NGL Energy Partners LP Announces Fiscal Third Quarter Earnings Call and Provides Update on Recent Developments
January 16 2020 - 5:40PM
Business Wire
NGL Energy Partners LP (NYSE: NGL) (“NGL” or the “Partnership”)
plans to issue its fiscal third quarter ended December 31, 2019
earnings press release pre-market open on Thursday, February 6,
2020. Members of NGL’s management team will discuss its financial
results for the quarter on an earnings call following this release,
which is scheduled for Thursday, February 6, 2020 at 10:00 am
CST.
Analysts, investors, and other interested parties may access the
conference call by dialing (800) 291-4083 and providing access code
2980107. An archived audio replay of the call will be available for
7 days beginning at 1:00 pm CST on February 6, 2020, which can be
accessed by dialing (855) 859-2056 and providing access code
4747666. An updated investor presentation will be posted on NGL’s
Investor Relations website at
www.nglenergypartners.com/investor-relations/presentations after
the filing of the Partnership’s Quarterly Report on Form 10-Q on
and around February 10, 2020.
Recent Developments Update
The Partnership is also providing an update on recent
developments including the following:
- Biodiesel tax credit incentive in place through
2022
- Revolving credit facility capacity increased with the
addition of two new banks; and
- Mid-Continent refined products business liquidated,
continuing the Partnership’s efforts to simplify its business and
reduce working capital needs
Biodiesel Income Tax Credit Update
On December 19, 2019, the United States government passed two
spending bills, which included a provision for the extension of the
$1.00 per barrel biodiesel income tax credit for all qualifying
transactions from January 1, 2018 through December 31, 2022. The
Partnership had established approximately $31.4 million of these
tax credits related to the period from January 1, 2018 through
December 31, 2019. The Partnership expects to receive the cash
proceeds from these tax credits by mid-year 2020. The Partnership
will recognize the benefit of these tax credits in its December 31,
2019 quarterly results. In addition, the Partnership expects
approximately $6.4 million of additional biodiesel tax credits
related to calendar year 2020.
Revolving Credit Facility upsized by $125 million to provide
financial flexibility
On December 30, 2019, the Partnership increased the size of its
Revolving Credit Facility $125 million by utilizing a portion of
its $275 million accordion feature, creating additional financial
flexibility. Two new lenders joined the facility in conjunction
with this upsize, bringing total borrowing capacity to $1.915
billion.
Additional Refined Products business exited continuing efforts
to simplify business profile
Consistent with the Partnership’s previously announced strategy
to simplify its business, lessen working capital needs and reduce
volatility in earnings, the Partnership recently completed an
assignment of its mid-continent refined products storage and a
liquidation of the inventory and open forward positions related to
this business to a third-party. The Partnership expects to reflect
the results of this business as discontinued operations in its
December 31, 2019 financial statements.
Forward-Looking Statements
Certain matters contained in this press release include
“forward-looking statements.” All statements, other than statements
of historical fact, included in this press release may constitute
forward-looking statements. Although we believe that the
expectations reflected in these forward-looking statements are
reasonable, we cannot assure you that these expectations will prove
to be correct. These forward-looking statements are subject to
certain known and unknown risks and uncertainties, as well as
assumptions that could cause actual results to differ materially
from those reflected in these forward-looking statements. Factors
that might cause actual results to differ include, but are not
limited to, the risk factors discussed from time to time in each of
our documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any
forward-looking statements contained in this press release, which
reflect management’s opinions only as of the date hereof. Except as
required by law, we undertake no obligation to revise or publicly
release the results of any revision to any forward-looking
statements.
About NGL Energy Partners LP
NGL Energy Partners LP is a Delaware limited partnership. NGL
owns and operates a vertically integrated energy business with
three primary business segments: Crude Oil Logistics, Water
Solutions, and Liquids. For further information, visit the
Partnership’s website at www.nglenergypartners.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200116005876/en/
NGL Energy Partners LP Investor Relations:
Trey Karlovich, 918-481-1119 Chief Financial Officer and
Executive Vice President Trey.Karlovich@nglep.com
or
Linda Bridges, 918-481-1119 Senior Vice President - Finance and
Treasurer Linda.Bridges@nglep.com
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