NGL Energy Partners LP / Grand Mesa Pipeline Announce Settlement with Extraction Oil and Gas, Inc.
December 21 2020 - 6:30AM
Business Wire
NGL Energy Partners LP (NYSE: NGL) and Grand Mesa Pipeline, LLC,
a wholly-owned subsidiary of NGL (“Grand Mesa”), announced today
that Grand Mesa has entered into a settlement agreement with
Extraction Oil and Gas, Inc. (NYSE: XOG) as it relates to XOG’s
bankruptcy proceedings. Under the settlement, NGL and Extraction
entered into a new term supply agreement, retaining Extraction’s
crude volumes for shipping on the Grand Mesa Pipeline; and Grand
Mesa will receive an allowed unsecured claim which it expects to
liquidate for cash proceeds. In consideration for this new supply
agreement, Grand Mesa, has agreed to support confirmation of XOG’s
bankruptcy plan, including through the withdrawal of its previously
filed objection and pending appeals.
The agreements between XOG, NGL and Grand Mesa as described
remain subject to approval by the Bankruptcy Court, among other
conditions.
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, a Delaware limited partnership, is a
diversified midstream energy company that transports, stores,
markets and provides other logistics services for crude oil,
natural gas liquids and other products and transports, treats and
disposes of water generated as part of the oil and natural gas
production process. For further information, visit the
Partnership’s website at www.nglenergypartners.com.
This release is a qualified notice under Treasury Regulation
Section 1.1446-4(b). Brokers and nominees should treat 100% of NGL
Energy Partner LP’s distributions to foreign investors as being
attributable to income that is effectively connected with a United
States trade or business. Therefore, distributions to foreign
investors are subject to federal income tax withholding at the
highest applicable effective tax rate.
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version on businesswire.com: https://www.businesswire.com/news/home/20201221005200/en/
NGL Energy Partners LP Trey Karlovich, 918.481.1119 Executive
Vice President and Chief Financial Officer
Trey.Karlovich@nglep.com
or
Linda Bridges, 918.481.1119 Senior Vice President – Finance and
Treasurer Linda.Bridges@nglep.com
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