Exploration & Production | LNG / CNG | Quarterly / Earnings Reports | Second Quarter (2Q) Update
NGL Energy Partners Nearly Doubles EBITDA in 2Q
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NGL Energy Partners LP reported Adjusted EBITDA of $43.1 million for the three months ended June 30, 2014 (exclusive of $1.1 million of advisory and legal costs related to acquisitions and $2.7 million of compensation costs related to the Gavilon transaction), compared to Adjusted EBITDA of $27.4 million during the three months ended June 30, 2013 (exclusive of $0.6 million of advisory and legal costs related to acquisitions), an increase of 57% year over year. NGL reported a net loss of $39.9 million for the quarter ended June 30, 2014, compared to a net loss of $17.5 million for the quarter ended June 30, 2013.
NGL’s recent accomplishments include the following:
- The acquisition of TransMontaigne Inc. for $173.8 million of cash, net of cash acquired. As part of the acquisition, NGL acquired the general partner interest and a 19.7% limited partner interest in TransMontaigne Partners L. P., a publicly-traded partnership that conducts refined products and crude oil transportation and terminaling operations.
- Completion of a public offering of 8,767,100 common units for net proceeds of $370.5 million.
- An amendment to NGL’s revolving credit facility that expanded the capacity to $2.193 billion; and
- The issuance of $400 million of senior unsecured notes.
NGL reaffirms its Adjusted EBITDA guidance of $425 million for fiscal year 2015 and 15% distribution growth for calendar year 2014 with a 10% distribution growth thereafter.