NGL - NGL Energy Partners plunged after posting surprise quarterly loss

NGL Energy Partners (NYSE:NGL) -10.9% post-market after reporting a surprise FQ4 GAAP loss, as gallons of propane and butane sold during the quarter fell sharply from year-ago levels. The partnership said its loss from continuing operations was $29.4M for the quarter and $184.1M for the full FY 2022. NGL (NGL) said it processed 1.93M bbl/day of water during the quarter, up 37.7% Y/Y, due to higher production volumes and associated produced water primarily in the Delaware Basin driven by the recovery in crude oil prices from the prior year. The company said it achieved its first $90M adjusted EBITDA quarter in the Water Solutions segment and anticipates segment adjusted EBITDA of more than $400M for the upcoming fiscal year, an increase of $15M from previous guidance of $385M. For FY 2023, NGL (NGL) expects total adjusted EBITDA of at least $600M and capital spending of ~$100M; assuming stable commodity prices, it sees

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NGL Energy Partners plunged after posting surprise quarterly loss