Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended December 31, 2015
OR
o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from to
Commission file number: 001-34733
Niska Gas Storage Partners LLC
(Exact name of registrant as specified in its charter)
Delaware (State or other jurisdiction of incorporation or organization) |
|
27-1855740 (I.R.S. Employer Identification number) |
|
|
|
170 Radnor Chester Road, Suite 150 Radnor, PA (Address of principal executive offices) |
|
19087 (Zip Code) |
(484) 367-7432
(Registrants telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.:
Large accelerated filer o |
|
Accelerated filer x |
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Non-accelerated filer o |
|
Smaller reporting company o |
|
|
(Do not check if a smaller reporting company) |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of February 8, 2016, there were 37,988,724 Common Units outstanding.
Table of Contents
Cautionary Statement Regarding Forward-Looking Information
This report contains information that may constitute forward-looking statements. Generally, the words believe, expect, intend, estimate, anticipate, project, will and similar expressions identify forward-looking statements, which typically are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the futureincluding statements relating to general views about future operating resultsare forward-looking statements. Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include changes in general economic conditions, competitive conditions in our industry, actions taken by third-party operators, processors and transporters, changes in the availability and cost of capital, operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control, the effects of existing and future laws and governmental regulations, the effects of future litigation, and certain factors described in Part II, Item 1A. Risk Factors and elsewhere in this report, in our Annual Report on Form 10-K for the fiscal year ended March 31, 2015 (Annual Report) and in our Quarterly Report on Form 10-Q for the period ended June 30, 2015 (Q1 Quarterly Report), and those described from time to time in our future reports filed with the Securities and Exchange Commission (the SEC).
i
Table of Contents
PART IFINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Niska Gas Storage Partners LLC
Consolidated Statements of Earnings (Loss) and Comprehensive Income (Loss)
(in thousands of U.S. dollars, except for per unit amounts)
(Unaudited)
|
|
Three Months Ended |
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Nine Months Ended |
|
|
|
December 31, |
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December 31, |
|
|
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2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
Fee-based revenue |
|
$ |
13,227 |
|
$ |
15,628 |
|
$ |
40,141 |
|
$ |
74,015 |
|
Optimization, net |
|
5,393 |
|
23,591 |
|
5,060 |
|
31,171 |
|
|
|
18,620 |
|
39,219 |
|
45,201 |
|
105,186 |
|
Expenses (income): |
|
|
|
|
|
|
|
|
|
Operating |
|
7,709 |
|
9,434 |
|
24,292 |
|
32,451 |
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General and administrative |
|
5,718 |
|
4,233 |
|
23,678 |
|
20,513 |
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Depreciation and amortization |
|
17,392 |
|
41,752 |
|
42,931 |
|
107,730 |
|
Interest |
|
13,265 |
|
13,182 |
|
38,971 |
|
38,229 |
|
Impairment of goodwill |
|
|
|
245,604 |
|
|
|
245,604 |
|
Losses (gains) on disposals of assets |
|
28 |
|
(70 |
) |
268 |
|
(64 |
) |
Foreign exchange losses |
|
197 |
|
344 |
|
332 |
|
32 |
|
Other expense (income) |
|
7 |
|
(2 |
) |
(4 |
) |
(8 |
) |
|
|
|
|
|
|
|
|
|
|
EARNINGS (LOSS) BEFORE INCOME TAXES |
|
(25,696 |
) |
(275,258 |
) |
(85,267 |
) |
(339,301 |
) |
Income tax benefit |
|
(4,704 |
) |
(15,635 |
) |
(7,259 |
) |
(31,875 |
) |
|
|
|
|
|
|
|
|
|
|
NET EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) |
|
$ |
(20,992 |
) |
$ |
(259,623 |
) |
$ |
(78,008 |
) |
$ |
(307,426 |
) |
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) allocated to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managing Member |
|
$ |
(378 |
) |
$ |
(4,677 |
) |
$ |
(1,405 |
) |
$ |
(5,573 |
) |
Common unitholders |
|
$ |
(20,614 |
) |
$ |
(254,946 |
) |
$ |
(76,603 |
) |
$ |
(301,853 |
) |
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per unit allocated to common unitholders - basic and diluted |
|
$ |
(0.54 |
) |
$ |
(6.85 |
) |
$ |
(2.02 |
) |
$ |
(8.27 |
) |
(See Notes to Unaudited Consolidated Financial Statements)
1
Table of Contents
Niska Gas Storage Partners LLC
Consolidated Balance Sheets
(in thousands of U.S. dollars)
(Unaudited)
|
|
December 31, |
|
March 31, |
|
|
|
2015 |
|
2015 |
|
ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
6,049 |
|
$ |
11,699 |
|
Margin deposits |
|
9,727 |
|
13,285 |
|
Trade receivables |
|
2,209 |
|
2,598 |
|
Accrued receivables |
|
29,965 |
|
44,140 |
|
Natural gas inventory |
|
81,014 |
|
136,295 |
|
Prepaid expenses and other current assets |
|
3,035 |
|
3,788 |
|
Short-term risk management assets |
|
34,960 |
|
41,600 |
|
|
|
166,959 |
|
253,405 |
|
Long-term assets |
|
|
|
|
|
Property, plant and equipment, net of accumulated depreciation |
|
784,048 |
|
820,467 |
|
Intangible assets, net of accumulated amortization |
|
37,266 |
|
41,829 |
|
Deferred financing costs, net of accumulated amortization |
|
8,508 |
|
11,001 |
|
Other assets |
|
2,989 |
|
3,329 |
|
Long-term risk management assets |
|
26,065 |
|
30,928 |
|
|
|
858,876 |
|
907,554 |
|
TOTAL |
|
$ |
1,025,835 |
|
$ |
1,160,959 |
|
|
|
|
|
|
|
LIABILITIES AND MEMBERS EQUITY |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Obligations under credit facilities |
|
$ |
161,251 |
|
$ |
193,500 |
|
Current portion of obligations under capital lease |
|
1,371 |
|
1,339 |
|
Trade payables |
|
130 |
|
885 |
|
Current portion of deferred taxes |
|
2,334 |
|
2,334 |
|
Deferred revenue |
|
238 |
|
6,669 |
|
Accrued liabilities |
|
42,148 |
|
47,686 |
|
Short-term risk management liabilities |
|
27,962 |
|
25,560 |
|
|
|
235,434 |
|
277,973 |
|
Long-term liabilities |
|
|
|
|
|
Long-term risk management liabilities |
|
18,333 |
|
20,833 |
|
Asset retirement obligations |
|
2,412 |
|
2,308 |
|
Other long-term liabilities |
|
1,169 |
|
1,270 |
|
Deferred income taxes |
|
79,350 |
|
88,317 |
|
Obligations under capital lease |
|
8,555 |
|
9,587 |
|
Long-term debt |
|
575,000 |
|
575,000 |
|
|
|
684,819 |
|
697,315 |
|
Members equity (deficit) |
|
|
|
|
|
Common units |
|
(160,453 |
) |
(81,805 |
) |
Managing Members interest |
|
266,035 |
|
267,476 |
|
|
|
105,582 |
|
185,671 |
|
Commitments and contingencies (Note 2) |
|
|
|
|
|
TOTAL |
|
$ |
1,025,835 |
|
$ |
1,160,959 |
|
(See Notes to Unaudited Consolidated Financial Statements)
2
Table of Contents
Niska Gas Storage Partners LLC
Consolidated Statements of Cash Flows
(in thousands of U.S. dollars)
(Unaudited)
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
|
2015 |
|
2014 |
|
|
|
|
|
|
|
Operating Activities |
|
|
|
|
|
Net earnings (loss) |
|
$ |
(78,008 |
) |
$ |
(307,426 |
) |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
|
Unrealized foreign exchange losses |
|
329 |
|
260 |
|
Deferred income tax benefit |
|
(9,009 |
) |
(31,938 |
) |
Unrealized risk management losses (gains) |
|
11,405 |
|
(48,127 |
) |
Depreciation and amortization |
|
42,931 |
|
107,730 |
|
Amortization of deferred financing costs |
|
2,881 |
|
2,738 |
|
Losses (gains) on disposals of assets |
|
268 |
|
(64 |
) |
Non-cash compensation |
|
1,273 |
|
1,687 |
|
Impairment of goodwill |
|
|
|
245,604 |
|
Write-downs of inventory |
|
600 |
|
42,200 |
|
Changes in non-cash working capital |
|
61,667 |
|
(105,338 |
) |
Net cash provided by (used in) operating activities |
|
34,337 |
|
(92,674 |
) |
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
Property, plant and equipment expenditures |
|
(2,288 |
) |
(5,466 |
) |
Proceeds from disposal of assets |
|
|
|
14 |
|
Net cash used in investing activities |
|
(2,288 |
) |
(5,452 |
) |
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
Proceeds from credit facility drawings |
|
166,300 |
|
652,700 |
|
Repayments of credit facilities |
|
(199,100 |
) |
(531,700 |
) |
Payments of financing costs |
|
(388 |
) |
(880 |
) |
Repayments of obligations under capital lease |
|
(1,001 |
) |
(970 |
) |
Distributions to unitholders |
|
(3,354 |
) |
(20,105 |
) |
Net cash (used in) provided by financing activities |
|
(37,543 |
) |
99,045 |
|
|
|
|
|
|
|
Effect of translation on foreign currency cash and cash equivalents |
|
(156 |
) |
(243 |
) |
Net (decrease) increase in cash and cash equivalents |
|
(5,650 |
) |
676 |
|
Cash and cash equivalents, beginning of period |
|
11,699 |
|
7,704 |
|
Cash and cash equivalents, end of period |
|
$ |
6,049 |
|
$ |
8,380 |
|
|
|
|
|
|
|
Supplemental cash flow disclosures (Note 12) |
|
|
|
|
|
(See Notes to Unaudited Consolidated Financial Statements)
3
Table of Contents
Niska Gas Storage Partners LLC
Consolidated Statements of Changes in Members Equity
(in thousands of U.S. dollars)
(Unaudited)
|
|
|
|
Managing |
|
|
|
|
|
Common |
|
Member |
|
|
|
|
|
Units |
|
Interest |
|
Total |
|
|
|
|
|
|
|
|
|
Balance, April 1, 2014 |
|
$ |
279,604 |
|
$ |
274,536 |
|
$ |
554,140 |
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
|
(301,853 |
) |
(5,573 |
) |
(307,426 |
) |
|
|
|
|
|
|
|
|
Distributions to unitholders |
|
(38,986 |
) |
(751 |
) |
(39,737 |
) |
|
|
|
|
|
|
|
|
Issuance of common units |
|
19,608 |
|
|
|
19,608 |
|
|
|
|
|
|
|
|
|
Non-cash equity contribution from parent |
|
480 |
|
10 |
|
490 |
|
|
|
|
|
|
|
|
|
Non-cash compensation |
|
1,175 |
|
22 |
|
1,197 |
|
|
|
|
|
|
|
|
|
Balance, December 31, 2014 |
|
$ |
(39,972 |
) |
$ |
268,244 |
|
$ |
228,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, April 1, 2015 |
|
$ |
(81,805 |
) |
$ |
267,476 |
|
$ |
185,671 |
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
|
(76,603 |
) |
(1,405 |
) |
(78,008 |
) |
|
|
|
|
|
|
|
|
Distributions to unitholders |
|
(3,294 |
) |
(60 |
) |
(3,354 |
) |
|
|
|
|
|
|
|
|
Non-cash compensation |
|
1,249 |
|
24 |
|
1,273 |
|
|
|
|
|
|
|
|
|
Balance, December 31, 2015 |
|
$ |
(160,453 |
) |
$ |
266,035 |
|
$ |
105,582 |
|
(See Notes to Unaudited Consolidated Financial Statements)
4
Table of Contents
Niska Gas Storage Partners LLC
Notes to Unaudited Consolidated Financial Statements
(Thousands of U.S. dollars, except per Unit amounts and unless otherwise noted)
1. Organization and Basis of Presentation
Organization
Niska Gas Storage Partners LLC (Niska Partners or the Company) is a publicly traded Delaware limited liability company (NYSE:NKA) which independently owns and operates natural gas storage assets in North America. The Company operates the AECO Hub, which consists of the Countess and Suffield gas storage facilities in Alberta, Canada and the Wild Goose and Salt Plains gas storage facilities in California and Oklahoma, respectively. Each of these facilities markets natural gas storage services in addition to optimizing storage capacity with proprietary gas purchases.
In June 2015, the Company and Niska Gas Storage Management LLC, its Managing Member, entered into a definitive agreement to be acquired by Brookfield Infrastructure Partners L.P. and its institutional partners (Brookfield). Under the terms of the agreement (Merger Agreement), Brookfield will acquire all of the Companys outstanding common units for $4.225 per common unit in cash and will acquire the Managing Member and the Incentive Distribution Rights (IDRs) in the Company (the Transaction) prior to June 14, 2017. A period provided for in the Merger Agreement for unsolicited consideration of alternative acquisition proposals expired on July 29, 2015.
The Merger Agreement, which includes a commitment by the Company not to make cash distributions until the earlier of the date of closing or termination of the Transaction, was approved by the Companys Board of Directors (the Company Board) and the Conflicts Committee of its Board of Directors (the Conflicts Committee). Affiliates of Carlyle/Riverstone Global Energy and Power Fund II, L.P. and Carlyle/Riverstone Global Energy and Power Fund III, L.P. (collectively, the Carlyle/Riverstone Funds) delivered a written consent approving the Transaction. No additional unitholder action is required to approve the Transaction.
In connection with the entry into the Merger Agreement, Brookfield agreed to lend up to $50.0 million to the Company under a short-term credit facility to be used for working capital purposes (see Note 3).
The closing of the Transaction is dependent on certain conditions related to regulatory requirements being satisfied, including the approval of the California Public Utilities Commission (CPUC or the Commission). The Companys previously disclosed timeline allowed for a hearing process to be undertaken with the CPUC. The CPUC has determined that a hearing is not required, which could reduce the time to close. Consequently, the Transaction is expected to be consummated in calendar year 2016; however, the timing of the process remains within the purview of the CPUC and the Transaction remains subject to other non-regulatory closing conditions.
At December 31, 2015, Niska Partners had 37,988,724 common units outstanding. Of this amount, 20,488,525 common units are owned by the Carlyle/Riverstone Funds through Niska Holdings L.P. and Niska Sponsor Holdings Cȯȯpertief U.A. (Sponsor Holdings), along with a 1.80% Managing Members interest in the Company and all of the Companys IDRs. Including all of the common units owned by the Carlyle/Riverstone Funds, along with the 1.80% Managing Members interest, the Carlyle/Riverstone Funds have a 54.76% ownership interest in the Company excluding the IDRs, which are a variable interest. The remaining 17,500,199 common units, representing a 45.24% ownership interest in the Company excluding the IDRs, are owned by the public.
Basis of Presentation
The accounting policies applied in these unaudited interim financial statements are consistent with the policies applied in the consolidated financial statements of Niska Partners and notes thereto included in the Companys Annual Report on Form 10-K for the fiscal year ended March 31, 2015.
5
Table of Contents
Niska Gas Storage Partners LLC
Notes to Unaudited Consolidated Financial Statements (continued)
(Thousands of U.S. dollars, except per Unit amounts and unless otherwise noted)
1. Organization and Basis of Presentation (continued)
Basis of Presentation (continued)
In the opinion of management, the accompanying consolidated financial statements of Niska Partners, which are unaudited except for the balance sheet at March 31, 2015 which is derived from audited financial statements, include all adjustments necessary to present fairly Niska Partners financial position as of December 31, 2015, the results of Niska Partners operations for the three and nine months ended December 31, 2015 and 2014, along with its cash flows for the nine months ended December 31, 2015 and 2014. The results of operations for the three and nine months ended December 31, 2015 are not necessarily representative of the results to be expected for the full fiscal year ending March 31, 2016. The optimization of proprietary gas purchases is seasonal with the majority of the revenues and costs associated with the physical sale of proprietary gas generally occurring during the third and fourth fiscal quarters, when demand for natural gas is typically the strongest.
Pursuant to the rules and regulations of the SEC, the unaudited consolidated financial statements do not include all of the information and notes normally included with financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). These consolidated financial statements should be read in conjunction with the consolidated financial statements of Niska Partners and notes thereto included in the Companys Annual Report on Form 10-K for the fiscal year ended March 31, 2015.
2. Commitments and Contingencies
Commitments
Niska Partners has entered into non-cancelable operating leases for temporary pressure-support gas, office space, land-use rights at its operating facilities, storage capacity at other facilities, equipment and vehicles used in its operations. The remaining lease terms expire between January 2016 and February 2059 and require the payment of taxes, insurance and maintenance by the lessee.
The Companys purchase obligations arising as a result of forward purchase contracts in place at December 31, 2015 were as follows:
|
|
|
|
For the fiscal year ending: |
|
|
|
2016 |
|
$ |
619,293 |
|
2017 |
|
454,231 |
|
2018 |
|
339,505 |
|
2019 |
|
23,424 |
|
2020 |
|
6,797 |
|
2021 and thereafter |
|
1,320 |
|
Total future purchase commitments |
|
$ |
1,444,570 |
|
Purchase obligations consisted of forward physical and financial commitments related to future purchases of natural gas. As the Company economically hedges substantially all of its natural gas purchases, there are forward sales that offset these commitments which are not included in the above table. As at December 31, 2015, forward physical and financial sales for all future periods totaled $1,437.3 million.
6
Table of Contents
Niska Gas Storage Partners LLC
Notes to Unaudited Consolidated Financial Statements (continued)
(Thousands of U.S. dollars, except per Unit amounts and unless otherwise noted)
2. Commitments and Contingencies (continued)
Contingencies
In June 2015, the Company engaged the services of certain consultants for consideration of $5.8 million, the payment of which is contingent upon the successful closing of the Transaction.
As of December 31, 2015, the Company was under review by Canadian tax authorities for withholding taxes paid on behalf of the Carlyle/Riverstone Funds and the investors of the Carlyle/Riverstone Funds for earnings distributions made prior to the Companys initial public offering. The Company received a notice from the Canadian tax authorities of a proposed assessment equivalent to $9.7 million and estimates the probable amount payable to range from $5.5 million to the proposed assessment of $9.7 million. The Company has recorded the minimum of the range, or $5.5 million, as a liability to the Canadian tax authorities. Niska Holdings L.P., a company held by the Carlyle/Riverstone Funds and the parent of Sponsor Holdings, guaranteed the repayment of any amounts owing with respect to this matter to the Company. Accordingly, as the Company believes collection of any amounts receivable is reasonably assured, it recorded a corresponding receivable equivalent to $5.5 million.
The Company and its subsidiaries are also subject to other legal and tax proceedings and actions arising in the normal course of business. While the outcome of these proceedings and actions cannot be predicted with certainty, it is the opinion of management that the resolution of such proceedings and actions will not have a material impact on the Companys consolidated financial position or results of operations.
3. Debt
Niska Partners debt obligations consist of the following:
|
|
December 31, |
|
March 31, |
|
|
|
2015 |
|
2015 |
|
|
|
|
|
|
|
Senior Notes due 2019 |
|
$ |
575,000 |
|
$ |
575,000 |
|
Revolving credit facilities |
|
140,700 |
|
193,500 |
|
Short-term credit facility |
|
20,551 |
|
|
|
Total |
|
736,251 |
|
768,500 |
|
Less portion classified as current |
|
(161,251 |
) |
(193,500 |
) |
|
|
$ |
575,000 |
|
$ |
575,000 |
|
Senior Notes due 2019
The Company has senior unsecured notes due 2019 (the 6.50% Senior Notes or Notes) which were issued through its subsidiaries Niska Gas Storage Finance Corp. and Niska Gas Storage Canada ULC (together, the Issuers). The 6.50% Senior Notes are senior unsecured obligations which are: (1) effectively junior to Niska Partners secured obligations to the extent of the value of the collateral securing such debt; (2) equal in right of payment with all existing and future senior unsecured indebtedness of the Company; and (3) senior in right of payment to any future subordinated indebtedness of Niska Partners. The 6.50% Senior Notes are fully and unconditionally guaranteed by Niska Partners and certain of its direct and indirect subsidiaries on a senior unsecured basis, and are: (1) effectively junior to each guarantors secured obligations; (2) equal in right of payment with all existing and future senior unsecured indebtedness of each guarantor; and (3) senior in right of payment to any future subordinated indebtedness of each guarantor.
7
Table of Contents
Niska Gas Storage Partners LLC
Notes to Unaudited Consolidated Financial Statements (continued)
(Thousands of U.S. dollars, except per Unit amounts and unless otherwise noted)
3. Debt (continued)
Senior Notes due 2019 (continued)
Interest on the 6.50% Senior Notes is payable semi-annually on October 1 and April 1, and the Notes will mature on April 1, 2019. As of December 31, 2015, the estimated fair market value of the Notes was $506.0 million.
Prior to October 1, 2016, the Company has the option to redeem up to 35% of the aggregate principal amount of the 6.50% Senior Notes using net cash proceeds from certain equity offerings at a price of 106.5% plus accrued and unpaid interest. The Company may also redeem all or a part of the 6.50% Senior Notes at redemption prices (expressed as percentages of principal amount) equal to 103.25% during the twelve-month period beginning on October 1, 2016, 101.625% during the twelve-month period beginning on October 1, 2017 and at par beginning on October 1, 2018, plus accrued and unpaid interest. The Company is not required to make mandatory redemptions or sinking fund payments with respect to the 6.50% Senior Notes.
The indenture governing the 6.50% Senior Notes limits Niska Partners ability to pay distributions in respect of, repurchase or pay dividends on its membership interests (or other capital stock) or make other restricted payments. However, it does not prohibit certain types or amounts of restricted payments, including a general basket of $75.0 million of restricted payments.
The indenture governing the Notes contains certain other covenants that, among other things, limit Niska Partners and certain of its subsidiaries ability to:
· incur additional debt or issue certain capital stock;
· pay dividends on, repurchase or make distributions in respect of its capital stock or repurchase or retire subordinated indebtedness;
· make certain investments;
· sell assets;
· create liens;
· consolidate, merge, sell or otherwise dispose of all or substantially all of its assets;
· enter into certain transactions with its affiliates; and
· permit restrictions on the ability of its subsidiaries to make distributions.
The occurrence of events involving the Company or certain of its subsidiaries may constitute an event of default under the indenture. Such events include failure to pay interest, principal, or the premium on the notes when due; failure to comply with the merger, asset sale or change of control covenants; certain defaults on other indebtedness; and certain insolvency proceedings. In the case of an event of default, the holders of the notes are entitled to remedies, including the acceleration of payment of the notes by request of the holders of at least 25% in aggregate principal amount of the notes, and any action by the trustee to collect payment of principal, interest or premium in arrears.
Upon the occurrence of a change of control together with a decrease in the ratings of the 6.50% Senior Notes by either Moodys or S&P by one or more gradations within 90 days of the change of control event, Niska Partners must offer to repurchase the Notes at 101% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to the date of repurchase.
The Companys ability to repurchase the 6.50% Senior Notes upon a change of control will be limited by the terms of its debt agreements, including its asset-based revolving credit facilities. In addition, the Company cannot assure that it will have the financial resources to repurchase the Notes upon a change of control.
8
Table of Contents
Niska Gas Storage Partners LLC
Notes to Unaudited Consolidated Financial Statements (continued)
(Thousands of U.S. dollars, except per Unit amounts and unless otherwise noted)
3. Debt (continued)
Revolving Credit Facilities
Niska Partners, through its subsidiaries, Niska Gas Storage US, LLC and AECO Gas Storage Partnership, has senior secured asset-based revolving credit facilities, consisting of a U.S. revolving credit facility and a Canadian revolving credit facility, both of which are governed by a credit agreement (the Credit Agreement or the $400 million Credit Agreement). Each revolving credit facility matures on June 29, 2016.
As of December 31, 2015, $140.7 million in borrowings, with a weighted average interest rate of 4.19% (March 31, 2015 - $193.5 million of borrowings had a weighted average interest rate of 3.98%), were outstanding under the credit facilities. Amounts committed in support of letters of credit totaled $19.5 million at December 31, 2015 (March 31, 2015 - $5.8 million). Any borrowings under the $400 million Credit Agreement are classified as current.
The Credit Agreement provides that Niska Partners may borrow only up to the lesser of the level of the then current borrowing base or the committed maximum borrowing capacity, which is currently $400.0 million. As of December 31, 2015, the borrowing base collateral totaled $240.9 million.
The Credit Agreement also includes a covenant that requires the maintenance of a fixed charge coverage ratio (FCCR) of 1.1 to 1.0 at the end of each fiscal quarter when excess availability under both revolving credit facilities is less than 15% of the aggregate amount of availability under both revolving credit facilities. When the Companys FCCR is below 1.1 to 1.0, the Company will be unable to borrow the last 15% of availability under the revolving credit facilities without triggering an event of default. The Credit Agreement provides that, upon the occurrence of certain events of default, including a covenant default, the Companys obligations thereunder may be accelerated and the lending commitments terminated.
As of December 31, 2015, Niska Partners was in compliance with all covenant requirements under the indenture governing the 6.50% Senior Notes and the $400 million Credit Agreement. However, Niska Partners FCCR was 0.6 to 1.0. Therefore, the Company is subject to the above restriction limiting the last 15% of availability under the revolving credit facilities. Accordingly, the availability under the Credit Agreement has been reduced by 15%, to $204.8 million. As of December 31, 2015, $44.6 million of the Companys availability remained unutilized.
The $400 million Credit Agreement contains limitations on Niska Partners ability to incur additional debt or to pay distributions in respect of, repurchase or pay distributions on its membership interests (or other capital stock) or make other restricted payments.
The Company is presently in the process of negotiating an amendment and extension of its existing Credit Agreement which if completed will, among other things, permit the Merger Agreement to proceed without triggering a change-of-control provision in the Credit Agreement and extend the term of the Credit Agreement beyond June 29, 2016 to September 30, 2016, or to December 31, 2016, if the Transaction closes on or before September 16, 2016. It is likely that any such amendment and extension will result in a reduction in the maximum availability under the Credit Agreement. However, in the event that an extension of the agreement is not consummated, the Company will be required to raise additional funds in order to repay the Credit Agreement at its maturity in June 2016. If the extension of the agreement is consummated as contemplated, the Company will be required to further extend the maturity date or raise additional funds to repay the Credit Agreement at its final maturity date. We can provide no assurance that we will be able to further extend the maturity date or raise additional funds to repay the Credit Agreement upon its revised maturity.
Niska Partners has no independent assets or operations other than its investments in its subsidiaries. Both the 6.50% Senior Notes and the $400 million Credit Agreement have been jointly and severally guaranteed by Niska Partners and substantially all of its subsidiaries. Niska Partners subsidiaries have no significant restrictions on their ability to pay distributions or make loans to Niska Partners and have no restricted assets as of December 31, 2015.
9
Table of Contents
Niska Gas Storage Partners LLC
Notes to Unaudited Consolidated Financial Statements (continued)
(Thousands of U.S. dollars, except per Unit amounts and unless otherwise noted)
3. Debt (continued)
Short-term Credit Facility
On July 28, 2015, the Company entered into a credit agreement with Brookfield for a $50.0 million short term credit facility (the Short-term Credit Facility), which may be borrowed subject to certain customary conditions. As of December 31, 2015, the outstanding amount of $20.6 million under the Short-term Credit Facility bears interest at an annual rate of 10%, which is payable in cash on a quarterly basis, unless the Company elects to pay such interest in-kind by capitalizing accrued interest into the principal amount. During the three and nine months ended December 31, 2015, $0.6 million of interest was accrued and paid in-kind.
Amounts borrowed under the Short-term Credit Facility may be prepaid without premium and penalty, and all amounts due and owing under the Short-term Credit Facility will be payable on the earlier of January 28, 2017 or the first to occur of; (a) the acceleration of the loans during the continuance of an event of default under the Short-term Credit Facility; (b) the date on which the Merger Agreement is terminated in accordance with its terms; (c) the date that is 90 days after the date on which the required lenders have determined that the acquisition of the business of the Company and its subsidiaries pursuant to the Merger Agreement cannot or will not be consummated for any reason, including without limitation regulatory matters or legal bars; and (d) any uncured breach of any other agreement between the Company and certain affiliates, on the one hand, and any lenders or any affiliate thereof, on the other hand, which results in termination of such agreement.
The Companys obligations under the Short-term Credit Facility are guaranteed by its parent, Sponsor Holdings, and the Companys subsidiaries which guarantee the obligations under its $400 million Credit Agreement. Such obligations are also secured by a pledge by Sponsor Holdings over its equity interests in the Company and Niska Gas Storage Management LLC. The guarantee and pledge by Sponsor Holdings will terminate to the extent the Company obtains an amendment to the $400 million Credit Agreement which permits the Company and its subsidiaries to grant a security interest over their assets to the lenders under the Short-term Credit Facility, or such earlier date as the transactions contemplated by the Merger Agreement are consummated.
The Short-term Credit Facility requires the Company to comply with certain affirmative and negative covenants, with the Company permitted to enter into activities to the extent permitted by both the Merger Agreement and the Companys $400 million Credit Agreement. The Company is also subject to customary events of default, substantially consistent with its $400 million Credit Agreement.
4. Risk Management Activities and Financial Instruments
Risk Management Overview
Niska Partners has exposure to commodity price, the cost of compliance with environmental regulations, foreign currency, counterparty credit, interest rate and liquidity risks. Risk management activities are tailored to the risks they are designed to mitigate.
Commodity Price Risk
As a result of its natural gas inventory, Niska Partners is exposed to risks associated with changes in price when buying and selling natural gas across future time periods. To manage these risks and reduce variability of cash flows, the Company utilizes a combination of financial and physical derivative contracts, including forwards, futures, swaps and option contracts. The use of these contracts is subject to the Companys risk management policies. These contracts have not been treated as hedges for financial reporting purposes and therefore changes in fair value are recorded directly in earnings.
Forward contracts and futures contracts are agreements to purchase or sell a specific financial instrument or quantity of natural gas at a specified price and date in the future. Niska Partners enters into forward contracts and futures contracts to mitigate the impact of changes in natural gas prices. In addition to cash settlement, exchange traded futures may also be settled by the physical delivery of natural gas.
10
Table of Contents
Niska Gas Storage Partners LLC
Notes to Unaudited Consolidated Financial Statements (continued)
(Thousands of U.S. dollars, except per Unit amounts and unless otherwise noted)
4. Risk Management Activities and Financial Instruments (continued)
Commodity Price Risk (continued)
Swap contracts are agreements between two parties to exchange streams of payments over time according to specified terms. Swap contracts require receipt of payment for the notional quantity of the commodity based on the difference between a fixed price and the market price on the settlement date. Niska Partners enters into commodity swaps to mitigate the impact of changes in natural gas prices.
Option contracts are contractual agreements to convey the right, but not the obligation, for the purchaser of the option to buy or sell a specific physical or notional amount of a commodity at a fixed price, either at a fixed date or at any time within a specified period. Niska Partners enters into option agreements to mitigate the impact of changes in natural gas prices.
To limit its exposure to changes in commodity prices, Niska Partners enters into purchases and sales of natural gas inventory and concurrently matches the volumes in these transactions with offsetting derivative contracts. To comply with its internal risk management policies, Niska Partners is required to limit its exposure of unmatched volumes of proprietary current natural gas inventory to an aggregate overall limit of 8.0 billion cubic feet (Bcf). At December 31, 2015, 34.3 Bcf of natural gas inventory was offset with financial contracts, representing 98.8% of total inventory. At March 31, 2015, 47.2 Bcf of natural gas inventory was offset with financial contracts, representing 98.6% of total inventory. As of December 31, 2015 and March 31, 2015, the volumes of inventories which were economically hedged using each type of contract were:
|
|
December 31, |
|
March 31, |
|
|
|
2015 |
|
2015 |
|
|
|
|
|
|
|
Forwards |
|
5.0 Bcf |
|
1.5 Bcf |
|
Futures |
|
29.3 Bcf |
|
46.0 Bcf |
|
Swaps |
|
|
|
(0.3 Bcf |
) |
|
|
34.3 Bcf |
|
47.2 Bcf |
|
Price Risk Associated with Compliance with Environmental Regulations
One of Niska Partners operating facilities, the Wild Goose storage facility, is located in California. In 2006, California adopted AB 32, the Global Warming Solutions Act of 2006, with a goal of reaching: (i) 1990 greenhouse gases (GHG) emissions levels by the year 2020; (ii) 80% of 1990 levels by 2050; and (iii) a mandatory emission reporting program. AB 32 required the California Air Resources Board (ARB) to develop a scoping plan describing the approach California will take to reduce GHGs to achieve the goal of reducing emissions to 1990 levels by 2020 (the 2020 Goal). The scoping plan was first approved by the ARB in 2008 which identifies a cap-and-trade program as one of the strategies California will employ to meet the 2020 Goal. In 2010, ARB approved that cap and trade program and it came into effect on January 1, 2013.
11
Table of Contents
Niska Gas Storage Partners LLC
Notes to Unaudited Consolidated Financial Statements (continued)
(Thousands of U.S. dollars, except per Unit amounts and unless otherwise noted)
4. Risk Management Activities and Financial Instruments (continued)
Price Risk Associated with Compliance with Environmental Regulations (continued)
Entities are subject to compliance obligations if they exceed certain ARB-defined emission thresholds. During each year of the program, the ARB issues emission allowances (i.e., the rights to emit GHGs) equal to the amount of GHG emissions allowed for that year. Emitters can obtain allowances from the ARB at quarterly auctions or from third parties or exchanges. Emitters may also satisfy a portion of their compliance obligation through the purchase of offset credits; e.g., credits for GHG reductions achieved by third parties (such as landowners, livestock owners, and farmers) that occur outside the industry sectors covered under the cap through ARB-qualified offset projects such as reforestation or biomass projects. During the nine months ended December 31, 2015, the Company determined that it had exceeded its allowed emissions threshold and became subject to compliance obligations whereby it must purchase allowances or offset credits. As of December 31, 2015, the Company had $0.8 million of accrued emission allowances and offset credits and the Company was exposed to risks associated with changes in the price of credits for GHG reductions.
Counterparty Credit Risk
Niska Partners is exposed to counterparty credit risk on its trade and accrued accounts receivable and risk management assets. Counterparty credit risk is the risk of financial loss to the Company if a customer fails to perform its contractual obligations. Niska Partners engages in transactions for the purchase and sale of products and services with major companies in the energy industry and with industrial, commercial, residential and municipal energy consumers. Credit risk associated with trade accounts receivable is mitigated by the high percentage of investment grade customers, collateral support of receivables and Niska Partners ability to take ownership of customer owned natural gas stored in its facilities in the event of non-payment. For the nine months ended December 31, 2015 and 2014, no expense related to doubtful accounts was recognized as a result of receivables deemed to be uncollectible. It is managements opinion that no allowance for doubtful accounts was required as of December 31, 2015 and March 31, 2015, respectively, on the Companys accrued and trade accounts receivable.
The Company analyzes the financial condition of counterparties prior to entering into an agreement. Credit limits are established and monitored on an ongoing basis. Management believes, based on its credit policies, that the Companys financial position, results of operations and cash flows will not be materially affected as a result of non-performance by any single counterparty. Credit risk is assessed prior to transacting with any counterparty and each counterparty is required to maintain an investment grade rating, provide a parental guarantee from an investment grade parent, or provide an alternative method of financial assurance (letter of credit, cash, etc.) to support proposed transactions. In addition, the Companys tariffs contain provisions that permit it to take title to a customers inventory should the customers account remain unpaid for an extended period of time. Although the Company relies on a few counterparties for a significant portion of its revenues, one counterparty making up 46.4% and 58.2% of gross revenues for the nine months ended December 31, 2015 and 2014, respectively, is a physical natural gas clearing and settlement facility that requires counterparties to post margin deposits equal to 125% of their net position, which reduces the risk of default.
Exchange traded futures and options comprise approximately 76.4% of Niska Partners commodity risk management assets at December 31, 2015. These exchange traded contracts have minimal credit exposure as the exchanges guarantee that every contract will be margined on a daily basis. In the event of any default, Niska Partners account on the exchange would be absorbed by other clearing members. Because every member posts an initial margin, the exchange can protect the exchange members if or when a clearing member defaults.
Niska Partners further manages credit exposure by entering into master netting agreements for the majority of non-retail contracts. These master netting agreements provide the Company, in the event of default, the right to offset the counterpartys rights and obligations.
12
Table of Contents
Niska Gas Storage Partners LLC
Notes to Unaudited Consolidated Financial Statements (continued)
(Thousands of U.S. dollars, except per Unit amounts and unless otherwise noted)
4. Risk Management Activities and Financial Instruments (continued)
Interest Rate Risk
Niska Partners assesses interest rate risk by continually identifying and monitoring changes in interest rate exposures that may adversely impact expected future cash flows. At December 31, 2015, Niska Partners was exposed to interest rate risk resulting from the variable rates associated with its $400 million Credit Agreement of which $140.7 million was drawn.
Liquidity Risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. Niska Partners continues to manage its liquidity risk by ensuring sufficient cash and credit facilities are available to meet its operating and capital expenditure obligations when due, under both normal and stressed conditions.
Foreign Currency Risk
Foreign currency risk is created by fluctuations in foreign exchange rates. As Niska Partners conducts a portion of its activities in Canadian dollars, earnings and cash flows are subject to currency fluctuations. The performance of the Canadian dollar relative to the U.S. dollar could positively or negatively affect earnings. Niska Partners is exposed to cash flow risk to the extent that Canadian currency outflows exceed Canadian currency inflows. The Company enters into currency swaps to mitigate the impact of changes in foreign exchange rates. The notional value of currency swaps at December 31, 2015 was $22.6 million (March 31, 2015 - $19.6 million). These contracts expire on various dates from February 1, 2016 through December 1, 2016. Niska Partners has not elected hedge accounting treatment, therefore, changes in fair value are recorded directly in earnings.
The following tables show the fair values of Niska Partners risk management assets and liabilities at December 31, 2015 and March 31, 2015:
|
|
Energy |
|
Currency |
|
|
|
December 31, 2015 |
|
Contracts |
|
Contracts |
|
Total |
|
|
|
|
|
|
|
|
|
Short-term risk management assets |
|
$ |
31,998 |
|
$ |
2,962 |
|
$ |
34,960 |
|
Long-term risk management assets |
|
26,065 |
|
|
|
26,065 |
|
Short-term risk management liabilities |
|
(27,438 |
) |
(524 |
) |
(27,962 |
) |
Long-term risk management liabilities |
|
(18,333 |
) |
|
|
(18,333 |
) |
|
|
$ |
12,292 |
|
$ |
2,438 |
|
$ |
14,730 |
|
|
|
Energy |
|
Currency |
|
|
|
March 31, 2015 |
|
Contracts |
|
Contracts |
|
Total |
|
|
|
|
|
|
|
|
|
Short-term risk management assets |
|
$ |
39,392 |
|
$ |
2,208 |
|
$ |
41,600 |
|
Long-term risk management assets |
|
29,647 |
|
1,281 |
|
30,928 |
|
Short-term risk management liabilities |
|
(25,560 |
) |
|
|
(25,560 |
) |
Long-term risk management liabilities |
|
(20,512 |
) |
(321 |
) |
(20,833 |
) |
|
|
$ |
22,967 |
|
$ |
3,168 |
|
$ |
26,135 |
|
13
Table of Contents
Niska Gas Storage Partners LLC
Notes to Unaudited Consolidated Financial Statements (continued)
(Thousands of U.S. dollars, except per Unit amounts and unless otherwise noted)
4. Risk Management Activities and Financial Instruments (continued)
Information about the Companys risk management assets and liabilities that had netting or rights of offset arrangements is as follows:
December 31, 2015 |
|
Gross Amounts Recognized |
|
Gross Amounts Offset in the Balance Sheet |
|
Net Amounts Presented in the Balance Sheet |
|
Margin Deposits not Offset in the Balance Sheet |
|
Net Amounts |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
Commodity derivatives |
|
$ |
187,824 |
|
$ |
(129,761 |
) |
$ |
58,063 |
|
$ |
(46,618 |
) |
$ |
11,445 |
|
Currency derivatives |
|
2,967 |
|
(5 |
) |
2,962 |
|
|
|
2,962 |
|
Total assets |
|
190,791 |
|
(129,766 |
) |
61,025 |
|
(46,618 |
) |
14,407 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Commodity derivatives |
|
175,532 |
|
(129,761 |
) |
45,771 |
|
(41,322 |
) |
4,449 |
|
Currency derivatives |
|
529 |
|
(5 |
) |
524 |
|
(524 |
) |
|
|
Total liabilities |
|
176,061 |
|
(129,766 |
) |
46,295 |
|
(41,846 |
) |
4,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net |
|
$ |
14,730 |
|
$ |
|
|
$ |
14,730 |
|
$ |
(4,772 |
) |
$ |
9,958 |
|
March 31, 2015 |
|
Gross Amounts Recognized |
|
Gross Amounts Offset in the Balance Sheet |
|
Net Amounts Presented in the Balance Sheet |
|
Margin Deposits not Offset in the Balance Sheet |
|
Net Amounts |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
Commodity derivatives |
|
$ |
148,385 |
|
$ |
(79,346 |
) |
$ |
69,039 |
|
$ |
(50,070 |
) |
$ |
18,969 |
|
Currency derivatives |
|
5,167 |
|
(1,678 |
) |
3,489 |
|
|
|
3,489 |
|
Total assets |
|
153,552 |
|
(81,024 |
) |
72,528 |
|
(50,070 |
) |
22,458 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Commodity derivatives |
|
125,418 |
|
(79,346 |
) |
46,072 |
|
(39,338 |
) |
6,734 |
|
Currency derivatives |
|
1,999 |
|
(1,678 |
) |
321 |
|
(321 |
) |
|
|
Total liabilities |
|
127,417 |
|
(81,024 |
) |
46,393 |
|
(39,659 |
) |
6,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net |
|
$ |
26,135 |
|
$ |
|
|
$ |
26,135 |
|
$ |
(10,411 |
) |
$ |
15,724 |
|
14
Table of Contents
Niska Gas Storage Partners LLC
Notes to Unaudited Consolidated Financial Statements (continued)
(Thousands of U.S. dollars, except per Unit amounts and unless otherwise noted)
4. Risk Management Activities and Financial Instruments (continued)
The Company expects to recognize risk management assets and liabilities outstanding at December 31, 2015 into net earnings (loss) and comprehensive income (loss) in the fiscal periods as follows:
|
|
Energy |
|
Currency |
|
|
|
|
|
Contracts |
|
Contracts |
|
Total |
|
|
|
|
|
|
|
|
|
Fiscal year ending March 31, 2016 |
|
$ |
3,669 |
|
$ |
229 |
|
$ |
3,898 |
|
Fiscal year ending March 31, 2017 |
|
7,090 |
|
2,209 |
|
9,299 |
|
Fiscal year ending March 31, 2018 |
|
3,240 |
|
|
|
3,240 |
|
Thereafter |
|
(1,707 |
) |
|
|
(1,707 |
) |
|
|
$ |
12,292 |
|
$ |
2,438 |
|
$ |
14,730 |
|
Net realized and unrealized optimization gains and losses from the settlement of risk management contracts are summarized as follows:
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
Classification |
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy contracts |
|
|
|
|
|
|
|
|
|
|
|
Realized |
|
$ |
2,415 |
|
$ |
3,785 |
|
$ |
10,084 |
|
$ |
18,864 |
|
Optimization, net |
|
Unrealized |
|
284 |
|
47,546 |
|
(10,675 |
) |
48,618 |
|
Optimization, net |
|
Currency contracts |
|
|
|
|
|
|
|
|
|
|
|
Realized |
|
1,941 |
|
277 |
|
2,988 |
|
1,342 |
|
Optimization, net |
|
Unrealized |
|
(977 |
) |
732 |
|
(730 |
) |
(491 |
) |
Optimization, net |
|
|
|
$ |
3,663 |
|
$ |
52,340 |
|
$ |
1,667 |
|
$ |
68,333 |
|
|
|
15
Table of Contents
Niska Gas Storage Partners LLC
Notes to Unaudited Consolidated Financial Statements (continued)
(Thousands of U.S. dollars, except per Unit amounts and unless otherwise noted)
5. Fair Value Measurements
The carrying amount of cash and cash equivalents, margin deposits, trade receivables, accrued receivables, trade payables and accrued liabilities reported on the unaudited consolidated balance sheet approximate fair value.
Fair values have been determined as follows for Niska Partners assets and liabilities that were accounted for or disclosed at fair value on a recurring and non-recurring basis:
December 31, 2015 |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
Assets |
|
|
|
|
|
|
|
|
|
Commodity derivatives |
|
$ |
|
|
$ |
58,063 |
|
$ |
|
|
$ |
58,063 |
|
Currency derivatives |
|
|
|
2,962 |
|
|
|
2,962 |
|
Total assets |
|
$ |
|
|
$ |
61,025 |
|
$ |
|
|
$ |
61,025 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
Commodity derivatives |
|
$ |
|
|
$ |
45,771 |
|
$ |
|
|
$ |
45,771 |
|
Currency derivatives |
|
|
|
524 |
|
|
|
524 |
|
Long-term debt |
|
|
|
506,000 |
|
|
|
506,000 |
|
Total liabilities |
|
$ |
|
|
$ |
552,295 |
|
$ |
|
|
$ |
552,295 |
|
March 31, 2015 |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
Assets |
|
|
|
|
|
|
|
|
|
Commodity derivatives |
|
$ |
|
|
$ |
69,039 |
|
$ |
|
|
$ |
69,039 |
|
Currency derivatives |
|
|
|
3,489 |
|
|
|
3,489 |
|
Goodwill |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
|
|
$ |
72,528 |
|
$ |
|
|
$ |
72,528 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
Commodity derivatives |
|
$ |
|
|
$ |
46,072 |
|
$ |
|
|
$ |
46,072 |
|
Currency derivatives |
|
|
|
321 |
|
|
|
321 |
|
Long-term debt |
|
|
|
432,688 |
|
|
|
432,688 |
|
Total liabilities |
|
$ |
|
|
$ |
479,081 |
|
$ |
|
|
$ |
479,081 |
|
The Companys derivative assets and liabilities recorded at fair value on a recurring basis have been categorized as Level 2. The determination of the fair value of assets and liabilities for Level 2 valuations is generally based on a market approach. The key inputs used in Niska Partners valuation models include transaction-specific details such as notional volumes, contract prices and contract terms as well as forward market prices and basis differentials for natural gas obtained from third-party service providers (typically the New York Mercantile Exchange, or NYMEX). There were no changes in Niska Partners approach to determining fair value and there were no transfers out of Level 2 during the periods ended December 31, 2015 and March 31, 2015.
The fair value of debt is the estimated amount the Company would have to pay to transfer its debt, including any premium or discount attributable to the difference between the stated interest rate and market rate of interest at the balance sheet date. Fair values are supported by observable market transactions when available.
Non-financial assets and liabilities are re-measured at fair value on a non-recurring basis. During the year ended March 31, 2015, the Company wrote down goodwill to its estimated fair value of $nil, which is classified as a Level 3 measurement in the table above. There were no other non-financial assets or liabilities recorded at fair value as of December 31, 2015 and March 31, 2015.
16
Table of Contents
Niska Gas Storage Partners LLC
Notes to Unaudited Consolidated Financial Statements (continued)
(Thousands of U.S. dollars, except per Unit amounts and unless otherwise noted)
6. Members Equity
Distributions to Unitholders
As of the beginning of fiscal 2016, one of the Companys Canadian subsidiaries owed interest to a non-Canadian subsidiary. During the nine months ended December 31, 2015, the Company filed a tax election that deemed this interest as paid. The election triggered an obligation for the Company to pay withholding taxes of approximately $3.4 million to the Canadian tax authorities on behalf of the Companys unitholders. Consistent with similar transactions in the past, the Company has accounted for this payment as a distribution to unitholders.
Unit-Based Performance Plan
The Company maintains compensatory unit-based performance plans (the Plans) to provide long-term incentive compensation for certain employees and directors, and to align their economic interest with those of common unitholders. The Plans are administered by the Compensation Committee of the Board of Directors and permit the grant of unit awards, restricted units, phantom units, unit options, unit appreciation rights, other unit-based awards, distribution equivalent rights and substitution awards. Unit-based awards are settled either in cash or in common units following the satisfaction of certain time and/or performance criteria.
The Company agreed not to grant additional unit awards under these plans under the terms of the Merger Agreement.
Unit-based awards are classified as liabilities when expected to be settled in cash or when the Company has the option to settle in cash or equity. This accounting treatment has resulted from the Companys historical practice of choosing to settle this type of award in cash. When awards are classified as liabilities, the fair value of the units granted is determined on the date of grant and is re-measured at each reporting period until the settlement date. The fair value at each remeasurement date is equal to the settlement expected to be incurred based on the anticipated number of units vested adjusted for (i) the passage of time and (ii) the payout threshold associated with the performance targets which the Company expects to achieve compared to its established peers. The performance criterion is based on total unitholder return (TUR) metrics compared to such metrics of a select group of the Companys peers. The TUR metrics reflect the Companys percentile ranking during the applicable performance period compared to a peer group. The pro-rata number of units vested is calculated as the number of performance awards multiplied by the percentage of the requisite service period.
Unit-based awards that are expected to be settled in units are classified as equity. The fair value of the units granted is determined on the date of grant and is amortized to equity using the straight-line method over the vesting period. Each equity settled award permits the holder to receive one common unit on the vesting date.
17
Table of Contents
Niska Gas Storage Partners LLC
Notes to Unaudited Consolidated Financial Statements (continued)
(Thousands of U.S. dollars, except per Unit amounts and unless otherwise noted)
6. Members Equity (continued)
Unit-Based Performance Plan (continued)
The following tables summarize the Companys unit-based awards outstanding and non-vested unit-based awards as of December 31, 2015:
|
|
Number of Time-Based Units |
|
Number of Performance-Based Units |
|
Total Units |
|
Unit-based awards outstanding - March 31, 2015 |
|
1,199,341 |
|
214,679 |
|
1,414,020 |
|
Exercised |
|
(225,097 |
) |
(124,049 |
) |
(349,146 |
) |
Unit-based awards outstanding - December 31, 2015 |
|
974,244 |
|
90,630 |
|
1,064,874 |
|
|
|
Number of Time-Based Units |
|
Number of Performance-Based Units |
|
Total Units |
|
Nonvested unit-based awards - March 31, 2015 |
|
1,199,341 |
|
214,679 |
|
1,414,020 |
|
Vested |
|
(225,097 |
) |
(124,049 |
) |
(349,146 |
) |
Nonvested unit-based awards December 31, 2015 |
|
974,244 |
|
90,630 |
|
1,064,874 |
|
As of December 31, 2015, outstanding unit-based awards classified as liability and equity amounted to 743,609 units and 321,265 units, respectively.
Unit-based compensation for the three and nine months ended December 31, 2015 were $0.7 million and $2.2 million, respectively (recoveries of $2.1 million and $1.7 million for the three and nine months ended December 31, 2014, respectively). Amounts paid to employees for unit-based awards settled in cash for the nine months ended December 31, 2015 and 2014 were $0.3 million and $10.6 million, respectively. In August 2015, 19,868 equity awards were settled using common units purchased from the open market for $0.1 million. No other equity awards were settled during the nine months ended December 31, 2015, and 2014.
As of December 31, 2015, there was $3.2 million (March 31, 2015 - $5.1 million) of total unrecognized compensation cost related to non-vested unit-based awards granted that were subject to both time and performance conditions. That cost is expected to be recognized over the next two years.
Modifications of Certain Unit-based Awards Outstanding
In July 2015, the Company offered certain eligible employees retention award opportunities that will become vested on the earlier of the date of successful closing of the Transaction or the ninetieth day following the termination of the Transaction contemplated in the Merger Agreement. To participate in this plan, each participant was required to forfeit rights to any outstanding performance-based unit awards and agree that all settlements, if any, of the outstanding time-based unit awards will be settled in cash.
Eligible employees with 466,949 outstanding unit-based awards participated in this plan which resulted in modifications of their original awards. In addition, 28,478 equity awards that would have been forfeited upon the termination of a previous employee were modified to remain eligible to vest upon the closing of the Transaction. These modifications did not result in additional compensation costs for the Company.
18
Table of Contents
Niska Gas Storage Partners LLC
Notes to Unaudited Consolidated Financial Statements (continued)
(Thousands of U.S. dollars, except per Unit amounts and unless otherwise noted)
6. Members Equity (continued)
Earnings per unit
Niska Partners uses the two-class method for allocating earnings per unit (EPU). The two-class method requires the determination of net earnings (loss) allocated to member interests as shown below.
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
Numerator: |
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
|
$ |
(20,992 |
) |
$ |
(259,623 |
) |
$ |
(78,008 |
) |
$ |
(307,426 |
) |
Less: |
|
|
|
|
|
|
|
|
|
Managing Members interest |
|
378 |
|
4,677 |
|
1,405 |
|
5,573 |
|
Net earnings (loss) attributable to common unitholders |
|
$ |
(20,614 |
) |
$ |
(254,946 |
) |
$ |
(76,603 |
) |
$ |
(301,853 |
) |
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
|
|
|
Weighted average units outstanding |
|
37,988,724 |
|
37,245,225 |
|
37,988,724 |
|
36,520,746 |
|
|
|
|
|
|
|
|
|
|
|
Diluted: |
|
|
|
|
|
|
|
|
|
Weighted average units outstanding |
|
37,988,724 |
|
37,245,225 |
|
37,988,724 |
|
36,520,746 |
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per unit: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.54 |
) |
$ |
(6.85 |
) |
$ |
(2.02 |
) |
$ |
(8.27 |
) |
Diluted |
|
$ |
(0.54 |
) |
$ |
(6.85 |
) |
$ |
(2.02 |
) |
$ |
(8.27 |
) |
|
|
|
|
|
|
|
|
|
|
Weighted average number of equity-settled awards: |
|
321,265 |
|
465,971 |
|
482,651 |
|
261,434 |
|
The Company maintains unit-based compensation plans that could dilute EPU in future periods. Because granted awards were anti-dilutive for the three and nine months ended December 31, 2014 and 2015, the diluted EPU calculations above exclude the weighted average number of equity-settled unit-based awards.
19
Table of Contents
Niska Gas Storage Partners LLC
Notes to Unaudited Consolidated Financial Statements (continued)
(Thousands of U.S. dollars, except per Unit amounts and unless otherwise noted)
7. Revenues
Niska Partners fee-based revenue consists of the following:
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
Long-term contract revenue |
|
$ |
8,754 |
|
$ |
13,373 |
|
$ |
27,327 |
|
$ |
67,956 |
|
Short-term contract revenue |
|
4,473 |
|
2,255 |
|
12,814 |
|
6,059 |
|
Total |
|
$ |
13,227 |
|
$ |
15,628 |
|
$ |
40,141 |
|
$ |
74,015 |
|
Long-term contract revenue for the nine months ended December 31, 2014 included a one-time payment of $26.0 million as a result of the termination by TransCanada Gas Storage Partnership (TransCanada), the Companys largest volumetric customer, of its previous storage service agreement.
Optimization, net consists of the following:
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
Realized optimization revenue, net |
|
$ |
6,686 |
|
$ |
7,013 |
|
$ |
17,065 |
|
$ |
25,244 |
|
Unrealized risk management (losses) gains |
|
(693 |
) |
48,278 |
|
(11,405 |
) |
48,127 |
|
Write-downs of inventory |
|
(600 |
) |
(31,700 |
) |
(600 |
) |
(42,200 |
) |
Total |
|
$ |
5,393 |
|
$ |
23,591 |
|
$ |
5,060 |
|
$ |
31,171 |
|
8. Income Taxes
Income taxes included in the consolidated financial statements were as follows:
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit |
|
$ |
(4,704 |
) |
$ |
(15,635 |
) |
$ |
(7,259 |
) |
$ |
(31,875 |
) |
|
|
|
|
|
|
|
|
|
|
Effective income tax rate |
|
18 |
% |
6 |
% |
9 |
% |
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The effective tax rate for the three and nine months ended December 31, 2015 and 2014 differed from the U.S. statutory federal rate of 35% primarily because certain Canadian subsidiaries are taxed at a lower statutory tax rate as well as the earnings (loss) from certain subsidiaries are exempt from U.S federal income taxes. In addition, during the three and nine months ended December 31, 2014, the Company recorded a goodwill impairment of $245.6 million of which no tax benefit was recognized.
Income tax benefit for the three and nine months ended December 31, 2015 decreased by $10.9 million and $24.6 million compared to the three and nine months ended December 31, 2014. These changes were primarily due to lower recognized losses in certain taxable entities. An increase in Canadian provincial income tax rates which impacted certain Canadian taxable entities also contributed to lower tax benefit for the nine months ended December 31, 2015.
20
Table of Contents
Niska Gas Storage Partners LLC
Notes to Unaudited Consolidated Financial Statements (continued)
(Thousands of U.S. dollars, except per Unit amounts and unless otherwise noted)
9. Accrued Liabilities
Niska Partners accrued liabilities consist of the following:
|
|
December 31, |
|
March 31, |
|
|
|
2015 |
|
2015 |
|
|
|
|
|
|
|
Accrued gas purchases |
|
$ |
16,560 |
|
$ |
13,917 |
|
Accrued interest |
|
11,968 |
|
21,411 |
|
Employee-related accruals |
|
2,895 |
|
2,369 |
|
Other accrued liabilities |
|
10,725 |
|
9,989 |
|
Total |
|
$ |
42,148 |
|
$ |
47,686 |
|
10. Related Party Transactions
As of December 31, 2015, in addition to the $5.5 million receivable from Niska Holdings L.P. discussed in Note 2, the Company had receivables from other related parties of $0.7 million ($nil as of March 31, 2015) which are included in accrued receivable in the balance sheets. These receivables relate to reimbursement of costs incurred by Niska Partners on behalf of a related party as well as management fees charged to affiliated entities for certain administrative services.
During the three and nine months ended December 31, 2015, total management fees and reimbursable costs recognized by the Company amounted to $0.3 million and $0.8 million, respectively, as reductions to general and administrative expenses ($nil for the nine months ended December 31, 2014).
11. Changes in Non-Cash Working Capital
Changes in non-cash working capital for the nine months ended December 31, 2015 and 2014 consist of the following:
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
|
2015 |
|
2014 |
|
|
|
|
|
|
|
Margin deposits |
|
$ |
3,558 |
|
$ |
29,434 |
|
Trade receivables |
|
337 |
|
2,769 |
|
Accrued receivables |
|
13,523 |
|
112,573 |
|
Natural gas inventory |
|
54,681 |
|
(176,425 |
) |
Prepaid expenses and other current assets |
|
754 |
|
(3,103 |
) |
Other assets |
|
67 |
|
(437 |
) |
Trade payables |
|
(486 |
) |
(299 |
) |
Accrued liabilities |
|
(4,247 |
) |
(67,187 |
) |
Deferred revenue |
|
(6,430 |
) |
(2,029 |
) |
Other long-term liabilities |
|
(90 |
) |
(634 |
) |
Total |
|
$ |
61,667 |
|
$ |
(105,338 |
) |
21
Table of Contents
Niska Gas Storage Partners LLC
Notes to Unaudited Consolidated Financial Statements (continued)
(Thousands of U.S. dollars, except per Unit amounts and unless otherwise noted)
12. Supplemental Cash Flow Disclosures
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
|
2015 |
|
2014 |
|
|
|
|
|
|
|
Interest paid in cash |
|
$ |
44,960 |
|
$ |
27,658 |
|
Interest paid in-kind |
|
$ |
551 |
|
$ |
|
|
Taxes paid (recovered) |
|
$ |
1,463 |
|
$ |
(231 |
) |
|
|
|
|
|
|
Non-cash changes in working capital related to property, plant and equipment |
|
$ |
262 |
|
$ |
1,716 |
|
|
|
|
|
|
|
Non-cash earnings distribution and reinvestment |
|
$ |
|
|
$ |
19,631 |
|
Under the Companys Short-term Credit Facility, interest is payable in cash on a quarterly basis, unless the Company elects to pay such interest in-kind by capitalizing accrued interest into the principal amount.
13. Segment Disclosures
The Companys process for the identification of reportable segments involves examining the nature of services offered, the types of customer contracts entered into and the nature of the economic and regulatory environment.
Niska Partners operates along functional lines in its commercial, engineering and operations teams for operations in Alberta, northern California and the U.S. mid-continent. All functional lines and facilities offer the same services: storage and optimization. The Company has a small retail marketing business which is an extension of the Companys proprietary optimization activities. Proprietary optimization activities occur when the Company purchases, stores and sells natural gas for its own account in order to utilize or optimize storage capacity that is not contracted or available to third-party customers. All services are delivered using reservoir storage. The Company measures profitability consistently along all functional lines based on revenues and earnings before interest, taxes, depreciation and amortization, and unrealized risk management gains and losses. The Company has aggregated its operating segments into one reportable segment as at December 31, 2015 and March 31, 2015 and for each of the three and nine months ended December 31, 2015 and 2014.
Information pertaining to the Companys short-term and long-term contract services and net optimization revenues is presented in the consolidated statements of earnings (loss) and comprehensive income (loss). All facilities have the same types of customers: major companies in the energy industry, industrial, commercial, local distribution companies and municipal energy consumers.
22
Table of Contents
Niska Gas Storage Partners LLC
Notes to Unaudited Consolidated Financial Statements (continued)
(Thousands of U.S. dollars, except per Unit amounts and unless otherwise noted)
13. Segment Disclosures (continued)
The following tables summarize the net revenues and long lived assets by geographic area:
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
Net realized revenues |
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
9,745 |
|
$ |
6,028 |
|
$ |
22,103 |
|
$ |
18,094 |
|
Canada |
|
10,168 |
|
16,613 |
|
35,103 |
|
81,165 |
|
Net unrealized revenues |
|
|
|
|
|
|
|
|
|
U.S. |
|
(2,092 |
) |
29,989 |
|
(11,945 |
) |
29,159 |
|
Canada |
|
1,399 |
|
18,289 |
|
540 |
|
18,968 |
|
Write-downs of inventory |
|
|
|
|
|
|
|
|
|
U.S. |
|
(600 |
) |
(2,800 |
) |
(600 |
) |
(9,200 |
) |
Canada |
|
|
|
(28,900 |
) |
|
|
(33,000 |
) |
Inter-entity |
|
|
|
|
|
|
|
|
|
U.S. |
|
709 |
|
1,703 |
|
4,266 |
|
1,703 |
|
Canada |
|
(709 |
) |
(1,703 |
) |
(4,266 |
) |
(1,703 |
) |
|
|
$ |
18,620 |
|
$ |
39,219 |
|
$ |
45,201 |
|
$ |
105,186 |
|
|
|
December 31, |
|
March 31, |
|
|
|
2015 |
|
2015 |
|
Long-lived assets (at period end) |
|
|
|
|
|
U.S. |
|
$ |
358,706 |
|
$ |
367,920 |
|
Canada |
|
474,105 |
|
508,706 |
|
|
|
$ |
832,811 |
|
$ |
876,626 |
|
14. Subsequent Events
Subsequent to the announcement of the proposed acquisition of the Company by Brookfield Infrastructure Partners L.P. and its institutional partners on June 14, 2015, alleged unitholders of Niska Gas Storage Partners LLC (the Plaintiffs) filed four class action lawsuits against Niska Gas Storage Partners LLC, Niska Gas Storage Management LLC, Niska Sponsor Holdings Coöperatief U.A. (collectively Niska), Brookfield Infrastructure Partners L.P., Swan Holdings LP, Swan Merger Sub LLC, and the members of Niskas Board of Directors (collectively with Niska, the Defendants) in the Court of Chancery of the State of Delaware. These lawsuits are styled (a) Eddie Barringer vs. Niska Gas Storage Partners LLC, et al. (Case No. 11210); (b) David Raul vs. Niska Gas Storage Partners LLC, et al. (Case No. 11220); (c) Nathan Peterson vs. Niska Gas Storage Partners LLC, et al., (Case No. 11234); and (d) Fred Pappey vs. William H. Shea, Jr. et al., (Case No. 11238) (collectively, the Litigation). The above styled lawsuits have been consolidated for all purposes and captioned In re Niska Gas Storage Partners LLC Public Unitholders Litigation, CONSOL. C.A. No. 11210-CB (the Action). On February 5, 2016, the Plaintiffs filed a notice of voluntary dismissal of the Litigation without prejudice as to any individual or class claims, with each party to bear its own costs.
23
Table of Contents
Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
The following information should be read in conjunction with our unaudited consolidated financial statements and accompanying notes included in this report. The following information and such unaudited consolidated financial statements should also be read in conjunction with the consolidated financial statements and related notes, managements discussion and analysis of financial condition and results of operations and other information included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2015.
Overview of Critical Accounting Policies and Estimates
The process of preparing financial statements in accordance with GAAP requires estimates and judgments to be made regarding certain items and transactions. It is possible that materially different amounts could be recorded if these estimates and judgments change or if the actual results differ from these estimates and judgments. Our most critical accounting estimates, which involve the judgment of our management, were fully disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2015 and remained unchanged as of December 31, 2015.
Overview of Our Business
We operate the AECO HubTM, which consists of the Countess and Suffield gas storage facilities in Alberta, Canada, and the Wild Goose and Salt Plains gas storage facilities in California and Oklahoma, respectively. Niska Partners markets gas storage services of working gas capacity in addition to optimizing storage capacity with its own proprietary gas purchases at each of these facilities. We also operate a natural gas marketing business which is an extension of our propriety optimization activities in Canada.
We earn revenues by leasing storage on a long-term firm (LTF) contract basis for which we receive monthly reservation fees for fixed amounts of storage, leasing storage on a short-term firm (STF) contract basis, where a customer pays a fixed fee to inject a specified quantity of natural gas on a specified date or dates and a fixed fee to withdraw on a specified future date or dates, and optimization, where we purchase and sell gas on an economically hedged basis in order to improve facility utilization at margins that can be higher than those from third-party contracts. Proprietary optimization activities occur when the Company purchases and sells natural gas for its own account. Our revenues related to our marketing business are included in proprietary optimization activities.
The Company has a total of 244.9 Bcf of working gas capacity among its facilities, including 2.9 Bcf leased from a third-party pipeline company.
We have aggregated all of our activities in one reportable operating segment for financial reporting purposes. Our consolidated financial statements are prepared in accordance with GAAP.
Factors that Impact Our Business
In June 2015, the Company and Niska Gas Storage Management LLC, its Managing Member, entered into a definitive agreement to be acquired by Brookfield. Under the terms of the Merger Agreement, Brookfield will acquire all of the Companys outstanding common units for $4.225 per common unit in cash and will acquire the Managing Member and the IDRs in the Company prior to June 14, 2017. A period provided for in the Merger Agreement for unsolicited consideration of alternative acquisition proposals expired on July 29, 2015.
The Merger Agreement, which includes a commitment by the Company not to make cash distributions until the earlier of the date of closing or termination of the Transaction, was approved by the Company Board and the Conflicts Committee. Affiliates of the Carlyle/Riverstone Funds delivered a written consent approving the Transaction. No additional unitholder action is required to approve the Transaction.
The closing of the Transaction is dependent on the satisfaction of certain conditions related to regulatory requirements, including the approval of the CPUC. The process that the Company and Brookfield must undertake to obtain CPUC approval to transfer control of Niska Partners facility in California, Wild Goose, is potentially lengthy. Broadly, it encompasses filing an application with the CPUC, obtaining comments from interested parties, addressing any objections from third parties or the CPUC, potentially undertaking regulatory hearings and obtaining the Commissions formal approval of the transfer of control of Wild Goose to Brookfield based on a written decision from an administrative law judge (ALJ). Each step in the process is ultimately at the discretion of the ALJ and the Commission. To date, the following formal actions have been taken:
· Niska Partners and Brookfield filed their joint application with respect to the transfer of control of Wild Goose to Brookfield with the CPUC on August 3, 2015. The application was subsequently made available on the CPUCs website for comments from interested parties. Five parties filed comments during the public comment period for the application which closed on September 11, 2015;
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Table of Contents
· The Company and Brookfield responded to the comments on September 21, 2015 and subsequently worked to satisfy the questions raised in the parties comments; and
· A prehearing conference was held on December 8, 2015, open to all parties and presided over by the assigned ALJ. At this prehearing conference, the ALJ ruled that no hearings would be required for this application and that no further testimony or evidence was necessary.
Consequently, we expect the Transaction to be consummated in calendar year 2016; however, the timing of the process remains within the purview of the CPUC and the Transaction remains subject to other non-regulatory closing conditions.
In connection with the entry into the Merger Agreement, Brookfield agreed to lend up to $50.0 million to the Company under a short-term credit facility to be used for working capital purposes. As at December 31, 2015, the balance under the Short-term Credit Facility was $20.6 million.
The Company is presently in the process of negotiating an amendment and extension of its existing $400.0 million Credit Agreement which if completed will, among other things, permit the Merger Agreement to proceed without triggering a change-of-control provision in the Credit Agreement, and extend the term of the Credit Agreement beyond June 29, 2016 to September 30, 2016, or to December 31, 2016, if the Transaction closes on or before September 16, 2016. It is likely that any such amendment and extension will result in a reduction in the maximum availability under the $400.0 million Credit Agreement. However, in the event that an extension of the agreement is not consummated, the Company will be required to raise additional funds in order to repay the Credit Agreement at its maturity in June 2016. If the extension of the agreement is consummated as contemplated, the Company will be required to further extend the maturity date or raise additional funds to repay the Credit Agreement at its final maturity date. We can provide no assurance that we will be able to further extend the maturity date or raise additional funds to repay the Credit Agreement upon its revised maturity.
During the first half of the fiscal year, the difference between summer and winter prices in the natural gas futures market, referred to as the seasonal spread, remained extremely narrow and reduced levels of volatility persisted in the cash market. These conditions resulted from numerous factors, including, but not limited to: (i) a material year-over-year increase in natural gas production in the United States as well as in Western Canada; (ii) higher overall levels of natural gas in storage; (iii) real or perceived changes in overall supply and demand fundamentals; (iv) the development of new pipeline infrastructure connecting new supply to markets; and (v) the weather during the first part of winter being milder than normal. These market conditions have negatively impacted our revenues during the nine months ended December 31, 2015 by eroding the prices we can charge for long and short-term firm contracting services, as well as reducing the profitability of our optimization activities, where we make economically hedged natural gas purchases for our own account.
The combination of reductions in natural gas prices, collateral required to support our retail marketing operations, costs associated with the requirements for temporary reservoir pressure support and unfavorable market conditions which have prevented us from realizing additional revenues and earnings have reduced the liquidity available under the Companys $400 million revolving credit facilities. Continued reduction in amounts available under the revolving credit facilities may restrict our ability to pursue optimization strategies. The inability to pursue such revenue strategies may have a material adverse effect on the Companys revenues and profitability.
Market conditions for natural gas storage can change rapidly as a result of a number of factors, including weather patterns, overall storage levels across North America in the markets we serve, current and anticipated levels of natural gas supply and demand, and constraints on pipeline infrastructure capacity. Accordingly, current market conditions may not be a reliable predictor of future market conditions. Longer term, we believe several factors may contribute to meaningful growth in North American natural gas demand, including: (i) exports of North American Liquefied Natural Gas; (ii) fuel switching for power generation from coal to natural gas; (iii) construction of new gas-fired power plants; (iv) growing exports to Mexico; and (v) growth in base-load industrial demand, all of which could bolster the demand for, and the commercial value of, natural gas storage. We are unable to predict the timing or magnitude of such events nor can we predict the ultimate impact they may have on our results of operations.
Our financial statements include natural gas inventory valued at the lower of cost or market of $81.0 million as of December 31, 2015. We calculate the market value of our inventory using forward prices along with the associated financial hedges over the timeframe of the scheduled physical withdrawals. Market conditions during the final quarter of the fiscal year will impact our decision to sell or hold significant volumes of inventory into fiscal 2017. During the three months ending March 31, 2016, if we decide to hold on to our inventory at year end to capture additional values and as our current hedge positions settle, we may enter into new hedge positions at lower values. These decisions may result in the market value of our natural gas inventory becoming less than its carrying cost at March 31, 2016 and any resulting inventory write-down could be material.
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Our storage facilities may require additional natural gas to provide temporary pressure support during periods of high activity to meet cycling requirements and performance demands related to our gas in storage. These volumes fluctuate from year to year along with our cycling requirements. These cycling requirements are managed through a combination of strategies which are adapted to changes in natural gas market conditions. Typically, the use of gas to provide temporary pressure support results in net revenue gains because the cost to acquire natural gas in the nearer term is lower than the price of natural gas for future delivery.
To mitigate the cost of our forecasted cycling requirements over the next five years, we implemented a hedging program to purchase and lease gas. Over the upcoming five years, the expected cumulative cost of temporary pressure support gas is approximately $6.0 million. This cost relates to our commitments to lease certain volumes of natural gas to address our future temporary pressure support needs. In the event that natural gas storage market conditions become more favorable, the cost of managing our operational requirements could be reduced. However, if the conditions deteriorate, the cost of managing our operational requirements will increase.
The Companys functional currency is the U.S. dollar. The Company generates revenues from its Canadian operations in Canadian dollars. Cash inflows from revenues are offset, in part, by natural gas inventory purchases, operating, general and administrative and capital costs that are also transacted in Canadian dollars. The majority of the Companys hedges are transacted in U.S. dollars on the NYMEX or with private counterparties. The Companys financial instruments, principally its Common Units, 6.50% Senior Notes and revolving credit facilities, are principally denominated in U.S. dollars. The Company hedges its net exposure to the Canadian dollar by entering into currency hedges for the substantial majority of its net exposure for existing transactions. The Company does not hedge its net Canadian dollar exposure for potential future transactions, because the timing and amount of those transactions, which include proprietary optimization purchases and sales, are difficult to predict. The Company does not believe that declines in the Canadian dollar have materially impacted the Companys results of operations during the nine months ended December 31, 2015 because its impact on revenues has been offset by lower expenses and hedging gains realized during the period.
In the intermediate term, any declines in value of the Canadian dollar compared to the U.S. dollar will reduce positive cash flows measured in U.S. dollars to the extent Niska Partners is not able to hedge these transactions in advance. Because of the matters discussed above, the Company is unable to predict the impact of any such declines should they occur.
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Results of Operations
A summary of financial data for each of the three and nine months ended December 31, 2015 and 2014 is as follows (in thousands):
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
|
(unaudited) |
|
(unaudited) |
|
Consolidated Statement of Earnings (Loss) and Comprehensive Income (Loss) Data: |
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
Fee-based revenue |
|
$ |
13,227 |
|
$ |
15,628 |
|
$ |
40,141 |
|
$ |
74,015 |
|
Optimization, net |
|
5,393 |
|
23,591 |
|
5,060 |
|
31,171 |
|
|
|
18,620 |
|
39,219 |
|
45,201 |
|
105,186 |
|
Expenses (income): |
|
|
|
|
|
|
|
|
|
Operating |
|
7,709 |
|
9,434 |
|
24,292 |
|
32,451 |
|
General and administrative |
|
5,718 |
|
4,233 |
|
23,678 |
|
20,513 |
|
Depreciation and amortization |
|
17,392 |
|
41,752 |
|
42,931 |
|
107,730 |
|
Interest |
|
13,265 |
|
13,182 |
|
38,971 |
|
38,229 |
|
Impairment of goodwill |
|
|
|
245,604 |
|
|
|
245,604 |
|
Losses (gains) on disposals of assets |
|
28 |
|
(70 |
) |
268 |
|
(64 |
) |
Foreign exchange losses |
|
197 |
|
344 |
|
332 |
|
32 |
|
Other expense (income) |
|
7 |
|
(2 |
) |
(4 |
) |
(8 |
) |
Earnings (loss) before income taxes |
|
(25,696 |
) |
(275,258 |
) |
(85,267 |
) |
(339,301 |
) |
|
|
|
|
|
|
|
|
|
|
Income tax benefit |
|
(4,704 |
) |
(15,635 |
) |
(7,259 |
) |
(31,875 |
) |
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) and comprehensive income (loss) |
|
$ |
(20,992 |
) |
$ |
(259,623 |
) |
$ |
(78,008 |
) |
$ |
(307,426 |
) |
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA and Cash Available for Distribution to Net Earnings (Loss) |
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
|
$ |
(20,992 |
) |
$ |
(259,623 |
) |
$ |
(78,008 |
) |
$ |
(307,426 |
) |
Add/(deduct): |
|
|
|
|
|
|
|
|
|
Interest expense |
|
13,265 |
|
13,182 |
|
38,971 |
|
38,229 |
|
Income tax benefit |
|
(4,704 |
) |
(15,635 |
) |
(7,259 |
) |
(31,875 |
) |
Depreciation and amortization |
|
17,392 |
|
41,752 |
|
42,931 |
|
107,730 |
|
Non-cash compensation |
|
560 |
|
444 |
|
1,273 |
|
1,687 |
|
Unrealized risk management losses (gains) |
|
693 |
|
(48,278 |
) |
11,405 |
|
(48,127 |
) |
Losses (gains) on disposals of assets |
|
28 |
|
(70 |
) |
268 |
|
(64 |
) |
Impairment of goodwill |
|
|
|
245,604 |
|
|
|
245,604 |
|
Foreign exchange losses |
|
197 |
|
344 |
|
332 |
|
32 |
|
Other expense (income) |
|
7 |
|
(2 |
) |
(4 |
) |
(8 |
) |
Write-downs of inventory |
|
600 |
|
31,700 |
|
600 |
|
42,200 |
|
Adjusted EBITDA |
|
7,046 |
|
9,418 |
|
10,509 |
|
47,982 |
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
Cash interest expense, net |
|
12,256 |
|
12,269 |
|
36,090 |
|
35,491 |
|
Income taxes paid (recovered) |
|
1,212 |
|
(519 |
) |
1,463 |
|
(231 |
) |
Maintenance capital expenditures |
|
1,134 |
|
1,780 |
|
1,944 |
|
3,240 |
|
Other expense (income) |
|
7 |
|
(2 |
) |
(4 |
) |
(8 |
) |
Cash Available for Distribution |
|
$ |
(7,563 |
) |
$ |
(4,110 |
) |
$ |
(28,984 |
) |
$ |
9,490 |
|
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Table of Contents
Non-GAAP Financial Measures
Adjusted EBITDA and Cash Available for Distribution
We use the non-GAAP financial measures Adjusted EBITDA and Cash Available for Distribution in this report. A reconciliation of Adjusted EBITDA and Cash Available for Distribution to net earnings (loss), the most directly comparable financial measure as calculated and presented in accordance with GAAP, is shown above.
We define Adjusted EBITDA as net earnings (loss) before interest, income taxes, depreciation and amortization, unrealized risk management gains and losses, loss on extinguishment of debt, foreign exchange gains and losses, inventory impairment write-downs, gains and losses on asset dispositions, non-cash compensation, asset impairments and other income. We believe the adjustments for other income are similar in nature to the traditional adjustments to net earnings used to calculate EBITDA and adjustment for these items results in an appropriate representation of this financial measure. Cash Available for Distribution is defined as Adjusted EBITDA reduced by interest expense (excluding amortization of deferred financing costs), income taxes paid, maintenance capital expenditures and other income. Adjusted EBITDA and Cash Available for Distribution are used as supplemental financial measures by our management and by external users of our financial statements, such as commercial banks and ratings agencies, to assess:
· the financial performance of our assets, operations and return on capital without regard to financing methods, capital structure or historical cost basis;
· the ability of our assets to generate cash sufficient to pay interest on our indebtedness and make distributions to our equity holders;
· repeatable operating performance that is not distorted by non-recurring items or market volatility; and
· the viability of acquisitions and capital expenditure projects.
The non-GAAP financial measures of Adjusted EBITDA and Cash Available for Distribution should not be considered as alternatives to net earnings (loss). Adjusted EBITDA and Cash Available for Distribution are not presentations made in accordance with GAAP and have important limitations as analytical tools. Neither Adjusted EBITDA nor Cash Available for Distribution should be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Because Adjusted EBITDA and Cash Available for Distribution exclude some, but not all, items that affect net earnings (loss) and are defined differently by different companies, our definition of Adjusted EBITDA and Cash Available for Distribution may not be comparable to similarly titled measures of other companies.
We recognize that the usefulness of Adjusted EBITDA as an evaluative tool may have certain limitations, including:
· Adjusted EBITDA does not include interest expense. Because we have borrowed money in order to finance our operations, interest expense is a necessary element of our costs and impacts our ability to generate profits and cash flows. Therefore, any measure that excludes interest expense may have material limitations;
· Adjusted EBITDA does not include depreciation and amortization expense. Because we use capital assets, depreciation and amortization expense is a necessary element of our costs and ability to generate profits. Therefore, any measure that excludes depreciation and amortization expense may have material limitations;
· Adjusted EBITDA does not include provision for income taxes. Because the payment of income taxes is a necessary element of our costs, any measure that excludes income tax expense may have material limitations;
· Adjusted EBITDA does not reflect cash expenditures or future requirements for capital expenditures or contractual commitments;
· Adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs; and
· Adjusted EBITDA does not allow us to analyze the effect of certain recurring and non-recurring items that materially affect our net earnings or loss.
Similarly, Cash Available for Distribution has certain limitations because it accounts for some, but not all, of the above limitations.
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Table of Contents
Revenues
Revenues include fee-based revenue and net optimization revenue. Fee-based revenue consists of long-term contracts for storage fees that are generated when we lease storage capacity on a term basis and short-term fees associated with specified injections and withdrawals of natural gas. Optimization revenue results from the purchase of natural gas inventory and its forward sale to future periods through financial and physical energy trading contracts, with our facilities being used to store the inventory between acquisition and disposition of the natural gas inventory.
Revenues for each of the three and nine months ended December 31, 2015 and 2014 consisted of the following (in thousands):
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Long-term contract revenue |
|
$ |
8,754 |
|
$ |
13,373 |
|
$ |
27,327 |
|
$ |
67,956 |
|
Short-term contract revenue |
|
4,473 |
|
2,255 |
|
12,814 |
|
6,059 |
|
Fee-based revenue |
|
$ |
13,227 |
|
$ |
15,628 |
|
$ |
40,141 |
|
$ |
74,015 |
|
|
|
|
|
|
|
|
|
|
|
Realized optimization, net |
|
$ |
6,686 |
|
$ |
7,013 |
|
$ |
17,065 |
|
$ |
25,244 |
|
Unrealized risk management (losses) gains |
|
(693 |
) |
48,278 |
|
(11,405 |
) |
48,127 |
|
Write-downs of inventory |
|
(600 |
) |
(31,700 |
) |
(600 |
) |
(42,200 |
) |
Optimization revenue, net |
|
$ |
5,393 |
|
$ |
23,591 |
|
$ |
5,060 |
|
$ |
31,171 |
|
Changes in revenue in the quarter were primarily attributable to the following:
Long-term contract revenue. LTF revenue for the three months ended December 31, 2015 decreased by $4.6 million compared to the three months ended December 31, 2014 principally as a result of lower fees realized. LTF revenue for the nine months ended December 31, 2015 decreased by $40.6 million compared to the nine months ended December 31, 2014 primarily due to the one-time, early termination payment of $26.0 million received from TransCanada in May 2014. Excluding the impact of this transaction in the prior period, revenues declined by $14.6 million. This decline was mainly due to lower fees realized for equivalent storage volumes as a result of the ongoing compression of the seasonal spread which reduced revenues by $10.9 million. A weaker Canadian dollar reduced revenues at our Canadian facilities by an additional $2.8 million.
Short-term contract revenue. STF revenue for the three months ended December 31, 2015 increased by $2.2 million when compared to the three months ended December 31, 2014. STF revenue for the nine months ended December 31, 2015 more than doubled to $12.8 million when compared to the nine months ended December 31, 2014. During fiscal 2016, we increased the storage capacity allocated to this revenue strategy. In addition, during the year ended March 31, 2014, certain transactions with lower contract rates were entered into to mitigate withdrawal risk during the winter of fiscal 2014. The effects of lower rates continued into the first quarter of fiscal 2015. The lack of similar transactions in the nine months ended December 31, 2015 resulted in higher STF revenue when compared to the prior year-to-date period.
Optimization Revenue. Optimization activities for the three months ended December 31, 2015 resulted in a net gain of $5.4 million compared to a net gain of $23.6 million for the three months ended December 31, 2014. Optimization revenue for the nine months ended December 31, 2015 decreased to $5.1 million from $31.2 million during the nine months ended December 31, 2014. When evaluating the performance of our optimization business, we focus on our realized optimization margins, excluding the impact of unrealized economic hedging gains and losses and inventory write-downs. Our net optimization revenue includes the impact of unrealized economic hedging gains and losses and inventory write-downs, which cause our reported revenue to fluctuate from period to period. The components of optimization revenues are as follows:
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Table of Contents
Realized Optimization Revenue, net. Net realized optimization revenue for the three months ended December 31, 2015 decreased by $0.3 million compared to the three months ended December 31, 2014. Net realized optimization revenue for the nine months ended December 31, 2015 decreased by $8.2 million compared to the nine months ended December 31, 2014. During the nine months ended December 31, 2015, lower storage capacity was allocated to this revenue strategy compared to the prior year. Decreased revenues from our storage operations during the nine months ended December 31, 2015 was partially offset by higher revenue from our marketing business. During the three and nine months ended December 31, 2015, our marketing business generated $3.9 million and $12.1 million of revenues compared to $4.0 million and $10.1 million realized during the three and nine months ended December 31, 2014. Revenue from the marketing business during the nine months ended December 31, 2015 exceeded last year as a result of an expansion of our residential market in Western Canada as well as our commercial market in Eastern Canada.
Unrealized Risk Management Gains (Losses). Unrealized risk management gains and losses are recorded based on the market value of derivative contracts. For the three and nine months ended December 31, 2015, unrealized risk management losses resulted from the reversal of gains from previous periods associated with in-the-money contracts that settled in the current period combined with lower values of futures contracts for our storage and marketing businesses.
During the three and nine months ended December 31, 2015, our marketing business recognized $0.5 million of unrealized risk management gains and $1.9 million of unrealized risk management losses compared to $4.5 million in unrealized risk management losses and $0.8 million in unrealized risk management gains during the three and nine months ended December 31, 2014. Larger year-to-date losses resulted from decreases in the value of futures contracts due to lower natural gas prices relative to average contract prices for future months.
Write-Downs of Inventory. Natural gas prices fell during the three and nine months ended December 31, 2015 and 2014. This reduction increased the value of our economic hedges and decreased the value of the proprietary optimization inventory underlying those hedges. With the realization of hedges positioned during the three and nine months ended December 31, 2015 and the positioning of new hedges at lower values in the then future periods, the market value of our inventories became less than the carrying cost. Accordingly, we wrote down our proprietary inventories by $0.6 million for the three and nine months ended December 31, 2015, and $31.7 million and $42.2 million during the three and nine months ended December 31, 2014, respectively.
Operating Expenses
Operating expenses for the three and nine months ended December 31, 2015 and 2014 consisted of the following (in thousands):
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Lease costs and property taxes |
|
$ |
3,332 |
|
$ |
4,146 |
|
$ |
9,771 |
|
$ |
11,928 |
|
Fuel and electricity |
|
1,714 |
|
1,745 |
|
5,296 |
|
10,298 |
|
Salaries and benefits |
|
1,345 |
|
1,472 |
|
4,145 |
|
4,511 |
|
Maintenance |
|
564 |
|
1,344 |
|
2,011 |
|
3,403 |
|
General operating costs |
|
754 |
|
727 |
|
3,069 |
|
2,311 |
|
Total operating expenses |
|
$ |
7,709 |
|
$ |
9,434 |
|
$ |
24,292 |
|
$ |
32,451 |
|
Operating expenses for the three months ended December 31, 2015 decreased by $1.7 million compared to the three months ended December 31, 2014. Operating expenses for the nine months ended December 31, 2015 decreased by $8.2 million compared to the nine months ended December 31, 2014. Reductions in operating expenses for the nine months ended December 31, 2015 were principally the result of lower injections of gas into storage which reduced fuel and electricity. Leased storage capacity was reduced by 5.6 Bcf at April 1, 2015, resulting in a decrease in lease costs for both the three and nine months ended December 31, 2015. Maintenance costs in the prior period were higher because heavy equipment usage during the winter of fiscal 2014 required significantly higher equipment repairs throughout fiscal 2015. In addition, a weaker Canadian dollar reduced expenses associated with our Canadian facilities by $0.4 million and $1.3 million for the three and nine months ended December 31, 2015.
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Table of Contents
General and Administrative Expenses
General and administrative expenses for the three and nine months ended December 31, 2015 and 2014 consisted of the following (in thousands):
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Compensation costs |
|
$ |
2,869 |
|
$ |
695 |
|
$ |
10,329 |
|
$ |
9,604 |
|
General costs, including office and information technology costs |
|
934 |
|
1,108 |
|
2,846 |
|
3,398 |
|
Legal, audit and regulatory costs |
|
1,915 |
|
2,430 |
|
10,503 |
|
7,511 |
|
Total general and administrative expenses |
|
$ |
5,718 |
|
$ |
4,233 |
|
$ |
23,678 |
|
$ |
20,513 |
|
General and administrative expenses for the three months ended December 31, 2015 increased by $1.5 million compared to the three months ended December 31, 2014. General and administrative expenses for the nine months ended December 31, 2015 increased by $3.2 million compared to the nine months ended December 31, 2014. Increased incentive compensation accruals in the three and nine months ended December 31, 2015 were partially offset by the impact of a weaker Canadian dollar. Legal, audit and regulatory costs for the three and nine months ended December 31, 2015 included $0.2 million and $4.3 million of expenses related to the Transaction. Excluding these costs, total general and administrative expenses for the three and nine months ended December 31, 2015 would have been $5.5 million and $19.4 million, respectively. The overall increase for the nine months ended December 31, 2015 was partially offset by a reduction in costs of $2.7 million resulting from the impact of a weaker Canadian dollar.
Depreciation and Amortization Expense
Depreciation and amortization expense for the three and nine months ended December 31, 2015 decreased by $24.4 million and $64.8 million, respectively, compared to the three and nine months ended December 31, 2014. Depreciation expense for the three and nine months ended December 31, 2015 included $9.1 million and $17.7 million, respectively, related to migration of cushion gas at our Canadian facilities, compared to $31.2 million and $64.7 million for the three and nine months ended December 31, 2014. The provisions for cushion gas migration represent our estimated costs associated with proprietary cushion gas that no longer provides effective pressure support.
Amortization of intangible assets during the nine months ended December 31, 2014 included $11.7 million of amortization related to the termination of the prior storage agreement with TransCanada and the establishment of a new contract. The recorded amortization charges reflected the revised pattern of cash flows associated with this customer relationship.
Impairment of Goodwill
During the three and nine months ended December 31, 2014, we concluded that a number of factors, including the continued narrow seasonal spread environment, combined with the significant reduction in natural gas price volatility, and a strong decline in our unit price were impairment indicators. As a result of this determination, we performed an impairment test and concluded that the remaining balance of our goodwill was fully impaired. As a result, an impairment charge of $245.6 million was recorded.
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Table of Contents
Interest Expense
Interest expense for the three and nine months ended December 31, 2015 and 2014 consisted of the following (in thousands):
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Interest on Senior Notes |
|
$ |
9,343 |
|
$ |
9,344 |
|
$ |
28,031 |
|
$ |
28,031 |
|
Interest on credit facilities |
|
2,806 |
|
2,774 |
|
7,596 |
|
7,077 |
|
Amortization of deferred financing costs |
|
1,009 |
|
913 |
|
2,881 |
|
2,738 |
|
Other interest |
|
107 |
|
151 |
|
463 |
|
383 |
|
Total interest expenses |
|
$ |
13,265 |
|
$ |
13,182 |
|
$ |
38,971 |
|
$ |
38,229 |
|
Interest expense for the three and nine months ended December 31, 2015 increased by $0.1 million and $0.7 million, respectively, compared to the same periods in fiscal 2015. Higher average interest rates were partially offset by the impacts of lower average balances of our credit facilities compared to the level of drawings during the three and nine months ended December 31, 2014.
Income Taxes
Income tax benefit for the three and nine months ended December 31, 2015 decreased by $10.9 million and $24.6 million compared to the three and nine months ended December 31, 2014. These changes were primarily due to a reduction in losses in certain taxable entities. An increase in Canadian provincial income tax rates which impacted certain Canadian taxable entities also contributed to lower tax benefit for the nine months ended December 31, 2015.
Liquidity and Capital Resources
Sources and Uses of Liquidity
As discussed above, on June 14, 2015 the Company agreed to be acquired by Brookfield. As part of the Merger Agreement associated with the Transaction, Brookfield agreed to lend the Company up to $50.0 million to support ongoing operations of the business. The definitive agreement associated with this commitment was signed on July 28, 2015 and is discussed further in Note 3 to the Companys financial statements.
Also as discussed in Note 3, when the Companys FCCR is below 1.1 to 1.0 times, as defined in the Companys Credit Agreement on a trailing twelve month basis, the Company is unable to borrow the last 15% of availability under its Credit Agreement without triggering an event of default. At December 31, 2015 the Companys FCCR was 0.6 to 1.0 and therefore, the Company continued to be subject to this limitation.
As of February 1, 2016, the Companys availability under its Credit Agreement was $31.4 million, including reductions resulting from its FCCR falling below 1.1 to 1.0 times. In addition, the remaining capacity under the Companys Short-term Credit Facility with Brookfield amounted to $29.4 million.
As noted above, the Company is presently in the process of negotiating an amendment and extension of its existing $400.0 million Credit Agreement which if completed will, among other things, permit the Merger Agreement to proceed without triggering a change-of-control provision the Credit Agreement and extend the term of the Credit Agreement beyond June 29, 2016 to September 30, 2016, or to December 31, 2016, if the Transaction closes on or before September 16, 2016. It is likely that such amendment and extension, if completed, will result in a reduction in the maximum availability under the $400.0 million Credit Agreement. Niska Partners does not anticipate that any such reduction will impair its ability to operate its business to a material extent. The Company is highly confident that the amendment and extension will be completed. Our estimates of future cash flows, continuing availability of the remainder of the Short-term Credit Facility provided by Brookfield, and the amendment and further extensions of the credit agreement are expected to provide adequate funds to support the business for the next twelve months. However, in the event that an extension of the agreement is not consummated, the Company will be required to raise additional funds in order to repay the Credit
32
Table of Contents
Agreement at its maturity in June 2016. If the extension of the agreement is consummated as contemplated, the Company will be required to further extend the maturity date or raise additional funds to repay the Credit Agreement at its final maturity date. We can provide no assurance that we will be able to further extend the maturity date or raise additional funds to repay the Credit Agreement upon its revised maturity.
On February 3, 2016, the Companys Board of Directors continued the suspension of Niska Partners quarterly distribution to common unitholders for the third quarter of fiscal 2016 in compliance with the Companys commitment not to make distributions until the earlier of the date of closing or termination of its Merger Agreement with Brookfield.
Cash Flows from Operations and Investing Activities
The following table summarizes our sources and uses of cash for the nine months ended December 31, 2015 and 2014, respectively (in thousands):
Operating Activities:
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
|
2015 |
|
2014 |
|
|
|
(unaudited) |
|
|
|
|
|
|
|
Net earnings (loss) |
|
$ |
(78,008 |
) |
$ |
(307,426 |
) |
Adjustments to reconcile net earnings (loss) to net |
|
|
|
|
|
cash provided by (used in) operating activities: |
|
|
|
|
|
Unrealized foreign exchange losses |
|
329 |
|
260 |
|
Deferred income tax benefit |
|
(9,009 |
) |
(31,938 |
) |
Unrealized risk management losses (gains) |
|
11,405 |
|
(48,127 |
) |
Depreciation and amortization |
|
42,931 |
|
107,730 |
|
Amortization of deferred financing costs |
|
2,881 |
|
2,738 |
|
Losses (gains) on disposals of assets |
|
268 |
|
(64 |
) |
Non-cash compensation |
|
1,273 |
|
1,687 |
|
Impairment of goodwill |
|
|
|
245,604 |
|
Write-downs of inventory |
|
600 |
|
42,200 |
|
Changes in non-cash working capital |
|
61,667 |
|
(105,338 |
) |
Net cash provided by (used in) operating activities |
|
34,337 |
|
(92,674 |
) |
|
|
|
|
|
|
Net cash used in investing activities |
|
(2,288 |
) |
(5,452 |
) |
|
|
|
|
|
|
Net cash (used in) provided by financing activities |
|
(37,543 |
) |
99,045 |
|
|
|
|
|
|
|
Effect of translation of foreign currency on cash and cash equivalents |
|
(156 |
) |
(243 |
) |
|
|
|
|
|
|
Net (Decrease) Increase in Cash and Cash Equivalents |
|
$ |
(5,650 |
) |
$ |
676 |
|
The variability in net cash provided by operating activities is primarily due to (1) changes in market conditions that exist during any given fiscal period, which impacts the margins earned under each of our fee-based and optimization activities; and (2) market conditions at the end of any given fiscal period, which impacts our decision to sell significant volumes of inventory or hold them over a fiscal period end. When we purchase and store natural gas, we borrow under our credit facilities to pay for it, which negatively impacts operating cash flow. Cash flow from operating activities increases when we collect the cash from the sale of inventories.
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Table of Contents
Cash provided by operating activities during the nine months ended December 31, 2015 was $34.3 million compared to a use of $92.7 million during the same period in fiscal 2015. The higher amount of cash provided by operating activities was principally due to our decision to hold proprietary inventories over the end of fiscal 2015, a portion of which were sold during the nine months ended December 31, 2015. Excluding the impacts of non-cash gains, losses and expenses, the impact of lower profitability during the nine months ended December 31, 2015 compared to the same period last year partially offset the proceeds received from the sale of inventory. During the nine months ended December 31, 2014, cash flows from operating activities were materially impacted by significant proprietary inventory purchases as well as the purchase of natural gas for our retail entities in a falling market which required us to post higher margin deposits.
Net changes in non-cash working capital consisted of the following (in thousands):
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
|
2015 |
|
2014 |
|
|
|
(unaudited) |
|
|
|
|
|
|
|
Margin deposits |
|
$ |
3,558 |
|
$ |
29,434 |
|
Trade receivables |
|
337 |
|
2,769 |
|
Accrued receivables |
|
13,523 |
|
112,573 |
|
Natural gas inventory |
|
54,681 |
|
(176,425 |
) |
Prepaid expenses and other current assets |
|
754 |
|
(3,103 |
) |
Other assets |
|
67 |
|
(437 |
) |
Trade payables |
|
(486 |
) |
(299 |
) |
Accrued liabilities |
|
(4,247 |
) |
(67,187 |
) |
Deferred revenue |
|
(6,430 |
) |
(2,029 |
) |
Other long-term liabilities |
|
(90 |
) |
(634 |
) |
Total |
|
$ |
61,667 |
|
$ |
(105,338 |
) |
As noted above, net changes in non-cash working capital can fluctuate significantly from period to period and is primarily affected by timing differences between the purchase and sale of natural gas inventory, including margin requirements and cash settlement on related risk management instruments, and the timing of collections from our customers.
Investing Activities
Substantially all of our cash used for investing activities consisted of capital expenditures in each of the nine months ended December 31, 2015 and 2014. Our capital expenditures in each nine month period consisted of the following (in thousands):
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
|
2015 |
|
2014 |
|
|
|
(unaudited) |
|
|
|
|
|
|
|
Maintenance capital |
|
$ |
1,944 |
|
$ |
3,240 |
|
Expansion capital |
|
82 |
|
510 |
|
Total capital expenditures |
|
2,026 |
|
3,750 |
|
|
|
|
|
|
|
Changes in accrued capital expenditures |
|
262 |
|
1,716 |
|
Proceeds from sale of assets |
|
|
|
(14 |
) |
Net cash used in investing activities |
|
$ |
2,288 |
|
$ |
5,452 |
|
Maintenance capital expenditures are capital expenditures made to replace partially or fully depreciated assets, to maintain the existing operating capacity of our assets and to extend their useful lives. Expansion capital expenditures are investments that serve to increase operating income over the long term through greater capacity or improved efficiency in Niska Partners operations, whether through construction or acquisition.
34
Table of Contents
Under our current plan, we expect to spend between $3.0 million to $4.0 million in fiscal 2016 for maintenance capital to maintain the integrity of our storage facilities and ensure the reliable injection, storage and withdrawal of natural gas for our customers. Expansion capital for fiscal 2016 is expected to be less than $1.0 million.
Regulation
Adoption of the Clean Power Plan Regulations
In August 2015, the U.S. Environmental Protection Agency (the EPA) issued its final Clean Power Plan rules that establish carbon pollution standards for power plants, called CO2 emission performance rates. The EPA expects each state to develop implementation plans for power plants in its state to meet the individual state targets established in the Clean Power Plan. The EPA has given states the option to develop compliance plans for annual rate-based reductions (pounds per megawatt hour or mass-based tonnage) limits for CO2.
The state plans are due in September 2016, subject to potential extensions of up to two years for final plan submission. The compliance period begins in 2022, and emission reductions will be phased in up to 2030. The EPA also proposed a federal compliance plan to implement the Clean Power Plan in the event that an approvable state plan is not submitted to the EPA. Judicial challenges have already been filed, which may result in a stay of the implementation of the rules. We are currently assessing the impact of the Clean Power Plan on the Company.
Final Rule for the Waters of the United States
In May 2015, the EPA issued a final rule that sets forth changes to its definition of waters of the United States under the Clean Water Act (CWA). In August 2015, a federal district judge in North Dakota enjoined implementation of the rule in 13 states. Federal district court judges in West Virginia and Georgia have denied similar motions for injunctions, while district court judges in other jurisdictions have stayed their cases until the Judicial Panel on Multidistrict Litigation ruled on whether to consolidate all of the district court cases in a single court. In October 2015, the Judicial Panel on Multidistrict Litigation declined to consolidate the various district court cases in a single court. In addition, in October 2015 the Sixth Circuit issued a nationwide stay of the rule until it determines whether it has jurisdiction over the petitions for review brought in the federal appellate courts. It remains to be seen how the various proceedings in more than a dozen federal district courts and possibly in the Sixth Circuit will affect the substance of the final rule and its implementation. Any expansion to CWA jurisdiction could impose additional permitting obligations on our operations, which may adversely affect any development or expansion we may plan to undertake.
New National Ambient Air Quality Standards for Ozone
The EPA on October 1, 2015 finalized both the 8-hour primary and secondary air quality standards for ground level ozone to 70 parts per billion from 75 parts per billion. The EPA will now evaluate the states attainment status and the states must determine whether additional control measures are needed in order to meet this standard. If states where we operate are not in attainment with this new standard, they may enact additional regulations beyond those currently contemplated to further control emissions of volatile organic compounds and nitrogen oxides from certain sources, which could apply to our operations and could result in increased compliance costs. Niska Partners cannot predict the financial impact of the revised ozone standards at this time.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There were no material changes to the disclosures made in our Annual Report on Form 10-K for the fiscal year ended March 31, 2015 regarding this matter.
At December 31, 2015, 34.3 Bcf of natural gas inventory was economically hedged, representing 98.8% of our total current inventory. Because inventory is recorded at the lower of cost or market, not fair value, if the price of natural gas increased by $1.00 per Mcf the value of inventory would increase by $34.7 million, the fair value or mark-to-market value of our economic hedges would decrease by $34.3 million, and the impact due to the non-economically hedged position would be $0.4 million. Similarly, if the price of natural gas declined by $1.00 per Mcf, the value of inventory would decrease by $34.7 million while the fair value of our economic hedges would increase by $34.3 million and the impact due to the non-economically hedged position would be $0.4 million.
At December 31, 2015, we were exposed to interest rate risk resulting from the variable rates associated with our $400 million Credit Agreement, on which a balance of $140.7 million was drawn. The interest rate applicable on the credit facilities is subject to change based on certain ratios and the magnitude of our drawings on the facility. At December 31, 2015, a one percent increase or decrease in interest rates would have an annualized impact of approximately $1.4 million on our interest expense.
35
Table of Contents
Item 4. Controls and Procedures
Disclosure Controls and Procedures
Our principal executive officer (CEO) and principal financial officer (CFO) undertook an evaluation of our disclosure controls and procedures as of the end of the period covered by this report. The CEO and the CFO have concluded that our controls and procedures were effective as of December 31, 2015. For purposes of this section, the term disclosure controls and procedures means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Securities Exchange Act of 1934, as amended (the Exchange Act), is recorded, processed, summarized and reported, within the time periods specified in the SECs rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuers management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. However, a controls system cannot provide absolute assurance that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.
Changes in Internal Control Over Financial Reporting
There have been no changes in our internal control over financial reporting as defined in Rule 13a-15(f) under the Exchange Act that occurred during our last fiscal quarter that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.
PART IIOTHER INFORMATION
Item 1. Legal Proceedings
For information on legal proceedings, see Part I, Item 1, Financial Statements, Note 2, Commitments and Contingencies in the Notes to Unaudited Consolidated Financial Statements included in this quarterly report, which is incorporated into this item by reference.
Item 1A. Risk Factors
Our business faces many risks. Any of the risks discussed in this Quarterly Report or our other SEC filings could have a material impact on our business, financial position or results of operations. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also impair our business operations. For a detailed discussion of the risk factors that should be understood by any investor contemplating investment in our securities, please refer to Part IItem 1ARisk Factors in our Annual Report and Part II Item 1A Risk Factors in our Q1 Quarterly Report. There have been no material changes to the risk factors set forth in our Annual Report, other than those updated by our Q1 Quarterly Report.
36
Table of Contents
Item 6. Exhibits
Exhibit Number |
|
|
|
Description |
2.1 |
|
|
|
Agreement and Plan of Merger and Membership Interest Transfer Agreement, dated as of June 14, 2015, by and among Niska Gas Storage Partners LLC, Niska Gas Storage Management LLC, Niska Sponsor Holdings Coöperatief U.A., Swan Holdings LP and Swan Merger Sub LLC (incorporated by reference to Exhibit 2.1 of the Companys current report on Form 8-K filed on June 18, 2015) |
|
|
|
|
|
3.1 |
|
|
|
Certificate of Formation of Niska Gas Storage Partners LLC (incorporated by reference to Exhibit 3.1 of Amendment to the Companys registration statement on Form S-1 (Registration No. 333-165007) filed on April 15, 2010). |
|
|
|
|
|
3.2 |
|
|
|
Second Amended and Restated Operating Agreement of Niska Gas Storage Partners LLC dated April 2, 2013 (incorporated by reference to Exhibit 3.2 of the Companys current report on Form 8-K filed on April 3, 2013). |
|
|
|
|
|
31.1* |
|
|
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15D-14(A) under the Securities Exchange Act of 1934. |
|
|
|
|
|
31.2* |
|
|
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15D-14(A) under the Securities Exchange Act of 1934. |
|
|
|
|
|
32.1** |
|
|
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
|
|
|
32.2** |
|
|
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
|
|
|
101.INS* |
|
|
|
XBRL Instance Document. |
|
|
|
|
|
101.SCH* |
|
|
|
XBRL Taxonomy Extension Schema Document. |
|
|
|
|
|
101.CAL* |
|
|
|
XBRL Taxonomy Extension Calculation Linkbase Document. |
|
|
|
|
|
101.LAB* |
|
|
|
XBRL Taxonomy Extension Label Linkbase Document. |
|
|
|
|
|
101.PRE* |
|
|
|
XBRL Taxonomy Extension Presentation Linkbase Document. |
|
|
|
|
|
101.DEF* |
|
|
|
Taxonomy Extension Definition Linkbase Document. |
* Filed herewith.
** Furnished herewith.
37
Table of Contents
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
NISKA GAS STORAGE PARTNERS LLC |
|
|
|
|
|
|
Date: February 9, 2016 |
By: |
/s/ VANCE E. POWERS |
|
|
Vance E. Powers |
|
|
Chief Financial Officer |
|
|
(Principal Accounting Officer) |
38
Exhibit 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO RULE 13A-14(A) AND RULE 15D-14(A)
OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
I, William H. Shea, Jr., certify that:
1. I have reviewed this quarterly report on Form 10-Q of Niska Gas Storage Partners LLC (the registrant);
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: February 9, 2016
|
/s/ WILLIAM H. SHEA, JR. |
|
William H. Shea, Jr. |
|
Chairman, President and Chief Executive Officer |
Exhibit 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO RULE 13A-14(A) AND RULE 15D-14(A)
OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
I, Vance E. Powers, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Niska Gas Storage Partners LLC (the registrant);
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: February 9, 2016
|
/s/ VANCE E. POWERS |
|
Vance E. Powers |
|
Chief Financial Officer |
Exhibit 32.1
Certification of Chief Executive Officer Pursuant To
18 U.S.C. Section 1350, as Adopted Pursuant To
Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report on Form 10-Q of Niska Gas Storage Partners LLC (the Company) for the period ended December 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the Report), William H. Shea, Jr., as Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:
1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
By: |
/s/ WILLIAM H. SHEA, JR. |
|
|
Name: William H. Shea, Jr.
Title: Chairman, President and Chief Executive Officer |
Date: February 9, 2016
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit 32.2
Certification of Chief Financial Officer Pursuant To
18 U.S.C. Section 1350, as Adopted Pursuant To
Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report on Form 10-Q of Niska Gas Storage Partners LLC (the Company) for the period ended December 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the Report), Vance E. Powers, as Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:
1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
By: |
/s/ VANCE E. POWERS |
|
|
Name: Vance E. Powers
Title: Chief Financial Officer |
Date: February 9, 2016
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
v3.3.1.900
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v3.3.1.900
Consolidated Statements of Earnings (Loss) and Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Revenues: |
|
|
|
|
Fee-based revenue |
$ 13,227
|
$ 15,628
|
$ 40,141
|
$ 74,015
|
Optimization, net |
5,393
|
23,591
|
5,060
|
31,171
|
Total revenues |
18,620
|
39,219
|
45,201
|
105,186
|
Expenses (income): |
|
|
|
|
Operating |
7,709
|
9,434
|
24,292
|
32,451
|
General and administrative |
5,718
|
4,233
|
23,678
|
20,513
|
Depreciation and amortization |
17,392
|
41,752
|
42,931
|
107,730
|
Interest |
13,265
|
13,182
|
38,971
|
38,229
|
Impairment of goodwill |
|
245,604
|
|
245,604
|
Losses (gains) on disposals of assets |
28
|
(70)
|
268
|
(64)
|
Foreign exchange losses |
197
|
344
|
332
|
32
|
Other expense (income) |
7
|
(2)
|
(4)
|
(8)
|
EARNINGS (LOSS) BEFORE INCOME TAXES |
(25,696)
|
(275,258)
|
(85,267)
|
(339,301)
|
Income tax benefit |
(4,704)
|
(15,635)
|
(7,259)
|
(31,875)
|
NET EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) |
(20,992)
|
(259,623)
|
(78,008)
|
(307,426)
|
Net earnings (loss) allocated to: |
|
|
|
|
Managing Member |
(378)
|
(4,677)
|
(1,405)
|
(5,573)
|
Common unitholders |
$ (20,614)
|
$ (254,946)
|
$ (76,603)
|
$ (301,853)
|
Earnings (loss) per unit allocated to common unitholders |
|
|
|
|
Basic (in dollars per unit) |
$ (0.54)
|
$ (6.85)
|
$ (2.02)
|
$ (8.27)
|
Diluted (in dollars per unit) |
$ (0.54)
|
$ (6.85)
|
$ (2.02)
|
$ (8.27)
|
X |
- DefinitionThis element represents fees-based revenue from natural gas storage facilities associated with customer contracts. These contracts include either (1) fixed reservation fees that provide the right to store or withdraw specified quantities of natural gas per the contract, and variable fees based upon the volume of activity for storage and withdrawal or (2) fixed fees to inject and store specified quantities of natural gas in storage facilities, and require withdrawal of specified quantities on specified future dates.
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v3.3.1.900
Consolidated Balance Sheets - USD ($) $ in Thousands |
Dec. 31, 2015 |
Mar. 31, 2015 |
Current assets |
|
|
Cash and cash equivalents |
$ 6,049
|
$ 11,699
|
Margin deposits |
9,727
|
13,285
|
Trade receivables |
2,209
|
2,598
|
Accrued receivables |
29,965
|
44,140
|
Natural gas inventory |
81,014
|
136,295
|
Prepaid expenses and other current assets |
3,035
|
3,788
|
Short-term risk management assets |
34,960
|
41,600
|
Total current assets |
166,959
|
253,405
|
Long-term assets |
|
|
Property, plant and equipment, net of accumulated depreciation |
784,048
|
820,467
|
Intangible assets, net of accumulated amortization |
37,266
|
41,829
|
Deferred financing costs, net of accumulated amortization |
8,508
|
11,001
|
Other assets |
2,989
|
3,329
|
Long-term risk management assets |
26,065
|
30,928
|
Total long-term assets |
858,876
|
907,554
|
TOTAL |
1,025,835
|
1,160,959
|
Current liabilities |
|
|
Obligations under credit facilities |
161,251
|
193,500
|
Current portion of obligations under capital lease |
1,371
|
1,339
|
Trade payables |
130
|
885
|
Current portion of deferred taxes |
2,334
|
2,334
|
Deferred revenue |
238
|
6,669
|
Accrued liabilities |
42,148
|
47,686
|
Short-term risk management liabilities |
27,962
|
25,560
|
Total current liabilities |
235,434
|
277,973
|
Long-term liabilities |
|
|
Long-term risk management liabilities |
18,333
|
20,833
|
Asset retirement obligations |
2,412
|
2,308
|
Other long-term liabilities |
1,169
|
1,270
|
Deferred income taxes |
79,350
|
88,317
|
Obligations under capital lease |
8,555
|
9,587
|
Long-term debt |
575,000
|
575,000
|
Total long-term liabilities |
684,819
|
697,315
|
Members' equity (deficit) |
|
|
Common units |
(160,453)
|
(81,805)
|
Managing Member's interest |
266,035
|
267,476
|
Total members' equity |
$ 105,582
|
$ 185,671
|
Commitments and contingencies (Note 2) |
|
|
TOTAL |
$ 1,025,835
|
$ 1,160,959
|
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v3.3.1.900
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
9 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Operating Activities |
|
|
Net earnings (loss) |
$ (78,008)
|
$ (307,426)
|
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: |
|
|
Unrealized foreign exchange losses |
329
|
260
|
Deferred income tax benefit |
(9,009)
|
(31,938)
|
Unrealized risk management losses (gains) |
11,405
|
(48,127)
|
Depreciation and amortization |
42,931
|
107,730
|
Amortization of deferred financing costs |
2,881
|
2,738
|
Losses (gains) on disposal of assets |
268
|
(64)
|
Non-cash compensation |
1,273
|
1,687
|
Impairment of goodwill |
|
245,604
|
Write-downs of inventory |
600
|
42,200
|
Changes in non-cash working capital |
61,667
|
(105,338)
|
Net cash provided by (used in) operating activities |
34,337
|
(92,674)
|
Investing Activities |
|
|
Property, plant and equipment expenditures |
(2,288)
|
(5,466)
|
Proceeds from disposal of assets |
|
14
|
Net cash used in investing activities |
(2,288)
|
(5,452)
|
Financing Activities |
|
|
Proceeds from credit facility drawings |
166,300
|
652,700
|
Repayments of credit facilities |
(199,100)
|
(531,700)
|
Payments of financing costs |
(388)
|
(880)
|
Repayments of obligations under capital lease |
(1,001)
|
(970)
|
Distributions to unitholders |
(3,354)
|
(20,105)
|
Net cash (used in) provided by financing activities |
(37,543)
|
99,045
|
Effect of translation on foreign currency cash and cash equivalents |
(156)
|
(243)
|
Net (decrease) increase in cash and cash equivalents |
(5,650)
|
676
|
Cash and cash equivalents, beginning of period |
11,699
|
7,704
|
Cash and cash equivalents, end of period |
$ 6,049
|
$ 8,380
|
X |
- DefinitionAmount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property and other miscellaneous amounts.
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v3.3.1.900
Consolidated Statements of Changes in Members' Equity - USD ($) $ in Thousands |
Common Units |
Managing Member Interest |
Total |
Balance at Mar. 31, 2014 |
$ 279,604
|
$ 274,536
|
$ 554,140
|
Increase (Decrease) in Stockholders' Equity |
|
|
|
Net earnings (loss) |
(301,853)
|
(5,573)
|
(307,426)
|
Distributions to unitholders |
(38,986)
|
(751)
|
(39,737)
|
Issuance of common units |
19,608
|
|
19,608
|
Non-cash equity contribution from parent |
480
|
10
|
490
|
Non-cash compensation |
1,175
|
22
|
1,197
|
Balance at Dec. 31, 2014 |
(39,972)
|
268,244
|
228,272
|
Balance at Mar. 31, 2015 |
(81,805)
|
267,476
|
185,671
|
Increase (Decrease) in Stockholders' Equity |
|
|
|
Net earnings (loss) |
(76,603)
|
(1,405)
|
(78,008)
|
Distributions to unitholders |
(3,294)
|
(60)
|
(3,354)
|
Non-cash compensation |
1,249
|
24
|
1,273
|
Balance at Dec. 31, 2015 |
$ (160,453)
|
$ 266,035
|
$ 105,582
|
X |
- DefinitionA roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.
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- DefinitionTotal change in each class of partners' capital accounts during the year due to the sale of units. All partners include general, limited and preferred partners.
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v3.3.1.900
Organization and Basis of Presentation
|
9 Months Ended |
Dec. 31, 2015 |
Organization and Basis of Presentation |
|
Organization and Basis of Presentation |
1. Organization and Basis of Presentation
Organization
Niska Gas Storage Partners LLC (“Niska Partners” or the “Company”) is a publicly traded Delaware limited liability company (NYSE:NKA) which independently owns and operates natural gas storage assets in North America. The Company operates the AECO Hub™, which consists of the Countess and Suffield gas storage facilities in Alberta, Canada and the Wild Goose and Salt Plains gas storage facilities in California and Oklahoma, respectively. Each of these facilities markets natural gas storage services in addition to optimizing storage capacity with proprietary gas purchases.
In June 2015, the Company and Niska Gas Storage Management LLC, its Managing Member, entered into a definitive agreement to be acquired by Brookfield Infrastructure Partners L.P. and its institutional partners (“Brookfield”). Under the terms of the agreement (“Merger Agreement”), Brookfield will acquire all of the Company’s outstanding common units for $4.225 per common unit in cash and will acquire the Managing Member and the Incentive Distribution Rights (“IDRs”) in the Company (the “Transaction”) prior to June 14, 2017. A period provided for in the Merger Agreement for unsolicited consideration of alternative acquisition proposals expired on July 29, 2015.
The Merger Agreement, which includes a commitment by the Company not to make cash distributions until the earlier of the date of closing or termination of the Transaction, was approved by the Company’s Board of Directors (“the Company Board”) and the Conflicts Committee of its Board of Directors (the “Conflicts Committee”). Affiliates of Carlyle/Riverstone Global Energy and Power Fund II, L.P. and Carlyle/Riverstone Global Energy and Power Fund III, L.P. (collectively, the “Carlyle/Riverstone Funds”) delivered a written consent approving the Transaction. No additional unitholder action is required to approve the Transaction.
In connection with the entry into the Merger Agreement, Brookfield agreed to lend up to $50.0 million to the Company under a short-term credit facility to be used for working capital purposes (see Note 3).
The closing of the Transaction is dependent on certain conditions related to regulatory requirements being satisfied, including the approval of the California Public Utilities Commission (“CPUC” or the “Commission”). The Company’s previously disclosed timeline allowed for a hearing process to be undertaken with the CPUC. The CPUC has determined that a hearing is not required, which could reduce the time to close. Consequently, the Transaction is expected to be consummated in calendar year 2016; however, the timing of the process remains within the purview of the CPUC and the Transaction remains subject to other non-regulatory closing conditions.
At December 31, 2015, Niska Partners had 37,988,724 common units outstanding. Of this amount, 20,488,525 common units are owned by the Carlyle/Riverstone Funds through Niska Holdings L.P. and Niska Sponsor Holdings Cȯȯpertief U.A. (“Sponsor Holdings”), along with a 1.80% Managing Member’s interest in the Company and all of the Company’s IDRs. Including all of the common units owned by the Carlyle/Riverstone Funds, along with the 1.80% Managing Member’s interest, the Carlyle/Riverstone Funds have a 54.76% ownership interest in the Company excluding the IDRs, which are a variable interest. The remaining 17,500,199 common units, representing a 45.24% ownership interest in the Company excluding the IDRs, are owned by the public.
Basis of Presentation
The accounting policies applied in these unaudited interim financial statements are consistent with the policies applied in the consolidated financial statements of Niska Partners and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2015.
In the opinion of management, the accompanying consolidated financial statements of Niska Partners, which are unaudited except for the balance sheet at March 31, 2015 which is derived from audited financial statements, include all adjustments necessary to present fairly Niska Partners’ financial position as of December 31, 2015, the results of Niska Partners’ operations for the three and nine months ended December 31, 2015 and 2014, along with its cash flows for the nine months ended December 31, 2015 and 2014. The results of operations for the three and nine months ended December 31, 2015 are not necessarily representative of the results to be expected for the full fiscal year ending March 31, 2016. The optimization of proprietary gas purchases is seasonal with the majority of the revenues and costs associated with the physical sale of proprietary gas generally occurring during the third and fourth fiscal quarters, when demand for natural gas is typically the strongest.
Pursuant to the rules and regulations of the SEC, the unaudited consolidated financial statements do not include all of the information and notes normally included with financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These consolidated financial statements should be read in conjunction with the consolidated financial statements of Niska Partners and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2015.
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v3.3.1.900
Commitments and Contingencies
|
9 Months Ended |
Dec. 31, 2015 |
Commitments and Contingencies |
|
Commitments and Contingencies |
2. Commitments and Contingencies
Commitments
Niska Partners has entered into non-cancelable operating leases for temporary pressure-support gas, office space, land-use rights at its operating facilities, storage capacity at other facilities, equipment and vehicles used in its operations. The remaining lease terms expire between January 2016 and February 2059 and require the payment of taxes, insurance and maintenance by the lessee.
The Company’s purchase obligations arising as a result of forward purchase contracts in place at December 31, 2015 were as follows:
|
|
|
|
For the fiscal year ending:
|
|
|
|
2016
|
|
$
|
619,293
|
|
2017
|
|
454,231
|
|
2018
|
|
339,505
|
|
2019
|
|
23,424
|
|
2020
|
|
6,797
|
|
2021 and thereafter
|
|
1,320
|
|
|
|
|
|
Total future purchase commitments
|
|
$
|
1,444,570
|
|
|
|
|
|
|
Purchase obligations consisted of forward physical and financial commitments related to future purchases of natural gas. As the Company economically hedges substantially all of its natural gas purchases, there are forward sales that offset these commitments which are not included in the above table. As at December 31, 2015, forward physical and financial sales for all future periods totaled $1,437.3 million.
Contingencies
In June 2015, the Company engaged the services of certain consultants for consideration of $5.8 million, the payment of which is contingent upon the successful closing of the Transaction.
As of December 31, 2015, the Company was under review by Canadian tax authorities for withholding taxes paid on behalf of the Carlyle/Riverstone Funds and the investors of the Carlyle/Riverstone Funds for earnings distributions made prior to the Company’s initial public offering. The Company received a notice from the Canadian tax authorities of a proposed assessment equivalent to $9.7 million and estimates the probable amount payable to range from $5.5 million to the proposed assessment of $9.7 million. The Company has recorded the minimum of the range, or $5.5 million, as a liability to the Canadian tax authorities. Niska Holdings L.P., a company held by the Carlyle/Riverstone Funds and the parent of Sponsor Holdings, guaranteed the repayment of any amounts owing with respect to this matter to the Company. Accordingly, as the Company believes collection of any amounts receivable is reasonably assured, it recorded a corresponding receivable equivalent to $5.5 million.
The Company and its subsidiaries are also subject to other legal and tax proceedings and actions arising in the normal course of business. While the outcome of these proceedings and actions cannot be predicted with certainty, it is the opinion of management that the resolution of such proceedings and actions will not have a material impact on the Company’s consolidated financial position or results of operations.
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v3.3.1.900
Debt
|
9 Months Ended |
Dec. 31, 2015 |
Debt |
|
Debt |
3. Debt
Niska Partners’ debt obligations consist of the following:
|
|
December 31,
|
|
March 31,
|
|
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
Senior Notes due 2019
|
|
$
|
575,000
|
|
$
|
575,000
|
|
Revolving credit facilities
|
|
140,700
|
|
193,500
|
|
Short-term credit facility
|
|
20,551
|
|
—
|
|
|
|
|
|
|
|
Total
|
|
736,251
|
|
768,500
|
|
Less portion classified as current
|
|
(161,251
|
)
|
(193,500
|
)
|
|
|
|
|
|
|
|
|
$
|
575,000
|
|
$
|
575,000
|
|
|
|
|
|
|
|
|
|
Senior Notes due 2019
The Company has senior unsecured notes due 2019 (the “6.50% Senior Notes” or “Notes”) which were issued through its subsidiaries Niska Gas Storage Finance Corp. and Niska Gas Storage Canada ULC (together, the “Issuers”). The 6.50% Senior Notes are senior unsecured obligations which are: (1) effectively junior to Niska Partners’ secured obligations to the extent of the value of the collateral securing such debt; (2) equal in right of payment with all existing and future senior unsecured indebtedness of the Company; and (3) senior in right of payment to any future subordinated indebtedness of Niska Partners. The 6.50% Senior Notes are fully and unconditionally guaranteed by Niska Partners and certain of its direct and indirect subsidiaries on a senior unsecured basis, and are: (1) effectively junior to each guarantor’s secured obligations; (2) equal in right of payment with all existing and future senior unsecured indebtedness of each guarantor; and (3) senior in right of payment to any future subordinated indebtedness of each guarantor.
Interest on the 6.50% Senior Notes is payable semi-annually on October 1 and April 1, and the Notes will mature on April 1, 2019. As of December 31, 2015, the estimated fair market value of the Notes was $506.0 million.
Prior to October 1, 2016, the Company has the option to redeem up to 35% of the aggregate principal amount of the 6.50% Senior Notes using net cash proceeds from certain equity offerings at a price of 106.5% plus accrued and unpaid interest. The Company may also redeem all or a part of the 6.50% Senior Notes at redemption prices (expressed as percentages of principal amount) equal to 103.25% during the twelve-month period beginning on October 1, 2016, 101.625% during the twelve-month period beginning on October 1, 2017 and at par beginning on October 1, 2018, plus accrued and unpaid interest. The Company is not required to make mandatory redemptions or sinking fund payments with respect to the 6.50% Senior Notes.
The indenture governing the 6.50% Senior Notes limits Niska Partners’ ability to pay distributions in respect of, repurchase or pay dividends on its membership interests (or other capital stock) or make other restricted payments. However, it does not prohibit certain types or amounts of restricted payments, including a general basket of $75.0 million of restricted payments.
The indenture governing the Notes contains certain other covenants that, among other things, limit Niska Partners and certain of its subsidiaries’ ability to:
|
·
| |
incur additional debt or issue certain capital stock; |
|
·
| |
pay dividends on, repurchase or make distributions in respect of its capital stock or repurchase or retire subordinated indebtedness; |
|
·
| |
make certain investments; |
|
·
| |
consolidate, merge, sell or otherwise dispose of all or substantially all of its assets; |
|
·
| |
enter into certain transactions with its affiliates; and |
|
·
| |
permit restrictions on the ability of its subsidiaries to make distributions. |
The occurrence of events involving the Company or certain of its subsidiaries may constitute an event of default under the indenture. Such events include failure to pay interest, principal, or the premium on the notes when due; failure to comply with the merger, asset sale or change of control covenants; certain defaults on other indebtedness; and certain insolvency proceedings. In the case of an event of default, the holders of the notes are entitled to remedies, including the acceleration of payment of the notes by request of the holders of at least 25% in aggregate principal amount of the notes, and any action by the trustee to collect payment of principal, interest or premium in arrears.
Upon the occurrence of a change of control together with a decrease in the ratings of the 6.50% Senior Notes by either Moody’s or S&P by one or more gradations within 90 days of the change of control event, Niska Partners must offer to repurchase the Notes at 101% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to the date of repurchase.
The Company’s ability to repurchase the 6.50% Senior Notes upon a change of control will be limited by the terms of its debt agreements, including its asset-based revolving credit facilities. In addition, the Company cannot assure that it will have the financial resources to repurchase the Notes upon a change of control.
Revolving Credit Facilities
Niska Partners, through its subsidiaries, Niska Gas Storage US, LLC and AECO Gas Storage Partnership, has senior secured asset-based revolving credit facilities, consisting of a U.S. revolving credit facility and a Canadian revolving credit facility, both of which are governed by a credit agreement (the “Credit Agreement” or the “$400 million Credit Agreement”). Each revolving credit facility matures on June 29, 2016.
As of December 31, 2015, $140.7 million in borrowings, with a weighted average interest rate of 4.19% (March 31, 2015 - $193.5 million of borrowings had a weighted average interest rate of 3.98%), were outstanding under the credit facilities. Amounts committed in support of letters of credit totaled $19.5 million at December 31, 2015 (March 31, 2015 - $5.8 million). Any borrowings under the $400 million Credit Agreement are classified as current.
The Credit Agreement provides that Niska Partners may borrow only up to the lesser of the level of the then current borrowing base or the committed maximum borrowing capacity, which is currently $400.0 million. As of December 31, 2015, the borrowing base collateral totaled $240.9 million.
The Credit Agreement also includes a covenant that requires the maintenance of a fixed charge coverage ratio (“FCCR”) of 1.1 to 1.0 at the end of each fiscal quarter when excess availability under both revolving credit facilities is less than 15% of the aggregate amount of availability under both revolving credit facilities. When the Company’s FCCR is below 1.1 to 1.0, the Company will be unable to borrow the last 15% of availability under the revolving credit facilities without triggering an event of default. The Credit Agreement provides that, upon the occurrence of certain events of default, including a covenant default, the Company’s obligations thereunder may be accelerated and the lending commitments terminated.
As of December 31, 2015, Niska Partners was in compliance with all covenant requirements under the indenture governing the 6.50% Senior Notes and the $400 million Credit Agreement. However, Niska Partners’ FCCR was 0.6 to 1.0. Therefore, the Company is subject to the above restriction limiting the last 15% of availability under the revolving credit facilities. Accordingly, the availability under the Credit Agreement has been reduced by 15%, to $204.8 million. As of December 31, 2015, $44.6 million of the Company’s availability remained unutilized.
The $400 million Credit Agreement contains limitations on Niska Partners’ ability to incur additional debt or to pay distributions in respect of, repurchase or pay distributions on its membership interests (or other capital stock) or make other restricted payments.
The Company is presently in the process of negotiating an amendment and extension of its existing Credit Agreement which if completed will, among other things, permit the Merger Agreement to proceed without triggering a change-of-control provision in the Credit Agreement and extend the term of the Credit Agreement beyond June 29, 2016 to September 30, 2016, or to December 31, 2016, if the Transaction closes on or before September 16, 2016. It is likely that any such amendment and extension will result in a reduction in the maximum availability under the Credit Agreement. However, in the event that an extension of the agreement is not consummated, the Company will be required to raise additional funds in order to repay the Credit Agreement at its maturity in June 2016. If the extension of the agreement is consummated as contemplated, the Company will be required to further extend the maturity date or raise additional funds to repay the Credit Agreement at its final maturity date. We can provide no assurance that we will be able to further extend the maturity date or raise additional funds to repay the Credit Agreement upon its revised maturity.
Niska Partners has no independent assets or operations other than its investments in its subsidiaries. Both the 6.50% Senior Notes and the $400 million Credit Agreement have been jointly and severally guaranteed by Niska Partners and substantially all of its subsidiaries. Niska Partners’ subsidiaries have no significant restrictions on their ability to pay distributions or make loans to Niska Partners and have no restricted assets as of December 31, 2015.
Short-term Credit Facility
On July 28, 2015, the Company entered into a credit agreement with Brookfield for a $50.0 million short term credit facility (the “Short-term Credit Facility”), which may be borrowed subject to certain customary conditions. As of December 31, 2015, the outstanding amount of $20.6 million under the Short-term Credit Facility bears interest at an annual rate of 10%, which is payable in cash on a quarterly basis, unless the Company elects to pay such interest in-kind by capitalizing accrued interest into the principal amount. During the three and nine months ended December 31, 2015, $0.6 million of interest was accrued and paid in-kind.
Amounts borrowed under the Short-term Credit Facility may be prepaid without premium and penalty, and all amounts due and owing under the Short-term Credit Facility will be payable on the earlier of January 28, 2017 or the first to occur of; (a) the acceleration of the loans during the continuance of an event of default under the Short-term Credit Facility; (b) the date on which the Merger Agreement is terminated in accordance with its terms; (c) the date that is 90 days after the date on which the required lenders have determined that the acquisition of the business of the Company and its subsidiaries pursuant to the Merger Agreement cannot or will not be consummated for any reason, including without limitation regulatory matters or legal bars; and (d) any uncured breach of any other agreement between the Company and certain affiliates, on the one hand, and any lenders or any affiliate thereof, on the other hand, which results in termination of such agreement.
The Company’s obligations under the Short-term Credit Facility are guaranteed by its parent, Sponsor Holdings, and the Company’s subsidiaries which guarantee the obligations under its $400 million Credit Agreement. Such obligations are also secured by a pledge by Sponsor Holdings over its equity interests in the Company and Niska Gas Storage Management LLC. The guarantee and pledge by Sponsor Holdings will terminate to the extent the Company obtains an amendment to the $400 million Credit Agreement which permits the Company and its subsidiaries to grant a security interest over their assets to the lenders under the Short-term Credit Facility, or such earlier date as the transactions contemplated by the Merger Agreement are consummated.
The Short-term Credit Facility requires the Company to comply with certain affirmative and negative covenants, with the Company permitted to enter into activities to the extent permitted by both the Merger Agreement and the Company’s $400 million Credit Agreement. The Company is also subject to customary events of default, substantially consistent with its $400 million Credit Agreement.
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v3.3.1.900
Risk Management Activities and Financial Instruments
|
9 Months Ended |
Dec. 31, 2015 |
Risk Management Activities and Financial Instruments |
|
Risk Management Activities and Financial Instruments |
4. Risk Management Activities and Financial Instruments
Risk Management Overview
Niska Partners has exposure to commodity price, the cost of compliance with environmental regulations, foreign currency, counterparty credit, interest rate and liquidity risks. Risk management activities are tailored to the risks they are designed to mitigate.
Commodity Price Risk
As a result of its natural gas inventory, Niska Partners is exposed to risks associated with changes in price when buying and selling natural gas across future time periods. To manage these risks and reduce variability of cash flows, the Company utilizes a combination of financial and physical derivative contracts, including forwards, futures, swaps and option contracts. The use of these contracts is subject to the Company’s risk management policies. These contracts have not been treated as hedges for financial reporting purposes and therefore changes in fair value are recorded directly in earnings.
Forward contracts and futures contracts are agreements to purchase or sell a specific financial instrument or quantity of natural gas at a specified price and date in the future. Niska Partners enters into forward contracts and futures contracts to mitigate the impact of changes in natural gas prices. In addition to cash settlement, exchange traded futures may also be settled by the physical delivery of natural gas.
Swap contracts are agreements between two parties to exchange streams of payments over time according to specified terms. Swap contracts require receipt of payment for the notional quantity of the commodity based on the difference between a fixed price and the market price on the settlement date. Niska Partners enters into commodity swaps to mitigate the impact of changes in natural gas prices.
Option contracts are contractual agreements to convey the right, but not the obligation, for the purchaser of the option to buy or sell a specific physical or notional amount of a commodity at a fixed price, either at a fixed date or at any time within a specified period. Niska Partners enters into option agreements to mitigate the impact of changes in natural gas prices.
To limit its exposure to changes in commodity prices, Niska Partners enters into purchases and sales of natural gas inventory and concurrently matches the volumes in these transactions with offsetting derivative contracts. To comply with its internal risk management policies, Niska Partners is required to limit its exposure of unmatched volumes of proprietary current natural gas inventory to an aggregate overall limit of 8.0 billion cubic feet (“Bcf”). At December 31, 2015, 34.3 Bcf of natural gas inventory was offset with financial contracts, representing 98.8% of total inventory. At March 31, 2015, 47.2 Bcf of natural gas inventory was offset with financial contracts, representing 98.6% of total inventory. As of December 31, 2015 and March 31, 2015, the volumes of inventories which were economically hedged using each type of contract were:
|
|
December 31,
|
|
March 31,
|
|
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
Forwards
|
|
5.0 Bcf
|
|
1.5 Bcf
|
|
Futures
|
|
29.3 Bcf
|
|
46.0 Bcf
|
|
Swaps
|
|
—
|
|
(0.3 Bcf
|
)
|
|
|
|
|
|
|
|
|
34.3 Bcf
|
|
47.2 Bcf
|
|
|
|
|
|
|
|
Price Risk Associated with Compliance with Environmental Regulations
One of Niska Partners’ operating facilities, the Wild Goose storage facility, is located in California. In 2006, California adopted AB 32, the Global Warming Solutions Act of 2006, with a goal of reaching: (i) 1990 greenhouse gases (“GHG”) emissions levels by the year 2020; (ii) 80% of 1990 levels by 2050; and (iii) a mandatory emission reporting program. AB 32 required the California Air Resources Board (“ARB”) to develop a scoping plan describing the approach California will take to reduce GHGs to achieve the goal of reducing emissions to 1990 levels by 2020 (the “2020 Goal”). The scoping plan was first approved by the ARB in 2008 which identifies a cap-and-trade program as one of the strategies California will employ to meet the 2020 Goal. In 2010, ARB approved that cap and trade program and it came into effect on January 1, 2013.
Entities are subject to compliance obligations if they exceed certain ARB-defined emission thresholds. During each year of the program, the ARB issues emission allowances (i.e., the rights to emit GHGs) equal to the amount of GHG emissions allowed for that year. Emitters can obtain allowances from the ARB at quarterly auctions or from third parties or exchanges. Emitters may also satisfy a portion of their compliance obligation through the purchase of offset credits; e.g., credits for GHG reductions achieved by third parties (such as landowners, livestock owners, and farmers) that occur outside the industry sectors covered under the cap through ARB-qualified offset projects such as reforestation or biomass projects. During the nine months ended December 31, 2015, the Company determined that it had exceeded its allowed emissions threshold and became subject to compliance obligations whereby it must purchase allowances or offset credits. As of December 31, 2015, the Company had $0.8 million of accrued emission allowances and offset credits and the Company was exposed to risks associated with changes in the price of credits for GHG reductions.
Counterparty Credit Risk
Niska Partners is exposed to counterparty credit risk on its trade and accrued accounts receivable and risk management assets. Counterparty credit risk is the risk of financial loss to the Company if a customer fails to perform its contractual obligations. Niska Partners engages in transactions for the purchase and sale of products and services with major companies in the energy industry and with industrial, commercial, residential and municipal energy consumers. Credit risk associated with trade accounts receivable is mitigated by the high percentage of investment grade customers, collateral support of receivables and Niska Partners’ ability to take ownership of customer owned natural gas stored in its facilities in the event of non-payment. For the nine months ended December 31, 2015 and 2014, no expense related to doubtful accounts was recognized as a result of receivables deemed to be uncollectible. It is management’s opinion that no allowance for doubtful accounts was required as of December 31, 2015 and March 31, 2015, respectively, on the Company’s accrued and trade accounts receivable.
The Company analyzes the financial condition of counterparties prior to entering into an agreement. Credit limits are established and monitored on an ongoing basis. Management believes, based on its credit policies, that the Company’s financial position, results of operations and cash flows will not be materially affected as a result of non-performance by any single counterparty. Credit risk is assessed prior to transacting with any counterparty and each counterparty is required to maintain an investment grade rating, provide a parental guarantee from an investment grade parent, or provide an alternative method of financial assurance (letter of credit, cash, etc.) to support proposed transactions. In addition, the Company’s tariffs contain provisions that permit it to take title to a customer’s inventory should the customer’s account remain unpaid for an extended period of time. Although the Company relies on a few counterparties for a significant portion of its revenues, one counterparty making up 46.4% and 58.2% of gross revenues for the nine months ended December 31, 2015 and 2014, respectively, is a physical natural gas clearing and settlement facility that requires counterparties to post margin deposits equal to 125% of their net position, which reduces the risk of default.
Exchange traded futures and options comprise approximately 76.4% of Niska Partners’ commodity risk management assets at December 31, 2015. These exchange traded contracts have minimal credit exposure as the exchanges guarantee that every contract will be margined on a daily basis. In the event of any default, Niska Partners’ account on the exchange would be absorbed by other clearing members. Because every member posts an initial margin, the exchange can protect the exchange members if or when a clearing member defaults.
Niska Partners further manages credit exposure by entering into master netting agreements for the majority of non-retail contracts. These master netting agreements provide the Company, in the event of default, the right to offset the counterparty’s rights and obligations.
Interest Rate Risk
Niska Partners assesses interest rate risk by continually identifying and monitoring changes in interest rate exposures that may adversely impact expected future cash flows. At December 31, 2015, Niska Partners was exposed to interest rate risk resulting from the variable rates associated with its $400 million Credit Agreement of which $140.7 million was drawn.
Liquidity Risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. Niska Partners continues to manage its liquidity risk by ensuring sufficient cash and credit facilities are available to meet its operating and capital expenditure obligations when due, under both normal and stressed conditions.
Foreign Currency Risk
Foreign currency risk is created by fluctuations in foreign exchange rates. As Niska Partners conducts a portion of its activities in Canadian dollars, earnings and cash flows are subject to currency fluctuations. The performance of the Canadian dollar relative to the U.S. dollar could positively or negatively affect earnings. Niska Partners is exposed to cash flow risk to the extent that Canadian currency outflows exceed Canadian currency inflows. The Company enters into currency swaps to mitigate the impact of changes in foreign exchange rates. The notional value of currency swaps at December 31, 2015 was $22.6 million (March 31, 2015 - $19.6 million). These contracts expire on various dates from February 1, 2016 through December 1, 2016. Niska Partners has not elected hedge accounting treatment, therefore, changes in fair value are recorded directly in earnings.
The following tables show the fair values of Niska Partners’ risk management assets and liabilities at December 31, 2015 and March 31, 2015:
|
|
Energy
|
|
Currency
|
|
|
|
December 31, 2015
|
|
Contracts
|
|
Contracts
|
|
Total
|
|
|
|
|
|
|
|
|
|
Short-term risk management assets
|
|
$
|
31,998
|
|
$
|
2,962
|
|
$
|
34,960
|
|
Long-term risk management assets
|
|
26,065
|
|
—
|
|
26,065
|
|
Short-term risk management liabilities
|
|
(27,438
|
)
|
(524
|
)
|
(27,962
|
)
|
Long-term risk management liabilities
|
|
(18,333
|
)
|
—
|
|
(18,333
|
)
|
|
|
|
|
|
|
|
|
|
|
$
|
12,292
|
|
$
|
2,438
|
|
$
|
14,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy
|
|
Currency
|
|
|
|
March 31, 2015
|
|
Contracts
|
|
Contracts
|
|
Total
|
|
|
|
|
|
|
|
|
|
Short-term risk management assets
|
|
$
|
39,392
|
|
$
|
2,208
|
|
$
|
41,600
|
|
Long-term risk management assets
|
|
29,647
|
|
1,281
|
|
30,928
|
|
Short-term risk management liabilities
|
|
(25,560
|
)
|
—
|
|
(25,560
|
)
|
Long-term risk management liabilities
|
|
(20,512
|
)
|
(321
|
)
|
(20,833
|
)
|
|
|
|
|
|
|
|
|
|
|
$
|
22,967
|
|
$
|
3,168
|
|
$
|
26,135
|
|
|
|
|
|
|
|
|
|
|
|
|
Information about the Company’s risk management assets and liabilities that had netting or rights of offset arrangements is as follows:
December 31, 2015
|
|
Gross Amounts Recognized
|
|
Gross Amounts Offset in the Balance Sheet
|
|
Net Amounts Presented in the Balance Sheet
|
|
Margin Deposits not Offset in the Balance Sheet
|
|
Net Amounts
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Commodity derivatives
|
|
$
|
187,824
|
|
$
|
(129,761
|
)
|
$
|
58,063
|
|
$
|
(46,618
|
)
|
$
|
11,445
|
|
Currency derivatives
|
|
2,967
|
|
(5
|
)
|
2,962
|
|
—
|
|
2,962
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
190,791
|
|
(129,766
|
)
|
61,025
|
|
(46,618
|
)
|
14,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Commodity derivatives
|
|
175,532
|
|
(129,761
|
)
|
45,771
|
|
(41,322
|
)
|
4,449
|
|
Currency derivatives
|
|
529
|
|
(5
|
)
|
524
|
|
(524
|
)
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
176,061
|
|
(129,766
|
)
|
46,295
|
|
(41,846
|
)
|
4,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
|
|
$
|
14,730
|
|
$
|
—
|
|
$
|
14,730
|
|
$
|
(4,772
|
)
|
$
|
9,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2015
|
|
Gross Amounts Recognized
|
|
Gross Amounts Offset in the Balance Sheet
|
|
Net Amounts Presented in the Balance Sheet
|
|
Margin Deposits not Offset in the Balance Sheet
|
|
Net Amounts
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Commodity derivatives
|
|
$
|
148,385
|
|
$
|
(79,346
|
)
|
$
|
69,039
|
|
$
|
(50,070
|
)
|
$
|
18,969
|
|
Currency derivatives
|
|
5,167
|
|
(1,678
|
)
|
3,489
|
|
—
|
|
3,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
153,552
|
|
(81,024
|
)
|
72,528
|
|
(50,070
|
)
|
22,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Commodity derivatives
|
|
125,418
|
|
(79,346
|
)
|
46,072
|
|
(39,338
|
)
|
6,734
|
|
Currency derivatives
|
|
1,999
|
|
(1,678
|
)
|
321
|
|
(321
|
)
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
127,417
|
|
(81,024
|
)
|
46,393
|
|
(39,659
|
)
|
6,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
|
|
$
|
26,135
|
|
$
|
—
|
|
$
|
26,135
|
|
$
|
(10,411
|
)
|
$
|
15,724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company expects to recognize risk management assets and liabilities outstanding at December 31, 2015 into net earnings (loss) and comprehensive income (loss) in the fiscal periods as follows:
|
|
Energy
|
|
Currency
|
|
|
|
|
|
Contracts
|
|
Contracts
|
|
Total
|
|
|
|
|
|
|
|
|
|
Fiscal year ending March 31, 2016
|
|
$
|
3,669
|
|
$
|
229
|
|
$
|
3,898
|
|
Fiscal year ending March 31, 2017
|
|
7,090
|
|
2,209
|
|
9,299
|
|
Fiscal year ending March 31, 2018
|
|
3,240
|
|
—
|
|
3,240
|
|
Thereafter
|
|
(1,707
|
)
|
—
|
|
(1,707
|
)
|
|
|
|
|
|
|
|
|
|
|
$
|
12,292
|
|
$
|
2,438
|
|
$
|
14,730
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized optimization gains and losses from the settlement of risk management contracts are summarized as follows:
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Classification
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy contracts
|
|
|
|
|
|
|
|
|
|
|
|
Realized
|
|
$
|
2,415
|
|
$
|
3,785
|
|
$
|
10,084
|
|
$
|
18,864
|
|
Optimization, net
|
|
Unrealized
|
|
284
|
|
47,546
|
|
(10,675
|
)
|
48,618
|
|
Optimization, net
|
|
Currency contracts
|
|
|
|
|
|
|
|
|
|
|
|
Realized
|
|
1,941
|
|
277
|
|
2,988
|
|
1,342
|
|
Optimization, net
|
|
Unrealized
|
|
(977
|
)
|
732
|
|
(730
|
)
|
(491
|
)
|
Optimization, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,663
|
|
$
|
52,340
|
|
$
|
1,667
|
|
$
|
68,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- References
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- DefinitionThe entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993
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v3.3.1.900
Fair Value Measurements
|
9 Months Ended |
Dec. 31, 2015 |
Fair Value Measurements |
|
Fair Value Measurements |
5. Fair Value Measurements
The carrying amount of cash and cash equivalents, margin deposits, trade receivables, accrued receivables, trade payables and accrued liabilities reported on the unaudited consolidated balance sheet approximate fair value.
Fair values have been determined as follows for Niska Partners’ assets and liabilities that were accounted for or disclosed at fair value on a recurring and non-recurring basis:
December 31, 2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Commodity derivatives
|
|
$
|
—
|
|
$
|
58,063
|
|
$
|
—
|
|
$
|
58,063
|
|
Currency derivatives
|
|
—
|
|
2,962
|
|
—
|
|
2,962
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
—
|
|
$
|
61,025
|
|
$
|
—
|
|
$
|
61,025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Commodity derivatives
|
|
$
|
—
|
|
$
|
45,771
|
|
$
|
—
|
|
$
|
45,771
|
|
Currency derivatives
|
|
—
|
|
524
|
|
—
|
|
524
|
|
Long-term debt
|
|
—
|
|
506,000
|
|
—
|
|
506,000
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
$
|
—
|
|
$
|
552,295
|
|
$
|
—
|
|
$
|
552,295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Commodity derivatives
|
|
$
|
—
|
|
$
|
69,039
|
|
$
|
—
|
|
$
|
69,039
|
|
Currency derivatives
|
|
—
|
|
3,489
|
|
—
|
|
3,489
|
|
Goodwill
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
—
|
|
$
|
72,528
|
|
$
|
—
|
|
$
|
72,528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Commodity derivatives
|
|
$
|
—
|
|
$
|
46,072
|
|
$
|
—
|
|
$
|
46,072
|
|
Currency derivatives
|
|
—
|
|
321
|
|
—
|
|
321
|
|
Long-term debt
|
|
—
|
|
432,688
|
|
—
|
|
432,688
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
$
|
—
|
|
$
|
479,081
|
|
$
|
—
|
|
$
|
479,081
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company’s derivative assets and liabilities recorded at fair value on a recurring basis have been categorized as Level 2. The determination of the fair value of assets and liabilities for Level 2 valuations is generally based on a market approach. The key inputs used in Niska Partners’ valuation models include transaction-specific details such as notional volumes, contract prices and contract terms as well as forward market prices and basis differentials for natural gas obtained from third-party service providers (typically the New York Mercantile Exchange, or NYMEX). There were no changes in Niska Partners’ approach to determining fair value and there were no transfers out of Level 2 during the periods ended December 31, 2015 and March 31, 2015.
The fair value of debt is the estimated amount the Company would have to pay to transfer its debt, including any premium or discount attributable to the difference between the stated interest rate and market rate of interest at the balance sheet date. Fair values are supported by observable market transactions when available.
Non-financial assets and liabilities are re-measured at fair value on a non-recurring basis. During the year ended March 31, 2015, the Company wrote down goodwill to its estimated fair value of $nil, which is classified as a Level 3 measurement in the table above. There were no other non-financial assets or liabilities recorded at fair value as of December 31, 2015 and March 31, 2015.
|
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.3.1.900
Members' Equity
|
9 Months Ended |
Dec. 31, 2015 |
Members' Equity |
|
Members' Equity |
6. Members’ Equity
Distributions to Unitholders
As of the beginning of fiscal 2016, one of the Company’s Canadian subsidiaries owed interest to a non-Canadian subsidiary. During the nine months ended December 31, 2015, the Company filed a tax election that deemed this interest as paid. The election triggered an obligation for the Company to pay withholding taxes of approximately $3.4 million to the Canadian tax authorities on behalf of the Company’s unitholders. Consistent with similar transactions in the past, the Company has accounted for this payment as a distribution to unitholders.
Unit-Based Performance Plan
The Company maintains compensatory unit-based performance plans (the “Plans”) to provide long-term incentive compensation for certain employees and directors, and to align their economic interest with those of common unitholders. The Plans are administered by the Compensation Committee of the Board of Directors and permit the grant of unit awards, restricted units, phantom units, unit options, unit appreciation rights, other unit-based awards, distribution equivalent rights and substitution awards. Unit-based awards are settled either in cash or in common units following the satisfaction of certain time and/or performance criteria.
The Company agreed not to grant additional unit awards under these plans under the terms of the Merger Agreement.
Unit-based awards are classified as liabilities when expected to be settled in cash or when the Company has the option to settle in cash or equity. This accounting treatment has resulted from the Company’s historical practice of choosing to settle this type of award in cash. When awards are classified as liabilities, the fair value of the units granted is determined on the date of grant and is re-measured at each reporting period until the settlement date. The fair value at each remeasurement date is equal to the settlement expected to be incurred based on the anticipated number of units vested adjusted for (i) the passage of time and (ii) the payout threshold associated with the performance targets which the Company expects to achieve compared to its established peers. The performance criterion is based on total unitholder return (“TUR”) metrics compared to such metrics of a select group of the Company’s peers. The TUR metrics reflect the Company’s percentile ranking during the applicable performance period compared to a peer group. The pro-rata number of units vested is calculated as the number of performance awards multiplied by the percentage of the requisite service period.
Unit-based awards that are expected to be settled in units are classified as equity. The fair value of the units granted is determined on the date of grant and is amortized to equity using the straight-line method over the vesting period. Each equity settled award permits the holder to receive one common unit on the vesting date.
The following tables summarize the Company’s unit-based awards outstanding and non-vested unit-based awards as of December 31, 2015:
|
|
Number of Time-Based Units
|
|
Number of Performance-Based Units
|
|
Total Units
|
|
Unit-based awards outstanding - March 31, 2015
|
|
1,199,341
|
|
214,679
|
|
1,414,020
|
|
Exercised
|
|
(225,097
|
)
|
(124,049
|
)
|
(349,146
|
)
|
|
|
|
|
|
|
|
|
Unit-based awards outstanding - December 31, 2015
|
|
974,244
|
|
90,630
|
|
1,064,874
|
|
|
|
|
|
|
|
|
|
|
|
Number of Time-Based Units
|
|
Number of Performance-Based Units
|
|
Total Units
|
|
Nonvested unit-based awards - March 31, 2015
|
|
1,199,341
|
|
214,679
|
|
1,414,020
|
|
Vested
|
|
(225,097
|
)
|
(124,049
|
)
|
(349,146
|
)
|
|
|
|
|
|
|
|
|
Nonvested unit-based awards December 31, 2015
|
|
974,244
|
|
90,630
|
|
1,064,874
|
|
|
|
|
|
|
|
|
|
As of December 31, 2015, outstanding unit-based awards classified as liability and equity amounted to 743,609 units and 321,265 units, respectively.
Unit-based compensation for the three and nine months ended December 31, 2015 were $0.7 million and $2.2 million, respectively (recoveries of $2.1 million and $1.7 million for the three and nine months ended December 31, 2014, respectively). Amounts paid to employees for unit-based awards settled in cash for the nine months ended December 31, 2015 and 2014 were $0.3 million and $10.6 million, respectively. In August 2015, 19,868 equity awards were settled using common units purchased from the open market for $0.1 million. No other equity awards were settled during the nine months ended December 31, 2015, and 2014.
As of December 31, 2015, there was $3.2 million (March 31, 2015 - $5.1 million) of total unrecognized compensation cost related to non-vested unit-based awards granted that were subject to both time and performance conditions. That cost is expected to be recognized over the next two years.
Modifications of Certain Unit-based Awards Outstanding
In July 2015, the Company offered certain eligible employees retention award opportunities that will become vested on the earlier of the date of successful closing of the Transaction or the ninetieth day following the termination of the Transaction contemplated in the Merger Agreement. To participate in this plan, each participant was required to forfeit rights to any outstanding performance-based unit awards and agree that all settlements, if any, of the outstanding time-based unit awards will be settled in cash.
Eligible employees with 466,949 outstanding unit-based awards participated in this plan which resulted in modifications of their original awards. In addition, 28,478 equity awards that would have been forfeited upon the termination of a previous employee were modified to remain eligible to vest upon the closing of the Transaction. These modifications did not result in additional compensation costs for the Company.
Earnings per unit
Niska Partners uses the two-class method for allocating earnings per unit (“EPU”). The two-class method requires the determination of net earnings (loss) allocated to member interests as shown below.
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Numerator:
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
(20,992
|
)
|
$
|
(259,623
|
)
|
$
|
(78,008
|
)
|
$
|
(307,426
|
)
|
Less:
|
|
|
|
|
|
|
|
|
|
Managing Member’s interest
|
|
378
|
|
4,677
|
|
1,405
|
|
5,573
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) attributable to common unitholders
|
|
$
|
(20,614
|
)
|
$
|
(254,946
|
)
|
$
|
(76,603
|
)
|
$
|
(301,853
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
Weighted average units outstanding
|
|
37,988,724
|
|
37,245,225
|
|
37,988,724
|
|
36,520,746
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
Weighted average units outstanding
|
|
37,988,724
|
|
37,245,225
|
|
37,988,724
|
|
36,520,746
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per unit:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.54
|
)
|
$
|
(6.85
|
)
|
$
|
(2.02
|
)
|
$
|
(8.27
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$
|
(0.54
|
)
|
$
|
(6.85
|
)
|
$
|
(2.02
|
)
|
$
|
(8.27
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of equity-settled awards:
|
|
321,265
|
|
465,971
|
|
482,651
|
|
261,434
|
|
The Company maintains unit-based compensation plans that could dilute EPU in future periods. Because granted awards were anti-dilutive for the three and nine months ended December 31, 2014 and 2015, the diluted EPU calculations above exclude the weighted average number of equity-settled unit-based awards.
|
X |
- DefinitionThe entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. It also includes disclosure for earnings per share data of the company.
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v3.3.1.900
Revenues
|
9 Months Ended |
Dec. 31, 2015 |
Revenues |
|
Revenues |
7. Revenues
Niska Partners’ fee-based revenue consists of the following:
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Long-term contract revenue
|
|
$
|
8,754
|
|
$
|
13,373
|
|
$
|
27,327
|
|
$
|
67,956
|
|
Short-term contract revenue
|
|
4,473
|
|
2,255
|
|
12,814
|
|
6,059
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
13,227
|
|
$
|
15,628
|
|
$
|
40,141
|
|
$
|
74,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term contract revenue for the nine months ended December 31, 2014 included a one-time payment of $26.0 million as a result of the termination by TransCanada Gas Storage Partnership (“TransCanada”), the Company’s largest volumetric customer, of its previous storage service agreement.
Optimization, net consists of the following:
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Realized optimization revenue, net
|
|
$
|
6,686
|
|
$
|
7,013
|
|
$
|
17,065
|
|
$
|
25,244
|
|
Unrealized risk management (losses) gains
|
|
(693
|
)
|
48,278
|
|
(11,405
|
)
|
48,127
|
|
Write-downs of inventory
|
|
(600
|
)
|
(31,700
|
)
|
(600
|
)
|
(42,200
|
)
|
Total
|
|
$
|
5,393
|
|
$
|
23,591
|
|
$
|
5,060
|
|
$
|
31,171
|
|
|
X |
- DefinitionThe entire disclosure for fee-based revenue and optimization revenue for the reporting period.
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v3.3.1.900
Income Taxes
|
9 Months Ended |
Dec. 31, 2015 |
Income Taxes |
|
Income Taxes |
8. Income Taxes
Income taxes included in the consolidated financial statements were as follows:
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
|
|
$
|
(4,704
|
)
|
$
|
(15,635
|
)
|
$
|
(7,259
|
)
|
$
|
(31,875
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective income tax rate
|
|
18
|
%
|
6
|
%
|
9
|
%
|
9
|
%
|
The effective tax rate for the three and nine months ended December 31, 2015 and 2014 differed from the U.S. statutory federal rate of 35% primarily because certain Canadian subsidiaries are taxed at a lower statutory tax rate as well as the earnings (loss) from certain subsidiaries are exempt from U.S federal income taxes. In addition, during the three and nine months ended December 31, 2014, the Company recorded a goodwill impairment of $245.6 million of which no tax benefit was recognized.
Income tax benefit for the three and nine months ended December 31, 2015 decreased by $10.9 million and $24.6 million compared to the three and nine months ended December 31, 2014. These changes were primarily due to lower recognized losses in certain taxable entities. An increase in Canadian provincial income tax rates which impacted certain Canadian taxable entities also contributed to lower tax benefit for the nine months ended December 31, 2015.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.3.1.900
Accrued Liabilities
|
9 Months Ended |
Dec. 31, 2015 |
Accrued Liabilities |
|
Accrued Liabilities |
9. Accrued Liabilities
Niska Partners’ accrued liabilities consist of the following:
|
|
December 31,
|
|
March 31,
|
|
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
Accrued gas purchases
|
|
$
|
16,560
|
|
$
|
13,917
|
|
Accrued interest
|
|
11,968
|
|
21,411
|
|
Employee-related accruals
|
|
2,895
|
|
2,369
|
|
Other accrued liabilities
|
|
10,725
|
|
9,989
|
|
|
|
|
|
|
|
Total
|
|
$
|
42,148
|
|
$
|
47,686
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionThe entire disclosure for accrued liabilities at the end of the reporting period.
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v3.3.1.900
Related Party Transactions
|
9 Months Ended |
Dec. 31, 2015 |
Related Party Transactions |
|
Related Party Transactions |
10. Related Party Transactions
As of December 31, 2015, in addition to the $5.5 million receivable from Niska Holdings L.P. discussed in Note 2, the Company had receivables from other related parties of $0.7 million ($nil as of March 31, 2015) which are included in accrued receivable in the balance sheets. These receivables relate to reimbursement of costs incurred by Niska Partners on behalf of a related party as well as management fees charged to affiliated entities for certain administrative services.
During the three and nine months ended December 31, 2015, total management fees and reimbursable costs recognized by the Company amounted to $0.3 million and $0.8 million, respectively, as reductions to general and administrative expenses ($nil for the nine months ended December 31, 2014).
|
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v3.3.1.900
Changes in Non-Cash Working Capital
|
9 Months Ended |
Dec. 31, 2015 |
Changes in Non-Cash Working Capital |
|
Changes in Non-Cash Working Capital |
11. Changes in Non-Cash Working Capital
Changes in non-cash working capital for the nine months ended December 31, 2015 and 2014 consist of the following:
|
|
Nine Months Ended
|
|
|
|
December 31,
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
Margin deposits
|
|
$
|
3,558
|
|
$
|
29,434
|
|
Trade receivables
|
|
337
|
|
2,769
|
|
Accrued receivables
|
|
13,523
|
|
112,573
|
|
Natural gas inventory
|
|
54,681
|
|
(176,425
|
)
|
Prepaid expenses and other current assets
|
|
754
|
|
(3,103
|
)
|
Other assets
|
|
67
|
|
(437
|
)
|
Trade payables
|
|
(486
|
)
|
(299
|
)
|
Accrued liabilities
|
|
(4,247
|
)
|
(67,187
|
)
|
Deferred revenue
|
|
(6,430
|
)
|
(2,029
|
)
|
Other long-term liabilities
|
|
(90
|
)
|
(634
|
)
|
|
|
|
|
|
|
Total
|
|
$
|
61,667
|
|
$
|
(105,338
|
)
|
|
|
|
|
|
|
|
|
|
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v3.3.1.900
Supplemental Cash Flow Disclosures
|
9 Months Ended |
Dec. 31, 2015 |
Supplemental Cash Flow Disclosures |
|
Supplemental Cash Flow Disclosures |
12. Supplemental Cash Flow Disclosures
|
|
Nine Months Ended
|
|
|
|
December 31,
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
Interest paid in cash
|
|
$
|
44,960
|
|
$
|
27,658
|
|
|
|
|
|
|
|
|
|
Interest paid in-kind
|
|
$
|
551
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
Taxes paid (recovered)
|
|
$
|
1,463
|
|
$
|
(231
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash changes in working capital related to property, plant and equipment
|
|
$
|
262
|
|
$
|
1,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash earnings distribution and reinvestment
|
|
$
|
—
|
|
$
|
19,631
|
|
|
|
|
|
|
|
|
|
Under the Company’s Short-term Credit Facility, interest is payable in cash on a quarterly basis, unless the Company elects to pay such interest in-kind by capitalizing accrued interest into the principal amount.
|
X |
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v3.3.1.900
Segment Disclosures
|
9 Months Ended |
Dec. 31, 2015 |
Segment Disclosures |
|
Segment Disclosures |
13. Segment Disclosures
The Company’s process for the identification of reportable segments involves examining the nature of services offered, the types of customer contracts entered into and the nature of the economic and regulatory environment.
Niska Partners operates along functional lines in its commercial, engineering and operations teams for operations in Alberta, northern California and the U.S. mid-continent. All functional lines and facilities offer the same services: storage and optimization. The Company has a small retail marketing business which is an extension of the Company’s proprietary optimization activities. Proprietary optimization activities occur when the Company purchases, stores and sells natural gas for its own account in order to utilize or optimize storage capacity that is not contracted or available to third-party customers. All services are delivered using reservoir storage. The Company measures profitability consistently along all functional lines based on revenues and earnings before interest, taxes, depreciation and amortization, and unrealized risk management gains and losses. The Company has aggregated its operating segments into one reportable segment as at December 31, 2015 and March 31, 2015 and for each of the three and nine months ended December 31, 2015 and 2014.
Information pertaining to the Company’s short-term and long-term contract services and net optimization revenues is presented in the consolidated statements of earnings (loss) and comprehensive income (loss). All facilities have the same types of customers: major companies in the energy industry, industrial, commercial, local distribution companies and municipal energy consumers.
The following tables summarize the net revenues and long lived assets by geographic area:
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Net realized revenues
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
$
|
9,745
|
|
$
|
6,028
|
|
$
|
22,103
|
|
$
|
18,094
|
|
Canada
|
|
10,168
|
|
16,613
|
|
35,103
|
|
81,165
|
|
Net unrealized revenues
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
(2,092
|
)
|
29,989
|
|
(11,945
|
)
|
29,159
|
|
Canada
|
|
1,399
|
|
18,289
|
|
540
|
|
18,968
|
|
Write-downs of inventory
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
(600
|
)
|
(2,800
|
)
|
(600
|
)
|
(9,200
|
)
|
Canada
|
|
—
|
|
(28,900
|
)
|
—
|
|
(33,000
|
)
|
Inter-entity
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
709
|
|
1,703
|
|
4,266
|
|
1,703
|
|
Canada
|
|
(709
|
)
|
(1,703
|
)
|
(4,266
|
)
|
(1,703
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
18,620
|
|
$
|
39,219
|
|
$
|
45,201
|
|
$
|
105,186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
March 31,
|
|
|
|
2015
|
|
2015
|
|
Long-lived assets (at period end)
|
|
|
|
|
|
U.S.
|
|
$
|
358,706
|
|
$
|
367,920
|
|
Canada
|
|
474,105
|
|
508,706
|
|
|
|
|
|
|
|
|
|
$
|
832,811
|
|
$
|
876,626
|
|
|
|
|
|
|
|
|
|
|
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v3.3.1.900
Subsequent Events
|
9 Months Ended |
Dec. 31, 2015 |
Subsequent Events |
|
Subsequent Events |
14. Subsequent Events
Subsequent to the announcement of the proposed acquisition of the Company by Brookfield Infrastructure Partners L.P. and its institutional partners on June 14, 2015, alleged unitholders of Niska Gas Storage Partners LLC (the “Plaintiffs”) filed four class action lawsuits against Niska Gas Storage Partners LLC, Niska Gas Storage Management LLC, Niska Sponsor Holdings Coöperatief U.A. (collectively “Niska”), Brookfield Infrastructure Partners L.P., Swan Holdings LP, Swan Merger Sub LLC, and the members of Niska’s Board of Directors (collectively with Niska, the “Defendants”) in the Court of Chancery of the State of Delaware. These lawsuits are styled (a) Eddie Barringer vs. Niska Gas Storage Partners LLC, et al. (Case No. 11210); (b) David Raul vs. Niska Gas Storage Partners LLC, et al. (Case No. 11220); (c) Nathan Peterson vs. Niska Gas Storage Partners LLC, et al., (Case No. 11234); and (d) Fred Pappey vs. William H. Shea, Jr. et al., (Case No. 11238) (collectively, the “Litigation”). The above styled lawsuits have been consolidated for all purposes and captioned In re Niska Gas Storage Partners LLC Public Unitholders Litigation, CONSOL. C.A. No. 11210-CB (the “Action”). On February 5, 2016, the Plaintiffs filed a notice of voluntary dismissal of the Litigation without prejudice as to any individual or class claims, with each party to bear its own costs.
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v3.3.1.900
Debt (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
Debt |
|
Schedule of debt obligations |
|
|
December 31,
|
|
March 31,
|
|
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
Senior Notes due 2019
|
|
$
|
575,000
|
|
$
|
575,000
|
|
Revolving credit facilities
|
|
140,700
|
|
193,500
|
|
Short-term credit facility
|
|
20,551
|
|
—
|
|
|
|
|
|
|
|
Total
|
|
736,251
|
|
768,500
|
|
Less portion classified as current
|
|
(161,251
|
)
|
(193,500
|
)
|
|
|
|
|
|
|
|
|
$
|
575,000
|
|
$
|
575,000
|
|
|
|
|
|
|
|
|
|
|
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Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399
Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644
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v3.3.1.900
Risk Management Activities and Financial Instruments (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
Risk Management Activities and Financial Instruments |
|
Schedule of volumes of inventories which were economically hedged using each type of contract |
|
|
December 31,
|
|
March 31,
|
|
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
Forwards
|
|
5.0 Bcf
|
|
1.5 Bcf
|
|
Futures
|
|
29.3 Bcf
|
|
46.0 Bcf
|
|
Swaps
|
|
—
|
|
(0.3 Bcf
|
)
|
|
|
|
|
|
|
|
|
34.3 Bcf
|
|
47.2 Bcf
|
|
|
|
|
|
|
|
|
Schedule of fair values of risk management assets and liabilities |
|
|
Energy
|
|
Currency
|
|
|
|
December 31, 2015
|
|
Contracts
|
|
Contracts
|
|
Total
|
|
|
|
|
|
|
|
|
|
Short-term risk management assets
|
|
$
|
31,998
|
|
$
|
2,962
|
|
$
|
34,960
|
|
Long-term risk management assets
|
|
26,065
|
|
—
|
|
26,065
|
|
Short-term risk management liabilities
|
|
(27,438
|
)
|
(524
|
)
|
(27,962
|
)
|
Long-term risk management liabilities
|
|
(18,333
|
)
|
—
|
|
(18,333
|
)
|
|
|
|
|
|
|
|
|
|
|
$
|
12,292
|
|
$
|
2,438
|
|
$
|
14,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy
|
|
Currency
|
|
|
|
March 31, 2015
|
|
Contracts
|
|
Contracts
|
|
Total
|
|
|
|
|
|
|
|
|
|
Short-term risk management assets
|
|
$
|
39,392
|
|
$
|
2,208
|
|
$
|
41,600
|
|
Long-term risk management assets
|
|
29,647
|
|
1,281
|
|
30,928
|
|
Short-term risk management liabilities
|
|
(25,560
|
)
|
—
|
|
(25,560
|
)
|
Long-term risk management liabilities
|
|
(20,512
|
)
|
(321
|
)
|
(20,833
|
)
|
|
|
|
|
|
|
|
|
|
|
$
|
22,967
|
|
$
|
3,168
|
|
$
|
26,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule of risk management assets and liabilities that had netting or rights of offset arrangements |
December 31, 2015
|
|
Gross Amounts Recognized
|
|
Gross Amounts Offset in the Balance Sheet
|
|
Net Amounts Presented in the Balance Sheet
|
|
Margin Deposits not Offset in the Balance Sheet
|
|
Net Amounts
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Commodity derivatives
|
|
$
|
187,824
|
|
$
|
(129,761
|
)
|
$
|
58,063
|
|
$
|
(46,618
|
)
|
$
|
11,445
|
|
Currency derivatives
|
|
2,967
|
|
(5
|
)
|
2,962
|
|
—
|
|
2,962
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
190,791
|
|
(129,766
|
)
|
61,025
|
|
(46,618
|
)
|
14,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Commodity derivatives
|
|
175,532
|
|
(129,761
|
)
|
45,771
|
|
(41,322
|
)
|
4,449
|
|
Currency derivatives
|
|
529
|
|
(5
|
)
|
524
|
|
(524
|
)
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
176,061
|
|
(129,766
|
)
|
46,295
|
|
(41,846
|
)
|
4,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
|
|
$
|
14,730
|
|
$
|
—
|
|
$
|
14,730
|
|
$
|
(4,772
|
)
|
$
|
9,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2015
|
|
Gross Amounts Recognized
|
|
Gross Amounts Offset in the Balance Sheet
|
|
Net Amounts Presented in the Balance Sheet
|
|
Margin Deposits not Offset in the Balance Sheet
|
|
Net Amounts
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Commodity derivatives
|
|
$
|
148,385
|
|
$
|
(79,346
|
)
|
$
|
69,039
|
|
$
|
(50,070
|
)
|
$
|
18,969
|
|
Currency derivatives
|
|
5,167
|
|
(1,678
|
)
|
3,489
|
|
—
|
|
3,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
153,552
|
|
(81,024
|
)
|
72,528
|
|
(50,070
|
)
|
22,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Commodity derivatives
|
|
125,418
|
|
(79,346
|
)
|
46,072
|
|
(39,338
|
)
|
6,734
|
|
Currency derivatives
|
|
1,999
|
|
(1,678
|
)
|
321
|
|
(321
|
)
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
127,417
|
|
(81,024
|
)
|
46,393
|
|
(39,659
|
)
|
6,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
|
|
$
|
26,135
|
|
$
|
—
|
|
$
|
26,135
|
|
$
|
(10,411
|
)
|
$
|
15,724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule of risk management assets and liabilities outstanding expected to be realized into net earnings (loss) and comprehensive income (loss) in the fiscal periods |
|
|
Energy
|
|
Currency
|
|
|
|
|
|
Contracts
|
|
Contracts
|
|
Total
|
|
|
|
|
|
|
|
|
|
Fiscal year ending March 31, 2016
|
|
$
|
3,669
|
|
$
|
229
|
|
$
|
3,898
|
|
Fiscal year ending March 31, 2017
|
|
7,090
|
|
2,209
|
|
9,299
|
|
Fiscal year ending March 31, 2018
|
|
3,240
|
|
—
|
|
3,240
|
|
Thereafter
|
|
(1,707
|
)
|
—
|
|
(1,707
|
)
|
|
|
|
|
|
|
|
|
|
|
$
|
12,292
|
|
$
|
2,438
|
|
$
|
14,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of net realized and unrealized optimization gains and losses from the settlement of risk management contracts |
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Classification
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy contracts
|
|
|
|
|
|
|
|
|
|
|
|
Realized
|
|
$
|
2,415
|
|
$
|
3,785
|
|
$
|
10,084
|
|
$
|
18,864
|
|
Optimization, net
|
|
Unrealized
|
|
284
|
|
47,546
|
|
(10,675
|
)
|
48,618
|
|
Optimization, net
|
|
Currency contracts
|
|
|
|
|
|
|
|
|
|
|
|
Realized
|
|
1,941
|
|
277
|
|
2,988
|
|
1,342
|
|
Optimization, net
|
|
Unrealized
|
|
(977
|
)
|
732
|
|
(730
|
)
|
(491
|
)
|
Optimization, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,663
|
|
$
|
52,340
|
|
$
|
1,667
|
|
$
|
68,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionTabular disclosure of derivative assets and liabilities that are subject to offsetting, including the right to receive or the obligation to pay collateral under master netting arrangements.
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+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959
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v3.3.1.900
Fair Value Measurements (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
Fair Value Measurements |
|
Schedule of assets and liabilities that were accounted for or disclosed at fair value on a recurring and non-recurring basis |
December 31, 2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Commodity derivatives
|
|
$
|
—
|
|
$
|
58,063
|
|
$
|
—
|
|
$
|
58,063
|
|
Currency derivatives
|
|
—
|
|
2,962
|
|
—
|
|
2,962
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
—
|
|
$
|
61,025
|
|
$
|
—
|
|
$
|
61,025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Commodity derivatives
|
|
$
|
—
|
|
$
|
45,771
|
|
$
|
—
|
|
$
|
45,771
|
|
Currency derivatives
|
|
—
|
|
524
|
|
—
|
|
524
|
|
Long-term debt
|
|
—
|
|
506,000
|
|
—
|
|
506,000
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
$
|
—
|
|
$
|
552,295
|
|
$
|
—
|
|
$
|
552,295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Commodity derivatives
|
|
$
|
—
|
|
$
|
69,039
|
|
$
|
—
|
|
$
|
69,039
|
|
Currency derivatives
|
|
—
|
|
3,489
|
|
—
|
|
3,489
|
|
Goodwill
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
—
|
|
$
|
72,528
|
|
$
|
—
|
|
$
|
72,528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Commodity derivatives
|
|
$
|
—
|
|
$
|
46,072
|
|
$
|
—
|
|
$
|
46,072
|
|
Currency derivatives
|
|
—
|
|
321
|
|
—
|
|
321
|
|
Long-term debt
|
|
—
|
|
432,688
|
|
—
|
|
432,688
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
$
|
—
|
|
$
|
479,081
|
|
$
|
—
|
|
$
|
479,081
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionTabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring and non-recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
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v3.3.1.900
Members' Equity (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
Earnings per share |
|
Schedule of net earnings (loss) allocation and net earnings (loss) per unit calculation |
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Numerator:
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
(20,992
|
)
|
$
|
(259,623
|
)
|
$
|
(78,008
|
)
|
$
|
(307,426
|
)
|
Less:
|
|
|
|
|
|
|
|
|
|
Managing Member’s interest
|
|
378
|
|
4,677
|
|
1,405
|
|
5,573
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) attributable to common unitholders
|
|
$
|
(20,614
|
)
|
$
|
(254,946
|
)
|
$
|
(76,603
|
)
|
$
|
(301,853
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
Weighted average units outstanding
|
|
37,988,724
|
|
37,245,225
|
|
37,988,724
|
|
36,520,746
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
Weighted average units outstanding
|
|
37,988,724
|
|
37,245,225
|
|
37,988,724
|
|
36,520,746
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per unit:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.54
|
)
|
$
|
(6.85
|
)
|
$
|
(2.02
|
)
|
$
|
(8.27
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$
|
(0.54
|
)
|
$
|
(6.85
|
)
|
$
|
(2.02
|
)
|
$
|
(8.27
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of equity-settled awards:
|
|
321,265
|
|
465,971
|
|
482,651
|
|
261,434
|
|
|
Unit-based Awards Outstanding |
|
Unit-based compensation |
|
Schedule of unit-based awards outstanding and nonvested unit-based awards |
|
|
Number of Time-Based Units
|
|
Number of Performance-Based Units
|
|
Total Units
|
|
Unit-based awards outstanding - March 31, 2015
|
|
1,199,341
|
|
214,679
|
|
1,414,020
|
|
Exercised
|
|
(225,097
|
)
|
(124,049
|
)
|
(349,146
|
)
|
|
|
|
|
|
|
|
|
Unit-based awards outstanding - December 31, 2015
|
|
974,244
|
|
90,630
|
|
1,064,874
|
|
|
|
|
|
|
|
|
|
|
Nonvested Unit-based Awards |
|
Unit-based compensation |
|
Schedule of unit-based awards outstanding and nonvested unit-based awards |
|
|
Number of Time-Based Units
|
|
Number of Performance-Based Units
|
|
Total Units
|
|
Nonvested unit-based awards - March 31, 2015
|
|
1,199,341
|
|
214,679
|
|
1,414,020
|
|
Vested
|
|
(225,097
|
)
|
(124,049
|
)
|
(349,146
|
)
|
|
|
|
|
|
|
|
|
Nonvested unit-based awards December 31, 2015
|
|
974,244
|
|
90,630
|
|
1,064,874
|
|
|
|
|
|
|
|
|
|
|
X |
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v3.3.1.900
Revenues (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
Revenues |
|
Schedule of components of fee-based revenue |
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Long-term contract revenue
|
|
$
|
8,754
|
|
$
|
13,373
|
|
$
|
27,327
|
|
$
|
67,956
|
|
Short-term contract revenue
|
|
4,473
|
|
2,255
|
|
12,814
|
|
6,059
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
13,227
|
|
$
|
15,628
|
|
$
|
40,141
|
|
$
|
74,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule of components of optimization, net |
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Realized optimization revenue, net
|
|
$
|
6,686
|
|
$
|
7,013
|
|
$
|
17,065
|
|
$
|
25,244
|
|
Unrealized risk management (losses) gains
|
|
(693
|
)
|
48,278
|
|
(11,405
|
)
|
48,127
|
|
Write-downs of inventory
|
|
(600
|
)
|
(31,700
|
)
|
(600
|
)
|
(42,200
|
)
|
Total
|
|
$
|
5,393
|
|
$
|
23,591
|
|
$
|
5,060
|
|
$
|
31,171
|
|
|
X |
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v3.3.1.900
Accrued Liabilities (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
Accrued Liabilities |
|
Schedule of accrued liabilities |
|
|
December 31,
|
|
March 31,
|
|
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
Accrued gas purchases
|
|
$
|
16,560
|
|
$
|
13,917
|
|
Accrued interest
|
|
11,968
|
|
21,411
|
|
Employee-related accruals
|
|
2,895
|
|
2,369
|
|
Other accrued liabilities
|
|
10,725
|
|
9,989
|
|
|
|
|
|
|
|
Total
|
|
$
|
42,148
|
|
$
|
47,686
|
|
|
|
|
|
|
|
|
|
|
X |
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v3.3.1.900
Changes in Non-Cash Working Capital (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
Changes in Non-Cash Working Capital |
|
Schedule of changes in non-cash working capital |
|
|
Nine Months Ended
|
|
|
|
December 31,
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
Margin deposits
|
|
$
|
3,558
|
|
$
|
29,434
|
|
Trade receivables
|
|
337
|
|
2,769
|
|
Accrued receivables
|
|
13,523
|
|
112,573
|
|
Natural gas inventory
|
|
54,681
|
|
(176,425
|
)
|
Prepaid expenses and other current assets
|
|
754
|
|
(3,103
|
)
|
Other assets
|
|
67
|
|
(437
|
)
|
Trade payables
|
|
(486
|
)
|
(299
|
)
|
Accrued liabilities
|
|
(4,247
|
)
|
(67,187
|
)
|
Deferred revenue
|
|
(6,430
|
)
|
(2,029
|
)
|
Other long-term liabilities
|
|
(90
|
)
|
(634
|
)
|
|
|
|
|
|
|
Total
|
|
$
|
61,667
|
|
$
|
(105,338
|
)
|
|
|
|
|
|
|
|
|
|
X |
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v3.3.1.900
Supplemental Cash Flow Disclosures (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
Supplemental Cash Flow Disclosures |
|
Schedule of supplemental cash flow disclosures |
|
|
Nine Months Ended
|
|
|
|
December 31,
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
Interest paid in cash
|
|
$
|
44,960
|
|
$
|
27,658
|
|
|
|
|
|
|
|
|
|
Interest paid in-kind
|
|
$
|
551
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
Taxes paid (recovered)
|
|
$
|
1,463
|
|
$
|
(231
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash changes in working capital related to property, plant and equipment
|
|
$
|
262
|
|
$
|
1,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash earnings distribution and reinvestment
|
|
$
|
—
|
|
$
|
19,631
|
|
|
|
|
|
|
|
|
|
|
X |
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v3.3.1.900
Segment Disclosures (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
Segment Disclosures |
|
Summary of net revenues and long-lived assets by geographic area |
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Net realized revenues
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
$
|
9,745
|
|
$
|
6,028
|
|
$
|
22,103
|
|
$
|
18,094
|
|
Canada
|
|
10,168
|
|
16,613
|
|
35,103
|
|
81,165
|
|
Net unrealized revenues
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
(2,092
|
)
|
29,989
|
|
(11,945
|
)
|
29,159
|
|
Canada
|
|
1,399
|
|
18,289
|
|
540
|
|
18,968
|
|
Write-downs of inventory
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
(600
|
)
|
(2,800
|
)
|
(600
|
)
|
(9,200
|
)
|
Canada
|
|
—
|
|
(28,900
|
)
|
—
|
|
(33,000
|
)
|
Inter-entity
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
709
|
|
1,703
|
|
4,266
|
|
1,703
|
|
Canada
|
|
(709
|
)
|
(1,703
|
)
|
(4,266
|
)
|
(1,703
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
18,620
|
|
$
|
39,219
|
|
$
|
45,201
|
|
$
|
105,186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
March 31,
|
|
|
|
2015
|
|
2015
|
|
Long-lived assets (at period end)
|
|
|
|
|
|
U.S.
|
|
$
|
358,706
|
|
$
|
367,920
|
|
Canada
|
|
474,105
|
|
508,706
|
|
|
|
|
|
|
|
|
|
$
|
832,811
|
|
$
|
876,626
|
|
|
|
|
|
|
|
|
|
|
X |
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v3.3.1.900
Commitments and Contingencies - Purchase Obligations (Details) $ in Thousands |
9 Months Ended |
Dec. 31, 2015
USD ($)
|
Unconditional purchase obligations |
|
2016 |
$ 619,293
|
2017 |
454,231
|
2018 |
339,505
|
2019 |
23,424
|
2020 |
6,797
|
2021 and thereafter |
1,320
|
Total future purchase commitments |
1,444,570
|
Forward physical and financial sales for all future periods |
$ 1,437,300
|
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v3.3.1.900
Debt (Details)
|
|
3 Months Ended |
9 Months Ended |
|
Jul. 28, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
item
|
Dec. 31, 2015
USD ($)
item
|
Mar. 31, 2015
USD ($)
|
Debt |
|
|
|
|
Long-term debt |
|
$ 575,000,000
|
$ 575,000,000
|
$ 575,000,000
|
Revolving credit facilities |
|
140,700,000
|
140,700,000
|
193,500,000
|
Short-term credit facility |
|
20,551,000
|
20,551,000
|
|
Total |
|
736,251,000
|
736,251,000
|
768,500,000
|
Less portion classified as current |
|
(161,251,000)
|
(161,251,000)
|
(193,500,000)
|
Long-term debt, less current portion |
|
$ 575,000,000
|
575,000,000
|
575,000,000
|
Interest accrued and paid in-kind |
|
|
$ 551,000
|
|
Number of independent assets or operations other than investments in subsidiaries | item |
|
0
|
0
|
|
Restricted assets |
|
$ 0
|
$ 0
|
|
Credit Agreement | Line of Credit | Revolving credit facilities |
|
|
|
|
Debt |
|
|
|
|
Revolving credit facilities |
|
140,700,000
|
140,700,000
|
$ 193,500,000
|
Maximum borrowing capacity |
|
400,000,000
|
400,000,000
|
|
Borrowing base collateral |
|
240,900,000
|
240,900,000
|
|
Availability under the borrowing base due to the fixed charge coverage ratio falling below 1.1 to 1.0 |
|
204,800,000
|
204,800,000
|
|
Remaining availability under the Credit Agreement |
|
$ 44,600,000
|
$ 44,600,000
|
|
Weighted average interest rate (as a percent) |
|
4.19%
|
4.19%
|
3.98%
|
Letters of credit issued |
|
$ 19,500,000
|
$ 19,500,000
|
$ 5,800,000
|
Minimum fixed charge coverage ratio required to be maintained at the end of each fiscal quarter under both credit facilities to access the last 15% of excess availability |
|
|
1.1
|
|
Actual fixed charge coverage ratio |
|
|
0.6
|
|
Maximum | Credit Agreement | Line of Credit | Revolving credit facilities |
|
|
|
|
Debt |
|
|
|
|
Level of availability not accessible under both the U.S. revolving credit facility and the Canadian revolving credit facility if the fixed charge coverage ratio of 1.1 to 1.0 is not met |
|
|
15.00%
|
|
Brookfield | Line of Credit |
|
|
|
|
Debt |
|
|
|
|
Short-term credit facility |
|
$ 20,600,000
|
$ 20,600,000
|
|
Maximum borrowing capacity |
$ 50,000,000
|
|
|
|
Number of days of notice by lender that the merger agreement cannot be consummated after which the facility will be payable |
90 days
|
|
|
|
Weighted average interest rate (as a percent) |
|
10.00%
|
10.00%
|
|
Interest accrued and paid in-kind |
|
$ 600,000
|
$ 600,000
|
|
Senior Notes | 6.50 % Senior Notes due 2019 |
|
|
|
|
Debt |
|
|
|
|
Long-term debt |
|
575,000,000
|
575,000,000
|
$ 575,000,000
|
Estimated fair market value of debt |
|
$ 506,000,000
|
$ 506,000,000
|
|
Redemption price as a percentage of principal amount upon occurrence of change of control and a decrease in the ratings |
|
|
101.00%
|
|
Amount included in the general basket of restricted payments |
|
|
$ 75,000,000
|
|
Period upon occurrence of change of control together with a decrease in the ratings used to determine redemption of debt |
|
|
90 days
|
|
Minimum amount of decrease in credit rating gradations | item |
|
|
1
|
|
Weighted average interest rate (as a percent) |
|
6.50%
|
6.50%
|
|
Senior Notes | Minimum | 6.50 % Senior Notes due 2019 |
|
|
|
|
Debt |
|
|
|
|
Percentage of aggregate principal amount of notes that holders can request for accelerated payment in case of an event of default |
|
|
25.00%
|
|
Prior to October 1, 2016 | Senior Notes | 6.50 % Senior Notes due 2019 |
|
|
|
|
Debt |
|
|
|
|
Redemption price as a percentage of principal amount |
|
|
106.50%
|
|
Prior to October 1, 2016 | Senior Notes | Maximum | 6.50 % Senior Notes due 2019 |
|
|
|
|
Debt |
|
|
|
|
Percentage of aggregate principal amount that may be redeemed |
|
|
35.00%
|
|
Twelve-month period beginning on October 1, 2016 | Senior Notes | 6.50 % Senior Notes due 2019 |
|
|
|
|
Debt |
|
|
|
|
Redemption price as a percentage of principal amount |
|
|
103.25%
|
|
Twelve-month period beginning on October 1, 2017 and at par beginning on October 1, 2018 | Senior Notes | 6.50 % Senior Notes due 2019 |
|
|
|
|
Debt |
|
|
|
|
Redemption price as a percentage of principal amount |
|
|
101.625%
|
|
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v3.3.1.900
Risk Management Activities and Financial Instruments - Disclosures (Details) $ in Thousands |
9 Months Ended |
|
Dec. 31, 2015
USD ($)
item
MMcf
|
Dec. 31, 2014
USD ($)
item
|
Mar. 31, 2015
USD ($)
MMcf
|
Risk management activities and financial instruments |
|
|
|
Accrued emission allowances and offset credits |
$ 800
|
|
|
Doubtful accounts expense recognized on trade receivable deemed to be uncollectible |
0
|
$ 0
|
|
Allowance for doubtful accounts required on accrued and trade accounts receivable |
$ 0
|
|
$ 0
|
Number of significant counterparties | item |
1
|
1
|
|
Percentage of total revenue from one counterparty |
46.40%
|
58.20%
|
|
Margin deposits required by a significant counterparty as a percentage of net position to reduce risk of default |
125.00%
|
125.00%
|
|
Revolving credit facilities |
$ 140,700
|
|
$ 193,500
|
Wild Goose Facility |
|
|
|
Risk management activities and financial instruments |
|
|
|
Greenhouse gas emissions level to be achieved by 2050, based on 1990 levels |
80.00%
|
|
|
Exchange traded futures and options |
|
|
|
Risk management activities and financial instruments |
|
|
|
Exchange traded derivative instruments as a percentage of commodity risk management assets |
76.40%
|
|
|
Commodity Derivatives |
|
|
|
Risk management activities and financial instruments |
|
|
|
Aggregate overall exposure limit of unmatched volumes of proprietary natural gas inventory (in million cubic feet) | MMcf |
8,000
|
|
|
Volume of current natural gas inventory which were economically hedged (in million cubic feet) | MMcf |
34,300
|
|
47,200
|
Percentage of the total inventory of natural gas offset with financial contracts |
98.80%
|
|
98.60%
|
Commodity Derivatives | Forward contracts |
|
|
|
Risk management activities and financial instruments |
|
|
|
Volume of current natural gas inventory which were economically hedged (in million cubic feet) | MMcf |
5,000
|
|
1,500
|
Commodity Derivatives | Futures |
|
|
|
Risk management activities and financial instruments |
|
|
|
Volume of current natural gas inventory which were economically hedged (in million cubic feet) | MMcf |
29,300
|
|
46,000
|
Commodity Derivatives | Swaps |
|
|
|
Risk management activities and financial instruments |
|
|
|
Volume of current natural gas inventory which were economically hedged (in million cubic feet) | MMcf |
|
|
(300)
|
Currency Derivatives | Currency swap |
|
|
|
Risk management activities and financial instruments |
|
|
|
Notional value of currency swaps |
$ 22,600
|
|
$ 19,600
|
Revolving credit facilities | Line of Credit | Credit Agreement |
|
|
|
Risk management activities and financial instruments |
|
|
|
Maximum borrowing capacity |
400,000
|
|
|
Revolving credit facilities |
$ 140,700
|
|
$ 193,500
|
X |
- DefinitionAggregate notional amount specified by the derivative(s). Expressed as an absolute value.
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v3.3.1.900
Risk Management Activities and Financial Instruments - Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Mar. 31, 2015 |
Fair value of risk management assets and liabilities |
|
|
Short-term risk management assets |
$ 34,960
|
$ 41,600
|
Long-term risk management assets |
26,065
|
30,928
|
Short-term risk management liabilities |
(27,962)
|
(25,560)
|
Long-term risk management liabilities |
(18,333)
|
(20,833)
|
Total |
14,730
|
26,135
|
Not designated as hedge |
|
|
Fair value of risk management assets and liabilities |
|
|
Short-term risk management assets |
34,960
|
41,600
|
Long-term risk management assets |
26,065
|
30,928
|
Short-term risk management liabilities |
(27,962)
|
(25,560)
|
Long-term risk management liabilities |
(18,333)
|
(20,833)
|
Total |
14,730
|
26,135
|
Commodity Derivatives |
|
|
Fair value of risk management assets and liabilities |
|
|
Total |
12,292
|
|
Commodity Derivatives | Not designated as hedge |
|
|
Fair value of risk management assets and liabilities |
|
|
Short-term risk management assets |
31,998
|
39,392
|
Long-term risk management assets |
26,065
|
29,647
|
Short-term risk management liabilities |
(27,438)
|
(25,560)
|
Long-term risk management liabilities |
(18,333)
|
(20,512)
|
Total |
12,292
|
22,967
|
Currency Derivatives |
|
|
Fair value of risk management assets and liabilities |
|
|
Total |
2,438
|
|
Currency Derivatives | Not designated as hedge |
|
|
Fair value of risk management assets and liabilities |
|
|
Short-term risk management assets |
2,962
|
2,208
|
Long-term risk management assets |
|
1,281
|
Short-term risk management liabilities |
(524)
|
|
Long-term risk management liabilities |
|
(321)
|
Total |
$ 2,438
|
$ 3,168
|
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v3.3.1.900
Risk Management Activities and Financial Instruments - Netting or Offset Arrangements (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Mar. 31, 2015 |
Assets |
|
|
Gross Amounts Recognized |
$ 190,791
|
$ 153,552
|
Gross Amounts Offset in the Balance Sheet |
(129,766)
|
(81,024)
|
Net Amounts Presented in the Balance Sheet |
61,025
|
72,528
|
Margin Deposits not Offset in the Balance Sheet |
(46,618)
|
(50,070)
|
Net Amounts |
14,407
|
22,458
|
Liabilities |
|
|
Gross Amounts Recognized |
176,061
|
127,417
|
Gross Amounts Offset in the Balance Sheets |
(129,766)
|
(81,024)
|
Net Amounts Presented in the Balance Sheets |
46,295
|
46,393
|
Margin Deposits not Offset in the Balance Sheets |
(41,846)
|
(39,659)
|
Net Amounts |
4,449
|
6,734
|
Total |
14,730
|
26,135
|
Net - Margin Deposits not Offset in the Balance Sheets |
(4,772)
|
(10,411)
|
Net |
9,958
|
15,724
|
Commodity Derivatives |
|
|
Assets |
|
|
Gross Amounts Recognized |
187,824
|
148,385
|
Gross Amounts Offset in the Balance Sheet |
(129,761)
|
(79,346)
|
Net Amounts Presented in the Balance Sheet |
58,063
|
69,039
|
Margin Deposits not Offset in the Balance Sheet |
(46,618)
|
(50,070)
|
Net Amounts |
11,445
|
18,969
|
Liabilities |
|
|
Gross Amounts Recognized |
175,532
|
125,418
|
Gross Amounts Offset in the Balance Sheets |
(129,761)
|
(79,346)
|
Net Amounts Presented in the Balance Sheets |
45,771
|
46,072
|
Margin Deposits not Offset in the Balance Sheets |
(41,322)
|
(39,338)
|
Net Amounts |
4,449
|
6,734
|
Total |
12,292
|
|
Currency Derivatives |
|
|
Assets |
|
|
Gross Amounts Recognized |
2,967
|
5,167
|
Gross Amounts Offset in the Balance Sheet |
(5)
|
(1,678)
|
Net Amounts Presented in the Balance Sheet |
2,962
|
3,489
|
Net Amounts |
2,962
|
3,489
|
Liabilities |
|
|
Gross Amounts Recognized |
529
|
1,999
|
Gross Amounts Offset in the Balance Sheets |
(5)
|
(1,678)
|
Net Amounts Presented in the Balance Sheets |
524
|
321
|
Margin Deposits not Offset in the Balance Sheets |
(524)
|
$ (321)
|
Total |
$ 2,438
|
|
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v3.3.1.900
Risk Management Activities and Financial Instruments - Recognition of Assets and Liabilities into Net Earings (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Mar. 31, 2015 |
Risk management activities and financial instruments |
|
|
Fiscal year ending March 31, 2016 |
$ 3,898
|
|
Fiscal year ending March 31, 2017 |
9,299
|
|
Fiscal year ending March 31, 2018 |
3,240
|
|
Thereafter |
(1,707)
|
|
Total |
14,730
|
$ 26,135
|
Commodity Derivatives |
|
|
Risk management activities and financial instruments |
|
|
Fiscal year ending March 31, 2016 |
3,669
|
|
Fiscal year ending March 31, 2017 |
7,090
|
|
Fiscal year ending March 31, 2018 |
3,240
|
|
Thereafter |
(1,707)
|
|
Total |
12,292
|
|
Currency Derivatives |
|
|
Risk management activities and financial instruments |
|
|
Fiscal year ending March 31, 2016 |
229
|
|
Fiscal year ending March 31, 2017 |
2,209
|
|
Total |
$ 2,438
|
|
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v3.3.1.900
Risk Management Activities and Financial Instruments - Net Realized and Unrealized Optimization Gains and Losses (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Net realized and unrealized optimization gains and losses from the settlement of risk management contracts |
|
|
|
|
Unrealized |
|
|
$ (11,405)
|
$ 48,127
|
Not designated as hedge |
|
|
|
|
Net realized and unrealized optimization gains and losses from the settlement of risk management contracts |
|
|
|
|
Total |
$ 3,663
|
$ 52,340
|
1,667
|
68,333
|
Commodity Derivatives | Not designated as hedge |
|
|
|
|
Net realized and unrealized optimization gains and losses from the settlement of risk management contracts |
|
|
|
|
Realized |
2,415
|
3,785
|
10,084
|
18,864
|
Unrealized |
284
|
47,546
|
(10,675)
|
48,618
|
Currency Derivatives | Not designated as hedge |
|
|
|
|
Net realized and unrealized optimization gains and losses from the settlement of risk management contracts |
|
|
|
|
Realized |
1,941
|
277
|
2,988
|
1,342
|
Unrealized |
$ (977)
|
$ 732
|
$ (730)
|
$ (491)
|
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v3.3.1.900
Fair Value Measurements (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Mar. 31, 2015 |
Assets |
|
|
Total assets |
$ 61,025
|
$ 72,528
|
Liabilities |
|
|
Asset transfers out of level 2 and into level 1 |
0
|
0
|
Liability transfers out of level 2 and into level 1 |
0
|
0
|
Asset transfers out of level 2 and into level 3 |
0
|
0
|
Liability transfers out of level 2 and into level 3 |
0
|
0
|
Commodity Derivatives |
|
|
Assets |
|
|
Total assets |
58,063
|
69,039
|
Currency Derivatives |
|
|
Assets |
|
|
Total assets |
2,962
|
3,489
|
Recurring | Total |
|
|
Assets |
|
|
Total assets |
61,025
|
72,528
|
Liabilities |
|
|
Long-term debt |
506,000
|
432,688
|
Total liabilities |
552,295
|
479,081
|
Recurring | Commodity Derivatives | Total |
|
|
Assets |
|
|
Total assets |
58,063
|
69,039
|
Liabilities |
|
|
Total liabilities |
45,771
|
46,072
|
Recurring | Currency Derivatives | Total |
|
|
Assets |
|
|
Total assets |
2,962
|
3,489
|
Liabilities |
|
|
Total liabilities |
524
|
321
|
Recurring | Level 2 |
|
|
Assets |
|
|
Total assets |
61,025
|
72,528
|
Liabilities |
|
|
Long-term debt |
506,000
|
432,688
|
Total liabilities |
552,295
|
479,081
|
Recurring | Level 2 | Commodity Derivatives |
|
|
Assets |
|
|
Total assets |
58,063
|
69,039
|
Liabilities |
|
|
Total liabilities |
45,771
|
46,072
|
Recurring | Level 2 | Currency Derivatives |
|
|
Assets |
|
|
Total assets |
2,962
|
3,489
|
Liabilities |
|
|
Total liabilities |
$ 524
|
$ 321
|
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v3.3.1.900
Members' Equity - Disclosures (Details) - USD ($) $ in Millions |
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
Aug. 31, 2015 |
Jul. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Mar. 31, 2015 |
Additional disclosures |
|
|
|
|
|
|
|
Payment of withholding taxes to Canadian tax authorities on behalf of unitholders |
|
|
|
|
$ 3.4
|
|
|
Unit-based Awards Modification Plan |
|
|
|
|
|
|
|
Reconciliation of Unit-based Awards Outstanding |
|
|
|
|
|
|
|
Balance at the beginning of the period (in shares) |
466,949
|
|
|
|
|
|
|
Balance at the end of the period (in shares) |
|
466,949
|
|
|
|
|
|
Additional disclosures |
|
|
|
|
|
|
|
Equity awards that would have been forfeited but were modified to remain eligible to vest upon the closing of the transaction |
|
28,478
|
|
|
|
|
|
The number of days the employee retention awards will vest if the Merger Agreement is terminated |
|
90 days
|
|
|
|
|
|
Unit-based Awards |
|
|
|
|
|
|
|
Members' Equity |
|
|
|
|
|
|
|
Number of common units permitted to be received by the unit award holder on the vesting date |
|
|
|
|
1
|
|
|
Additional disclosures |
|
|
|
|
|
|
|
Number of unit-based awards classified as a liability |
|
|
743,609
|
|
743,609
|
|
|
Number of unit-based awards classified as equity |
|
|
321,265
|
|
321,265
|
|
|
Unit-based compensation expense |
|
|
$ 0.7
|
|
$ 2.2
|
|
|
Unit-based compensation recovery |
|
|
|
$ 2.1
|
|
$ 1.7
|
|
Cash paid to employees who exercised unit-based awards |
|
|
|
|
$ 0.3
|
$ 10.6
|
|
Number of equity awards settled during the period |
19,868
|
|
|
|
|
|
|
Number of other equity awards settled during the period |
|
|
|
|
0
|
0
|
|
Amount paid for common units used to settle equity awards |
$ 0.1
|
|
|
|
|
|
|
Unit-based Awards | Unit-based Awards Outstanding |
|
|
|
|
|
|
|
Reconciliation of Unit-based Awards Outstanding |
|
|
|
|
|
|
|
Balance at the beginning of the period (in shares) |
|
|
|
|
1,414,020
|
|
|
Exercised (in shares) |
|
|
|
|
(349,146)
|
|
|
Balance at the end of the period (in shares) |
|
|
1,064,874
|
|
1,064,874
|
|
|
Unit-based Awards | Nonvested Unit-based Awards |
|
|
|
|
|
|
|
Reconciliation of Unit-based Awards Outstanding |
|
|
|
|
|
|
|
Balance at the beginning of the period (in shares) |
|
|
|
|
1,414,020
|
|
|
Vested (in shares) |
|
|
|
|
(349,146)
|
|
|
Balance at the end of the period (in shares) |
|
|
1,064,874
|
|
1,064,874
|
|
|
Additional disclosures |
|
|
|
|
|
|
|
Total unrecognized non-cash compensation cost |
|
|
$ 3.2
|
|
$ 3.2
|
|
$ 5.1
|
Expected period for unrecognized compensation cost to be recognized |
|
|
|
|
2 years
|
|
|
Time-based Unit-based Awards | Unit-based Awards Outstanding |
|
|
|
|
|
|
|
Reconciliation of Unit-based Awards Outstanding |
|
|
|
|
|
|
|
Balance at the beginning of the period (in shares) |
|
|
|
|
1,199,341
|
|
|
Exercised (in shares) |
|
|
|
|
(225,097)
|
|
|
Balance at the end of the period (in shares) |
|
|
974,244
|
|
974,244
|
|
|
Time-based Unit-based Awards | Nonvested Unit-based Awards |
|
|
|
|
|
|
|
Reconciliation of Unit-based Awards Outstanding |
|
|
|
|
|
|
|
Balance at the beginning of the period (in shares) |
|
|
|
|
1,199,341
|
|
|
Vested (in shares) |
|
|
|
|
(225,097)
|
|
|
Balance at the end of the period (in shares) |
|
|
974,244
|
|
974,244
|
|
|
Performance-based Unit-based Awards | Unit-based Awards Outstanding |
|
|
|
|
|
|
|
Reconciliation of Unit-based Awards Outstanding |
|
|
|
|
|
|
|
Balance at the beginning of the period (in shares) |
|
|
|
|
214,679
|
|
|
Exercised (in shares) |
|
|
|
|
(124,049)
|
|
|
Balance at the end of the period (in shares) |
|
|
90,630
|
|
90,630
|
|
|
Performance-based Unit-based Awards | Nonvested Unit-based Awards |
|
|
|
|
|
|
|
Reconciliation of Unit-based Awards Outstanding |
|
|
|
|
|
|
|
Balance at the beginning of the period (in shares) |
|
|
|
|
214,679
|
|
|
Vested (in shares) |
|
|
|
|
(124,049)
|
|
|
Balance at the end of the period (in shares) |
|
|
90,630
|
|
90,630
|
|
|
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v3.3.1.900
Members' Equity - Net Earnings (Loss) Allocation (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Numerator: |
|
|
|
|
NET EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) |
$ (20,992)
|
$ (259,623)
|
$ (78,008)
|
$ (307,426)
|
Less: Managing Member's interest |
378
|
4,677
|
1,405
|
5,573
|
Net earnings (loss) attributable to common unitholders |
$ (20,614)
|
$ (254,946)
|
$ (76,603)
|
$ (301,853)
|
Basic: |
|
|
|
|
Weighted average units outstanding (in shares) |
37,988,724
|
37,245,225
|
37,988,724
|
36,520,746
|
Diluted: |
|
|
|
|
Weighted average units outstanding (in shares) |
37,988,724
|
37,245,225
|
37,988,724
|
36,520,746
|
Earnings (loss) per unit: |
|
|
|
|
Basic (in dollars per unit) |
$ (0.54)
|
$ (6.85)
|
$ (2.02)
|
$ (8.27)
|
Diluted (in dollars per unit) |
$ (0.54)
|
$ (6.85)
|
$ (2.02)
|
$ (8.27)
|
Weighted average number of equity-settled awards: |
321,265
|
465,971
|
482,651
|
261,434
|
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Revenues (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Fee-based Revenue |
|
|
|
|
Long-term contract revenue |
$ 8,754
|
$ 13,373
|
$ 27,327
|
$ 67,956
|
Short-term contract revenue |
4,473
|
2,255
|
12,814
|
6,059
|
Total |
13,227
|
15,628
|
40,141
|
74,015
|
One-time contract termination payment |
|
|
|
26,000
|
Optimization Revenue |
|
|
|
|
Realized optimization revenue, net |
6,686
|
7,013
|
17,065
|
25,244
|
Unrealized risk management (losses) gains |
(693)
|
48,278
|
(11,405)
|
48,127
|
Write-downs of inventory |
(600)
|
(31,700)
|
(600)
|
(42,200)
|
Total |
$ 5,393
|
$ 23,591
|
$ 5,060
|
$ 31,171
|
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Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Income Taxes |
|
|
|
|
Income tax benefit |
$ (4,704)
|
$ (15,635)
|
$ (7,259)
|
$ (31,875)
|
Effective income tax rate (as a percent) |
18.00%
|
6.00%
|
9.00%
|
9.00%
|
U.S. statutory federal rate (as a percent) |
35.00%
|
35.00%
|
35.00%
|
35.00%
|
Impairment of goodwill |
|
$ 245,604
|
|
$ 245,604
|
Goodwill impairment loss tax benefit amount |
|
$ 0
|
|
$ 0
|
Decrease in income tax benefit |
$ 10,900
|
|
$ 24,600
|
|
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Accrued Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Mar. 31, 2015 |
Accrued Liabilities |
|
|
Accrued gas purchases |
$ 16,560
|
$ 13,917
|
Accrued interest |
11,968
|
21,411
|
Employee-related accruals |
2,895
|
2,369
|
Other accrued liabilities |
10,725
|
9,989
|
Total |
$ 42,148
|
$ 47,686
|
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v3.3.1.900
v3.3.1.900
Changes in Non-Cash Working Capital (Details) - USD ($) $ in Thousands |
9 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Changes in Non-Cash Working Capital |
|
|
Margin deposits |
$ 3,558
|
$ 29,434
|
Trade receivables |
337
|
2,769
|
Accrued receivables |
13,523
|
112,573
|
Natural gas inventory |
54,681
|
(176,425)
|
Prepaid expenses and other current assets |
754
|
(3,103)
|
Other assets |
67
|
(437)
|
Trade payables |
(486)
|
(299)
|
Accrued liabilities |
(4,247)
|
(67,187)
|
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(6,430)
|
(2,029)
|
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(90)
|
(634)
|
Total |
$ 61,667
|
$ (105,338)
|
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3 Months Ended |
9 Months Ended |
12 Months Ended |
Dec. 31, 2015
USD ($)
item
|
Dec. 31, 2014
USD ($)
item
|
Dec. 31, 2015
USD ($)
item
|
Dec. 31, 2014
USD ($)
item
|
Mar. 31, 2015
USD ($)
item
|
Segment disclosures |
|
|
|
|
|
Number of reportable segments | item |
1
|
1
|
1
|
1
|
1
|
Write-downs of inventory |
$ (600)
|
$ (31,700)
|
$ (600)
|
$ (42,200)
|
|
Total revenues |
18,620
|
39,219
|
45,201
|
105,186
|
|
Long-lived assets |
832,811
|
|
832,811
|
|
$ 876,626
|
U.S. |
|
|
|
|
|
Segment disclosures |
|
|
|
|
|
Long-lived assets |
358,706
|
|
358,706
|
|
367,920
|
U.S. | Inter-entity |
|
|
|
|
|
Segment disclosures |
|
|
|
|
|
Net realized revenues |
709
|
1,703
|
4,266
|
1,703
|
|
U.S. | Operating segments |
|
|
|
|
|
Segment disclosures |
|
|
|
|
|
Net realized revenues |
9,745
|
6,028
|
22,103
|
18,094
|
|
Net unrealized revenues |
(2,092)
|
29,989
|
(11,945)
|
29,159
|
|
Write-downs of inventory |
(600)
|
(2,800)
|
(600)
|
(9,200)
|
|
Canada |
|
|
|
|
|
Segment disclosures |
|
|
|
|
|
Long-lived assets |
474,105
|
|
474,105
|
|
$ 508,706
|
Canada | Inter-entity |
|
|
|
|
|
Segment disclosures |
|
|
|
|
|
Net realized revenues |
(709)
|
(1,703)
|
(4,266)
|
(1,703)
|
|
Canada | Operating segments |
|
|
|
|
|
Segment disclosures |
|
|
|
|
|
Net realized revenues |
10,168
|
16,613
|
35,103
|
81,165
|
|
Net unrealized revenues |
$ 1,399
|
18,289
|
$ 540
|
18,968
|
|
Write-downs of inventory |
|
$ (28,900)
|
|
$ (33,000)
|
|
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Niska Gas Storage Partners Llc Common Units Representing Limited Liability Company Interests (NYSE:NKA)
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Niska Gas Storage Partners Llc Common Units Representing Limited Liability Company Interests (NYSE:NKA)
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From Jun 2023 to Jun 2024