2018 Q4 Form 10-Q Financial Statement

#000139209118000088 Filed on November 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.500M $1.900M $2.600M
YoY Change -40.0% -26.92% -39.53%
Cash & Equivalents $1.455M $1.926M $2.648M
Short-Term Investments
Other Short-Term Assets $9.345M $9.834M $7.496M
YoY Change 10.75% 31.19% -0.48%
Inventory
Prepaid Expenses
Receivables $35.68M $46.92M $7.915M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $47.53M $62.47M $22.58M
YoY Change 101.59% 176.65% -11.72%
LONG-TERM ASSETS
Property, Plant & Equipment $248.3M $295.3M $292.6M
YoY Change -16.15% 0.92% 2.0%
Goodwill $6.728M $6.728M $4.746M
YoY Change 73.85% 41.76% 0.0%
Intangibles $16.83M
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $606.0K $18.17M $13.49M
YoY Change -95.31% 34.65% -5.63%
Total Long-Term Assets $275.8M $323.8M $315.5M
YoY Change -13.08% 2.63% -3.94%
TOTAL ASSETS
Total Short-Term Assets $47.53M $62.47M $22.58M
Total Long-Term Assets $275.8M $323.8M $315.5M
Total Assets $323.3M $386.2M $338.1M
YoY Change -5.15% 14.25% -4.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.707M $4.311M $3.582M
YoY Change -16.49% 20.35% 4.13%
Accrued Expenses $31.40M $39.90M $10.00M
YoY Change 241.3% 299.0% 9.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $48.87M $57.14M $26.04M
YoY Change 106.68% 119.44% 16.66%
LONG-TERM LIABILITIES
Long-Term Debt $265.6M $271.6M $297.6M
YoY Change -13.65% -8.74% 17.16%
Other Long-Term Liabilities $4.010M $4.500M $4.800M
YoY Change -19.8% -6.25% -31.43%
Total Long-Term Liabilities $269.6M $271.6M $3.678M
YoY Change -12.35% 7284.23% -98.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $48.87M $57.14M $26.04M
Total Long-Term Liabilities $269.6M $271.6M $3.678M
Total Liabilities $318.5M $328.7M $29.72M
YoY Change -3.85% 1006.21% -89.25%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.900M $53.00M $9.700M
YoY Change
Total Liabilities & Shareholders Equity $323.3M $386.2M $338.1M
YoY Change -5.15% 14.25% -4.51%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Document Fiscal Year Focus
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dei Document Period End Date
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BASIS OF CONSOLIDATION AND PRESENTATION</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;).&#160;&#160;The condensed consolidated balance sheet as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the condensed consolidated statements of operations for the </font><font style="font-family:inherit;font-size:10pt;">three and nine months ended September 30,</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2018</font><font style="font-family:inherit;font-size:10pt;">, the condensed consolidated statement of changes in partners&#8217; capital (deficit) for the </font><font style="font-family:inherit;font-size:10pt;">nine months ended September 30,</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2018</font><font style="font-family:inherit;font-size:10pt;">, and the condensed consolidated statements of cash flows for the </font><font style="font-family:inherit;font-size:10pt;">nine months ended September 30,</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2018</font><font style="font-family:inherit;font-size:10pt;">, are unaudited.&#160;&#160;In the opinion of management, the unaudited condensed consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments necessary to state fairly the financial position and results of operations for the respective interim periods.&#160;&#160;All adjustments are of a recurring nature unless otherwise disclosed herein.&#160;&#160;The </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP.&#160;&#160;These unaudited condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership&#8217;s annual report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">March&#160;8, 2018</font><font style="font-family:inherit;font-size:10pt;"> (the &#8220;</font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> Form 10-K&#8221;).&#160;&#160;Interim financial results are not necessarily indicative of the results to be expected for an annual period.&#160;&#160;The Partnership&#8217;s significant accounting policies are consistent with those disclosed in </font><a style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;" href="#sDCB2A6D51BF05AA1880458C14249703F"><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">Note 3</font></a><font style="font-family:inherit;font-size:10pt;"> of the Notes to Consolidated Financial Statements in its </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> Form 10-K. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Partnership&#8217;s investment in Advantage Pipeline, L.L.C. (&#8220;Advantage Pipeline&#8221;), over which the Partnership had significant influence but not control, was accounted for by the equity method. The Partnership did not consolidate any part of the assets or liabilities of its equity investee. The Partnership&#8217;s share of net income or loss is reflected as one line item on the Partnership&#8217;s unaudited condensed consolidated statements of operations entitled &#8220;Equity earnings in unconsolidated affiliate&#8221; and increased or decreased, as applicable, the carrying value of the Partnership&#8217;s &#8220;Investment in unconsolidated affiliate&#8221; on the unaudited condensed consolidated balance sheets. Distributions to the Partnership reduced the carrying value of its investment and, to the extent received, were reflected in the Partnership&#8217;s unaudited condensed consolidated statements of cash flows in the line item &#8220;Distributions from unconsolidated affiliate.&#8221; Contributions increased the carrying value of the Partnership&#8217;s investment and were reflected in the Partnership&#8217;s unaudited condensed consolidated statements of cash flows in investing activities. On April 3, 2017, the Partnership sold its investment in Advantage Pipeline. See Note </font><font style="font-family:inherit;font-size:10pt;">5</font><font style="font-family:inherit;font-size:10pt;"> for additional information.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A reclassification has been made in the consolidated balance sheet as of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, to conform to the 2018 financial statement presentation. This was a reclassification of &#8220;Accrued crude oil purchases&#8221; from &#8220;Accrued liabilities.&#8221; The reclassification has no impact on net income.</font></div></div>

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