The following is a summary of the NGL Energy Partners LP (NGL) Q3 2024 Earnings Call Transcript:

Financial Performance:

• NGL Energy closed a refinancing of $2.9 billion, extending the average maturity of debt.

• S&P and Moody's raised the corporate credit rating following the refinancing.

• Adjusted EBITDA for Water Solutions slightly decreased to $121.3 million; Crude Oil Logistics saw a drop to $17 million due to lower margins, while Liquids logistics increased to $22.4 million.

• Due to robust free cash flows and profitable asset sales, leverage was reduced faster than projected.

• The company cleared 50% of the arrearages on the three classes of preferred securities.

• NGL reiterated previous guidance of over $500 million for water and $645 million for the partnership.

Business Progress:

• Open season on the Grand Mesa Pipeline was closed and a new 5-year MVC agreement was signed, which will free up working capital.

• The company announced the expansion of the LEX produced water pipeline system, increasing the capacity from 140k barrels per day to 340k barrels per day.

• New agreements have been signed to capture disposal opportunities and improve water logistics.

• Significant strides were made in area of debt management, leading to the reinstatement of Class B, C, and D distributions.

• NGL aims to continue expanding its business footprint and increase adjusted EBITDA.

• Several new growth projects and contracts will be disclosed alongside fiscal 2025 guidance.

• Operational efficiencies, cost reductions, and asset sales have achieved increased EBITDA with the company set to continue capitalizing on these improvements.

More details: NGL Energy IR

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