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.
Recommended Reading
Subsea7 Awarded Sizable Contract in GoM
2024-04-12 - Subsea7 will install a flowline for Talos’ Sunspear development in the Gulf of Mexico.
Barnett & Beyond: Marathon, Oxy, Peers Testing Deeper Permian Zones
2024-04-29 - Marathon Oil, Occidental, Continental Resources and others are reaching under the Permian’s popular benches for new drilling locations. Analysts think there are areas of the basin where the Permian’s deeper zones can compete for capital.
Shell Brings Deepwater Rydberg Subsea Tieback Onstream
2024-02-23 - The two-well Gulf of Mexico development will send 16,000 boe/d at peak rates to the Appomattox production semisubmersible.
Deepwater Roundup 2024: Americas
2024-04-23 - The final part of Hart Energy E&P’s Deepwater Roundup focuses on projects coming online in the Americas from 2023 until the end of the decade.
US Drillers Add Oil, Gas Rigs for Third Time in Four Weeks
2024-02-09 - Despite this week's rig increase, Baker Hughes said the total count was still down 138 rigs, or 18%, below this time last year.