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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| NGL Energy Partners LP | NYSE:NGL | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.19 | 3.72% | 5.30 | 5.44 | 5.13 | 5.20 | 267,940 | 21:01:08 |
From Jul 2024 to Jan 2025
NGL Energy Partners LP (NYSE:NGL) (“NGL,” “we,” “us,” “our,” or the “Partnership”) today reported its first quarter Fiscal 2025 financial results. Highlights include:
Highlight for the period subsequent to June 30, 2024:
“We have had a strong start to Fiscal 2025 with $144.3 million in Adjusted EBITDA(1) in the first quarter. We are reaffirming our guidance for Fiscal 2025 with Water Solutions Adjusted EBITDA(2) to a range of $550 - $560 million and full year consolidated Adjusted EBITDA(2) of $665 million. Our focus remains on continued balance sheet improvement by reducing absolute debt and leverage, plus the completion of the LEX II pipeline,” stated Mike Krimbill.
___________________________________ (1)See the “Non-GAAP Financial Measures” section of this release for the definition of Adjusted EBITDA (as used herein) and a discussion of this non-GAAP financial measure.
(2)Certain of the forward-looking financial measures are provided on a non-GAAP basis. A reconciliation of forward-looking financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP is potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant.
Quarterly Results of Operations
The following table summarizes operating income (loss) and Adjusted EBITDA(1) by reportable segment for the periods indicated:
Quarter Ended
June 30, 2024
June 30, 2023
Operating Income (Loss)
Adjusted EBITDA(1)
Operating Income (Loss)
Adjusted EBITDA(1)
(in thousands)
Water Solutions
$
84,358
$
125,603
$
69,331
$
123,194
Crude Oil Logistics
14,089
18,635
17,007
23,791
Liquids Logistics
(11,550
)
11,458
7,831
4,749
Corporate and Other
(11,946
)
(11,354
)
(22,149
)
(17,079
)
Total
$
74,951
$
144,342
$
72,020
$
134,655
Water Solutions
Operating income for the Water Solutions segment increased by $15.0 million for the quarter ended June 30, 2024, compared to the quarter ended June 30, 2023. The Partnership processed approximately 2.47 million barrels of produced water per day during the quarter ended June 30, 2024, a 0.3% increase when compared to approximately 2.46 million barrels of water per day processed during the quarter ended June 30, 2023. The decrease in water disposal services fees was primarily due to lower fees for produced water processed during the quarter due to rate changes for certain existing contracts, the expiration of certain higher fee per barrel contracts which were replaced with lower fee per barrel contracts with an extended term and higher volumes received under contracts with lower fees per barrel. Also contributing to the decrease were lower produced water volumes processed mainly in the DJ Basin as certain producers reused their water in their operations. These decreases were partially offset by an increase in produced water volumes processed from contracted customers in the Eagle Ford and Delaware Basins and higher fees charged for interruptible spot volumes. There was also an increase in payments made by certain producers for committed volumes not delivered.
Revenues from recovered skim oil, including the impact from realized skim oil hedges, totaled $30.7 million for the quarter ended June 30, 2024, an increase of $7.7 million from the prior year period. The increase was due primarily to an increase in skim oil barrels sold as a result of higher skim oil recovered from increased produced water processed and higher realized crude oil prices received from the sale of skim oil barrels. While the amount of skim oil recovered in the prior year quarter was in line with historical averages, a certain amount of skim oil barrels was stored due to tighter pipeline specifications which reduced the amount of skim oil sold during the prior year quarter.
Operating expenses in the Water Solutions segment decreased $2.3 million for the quarter ended June 30, 2024, compared to the quarter ended June 30, 2023 due primarily to lower chemical expense due to purchasing fewer chemicals and using chemicals more efficiently and lower repairs and maintenance expense due to the timing of repairs and tank cleaning. Operating expense per produced barrel processed was $0.24 for the quarter ended June 30, 2024, compared to $0.25 in the comparative quarter last year.
Crude Oil Logistics
Operating income for the Crude Oil Logistics segment decreased by $2.9 million for the quarter ended June 30, 2024, compared to the quarter ended June 30, 2023. Product margin for crude oil sales decreased year over year primarily due to lower sales volumes from lower production volumes on acreage dedicated to us in the DJ Basin. The decrease in product margin from crude oil sales was partially offset by higher tariff revenue on the Grand Mesa Pipeline from signing on a new shipper during the open season that ended on January 5, 2024 and higher price and quality differentials realized in the current quarter. During the quarter ended June 30, 2024, physical volumes on the Grand Mesa Pipeline averaged approximately 63,000 barrels per day, compared to approximately 72,000 barrels per day for the quarter ended June 30, 2023.
Liquids Logistics
Operating income for the Liquids Logistics segment decreased by $19.4 million for the quarter ended June 30, 2024, compared to the quarter ended June 30, 2023. Product margins (excluding the impact of derivatives) for refined products were lower as the supply issues seen in certain markets in the prior year, resulting in higher margins, were resolved and supply and demand were more in balance and lower propane margins due to lower demand. This was partially offset by an increase in butane margins due to the higher demand for butane blending. Also the butane margins for the quarter ended June 30, 2023 included a lower of cost or net realizable value adjustment of $5.4 million. During the quarter ended June 30, 2024, we recorded net derivative losses of $15.0 million compared to derivative gains of $9.9 million during the quarter ended June 30, 2023.
Corporate and Other
The operating loss for Corporate and Other was lower by $10.2 million for the quarter ended June 30, 2024, compared to the quarter ended June 30, 2023. The decrease related to lower general and administration expenses due to the timing of incentive compensation payments compared to the prior year, the elimination of share-based compensation expense due to all outstanding long-term incentive plan awards being fully vested in November 2023 and lower legal expenses. Also, there was a decrease due to a derivative loss during the quarter ended June 30, 2023 of $4.2 million.
Capitalization and Liquidity
Total liquidity (cash plus available capacity on our asset-based revolving credit facility (“ABL Facility”)) was approximately $348.7 million as of June 30, 2024. Borrowings on the Partnership’s ABL Facility totaled approximately $169.0 million as of June 30, 2024, as we funded certain capital projects and began to build inventory for the blending and heating seasons.
The Partnership is in compliance with all of its debt covenants and has no upcoming debt maturities.
First Quarter Conference Call Information
A conference call to discuss NGL’s results of operations is scheduled for 4:00 pm Central Time on Thursday, August 8, 2024. Analysts, investors, and other interested parties may join the webcast via the event link: https://www.webcaster4.com/Webcast/Page/2808/50965 or by dialing (844) 369-8770 and providing conference code: NGL Energy Partners. An archived audio replay of the call will be available for 14 days, which can be accessed by dialing (877) 481-4010 and providing replay passcode 50965.
Non-GAAP Financial Measures
We define EBITDA as net income (loss) attributable to NGL Energy Partners LP, plus interest expense, income tax expense (benefit), and depreciation and amortization expense. We define Adjusted EBITDA as EBITDA excluding net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, equity-based compensation expense, revaluation of liabilities and other. EBITDA and Adjusted EBITDA should not be considered as alternatives to net income, income before income taxes, cash flows from operating activities, or any other measure of financial performance calculated in accordance with GAAP, as those items are used to measure operating performance, liquidity or the ability to service debt obligations. We believe that EBITDA provides additional information to investors for evaluating our ability to make quarterly distributions to our unitholders and is presented solely as a supplemental measure. We believe that Adjusted EBITDA provides additional information to investors for evaluating our financial performance without regard to our financing methods, capital structure and historical cost basis. Further, EBITDA and Adjusted EBITDA, as we define them, may not be comparable to EBITDA, Adjusted EBITDA, or similarly titled measures used by other entities.
For purposes of our Adjusted EBITDA calculation, we make a distinction between realized and unrealized gains and losses on derivatives. During the period when a derivative contract is open, we record changes in the fair value of the derivative as an unrealized gain or loss. When a derivative contract matures or is settled, we reverse the previously recorded unrealized gain or loss and record a realized gain or loss. In our Crude Oil Logistics segment, we purchase certain crude oil barrels using the West Texas Intermediate (“WTI”) calendar month average (“CMA”) price and sell the crude oil barrels using the WTI CMA price plus the Argus CMA Differential Roll Component (“CMA Differential Roll”) per our contracts. To eliminate the volatility of the CMA Differential Roll, we entered into derivative instrument positions in January 2021 to secure a margin of approximately $0.20 per barrel on 1.5 million barrels per month from May 2021 through December 2023. Due to the nature of these positions, the cash flow and earnings recognized on a GAAP basis differed from period to period depending on the current crude oil price and future estimated crude oil price which were valued utilizing third-party market quoted prices. We recognized in Adjusted EBITDA the gains and losses from the derivative instrument positions entered into in January 2021 to properly align with the physical margin we hedged each month through the term of this transaction. This representation aligns with management’s evaluation of the transaction. The derivative instrument positions we entered into related to the CMA Differential Roll expired as of December 31, 2023, and we have not entered into any new derivative instrument positions related to the CMA Differential Roll.
As previously reported, for purposes of our Adjusted EBITDA calculation, we did not draw a distinction between realized and unrealized gains and losses on derivatives of certain businesses within our Liquids Logistics segment. The primary hedging strategy of these businesses is to hedge against the risk of declines in the value of inventory over the course of the contract cycle, and many of the hedges cover extended periods of time. The “inventory valuation adjustment” row in the reconciliation table reflects the difference between the market value of the inventory of these businesses at the balance sheet date and its cost. We include this in Adjusted EBITDA because the unrealized gains and losses associated with derivative contracts associated with the inventory of this segment, which are intended primarily to hedge inventory holding risk and are included in net income, also affect Adjusted EBITDA. Beginning April 1, 2024, and going forward, we will now be drawing a distinction between realized and unrealized gains and losses on derivatives and no longer include the activity on the “inventory valuation adjustment” row in the reconciliation table for these certain businesses within our Liquids Logistics segment. This change aligns with how management now views and evaluates the transactions within these businesses and is also consistent with the calculation of Adjusted EBITDA used in our other businesses. If this change was made as of April 1, 2023, Adjusted EBITDA for the three months ended June 30, 2023 would have been $136.0 million.
Distributable Cash Flow is defined as Adjusted EBITDA minus maintenance capital expenditures, income tax expense, cash interest expense, preferred unit distributions and other. Maintenance capital expenditures represent capital expenditures necessary to maintain the Partnership’s operating capacity. For the CMA Differential Roll transaction, as discussed above, we have included an adjustment to Distributable Cash Flow to reflect, in the period for which they relate, the actual cash flows for the positions that settled that are not being recognized in Adjusted EBITDA. Distributable Cash Flow is a performance metric used by senior management to compare cash flows generated by the Partnership (excluding growth capital expenditures and prior to the establishment of any retained cash reserves by the board of directors of our general partner) to the cash distributions expected to be paid to unitholders. Using this metric, management can quickly compute the coverage ratio of estimated cash flows to planned cash distributions. This financial measure also is important to investors as an indicator of whether the Partnership is generating cash flow at a level that can sustain, or support an increase in, quarterly distribution rates. Actual distribution amounts are set by the board of directors of our general partner.
We do not provide a reconciliation for non-GAAP estimates on a forward-looking basis where we are unable to provide a meaningful calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various items that would impact the most directly comparable forward-looking U.S. GAAP financial measure that have not yet occurred, are out of the Partnership’s control and/or cannot be reasonably predicted. Forward-looking non-GAAP financial measures provided without the most directly comparable U.S. GAAP financial measures may vary materially from the corresponding U.S. GAAP financial measures.
Forward-Looking Statements
This press release includes “forward-looking statements.” All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. While NGL believes such forward-looking statements are reasonable, NGL cannot assure they will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Other factors that could impact any forward-looking statements are those risks described in NGL’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other public filings. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading “Risk Factors.” NGL undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.
NGL provides Adjusted EBITDA guidance that does not include certain charges and costs, which in future periods are generally expected to be similar to the kinds of charges and costs excluded from Adjusted EBITDA in prior periods, such as income taxes, interest and other non-operating items, depreciation and amortization, net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, equity-based compensation expense, acquisition expense, revaluation of liabilities and items that are unusual in nature or infrequently occurring. The exclusion of these charges and costs in future periods will have a significant impact on the Partnership’s Adjusted EBITDA, and the Partnership is not able to provide a reconciliation of its Adjusted EBITDA guidance to net income (loss) without unreasonable efforts due to the uncertainty and variability of the nature and amount of these future charges and costs and the Partnership believes that such reconciliation, if possible, would imply a degree of precision that would be potentially confusing or misleading to investors.
About NGL Energy Partners LP
NGL Energy Partners LP, a Delaware master limited partnership, is a diversified midstream energy partnership that transports, treats, recycles and disposes of produced and flowback water generated as part of the energy production process as well as transports, stores, markets and provides other logistics services for crude oil and liquid hydrocarbons.
For further information, visit the Partnership’s website at www.nglenergypartners.com.
NGL ENERGY PARTNERS LP AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(in Thousands, except unit amounts)
June 30, 2024
March 31, 2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
5,269
$
38,909
Accounts receivable-trade, net of allowance for expected credit losses of $2,173 and $1,671, respectively
752,392
814,087
Accounts receivable-affiliates
1,501
1,501
Inventories
158,710
130,907
Prepaid expenses and other current assets
72,385
126,933
Assets held for sale
—
66,597
Total current assets
990,257
1,178,934
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $1,049,187 and $1,011,274, respectively
2,125,421
2,096,702
GOODWILL
634,282
634,282
INTANGIBLE ASSETS, net of accumulated amortization of $347,932 and $332,560, respectively
928,687
939,978
INVESTMENTS IN UNCONSOLIDATED ENTITIES
19,219
20,305
OPERATING LEASE RIGHT-OF-USE ASSETS
91,544
97,155
OTHER NONCURRENT ASSETS
50,169
52,738
Total assets
$
4,839,579
$
5,020,094
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable-trade
$
627,714
$
707,536
Accounts payable-affiliates
6
37
Accrued expenses and other payables
175,513
213,757
Advance payments received from customers
25,439
17,313
Current maturities of long-term debt
7,846
7,000
Operating lease obligations
28,033
31,090
Liabilities held for sale
—
614
Total current liabilities
864,551
977,347
LONG-TERM DEBT, net of debt issuance costs of $47,337 and $49,178, respectively, and current maturities
3,018,427
2,843,822
OPERATING LEASE OBLIGATIONS
67,270
70,573
OTHER NONCURRENT LIABILITIES
124,067
129,185
CLASS D 9.00% PREFERRED UNITS, 600,000 and 600,000 preferred units issued and outstanding, respectively
551,097
551,097
REDEEMABLE NONCONTROLLING INTEREST
174
—
EQUITY:
General partner, representing a 0.1% interest, 132,645 and 132,645 notional units, respectively
(52,853
)
(52,834
)
Limited partners, representing a 99.9% interest, 132,512,766 and 132,512,766 common units issued and outstanding, respectively
(101,095
)
134,807
Class B preferred limited partners, 12,585,642 and 12,585,642 preferred units issued and outstanding, respectively
305,468
305,468
Class C preferred limited partners, 1,800,000 and 1,800,000 preferred units issued and outstanding, respectively
42,891
42,891
Accumulated other comprehensive loss
(523
)
(499
)
Noncontrolling interests
20,105
18,237
Total equity
213,993
448,070
Total liabilities and equity
$
4,839,579
$
5,020,094
NGL ENERGY PARTNERS LP AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(in Thousands, except unit and per unit amounts)
Three Months Ended June 30,
2024
2023
REVENUES:
Water Solutions
$
181,410
$
181,302
Crude Oil Logistics
280,103
464,390
Liquids Logistics
925,746
970,412
Total Revenues
1,387,259
1,616,104
COST OF SALES:
Water Solutions
1,000
2,569
Crude Oil Logistics
249,497
425,299
Liquids Logistics
922,711
947,247
Corporate and Other
—
4,214
Total Cost of Sales
1,173,208
1,379,329
OPERATING COSTS AND EXPENSES:
Operating
72,533
76,681
General and administrative
15,014
20,291
Depreciation and amortization
62,219
68,979
Gain on disposal or impairment of assets, net
(10,666
)
(1,196
)
Operating Income
74,951
72,020
OTHER INCOME (EXPENSE):
Equity in earnings of unconsolidated entities
300
91
Interest expense
(69,739
)
(59,522
)
Gain on early extinguishment of liabilities, net
—
6,808
Other income, net
167
306
Income Before Income Taxes
5,679
19,703
INCOME TAX BENEFIT (EXPENSE)
4,796
(140
)
Net Income
10,475
19,563
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(792
)
(262
)
NET INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP
$
9,683
$
19,301
NET LOSS ALLOCATED TO COMMON UNITHOLDERS
$
(19,112
)
$
(14,482
)
BASIC AND DILUTED LOSS PER COMMON UNIT
$
(0.14
)
$
(0.11
)
BASIC AND DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING
132,512,766
131,927,343
EBITDA, ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW RECONCILIATION
(Unaudited)
The following table reconciles NGL’s net income to NGL’s EBITDA, Adjusted EBITDA and Distributable Cash Flow for the periods indicated:
Three Months Ended June 30,
2024
2023
(in thousands)
Net income
$
10,475
$
19,563
Less: Net income attributable to noncontrolling interests
(792
)
(262
)
Net income attributable to NGL Energy Partners LP
9,683
19,301
Interest expense
69,738
59,536
Income tax (benefit) expense
(4,796
)
140
Depreciation and amortization
61,849
68,921
EBITDA
136,474
147,898
Net unrealized losses (gains) on derivatives
17,956
(632
)
Lower of cost or net realizable value adjustments
(330
)
2,764
Gain on disposal or impairment of assets, net
(10,666
)
(1,196
)
CMA Differential Roll net losses (gains) (1)
—
(9,137
)
Inventory valuation adjustment (2)
—
336
Gain on early extinguishment of liabilities, net
—
(6,808
)
Equity-based compensation expense
—
474
Other (3)
908
956
Adjusted EBITDA
$
144,342
$
134,655
Less: Cash interest expense (4)
67,218
55,411
Less: Income tax (benefit) expense
(4,796
)
140
Less: Maintenance capital expenditures
22,804
16,527
Less: CMA Differential Roll (5)
—
(10,695
)
Less: Preferred unit distributions paid
218,091
—
Less: Other (6)
65
218
Distributable Cash Flow
$
(159,040
)
$
73,054
______________
(1) Adjustment to align, within Adjusted EBITDA, the net gains and losses of the Partnership’s CMA Differential Roll derivative instruments positions with the physical margin being hedged. See “Non-GAAP Financial Measures” section above for a further discussion.
(2) Amount represents the difference between the market value of the inventory at the balance sheet date and its cost. See “Non-GAAP Financial Measures” section above for a further discussion.
(3) Amounts represent accretion expense for asset retirement obligations and expenses incurred related to legal and advisory costs associated with acquisitions and dispositions. Also, the amount for the three months ended June 30, 2023 included unrealized gains/losses on marketable securities.
(4) Amounts represent interest expense payable in cash, excluding changes in the accrued interest balance.
(5) Amounts represent the cash portion of the adjustments of the Partnership’s CMA Differential Roll derivative instrument positions, as discussed above, that settled during the period.
(6) Amounts represent cash paid to settle asset retirement obligations.
ADJUSTED EBITDA RECONCILIATION BY SEGMENT
Three Months Ended June 30, 2024
Water Solutions
Crude Oil Logistics
Liquids Logistics
Corporate and Other
Consolidated
(in thousands)
Operating income (loss)
$
84,358
$
14,089
$
(11,550
)
$
(11,946
)
$
74,951
Depreciation and amortization
52,712
6,441
2,411
655
62,219
Amortization recorded to cost of sales
—
—
65
—
65
Net unrealized (gains) losses on derivatives
(861
)
(1,980
)
20,797
—
17,956
Lower of cost or net realizable value adjustments
—
—
(330
)
—
(330
)
(Gain) loss on disposal or impairment of assets, net
(10,696
)
30
—
—
(10,666
)
Other income, net
106
2
22
37
167
Adjusted EBITDA attributable to unconsolidated entities
387
—
(16
)
—
371
Adjusted EBITDA attributable to noncontrolling interest
(1,314
)
—
—
—
(1,314
)
Other
911
53
59
(100
)
923
Adjusted EBITDA
$
125,603
$
18,635
$
11,458
$
(11,354
)
$
144,342
Three Months Ended June 30, 2023
Water Solutions
Crude Oil Logistics
Liquids Logistics
Corporate and Other
Consolidated
(in thousands)
Operating income (loss)
$
69,331
$
17,007
$
7,831
$
(22,149
)
$
72,020
Depreciation and amortization
54,423
9,746
3,214
1,596
68,979
Amortization recorded to cost of sales
—
—
65
—
65
Net unrealized losses (gains) on derivatives
—
5,135
(8,719
)
2,952
(632
)
CMA Differential Roll net losses (gains)
—
(9,137
)
—
—
(9,137
)
Inventory valuation adjustment
—
—
336
—
336
Lower of cost or net realizable value adjustments
—
—
2,764
—
2,764
(Gain) loss on disposal or impairment of assets, net
(1,281
)
896
(811
)
—
(1,196
)
Equity-based compensation expense
—
—
—
474
474
Other income, net
180
106
1
19
306
Adjusted EBITDA attributable to unconsolidated entities
227
—
(5
)
44
266
Adjusted EBITDA attributable to noncontrolling interest
(546
)
—
—
—
(546
)
Other
860
38
73
(15
)
956
Adjusted EBITDA
$
123,194
$
23,791
$
4,749
$
(17,079
)
$
134,655
OPERATIONAL DATA
(Unaudited)
Three Months Ended
June 30,
2024
2023
(in thousands, except per day amounts)
Water Solutions:
Produced water processed (barrels per day)
Delaware Basin
2,161,362
2,153,059
Eagle Ford Basin
176,306
132,934
DJ Basin
127,698
169,494
Other Basins
—
2,978
Total
2,465,366
2,458,465
Recycled water (barrels per day)
104,432
99,436
Total (barrels per day)
2,569,798
2,557,901
Skim oil sold (barrels per day)
4,425
3,710
Crude Oil Logistics:
Crude oil sold (barrels)
3,174
6,007
Crude oil transported on owned pipelines (barrels)
5,713
6,563
Crude oil storage capacity - owned and leased (barrels) (1)
5,232
5,232
Crude oil inventory (barrels) (1)
524
685
Liquids Logistics:
Refined products sold (gallons)
199,949
220,087
Propane sold (gallons)
112,504
139,753
Butane sold (gallons)
95,189
78,489
Other products sold (gallons)
86,807
91,099
Natural gas liquids and refined products storage capacity - owned and leased (gallons) (1)
130,441
158,124
Refined products inventory (gallons) (1)
1,806
504
Propane inventory (gallons) (1)
55,676
87,423
Butane inventory (gallons) (1)
52,667
69,632
Other products inventory (gallons) (1)
15,744
12,452
______________(1) Information is presented as of June 30, 2024 and June 30, 2023, respectively.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808447101/en/
David Sullivan, 918-495-4631 Vice President - Finance David.Sullivan@nglep.com
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