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.

NGL Energy Partners LP (NYSE:NGL) announced plans to redeem $203.4 million of its 7.5% Senior Notes due 2023. On March 31, 2023, holders will receive 100% of the principal amount plus any accrued interest. This redemption signifies the complete extinguishment of the Notes, as interest will cease to accrue after the Redemption Date. NGL cautions that forward-looking statements made in the release are subject to various risks and uncertainties that could significantly affect operations and financial performance, as detailed in their public filings.

NGL Energy Partners LP (NYSE:NGL) has permanently increased its Asset-Based Lending (ABL) Facility to $600 million. This amendment, effective from April 13, 2022, allows for greater financial flexibility to support growth, especially in the Water Solutions segment. The additional commitments will revert to $500 million by March 31, 2023, with the extended maturity for the extra $100 million lasting until February 2026. CFO Brad Cooper noted that this move aligns with a higher commodity price environment.

NGL Energy Partners LP (NYSE:NGL) reported strong financial results for the third quarter of Fiscal 2023, with a net income of $59 million, reversing a loss of $19 million from the previous year. For the first nine months, the partnership achieved a net income of $85.7 million compared to a loss of $154.7 million in the same period of Fiscal 2022.

The Water Solutions segment achieved record quarterly Adjusted EBITDA of $121.7 million, marking a 47.1% year-over-year increase. Produced water volumes processed reached approximately 2.43 million barrels per day, a 31.9% increase from last year. The company is raising its Water Solutions Adjusted EBITDA guidance for Fiscal 2023 to over $440 million.

NGL Energy Partners LP (NYSE: NGL) will release its fiscal third quarter earnings for the period ending December 31, 2022, on February 9, 2023, post-market close. An earnings call is scheduled for the same day at 4:30 PM CT, where management will discuss the financial results. Interested parties can join the call via a provided webcast link or by phone. The company operates as a diversified midstream energy firm, handling various logistics services for crude oil, natural gas liquids, and produced water management.