NGL Energy Partners LP (NYSE:NGL) is trading sharply lower in the pre-market session as investors are reacting to the company’s quarterly earnings this morning.
Market Action
As of 6:23, NGL stock slumped by 50 cent or 16% to trade at $2.63. So far more than 21K shares have exchanged hands.
NGL Energy Partners LP Announces Fourth Quarter and Full Year Fiscal 2021 Financial Results
- Loss from continuing operations for the quarter ended March 31, 2021 of $229.2 million, including a loss of $63.1 million related to the early repayment of the Partnership’s term loan facility, a one-time $40.0 million consent payment to the holders of the Partnership’s Class D Preferred Units and a non-cash impairment charge of $84.3 million for certain inactive or underutilized saltwater disposal facilities
- Loss from continuing operations of $637.4 million for Fiscal 2021, which includes the $383.6 million write down of goodwill and certain intangibles related to the impact of the bankruptcy rejection of transportation contracts with Extraction Oil & Gas, Inc. (“Extraction”), certain costs associated with the re-financing of our credit facility and term loan facility and the impairment of certain assets
- Adjusted EBITDA from continuing operations for the fourth quarter of Fiscal 2021 of $94.3 million, compared to $161.8 million for the fourth quarter of Fiscal 2020, driven by lower volumes in each of our operating segments
- Fiscal Year 2021 Adjusted EBITDA from continuing operations of $448.3 million compared to $589.5 million in the prior year.
“The Partnership is well positioned going into its Fiscal 2022, as crude prices, producer volumes and demand for commodities have all increased following a challenging Fiscal 2021. Our Water Solutions segment continues to drive the growth of the Partnership and we look to fully capitalize on our Delaware Basin platform in the coming year. We are excited about rising and stabilizing crude oil prices and the return of production growth in the DJ Basin and expect to see increased producer demand for capacity on our Grand Mesa Pipeline as well,” stated Mike Krimbill, NGL’s CEO.
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