NGL Energy Partners LP (NGL) Q2 2026 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.674 the end of the fiscal year and approximately four times leverage. 00:00:04.756 -- 00:00:09.021 Also, in the month of October, our water solution segment has averaged over 3 million 00:00:09.021 -- 00:00:12.304 barrels per day of physical disposal volume. 00:00:12.304 -- 00:00:16.949 Doug White, EVP of our water solution segment, will be providing a water solutions update 00:00:16.949 -- 00:00:19.530 following my comments. 00:00:19.572 -- 00:00:23.216 We continue to be focused on our capital structure and remain opportunistic with how 00:00:23.216 -- 00:00:28.222 we are addressing it. Since April, we have purchased 88,506 units 00:00:28.222 -- 00:00:34.928 of the Class D preferred. which represents approximately 15% of the outstanding units. 00:00:34.928 -- 00:00:40.275 Based on the last Class D distribution, the Class Ds purchased represent $10.4 00:00:40.275 -- 00:00:44.621 million in annual distribution savings going forward. 00:00:44.621 -- 00:00:48.827 We have opportunistically taken advantage of the ability to reprice our term loan B as 00:00:48.827 -- 00:00:53.312 permitted in the documents. In September, we launched a repricing and reduced the SOPR 00:00:53.312 -- 00:00:58.334 margin from 375 basis points to 350 basis points. 00:00:58.334 -- 00:01:03.720 This was the second repricing of the Term Loan B since February 2024. 00:01:03.720 -- 00:01:08.164 When you consider the two repricings and Fed rate cuts, we have achieved annual interest 00:01:08.164 -- 00:01:12.227 savings of $15 million on the Term Loan B. 00:01:12.389 -- 00:01:16.874 Under the Board Authorized Unit Repurchase Plan, we have purchased an additional 4.4 00:01:16.874 -- 00:01:21.939 million units in the quarter, for a total of approximately 6.8 million units...