NGL Energy Partners LP Announces Sale Of The New Mexico Ranches For ~$70M In Proceeds, Including Working Capital; Including Asset Sales In FY24, We Have Exceeded The $150M Asset Sale Guidance

Author: Benzinga Newsdesk | April 05, 2024 12:47pm

NGL Energy Partners LP (NYSE:NGL) ("NGL," or the "Partnership") announced today that it has completed the sale of its North and South Ranches. These two New Mexico ranches have combined acreage of approximately 122,250 acres, in the core of the Delaware.

New Mexico Ranches Highlights:

• Approximately $70.0 million in proceeds, including working capital
• Including asset sales in FY24, we have exceeded the $150 million asset sale guidance

"NGL remains focused on our commitment to deliver reliable produced water management for our customers while remaining focused on the environment and the sustainability of our operations," commented Doug White, EVP of NGL Water Solutions. "Today's announcement highlights our focus on portfolio optimization, especially as we look for additional opportunities to enhance the portfolio with opportunities like the recently announced LEX II Project."

NGL owns and operates the largest integrated network of large diameter wastewater pipelines, disposal wells and produced water handling systems in the Delaware Basin. NGL's Water Solutions segment operates in several of the most prolific crude oil and natural gas producing basins, including the Delaware, Eagle Ford and DJ Basins.

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