NGL Energy Partners reports $40.5 million profit
BY ROD WALTON World Staff Writer
Saturday, February 16, 2013
2/16/13 at 4:29 AM
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 company announced Friday.
For the nine months ending Dec. 31, NGL logged $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," 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 late last year.
A quarterly cash distribution of 46.25 cents per unit was paid on Thursday. NGL has increased its payout five times since its initial public offering in May 2011.
The company has made seven acquisitions since its IPO, buying E. Osterman Propane, Pacer Propane, North American Propane, Downeast Energy Corp., Pecos, High Sierra and SemGroup Corp.'s Semstream propane and residual fuels division.
NGL Energy Partners earnings
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Original Print Headline: NGL 3Q profit $40.5M
Rod Walton 918-581-8457