This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

NGL Energy Partners LP Announces Third Quarter Results And Filing Of Form 10-Q

NGL Energy Partners LP (NYSE:NGL) today reported net income of $40.5 million and Adjusted EBITDA of $73.2 million for the three months ended December 31, 2012. Net income per limited partner common unit for the quarter was $0.75. General and administrative expenses during the quarter ended December 31, 2012 included $0.8 million of costs related to acquisitions.

NGL’s Chief Executive Officer, H. Michael Krimbill, said, “We are pleased to announce Adjusted EBITDA results exceeding prior guidance for the quarter. We completed a number of acquisitions during the quarter that further enhanced our ability to provide customers with a full range of services from wellhead to the end market. Going forward our focus will also include internal growth projects, many of which have been initiated in fiscal 2013 and will contribute to results in fiscal 2014.”

During the three months ended December 31, 2012, NGL completed several acquisitions, including:

  • The November 2012 acquisition of certain entities that conduct crude oil purchasing and logistics operations in Texas and New Mexico;
  • The December 2012 acquisition of a barge transportation business;
  • The acquisition of two retail propane businesses; and
  • The acquisition of three water services and crude oil logistics businesses.

For the nine months ended December 31, 2012, NGL reported net income of $25.8 million and Adjusted EBITDA of $93.1 million. Net income per limited partner common unit for the nine months ended December 31, 2012 was $0.53. General and administrative expenses during the nine months ended December 31, 2012 included $5.2 million of costs related to acquisitions.

On January 24, 2013, NGL announced that the Board of Directors of its general partner increased the quarterly cash distribution for the third fiscal quarter ended December 31, 2012, by $.0125 to $0.4625 per outstanding limited partner unit from $0.45 per unit, resulting in an annualized cash distribution of $1.85 per unit. This distribution was paid on February 14, 2013, to unitholders of record entitled to receive the distribution at the close of business on February 4, 2013. This is the fifth consecutive quarter NGL has increased its cash distribution since its initial public offering in May 2011.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs