NGL - NGL Energy Partners surges 58% in two days following quarterly earnings

NGL Energy Partners ( NYSE: NGL ) +28.8% in Monday's trading and skyrocketing 59.5% in the two trading days since the partnership reported FQ3 results including adjusted EBITDA that rose 45% Y/Y to $193.3M and record quarterly adjusted EBITDA of $121.7M in the Water Solutions unit.

Despite significant inflation, the Water Solutions segment reduced operating expense to $0.25/bbl from $0.27/bbl in the prior quarter as it processed 2.43M bbl/day of water volumes in the quarter, nearly 32% better than in the year-earlier quarter and 7% above Q2 quarter levels.

"This strong performance plus the return of working capital has allowed us to lean into the repurchase of our 2023 notes, $97.5M in the current quarter," with ~$203M in remaining balance, which the partnership plans to call the remaining 2023 notes no later than June 30, 2023, as "pPaying off the 2023 notes is a key strategic goal."

NGL Energy Partners' ( NGL ) units have gained 133% so far this year and 38.5% during the past year .

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