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) announced its Board of Directors has declared quarterly cash distributions for its Class B, Class C, and Class D Preferred Units for the quarter ending June 30, 2024.

Class B Preferred Units, with a 12.511% floating rate, will receive $0.7820 per unit. Class C Preferred Units, with a 12.682% floating rate, will receive $0.7926 per unit. Both distributions will be paid on July 15, 2024, to holders of record on July 1, 2024.

Additionally, a distribution of $15,608,478.65 was declared for Class D Preferred Units, to be paid on the same date. These decisions align with the terms of NGL's partnership agreement.

Positive

• Declared quarterly cash distributions for Class B, C, and D Preferred Units.
• Class B Preferred Units to receive $0.7820 per unit.
• Class C Preferred Units to receive $0.7926 per unit.
• Class D Preferred Units to receive a total of $15,608,478.65.

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 June 30, 2024 to be paid to the holders of the Partnership’s 12.511% Class B Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class B Preferred Units”) and the 12.682% 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 $0.7820 and each of the Class C Preferred Units will receive a quarterly distribution of $0.7926 per unit on July 15, 2024, to holders of record on July 1, 2024.

Additionally, the Board of Directors declared a quarterly cash distribution for the Class D Preferred Units in the amount of $15,608,478.65 for the quarter ending June 30, 2024. The Class D Preferred distribution will also be made on July 15, 2024, to the holders of record on July 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/20240620840467/en/

Investor Contact:

NGL Energy Partners LP

David Sullivan, 918-495-4631

Vice President - Finance

David.Sullivan@nglep.com

Source: NGL Energy Partners LP

FAQ

What is the quarterly distribution for NGL Energy Partners LP Class B Preferred Units?

The quarterly distribution for NGL Energy Partners LP Class B Preferred Units is $0.7820 per unit.

When will the distribution for NGL Energy Partners LP Class C Preferred Units be paid?

The distribution for NGL Energy Partners LP Class C Preferred Units will be paid on July 15, 2024, to holders of record on July 1, 2024.

How much is the quarterly distribution for NGL Energy Partners LP Class C Preferred Units?

The quarterly distribution for NGL Energy Partners LP Class C Preferred Units is $0.7926 per unit.

What is the total amount declared for the Class D Preferred Units distribution by NGL Energy Partners LP?

The total amount declared for the Class D Preferred Units distribution is $15,608,478.65.

When is the record date for the quarterly distribution of NGL Energy Partners LP Class B and Class C Preferred Units?

The record date for the quarterly distribution of NGL Energy Partners LP Class B and Class C Preferred Units is July 1, 2024.