NGL Energy Partners LP (NYSE:NGL)

Q2 2025 NGL Energy Partners LP Earnings Call Transcript

Nov 12, 2024 / 10:00 PM GMT

Release Date Price: $4.13 (-6.14%)

Transcript 10-Q

Key Points

Positve

NGL Energy Partners LP (NGL) reported consolidated adjusted EBITDA of $147.3 million for the second quarter, driven primarily by the water solutions and crude logistics segments.
The company successfully repriced and amended its term loan B agreement, reducing interest expenses by approximately $5.25 million per year.
The Lex Two expansion project was completed on time, with an initial capacity of 200,000 barrels per day, expandable to 500,000 barrels per day, fully underwritten by a minimum volume commitment.
Water solutions segment saw a 9% increase in fiscal water disposal volumes quarter-over-quarter, with expenses reduced due to lower repairs and maintenance and more efficient chemical use.
NGL Energy Partners LP (NGL) has nearly eliminated future dilution by purchasing 92% of outstanding warrants from class D holders, representing a potential 18% dilution event to common unit holders over the next five years.

Negative

The company slightly reduced its full fiscal year guidance to a range of $640 million to $650 million, a 2 to 4% reduction due to challenges such as warm weather and lower crude oil prices.
Crude oil logistics adjusted EBITDA decreased from $18.6 million in the first quarter to $17.3 million in the second quarter.
Liquids logistics adjusted EBITDA was $9.4 million in the second quarter, down from $17.1 million in the prior second quarter.
The wholesale propane business faces uncertainty due to a warm start to the demand season, impacting projections.
NGL Energy Partners LP (NGL) is pursuing asset sales in the liquids logistics segment and smaller asset sales in crude oil logistics, indicating potential divestment challenges.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

NGL.N - NGL Energy Partners LP
Q2 2025 NGL Energy Partners LP Earnings Call
Nov 12, 2024 / 10:00PM GMT

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Presentation
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Unidentified_1 [1]
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Greetings. Welcome to the NGL Energy Partners second quarter, 25 earnings call conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Brad Cooper CFO. You may begin.

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Unidentified_2 [2]
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Good afternoon and thank you to everyone for joining us on the call

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