NGL Energy Partners LP turned around its financial situation in the second quarter of its 2023 fiscal year, moving from a $1.2 million net loss in the second quarter of the 2022 fiscal year to net income of $3.6 million.
The Tulsa company also saw a large improvement in finances for the first six months of Fiscal 2023. Its net income was $26.7 million, compared to a $135.7 million net loss a year earlier.
Adjusted EBITDA for the latest quarter was $142.2 million compared to $146.3 million for the second quarter of Fiscal 2022. Adjusted EBITDA for the fist six months of Fiscal 2023 was $2661 million, up from the $237.4 million a year earlier. million for the comparable period of 2022
Operating income for the Water Solutions segment of the company was $47.1 million compared to $32.8 million a year ago. The adjusted EBITDA for the segment also increased 19.8% to $104.8 million.
“Our Water Solutions segment continues to see strong disposal volume growth, achieving record water volumes processed in the quarter,” explained Mike Krimbill, NGL’s CEO.
“Our primary focus remains repaying the 2023 unsecured notes and driving leverage to below 4.75 times.”
Revenues from recovered crude oil, including the impact from realized skim oil hedges, totaled $24.2 million for the quarter ended September 30, 2022, an increase of $4.9 million from the prior year period. This increase was due to increased skim oil barrels sold as a result of higher produced water volumes processed and higher realized crude oil prices received from the sale of skim oil barrels. This was offset by lower skim oil volumes per barrel of produced water processed.
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