Home Equities Score NGL Energy Partners LP Inc. (NGL) stock falls during pre-market, post financial...

NGL Energy Partners LP Inc. (NGL) stock falls during pre-market, post financial results were announced.

NGL Energy Partners LP Inc. (NASDAQ: NGL) stock gained by 12.59% at last close whereas the NGL stock price declines by 14.06% in the pre-market trading session. NGL is a Delaware limited partnership, transports, processes, recycles, and disposes of produced water created during the energy production process, as well as transporting, storing, marketing, and providing other logistical services for crude oil and liquid hydrocarbons.

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Financial Highlights

NGL Energy Partners LP announced its fourth quarter and fiscal year 2021 financial results today. Given below is the summary:

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  • $229.2 million loss from ongoing operations for the quarter ended March 31, 2021. Whereas for full-year fiscal 2021 loss from operating activities were $637.4 million, which involves a $383.6 million write-down of goodwill and some intangible assets related to the effects of Extraction Oil & Gas bankruptcy refusal of transportation deals, certain expenses involved with the re-financing of NGL credit facility and term loan facility, and the deficiency of certain assets.
  • Lower volumes in each of our operational sectors resulted in adjusted EBITDA from continuing operations of $94.3 million in the fourth quarter of Fiscal 2021, relative to $161.8 million in the fourth quarter of Fiscal 2020. Adjusted EBITDA from ongoing operations was $448.3 million in the fiscal year 2021, opposed to $589.5 million the previous year.
  • On February 4, 2021, NGL completed a private offering of $2.05 billion of 7.5 percent senior secured notes due 2026 and a new $500.0 million asset-based available credit facility. Because the funds were being used to pay back all remaining amount under the Partnership’s previous $1.915 billion revolving credit facility due in October 2021 and its $250.0 million term loan facility and discontinue those contracts, as well as pay all costs and charges linked with the transactions, the debt maturities were greatly boosted.

Mike Krimbill, NGL’s CEO stated:

Despite a tough Fiscal 2021, the Partnership is well placed moving into Fiscal 2022, as crude prices, producer volumes, and commodity demand have all risen. The Partnership’s Water Solutions sector continues to generate growth, and they plan to fully use their Delaware Basin platform in the future year. They’re encouraged by rising and stable crude oil prices, as well as the return of growth rate in the DJ Basin, and they foresee greater producer demand for capacity on their Grand Mesa Pipeline.

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