Ngl Energy Partners Lp Stock Price, News & Analysis

NGL Energy Partners LP (NYSE: NGL) has announced that it will release its fiscal fourth quarter earnings results for the period ending March 31, 2023, after market close on May 31, 2023. Following this, management will host an earnings call at 4:30 PM CT on the same day to discuss the financial results. Investors and analysts can access the call through a webcast or by phone. The partnership operates as a diversified midstream energy company, providing transportation, storage, marketing, and logistics services for crude oil and natural gas liquids, as well as treating and disposing of produced water.

NGL Energy Partners LP (NYSE:NGL) has completed a significant Marine asset sale, generating approximately $112 million in cash. This acquisition allowed for the prepayment of a $39 million Marine equipment note, with the remaining funds applied to the ABL balance. As of March 31, 2023, NGL has reduced its total debt to just below $2.9 billion, a decrease of around $600 million since September 30, 2022. The leverage ratio stands at about 4.5 times trailing twelve-month Adjusted EBITDA, showcasing significant financial improvement. The CEO has praised the team for enhancing value and aims to provide future Adjusted EBITDA guidance.

NGL Energy Partners LP (NYSE:NGL) announced the sale of its marine assets for $111.65 million in cash, which is expected to close by the end of this month, subject to customary conditions. The sale includes 13 towboats and 25 tank barges, previously utilized for transporting refined products and crude oil. CEO Mike Krimbill emphasized that the proceeds will significantly assist in reducing the company’s debt by March 31, 2023, aligning with their ongoing strategy to lower leverage. BofA Securities is advising on the transaction, and McAfee & Taft is providing legal counsel.