TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE: NGL) announced today that the Board of Directors of its general partner has declared a quarterly distribution of $0.20 per unit, or $0.80 per unit on an annualized basis, for the quarter ended June 30, 2020. This cash distribution is payable on August 14, 2020 to common unitholders of record at the close of business on August 6, 2020.
Additionally, the Board of Directors declared a cash distribution in the required amount of $6,945,676.53, which amount represents 50% of the Class D Distribution Amount to be paid to the holders of the Class D Preferred Units and the Class D Stated Value Units shall automatically increase by the non-cash accretion amount of $6,945,676.53 both for the quarter ended June 30, 2020. The Class D Preferred distribution will also be made on August 14, 2020.
NGL plans to issue its fiscal first quarter ended June 30, 2020 earnings press release post-market close on Monday August 10, 2020. Members of NGL’s management team intend to host an earnings call following this release on Monday, August 10, 2020 at 4:00 pm CDT to discuss its financial results. Analysts, investors, and other interested parties may access the conference call by dialing (800) 291-4083 and providing access code 1189407. An archived audio replay of the call will be available for 7 days beginning at 1:00 pm CDT on August 11, 2020, which can be accessed by dialing (855) 859-2056 and providing access code 1189407.
Forward Looking Statements
This press release includes “forward-looking statements.” All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. While NGL believes such forward-looking statements are reasonable, NGL cannot assure they will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Other factors that could impact any forward-looking statements are those risks described in NGL’s annual report on Form 10-K, quarterly reports on Form 10-Q, and other public filings. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading “Risk Factors.” NGL undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.
About NGL Energy Partners LP
NGL Energy Partners LP, a Delaware limited partnership is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of produced water generated as part of the oil and natural gas production process. For further information, visit the Partnership’s website at www.nglenergypartners.com.
This release is a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100% of NGL Energy Partner LP’s distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Therefore, distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.