NGL Energy Partners LP (NYSE:NGL) (“NGL,” “we,” “us,” “our,” or
the “Partnership”) today reported its first quarter Fiscal 2025
financial results. Highlights include:
- Net income for the first quarter of Fiscal 2025 of $10.5
million, compared to net income of $19.6 million for the first
quarter of Fiscal 2024
- Adjusted EBITDA(1) for the first quarter of Fiscal 2025 of
$144.3 million, compared to $134.7 million for the first quarter of
Fiscal 2024
- On April 4, 2024, the board of directors of our general partner
declared a cash distribution of 55.4% of the outstanding
distribution arrearages through the quarter ended March 31, 2024 to
the holders of the Class B preferred units, the Class C preferred
units and the Class D preferred units. The total distribution of
$120.0 million was made on April 18, 2024 to the holders of record
at the close of trading on April 12, 2024.
- On April 9, 2024, the board of directors of our general partner
declared a cash distribution to fully pay the remaining
distribution arrearages and interest through the quarter ended
March 31, 2024 to the holders of the Class B preferred units, the
Class C preferred units and the Class D preferred units. The total
distribution of $98.1 million was made on April 25, 2024 to the
holders of record at the close of trading on April 19, 2024.
- During April and May 2024, we closed on the sale of two ranches
located in Eddy and Lea Counties, New Mexico for consideration of
$69.3 million, including working capital and the sale of certain
saltwater disposal assets in the Delaware Basin and certain real
estate located in Lea County, New Mexico for additional
consideration of approximately $12.2 million.
- On June 5, 2024, the board of directors of our general partner
authorized a common unit repurchase program, under which we may
repurchase up to $50.0 million of our outstanding common units from
time to time in the open market or in other privately negotiated
transactions. This program does not have a fixed expiration
date.
Highlight for the period subsequent to June 30, 2024:
- On August 5, 2024, we amended the Term Loan B agreement to
reduce the SOFR margin from 4.50% to 3.75%.
“We have had a strong start to Fiscal 2025 with $144.3 million
in Adjusted EBITDA(1) in the first quarter. We are reaffirming our
guidance for Fiscal 2025 with Water Solutions Adjusted EBITDA(2) to
a range of $550 - $560 million and full year consolidated Adjusted
EBITDA(2) of $665 million. Our focus remains on continued balance
sheet improvement by reducing absolute debt and leverage, plus the
completion of the LEX II pipeline,” stated Mike Krimbill.
___________________________________ (1)
See the “Non-GAAP Financial Measures”
section of this release for the definition of Adjusted EBITDA (as
used herein) and a discussion of this non-GAAP financial
measure.
(2)
Certain of the forward-looking financial
measures are provided on a non-GAAP basis. A reconciliation of
forward-looking financial measures to the most directly comparable
financial measures calculated and presented in accordance with GAAP
is potentially misleading and not practical given the difficulty of
projecting event driven transactional and other non-core operating
items in any future period. The magnitude of these items, however,
may be significant.
Quarterly Results of Operations
The following table summarizes operating income (loss) and
Adjusted EBITDA(1) by reportable segment for the periods
indicated:
Quarter Ended
June 30, 2024
June 30, 2023
Operating Income
(Loss)
Adjusted EBITDA(1)
Operating Income
(Loss)
Adjusted EBITDA(1)
(in thousands)
Water Solutions
$
84,358
$
125,603
$
69,331
$
123,194
Crude Oil Logistics
14,089
18,635
17,007
23,791
Liquids Logistics
(11,550
)
11,458
7,831
4,749
Corporate and Other
(11,946
)
(11,354
)
(22,149
)
(17,079
)
Total
$
74,951
$
144,342
$
72,020
$
134,655
Water Solutions
Operating income for the Water Solutions segment increased by
$15.0 million for the quarter ended June 30, 2024, compared to the
quarter ended June 30, 2023. The Partnership processed
approximately 2.47 million barrels of produced water per day during
the quarter ended June 30, 2024, a 0.3% increase when compared to
approximately 2.46 million barrels of water per day processed
during the quarter ended June 30, 2023. The decrease in water
disposal services fees was primarily due to lower fees for produced
water processed during the quarter due to rate changes for certain
existing contracts, the expiration of certain higher fee per barrel
contracts which were replaced with lower fee per barrel contracts
with an extended term and higher volumes received under contracts
with lower fees per barrel. Also contributing to the decrease were
lower produced water volumes processed mainly in the DJ Basin as
certain producers reused their water in their operations. These
decreases were partially offset by an increase in produced water
volumes processed from contracted customers in the Eagle Ford and
Delaware Basins and higher fees charged for interruptible spot
volumes. There was also an increase in payments made by certain
producers for committed volumes not delivered.
Revenues from recovered skim oil, including the impact from
realized skim oil hedges, totaled $30.7 million for the quarter
ended June 30, 2024, an increase of $7.7 million from the prior
year period. The increase was due primarily to an increase in skim
oil barrels sold as a result of higher skim oil recovered from
increased produced water processed and higher realized crude oil
prices received from the sale of skim oil barrels. While the amount
of skim oil recovered in the prior year quarter was in line with
historical averages, a certain amount of skim oil barrels was
stored due to tighter pipeline specifications which reduced the
amount of skim oil sold during the prior year quarter.
Operating expenses in the Water Solutions segment decreased $2.3
million for the quarter ended June 30, 2024, compared to the
quarter ended June 30, 2023 due primarily to lower chemical expense
due to purchasing fewer chemicals and using chemicals more
efficiently and lower repairs and maintenance expense due to the
timing of repairs and tank cleaning. Operating expense per produced
barrel processed was $0.24 for the quarter ended June 30, 2024,
compared to $0.25 in the comparative quarter last year.
Crude Oil Logistics
Operating income for the Crude Oil Logistics segment decreased
by $2.9 million for the quarter ended June 30, 2024, compared to
the quarter ended June 30, 2023. Product margin for crude oil sales
decreased year over year primarily due to lower sales volumes from
lower production volumes on acreage dedicated to us in the DJ
Basin. The decrease in product margin from crude oil sales was
partially offset by higher tariff revenue on the Grand Mesa
Pipeline from signing on a new shipper during the open season that
ended on January 5, 2024 and higher price and quality differentials
realized in the current quarter. During the quarter ended June 30,
2024, physical volumes on the Grand Mesa Pipeline averaged
approximately 63,000 barrels per day, compared to approximately
72,000 barrels per day for the quarter ended June 30, 2023.
Liquids Logistics
Operating income for the Liquids Logistics segment decreased by
$19.4 million for the quarter ended June 30, 2024, compared to the
quarter ended June 30, 2023. Product margins (excluding the impact
of derivatives) for refined products were lower as the supply
issues seen in certain markets in the prior year, resulting in
higher margins, were resolved and supply and demand were more in
balance and lower propane margins due to lower demand. This was
partially offset by an increase in butane margins due to the higher
demand for butane blending. Also the butane margins for the quarter
ended June 30, 2023 included a lower of cost or net realizable
value adjustment of $5.4 million. During the quarter ended June 30,
2024, we recorded net derivative losses of $15.0 million compared
to derivative gains of $9.9 million during the quarter ended June
30, 2023.
Corporate and Other
The operating loss for Corporate and Other was lower by $10.2
million for the quarter ended June 30, 2024, compared to the
quarter ended June 30, 2023. The decrease related to lower general
and administration expenses due to the timing of incentive
compensation payments compared to the prior year, the elimination
of share-based compensation expense due to all outstanding
long-term incentive plan awards being fully vested in November 2023
and lower legal expenses. Also, there was a decrease due to a
derivative loss during the quarter ended June 30, 2023 of $4.2
million.
Capitalization and Liquidity
Total liquidity (cash plus available capacity on our asset-based
revolving credit facility (“ABL Facility”)) was approximately
$348.7 million as of June 30, 2024. Borrowings on the Partnership’s
ABL Facility totaled approximately $169.0 million as of June 30,
2024, as we funded certain capital projects and began to build
inventory for the blending and heating seasons.
The Partnership is in compliance with all of its debt covenants
and has no upcoming debt maturities.
First Quarter Conference Call Information
A conference call to discuss NGL’s results of operations is
scheduled for 4:00 pm Central Time on Thursday, August 8, 2024.
Analysts, investors, and other interested parties may join the
webcast via the event link:
https://www.webcaster4.com/Webcast/Page/2808/50965 or by dialing
(844) 369-8770 and providing conference code: NGL Energy Partners.
An archived audio replay of the call will be available for 14 days,
which can be accessed by dialing (877) 481-4010 and providing
replay passcode 50965.
Non-GAAP Financial Measures
We define EBITDA as net income (loss) attributable to NGL Energy
Partners LP, plus interest expense, income tax expense (benefit),
and depreciation and amortization expense. We define Adjusted
EBITDA as EBITDA excluding net unrealized gains and losses on
derivatives, lower of cost or net realizable value adjustments,
gains and losses on disposal or impairment of assets, gains and
losses on early extinguishment of liabilities, equity-based
compensation expense, revaluation of liabilities and other. EBITDA
and Adjusted EBITDA should not be considered as alternatives to net
income, income before income taxes, cash flows from operating
activities, or any other measure of financial performance
calculated in accordance with GAAP, as those items are used to
measure operating performance, liquidity or the ability to service
debt obligations. We believe that EBITDA provides additional
information to investors for evaluating our ability to make
quarterly distributions to our unitholders and is presented solely
as a supplemental measure. We believe that Adjusted EBITDA provides
additional information to investors for evaluating our financial
performance without regard to our financing methods, capital
structure and historical cost basis. Further, EBITDA and Adjusted
EBITDA, as we define them, may not be comparable to EBITDA,
Adjusted EBITDA, or similarly titled measures used by other
entities.
For purposes of our Adjusted EBITDA calculation, we make a
distinction between realized and unrealized gains and losses on
derivatives. During the period when a derivative contract is open,
we record changes in the fair value of the derivative as an
unrealized gain or loss. When a derivative contract matures or is
settled, we reverse the previously recorded unrealized gain or loss
and record a realized gain or loss. In our Crude Oil Logistics
segment, we purchase certain crude oil barrels using the West Texas
Intermediate (“WTI”) calendar month average (“CMA”) price and sell
the crude oil barrels using the WTI CMA price plus the Argus CMA
Differential Roll Component (“CMA Differential Roll”) per our
contracts. To eliminate the volatility of the CMA Differential
Roll, we entered into derivative instrument positions in January
2021 to secure a margin of approximately $0.20 per barrel on 1.5
million barrels per month from May 2021 through December 2023. Due
to the nature of these positions, the cash flow and earnings
recognized on a GAAP basis differed from period to period depending
on the current crude oil price and future estimated crude oil price
which were valued utilizing third-party market quoted prices. We
recognized in Adjusted EBITDA the gains and losses from the
derivative instrument positions entered into in January 2021 to
properly align with the physical margin we hedged each month
through the term of this transaction. This representation aligns
with management’s evaluation of the transaction. The derivative
instrument positions we entered into related to the CMA
Differential Roll expired as of December 31, 2023, and we have not
entered into any new derivative instrument positions related to the
CMA Differential Roll.
As previously reported, for purposes of our Adjusted EBITDA
calculation, we did not draw a distinction between realized and
unrealized gains and losses on derivatives of certain businesses
within our Liquids Logistics segment. The primary hedging strategy
of these businesses is to hedge against the risk of declines in the
value of inventory over the course of the contract cycle, and many
of the hedges cover extended periods of time. The “inventory
valuation adjustment” row in the reconciliation table reflects the
difference between the market value of the inventory of these
businesses at the balance sheet date and its cost. We include this
in Adjusted EBITDA because the unrealized gains and losses
associated with derivative contracts associated with the inventory
of this segment, which are intended primarily to hedge inventory
holding risk and are included in net income, also affect Adjusted
EBITDA. Beginning April 1, 2024, and going forward, we will now be
drawing a distinction between realized and unrealized gains and
losses on derivatives and no longer include the activity on the
“inventory valuation adjustment” row in the reconciliation table
for these certain businesses within our Liquids Logistics segment.
This change aligns with how management now views and evaluates the
transactions within these businesses and is also consistent with
the calculation of Adjusted EBITDA used in our other businesses. If
this change was made as of April 1, 2023, Adjusted EBITDA for the
three months ended June 30, 2023 would have been $136.0
million.
Distributable Cash Flow is defined as Adjusted EBITDA minus
maintenance capital expenditures, income tax expense, cash interest
expense, preferred unit distributions and other. Maintenance
capital expenditures represent capital expenditures necessary to
maintain the Partnership’s operating capacity. For the CMA
Differential Roll transaction, as discussed above, we have included
an adjustment to Distributable Cash Flow to reflect, in the period
for which they relate, the actual cash flows for the positions that
settled that are not being recognized in Adjusted EBITDA.
Distributable Cash Flow is a performance metric used by senior
management to compare cash flows generated by the Partnership
(excluding growth capital expenditures and prior to the
establishment of any retained cash reserves by the board of
directors of our general partner) to the cash distributions
expected to be paid to unitholders. Using this metric, management
can quickly compute the coverage ratio of estimated cash flows to
planned cash distributions. This financial measure also is
important to investors as an indicator of whether the Partnership
is generating cash flow at a level that can sustain, or support an
increase in, quarterly distribution rates. Actual distribution
amounts are set by the board of directors of our general
partner.
We do not provide a reconciliation for non-GAAP estimates on a
forward-looking basis where we are unable to provide a meaningful
calculation or estimation of reconciling items and the information
is not available without unreasonable effort. This is due to the
inherent difficulty of forecasting the timing or amount of various
items that would impact the most directly comparable
forward-looking U.S. GAAP financial measure that have not yet
occurred, are out of the Partnership’s control and/or cannot be
reasonably predicted. Forward-looking non-GAAP financial measures
provided without the most directly comparable U.S. GAAP financial
measures may vary materially from the corresponding U.S. GAAP
financial measures.
Forward-Looking Statements
This press release includes “forward-looking statements.” All
statements other than statements of historical facts included or
incorporated herein may constitute forward-looking statements.
Actual results could vary significantly from those expressed or
implied in such statements and are subject to a number of risks and
uncertainties. While NGL believes such forward-looking statements
are reasonable, NGL cannot assure they will prove to be correct.
The forward-looking statements involve risks and uncertainties that
affect operations, financial performance, and other factors as
discussed in filings with the Securities and Exchange Commission.
Other factors that could impact any forward-looking statements are
those risks described in NGL’s Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q, and other public filings. You are
urged to carefully review and consider the cautionary statements
and other disclosures made in those filings, specifically those
under the heading “Risk Factors.” NGL undertakes no obligation to
publicly update or revise any forward-looking statements except as
required by law.
NGL provides Adjusted EBITDA guidance that does not include
certain charges and costs, which in future periods are generally
expected to be similar to the kinds of charges and costs excluded
from Adjusted EBITDA in prior periods, such as income taxes,
interest and other non-operating items, depreciation and
amortization, net unrealized gains and losses on derivatives, lower
of cost or net realizable value adjustments, gains and losses on
disposal or impairment of assets, gains and losses on early
extinguishment of liabilities, equity-based compensation expense,
acquisition expense, revaluation of liabilities and items that are
unusual in nature or infrequently occurring. The exclusion of these
charges and costs in future periods will have a significant impact
on the Partnership’s Adjusted EBITDA, and the Partnership is not
able to provide a reconciliation of its Adjusted EBITDA guidance to
net income (loss) without unreasonable efforts due to the
uncertainty and variability of the nature and amount of these
future charges and costs and the Partnership believes that such
reconciliation, if possible, would imply a degree of precision that
would be potentially confusing or misleading to investors.
About NGL Energy Partners LP
NGL Energy Partners LP, a Delaware master limited partnership,
is a diversified midstream energy partnership that transports,
treats, recycles and disposes of produced and flowback water
generated as part of the energy production process as well as
transports, stores, markets and provides other logistics services
for crude oil and liquid hydrocarbons.
For further information, visit the Partnership’s website at
www.nglenergypartners.com.
NGL ENERGY PARTNERS LP AND
SUBSIDIARIES
Unaudited Condensed
Consolidated Balance Sheets
(in Thousands, except unit
amounts)
June 30, 2024
March 31, 2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
5,269
$
38,909
Accounts receivable-trade, net of
allowance for expected credit losses of $2,173 and $1,671,
respectively
752,392
814,087
Accounts receivable-affiliates
1,501
1,501
Inventories
158,710
130,907
Prepaid expenses and other current
assets
72,385
126,933
Assets held for sale
—
66,597
Total current assets
990,257
1,178,934
PROPERTY, PLANT AND EQUIPMENT, net of
accumulated depreciation of $1,049,187 and $1,011,274,
respectively
2,125,421
2,096,702
GOODWILL
634,282
634,282
INTANGIBLE ASSETS, net of accumulated
amortization of $347,932 and $332,560, respectively
928,687
939,978
INVESTMENTS IN UNCONSOLIDATED ENTITIES
19,219
20,305
OPERATING LEASE RIGHT-OF-USE ASSETS
91,544
97,155
OTHER NONCURRENT ASSETS
50,169
52,738
Total assets
$
4,839,579
$
5,020,094
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable-trade
$
627,714
$
707,536
Accounts payable-affiliates
6
37
Accrued expenses and other payables
175,513
213,757
Advance payments received from
customers
25,439
17,313
Current maturities of long-term debt
7,846
7,000
Operating lease obligations
28,033
31,090
Liabilities held for sale
—
614
Total current liabilities
864,551
977,347
LONG-TERM DEBT, net of debt issuance costs
of $47,337 and $49,178, respectively, and current maturities
3,018,427
2,843,822
OPERATING LEASE OBLIGATIONS
67,270
70,573
OTHER NONCURRENT LIABILITIES
124,067
129,185
CLASS D 9.00% PREFERRED UNITS, 600,000 and
600,000 preferred units issued and outstanding, respectively
551,097
551,097
REDEEMABLE NONCONTROLLING INTEREST
174
—
EQUITY:
General partner, representing a 0.1%
interest, 132,645 and 132,645 notional units, respectively
(52,853
)
(52,834
)
Limited partners, representing a 99.9%
interest, 132,512,766 and 132,512,766 common units issued and
outstanding, respectively
(101,095
)
134,807
Class B preferred limited partners,
12,585,642 and 12,585,642 preferred units issued and outstanding,
respectively
305,468
305,468
Class C preferred limited partners,
1,800,000 and 1,800,000 preferred units issued and outstanding,
respectively
42,891
42,891
Accumulated other comprehensive loss
(523
)
(499
)
Noncontrolling interests
20,105
18,237
Total equity
213,993
448,070
Total liabilities and equity
$
4,839,579
$
5,020,094
NGL ENERGY PARTNERS LP AND
SUBSIDIARIES
Unaudited Condensed
Consolidated Statements of Operations
(in Thousands, except unit and
per unit amounts)
Three Months Ended June
30,
2024
2023
REVENUES:
Water Solutions
$
181,410
$
181,302
Crude Oil Logistics
280,103
464,390
Liquids Logistics
925,746
970,412
Total Revenues
1,387,259
1,616,104
COST OF SALES:
Water Solutions
1,000
2,569
Crude Oil Logistics
249,497
425,299
Liquids Logistics
922,711
947,247
Corporate and Other
—
4,214
Total Cost of Sales
1,173,208
1,379,329
OPERATING COSTS AND EXPENSES:
Operating
72,533
76,681
General and administrative
15,014
20,291
Depreciation and amortization
62,219
68,979
Gain on disposal or impairment of assets,
net
(10,666
)
(1,196
)
Operating Income
74,951
72,020
OTHER INCOME (EXPENSE):
Equity in earnings of unconsolidated
entities
300
91
Interest expense
(69,739
)
(59,522
)
Gain on early extinguishment of
liabilities, net
—
6,808
Other income, net
167
306
Income Before Income Taxes
5,679
19,703
INCOME TAX BENEFIT (EXPENSE)
4,796
(140
)
Net Income
10,475
19,563
LESS: NET INCOME ATTRIBUTABLE TO
NONCONTROLLING INTERESTS
(792
)
(262
)
NET INCOME ATTRIBUTABLE TO NGL ENERGY
PARTNERS LP
$
9,683
$
19,301
NET LOSS ALLOCATED TO COMMON
UNITHOLDERS
$
(19,112
)
$
(14,482
)
BASIC AND DILUTED LOSS PER COMMON UNIT
$
(0.14
)
$
(0.11
)
BASIC AND DILUTED WEIGHTED AVERAGE COMMON
UNITS OUTSTANDING
132,512,766
131,927,343
EBITDA, ADJUSTED EBITDA AND
DISTRIBUTABLE CASH FLOW RECONCILIATION
(Unaudited)
The following table reconciles NGL’s net
income to NGL’s EBITDA, Adjusted EBITDA and Distributable Cash Flow
for the periods indicated:
Three Months Ended June
30,
2024
2023
(in thousands)
Net income
$
10,475
$
19,563
Less: Net income attributable to
noncontrolling interests
(792
)
(262
)
Net income attributable to NGL Energy
Partners LP
9,683
19,301
Interest expense
69,738
59,536
Income tax (benefit) expense
(4,796
)
140
Depreciation and amortization
61,849
68,921
EBITDA
136,474
147,898
Net unrealized losses (gains) on
derivatives
17,956
(632
)
Lower of cost or net realizable value
adjustments
(330
)
2,764
Gain on disposal or impairment of assets,
net
(10,666
)
(1,196
)
CMA Differential Roll net losses (gains)
(1)
—
(9,137
)
Inventory valuation adjustment (2)
—
336
Gain on early extinguishment of
liabilities, net
—
(6,808
)
Equity-based compensation expense
—
474
Other (3)
908
956
Adjusted EBITDA
$
144,342
$
134,655
Less: Cash interest expense (4)
67,218
55,411
Less: Income tax (benefit) expense
(4,796
)
140
Less: Maintenance capital expenditures
22,804
16,527
Less: CMA Differential Roll (5)
—
(10,695
)
Less: Preferred unit distributions
paid
218,091
—
Less: Other (6)
65
218
Distributable Cash Flow
$
(159,040
)
$
73,054
______________
(1) Adjustment to align, within Adjusted
EBITDA, the net gains and losses of the Partnership’s CMA
Differential Roll derivative instruments positions with the
physical margin being hedged. See “Non-GAAP Financial Measures”
section above for a further discussion.
(2) Amount represents the difference
between the market value of the inventory at the balance sheet date
and its cost. See “Non-GAAP Financial Measures” section above for a
further discussion.
(3) Amounts represent accretion expense
for asset retirement obligations and expenses incurred related to
legal and advisory costs associated with acquisitions and
dispositions. Also, the amount for the three months ended June 30,
2023 included unrealized gains/losses on marketable securities.
(4) Amounts represent interest expense
payable in cash, excluding changes in the accrued interest
balance.
(5) Amounts represent the cash portion of
the adjustments of the Partnership’s CMA Differential Roll
derivative instrument positions, as discussed above, that settled
during the period.
(6) Amounts represent cash paid to settle
asset retirement obligations.
ADJUSTED EBITDA RECONCILIATION BY
SEGMENT
Three Months Ended June 30,
2024
Water Solutions
Crude Oil
Logistics
Liquids
Logistics
Corporate and
Other
Consolidated
(in thousands)
Operating income (loss)
$
84,358
$
14,089
$
(11,550
)
$
(11,946
)
$
74,951
Depreciation and amortization
52,712
6,441
2,411
655
62,219
Amortization recorded to cost of sales
—
—
65
—
65
Net unrealized (gains) losses on
derivatives
(861
)
(1,980
)
20,797
—
17,956
Lower of cost or net realizable value
adjustments
—
—
(330
)
—
(330
)
(Gain) loss on disposal or impairment of
assets, net
(10,696
)
30
—
—
(10,666
)
Other income, net
106
2
22
37
167
Adjusted EBITDA attributable to
unconsolidated entities
387
—
(16
)
—
371
Adjusted EBITDA attributable to
noncontrolling interest
(1,314
)
—
—
—
(1,314
)
Other
911
53
59
(100
)
923
Adjusted EBITDA
$
125,603
$
18,635
$
11,458
$
(11,354
)
$
144,342
Three Months Ended June 30,
2023
Water Solutions
Crude Oil
Logistics
Liquids
Logistics
Corporate and
Other
Consolidated
(in thousands)
Operating income (loss)
$
69,331
$
17,007
$
7,831
$
(22,149
)
$
72,020
Depreciation and amortization
54,423
9,746
3,214
1,596
68,979
Amortization recorded to cost of sales
—
—
65
—
65
Net unrealized losses (gains) on
derivatives
—
5,135
(8,719
)
2,952
(632
)
CMA Differential Roll net losses
(gains)
—
(9,137
)
—
—
(9,137
)
Inventory valuation adjustment
—
—
336
—
336
Lower of cost or net realizable value
adjustments
—
—
2,764
—
2,764
(Gain) loss on disposal or impairment of
assets, net
(1,281
)
896
(811
)
—
(1,196
)
Equity-based compensation expense
—
—
—
474
474
Other income, net
180
106
1
19
306
Adjusted EBITDA attributable to
unconsolidated entities
227
—
(5
)
44
266
Adjusted EBITDA attributable to
noncontrolling interest
(546
)
—
—
—
(546
)
Other
860
38
73
(15
)
956
Adjusted EBITDA
$
123,194
$
23,791
$
4,749
$
(17,079
)
$
134,655
OPERATIONAL DATA
(Unaudited)
Three Months Ended
June 30,
2024
2023
(in thousands, except per day
amounts)
Water Solutions:
Produced water processed (barrels per
day)
Delaware Basin
2,161,362
2,153,059
Eagle Ford Basin
176,306
132,934
DJ Basin
127,698
169,494
Other Basins
—
2,978
Total
2,465,366
2,458,465
Recycled water (barrels per day)
104,432
99,436
Total (barrels per day)
2,569,798
2,557,901
Skim oil sold (barrels per day)
4,425
3,710
Crude Oil Logistics:
Crude oil sold (barrels)
3,174
6,007
Crude oil transported on owned pipelines
(barrels)
5,713
6,563
Crude oil storage capacity - owned and
leased (barrels) (1)
5,232
5,232
Crude oil inventory (barrels) (1)
524
685
Liquids Logistics:
Refined products sold (gallons)
199,949
220,087
Propane sold (gallons)
112,504
139,753
Butane sold (gallons)
95,189
78,489
Other products sold (gallons)
86,807
91,099
Natural gas liquids and refined products
storage capacity - owned and leased (gallons) (1)
130,441
158,124
Refined products inventory (gallons)
(1)
1,806
504
Propane inventory (gallons) (1)
55,676
87,423
Butane inventory (gallons) (1)
52,667
69,632
Other products inventory (gallons) (1)
15,744
12,452
______________
(1) Information is presented as of June
30, 2024 and June 30, 2023, respectively.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240808447101/en/
David Sullivan, 918-495-4631 Vice President - Finance
David.Sullivan@nglep.com
Grafico Azioni NGL Energy Partners (NYSE:NGL)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni NGL Energy Partners (NYSE:NGL)
Storico
Da Dic 2023 a Dic 2024