NGL-Highlights include:
Adjusted EBITDA for the second quarter of Fiscal 2019 was $95.4 million, compared to $90.8 million for the second quarter of Fiscal 2018, an increase of 5.1%
Completed the sale of virtually all of our remaining Retail Propane segment to Superior Plus Corp. (“Superior Plus”) for approximately $900 million in gross proceeds (adjusted for working capital) on July 10, 2018
Redeemed all of our $367.0 million of outstanding 6.875% Senior Notes due 2021 on October 16, 2018
Confirms Fiscal 2019 Adjusted EBITDA guidance of $450 million
Growth capital expenditures, including $110.1 million in acquisitions of Water Solutions facilities and related assets, and other investments, totaled approximately $195.2 million during the second quarter (excluding the former Retail Propane segment)
“We are reporting our second consecutive quarter of record Adjusted EBITDA compared to the same quarters of the prior year. We believe we have successfully repositioned NGL over the past twelve months by raising $1.5 billion in asset sales at double digit multiples, lowering leverage substantially and expanding our Water Solutions business in the Permian Basin. Our quarterly results came in very strong, particularly in the Crude Oil Logistics and Liquids segments, which are trending towards the higher end of our annual guidance,” stated NGL’s CEO Mike Krimbill. “Grand Mesa continues to outpace our projections and will benefit from increased volumes. Our Water Solutions business continues to grow as we execute on securing long-term contracts for wastewater disposal and build our water pipeline infrastructure. Our Refined Products profitability has shifted to the second half of the Fiscal Year. We are very proud of the progress we have made through the first half of this year and we are confident about our performance for the remainder of Fiscal 2019.”
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