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NEW YORK - NGL Energy Partners LP (NYSE:NGL) reported a surprise loss for its fiscal third quarter on Monday, sending shares down 7% in after-hours trading.
The midstream energy company posted a net loss of $15.4 million, or $0.12 per common unit, for the quarter ended December 31, 2024. This compared to net income of $10.2 million, or $0.08 per unit, in the same period last year. Analysts had expected earnings of $0.19 per unit.
Revenue fell to $1.55 billion from $1.87 billion a year ago, missing analyst estimates of $1.71 billion.
The company’s Water Solutions segment saw operating income decrease by $8.9 million year-over-year to $65.4 million, despite a 10.4% increase in produced water volumes processed to 2.62 million barrels per day.
"We are very excited about our new customers on Grand Mesa and believe we have a much brighter future in the DJ Basin," said CEO Mike Krimbill. "We have also been looking to reduce the volatility in our results by divesting certain assets in the Liquids Logistics segment and are meeting with some success."
NGL Energy Partners said it has signed agreements to sell 18 natural gas liquids terminals for total consideration of about $95 million. The transactions are expected to close by March 31, 2025.
The company’s crude oil pipeline volumes averaged approximately 61,000 barrels per day in the quarter, down from 70,000 barrels per day a year earlier.
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