Members of Catalyst Hedge Investing had early access to this article. They have exclusive access to many other articles every month as well as an active chat board with regular updates on ideas and a best ideas portfolio.NGL (NYSE: NGL ) and (NYSE: NGL.PR.B ) third-quarter earnings report came in light of expectations on both revenue and EBITDA. Revenue was $1.55 billion vs expectations of $1.72 billion and $147.5 million of EBITDAHe leads the investing group Catalyst Hedge Investing , in which he shares hi ...

NGL Energy Partners LP Common Units (NYSE:NGL) Q3 2025 Earnings Conference Call February 10, 2025 5:00 PM ET Company Participants Brad Cooper - CFO Mike Krimbill - CEO Doug White - EVP, Water Solutions Conference Call Participants Derrick Whitfield - Texas Capital James Spicer - TD Securities Operator Greetings. Welcome to the NGL Energy Partners 3Q ‘25 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instru ...

▪ Provides water transportation, treating, recycling, and handling services for upstream customers ▪ Largest integrated water solutions network of injection wells and large diameter pipe in the Delaware Basin ▪ Predictable cash flows supported by long-term fixed fee contracts, acreage dedications and minimum volume commitments Investor Presentation February 2025 NYSE: NGL Company Overview Water Solutions Crude Oil Logistics ▪ Purchases crude oil from producers and marketers for sale at multiple refineries a ...

Company Overview - Energy Transfer LP (NYSE: ET) is one of the largest midstream master limited partnerships in the United States, with operations spanning much of the Central and Eastern regions of the country [1] Investment Strategy - The company aims to generate a 7%+ income yield by investing in a portfolio of energy stocks while minimizing the risk of principal loss [1] - Subscribers gain access to exclusive investment ideas and in-depth research before they are released to the general public [1] Subscription Offer - A two-week free trial is currently available for the service [1]

Company Overview - Phillips 66 (NYSE: PSX) is a multinational energy company with a market value of nearly $50 billion [3] - The company recently announced a more than $2 billion acquisition to expand its midstream portfolio [3] Investment Strategy - The Value Portfolio specializes in building retirement portfolios using a fact-based research strategy [3] - The strategy includes extensive readings of 10Ks, analyst commentary, market reports, and investor presentations [3] - The portfolio manager invests real money in the stocks he recommends [3] Retirement Planning - The Retirement Forum provides actionable ideas, a high-yield safe retirement portfolio, and macroeconomic outlooks [1] - The forum aims to help individuals maximize their capital and income by searching the entire market for opportunities [1]

Acquisition Overview - Phillips 66 (PSX) has announced a $2.2 billion all-cash acquisition of EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP, which is expected to be immediately accretive to its EPS and strengthen its presence in the NGL market [1] Strategic Benefits - The acquisition will expand Phillips 66's Permian Basin NGL value chain and provide extensive flow assurance to producers, connecting key fractionation sites near Corpus Christi, Sweeny, and Mont Belvieu, TX [3] - The deal is expected to generate returns exceeding the company's hurdle rates, indicating strong financial confidence [4] EPIC NGL's Assets - EPIC NGL owns two fractionators with a capacity of 170,000 bpd near Corpus Christi, 350 miles of purity distribution pipelines, and an 885-mile NGL pipeline with a capacity of 175,000 bpd [5] - The pipeline assets connect production from the Delaware, Midland, and Eagle Ford basins to fractionation facilities and PSX's Sweeny Hub [5] Future Expansion Plans - EPIC NGL is expanding its pipeline capacity to 225,000 bpd, with a second expansion approved to reach 350,000 bpd, though this will not impact Phillips 66's 2025 capital program [6] - A third fractionation facility is planned, which could increase fractionation capacity to 280,000 bpd, enhancing connectivity to Gulf Coast refiners, petrochemical firms, and global export markets [7] Industry Context - TechnipFMC plc (FTI) has a growing backlog of $14.7 million in Q3 2024, up 11.1% YoY, indicating strong revenue growth potential [9] - Sunoco LP (SUN) is a major motor fuel distributor in the U.S., offering a distribution yield higher than the industry average, ensuring consistent returns for unitholders [10] - Oceaneering International (OII) provides integrated offshore oilfield technology solutions, supporting client retention and new business opportunities for steady revenue growth [11]

Members of Catalyst Hedge Investing had early access to this article. They have exclusive access to many other articles every month as well as an active chat board with regular updates on ideas and a best ideas portfolio.NGL ( NGL ) and (NYSE: NGL.PR.B ) reported a so-so second fiscal year quarter on November 13th. EBITDA came in at ~$147 million, which was below expectations, largely due to weakness in the liquids business.He leads the investing group Catalyst Hedge Investing , in which he shares his best ...

Financial Data and Key Metrics Changes - Consolidated Adjusted EBITDA for Q2 2025 was $147.3 million, primarily driven by Water Solutions and Crude Logistics segments [4] - The company reduced its full fiscal year EBITDA guidance to a range of $640 million to $650 million, reflecting a 2% to 4% reduction [14] Business Line Data and Key Metrics Changes - Water Solutions adjusted EBITDA was $182.9 million in Q2, with physical water disposal volumes increasing to 2.68 million barrels per day, a 9% increase quarter-over-quarter [9] - Crude Oil Logistics adjusted EBITDA decreased to $17.3 million in Q2 from $18.6 million in Q1, with crude oil sales averaging 63,000 barrels per day [12] - Liquids Logistics adjusted EBITDA was $9.4 million in Q2, down from $17.1 million in the prior second quarter, with butane blending performing above expectations [13] Market Data and Key Metrics Changes - The butane blending season began after the quarter ended, and wholesale propane demand is expected to be influenced by winter weather [5] - The company is actively contracting new volumes in the Delaware Basin, DJ Basin, and Eagle Ford, indicating growth opportunities across these markets [19] Company Strategy and Development Direction - The company is pursuing asset sales in the liquids logistics segment and aims to reduce leverage while buying back equity [15][17] - The LEX II expansion project, with an initial capacity of 200,000 barrels per day, was completed on time and is expected to enhance long-term growth [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Delaware Basin's growth potential, with multiple new projects expected over the next 18 months [16] - The company is managing for long-term value creation rather than focusing solely on quarterly results [18] Other Important Information - The company entered into agreements to purchase 92% of the outstanding warrants from Class D unitholders, eliminating a potential 18% dilution event [8] - Total capital expenditures for fiscal 2025 remain unchanged at $210 million [21] Q&A Session Summary Question: Outlook for calendar 2025 - Management indicated ongoing opportunities in the Delaware Basin and efforts to maximize capacity on the LEX II pipeline, with new contracted volumes being added in the DJ and Eagle Ford basins [19] Question: Expectations for water EBITDA and total CapEx for fiscal 2025 - Water EBITDA guidance remains at $550 to $560 million, with total capital expenditures unchanged at $210 million [21] Question: Details on the warrant purchase agreement - The transaction was triggered by the opportunity to eliminate warrants that could become more expensive over time, with plans to repurchase the remaining 2 million warrants [22][24]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ 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: 001-35172 NGL Energy Partners LP (Exact Name of Registrant as Specified in Its Charter) ...

When the COVID-19 pandemic rocked global markets in 2020, NGL Energy Partners (NYSE: NGL ) found themselves unprepared with an unstable capital structure. Despite moving to suspend their common distributions in late 2020, by early 2021 theirI am no longer active, as I am taking a hiatus from finance to pursue business ventures in other sectors. I hope that my analysis was helpful to investors across the years, thank you.Analyst’s Disclosure: I/we have a beneficial long position in the shares of NGL.PR.B eit ...