NGL Energy Partners LP Announces Quarterly Cash Distribution for the Class B, Class C, and Class D Preferred Units

Rhea-AI Summary

NGL Energy Partners LP (NYSE: NGL) has announced quarterly distributions for its Class B, Class C, and Class D Preferred Units for the quarter ending September 30, 2024. The Class B Preferred Units will receive $0.8004 per unit, while the Class C Preferred Units will receive $0.7947 per unit. The Class D Preferred Units will receive a total distribution of $19,247,689.10. All distributions are set to be paid on October 15, 2024, to unitholders of record as of October 1, 2024. This announcement demonstrates NGL's commitment to providing returns to its preferred unitholders in accordance with the partnership agreement.

Positive

• Consistent quarterly distributions to preferred unitholders
• Substantial distribution of $19,247,689.10 for Class D Preferred Units

Negative

• None.

TULSA, Okla.--(BUSINESS WIRE)-- NGL Energy Partners LP (NYSE: NGL) announced today that the Board of Directors of its general partner declared a distribution for the quarter ending September 30, 2024 to be paid to the holders of the Partnership’s 12.806% Class B Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class B Preferred Units”) and the 12.716% Class C Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class C Preferred Units”) in accordance with the terms outlined in NGL’s partnership agreement. Each of the Class B Preferred Units will receive a quarterly distribution of $0.8004 and each of the Class C Preferred Units will receive a quarterly distribution of $0.7947 per unit on October 15, 2024, to holders of record on October 1, 2024.

Additionally, the Board of Directors declared a quarterly cash distribution for the Class D Preferred Units in the amount of $19,247,689.10 for the quarter ending September 30, 2024. The Class D Preferred distribution will also be made on October 15, 2024, to the holders of record on October 1, 2024.

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 forwarding-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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240918498839/en/

Investor Contact:

NGL Energy Partners LP

David Sullivan, 918-495-4631

Senior Vice President - Finance

David.Sullivan@nglep.com

Source: NGL Energy Partners LP

FAQ

What are the distribution amounts for NGL Energy Partners' Class B and C Preferred Units?

NGL Energy Partners (NYSE: NGL) will distribute $0.8004 per Class B Preferred Unit and $0.7947 per Class C Preferred Unit for the quarter ending September 30, 2024.

When will NGL Energy Partners pay the announced preferred unit distributions?

NGL Energy Partners will pay the distributions for Class B, C, and D Preferred Units on October 15, 2024, to unitholders of record as of October 1, 2024.

What is the total distribution amount for NGL Energy Partners' Class D Preferred Units?

NGL Energy Partners (NYSE: NGL) will distribute a total of $19,247,689.10 to Class D Preferred Unit holders for the quarter ending September 30, 2024.

What are the distribution rates for NGL Energy Partners' Class B and C Preferred Units?

NGL Energy Partners' Class B Preferred Units have a 12.806% floating rate, while the Class C Preferred Units have a 12.716% floating rate.