NGL - NGL Energy Partners hikes adjusted EBITDA guidance promotes Cooper to CFO

NGL Energy Partners ( NYSE: NGL ) said Tuesday it raised adjusted EBITDA guidance for FY 2023 to more than $630M from over $600M, citing continued increases in water volumes processed in the Delaware Basin and other cash flow positive developments.

Of the $630M, NGL Energy ( NGL ) expects more than $430M will be generated from its Water Solutions segment.

The partnership said it has reduced debt balances by $227M during its FQ3 and has a total debt balance of nearly $3.26B as of December 31.

NGL Energy ( NGL ) also said it promoted Brad Cooper to Executive VP and CFO effective January 13, replacing Linda Bridges, who will resign as CFO to pursue other interests.

Cooper joined the partnership in mid-2021 as Senior VP of Administration and Risk Management, after spending 10 years at WPX Energy where he was VP of Finance and Treasurer.

NGL Energy ( NGL ) "should be deleveraging faster at this point if it wants to be able to refinance at anything resembling tolerable rates," Trapping Value writes in an analysis published recently on Seeking Alpha .

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