NGL Energy Partners LP (NYSE:NGL) (“NGL” or “the Partnership”) is providing an update on its operations in the current commodity price environment. The Partnership’s three primary businesses should continue to perform as expected in the near term and as a result management can confirm the following:
“Like many companies across our industry, the current environment will present us with real challenges going forward, but also presents us with new opportunities,” stated Mike Krimbill, NGL’s CEO. “We must be thoughtful and prudent in our response to greater crude oil supply and lower demand resulting from the effects of the coronavirus. We have taken a number of pro-active steps to solidify our financial position while keeping our operations running smoothly.”
Specifically, the Partnership has taken the following actions:
The Partnership remains in close communication with its customers and will continue to adjust its plans and expectations accordingly as new information warrants. The following points highlight general industry and NGL specific factors in this environment:
Added Mike Krimbill, “We are responding quickly in anticipation of an environment that could get increasingly challenging in calendar 2021. While our businesses continue to perform as expected, we are taking steps that will bolster our operating and financial results should the current commodity price environment continue for an extended period. We will continue to drive our costs down, seek out creative ways to use excess capacity across all of our assets, and maximize our financial position, while maintaining a safe and healthy working environment for our employees. Nothing is off the table.”
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 produced water generated as part of the oil and natural gas production process. For further information, visit the Partnership’s website at www.nglenergypartners.com.
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NGL Energy Partners LP
Investor Relations:
Trey Karlovich, 918-481-1119
Chief Financial Officer and Executive Vice President
[email protected]
or
Linda Bridges, 918-481-1119
Senior Vice President - Finance and Treasurer
[email protected]