NGL Energy Partners Announces Cash Distribution

The NGL Energy Partners LP declared a distribution of 50% of the arrearages earned and outstanding through Dec. 31, 2023. The distribution will be paid to holders of  NGL’s 12.806% Class B preferred units and the 9.625% Class C preferred units, said the company in a press release.

In the Feb. 6 announcement, the company said each holder of the Class B fixed-to-floating rate cumulative redeemable perpetual preferred units will receive approximately $4.44 per unit and each holder of Class C fixed-to-floating rate cumulative redeemable perpetual preferred units will be paid $4.07 per unit. Payments will be made Feb. 27 to holders of record at the close of trading on Feb. 16.

NGL Energy’s board of directors also declared a cash distribution totaling approximately $115 million, representing 50% of the arrearages earned on the Class D preferred units through Dec. 31. Payments will also be made on Feb. 27.