - 2015 Acquisitions, five in the process of completion | Other
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		$ 28
Useful life of property, plant and equipment		5 years
Water Solutions Facilities - 2015 Acquisitions, five in the process of completion | Other | Estimated
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment			$ 28
Common Units | Water Solutions Facilities - 2015 Acquisitions
Acquisitions
Common units issued | shares	1,322,032

Acquisitions (Details 7)

Acquisitions (Details 7) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)item	Mar. 31, 2015USD ($)itemshares
Estimated fair values of the assets acquired and liabilities assumed
Goodwill	$ 1,451,654	$ 1,402,761
Change
Goodwill	1,973
Retail Propane
Acquisitions
Number of businesses acquired | item		8
Cash paid	$ 4,600	$ 39,000
Retail Propane - 2015 Acquisitions, seven completed acquisitions
Acquisitions
Number of business combinations for which acquisition accounting is completed | item	7
Estimated fair values of the assets acquired and liabilities assumed
Accounts receivable - trade	$ 1,913
Inventories	583
Prepaid expenses and other current assets	110
Goodwill	8,097
Accounts payable - trade	(1,523)
Advance payments received from customers	(1,661)
Current maturities of long-term debt	(78)
Long-term debt, net of current maturities	(760)
Fair value of net assets acquired	$ 38,647
Retail Propane 2015 Acquisitions, one in the process of completion
Acquisitions
Number of business combinations for which acquisition accounting remains to be completed | item	1
Estimated fair values of the assets acquired and liabilities assumed
Accounts receivable - trade	$ 324
Inventories	188
Advance payments received from customers	(87)
Fair value of net assets acquired	4,136
Change
Accounts payable - trade	398
Advance payments received from customers	2
Estimated | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Accounts receivable - trade		1,913
Inventories		583
Prepaid expenses and other current assets		110
Goodwill		8,097
Accounts payable - trade		(1,523)
Advance payments received from customers		(1,661)
Current maturities of long-term debt		(78)
Long-term debt, net of current maturities		(760)
Fair value of net assets acquired		38,647
Estimated | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Accounts receivable - trade		324
Inventories		188
Accounts payable - trade		(398)
Advance payments received from customers		(89)
Fair value of net assets acquired		4,136
Retail propane equipment | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment	10,821
Retail propane equipment | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment	2,356
Retail propane equipment | Estimated | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		10,821
Retail propane equipment | Estimated | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		2,356
Vehicles and railcars | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment	1,953
Vehicles and railcars | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment	379
Vehicles and railcars | Estimated | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		1,953
Vehicles and railcars | Estimated | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		379
Buildings and leasehold improvements | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment	$ 534
Useful life of property, plant and equipment	30 years
Buildings and leasehold improvements | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	30 years
Change
Property, plant and equipment	$ (250)
Buildings and leasehold improvements | Estimated | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		534
Buildings and leasehold improvements | Estimated | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		250
Land | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment	455
Land | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment	50
Change
Property, plant and equipment	(150)
Land | Estimated | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		455
Land | Estimated | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		200
Other | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment	90
Other | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment	$ 26
Other | Estimated | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		90
Other | Estimated | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Property, plant and equipment		26
Minimum | Retail propane equipment
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	2 years
Minimum | Retail propane equipment | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	15 years
Minimum | Retail propane equipment | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	15 years
Minimum | Vehicles and railcars
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	3 years
Minimum | Vehicles and railcars | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	5 years
Minimum | Vehicles and railcars | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	5 years
Minimum | Buildings and leasehold improvements
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	3 years
Minimum | Other | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	5 years
Minimum | Other | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	5 years
Maximum | Retail propane equipment
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	30 years
Maximum | Retail propane equipment | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	20 years
Maximum | Retail propane equipment | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	20 years
Maximum | Vehicles and railcars
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	25 years
Maximum | Vehicles and railcars | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	7 years
Maximum | Vehicles and railcars | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	7 years
Maximum | Buildings and leasehold improvements
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	40 years
Maximum | Other | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	7 years
Maximum | Other | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	7 years
Customer relationships | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Intangible assets	$ 16,763
Customer relationships | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Intangible assets	$ 800
Customer relationships | Estimated | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Intangible assets		16,763
Customer relationships | Estimated | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Intangible assets		800
Customer relationships | Minimum | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Useful life of intangible assets	10 years
Customer relationships | Minimum | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	10 years
Customer relationships | Maximum | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Useful life of intangible assets	15 years
Customer relationships | Maximum | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	15 years
Non-compete agreements | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Intangible assets	$ 400
Non-compete agreements | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Intangible assets	$ 100
Non-compete agreements | Estimated | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Intangible assets		400
Non-compete agreements | Estimated | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Intangible assets		100
Non-compete agreements | Minimum | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Useful life of intangible assets	5 years
Non-compete agreements | Minimum | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	5 years
Non-compete agreements | Maximum | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Useful life of intangible assets	7 years
Non-compete agreements | Maximum | Retail Propane 2015 Acquisitions, one in the process of completion
Estimated fair values of the assets acquired and liabilities assumed
Useful life of property, plant and equipment	7 years
Trade names | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Intangible assets	$ 950
Trade names | Estimated | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Intangible assets		$ 950
Trade names | Minimum | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Useful life of intangible assets	3 years
Trade names | Maximum | Retail Propane - 2015 Acquisitions, seven completed acquisitions
Estimated fair values of the assets acquired and liabilities assumed
Useful life of intangible assets	12 years
Common Units | Retail Propane
Acquisitions
Common units issued | shares		132,100
Value of common units issued		$ 3,700

Property, Plant and Equipment54

Property, Plant and Equipment (Details) bbl in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2015USD ($)bbl	Jun. 30, 2014USD ($)	Mar. 31, 2015USD ($)bbl
Property, Plant and Equipment
Property, plant and equipment, gross	$ 1,980,447		$ 1,820,348
Accumulated depreciation	(236,863)		(202,959)
Net property, plant and equipment	1,743,584		1,617,389
Depreciation expense	35,800	$ 18,500
Natural gas liquids terminal and storage assets
Property, Plant and Equipment
Property, plant and equipment, gross	$ 133,284		132,851
Natural gas liquids terminal and storage assets | Minimum
Property, Plant and Equipment
Useful life	2 years
Natural gas liquids terminal and storage assets | Maximum
Property, Plant and Equipment
Useful life	30 years
Refined products terminal assets and equipment
Property, Plant and Equipment
Useful life	20 years
Property, plant and equipment, gross	$ 429,038		403,609
Retail propane equipment
Property, Plant and Equipment
Property, plant and equipment, gross	$ 184,749		181,140
Retail propane equipment | Minimum
Property, Plant and Equipment
Useful life	2 years
Retail propane equipment | Maximum
Property, Plant and Equipment
Useful life	30 years
Vehicles and railcars
Property, Plant and Equipment
Property, plant and equipment, gross	$ 182,055		180,679
Vehicles and railcars | Minimum
Property, Plant and Equipment
Useful life	3 years
Vehicles and railcars | Maximum
Property, Plant and Equipment
Useful life	25 years
Water treatment facilities and equipment
Property, Plant and Equipment
Property, plant and equipment, gross	$ 358,118		317,317
Water treatment facilities and equipment | Minimum
Property, Plant and Equipment
Useful life	3 years
Water treatment facilities and equipment | Maximum
Property, Plant and Equipment
Useful life	30 years
Crude oil tanks and related equipment
Property, Plant and Equipment
Property, plant and equipment, gross	$ 110,637		109,909
Crude oil tanks and related equipment | Minimum
Property, Plant and Equipment
Useful life	2 years
Crude oil tanks and related equipment | Maximum
Property, Plant and Equipment
Useful life	40 years
Barges and tow boats
Property, Plant and Equipment
Property, plant and equipment, gross	$ 75,966		59,848
Barges and tow boats | Minimum
Property, Plant and Equipment
Useful life	5 years
Barges and tow boats | Maximum
Property, Plant and Equipment
Useful life	40 years
Information technology equipment
Property, Plant and Equipment
Property, plant and equipment, gross	$ 38,516		34,915
Information technology equipment | Minimum
Property, Plant and Equipment
Useful life	3 years
Information technology equipment | Maximum
Property, Plant and Equipment
Useful life	7 years
Buildings and leasehold improvements
Property, Plant and Equipment
Property, plant and equipment, gross	$ 108,529		98,989
Buildings and leasehold improvements | Minimum
Property, Plant and Equipment
Useful life	3 years
Buildings and leasehold improvements | Maximum
Property, Plant and Equipment
Useful life	40 years
Land
Property, Plant and Equipment
Property, plant and equipment, gross	$ 99,593		107,098
Tank bottoms
Property, Plant and Equipment
Property, plant and equipment, gross	64,803		62,656
Tank bottoms | Gasoline
Property, Plant and Equipment
Property, plant and equipment, gross	$ 25,585		$ 25,710
Volume of property, plant and equipment | bbl	219		219
Tank bottoms | Crude oil
Property, Plant and Equipment
Property, plant and equipment, gross	$ 19,507		$ 16,835
Volume of property, plant and equipment | bbl	232		184
Tank bottoms | Diesel
Property, Plant and Equipment
Property, plant and equipment, gross	$ 14,753		$ 15,153
Volume of property, plant and equipment | bbl	121		124
Tank bottoms | Renewables
Property, Plant and Equipment
Property, plant and equipment, gross	$ 4,220		$ 4,220
Volume of property, plant and equipment | bbl	41		41
Tank bottoms | Other
Property, Plant and Equipment
Property, plant and equipment, gross	$ 738		$ 738
Volume of property, plant and equipment | bbl	504		504
Other equipment
Property, Plant and Equipment
Property, plant and equipment, gross	$ 34,490		$ 34,415
Other equipment | Minimum
Property, Plant and Equipment
Useful life	3 years
Other equipment | Maximum
Property, Plant and Equipment
Useful life	30 years
Construction in process
Property, Plant and Equipment
Property, plant and equipment, gross	$ 160,669		$ 96,922

Goodwill (Details)

Goodwill (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2015USD ($)
Goodwill
Goodwill at the beginning of the period	$ 1,402,761
Revisions to acquisition accounting (Note 4)	1,973
Acquisitions (Note 4)	46,920
Goodwill at the end of the period	$ 1,451,654

Goodwill (Details 2)

Goodwill (Details 2) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015
Goodwill by segment
Goodwill	$ 1,451,654	$ 1,402,761
Crude oil logistics
Goodwill by segment
Goodwill	579,846	579,846
Water solutions
Goodwill by segment
Goodwill	447,626	401,656
Liquids
Goodwill by segment
Goodwill	234,520	234,803
Retail propane
Goodwill by segment
Goodwill	123,493	122,382
Refined products and renewables
Goodwill by segment
Goodwill	$ 66,169	$ 64,074

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Mar. 31, 2015
Amortizable
Gross Carrying Amount	$ 1,167,355	$ 1,176,240
Accumulated Amortization	248,497	220,517
Non-Amortizable
Total non-amortizable	332,620	332,620
Gross carrying amount of intangible assets	1,499,975	1,508,860
Trade names
Non-Amortizable
Total non-amortizable	$ 22,620	22,620
Weighted average
Amortizable
Useful Lives	12 years
Customer relationships
Amortizable
Gross Carrying Amount	$ 912,418	921,418
Accumulated Amortization	$ 179,743	159,215
Customer relationships | Minimum
Amortizable
Useful Lives	3 years
Customer relationships | Maximum
Amortizable
Useful Lives	20 years
Pipeline capacity rights
Amortizable
Gross Carrying Amount	$ 119,636	119,636
Accumulated Amortization	$ 3,568	2,571
Useful Lives	30 years
Water facility development agreement
Amortizable
Gross Carrying Amount	$ 14,000	14,000
Accumulated Amortization	$ 5,600	4,900
Useful Lives	5 years
Executory contracts and other agreements
Amortizable
Gross Carrying Amount	$ 23,920	23,920
Accumulated Amortization	$ 19,063	18,387
Executory contracts and other agreements | Minimum
Amortizable
Useful Lives	2 years
Executory contracts and other agreements | Maximum
Amortizable
Useful Lives	10 years
Non-compete agreements
Amortizable
Gross Carrying Amount	$ 26,771	26,662
Accumulated Amortization	$ 11,629	10,408
Non-compete agreements | Minimum
Amortizable
Useful Lives	2 years
Non-compete agreements | Maximum
Amortizable
Useful Lives	10 years
Customer commitments
Non-Amortizable
Total non-amortizable	$ 310,000	310,000
Trade names
Amortizable
Gross Carrying Amount	15,439	15,439
Accumulated Amortization	$ 9,184	7,569
Trade names | Minimum
Amortizable
Useful Lives	2 years
Trade names | Maximum
Amortizable
Useful Lives	12 years
Debt issuance costs
Amortizable
Gross Carrying Amount	$ 55,171	55,165
Accumulated Amortization	$ 19,710	$ 17,467
Debt issuance costs | Minimum
Amortizable
Useful Lives	5 years
Debt issuance costs | Maximum
Amortizable
Useful Lives	10 years

Intangible Assets (Details 2)

Intangible Assets (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Amortization related to intangible assets
Amortization expense	$ 28,020	$ 24,942
Future amortization expense of intangible assets
2016 (nine months)	82,671
2,017	104,093
2,018	100,114
2,019	90,904
2,020	84,246
Thereafter	456,830
Total	918,858
Depreciation and amortization
Amortization related to intangible assets
Amortization expense	24,037	20,893
Cost of sales
Amortization related to intangible assets
Amortization expense	1,701	2,137
Interest expense
Amortization related to intangible assets
Amortization expense	$ 2,282	$ 1,912

Long-Term Debt (Details)

Long-Term Debt (Details) $ in Thousands	Jul. 09, 2014USD ($)	Oct. 16, 2013USD ($)	May. 31, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Jun. 19, 2012USD ($)
Long-Term Debt
Total debt				$ 2,972,002	$ 2,749,771
Less - current maturities				3,933	4,472
Long-term debt				2,968,069	2,745,299
Summary of assets and liabilities
Cash and cash equivalents				43,506	41,303	$ 39,679	$ 10,440
Accounts receivable-trade				905,196	1,024,226
Accounts receivable - affiliates				18,740	17,198
Inventories				489,064	441,762
Prepaid expenses and other current assets				130,889	120,855
Property, plant and equipment, net				1,743,584	1,617,389
Goodwill				1,451,654	1,402,761
Intangible assets, net				1,251,478	1,288,343
Investments in unconsolidated entities				474,221	472,673
Other noncurrent assets				110,544	112,837
Accounts payable - trade				(755,062)	(833,380)
Accounts payable - affiliates				(25,592)	(25,794)
Accrued expenses and other payables				(237,407)	(195,116)
Advance payments received from customers				(66,706)	(54,234)
Long-term debt				(2,968,069)	(2,745,299)
Other noncurrent liabilities				(17,082)	(16,086)
BOSTCO
Summary of assets and liabilities
Investments in unconsolidated entities				239,299	238,146
TLP
Long-Term Debt
Long-term debt				257,000	250,000
Summary of assets and liabilities
Cash and cash equivalents				5,046
Accounts receivable-trade				7,402
Accounts receivable - affiliates				557
Inventories				1,404
Prepaid expenses and other current assets				975
Property, plant and equipment, net				478,450
Goodwill				30,169
Intangible assets, net				61,600
Investments in unconsolidated entities				256,585
Other noncurrent assets				2,546
Accounts payable - trade				(5,290)
Accounts payable - affiliates				(118)
Net intercompany payable				(2,258)
Accrued expenses and other payables				(6,151)
Advance payments received from customers				(152)
Long-term debt				(257,000)	(250,000)
Other noncurrent liabilities				(3,301)
NET ASSETS				570,464
TLP | Letters of credit
Long-Term Debt
Outstanding letters of credit				0
TLP | Credit Facility
Long-Term Debt
Total debt				257,000
Maximum borrowing capacity				400,000
Outstanding cash borrowings				$ 257,000
Weighted average interest rate				2.88%
Consolidated EBITDA				4.75
TLP | Credit Facility | Minimum
Long-Term Debt
Interest rate margin added to variable rate base (as a percent)				1.00%
Commitments fees charged on unused capacity (as a percent)				0.375%
Interest coverage ratio				3
TLP | Credit Facility | Maximum
Long-Term Debt
Interest rate margin added to variable rate base (as a percent)				2.00%
Commitments fees charged on unused capacity (as a percent)				0.50%
Leverage ratio				4.75
Leverage ratio, in the event of issuance of senior unsecured notes				3.75
TLP | Credit Facility | BOSTCO | Maximum
Long-Term Debt
Permitted JV investments				$ 125,000
TLP | Credit Facility | Alternate base rate | Minimum
Long-Term Debt
Acquisitions that can be made as percentage of consolidated net tangible assets and permitted JV investments				5.00%
Revolving Credit Facility
Long-Term Debt
Maximum borrowing capacity				$ 2,296,000
Actual leverage ratio				3.3
Actual interest coverage ratio				5.9
Interest rate (as a percent)				2.19%
Revolving Credit Facility | Minimum
Long-Term Debt
Commitments fees charged on unused capacity (as a percent)				0.38%
Interest coverage ratio				2.75
Revolving Credit Facility | Maximum
Long-Term Debt
Commitments fees charged on unused capacity (as a percent)				0.50%
Leverage ratio				4.25
Revolving Credit Facility | Alternate base rate
Long-Term Debt
Variable interest rate base				base rate
Revolving Credit Facility | Alternate base rate | Minimum
Long-Term Debt
Interest rate margin added to variable rate base (as a percent)				0.50%
Revolving Credit Facility | Alternate base rate | Maximum
Long-Term Debt
Interest rate margin added to variable rate base (as a percent)				1.50%
Revolving Credit Facility | LIBOR option
Long-Term Debt
Interest rate margin added to variable rate base (as a percent)				2.00%
Reference rate (as a percent)				0.19%
Revolving Credit Facility | LIBOR option | Minimum
Long-Term Debt
Interest rate margin added to variable rate base (as a percent)				1.50%
Revolving Credit Facility | LIBOR option | Maximum
Long-Term Debt
Interest rate margin added to variable rate base (as a percent)				2.50%
Revolving Credit Facility | Expansion Capital Facility
Long-Term Debt
Total debt				$ 890,000	702,500
Maximum borrowing capacity				983,000
Outstanding cash borrowings				890,000
Revolving Credit Facility | Working Capital Facility
Long-Term Debt
Total debt				716,500	688,000
Maximum borrowing capacity				1,313,000
Borrowing capacity reallocable to Expansion Capital Facility				400,000
Borrowing capacity reallocated to Expansion Capital Facility			$ 125,000
Outstanding cash borrowings				716,500
Outstanding letters of credit				$ 129,900
Revolving Credit Facility | Letters of credit
Long-Term Debt
Fixed interest rate (as a percent)				2.25%
5.125% Senior Notes due 2019
Long-Term Debt
Total debt				$ 400,000	400,000
Fixed interest rate (as a percent)	5.125%			5.125%
Debt issued	$ 400,000
Net proceeds after underwriting fees and estimated offering costs	393,500
Initial purchase discount	6,000
Estimated offering costs	$ 500
6.875% Notes due 2021
Long-Term Debt
Total debt				$ 450,000	450,000
Fixed interest rate (as a percent)		6.875%		6.875%
Debt issued		$ 450,000
Net proceeds after underwriting fees and estimated offering costs		438,400
Initial purchase discount		10,100
Estimated offering costs		$ 1,500
Senior Notes
Long-Term Debt
Total debt				$ 250,000	250,000
Fixed interest rate (as a percent)				6.65%
Debt issued								$ 250,000
Repayments in semi-annual installments				$ 25,000
Senior Notes | Minimum
Long-Term Debt
Debt covenant terms, default trigger amount				$ 10,000
Percentage of aggregate principal amount held by trustee or holders to declare notes due and payable				51.00%
Other long-term debt
Long-Term Debt
Total debt				$ 8,502	$ 9,271

Long-Term Debt (Details 2)

Long-Term Debt (Details 2) $ in Thousands	Jun. 30, 2015USD ($)
Maturities
2016 (nine months)	$ 3,908
2,017	2,729
2,018	26,014
2,019	1,913,979
2,020	450,249
Thereafter	575,123
Total long-term debt	2,972,002
TLP | Credit Facility
Maturities
2,019	257,000
Total long-term debt	257,000
Revolving Credit Facility
Maturities
2,019	1,606,500
Total long-term debt	1,606,500
5.125% Senior Notes due 2019
Maturities
2,020	400,000
Total long-term debt	400,000
6.875% Notes due 2021
Maturities
Thereafter	450,000
Total long-term debt	450,000
6.650% Notes due 2022
Maturities
2,018	25,000
2,019	50,000
2,020	50,000
Thereafter	125,000
Total long-term debt	250,000
Other long-term debt
Maturities
2016 (nine months)	3,908
2,017	2,729
2,018	1,014
2,019	479
2,020	249
Thereafter	123
Total long-term debt	$ 8,502

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Jun. 30, 2015
Income Taxes
Minimum percentage of qualifying income of non-taxable subsidiaries	90.00%

Commitments and Contingencies62

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2015USD ($)
Asset Retirement Obligation [Abstract]
Asset Retirement Obligation	$ 4.6

Commitments and Contingencies63

Commitments and Contingencies (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Future minimum lease payments
2016 (nine months)	$ 98,704
2,017	104,877
2,018	89,227
2,019	64,815
2,020	54,971
Thereafter	117,568
Total	530,162
Rental expense	$ 33,800	$ 25,300

Commitments and Contingencies64

Commitments and Contingencies (Details 3) - Pipeline Capacity Agreements $ in Thousands	Jun. 30, 2015USD ($)
Pipeline Capacity Agreements
2016 (nine months)	$ 92,499
2,017	81,935
2,018	82,016
2,019	81,222
2,020	53,511
Thereafter	90,972
Total	$ 482,155

Commitments and Contingencies65

Commitments and Contingencies (Details 4) - Jun. 30, 2015 gal in Thousands, bbl in Thousands, $ in Thousands	USD ($)galbbl
Prepaid expenses and other current assets
Sales and purchase contracts for natural gas liquids and crude oil
Net asset (liability)	$ 39,500
Accrued expenses and other payables
Sales and purchase contracts for natural gas liquids and crude oil
Net asset (liability)	$ 26,700
Natural gas liquids
Sales and purchase contracts for natural gas liquids and crude oil
Fixed-price purchase commitments (in gallons) | gal	66,117
Index-price purchase commitments (in gallons/barrels) | gal	662,883
Fixed-price sale commitments (in gallons/barrels) | gal	170,769
Index-price sale commitments (in gallons/barrels) | gal	261,661
Fixed-price purchase commitments	$ 42,163
Index-price purchase commitments	324,051
Fixed-price sale commitments	120,156
Index-price sale commitments	$ 241,470
Crude oil
Sales and purchase contracts for natural gas liquids and crude oil
Index-price purchase commitments (in gallons/barrels) | bbl	11,836
Fixed-price sale commitments (in gallons/barrels) | bbl	2,700
Index-price sale commitments (in gallons/barrels) | bbl	9,544
Index-price purchase commitments	$ 608,579
Fixed-price sale commitments	162,848
Index-price sale commitments	$ 546,758

Equity (Details)

Equity (Details)	3 Months Ended	12 Months Ended
	Jun. 30, 2015itemshares	Mar. 31, 2015
Partnership equity
General partner interest (as a percent)	0.10%	0.10%
Limited partner interest (as a percent)	99.90%	99.90%
Number of Common Units that Subordinated Units are Converted into	1
Common Units | Water Solutions Facility
Partnership equity
Common units issued | shares	386,383

Equity (Details 2)

Equity (Details 2) - USD ($) $ / shares in Units, $ in Millions	Aug. 01, 2015	Jul. 31, 2015	Jun. 30, 2015
Distributions
Total Quarterly Distribution per Unit (in dollars per unit)			$ 0.337500
Total distributions			$ 73.1
Distribution received from TLP			$ 4
TLP
Distributions
Total Quarterly Distribution per Unit (in dollars per unit)			$ 0.40
Distribution declared per unit (in dollars per unit)			0.665
Amount per unit (in dollars per unit)	$ 0.6650		$ 0.665
Amount Paid to Limited Partner			$ 8.6
Subsequent event
Distributions
Distribution declared per unit (in dollars per unit)		$ 0.6325
Distribution received from TLP		$ 4
Amount of distribution declared		$ 81.7
Subsequent event | TLP
Distributions
Distribution declared per unit (in dollars per unit)		$ 0.6650
Amount Paid to Limited Partner		$ 8.6
First target distribution | Minimum
Distributions
Total Quarterly Distribution per Unit (in dollars per unit)			$ 0.337500
First target distribution | Minimum | TLP
Distributions
Total Quarterly Distribution per Unit (in dollars per unit)			0.40
First target distribution | Maximum
Distributions
Total Quarterly Distribution per Unit (in dollars per unit)			0.388125
First target distribution | Maximum | TLP
Distributions
Total Quarterly Distribution per Unit (in dollars per unit)			0.44
Second target distribution | Minimum
Distributions
Total Quarterly Distribution per Unit (in dollars per unit)			0.388125
Second target distribution | Minimum | TLP
Distributions
Total Quarterly Distribution per Unit (in dollars per unit)			0.44
Second target distribution | Maximum
Distributions
Total Quarterly Distribution per Unit (in dollars per unit)			0.421875
Second target distribution | Maximum | TLP
Distributions
Total Quarterly Distribution per Unit (in dollars per unit)			0.50
Third target distribution | Minimum
Distributions
Total Quarterly Distribution per Unit (in dollars per unit)			0.421875
Third target distribution | Minimum | TLP
Distributions
Total Quarterly Distribution per Unit (in dollars per unit)			0.50
Third target distribution | Maximum
Distributions
Total Quarterly Distribution per Unit (in dollars per unit)			0.506250
Third target distribution | Maximum | TLP
Distributions
Total Quarterly Distribution per Unit (in dollars per unit)			0.60
Thereafter
Distributions
Total Quarterly Distribution per Unit (in dollars per unit)			0.506250
Thereafter | TLP
Distributions
Total Quarterly Distribution per Unit (in dollars per unit)			$ 0.60
Limited Partner
Distributions
Marginal Percentage Interest In Distributions			99.90%
Limited Partner | TLP
Distributions
Marginal Percentage Interest In Distributions			98.00%
Limited Partner | Common Units
Distributions
Total distributions (in dollars per unit)			$ 0.6250
Limited Partner | First target distribution
Distributions
Marginal Percentage Interest In Distributions			99.90%
Limited Partner | First target distribution | TLP
Distributions
Marginal Percentage Interest In Distributions			98.00%
Limited Partner | Second target distribution
Distributions
Marginal Percentage Interest In Distributions			86.90%
Limited Partner | Second target distribution | TLP
Distributions
Marginal Percentage Interest In Distributions			85.00%
Limited Partner | Third target distribution
Distributions
Marginal Percentage Interest In Distributions			76.90%
Limited Partner | Third target distribution | TLP
Distributions
Marginal Percentage Interest In Distributions			75.00%
Limited Partner | Thereafter
Distributions
Marginal Percentage Interest In Distributions			51.90%
Limited Partner | Thereafter | TLP
Distributions
Marginal Percentage Interest In Distributions			50.00%
General Partner
Distributions
Marginal Percentage Interest In Distributions			0.10%
Incentive distribution to general partner			$ 13.4
General Partner | TLP
Distributions
Marginal Percentage Interest In Distributions			2.00%
General Partner | First target distribution
Distributions
Marginal Percentage Interest In Distributions			0.10%
General Partner | First target distribution | TLP
Distributions
Marginal Percentage Interest In Distributions			2.00%
General Partner | Second target distribution
Distributions
Marginal Percentage Interest In Distributions			13.10%
General Partner | Second target distribution | TLP
Distributions
Marginal Percentage Interest In Distributions			15.00%
General Partner | Third target distribution
Distributions
Marginal Percentage Interest In Distributions			23.10%
General Partner | Third target distribution | TLP
Distributions
Marginal Percentage Interest In Distributions			25.00%
General Partner | Thereafter
Distributions
Marginal Percentage Interest In Distributions			48.10%
General Partner | Thereafter | TLP
Distributions
Marginal Percentage Interest In Distributions			50.00%

Equity (Details 3)

Equity (Details 3) - 3 months ended Jun. 30, 2015 - USD ($) $ in Millions	Total
Restricted units
Equity-Based Incentive Compensation
Distributions on restricted units during the vesting period	$ 0
Service awards
Award activity
Unvested restricted units at the beginning of the period (in units)	2,260,400
Units granted (in units)	308,823
Unvested restricted units at the end of the period (in units)	2,569,223

Equity (Details 4)

Equity (Details 4) - USD ($) $ / shares in Units, $ in Thousands	Jul. 01, 2015	Aug. 31, 2015	Apr. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Other disclosures
Maximum number of units that may be issued as a percentage of outstanding common units				10.00%
Incremental amount that the maximum units deliverable may automatically increase under the plan, expressed as a percentage of issued and outstanding common units				10.00%
Number of units available for issuance under the Long-Term Incentive Plan				4,800,000
Common Units
Other disclosures
Units granted (in units)		463,239
Service awards
Equity-Based Incentive Compensation
Units vested and issued (in units)	798,441
Number of common units withhold for employee taxes	252,307
Value of units withheld for employees taxes	$ 7,600
Restricted Units, Units Issued Net of Units for Tax Withholdings	546,134
Restricted Units, Value, Units Issued Net of Tax Withholdings	$ 16,500
Unvested restricted units at the end of the period (in units)				2,569,223
Number of awards vested				2,569,223
Estimate of forfeiture of unvested awards				173,000
Closing price (in dollars per unit)				$ 30.33
Estimated stock-based compensation expense
2016 (nine months)				$ 18,373
2,017				21,211
2,018				6,853
2,019				1,399
2,020				189
Total				48,025
Rollforward of the liability related to equity-based compensation
Balance at the beginning of the period	24,657		$ 6,154	6,154
Expense recorded				18,503	$ 7,900
Balance at the end of the period				$ 24,657
Other disclosures
Weighted-average grant date fair value of the awards (in dollars per unit)				$ 27.40		$ 27.40
Units granted (in units)				308,823
Service awards | 2016
Equity-Based Incentive Compensation
Number of awards vested				847,441
Service awards | 2017
Equity-Based Incentive Compensation
Number of awards vested				846,141
Service awards | 2018
Equity-Based Incentive Compensation
Number of awards vested				772,141
Service awards | 2019
Equity-Based Incentive Compensation
Number of awards vested				103,500
Performance awards
Estimated stock-based compensation expense
2016 (nine months)				$ 8,902
2,017				5,131
2,018				747
Total				14,780
Rollforward of the liability related to equity-based compensation
Balance at the beginning of the period	$ 17,791
Expense recorded				17,791
Balance at the end of the period				$ 17,791
Performance awards | Less than 50%
Other disclosures
Percentage of entities outperformed, upper limit				50.00%
Performance awards | 50%-75%
Other disclosures
Percentage of entities outperformed, lower limit				50.00%
Percentage of entities outperformed, upper limit				75.00%
Performance awards | 50%-75% | Minimum
Other disclosures
Percentage of awards to vest				25.00%
Performance awards | 50%-75% | Maximum
Other disclosures
Percentage of awards to vest				50.00%
Performance awards | 75%-90%
Other disclosures
Percentage of entities outperformed, lower limit				75.00%
Percentage of entities outperformed, upper limit				90.00%
Performance awards | 75%-90% | Minimum
Other disclosures
Percentage of awards to vest				50.00%
Performance awards | 75%-90% | Maximum
Other disclosures
Percentage of awards to vest				100.00%
Performance awards | Greater than 90%
Other disclosures
Percentage of entities outperformed, lower limit				90.00%
Percentage of awards to vest				100.00%
Performance awards | July 1, 2015 to July 1, 2017
Rollforward of the liability related to equity-based compensation
Expense recorded				$ 17,791
Other disclosures
Percentage of awards to vest				76.00%
Fair value of unvested awards				$ 33,182
Performance awards | July 1, 2015
Equity-Based Incentive Compensation
Number of common units withhold for employee taxes				205,045
Rollforward of the liability related to equity-based compensation
Expense recorded				$ 15,469
Other disclosures
Number of awards vested				518,426
Return on common units exceeded the return				83.00%
Value of common units withhold for employee taxes				$ 6,200
Units issued during period (in units)				313,381
Units issued during period				$ 9,400
Fair value of unvested awards				15,708
Performance awards | July 1, 2016
Rollforward of the liability related to equity-based compensation
Expense recorded				1,720
Other disclosures
Fair value of unvested awards				10,543
Performance awards | July 1, 2017
Rollforward of the liability related to equity-based compensation
Expense recorded				602
Other disclosures
Fair value of unvested awards				$ 6,931
Performance awards | April 2015 | July 1, 2015 to July 1, 2017
Other disclosures
Number of awards vested			2,035,146
Performance awards | April 2015 | July 1, 2015
Other disclosures
Number of awards vested			682,382
Performance awards | April 2015 | July 1, 2016
Other disclosures
Number of awards vested			680,382
Performance awards | April 2015 | July 1, 2017
Other disclosures
Number of awards vested			672,382

Fair Value of Financial Instr70

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015
Prepaid expenses and other current assets
Derivative assets (liabilities)
Net asset	$ 39,500
Accrued expenses and other payables
Derivative assets (liabilities)
Net asset	26,700
Commodity contracts
Derivative assets (liabilities)
Net asset	12,778	$ 32,328
Commodity contracts | Prepaid expenses and other current assets
Derivative assets (liabilities)
Net asset	40,099	60,278
Commodity contracts | Accrued expenses and other payables
Derivative assets (liabilities)
Net asset	(27,321)	(27,950)
Recurring | Commodity contracts
Assets:
Derivative Assets	42,890	118,742
Netting of counterparty contracts, assets	(2,791)	(1,804)
Cash collateral provided (held), assets		(56,660)
Liabilities:
Derivative Liabilities	38,655	32,733
Netting of counterparty contracts, liabilities	2,791	1,804
Derivative, Collateral, Right to Reclaim Cash	8,543	2,979
Commodity derivatives reported on consolidated balance sheet, assets	40,099	60,278
Commodity derivatives reported on consolidated balance sheet, liabilities	27,321	27,950
Recurring | Level 1 | Commodity contracts
Assets:
Derivative Assets	2,879	83,779
Liabilities:
Derivative Liabilities	9,070	3,969
Recurring | Level 2 | Commodity contracts
Assets:
Derivative Assets	40,011	34,963
Liabilities:
Derivative Liabilities	$ 29,585	$ 28,764

Fair Value of Financial Instr71

Fair Value of Financial Instruments (Details 2) item in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2015USD ($)item	Jun. 30, 2014USD ($)	Mar. 31, 2015USD ($)item
Derivative contract information
Fair Value of Net Assets (Liabilities)	$ 4,235		$ 86,009
Net cash collateral (held) provided	8,543		(53,681)
Net commodity derivatives in condensed consolidated balance sheet	12,778		32,328
Cross-commodity
Derivative contract information
Fair Value of Net Assets (Liabilities)	(1,320)		(105)
Crude oil fixed-price
Derivative contract information
Fair Value of Net Assets (Liabilities)	102		(171)
Crude oil index-price
Derivative contract information
Fair Value of Net Assets (Liabilities)	624		1,835
Propane fixed-price
Derivative contract information
Fair Value of Net Assets (Liabilities)	(3,973)		(2,842)
Refined products fixed-price
Derivative contract information
Fair Value of Net Assets (Liabilities)	5,391		84,996
Other.
Derivative contract information
Fair Value of Net Assets (Liabilities)	3,411		$ 2,296
Commodity contracts
Derivative contract information
Net gains (losses) on derivatives	$ (41,243)	$ (17,485)
Long | Cross-commodity
Derivative contract information
Total Notional Units (Barrels) | item	99		98
Long | Crude oil index-price
Derivative contract information
Total Notional Units (Barrels) | item	198		751
Long | Propane fixed-price
Derivative contract information
Total Notional Units (Barrels) | item	485		193
Short | Crude oil fixed-price
Derivative contract information
Total Notional Units (Barrels) | item	1,209		1,113
Short | Refined products fixed-price
Derivative contract information
Total Notional Units (Barrels) | item	2,667		3,005

Fair Value of Financial Instr72

Fair Value of Financial Instruments (Details 3) - Jun. 30, 2015 - USD ($) $ in Millions	Total
TLP | Credit Facility
Interest Rate Risk
Outstanding debt	$ 257
Revolving Credit Facility
Interest Rate Risk
Interest rate (as a percent)	2.19%
Interest Rate Risk | TLP | Credit Facility
Interest Rate Risk
Outstanding debt	$ 257
Interest rate (as a percent)	2.93%
Change in interest rate that would result in an increase or decrease of annual interest expense (as a percent)	0.125%
Increase or decrease in annual interest expense	$ 0.3
Interest Rate Risk | Revolving Credit Facility
Interest Rate Risk
Outstanding debt	$ 1,600
Interest rate (as a percent)	2.20%
Change in interest rate that would result in an increase or decrease of annual interest expense (as a percent)	0.125%
Increase or decrease in annual interest expense	$ 2

Fair Value of Financial Instr73

Fair Value of Financial Instruments (Details 4) $ in Thousands	Jun. 30, 2015USD ($)
5.125% Senior Notes due 2019
Fair Value of Fixed - Rate Notes
Fair value of Fixed - Rate Notes	$ 396,000
6.875% Notes due 2021
Fair Value of Fixed - Rate Notes
Fair value of Fixed - Rate Notes	467,438
6.650% Notes due 2022
Fair Value of Fixed - Rate Notes
Fair value of Fixed - Rate Notes	$ 270,794

Segments (Details)

Segments (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2015USD ($)item	Jun. 30, 2014USD ($)	Mar. 31, 2015USD ($)
Segment information
Revenue	$ 3,538,469	$ 3,648,614
Depreciation and amortization	59,831	39,375
Operating income (loss)	(14,729)	(20,555)
Additions to property, plant and equipment	164,065	54,867
Total assets	6,642,651		$ 6,547,501
Long-lived assets, net	4,446,716		4,308,493
Crude oil logistics
Segment information
Depreciation and amortization	10,002	9,731
Operating income (loss)	11,960	1,463
Additions to property, plant and equipment	62,639	41,949
Total assets	2,269,187		2,337,188
Long-lived assets, net	1,379,921		1,327,538
Water solutions
Segment information
Depreciation and amortization	20,846	17,092
Operating income (loss)	(3,072)	(907)
Additions to property, plant and equipment	60,489	7,462
Total assets	1,298,697		1,185,929
Long-lived assets, net	1,204,133		1,119,794
Liquids
Segment information
Depreciation and amortization	5,004	3,201
Operating income (loss)	(471)	(913)
Additions to property, plant and equipment	17,178	1,159
Total assets	737,114		713,547
Long-lived assets, net	$ 546,204		534,560
Retail propane
Segment information
Number of operating divisions | item	2
Depreciation and amortization	$ 8,706	7,571
Operating income (loss)	(700)	(1,586)
Additions to property, plant and equipment	6,895	2,844
Total assets	528,934		542,476
Long-lived assets, net	468,007		467,652
Refined products and renewables
Segment information
Depreciation and amortization	14,175	844
Operating income (loss)	33,020	(1,255)
Additions to property, plant and equipment	15,695
Total assets	1,671,503		1,668,836
Long-lived assets, net	800,457		808,757
Corporate and other
Segment information
Depreciation and amortization	1,098	936
Operating income (loss)	(55,466)	(17,357)
Additions to property, plant and equipment	1,169	1,453
Total assets	137,216		99,525
Long-lived assets, net	47,994		$ 50,192
Operating segment | Crude oil logistics | Crude oil
Segment information
Revenue	1,312,783	1,929,055
Operating segment | Crude oil logistics | Crude oil transportation and other
Segment information
Revenue	18,949	10,003
Operating segment | Water solutions | Water transportation
Segment information
Revenue		5,598
Operating segment | Water solutions | Service fees
Segment information
Revenue	36,738	17,701
Operating segment | Water solutions | Recovered hydrocarbons
Segment information
Revenue	15,818	24,015
Operating segment | Water solutions | Other revenues
Segment information
Revenue	1,737
Operating segment | Liquids | Propane sales
Segment information
Revenue	105,162	222,446
Operating segment | Liquids | Other product sales
Segment information
Revenue	147,589	288,359
Operating segment | Liquids | Other revenues
Segment information
Revenue	9,750	5,716
Operating segment | Retail propane | Propane sales
Segment information
Revenue	43,185	52,026
Operating segment | Retail propane | Distillate sales
Segment information
Revenue	12,947	18,695
Operating segment | Retail propane | Other revenues
Segment information
Revenue	8,315	7,181
Operating segment | Refined products and renewables | Service fees
Segment information
Revenue	28,073
Operating segment | Refined products and renewables | Refined products sales
Segment information
Revenue	1,708,949	986,223
Operating segment | Refined products and renewables | Renewables sales
Segment information
Revenue	106,153	131,274
Operating segment | Corporate and other
Segment information
Revenue		1,461
Elimination of intersegment sales
Segment information
Revenue	$ (17,679)	$ (51,139)

Transactions with Affiliates (D

Transactions with Affiliates (Details) - Entity [Domain] - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015
Transactions with Affiliates
Accounts receivable from affiliates	$ 18,740		$ 17,198
Accounts payable to affiliates	25,592		25,794
SemGroup
Transactions with Affiliates
Sales to related party	37,438	$ 25,982
Purchase from related party	38,825	39,120
Accounts receivable from affiliates	17,975		13,443
Accounts payable to affiliates	17,391		11,546
Equity method investees
Transactions with Affiliates
Sales to related party	1,390
Purchase from related party	30,948	36,276
Accounts receivable from affiliates	713		652
Accounts payable to affiliates	4,649		6,788
Loan receivable	23,800
Entities affiliated with management
Transactions with Affiliates
Increase in property, plant and equipment	7,000
Sales to related party	107	148
Purchase from related party	7,180	$ 3,139
Accounts receivable from affiliates	52		3,103
Accounts payable to affiliates	$ 3,552		$ 7,460

Subsequent Events (Details)

Subsequent Events (Details) - Aug. 10, 2015 - Subsequent event - Water Solutions Facility $ in Millions	USD ($)item
Subsequent events
Number of water treatment disposal facilities acquired	1
Cash paid | $	$ 10.3

Condensed Consolidating Guara77

Condensed Consolidating Guarantor and Non-Guarantor Financial Information (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Mar. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 43,506	$ 41,303	$ 39,679	$ 10,440
Accounts receivable - trade, net of allowance for doubtful accounts	905,196	1,024,226
Accounts receivable - affiliates	18,740	17,198
Inventories	489,064	441,762
Prepaid expenses and other current assets	130,889	120,855
Total current assets	1,587,395	1,645,344
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation	1,743,584	1,617,389
GOODWILL	1,451,654	1,402,761
INTANGIBLE ASSETS, net of accumulated amortization	1,251,478	1,288,343
INVESTMENTS IN UNCONSOLIDATED ENTITIES	474,221	472,673
LOAN RECEIVABLE-AFFILIATE	23,775	8,154
OTHER NONCURRENT ASSETS	110,544	112,837
Total assets	6,642,651	6,547,501
CURRENT LIABILITIES:
Accounts payable - trade	755,062	833,380
Accounts payable - affiliates	25,592	25,794
Accrued expenses and other payables	237,407	195,116
Advance payments received from customers	66,706	54,234
Current maturities of long-term debt	3,933	4,472
Total current liabilities	1,088,700	1,112,996
LONG-TERM DEBT, net of current maturities	2,968,069	2,745,299
OTHER NONCURRENT LIABILITIES	17,082	16,086
EQUITY :
Partners' equity	2,021,755	2,125,903
Accumulated other comprehensive loss	(117)	(109)
Noncontrolling interests	547,162	547,326
Total equity	2,568,800	2,673,120
Total liabilities and equity	6,642,651	6,547,501
Reportable Entity | NGL Energy Partners LP (Parent)
CURRENT ASSETS:
Cash and cash equivalents	22,693	29,115	31,399	1,181
Accounts receivable - affiliates	11	5
Total current assets	22,704	29,120
INTANGIBLE ASSETS, net of accumulated amortization	16,936	17,834
NET INTERCOMPANY RECEIVABLES (PAYABLES)	1,371,288	1,363,792
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES	1,727,335	1,834,738
Total assets	3,138,263	3,245,484
CURRENT LIABILITIES:
Accounts payable - affiliates	1
Accrued expenses and other payables	16,624	19,690
Total current liabilities	16,625	19,690
LONG-TERM DEBT, net of current maturities	1,100,000	1,100,000
EQUITY :
Partners' equity	2,021,638	2,125,794
Total equity	2,021,638	2,125,794
Total liabilities and equity	3,138,263	3,245,484
Reportable Entity | Guarantor Subsidiaries
CURRENT ASSETS:
Cash and cash equivalents	13,642	9,757	7,589	8,728
Accounts receivable - trade, net of allowance for doubtful accounts	889,449	1,007,001
Accounts receivable - affiliates	18,172	16,610
Inventories	487,313	440,026
Prepaid expenses and other current assets	113,594	104,528
Total current assets	1,522,170	1,577,922
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation	1,204,560	1,093,018
GOODWILL	1,419,487	1,372,690
INTANGIBLE ASSETS, net of accumulated amortization	1,170,731	1,195,896
INVESTMENTS IN UNCONSOLIDATED ENTITIES	217,636	217,600
NET INTERCOMPANY RECEIVABLES (PAYABLES)	(1,333,513)	(1,319,724)
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES	73,107	56,690
LOAN RECEIVABLE-AFFILIATE	23,775	8,154
OTHER NONCURRENT ASSETS	107,651	110,120
Total assets	4,405,604	4,312,366
CURRENT LIABILITIES:
Accounts payable - trade	744,886	820,441
Accounts payable - affiliates	25,473	25,690
Accrued expenses and other payables	213,484	165,819
Advance payments received from customers	66,248	53,903
Current maturities of long-term debt	3,863	4,413
Total current liabilities	1,053,954	1,070,266
LONG-TERM DEBT, net of current maturities	1,610,868	1,395,100
OTHER NONCURRENT LIABILITIES	13,447	12,262
EQUITY :
Partners' equity	1,727,335	1,834,738
Total equity	1,727,335	1,834,738
Total liabilities and equity	4,405,604	4,312,366
Reportable Entity | Non-Guarantor Subsidiaries
CURRENT ASSETS:
Cash and cash equivalents	7,171	2,431	$ 691	$ 531
Accounts receivable - trade, net of allowance for doubtful accounts	15,747	17,225
Accounts receivable - affiliates	557	583
Inventories	1,751	1,736
Prepaid expenses and other current assets	17,295	16,327
Total current assets	42,521	38,302
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation	539,024	524,371
GOODWILL	32,167	30,071
INTANGIBLE ASSETS, net of accumulated amortization	63,811	74,613
INVESTMENTS IN UNCONSOLIDATED ENTITIES	256,585	255,073
NET INTERCOMPANY RECEIVABLES (PAYABLES)	(37,775)	(44,068)
OTHER NONCURRENT ASSETS	2,893	2,717
Total assets	899,226	881,079
CURRENT LIABILITIES:
Accounts payable - trade	10,176	12,939
Accounts payable - affiliates	118	104
Accrued expenses and other payables	7,299	9,607
Advance payments received from customers	458	331
Current maturities of long-term debt	70	59
Total current liabilities	18,121	23,040
LONG-TERM DEBT, net of current maturities	257,201	250,199
OTHER NONCURRENT LIABILITIES	3,635	3,824
EQUITY :
Partners' equity	620,386	604,125
Accumulated other comprehensive loss	(117)	(109)
Total equity	620,269	604,016
Total liabilities and equity	899,226	881,079
Consolidating Adjustments
CURRENT ASSETS:
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES	(1,800,442)	(1,891,428)
Total assets	(1,800,442)	(1,891,428)
EQUITY :
Partners' equity	(2,347,604)	(2,438,754)
Noncontrolling interests	547,162	547,326
Total equity	(1,800,442)	(1,891,428)
Total liabilities and equity	$ (1,800,442)	$ (1,891,428)

Condensed Consolidating Guara78

Condensed Consolidating Guarantor and Non-Guarantor Financial Information (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Condensed Consolidating Statement of Operations
REVENUES	$ 3,538,469	$ 3,648,614
COST OF SALES	3,322,551	3,534,053
OPERATING COSTS AND EXPENSES:
Operating	107,914	67,436
General and administrative	62,481	27,873
Depreciation and amortization	59,831	39,375
Loss (gain) on disposal or impairment of assets, net	421	432
Operating Loss	(14,729)	(20,555)
OTHER INCOME (EXPENSE):
Equity in earnings of unconsolidated entities	8,718	2,565
Interest expense	(30,802)	(20,494)
Other income (expense), net	(1,175)	(391)
Loss Before Income Taxes	(37,988)	(38,875)
INCOME TAX (PROVISION) BENEFIT	(538)	(1,035)
Net Income (Loss)	(38,526)	(39,910)
LESS: NET INCOME ALLOCATED TO GENERAL PARTNER	(15,359)	(9,381)
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(3,875)	(65)
NET LOSS ALLOCATED TO LIMITED PARTNERS	(57,760)	(49,356)
Reportable Entity | NGL Energy Partners LP (Parent)
OTHER INCOME (EXPENSE):
Interest expense	(17,801)	(12,392)
Loss Before Income Taxes	(17,801)	(12,392)
EQUITY IN NET INCOME (LOSS) OF CONSOLIDATED SUBSIDIARIES	(24,600)	(27,583)
Net Income (Loss)	(42,401)	(39,975)
NET LOSS ALLOCATED TO LIMITED PARTNERS	(42,401)	(39,975)
Reportable Entity | Guarantor Subsidiaries
Condensed Consolidating Statement of Operations
REVENUES	3,496,881	3,627,586
COST OF SALES	3,323,661	3,514,946
OPERATING COSTS AND EXPENSES:
Operating	87,624	66,061
General and administrative	56,670	27,764
Depreciation and amortization	45,539	38,546
Loss (gain) on disposal or impairment of assets, net	421	558
Operating Loss	(17,034)	(20,289)
OTHER INCOME (EXPENSE):
Equity in earnings of unconsolidated entities	2,895	2,565
Interest expense	(10,993)	(8,102)
Other income (expense), net	(1,225)	(532)
Loss Before Income Taxes	(26,357)	(26,358)
INCOME TAX (PROVISION) BENEFIT	(507)	(958)
EQUITY IN NET INCOME (LOSS) OF CONSOLIDATED SUBSIDIARIES	2,264	(267)
Net Income (Loss)	(24,600)	(27,583)
NET LOSS ALLOCATED TO LIMITED PARTNERS	(24,600)	(27,583)
Reportable Entity | Non-Guarantor Subsidiaries
Condensed Consolidating Statement of Operations
REVENUES	51,179	21,057
COST OF SALES	8,412	19,136
OPERATING COSTS AND EXPENSES:
Operating	20,359	1,375
General and administrative	5,811	109
Depreciation and amortization	14,292	829
Loss (gain) on disposal or impairment of assets, net		(126)
Operating Loss	2,305	(266)
OTHER INCOME (EXPENSE):
Equity in earnings of unconsolidated entities	5,823
Interest expense	(2,082)	(11)
Other income (expense), net	124	152
Loss Before Income Taxes	6,170	(125)
INCOME TAX (PROVISION) BENEFIT	(31)	(77)
Net Income (Loss)	6,139	(202)
NET LOSS ALLOCATED TO LIMITED PARTNERS	6,139	(202)
Consolidating Adjustments
Condensed Consolidating Statement of Operations
REVENUES	(9,591)	(29)
COST OF SALES	(9,522)	(29)
OPERATING COSTS AND EXPENSES:
Operating	(69)
OTHER INCOME (EXPENSE):
Interest expense	74	11
Other income (expense), net	(74)	(11)
EQUITY IN NET INCOME (LOSS) OF CONSOLIDATED SUBSIDIARIES	22,336	27,850
Net Income (Loss)	22,336	27,850
LESS: NET INCOME ALLOCATED TO GENERAL PARTNER	(15,359)	(9,381)
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(3,875)	(65)
NET LOSS ALLOCATED TO LIMITED PARTNERS	$ 3,102	$ 18,404

Condensed Consolidating Guara79

Condensed Consolidating Guarantor and Non-Guarantor Financial Information (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Condensed Consolidating Statement of Comprehensive Income
Net income (loss)	$ (38,526)	$ (39,910)
Other comprehensive income (loss)	(8)	185
Comprehensive loss	(38,534)	(39,725)
Reportable Entity | NGL Energy Partners LP (Parent)
Condensed Consolidating Statement of Comprehensive Income
Net income (loss)	(42,401)	(39,975)
Comprehensive loss	(42,401)	(39,975)
Reportable Entity | Guarantor Subsidiaries
Condensed Consolidating Statement of Comprehensive Income
Net income (loss)	(24,600)	(27,583)
Other comprehensive income (loss)		185
Comprehensive loss	(24,600)	(27,398)
Reportable Entity | Non-Guarantor Subsidiaries
Condensed Consolidating Statement of Comprehensive Income
Net income (loss)	6,139	(202)
Other comprehensive income (loss)	(8)
Comprehensive loss	6,131	(202)
Consolidating Adjustments
Condensed Consolidating Statement of Comprehensive Income
Net income (loss)	22,336	27,850
Comprehensive loss	$ 22,336	$ 27,850

Condensed Consolidating Guara80

Condensed Consolidating Guarantor and Non-Guarantor Financial Information (Details 4) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	$ 81,829	$ 9,206
INVESTING ACTIVITIES:
Purchases of long-lived assets	(122,110)	(48,867)
Acquisitions of businesses, including acquired working capital, net of cash acquired	(63,898)	(15,869)
Cash flows from commodity derivatives	(21,693)	(9,967)
Proceeds from sales of assets	1,931	989
Investments in unconsolidated entities	(2,149)	(4,094)
Distributions of capital from unconsolidated entities	3,156
Loan for facility under construction	(3,913)
Payment on loan for facility under construction	1,600
Loan to affiliate	(15,621)
Net cash used in investing activities	(222,697)	(77,808)
FINANCING ACTIVITIES:
Proceeds from borrowings under revolving credit facilities	721,200	494,500
Payments on revolving credit facilities	(498,200)	(681,000)
Payments on other long-term debt	(1,629)	(2,347)
Debt issuance costs	(6)	(2,194)
Contributions from general partner	11	352
Contributions from noncontrolling interest owners	3,947
Distribution to partners	(73,097)	(49,491)
Distributions to noncontrolling interest owners	(9,057)	(12)
Proceeds from sale of common units, net of offering costs		338,033
Other	(98)
Net cash provided by financing activities	143,071	97,841
Net increase (decrease) in cash and cash equivalents	2,203	29,239
Cash and cash equivalents, beginning of period	41,303	10,440
Cash and cash equivalents, end of period	43,506	39,679
Reportable Entity | NGL Energy Partners LP (Parent)
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	(20,028)	(19,540)
FINANCING ACTIVITIES:
Debt issuance costs	54	(576)
Contributions from general partner	11	352
Distribution to partners	(73,097)	(49,491)
Proceeds from sale of common units, net of offering costs		338,033
Net changes in advances with consolidated entities	86,638	(238,560)
Net cash provided by financing activities	13,606	49,758
Net increase (decrease) in cash and cash equivalents	(6,422)	30,218
Cash and cash equivalents, beginning of period	29,115	1,181
Cash and cash equivalents, end of period	22,693	31,399
Reportable Entity | Guarantor Subsidiaries
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	93,216	26,650
INVESTING ACTIVITIES:
Purchases of long-lived assets	(100,508)	(48,608)
Acquisitions of businesses, including acquired working capital, net of cash acquired	(63,898)	(15,619)
Cash flows from commodity derivatives	(21,693)	(9,967)
Proceeds from sales of assets	1,931	989
Investments in unconsolidated entities	(2,149)	(4,094)
Distributions of capital from unconsolidated entities	3,156
Loan for facility under construction	(3,913)
Payment on loan for facility under construction	1,600
Loan to affiliate	(15,621)
Net cash used in investing activities	(201,095)	(77,299)
FINANCING ACTIVITIES:
Proceeds from borrowings under revolving credit facilities	704,000	494,500
Payments on revolving credit facilities	(488,000)	(681,000)
Payments on other long-term debt	(1,599)	(2,345)
Debt issuance costs	(60)	(1,618)
Net changes in advances with consolidated entities	(102,549)	239,973
Other	(28)
Net cash provided by financing activities	111,764	49,510
Net increase (decrease) in cash and cash equivalents	3,885	(1,139)
Cash and cash equivalents, beginning of period	9,757	8,728
Cash and cash equivalents, end of period	13,642	7,589
Reportable Entity | Non-Guarantor Subsidiaries
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	8,641	2,096
INVESTING ACTIVITIES:
Purchases of long-lived assets	(21,602)	(259)
Acquisitions of businesses, including acquired working capital, net of cash acquired		(250)
Net cash used in investing activities	(21,602)	(509)
FINANCING ACTIVITIES:
Proceeds from borrowings under revolving credit facilities	17,200
Payments on revolving credit facilities	(10,200)
Payments on other long-term debt	(30)	(2)
Contributions from noncontrolling interest owners	3,947
Distributions to noncontrolling interest owners	(9,057)	(12)
Net changes in advances with consolidated entities	15,911	(1,413)
Other	(70)
Net cash provided by financing activities	17,701	(1,427)
Net increase (decrease) in cash and cash equivalents	4,740	160
Cash and cash equivalents, beginning of period	2,431	531
Cash and cash equivalents, end of period	$ 7,171	$ 691