NGL Energy Partners reported its fiscal third quarter net income of $29.6 million dollars compared to a net loss of $5.3 million for the same period the previous year. Adjusted EBITDA did slow for the Tulsa based company. For the fiscal third quarter, Adjusted EBITDA was $113.5 million compared to $144.8 million a year earlier.
Since December, NGL reached an agreement with Saddlehorn Pipeline Company to combine NGL’s Grand Mesa project with the Saddlehorn Pipeline project. That reduced capital expenditures by around $200 million.
The company also sold TransMontaigne GP LLC this month which reduced the company’s debt by $350 million.
NGL did adjust its EBITDA guidance downward for Fiscal Year 2016 from $500 million to $450 million.
