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NGL Energy Partners LP Announces Fiscal 2013 Results And Filing Of Form 10-K

Stocks in this article: NGL

NGL Energy Partners LP (NYSE:NGL) today reported net income of $48.2 million and Adjusted EBITDA of $183.5 million (exclusive of acquisition costs of $5.6 million, which were recorded as general and administrative expenses) for the year ended March 31, 2013. Net income per limited partner common unit for the year was $0.96.

NGL’s Chief Executive Officer, H. Michael Krimbill, said, “We are excited to announce results that continue to exceed our prior guidance for the fiscal year. We are growing our asset base to further enhance our ability to provide customers with a full range of services in our water services, crude oil logistics and natural gas liquids logistics businesses. Highlights include:

  • We completed and integrated thirteen acquisitions during fiscal 2013.
  • We continued our internal growth initiative, spending approximately $59 million for organic growth capital expenditures in fiscal 2013 to expand our water services capacity, natural gas liquids terminal capabilities, and crude oil logistics capabilities.
  • We increased our bank lines of credit to $1.05 billion while improving our leverage ratio to under 3.0x. Our balance sheet remains strong, enabling us to respond quickly to opportunities.
  • We have increased our annual distribution per limited partner unit over 30%, from $1.45 per unit to the current $1.91 per unit.

Looking forward to fiscal 2014:

  • Our Adjusted EBITDA for the year is expected to be in the range of $230-$235 million. This is inclusive of our barge business acquisition at the end of December 2012 as well as the incremental EBITDA from the $59 million of organic growth capital expenditures in fiscal 2013. This does not give effect to acquisitions or organic growth projects that may take place in fiscal 2014.
  • In fiscal 2014 we expect to spend $22 million on maintenance capital expenditures and $60-$70 million on organic growth projects, predominantly in water services and crude oil logistics. In addition, we anticipate acquisition capital expenditures in the range of $300-$500 million.
  • We expect to generate at least $170 million of Adjusted EBITDA less interest expense of $38 million and maintenance capital expenditures of $22 million.
  • With respect to our distribution per common unit, we anticipate a 10-12% increase over the next four quarters”.

NGL also announced that it has filed its annual report on Form 10-K for its fiscal year ended March 31, 2013 with the Securities and Exchange Commission. NGL has posted a copy of the Form 10-K on its website at www.nglenergypartners.com.

A conference call to discuss NGL's results of operations is scheduled for 11:00 a.m. Eastern Time (10:00 a.m. Central Time) on June 14, 2013. Analysts, investors, and other interested parties may access the conference call by dialing (800) 706-7749 and providing access code 61511623. An audio replay of the conference call will be available for 7 days beginning at 12:00 p.m. Eastern Time on June 14, 2013 and can be accessed by dialing (888) 286-8010 and providing access code 97163294.

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