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NGL Energy Partners LP representing Limited Partner Interests has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing total revenues of $1,549,073,000, a decrease from $1,869,777,000 in the same quarter the previous year. The decline in revenues is attributed to lower sales volumes and prices in the Crude Oil Logistics and Liquids Logistics segments.
Cost of sales for the quarter was $1,309,952,000, compared to $1,606,132,000 in the same quarter of the previous year. The decrease is primarily due to lower commodity prices and reduced sales volumes.
Operating income for the quarter was $75,497,000, compared to $101,789,000 in the previous year, with the decline attributed to lower revenues and increased expenses in certain segments.
The company reported a net income of $14,575,000 for the quarter, compared to $45,767,000 in the previous year. Net income attributable to NGL Energy Partners LP was $13,507,000, down from $45,682,000 in the previous year.
Cash provided by operating activities was $142,451,000, while cash used in investing and financing activities was $117,078,000 and $58,599,000, respectively.
NGL Energy Partners LP had total assets of $4,848,472,000 as of December 31, 2024. The company continues to focus on managing its operations amidst fluctuating commodity prices and market conditions.
The filing also discusses the company's various financial agreements, including the ABL Facility and Term Loan B, and highlights the impact of interest rate changes on its financial position.
NGL Energy Partners LP does not anticipate reinstating cash distributions to common unitholders in the near future, as it continues to prioritize debt reduction and financial stability.
The company identified certain risks and uncertainties related to market conditions, regulatory changes, and operational challenges that may affect its future financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NGL ENERGY PARTNERS LP representing Limited Partner Interests quarterly 10-Q report dated February 10, 2025. To report an error, please email earnings@qz.com.