Stock market today: S&P 500 climbs as health care, tech gain; Nvidia earnings loom
TULSA, OK – NGL Energy Partners LP (NYSE:NGL), a company specializing in natural gas transmission, announced the upcoming departure of its Executive Vice President and General Counsel, Kurston P. McMurray. McMurray, who also serves as Secretary, is set to leave the company effective October 2, 2024, to pursue other interests. This information was disclosed in a regulatory filing with the Securities and Exchange Commission on Friday.
McMurray has been part of the executive team at NGL Energy Partners, a Delaware-incorporated entity with its principal executive offices in Tulsa, Oklahoma. The company has not yet named a successor for McMurray's role.
In other recent news, NGL Energy Partners LP reported mixed results for fiscal year 2024. The company underwent significant strategic initiatives, including asset purchases and launching major projects. Despite falling short in adjusted EBITDA at $610 million due to weaker performance in Liquids and Crude Logistics segments, the firm remains optimistic about future growth, largely driven by their Water Solutions segment.
NGL Energy Partners announced the initiation of an open season on the Grand Mesa Pipeline and the launch of the LEX II project. The company also completed a global refinancing and addressed preferred securities, setting the stage for future financial stability. Additionally, a common unit repurchase program valued at up to $50 million has been initiated.
Despite a challenging year, NGL Energy Partners expects a consolidated adjusted EBITDA of $665 million for fiscal 2025, with a significant portion of the capital expenditure of $210 million allocated to the LEX II project.
The Water Solutions segment, which reported strong results with record volumes, is anticipated to be the primary driver of this growth. These recent developments underscore the company's strategic focus on improving its financial health and operational efficiency.
InvestingPro Insights
As NGL Energy Partners LP (NYSE:NGL) navigates through a transition in its executive leadership, investors may consider the current financial health and market performance of the company. According to InvestingPro data, NGL Energy Partners has a market capitalization of approximately $546.62 million, illustrating its mid-sized presence in the energy sector. Investors should note that the company's gross profit margin over the last twelve months stands at 14.37%, which is relatively low and indicates a potential area for improvement in operational efficiency.
Moreover, NGL Energy Partners has experienced a revenue decline of 13.9% over the last twelve months, which could be a concern for stakeholders looking for growth. This is further underscored by a significant price drop of 27.18% over the last three months. The InvestingPro Tips highlight that the company is not profitable over the last twelve months and does not pay a dividend, which may influence investment decisions for income-focused investors. For those interested in a deeper analysis, there are additional InvestingPro Tips available at: https://www.investing.com/pro/NGL
These financial metrics and trends can be crucial for investors as they assess the implications of the executive changes at NGL Energy Partners and consider the company's future prospects. With the next earnings date slated for November 7, 2024, market participants will be keenly watching for signs of strategic pivots or operational improvements that could influence the company's trajectory.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.