NGL - NGL: Soft Q4 In Crude And Liquids Logistics But Good Outlook

2024-06-07 16:59:31 ET

Summary

• NGL reported weaker than expected Q4 earnings, with adjusted EBITDA at $147.5 million compared to $173 million last year.
• Crude logistics and liquids were much weaker than expected, with lower production and expired contracts leading to lower volumes and margins.
• Water solutions performed well, with adjusted EBITDA at $123.4 million, and is expected to drive future growth for the company.

NGL Fourth Quarter Earnings Update

NGL ( NGL ) reported a weaker than expected fourth quarter yesterday. Adjusted EBITDA came in at $147.5 million versus $173 million last year. That weakness led to full year adjusted EBITDA of $610 million, versus the guide of $645 million that was reiterated in the third quarter 2024 conference call in February. Crude Logistics and Liquids (mostly propane distribution) were much weaker than expected....

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