James Anthony Spicer's questions to NGL Energy Partners LP (NGL) leadership • Q3 2025
Question
James Anthony Spicer of TD Securities asked about the use of asset sale proceeds for debt reduction, the criteria for redeeming Series D preferreds, the specific assets remaining in the Liquids Logistics segment, and the implied guidance for the Water Solutions business.
Answer
Executive Brad Cooper confirmed proceeds will pay down the ABL revolver and suggested Series D redemption could be considered in the latter half of fiscal '26, contingent on free cash flow. He identified the remaining assets as the Ambassador pipeline, the Chesapeake facility, and two terminals. CEO H. Krimbill acknowledged that the updated guidance implies Water Solutions EBITDA will be below the prior range but declined to provide a new figure.