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NGL Energy Partners LP Announces Third Quarter Fiscal 2025 Financial Results

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NGL Energy Partners LP (NYSE:NGL) reported its Q3 Fiscal 2025 financial results, showing a net income of $14.6 million, down from $45.8 million in Q3 Fiscal 2024. Adjusted EBITDA was $147.7 million, slightly lower than $151.7 million in the previous year.

Key operational highlights include a 10.4% growth in produced water volumes to 2.62 million barrels per day, the commencement of LEX II pipeline operations, and new customer contracts in the DJ Basin. The company signed agreements to sell 18 natural gas liquids terminals for approximately $95.0 million, with closings expected by March 31, 2025.

Segment performance showed mixed results: Water Solutions saw higher disposal revenues but increased losses on asset disposals, Crude Oil Logistics experienced reduced volumes on the Grand Mesa Pipeline, and Liquids Logistics faced lower margins due to warmer weather and reduced demand. The company maintained strong liquidity of $292.1 million as of December 31, 2024.

NGL Energy Partners LP (NYSE:NGL) ha riportato i risultati finanziari del terzo trimestre dell'esercizio fiscale 2025, evidenziando un utile netto di 14,6 milioni di dollari, in calo rispetto ai 45,8 milioni di dollari del terzo trimestre dell'esercizio fiscale 2024. L'EBITDA rettificato è stato di 147,7 milioni di dollari, leggermente inferiore ai 151,7 milioni dell'anno precedente.

Tra i principali risultati operativi si segnala una crescita del 10,4% nei volumi di acqua prodotta, raggiungendo i 2,62 milioni di barili al giorno, l'avvio delle operazioni del gasdotto LEX II e nuovi contratti con clienti nel Bacino DJ. L'azienda ha firmato accordi per la vendita di 18 terminal per liquidi naturali per circa 95,0 milioni di dollari, con chiusura prevista entro il 31 marzo 2025.

Le performance dei segmenti hanno mostrato risultati misti: Water Solutions ha registrato ricavi da smaltimento più elevati ma ha subito perdite maggiori da dismissioni di asset, Crude Oil Logistics ha visto riduzioni nei volumi del gasdotto Grand Mesa, e Liquids Logistics ha affrontato margini inferiori a causa di temperature più elevate e ridotto fabbisogno. L'azienda ha mantenuto una solida liquidità di 292,1 milioni di dollari al 31 dicembre 2024.

NGL Energy Partners LP (NYSE:NGL) publicó sus resultados financieros del tercer trimestre del ejercicio fiscal 2025, mostrando un ingreso neto de 14.6 millones de dólares, una disminución respecto a los 45.8 millones de dólares en el tercer trimestre del ejercicio fiscal 2024. El EBITDA ajustado fue de 147.7 millones de dólares, ligeramente inferior a los 151.7 millones del año anterior.

Los aspectos operativos destacados incluyen un crecimiento del 10.4% en los volúmenes de agua producida hasta alcanzar los 2.62 millones de barriles por día, el inicio de las operaciones del oleoducto LEX II, y nuevos contratos con clientes en la Cuenca DJ. La empresa firmó acuerdos para vender 18 terminales de líquidos de gas natural por aproximadamente 95.0 millones de dólares, con cierres esperados para el 31 de marzo de 2025.

El rendimiento de los segmentos mostró resultados mixtos: Water Solutions vio mayores ingresos por eliminación, pero pérdidas aumentadas en la disposición de activos, Crude Oil Logistics experimentó una reducción en los volúmenes del oleoducto Grand Mesa, y Liquids Logistics enfrentó márgenes más bajos debido a un clima más cálido y disminución de la demanda. La empresa mantuvo una sólida liquidez de 292.1 millones de dólares al 31 de diciembre de 2024.

NGL 에너지 파트너스 LP (NYSE:NGL)는 2025 회계연도 3분기 재무 결과를 발표하였으며, 1460만 달러의 순이익을 기록했습니다. 이는 2024 회계연도 3분기의 4580만 달러에서 감소한 수치입니다. 조정된 EBITDA는 1억4770만 달러로, 전년도 1억5170만 달러에 비해 소폭 감소했습니다.

주요 운영 성과로는 생산된 물 용량이 10.4% 증가하여 하루 262만 배럴에 달했으며, LEX II 파이프라인 운영의 시작과 DJ 분지의 새로운 고객 계약이 포함됩니다. 이 회사는 약 9500만 달러에 18개의 천연가스 액체 터미널을 판매하기로 계약했으며, 2025년 3월 31일까지 계약이 종료될 예정입니다.

세그먼트 성과는 엇갈린 결과를 보였습니다: Water Solutions는 폐기물 처분 수익 증가를 보였지만 자산 처분에서의 손실이 증가했으며, Crude Oil Logistics는 Grand Mesa 파이프라인의 용량 감소를 겪었고, Liquids Logistics는 따뜻한 날씨와 수요 감소로 인해 마진이 줄었습니다. 2024년 12월 31일 기준으로 이 회사는 2억9210만 달러의 강력한 유동성을 유지하고 있습니다.

NGL Energy Partners LP (NYSE:NGL) a publié ses résultats financiers pour le troisième trimestre de l'exercice 2025, montrant un revenu net de 14,6 millions de dollars, en baisse par rapport à 45,8 millions de dollars au troisième trimestre de l'exercice 2024. L'EBITDA ajusté s'élevait à 147,7 millions de dollars, légèrement inférieur aux 151,7 millions de dollars de l'année précédente.

Les faits saillants opérationnels incluent une augmentation de 10,4 % des volumes d'eau produite, atteignant 2,62 millions de barils par jour, le lancement des opérations du pipeline LEX II, et de nouveaux contrats avec des clients dans le bassin DJ. L'entreprise a signé des accords pour vendre 18 terminaux de liquides de gaz naturel pour environ 95,0 millions de dollars, avec des clôtures prévues d'ici le 31 mars 2025.

Les performances des segments ont montré des résultats variés : Water Solutions a enregistré des revenus d'élimination plus élevés mais a vu ses pertes sur la cession d'actifs augmenter, Crude Oil Logistics a connu une réduction des volumes sur le pipeline Grand Mesa, et Liquids Logistics a souffert de marges plus faibles à cause d'une météo plus chaude et d'une demande réduite. L'entreprise a maintenu une solide liquidité de 292,1 millions de dollars au 31 décembre 2024.

NGL Energy Partners LP (NYSE:NGL) hat die finanziellen Ergebnisse für das dritte Quartal des Geschäftsjahres 2025 veröffentlicht und dabei einen Nettogewinn von 14,6 Millionen Dollar ausgewiesen, im Vergleich zu 45,8 Millionen Dollar im dritten Quartal des Geschäftsjahres 2024. Das bereinigte EBITDA betrug 147,7 Millionen Dollar, leicht niedriger als die 151,7 Millionen Dollar im Vorjahr.

Wichtige betriebliche Highlights umfassen ein Wachstum der produzierte Wasser volumen um 10,4% auf 2,62 Millionen Barrel pro Tag, den Beginn der Betriebnahme der LEX II-Pipeline und neue Kundenverträge im DJ-Becken. Das Unternehmen hat Vereinbarungen zum Verkauf von 18 Naturgasflüssigkeits-Terminals für etwa 95,0 Millionen Dollar unterzeichnet, mit Abschluss bis zum 31. März 2025.

Die Segmentleistung zeigte gemischte Ergebnisse: Water Solutions verzeichnete höhere Einnahmen aus der Entsorgung, wies jedoch höhere Verluste aus der Veräußerrung von Vermögenswerten auf. Crude Oil Logistics erlebte geringere Volumina in der Grand Mesa Pipeline, und Liquids Logistics hatte aufgrund wärmerem Wetter und geringerer Nachfrage niedrigere Margen. Das Unternehmen hielt am 31. Dezember 2024 eine starke Liquidität von 292,1 Millionen Dollar.

Positive
  • 10.4% increase in produced water volumes to 2.62 million barrels per day
  • Expected proceeds of $95.0 million from sale of natural gas liquids terminals
  • New long-term acreage dedication contract with Prairie Operating
  • Strong liquidity position of $292.1 million
Negative
  • Net income decreased 68% to $14.6 million from $45.8 million year-over-year
  • Adjusted EBITDA declined to $147.7 million from $151.7 million
  • Grand Mesa Pipeline volumes decreased to 61,000 barrels per day from 70,000
  • Lower propane and refined products margins due to reduced demand

Insights

The Q3 FY2025 results reveal a complex operational picture for NGL Energy Partners. While headline numbers show year-over-year declines, the underlying operational metrics paint a more nuanced story. The Water Solutions segment's 10.4% volume growth to 2.62 million barrels per day demonstrates strong execution in the core business, with improved operational efficiency reducing per-barrel costs from $0.25 to $0.21.

Two strategic developments merit particular attention: First, the $95 million sale of 18 natural gas liquids terminals represents a deliberate move to reduce earnings volatility and streamline operations. Second, the new long-term acreage dedication contract with Prairie Operating on the Grand Mesa pipeline helps offset current volume declines and positions the company for future growth in the DJ Basin.

The balance sheet shows prudent management with $292.1 million in total liquidity and compliance with all debt covenants. The $226 million drawn on the ABL facility, while notable, is justified by seasonal inventory builds and capital projects. The warrant repurchase and railcar sales ($12.5 million realized, $10 million anticipated) demonstrate ongoing efforts to optimize capital structure and non-core assets.

The challenging areas - namely the 13% decline in Grand Mesa Pipeline volumes to 61,000 barrels per day and weaker Liquids Logistics performance due to warmer weather - appear temporary rather than structural. The strategic pivot away from the biodiesel business and focus on contracted revenues through minimum volume commitments suggests management is actively addressing business volatility.

TULSA, Okla.--(BUSINESS WIRE)-- NGL Energy Partners LP (NYSE:NGL) (“NGL,” “we,” “us,” “our,” or the “Partnership”) today reported its third quarter Fiscal 2025 financial results. Highlights include:

  • Net income for the third quarter of Fiscal 2025 of $14.6 million, compared to net income of $45.8 million for the third quarter of Fiscal 2024
  • Adjusted EBITDA(1) for the third quarter of Fiscal 2025 of $147.7 million, compared to $151.7 million for the third quarter of Fiscal 2024
  • Produced water volumes processed of approximately 2.62 million barrels per day during the third quarter of Fiscal 2025, growing 10.4% from the third quarter of Fiscal 2024
  • We commenced operations on our expanded Lea County Express Pipeline system (LEX II) during the current quarter

Crude Oil Logistics highlights:

  • Prairie Operating signed a long-term acreage dedication contract for current and future production growth capacity on the Grand Mesa pipeline.
  • Signed a term crude oil purchase and sale agreement with another DJ Basin producer with volumes beginning April 2025.
  • Entered into an agreement with a third-party to connect their crude oil gathering system to our Riverside, Colorado terminal facility.

Liquid Logistics highlights:

  • On February 5, 2025, we signed a purchase and sale agreement to sell 17 of our natural gas liquids terminals.
  • We also signed a purchase and sale agreement for our natural gas liquids terminal in Green Bay, Wisconsin.
  • Total consideration for both transactions is estimated to be $95.0 million, inclusive of working capital. Both transactions are expected to close by March 31, 2025.

Other highlights:

  • On November 22, 2024, we purchased 23,375,000 of our outstanding warrants for $6.9 million.
  • In January and February, 2025, we sold 143 railcars for proceeds of $12.5 million. We anticipate selling additional railcars for approximately $10 million.

“We are very excited about our new customers on Grand Mesa and believe we have a much brighter future in the DJ Basin. We have also been looking to reduce the volatility in our results by divesting certain assets in the Liquids Logistics segment and are meeting with some success. We continue to grow the Water Solutions business, focusing on minimum volume commitments and acreage dedications,” stated Mike Krimbill.

Quarterly Results of Operations

The following table summarizes the unaudited operating income (loss) and Adjusted EBITDA(1) by reportable segment for the periods indicated:

 

 

Quarter Ended

 

 

December 31, 2024

 

December 31, 2023

 

 

Operating
Income (Loss)

 

Adjusted
EBITDA(1)

 

Operating
Income (Loss)

 

Adjusted
EBITDA(1)

 

 

(in thousands)

Water Solutions

 

$

65,379

 

 

$

132,661

 

 

$

74,270

 

 

$

121,285

 

Crude Oil Logistics

 

 

10,024

 

 

 

17,354

 

 

 

17,010

 

 

 

17,044

 

Liquids Logistics

 

 

11,676

 

 

 

8,188

 

 

 

22,449

 

 

 

26,302

 

Corporate and Other

 

 

(11,582

)

 

 

(10,551

)

 

 

(11,940

)

 

 

(12,961

)

Total

 

$

75,497

 

 

$

147,652

 

 

$

101,789

 

 

$

151,670

 

_______________

(1)

See the “Non-GAAP Financial Measures” section of this release for the definition of Adjusted EBITDA (as used herein) and a discussion of this non-GAAP financial measure.

Water Solutions

Operating income for the Water Solutions segment decreased by $8.9 million for the quarter ended December 31, 2024, compared to the quarter ended December 31, 2023. The decrease was due primarily to higher losses on the disposal or impairment of assets of $10.5 million in the current period compared to a gain of $0.5 million in the prior year period. This decrease was partially offset by a gain of $3.0 million due to the write-off of a contingent consideration liability and higher disposal revenues due to an increase in produced water volumes processed from contracted customers and higher fees charged for interruptible spot volumes. There was also higher water pipeline revenue due to the LEX II pipeline commencing operations during the current quarter. The Partnership processed approximately 2.62 million barrels of produced water per day during the quarter ended December 31, 2024, a 10.4% increase when compared to approximately 2.38 million barrels of water per day processed during the quarter ended December 31, 2023.

Revenues from recovered skim oil, including the impact from realized skim oil hedges, totaled $24.1 million for the quarter ended December 31, 2024, an increase of less than $0.1 million from the prior year period. The increase was due primarily to an increase in skim oil barrels sold due to more skim oil recovered from receiving more water in higher oil cut basins, partially offset by lower realized crude oil prices received from the sale of skim oil barrels. There was also an increase in unrealized losses on skim oil hedges for the quarter ended December 31, 2024, compared to the quarter ended December 31, 2023.

Operating expenses in the Water Solutions segment decreased $2.2 million for the quarter ended December 31, 2024, compared to the quarter ended December 31, 2023 due primarily to lower utilities expense due to a negotiated long-term utility contract with lower rates, lower chemical expense due to purchasing fewer chemicals and using them more efficiently and lower repairs and maintenance expense due to the timing of repairs and tank cleaning. These decreases were partially offset by higher royalty expense due to volumes related to the LEX II pipeline commencing operations and increased volumes at certain other saltwater disposal wells. Operating expense per produced barrel processed was $0.21 for the quarter ended December 31, 2024, compared to $0.25 in the comparative quarter last year.

Crude Oil Logistics

Operating income for the Crude Oil Logistics segment decreased by $7.0 million for the quarter ended December 31, 2024, compared to the quarter ended December 31, 2023. The decrease was due to reduced sales volumes as a result of lower production on acreage dedicated to us in the DJ Basin and lower crude oil prices and an increase in derivative losses. During the quarter ended December 31, 2024, physical volumes on the Grand Mesa Pipeline averaged approximately 61,000 barrels per day, compared to approximately 70,000 barrels per day for the quarter ended December 31, 2023.

Liquids Logistics

Operating income for the Liquids Logistics segment decreased by $10.8 million for the quarter ended December 31, 2024, compared to the quarter ended December 31, 2023, primarily due to lower propane and refined products margins, excluding the impact of derivatives, and an increase in derivative losses for all products. Margins for propane declined due to lower contracted volumes due to reduced retail customer demand and lower spot volumes, both resulting from the warmer weather during the period. Margins for refined products declined due to lower customer demand and aggressive pricing by some competitors in certain markets. Losses on derivative instruments were $9.5 million for the quarter ended December 31, 2024, compared to losses of $0.5 million for the prior year period.

During the quarter, we completed the majority of the wind-down of our biodiesel business. We allowed our storage lease and certain railcar leases to expire and started to close out our open purchase and sale contracts. We expect to have all of our inventory liquidated by the end of February 2025 and to sublease the remaining railcars by March 31, 2025.

Corporate and Other

The operating loss for Corporate and Other was lower by $0.4 million for the quarter ended December 31, 2024, compared to the quarter ended December 31, 2023. General and administrative expenses decreased due to lower business insurance expense and lower legal expenses due to the resolution of several large cases in prior periods. The results for the prior period included gains from derivatives of $1.8 million as we had entered into economic hedges to protect our liquidity positions and leverage from a significant increase in commodity prices. We did not have any similar open hedge positions for the current period.

Capitalization and Liquidity

Total liquidity (cash plus available capacity on our asset-based revolving credit facility (“ABL Facility”)) was approximately $292.1 million as of December 31, 2024. Borrowings on the Partnership’s ABL Facility totaled approximately $226.0 million as of December 31, 2024, as we funded certain capital projects and built up our inventory for the blending and heating seasons.

The Partnership is in compliance with all of its debt covenants and has no upcoming debt maturities.

Third Quarter Conference Call Information

A conference call to discuss NGL’s results of operations is scheduled for 4:00 pm Central Time on Monday, February 10, 2025. Analysts, investors, and other interested parties may join the webcast via the event link: https://www.webcaster4.com/Webcast/Page/2808/51875 or by dialing (888) 506-0062 and providing conference code: 239040. An archived audio replay of the call will be available for 14 days, which can be accessed by dialing (877) 481-4010 and providing replay passcode 51875.

Non-GAAP Financial Measures

We define EBITDA as net income (loss) attributable to NGL Energy Partners LP, plus interest expense, income tax expense (benefit), and depreciation and amortization expense. We define Adjusted EBITDA as EBITDA excluding net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, equity-based compensation expense, revaluation of liabilities and other. EBITDA and Adjusted EBITDA should not be considered as alternatives to net income, income before income taxes, cash flows from operating activities, or any other measure of financial performance calculated in accordance with GAAP, as those items are used to measure operating performance, liquidity or the ability to service debt obligations. We believe that EBITDA provides additional information to investors for evaluating our ability to make quarterly distributions to our unitholders and is presented solely as a supplemental measure. We believe that Adjusted EBITDA provides additional information to investors for evaluating our financial performance without regard to our financing methods, capital structure and historical cost basis. Further, EBITDA and Adjusted EBITDA, as we define them, may not be comparable to EBITDA, Adjusted EBITDA, or similarly titled measures used by other entities.

For purposes of our Adjusted EBITDA calculation, we make a distinction between realized and unrealized gains and losses on derivatives. During the period when a derivative contract is open, we record changes in the fair value of the derivative as an unrealized gain or loss. When a derivative contract matures or is settled, we reverse the previously recorded unrealized gain or loss and record a realized gain or loss. In our Crude Oil Logistics segment, we purchase certain crude oil barrels using the West Texas Intermediate (“WTI”) calendar month average (“CMA”) price and sell the crude oil barrels using the WTI CMA price plus the Argus CMA Differential Roll Component (“CMA Differential Roll”) per our contracts. To eliminate the volatility of the CMA Differential Roll, we entered into derivative instrument positions in January 2021 to secure a margin of approximately $0.20 per barrel on 1.5 million barrels per month from May 2021 through December 2023. Due to the nature of these positions, the cash flow and earnings recognized on a GAAP basis differed from period to period depending on the current crude oil price and future estimated crude oil price which were valued utilizing third-party market quoted prices. We recognized in Adjusted EBITDA the gains and losses from the derivative instrument positions entered into in January 2021 to properly align with the physical margin we hedged each month through the term of this transaction. This representation aligns with management’s evaluation of the transaction. The derivative instrument positions we entered into related to the CMA Differential Roll expired as of December 31, 2023, and we have not entered into any new derivative instrument positions related to the CMA Differential Roll.

As previously reported, for purposes of our Adjusted EBITDA calculation, we did not draw a distinction between realized and unrealized gains and losses on derivatives of certain businesses within our Liquids Logistics segment. The primary hedging strategy of these businesses is to hedge against the risk of declines in the value of inventory over the course of the contract cycle, and many of the hedges cover extended periods of time. The “inventory valuation adjustment” row in the reconciliation table reflects the difference between the market value of the inventory of these businesses at the balance sheet date and its cost. We include this in Adjusted EBITDA because the unrealized gains and losses for derivative contracts associated with the inventory of this segment, which are intended primarily to hedge inventory holding risk and are included in net income, also affect Adjusted EBITDA. Beginning April 1, 2024, and going forward, we will now be drawing a distinction between realized and unrealized gains and losses on derivatives and will no longer include the activity on the “inventory valuation adjustment” row in the reconciliation table for these certain businesses within our Liquids Logistics segment. This change aligns with how management now views and evaluates the transactions within these businesses and is also consistent with the calculation of Adjusted EBITDA used in our other businesses. If this change was made as of April 1, 2023, Adjusted EBITDA for the three months and nine months ended December 31, 2023 would have been $149.9 million and $461.8 million, respectively.

Distributable Cash Flow is defined as Adjusted EBITDA minus maintenance capital expenditures, income tax expense, cash interest expense, preferred unit distributions paid and other. Maintenance capital expenditures represent capital expenditures necessary to maintain the Partnership’s operating capacity. For the CMA Differential Roll transaction, as discussed above, we have included an adjustment to Distributable Cash Flow to reflect, in the period for which they relate, the actual cash flows for the positions that settled that are not being recognized in Adjusted EBITDA. Distributable Cash Flow is a performance metric used by senior management to compare cash flows generated by the Partnership (excluding growth capital expenditures and prior to the establishment of any retained cash reserves by the board of directors of our general partner) to the cash distributions expected to be paid to unitholders. Using this metric, management can quickly compute the coverage ratio of estimated cash flows to planned cash distributions. This financial measure also is important to investors as an indicator of whether the Partnership is generating cash flow at a level that can sustain, or support an increase in, quarterly distribution rates. Actual distribution amounts are set by the board of directors of our general partner.

We do not provide a reconciliation for non-GAAP estimates on a forward-looking basis where we are unable to provide a meaningful calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various items that would impact the most directly comparable forward-looking U.S. GAAP financial measure that have not yet occurred, are out of the Partnership’s control and/or cannot be reasonably predicted. Forward-looking non-GAAP financial measures provided without the most directly comparable U.S. GAAP financial measures may vary materially from the corresponding U.S. GAAP financial measures.

Forward-Looking Statements

This press release includes “forward-looking statements.” All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. While NGL believes such forward-looking statements are reasonable, NGL cannot assure they will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Other factors that could impact any forward-looking statements are those risks described in NGL’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other public filings. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading “Risk Factors.” NGL undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.

NGL provides Adjusted EBITDA guidance that does not include certain charges and costs, which in future periods are generally expected to be similar to the kinds of charges and costs excluded from Adjusted EBITDA in prior periods, such as income taxes, interest and other non-operating items, depreciation and amortization, net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, equity-based compensation expense, acquisition expense, revaluation of liabilities and items that are unusual in nature or infrequently occurring. The exclusion of these charges and costs in future periods will have a significant impact on the Partnership’s Adjusted EBITDA, and the Partnership is not able to provide a reconciliation of its Adjusted EBITDA guidance to net income (loss) without unreasonable efforts due to the uncertainty and variability of the nature and amount of these future charges and costs and the Partnership believes that such reconciliation, if possible, would imply a degree of precision that would be potentially confusing or misleading to investors.

About NGL Energy Partners LP

NGL Energy Partners LP, a Delaware master limited partnership, is a diversified midstream energy partnership that transports, treats, recycles and disposes of produced and flowback water generated as part of the energy production process as well as transports, stores, markets and provides other logistics services for crude oil and liquid hydrocarbons.

For further information, visit the Partnership’s website at www.nglenergypartners.com.

NGL ENERGY PARTNERS LP AND SUBSIDIARIES

Unaudited Condensed Consolidated Balance Sheets

(in Thousands, except unit amounts)

 

 

December 31,
2024

 

March 31,
2024

ASSETS

 

 

 

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

$

5,683

 

 

$

38,909

 

Accounts receivable-trade, net of allowance for expected credit losses of $3,670 and $1,671, respectively

 

784,315

 

 

 

814,087

 

Accounts receivable-affiliates

 

1,679

 

 

 

1,501

 

Inventories

 

134,075

 

 

 

130,907

 

Prepaid expenses and other current assets

 

85,559

 

 

 

126,933

 

Assets held for sale

 

4,557

 

 

 

66,597

 

Total current assets

 

1,015,868

 

 

 

1,178,934

 

PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $1,131,870 and $1,011,274, respectively

 

2,136,699

 

 

 

2,096,702

 

GOODWILL

 

634,282

 

 

 

634,282

 

INTANGIBLE ASSETS, net of accumulated amortization of $359,241 and $332,560, respectively

 

905,035

 

 

 

939,978

 

INVESTMENTS IN UNCONSOLIDATED ENTITIES

 

19,312

 

 

 

20,305

 

OPERATING LEASE RIGHT-OF-USE ASSETS

 

112,860

 

 

 

97,155

 

OTHER NONCURRENT ASSETS

 

24,416

 

 

 

52,738

 

Total assets

$

4,848,472

 

 

$

5,020,094

 

LIABILITIES AND EQUITY

 

 

 

CURRENT LIABILITIES:

 

 

 

Accounts payable-trade

$

645,309

 

 

$

707,536

 

Accounts payable-affiliates

 

52

 

 

 

37

 

Accrued expenses and other payables

 

138,236

 

 

 

213,757

 

Advance payments received from customers

 

24,896

 

 

 

17,313

 

Current maturities of long-term debt

 

8,769

 

 

 

7,000

 

Operating lease obligations

 

29,191

 

 

 

31,090

 

Liabilities held for sale

 

 

 

 

614

 

Total current liabilities

 

846,453

 

 

 

977,347

 

LONG-TERM DEBT, net of debt issuance costs of $45,076 and $49,178, respectively, and current maturities

 

3,078,988

 

 

 

2,843,822

 

OPERATING LEASE OBLIGATIONS

 

87,032

 

 

 

70,573

 

OTHER NONCURRENT LIABILITIES

 

121,943

 

 

 

129,185

 

 

 

 

 

CLASS D 9.00% PREFERRED UNITS, 600,000 and 600,000 preferred units issued and outstanding, respectively

 

551,097

 

 

 

551,097

 

REDEEMABLE NONCONTROLLING INTERESTS

 

367

 

 

 

 

 

 

 

 

EQUITY:

 

 

 

General partner, representing a 0.1% interest, 132,145 and 132,645 notional units, respectively

 

(52,897

)

 

 

(52,834

)

Limited partners, representing a 99.9% interest, 132,012,766 and 132,512,766 common units issued and outstanding, respectively

 

(154,146

)

 

 

134,807

 

Class B preferred limited partners, 12,585,642 and 12,585,642 preferred units issued and outstanding, respectively

 

305,468

 

 

 

305,468

 

Class C preferred limited partners, 1,800,000 and 1,800,000 preferred units issued and outstanding, respectively

 

42,891

 

 

 

42,891

 

Accumulated other comprehensive income (loss)

 

10

 

 

 

(499

)

Noncontrolling interests

 

21,266

 

 

 

18,237

 

Total equity

 

162,592

 

 

 

448,070

 

Total liabilities and equity

$

4,848,472

 

 

$

5,020,094

 

NGL ENERGY PARTNERS LP AND SUBSIDIARIES

Unaudited Condensed Consolidated Statements of Operations

(in Thousands, except unit and per unit amounts)

 

 

 

Three Months Ended
December 31,

 

Nine Months Ended
December 31,

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

REVENUES:

 

 

 

 

 

 

 

 

Water Solutions

 

$

187,268

 

 

$

179,301

 

 

$

550,545

 

 

$

557,847

 

Crude Oil Logistics

 

 

195,646

 

 

 

425,294

 

 

 

719,506

 

 

 

1,379,397

 

Liquids Logistics

 

 

1,165,981

 

 

 

1,265,182

 

 

 

3,018,704

 

 

 

3,389,733

 

Corporate and Other

 

 

178

 

 

 

 

 

 

252

 

 

 

 

Total Revenues

 

 

1,549,073

 

 

 

1,869,777

 

 

 

4,289,007

 

 

 

5,326,977

 

COST OF SALES:

 

 

 

 

 

 

 

 

Water Solutions

 

 

4,256

 

 

 

(2,573

)

 

 

4,689

 

 

 

7,420

 

Crude Oil Logistics

 

 

168,679

 

 

 

386,418

 

 

 

630,324

 

 

 

1,266,644

 

Liquids Logistics

 

 

1,137,017

 

 

 

1,224,059

 

 

 

2,969,342

 

 

 

3,290,784

 

Corporate and Other

 

 

 

 

 

(1,772

)

 

 

 

 

 

(939

)

Total Cost of Sales

 

 

1,309,952

 

 

 

1,606,132

 

 

 

3,604,355

 

 

 

4,563,909

 

OPERATING COSTS AND EXPENSES:

 

 

 

 

 

 

 

 

Operating

 

 

75,288

 

 

 

79,115

 

 

 

225,953

 

 

 

233,185

 

General and administrative

 

 

15,061

 

 

 

17,934

 

 

 

42,254

 

 

 

55,721

 

Depreciation and amortization

 

 

66,294

 

 

 

65,597

 

 

 

190,444

 

 

 

200,102

 

Loss (gain) on disposal or impairment of assets, net

 

 

9,941

 

 

 

(790

)

 

 

784

 

 

 

14,221

 

Revaluation of liabilities

 

 

(2,960

)

 

 

 

 

 

(2,960

)

 

 

 

Operating Income

 

 

75,497

 

 

 

101,789

 

 

 

228,177

 

 

 

259,839

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated entities

 

 

1,376

 

 

 

838

 

 

 

3,198

 

 

 

1,780

 

Interest expense

 

 

(63,058

)

 

 

(57,221

)

 

 

(210,201

)

 

 

(175,370

)

Gain on early extinguishment of liabilities, net

 

 

 

 

 

 

 

 

 

 

 

6,871

 

Other income, net

 

 

487

 

 

 

515

 

 

 

2,476

 

 

 

1,131

 

Income Before Income Taxes

 

 

14,302

 

 

 

45,921

 

 

 

23,650

 

 

 

94,251

 

INCOME TAX BENEFIT (EXPENSE)

 

 

273

 

 

 

(154

)

 

 

4,791

 

 

 

(636

)

Net Income

 

 

14,575

 

 

 

45,767

 

 

 

28,441

 

 

 

93,615

 

LESS: NET INCOME ATTRIBUTABLE TO NONREDEEMABLE NONCONTROLLING INTERESTS

 

 

(1,053

)

 

 

(85

)

 

 

(2,777

)

 

 

(604

)

LESS: NET INCOME ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING INTERESTS

 

 

(15

)

 

 

 

 

 

(20

)

 

 

 

NET INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP

 

$

13,507

 

 

$

45,682

 

 

$

25,644

 

 

$

93,011

 

NET (LOSS) INCOME ALLOCATED TO COMMON UNITHOLDERS

 

$

(15,412

)

 

$

10,244

 

 

$

(62,794

)

 

$

(10,947

)

BASIC (LOSS) INCOME PER COMMON UNIT

 

$

(0.12

)

 

$

0.08

 

 

$

(0.47

)

 

$

(0.08

)

DILUTED (LOSS) INCOME PER COMMON UNIT

 

$

(0.12

)

 

$

0.08

 

 

$

(0.47

)

 

$

(0.08

)

BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING

 

 

132,012,766

 

 

 

132,220,055

 

 

 

132,265,839

 

 

 

132,025,268

 

DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING

 

 

132,012,766

 

 

 

132,498,734

 

 

 

132,265,839

 

 

 

132,025,268

 

EBITDA, ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW RECONCILIATION

(Unaudited)

 

The following table reconciles NGL’s net income to NGL’s EBITDA, Adjusted EBITDA and Distributable Cash Flow for the periods indicated:

 

 

Three Months Ended
December 31,

 

Nine Months Ended
December 31,

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

(in thousands)

Net income

 

$

14,575

 

 

$

45,767

 

 

$

28,441

 

 

$

93,615

 

Less: Net income attributable to nonredeemable noncontrolling interests

 

 

(1,053

)

 

 

(85

)

 

 

(2,777

)

 

 

(604

)

Less: Net income attributable to redeemable noncontrolling interests

 

 

(15

)

 

 

 

 

 

(20

)

 

 

 

Net income attributable to NGL Energy Partners LP

 

 

13,507

 

 

 

45,682

 

 

 

25,644

 

 

 

93,011

 

Interest expense

 

 

63,032

 

 

 

57,274

 

 

 

210,161

 

 

 

175,452

 

Income tax (benefit) expense

 

 

(273

)

 

 

154

 

 

 

(4,791

)

 

 

636

 

Depreciation and amortization

 

 

65,786

 

 

 

65,582

 

 

 

189,181

 

 

 

200,005

 

EBITDA

 

 

142,052

 

 

 

168,692

 

 

 

420,195

 

 

 

469,104

 

Net unrealized (gains) losses on derivatives

 

 

(1,099

)

 

 

47,558

 

 

 

22,489

 

 

 

56,617

 

Lower of cost or net realizable value adjustments

 

 

(2,978

)

 

 

(575

)

 

 

(4,209

)

 

 

3,269

 

Loss (gain) on disposal or impairment of assets, net (1)

 

 

10,212

 

 

 

(1,107

)

 

 

1,061

 

 

 

13,904

 

CMA Differential Roll net losses (gains) (2)

 

 

 

 

 

(64,381

)

 

 

 

 

 

(71,285

)

Inventory valuation adjustment (3)

 

 

 

 

 

709

 

 

 

 

 

 

(5,391

)

Gain on early extinguishment of liabilities, net

 

 

 

 

 

 

 

 

 

 

 

(6,871

)

Equity-based compensation expense

 

 

 

 

 

214

 

 

 

 

 

 

1,098

 

Revaluation of liabilities (4)

 

 

(2,960

)

 

 

 

 

 

(2,960

)

 

 

 

Other (5)

 

 

2,425

 

 

 

560

 

 

 

2,688

 

 

 

2,094

 

Adjusted EBITDA

 

$

147,652

 

 

$

151,670

 

 

$

439,264

 

 

$

462,539

 

Less: Cash interest expense (6)

 

 

67,685

 

 

 

53,042

 

 

 

203,394

 

 

 

162,936

 

Less: Income tax (benefit) expense

 

 

(273

)

 

 

154

 

 

 

(4,791

)

 

 

636

 

Less: Maintenance capital expenditures

 

 

18,571

 

 

 

8,780

 

 

 

57,947

 

 

 

41,665

 

Less: CMA Differential Roll (7)

 

 

 

 

 

(9,118

)

 

 

 

 

 

(27,165

)

Less: Preferred unit distributions paid

 

 

30,752

 

 

 

 

 

 

276,356

 

 

 

 

Less: Other (8)

 

 

1,313

 

 

 

 

 

 

1,378

 

 

 

222

 

Distributable Cash Flow

 

$

29,604

 

 

$

98,812

 

 

$

(95,020

)

 

$

284,245

 

_______________

(1)

Excludes amounts related to unconsolidated entities and noncontrolling interests.

(2)

Adjustment to align, within Adjusted EBITDA, the net gains and losses of the Partnership’s CMA Differential Roll derivative instruments positions with the physical margin being hedged. See “Non-GAAP Financial Measures” section above for a further discussion.

(3)

Amounts represent the difference between the market value of the inventory at the balance sheet date and its cost. See “Non-GAAP Financial Measures” section above for a further discussion.

(4)

Amounts represent the write-off of a portion of our contingent consideration liability related to royalty agreements acquired as part of certain business combinations in our Water Solutions segment as we no longer expect to make royalty payments for a certain saltwater disposal well that was plugged and abandoned.

(5)

Amounts represent accretion expense for asset retirement obligations, expenses incurred related to legal and advisory costs associated with acquisitions and dispositions and unrealized gains/losses on investments and marketable securities.

(6)

Amounts represent interest expense payable in cash, excluding changes in the accrued interest balance.

(7)

Amounts represent the cash portion of the adjustments of the Partnership’s CMA Differential Roll derivative instrument positions, as discussed above, that settled during the period.

(8)

Amounts represent cash paid to settle asset retirement obligations.

ADJUSTED EBITDA RECONCILIATION BY SEGMENT

(unaudited)

 

 

Three Months Ended December 31, 2024

 

Water
Solutions

 

Crude Oil
Logistics

 

Liquids
Logistics

 

Corporate
and Other

 

Consolidated

 

(in thousands)

Operating income (loss)

$

65,379

 

 

$

10,024

 

 

$

11,676

 

 

$

(11,582

)

 

$

75,497

 

Depreciation and amortization

 

56,831

 

 

 

6,360

 

 

 

2,277

 

 

 

826

 

 

 

66,294

 

Amortization recorded to cost of sales

 

 

 

 

 

 

 

175

 

 

 

 

 

 

175

 

Net unrealized losses (gains) on derivatives

 

1,864

 

 

 

1,454

 

 

 

(4,417

)

 

 

 

 

 

(1,099

)

Lower of cost or net realizable value adjustments

 

 

 

 

(540

)

 

 

(2,438

)

 

 

 

 

 

(2,978

)

Loss (gain) on disposal or impairment of assets, net

 

10,525

 

 

 

 

 

 

(627

)

 

 

43

 

 

 

9,941

 

Other (expense) income, net

 

(1,095

)

 

 

1

 

 

 

1,501

 

 

 

80

 

 

 

487

 

Adjusted EBITDA attributable to unconsolidated entities

 

1,505

 

 

 

 

 

 

(21

)

 

 

 

 

 

1,484

 

Adjusted EBITDA attributable to noncontrolling interests

 

(1,564

)

 

 

 

 

 

 

 

 

(66

)

 

 

(1,630

)

Revaluation of liabilities

 

(2,960

)

 

 

 

 

 

 

 

 

 

 

 

(2,960

)

Other

 

2,176

 

 

 

55

 

 

 

62

 

 

 

148

 

 

 

2,441

 

Adjusted EBITDA

$

132,661

 

 

$

17,354

 

 

$

8,188

 

 

$

(10,551

)

 

$

147,652

 

 

Three Months Ended December 31, 2023

 

Water
Solutions

 

Crude Oil
Logistics

 

Liquids
Logistics

 

Corporate
and Other

 

Consolidated

 

(in thousands)

Operating income (loss)

$

74,270

 

 

$

17,010

 

 

$

22,449

 

 

$

(11,940

)

 

$

101,789

 

Depreciation and amortization

 

52,643

 

 

 

9,545

 

 

 

2,438

 

 

 

971

 

 

 

65,597

 

Amortization recorded to cost of sales

 

 

 

 

 

 

 

65

 

 

 

 

 

 

65

 

Net unrealized (gains) losses on derivatives

 

(6,440

)

 

 

51,984

 

 

 

3,581

 

 

 

(1,567

)

 

 

47,558

 

CMA Differential Roll net losses (gains)

 

 

 

 

(64,381

)

 

 

 

 

 

 

 

 

(64,381

)

Inventory valuation adjustment

 

 

 

 

 

 

 

709

 

 

 

 

 

 

709

 

Lower of cost or net realizable value adjustments

 

 

 

 

785

 

 

 

(1,360

)

 

 

 

 

 

(575

)

(Gain) loss on disposal or impairment of assets, net

 

(478

)

 

 

2,042

 

 

 

(1,639

)

 

 

(715

)

 

 

(790

)

Equity-based compensation expense

 

 

 

 

 

 

 

 

 

 

214

 

 

 

214

 

Other income (expense), net

 

488

 

 

 

1

 

 

 

(8

)

 

 

34

 

 

 

515

 

Adjusted EBITDA attributable to unconsolidated entities

 

715

 

 

 

 

 

 

7

 

 

 

42

 

 

 

764

 

Adjusted EBITDA attributable to noncontrolling interests

 

(362

)

 

 

 

 

 

 

 

 

 

 

 

(362

)

Other

 

449

 

 

 

58

 

 

 

60

 

 

 

 

 

 

567

 

Adjusted EBITDA

$

121,285

 

 

$

17,044

 

 

$

26,302

 

 

$

(12,961

)

 

$

151,670

 

 

Nine Months Ended December 31, 2024

 

Water
Solutions

 

Crude Oil
Logistics

 

Liquids
Logistics

 

Corporate
and Other

 

Consolidated

 

(in thousands)

Operating income (loss)

$

222,566

 

 

$

38,953

 

 

$

(1,007

)

 

$

(32,335

)

 

$

228,177

 

Depreciation and amortization

 

162,066

 

 

 

19,086

 

 

 

7,109

 

 

 

2,183

 

 

 

190,444

 

Amortization recorded to cost of sales

 

 

 

 

 

 

 

342

 

 

 

 

 

 

342

 

Net unrealized losses (gains) on derivatives

 

1,391

 

 

 

(4,538

)

 

 

25,636

 

 

 

 

 

 

22,489

 

Lower of cost or net realizable value adjustments

 

 

 

 

 

 

 

(4,209

)

 

 

 

 

 

(4,209

)

Loss (gain) on disposal or impairment of assets, net

 

1,780

 

 

 

(412

)

 

 

(627

)

 

 

43

 

 

 

784

 

Other income, net

 

816

 

 

 

2

 

 

 

1,511

 

 

 

147

 

 

 

2,476

 

Adjusted EBITDA attributable to unconsolidated entities

 

3,541

 

 

 

 

 

 

(56

)

 

 

 

 

 

3,485

 

Adjusted EBITDA attributable to noncontrolling interests

 

(4,400

)

 

 

 

 

 

 

 

 

(100

)

 

 

(4,500

)

Revaluation of liabilities

 

(2,960

)

 

 

 

 

 

 

 

 

 

 

 

(2,960

)

Other

 

2,326

 

 

 

161

 

 

 

182

 

 

 

67

 

 

 

2,736

 

Adjusted EBITDA

$

387,126

 

 

$

53,252

 

 

$

28,881

 

 

$

(29,995

)

 

$

439,264

 

 

Nine Months Ended December 31, 2023

 

Water
Solutions

 

Crude Oil
Logistics

 

Liquids
Logistics

 

Corporate
and Other

 

Consolidated

 

(in thousands)

Operating income (loss)

$

202,719

 

 

$

48,795

 

 

$

53,857

 

 

$

(45,532

)

 

$

259,839

 

Depreciation and amortization

 

159,119

 

 

 

28,864

 

 

 

8,035

 

 

 

4,084

 

 

 

200,102

 

Amortization recorded to cost of sales

 

 

 

 

 

 

 

195

 

 

 

 

 

 

195

 

Net unrealized (gains) losses on derivatives

 

(1,969

)

 

 

61,673

 

 

 

(1,908

)

 

 

(1,179

)

 

 

56,617

 

CMA Differential Roll net losses (gains)

 

 

 

 

(71,285

)

 

 

 

 

 

 

 

 

(71,285

)

Inventory valuation adjustment

 

 

 

 

 

 

 

(5,391

)

 

 

 

 

 

(5,391

)

Lower of cost or net realizable value adjustments

 

 

 

 

785

 

 

 

2,484

 

 

 

 

 

 

3,269

 

Loss (gain) on disposal or impairment of assets, net

 

21,840

 

 

 

2,471

 

 

 

(9,375

)

 

 

(715

)

 

 

14,221

 

Equity-based compensation expense

 

 

 

 

 

 

 

 

 

 

1,098

 

 

 

1,098

 

Other income, net

 

916

 

 

 

106

 

 

 

7

 

 

 

102

 

 

 

1,131

 

Adjusted EBITDA attributable to unconsolidated entities

 

1,974

 

 

 

 

 

 

(19

)

 

 

137

 

 

 

2,092

 

Adjusted EBITDA attributable to noncontrolling interests

 

(1,450

)

 

 

 

 

 

 

 

 

 

 

 

(1,450

)

Other

 

1,719

 

 

 

139

 

 

 

252

 

 

 

(9

)

 

 

2,101

 

Adjusted EBITDA

$

384,868

 

 

$

71,548

 

 

$

48,137

 

 

$

(42,014

)

 

$

462,539

 

OPERATIONAL DATA

(Unaudited)

 

 

Three Months Ended

 

Nine Months Ended

 

December 31,

 

December 31,

 

2024

 

2023

 

2024

 

2023

 

(in thousands, except per day amounts)

Water Solutions:

 

 

 

 

 

 

 

Produced water processed (barrels per day)

 

 

 

 

 

 

 

Delaware Basin

2,278,291

 

2,097,428

 

2,263,365

 

2,135,677

Eagle Ford Basin

177,017

 

136,185

 

180,540

 

135,887

DJ Basin

167,989

 

142,978

 

146,613

 

152,805

Other Basins

 

 

 

985

Total

2,623,297

 

2,376,591

 

2,590,518

 

2,425,354

Recycled water (barrels per day)

62,787

 

115,141

 

86,442

 

83,247

Total (barrels per day)

2,686,084

 

2,491,732

 

2,676,960

 

2,508,601

Skim oil sold (barrels per day)

3,985

 

3,663

 

4,060

 

3,918

 

 

 

 

 

 

 

 

Crude Oil Logistics:

 

 

 

 

 

 

 

Crude oil sold (barrels)

2,392

 

5,087

 

8,434

 

16,730

Crude oil transported on owned pipelines (barrels)

5,652

 

6,473

 

17,172

 

19,520

Crude oil storage capacity - owned and leased (barrels) (1)

 

 

 

 

5,232

 

5,232

Crude oil inventory (barrels) (1)

 

 

 

 

339

 

790

 

 

 

 

 

 

 

 

Liquids Logistics:

 

 

 

 

 

 

 

Refined products sold (gallons)

193,733

 

201,796

 

600,597

 

631,802

Propane sold (gallons)

224,485

 

254,266

 

445,578

 

524,007

Butane sold (gallons)

188,223

 

207,544

 

393,195

 

394,118

Other products sold (gallons)

121,738

 

85,410

 

329,862

 

276,898

Natural gas liquids and refined products storage capacity - owned and leased (gallons) (1)

 

 

 

 

119,185

 

157,409

Refined products inventory (gallons) (1)

 

 

 

 

1,547

 

2,020

Propane inventory (gallons) (1)

 

 

 

 

66,335

 

92,861

Butane inventory (gallons) (1)

 

 

 

 

30,775

 

35,951

Other products inventory (gallons) (1)

 

 

 

 

9,078

 

19,526

_______________

(1)

Information is presented as of December 31, 2024 and December 31, 2023, respectively.

 

David Sullivan, 918-495-4631

Vice President - Finance

David.Sullivan@nglep.com

Source: NGL Energy Partners LP

FAQ

What was NGL Energy Partners' net income for Q3 Fiscal 2025?

NGL Energy Partners reported a net income of $14.6 million for Q3 Fiscal 2025, compared to $45.8 million in Q3 Fiscal 2024.

How much did NGL's produced water volumes grow in Q3 Fiscal 2025?

NGL's produced water volumes grew by 10.4% to 2.62 million barrels per day in Q3 Fiscal 2025 compared to 2.38 million barrels per day in Q3 Fiscal 2024.

What is the expected value of NGL's natural gas liquids terminals sale?

NGL expects to receive approximately $95.0 million from the sale of 18 natural gas liquids terminals, with transactions expected to close by March 31, 2025.

What was NGL's total liquidity as of December 31, 2024?

NGL's total liquidity was approximately $292.1 million as of December 31, 2024, including cash and available capacity on their asset-based revolving credit facility.

How did Grand Mesa Pipeline volumes change in Q3 Fiscal 2025?

Grand Mesa Pipeline volumes decreased to approximately 61,000 barrels per day in Q3 Fiscal 2025, down from approximately 70,000 barrels per day in Q3 Fiscal 2024.
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