After finishing its fiscal year 2024 with a fourth quarter net loss of nearly $237 million, NGL Energy Partners LP plans a quarterly release in August.
It’s a release that investors are probably anxious about as they wonder if there will be signs of improvement.
The release on Thursday, Aug. 8 will be after the close of markets and will focus on the fiscal quarter that ended June 30. Management will hold a conference call at 4 p.m. central time on the same date and will discuss the financial results.
The recently ended fiscal year also included the quarter that ended March 31. The !$143.1 million loss for the fiscal year compared to net income of $52.5 million for full year Fiscal 2023. It also included a fourth quarter net loss of $236.7 million, an amount that far outweighed the $33.2 million lost in the fourth quarter of Fiscal 2023.
Highlights for the fiscal year and quarter ended March 31, 2024 include:
- A net loss for full year Fiscal 2024 of $143.1 million, compared to net income of $52.5 million for full year Fiscal 2023; a net loss for the fourth quarter of Fiscal 2024 of $236.7 million, compared to a net loss of $33.2 million for the fourth quarter of Fiscal 2023. The fourth quarter of Fiscal 2024 includes a loss from the impairment of goodwill, an adverse litigation judgment and call premiums and other costs related to our refinancing.
- Adjusted EBITDA (1) for full year Fiscal 2024 of $610.1 million, compared to $632.7 million for full year Fiscal 2023; Adjusted EBITDA (1) for the fourth quarter of Fiscal 2024 of $147.5 million, compared to $173.3 million for the fourth quarter of Fiscal 2023
- Record Water Solutions’ Adjusted EBITDA (1) of $508.3 million for full year Fiscal 2024, a 10% increase over the prior year
- Record Water Solutions’ annual water disposal volumes processed of 884.6 million for full year Fiscal 2024, a 4.1% increase over the prior year
- On January 22, 2024, we announced that our Water Solutions business is commencing expansion of its Lea County Express Pipeline System from a capacity of 140,000 barrels of water per day to 340,000 barrels per day in 2024, with the ability to expand the capacity to 500,000 barrels of water per day. This project is fully underwritten by a recently executed minimum volume commitment contract that includes an acreage dedication extension with an investment grade oil and gas producer. We expect the pipeline expansion to be completed during the second half of our 2025 fiscal year.
- On February 2, 2024, we closed a debt refinancing transaction of $2.9 billion consisting of a private offering of $2.2 billion of senior secured notes, which includes $900.0 million of 8.125% senior secured notes due 2029 and $1.3 billion of 8.375% senior secured notes due 2032. We also entered into a new seven-year $700.0 million senior secured term loan “B” credit facility. The net proceeds from these transactions were used to fund the redemption of the 2026 senior secured notes and the 2025 and 2026 senior unsecured notes.
- On February 6, 2024, the board of directors of our general partner declared a cash distribution of 50% of the outstanding arrearages through December 31, 2023 to the holders of the Class B preferred units, the Class C preferred units and the Class D preferred units. The total distribution of $178.3 million was made on February 27, 2024 to the holders of record at the close of trading on February 16, 2024.
