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TheStreet Open House

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

NGL Energy Partners LP (NYSE:NGL) today reported increased Adjusted EBITDA of $42.1 million for the three months ended September 30, 2013 (exclusive of $0.8 million of costs related to acquisitions), compared to Adjusted EBITDA of $26.9 million during the three months ended September 30, 2012 (exclusive of $0.6 million of costs related to acquisitions). NGL reported a net loss of $0.9 million for the three months ended September 30, 2013, compared to net income of $10.1 million for the three months ended September 30, 2012. Net loss per limited partner common unit for the three months ended September 30, 2013 was $(0.05), compared to net income per limited partner common unit of $0.18 for the three months ended September 30, 2012.

For the six months ended September 30, 2013, NGL reported increased Adjusted EBITDA of $69.5 million (exclusive of $1.4 million of costs related to acquisitions), compared to an Adjusted EBITDA of $24.3 million during the six months ended September 30, 2012 (exclusive of $4.4 million of costs related to acquisitions). NGL reported a net loss of $18.4 million for the six months ended September 30, 2013, compared to a net loss of $14.6 million for the six months ended September 30, 2012. Net loss per limited partner common unit was $(0.37) for the six months ended September 30, 2013 and for the six months ended September 30, 2012.

NGL’s Chief Executive Officer, H. Michael Krimbill, said, “NGL delivered solid second quarter results in line with our guidance. We continue to make progress toward our goals for fiscal 2014. Highlights include:

  • We reached an agreement to acquire the diversified midstream energy business of Gavilon. We expect this acquisition to close during December 2013.
  • We amended our revolving credit facility in November 2013. This amendment expands the capacity to $1.671 billion, extends the maturity date to late 2018, and reduces the interest rate on our revolving credit facility.
  • We reached an agreement to sell $240 million of common units in a private placement. We expect this sale to close concurrent with the closing of the Gavilon acquisition.
  • We sold $450 million of senior unsecured notes in a private placement during October 2013.
  • We completed eight acquisitions during the quarter ended September 30, 2013, primarily to expand our water services and crude oil logistics businesses. Capital expenditures for these assets approximated $473.6 million, of which $80.6 million represented equity issued to sellers of the acquired businesses.
  • We continued our internal growth initiatives, spending approximately $52.4 million of organic growth capital during the six months ended September 30, 2013, primarily to expand our water services and natural gas liquids terminal capabilities.
  • We completed public offerings of common units in July 2013 and September 2013, selling 14,450,000 common units for net proceeds of approximately $415.1 million.
  • At September 30, 2013, our leverage ratio approximated 2.25x, providing a strong balance sheet, which enables us to respond quickly to opportunities.
  • We increased our distribution per limited partner unit to $0.51125 per unit ($2.045 on an annualized basis), which represents a 3.5% increase over the previous quarter and a 13.6% increase over the same quarter of the prior fiscal year.”

NGL also announced that it has filed its quarterly report on Form 10-Q for its fiscal quarter ended September 30, 2013 with the Securities and Exchange Commission. NGL has posted a copy of the Form 10-Q on its website at www.nglenergypartners.com.

A conference call to discuss NGL's results of operations is scheduled for 3:00pm Eastern Time (2:00pm Central Time) on November 13, 2013. Analysts, investors, and other interested parties may access the conference call by dialing (866) 318-8615 and providing access code 93946282. An audio replay of the conference call will be available for 7 days beginning at 7:00pm Eastern Time (6:00pm Central Time) on November 13, 2013 and can be accessed by dialing (888) 286-8010 and providing access code 54078289.

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