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NGL Energy Partners LP Announces Third Quarter Fiscal 2019 Financial Results
6:35 am ET February 11, 2019 (BusinessWire) Print
NGL Energy Partners LP (NYSE:NGL) ("NGL," "our," "we," or the "Partnership") today reported net income for the quarter ended December31, 2018 of $110.5 million, compared to net income of $56.8 million for the quarter ended December31, 2017.

Highlights include:

-- Adjusted EBITDA for the third quarter of Fiscal 2019 was $132.6 million, compared to $122.6 million for the third quarter of Fiscal 2018; Fiscal 2019 year-to-date Adjusted EBITDA totals $308.3 million

-- Confirms Fiscal 2019 Adjusted EBITDA guidance of $450 million

-- Reduced indebtedness by $462.8 million since March 31, 2018 and significantly improved leverage

-- Redeemed all of our $367.0 million of outstanding 6.875% Senior Notes due 2021 in October 2018 and expects to redeem all outstanding 5.125% Senior Notes due 2019 in March 2019

-- Received approval from lenders to repurchase up to $150 million in common units

-- Growth capital expenditures and other investments totaled approximately $113.2 million during the third fiscal quarter and $303.6 million during the nine months ended December 31, 2018

-- Completed the sale of our Bakken saltwater disposal business for $91 million in gross cash proceeds on November 30, 2018

-- Entered into definitive agreements to sell our South Pecos water disposal assets for $238.8 million and to purchase DCP's natural gas liquids terminal business, both of which are expected to close by March 31, 2019

"We are pleased to announce another strong quarter of results with Adjusted EBITDA for the fiscal third quarter growing to $132.6 million. We are reaffirming our Adjusted EBITDA guidance of $450 million for this fiscal year. The steps we have taken over the past year to focus our business strategy and improve our balance sheet are clearly reflected in our financial results," stated Mike Krimbill, NGL's CEO. "Our compliance leverage is below our 3.25x target while our distribution coverage is improving and we expect will continue to do so. We now have the means and the authority to repurchase a significant amount of our own equity should the opportunity present itself, but we will remain prudent in our allocation of capital and management of our balance sheet. We are focused on delivering significant value to our unitholders now and in the foreseeable future."