Net income rises for Tulsa-based NGL Energy Partners
BY ROD WALTON World Staff Writer
Friday, February 15, 2013
NGL Energy Partners LP exceeded earnings expectations in its third fiscal quarter, generating $40.5 million in profit from its propane, crude oil and water services segments, the Tulsa-based energy firm announced Friday.
For the nine months ending Dec. 31, NGL Energy Partners gained $25.8 million in net income out of $93.1 million in raw earnings before interest, taxes, deprecation and amortization costs.
“We are pleased to announce that EBITDA (raw earnings) results exceeding prior guidance for the quarter,” NGL CEO Michael Krimbill said in a statement. “We completed a number of acquisitions during the quarter that further enhanced our ability to provide customers with a full range of services from the wellhead to the end market.”
NGL started as a propane storage and distribution partnership, but expanded into crude oil services in buying Pecos Gathering and High Sierra Energy late last year. The Tulsa firm reported $10.1 million in its second fiscal quarter, citing the Denver-based High Sierra acquisition as a primary driver for net income.
The quarterly cash distribution of 46.25 cents per unit was paid on Thursday. NGL has increased its payout five times since its IPO in May 2011.