NGL Energy Partners LP Announces Status of Investor Tax Packages

Rhea-AI Summary

NGL Energy Partners LP provides an update on the availability of the partnership’s 2023 Investor Tax Packages. The timing is dependent on the passage of the Tax Relief for American Families and Workers Act of 2024 by the U.S. Congress and the Biden administration. The legislation may lower NGL's taxable income for 2023. Due to the ongoing consideration of the bill, the availability of the tax packages is expected to be delayed until March 30, 2024.

TULSA, Okla.--(BUSINESS WIRE)-- NGL Energy Partners LP (NYSE:NGL) (“NGL,” “our,” “we,” or the “Partnership”) today provided an update on the expected availability of the partnership’s 2023 Investor Tax Packages including Schedule K-1 for its common unitholders.

Historically, NGL’s Investor Tax Packages have been available by early March for the preceding tax year; however, the timing of the availability of NGL’s 2023 Investor Tax Packages is dependent upon actions of the U.S. Congress and the Biden administration with regard to the passage, or not, of the Tax Relief for American Families and Workers Act of 2024, (referred to as “H.R. 7024”). H.R. 7024 was passed by the House of Representatives on January 31, 2024 and is now among the legislative items that the U.S. Senate may or may not consider. This legislation includes changes in tax law which would be applied retroactively to the 2023 tax year. As passed by the House of Representatives, certain provisions in H.R. 7024 would lower NGL’s taxable income for 2023 compared to existing tax law.

H.R. 7024 is subject to the legislative process, which may include amendments introduced by the Senate and thus reconciliation of this bill between the House of Representatives and the Senate and subject to the ultimate approval by the President.

Due to the ongoing consideration of H.R. 7024 by Congress and thus the uncertainty of the ultimate tax laws applicable to tax year 2023, NGL currently expects that its 2023 Investor Tax Packages, including Schedule K-1 and all information to fiduciaries for common units owned in tax exempt accounts, will be delayed in comparison to previous years and will be available by March 30, 2024. Once the applicable tax laws for 2023 are known and finalized by the passage, or not, of H.R. 7024, NGL will provide an update on the availability of the 2023 Investor Tax Packages. While these matters are beyond our control, we apologize for any inconvenience the timing of this pending tax legislation may cause our partners/unit holders.

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NGL Energy Partners LP

Investor Relations

918 481 1119

investorinfo@nglep.com

Source: NGL Energy Partners LP

FAQ

When will NGL Energy Partners LP's 2023 Investor Tax Packages be available?

NGL Energy Partners LP expects the 2023 Investor Tax Packages, including Schedule K-1, to be available by March 30, 2024.

What is the legislative item affecting the availability of NGL Energy Partners LP's tax packages?

The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) is the legislative item affecting the availability of NGL Energy Partners LP's tax packages.

How may H.R. 7024 impact NGL Energy Partners LP's taxable income for 2023?

Certain provisions in H.R. 7024 may lower NGL Energy Partners LP's taxable income for 2023 compared to existing tax law.

Why is the availability of the 2023 Investor Tax Packages delayed?

The availability of the 2023 Investor Tax Packages is delayed due to the ongoing consideration of H.R. 7024 by Congress and the uncertainty of the ultimate tax laws applicable to tax year 2023.