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NGL NGL Energy Partners LP

5.97
0.11 (1.88%)
03 May 2024 - Closed
Delayed by 15 minutes
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
  0.11 1.88% 5.97 5.93 5.83 5.86 144,401 21:56:38

NGL Energy Partners LP / Grand Mesa Pipeline Announce Settlement with Extraction Oil and Gas, Inc.

21/12/2020 11:30am

Business Wire


NGL Energy Partners (NYSE:NGL)
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NGL Energy Partners LP (NYSE: NGL) and Grand Mesa Pipeline, LLC, a wholly-owned subsidiary of NGL (“Grand Mesa”), announced today that Grand Mesa has entered into a settlement agreement with Extraction Oil and Gas, Inc. (NYSE: XOG) as it relates to XOG’s bankruptcy proceedings. Under the settlement, NGL and Extraction entered into a new term supply agreement, retaining Extraction’s crude volumes for shipping on the Grand Mesa Pipeline; and Grand Mesa will receive an allowed unsecured claim which it expects to liquidate for cash proceeds. In consideration for this new supply agreement, Grand Mesa, has agreed to support confirmation of XOG’s bankruptcy plan, including through the withdrawal of its previously filed objection and pending appeals.

The agreements between XOG, NGL and Grand Mesa as described remain subject to approval by the Bankruptcy Court, among other conditions.

Forward Looking Statements

Certain matters contained in this press release include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release may constitute forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the risk factors discussed from time to time in each of our documents and reports filed with the SEC.

Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.

About NGL Energy Partners LP

NGL Energy Partners LP, a Delaware limited partnership, is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of water generated as part of the oil and natural gas production process. For further information, visit the Partnership’s website at www.nglenergypartners.com.

This release is a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100% of NGL Energy Partner LP’s distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Therefore, distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.

NGL Energy Partners LP Trey Karlovich, 918.481.1119 Executive Vice President and Chief Financial Officer Trey.Karlovich@nglep.com

or

Linda Bridges, 918.481.1119 Senior Vice President – Finance and Treasurer Linda.Bridges@nglep.com

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