Ngl Energy Partners Lp Stock Price, News & Analysis

NGL Energy Partners LP (NYSE:NGL) reported a significant loss of $380.4 million for Q3 fiscal 2021, largely due to a $383.6 million goodwill impairment linked to bankruptcy-related contract rejections by Extraction Oil & Gas. The partnership achieved adjusted EBITDA of $125 million, down from $200.5 million a year prior, impacted by lower demand in its Liquids segment due to COVID-19. A global settlement with Extraction includes a long-term supply agreement and a $35 million payment. NGL also announced a $2.05 billion senior secured notes offering to improve liquidity, temporarily suspending unit distributions until leverage targets are met.

NGL Energy Partners LP (NYSE: NGL) has successfully closed a refinancing deal totaling $2.55 billion, securing 7.5% senior secured notes due 2026 and a new $500 million asset-based revolving credit facility. Proceeds will be utilized to eliminate existing debts and enhance liquidity, with $340 million currently available under the ABL Facility. However, the Partnership will suspend common and preferred unit distributions until a leverage ratio below 4.75x is achieved, aiming to strengthen its financial position. The deal is expected to improve NGL's liquidity and operational flexibility.

NGL Energy Partners LP (NYSE: NGL) has priced a private offering of $2.05 billion in senior secured notes due 2026. The offering is exempt from registration under the Securities Act. Proceeds will be used to repay debt from existing credit facilities and cover associated fees. The notes will carry an interest rate of 7.500% per annum, with payments starting August 1, 2021. The offering is geared towards qualified institutional buyers, with an expected closing date of February 4, 2021. NGL emphasizes that this press release does not constitute an offer to sell securities.

NGL Energy Partners LP (NYSE: NGL) announced plans to offer $2.05 billion in senior secured notes due 2026. The funds will be utilized to repay current borrowings, including the existing revolving credit facility and a $250 million term credit agreement, in addition to covering associated fees and expenses. The notes will be offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S. This offering has not been registered under the Securities Act, thus limiting its availability in the U.S.

NGL Energy Partners LP (NYSE: NGL) has declared a quarterly distribution of $15.6 million for Class D Preferred Units, covering the quarter ending December 31, 2020. The distribution is scheduled for payment on February 12, 2021. This announcement reflects the company's ongoing commitment to its investors amid market fluctuations. The company operates as a diversified midstream energy entity, providing various logistics services for crude oil and natural gas liquids.

NGL Energy Partners LP (NYSE: NGL) announced a global settlement with Extraction Oil and Gas, following its bankruptcy. The settlement includes a new long-term supply agreement with significant acreage dedication in the DJ Basin, allowing NGL to retain and transport crude oil volumes. NGL reinstated Adjusted EBITDA guidance for Fiscal 2021 at $500 million, factoring in an estimated $45 million reduction due to Extraction's bankruptcy. For Fiscal 2022, Adjusted EBITDA guidance is set between $570 million and $600 million, with capital expenditures expected at $100-$125 million.

NGL Energy Partners LP (NYSE: NGL) announced a settlement with Extraction Oil and Gas, Inc. (NYSE: XOG) related to XOG’s bankruptcy proceedings. Grand Mesa Pipeline, a subsidiary of NGL, will retain crude volumes for shipping on its pipeline and receive an unsecured claim expected to generate cash. In exchange, Grand Mesa will support XOG’s bankruptcy plan by withdrawing its objections and appeals. The agreements are subject to Bankruptcy Court approval.

NGL Energy Partners LP (NYSE: NGL) has announced a distribution for the quarter ending December 31, 2020. The Board declared a quarterly distribution of $0.5625 for the 9.00% Class B Preferred Units and $0.60156 for the 9.625% Class C Preferred Units. These distributions will be paid on January 15, 2021, to holders of record as of January 1, 2021. NGL operates as a diversified midstream energy company, offering logistics services for crude oil and natural gas liquids and managing water disposal from oil and gas production.

NGL Energy Partners LP (NYSE:NGL) will participate in the 2020 RBC Midstream Energy Virtual Conference on November 18 and 19, 2020. Members of NGL’s management team are set to engage in multiple virtual meetings with the investment community during this event. The slide presentation for the Conference can be accessed on NGL’s official website under the Investor Relations section. NGL is a diversified midstream energy company, specializing in the transportation, storage, marketing, and logistics of crude oil, natural gas liquids, and produced water disposal.