NGL Energy Partners LP caught up on some late payments this week to its shareholders and at the same time offered cash distributions of more than $115 million to other shareholders.
The Tulsa company’s Board of Directors of the general partner declared a distribution of 50% of the “arrearages” earned through Dec. 31 of 2023 to be paid to holders of the Partnership’s 12.806% Class B preferred units and the 9.625% Class C preferred units.
As outlined in the announcement, each holder of the Class B units will receive $4.4439 per unit and each holder of the Class C units will be paid $4.0746 per unit. Payments will be made on Feb. 27 to holders of record at the close of trading on Feb.16 of this year.
The Board of Directors also declared a cash distribution totaling $115,035,820.87 which represents 50% of the arrearages earned on the Class D preferred units through December 31 of last year. Those payments will also be made on Feb. 27 of this year.