The following is a summary of the NGL Energy Partners LP Common Units (NGL) Q4 2024 Earnings Call Transcript:

Financial Performance:

• NGL reported significant financial activities including a notable global refinancing, leading to an amended and extended ABL of $600 million, and the issuance of $2.2 billion in senior secured notes.

• Total FY 2024 adjusted EBITDA was $610 million, influenced by lower performance in Liquids and Crude Logistics segments.

• Water Solutions achieved record adjusted EBITDA of $508.3 million, an increase from the previous year.

Business Progress:

• Launch and progress on the LEX II pipeline project, set to add 200,000 barrels per day capacity with a potential expansion to 500,000 barrels.

• Successful disposal of various assets totaling over $280 million, aligning with capital structure optimization plans.

• Paid 50% of outstanding preferred arrearages, achieving current status on class B, C, and D preferreds.

Opportunities:

• The LEX II project's launch under a minimum volume commitment suggests guaranteed revenue stream from this infrastructure.

• Open season on the Grand Mesa Pipeline and higher volumes anticipated on the LEX II contribute to future revenue prospects.

Risks:

• Weaker than expected Adjusted EBITDA in Liquids and Crude Logistics driven by unfavorable weather conditions, lower volumes, and broader operational challenges.

• Market dynamics leading to reduced crude oil margins and lower production impacting the financial outcomes.

More details: NGL Energy IR

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