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    James Anthony Spicer

    Research Analyst at TD Securities

    James Anthony Charles Spicer is the Head of Credit Research and Senior Energy Analyst at TD Securities, specializing in high yield and fixed income research within the energy sector. He is known for covering companies such as Suburban Propane Partners LP and other major issuers in the propane and energy space, providing in-depth credit analyses that have informed institutional investment decisions. With a career rooted in high-yield credit research, Spicer has held key analytical roles and progressed to his current senior leadership title at TD Securities, where he is recognized for his deep market insights and thorough sector coverage. He maintains professional credentials relevant to his role in securities analysis and fixed income research.

    James Anthony Spicer's questions to NGL Energy Partners (NGL) leadership

    James Anthony Spicer's questions to NGL Energy Partners (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.

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