NGL Energy Partners (NYSE: NGL) reported Q4 EPS of ($1.89), versus $0.31 reported last year. Revenue for the quarter came in at $1.68 billion versus the consensus estimate of $1.86 billion.

Highlights for the quarter and fiscal year ended March 31, 2020 include:

• Loss from continuing operations for the quarter ended March 31, 2020 of $223.0 million, including a non-cash goodwill impairment charge of $250.0 million in our Water Solutions segment as a result of the current macroeconomic environment, and a loss from continuing operations of $180.5 million for the full fiscal year
• Adjusted EBITDA from continuing operations for the fourth quarter of Fiscal 2020 of $161.8 million; Record Fiscal Year 2020 Adjusted EBITDA from continuing operations totaled $589.5 million
• Sale of our refined products marketing business in the mid-continent region (“Mid-Con”) and our gas blending business in the southeastern and eastern regions (“Gas Blending”) of the United States
• Fiscal Year 2021 Adjusted EBITDA guidance target of $600 million remains unchanged

“Our fourth quarter and record Fiscal 2020 earnings came in at the high-end of our guidance range, despite the significant downturn in the crude oil environment and the economy,” stated Mike Krimbill, NGL’s CEO. “Our Crude Oil and Liquids businesses continued to outperform expectations. We completed our sales of certain Refined Products businesses, significantly reducing both volatility in earnings and working capital debt balances, and we successfully executed on all of our plans to complete the integration of our Delaware Basin Water Solutions infrastructure. We saw increased volumes on that system throughout the fiscal fourth quarter, with approximately 1.9 million barrels per day processed across all our systems for the month of March. Since our fiscal year-end, we have taken significant steps to improve our balance sheet and liquidity, including reductions in capital expenditures, distributions and operating costs, while also taking advantage of our diversified business platform to maximize cash flows. As we stated previously, we see significant challenges and opportunities in this uncertain environment but believe our business model and diversified asset footprint will continue to prove beneficial through this cycle.”

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