In its first earnings announcement this year, Tulsa-based NGL Energy appears to be surfing a wave at high tide. The crude oil, liquids, and water logistics company reported a dramatic turnabout in its fiscal third-quarter financial performance that’s upended big losses last year with new, big gains. To-wit: a net loss of $19 million in the same period a year ago vs a very positive $59 million.
Reese Energy Consulting today is following the latest news from NGL, whose stock price is also enjoying the ride by nearly doubling not even two months into 2023. NGL’s midstream operations include the transportation, storage, blending, and marketing of crude, natural gas liquids, and oil and gas wastewater via its own and third-party pipelines, terminals, rail, trucks, and marine loading facilities.
While the company saw exceptional achievements in 3Q across virtually all its business segments, NGL’s water treatment and disposal operations hit the zoom button with record volumes processed of 2.43 million BPD. Assets include more than 620 miles of water pipelines and 114 water treatment and disposal facilities serving producers in the Permian, Eagle Ford, DJ, Granite Wash, Pinedale Anticline, and Eaglebine.