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 ...

TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE:NGL) (“NGL,” or the “Partnership”) announced today that NGL Water Solutions is commencing expansion of its Lea County Express Pipeline System from a capacity of 140,000 barrels of water per day to 340,000 barrels per day in 2024 (LEX II Expansion). The addition of a second large-diameter pipeline, disposal wells, and facilities will greatly expand the capabilities of NGL’s existing produced water super-system and create a significantly larger outle ...

TULSA, Okla.--(BUSINESS WIRE)--New Term Loan Facility NGL Energy Partners LP (NYSE: NGL) (“Partnership” or “NGL”), together with its wholly owned subsidiary NGL Energy Operating LLC (“NGL Energy Operating”), today announced plans to syndicate a new seven-year $700 million senior secured term loan facility (the “Term Loan Facility”). NGL Energy Operating will be the borrower under the Term Loan Facility. NGL Energy Operating expects to use the net proceeds of the Term Loan Facility, together with proceeds f ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q2 2024 was $176.2 million, up from $142.2 million in Q2 2023, driven largely by strong performance in Water Solutions [4] - The company is reaffirming full-year consolidated adjusted EBITDA guidance of over $645 million [6] Business Line Data and Key Metrics Changes - Water Solutions generated adjusted EBITDA of $140.4 million, a 34% increase compared to the same quarter in fiscal 2023, processing 2.44 million barrels per day, which is a 7.7% increase from the prior year [11] - Liquids Logistics adjusted EBITDA was $17.1 million for the quarter, compared to $16.5 million in Q2 2023, with strong butane blending season performance [18] - Crude Logistics adjusted EBITDA was $30.7 million, down from $32.9 million in Q2 2023, with average Grand Mesa volumes at 70,000 barrels per day [19] Market Data and Key Metrics Changes - The company has seen commodity price volatility and has entered into crude oil costless collars to hedge against oil price swings [4] - Propane volumes were impacted by lower demand due to warmer weather last year, but strong margins have been locked in for the winter months [10] Company Strategy and Development Direction - The company is increasing growth capital expenditures to $100 million from a previous guidance of $65 million, focusing on growth opportunities in the Delaware for Water Solutions [15] - The strategy to reduce absolute debt and leverage continues, with leverage decreasing from 6.11 times to 4.14 times year-over-year [16] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the DJ Basin's growth over the next 12 to 24 months, benefiting from the Grand Mesa Pipeline [5] - The company anticipates paying off the 25 unsecured notes by March 31, 2024, and expects to maintain strong liquidity entering the peak inventory build season for butane and propane [8][17] Other Important Information - The company has reduced absolute debt by approximately $680 million over the last 12 months [16] - Free cash flow will be directed to the balance sheet, with no expectation to reinstate dividends in the current fiscal year [22] Q&A Session Summary Question: Can you break out a sense for the improvement in water EBITDA over the next couple of quarters between volume and margin, specifically about margins? - Management indicated that while average volume remained flat, margins were strong compared to the first quarter, driven by decreasing operational expenses and increased fees based on demand, especially in the Delaware [30][31]

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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, 2023 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) ...