NGL to da moon (well, maybe to $10?)!! Message Board

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Gold/Mining/Energy : NGL to da moon (well, maybe to $10?)!!

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From: Elroy	10/13/2024 9:50:06 AM
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Some interesting items on NGL from the previous conference call (early August). Water Solutions ... volumes we were paid to dispose that includes deficiency volumes were 2.59 million barrels per day in the first quarter.... The Water Solutions segment ... averaging approximately 2.7 million barrels per day in the month of July. When you include deficiency volumes in July, we will be paid on approximately 3 million barrels per day. The LEX II water pipeline project with initial capacity of 200,000 barrels per day that is expandable to 500,000 barrels per day is on schedule with an in-service date in October. Liquids Logistics adjusted EBITDA was $11.5 million in the first quarter... The first quarter is typically the low point of the EBITDA stream for the Liquids segment. We are reaffirming our full-year guide of $665 million of EBITDA for the partnership and $550 million to $560 million for Water Solutions. Comment - there are three more quarters to be reported in the "full year". Guidance implies quarterly EBITDA of $174m. Lex 2 launch should add about $10m EBITDA per Q in Dec and March, but still, the EBITDA growth trajectory (if it is met) should easily push the units above $6.00...... Remember that reduced leverage is a function of both lower debt balances and increased EBITDA. I think he makes this comment because they expect meaningfully increased EBITDA. So leverage will decline by EBITDA growth more than absolute debt reduction.

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