TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE:NGL) (“NGL,” “our,” “we,” or the “Partnership”) today provided an update on the expected availability of the partnership’s 2023 Investor Tax Packages including Schedule K-1 for its common unitholders. Historically, NGL’s Investor Tax Packages have been available by early March for the preceding tax year; however, the timing of the availability of NGL’s 2023 Investor Tax Packages is dependent upon actions of the U.S. Congress and the Biden administ ...

Steve Satushek/The Image Bank via Getty Images NGL Third Quarter Update: NGL Energy Partners (NGL) reported earnings last night (Feb 8th). They had already given a look at Q3 numbers before the recent bond issues and loan refinancings so numbers weren't a huge surprise on the whole. Adjusted EBITDA came in at $151.7 million versus the guide of $150-160 million. Water volumes were slightly lower than Q2, as the company had warned in the last earnings call. Customers are keeping more water at the wells fo ...

Financial Data and Key Metrics Changes - Water Solutions' adjusted EBITDA was $121.3 million in Q3 2024, slightly down from $121.7 million in the prior year [10] - Liquids logistics adjusted EBITDA increased to $22.4 million from $20.5 million year-over-year, driven by higher margins and demand for butane blending [12] - Crude Oil Logistics adjusted EBITDA decreased to $17 million from $33.3 million in the prior year, primarily due to lower crude sales margins and decreased volumes [32] - Corporate adjusted EBITDA showed a loss of $11.9 million compared to income of $19.5 million in the prior year, impacted by previous year's other income [33] Business Line Data and Key Metrics Changes - Water disposal volumes were 2.38 million barrels per day in Q3 2024, down from 2.43 million barrels per day in the prior quarter, attributed to producers retaining water for completion activities [10] - Operating expenses for Water Solutions remained at $0.25 per barrel, the best in the industry, due to lower chemical and utility expenses [11] - Liquids logistics experienced higher demand for butane blending, although propane margins and volumes were negatively affected by warmer weather [12] Market Data and Key Metrics Changes - The company closed a $2.9 billion refinancing, extending the weighted average maturity of its debt by approximately three years [26] - Rating agencies upgraded the corporate credit rating to single B, reflecting improved financial stability [27] Company Strategy and Development Direction - The company is focusing on internal growth opportunities supported by minimum volume commitments (MVCs) and plans to address preferred arrearages [35] - Future growth will be driven by the Delaware Water Solutions business, with adjusted EBITDA guidance of $500 million plus for water and $645 million for the partnership [36] - The company aims to reduce leverage and improve credit ratings while pursuing organic growth opportunities [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in catching up on preferred arrearages quicker than anticipated, with plans to make the remaining payments soon [8][34] - The company is optimistic about future EBITDA growth, particularly from the Delaware Water Solutions business [36] - Management highlighted the importance of maintaining flexibility in capital structure and addressing debt maturities [9][28] Other Important Information - The company announced the expansion of the LEX produced water pipeline system, increasing capacity from 140,000 barrels per day to 340,000 barrels per day [4][5] - A new five-year MVC was established with a counterparty, releasing $18 million to $20 million in working capital [3] Q&A Session Summary Question: What is the expected working capital change for the fourth quarter? - Management anticipates a working capital number around $40 million to $50 million by March 31 [19] Question: Can you provide an update on the ABL balance? - The ABL balance is expected to be around $50 million for the fourth quarter [39] Question: What are the priorities between paying off preferreds and common distributions? - Management indicated a commitment to addressing preferred arrearages while also pursuing growth projects, ensuring both can be managed simultaneously [44] Question: Will oil skimming daily volumes grow in fiscal '25? - Management confirmed that the relationship between skim and disposal volumes should hold for fiscal '25 [45] Question: Can you provide details on the new pipeline expansion's MVC length and returns? - The new MVC is a five-year commitment, and while specific returns cannot be disclosed, management expressed confidence in attractive returns due to existing right-of-way advantages [74]

TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE:NGL) (“NGL,” “we,” “us,” “our,” or the “Partnership”) today reported its third quarter Fiscal 2024 financial results. Highlights include: Net income for the third quarter of Fiscal 2024 of $45.8 million, compared to net income of $59.0 million for the third quarter of Fiscal 2023 which included income of $29.5 million from the settlement of a dispute Adjusted EBITDA(1) for the third quarter of Fiscal 2024 of $151.7 million, compared to $193.3 ...

TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE: NGL or the “Partnership”) announced today that the Board of Directors of its general partner declared a distribution of 50% of the arrearages earned and outstanding through December 31, 2023 to be paid to the holders of the Partnership’s 12.806% Class B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class B Preferred Units”) and the 9.625% Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Cl ...

NGL Energy Partners LP (NGL) is set to release fiscal third-quarter 2024 results on Feb 8. The current Zacks Consensus Estimate for the to-be-reported quarter is a profit of 3 cents per share on revenues of $2.1 billion.Let’s delve into the factors that might have influenced the diversified energy master limited partnership’s performance in the December quarter. But it’s worth taking a look at NGL’s previous-quarter performance first.Highlights of Q2 Earnings & Surprise HistoryIn the last reported quarter, ...

TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE: NGL) (“NGL”) through its wholly owned subsidiaries NGL Energy Operating LLC and NGL Energy Finance Corp., closed $2.9 billion of refinancing transactions, consisting of their previously announced $2.2 billion senior secured notes offering of $900 million in aggregate principal amount of 8.125% senior secured notes due 2029 and $1.3 billion in aggregate principal amount of 8.375% senior secured notes due 2032, and a seven-year $700.0 million senior ...

TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE: NGL) announced today that it plans to issue its fiscal third quarter ended December 31, 2023 earnings press release post-market close on Thursday, February 8, 2024. Members of NGL’s management team intend to host an earnings call following this release on Thursday, February 8, 2024 at 4:00 pm CT to discuss its financial results. Analysts, investors, and other interested parties may join the webcast via the event link: https://www.webcaster4.com/We ...

TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE: NGL) (“NGL”), through its wholly owned subsidiaries NGL Energy Operating LLC and NGL Energy Finance Corp., today announced the upsizing of their senior secured notes offering from $2.1 billion to $2.2 billion and have priced $900 million in aggregate principal amount of 8.125% senior secured notes due 2029 (the “2029 Notes”) and $1.3 billion in aggregate principal amount of 8.375% senior secured notes due 2032 (the “2032 Notes” and, together with ...

TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE: NGL) (“NGL”), through its wholly owned subsidiaries NGL Energy Operating LLC and NGL Energy Finance Corp., today announced that they intend to offer, subject to market and other conditions, $2.1 billion in aggregate principal amount of senior secured notes due 2029 and senior secured notes due 2032 (together, the “Notes”). NGL expects to use the net proceeds of the offering, together with the borrowings under a new seven-year $700.0 million senior ...