Tulsa-based NGL Energy Partners LP recently reported a net loss of $207 million for the quarter ending March 31, 2016, which was also the end of the company’s fiscal year.
It also said it made gains related to the sale of TLP GP and the early extinguishment of debt totaling $158.9 million. The adjusted EBITDA was $154.0 million for the quarter compared to $185 million a year ago. That’s a drop of 17 percent year over year driven by the decline in commodity prices and warmer weather..
Cash flow for the quarter was $128.3 million, down from the $153.5 million for the quarter that ended March 31, 2015. The net loss for the fiscal year that ended March 31, 2016 was $187.1 million. The net loss for the previous fiscal year was only $50.2 million.
As the company pointed out, the current year was impacted by the significant decline in commodity prices. Still, leaders were satisfied.
“We are very pleased with our fiscal year 2016 EBITDA performance and recent delivering events given the challenging energy environment,” said Mike Krimbill, CEO. “Our fourth quarter results were impacted by the continued decline in commodity prices compounded by a continuing unseasonable warm winter.”
The losses for the year and the quarter leave the company’s total long-term debt at $2,294.3 million. However, the company is anticipating it will generate nearly $500 million in fiscal year 2017.
