NGL Energy Partners LP Announces Recent Asset Sales and Other Cash Proceeds Totaling Approximately $270 Million
TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE:NGL) ('NGL,' or the 'Partnership') announces the closing of multiple asset sales, including the previously announced sale of 17 of its natural gas liquids terminals and the Green Bay terminal. In addition, NGL closed on the sale of its Rack Marketing refined products business, its Limestone Ranch ownership, and our remaining crude rail car fleet and other miscellaneous proceeds. These non-core asset sales allow NGL to focus on its core assets in the portfolio and redirect the capital to improving the capital structure.
'These asset sales reduce the volatility and seasonality of our Adjusted EBITDA and working capital requirements. The proceeds will be used to pay off the remaining ABL balance and the excess cash will be used for additional deleveraging and addressing other parts of our capital structure,' commented Mike Krimbill, CEO of NGL.
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 forwarding-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 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, operates the largest integrated network of large diameter wastewater pipelines, disposal wells and produced water handling systems in the Delaware Basin. NGL also operates wastewater disposal in the Eagle Ford and DJ Basins. In addition, NGL markets and provides other logistics services for crude oil, through its ownership of the Grand Mesa Pipeline System, Cushing terminal and other Gulf Coast terminals.
For further information, visit the Partnership's website at www.nglenergypartners.com.
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