Tulsa’s NGL Energy Partners LP reported nearly doubling its net income for the quarter ended December 31, 2018. The income totaled $110.5 million compared to the $56.8 million in net income reported at the end of 2017.
Adjusted earnings for the third quarter of Fiscal 2019 were $132.6 million, a nearly $10 million increase over a year earlier. The company said its adjusted earnings for the fiscal 2019 year-to-date were $308.3 million.
NGL was also able to reduce indebtedness by $462.8 million since the end of March 2018. It redeemed all of its $367 million in outstanding 6.875% Senior Notes due 2021 in October 2018. It further expects to to the same for all of its outstanding 5.125% senior notes due 2019 in March of this year.
The company also received approval from lenders to repurchase up to $150 million in common units. At the same time, NGL reported capital expenditures and other investments totaled $113.2 million in the third fiscal quarter and $303.6 million during the nine months ended December 31, 2018.
“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.
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