NGL Energy Partners LP (NGL) Q1 2024 Earnings Call Transcript


NGL Energy Partners LP (NYSE:NGL) Q1 2024 Earnings Conference Call August 9, 2023 5:30 PM ET

Company Participants

Brad Cooper – EVP & CFO

Michael Krimbill – President, CEO, & Director

Douglas White – EVP, NGL Water Solutions

Conference Call Participants

Sunil Sibal – Seaport Research Partners

Operator

Greetings, and welcome to the NGL Energy Partners 1Q 2024 Earnings Call. At this time all participants are in a listen-only mode and a question-and-answer session will follow the formal presentation. [Operator Instructions]. Please note this conference is being recorded.

I will now turn the conference over to your host, Brad Cooper, CFO of NGL Energy Partners. Brad, you may begin.

Brad Cooper

Good afternoon. And thank you to everyone for joining us on the call today. After the market close today, we issued an earnings release, investor presentation and filed our 10 Q.

Comments today will include plans, forecasts and estimates that are forward-looking statements under the US Securities Law. These comments are subject to assumptions, risks and uncertainties that could cause actual results to differ from the forward-looking statements. Please take note of the cautionary language and risk factors provided in our SEC filing and earnings materials.

With that, let’s get into the quarterly results. We have continued our momentum from fiscal 2023 into the first quarter of fiscal 2020. Our Water Solutions business is on pace for another record year of adjusted EBITDA and disposal volumes with $123.2 million in adjusted EBITDA for the quarter. We are reaffirming our full year consolidated adjusted EBITDA guidance of $645 million plus.

We are getting more capital efficient by spending less growth capital this year. And we are increasing our monetization guidance by 50% from $50 million to $75 million, thus increasing our free cash flow for the year. Our strategy to reduce absolute debt and leverage continues



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