NGL Energy Partners LP Announces $50 Million LP Common Unit Repurchase Program
June 06 2024 - 4:20PM
Business Wire
NGL Energy Partners LP (NYSE: NGL) (“NGL,” or the “Partnership”)
announced today that the Board of Directors of its general partner
has authorized a common unit repurchase program, under which NGL
may repurchase up to $50 million of its outstanding units
representing limited partnership interests of NGL and does not have
a fixed expiration date.
Under the common unit repurchase program, NGL may purchase
shares of common units on a discretionary basis from time to time
through open market transactions or privately negotiated
transactions at prices deemed appropriate by NGL. In addition, at
the discretion of NGL, open market repurchase of common units may
also be made under a Rule 10b5-1 plan, which would permit common
units to be repurchased when NGL might otherwise be precluded from
doing so under insider trading laws or self-imposed trading
restrictions.
The timing and number of shares repurchased will be determined
based on an evaluation of market conditions and other factors,
including stock price, trading volume, general business and market
conditions, and capital availability. The stock repurchase program
does not obligate NGL to acquire a specified number of units and
may be modified, suspended, or discontinued at any time at NGL’s
discretion without notice.
Forward-Looking Statements
Certain matters contained in this press release include
“forward-looking statements.” All statements, other than statements
of historical fact, included in this press release may constitute
forwarding-looking statements. Although we believe that the
expectations reflected in these forward-looking statements are
reasonable, we cannot assure you that these expectations will prove
correct. These forward-looking statements are subject to certain
known and unknown risks and uncertainties, as well as assumptions
that could cause actual results to differ materially from those
reflected in these forward-looking statements. Factors that might
cause actual results to differ include, but are not limited to, the
risk factors discussed from time to time in each of our documents
and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any
forward-looking statements contained in this press release, which
reflect management’s opinions only as of the date hereof. Except as
required by law, we undertake no obligation to revise or publicly
release the results of any revision to any forward-looking
statements.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240606142885/en/
Investor Contact: NGL Energy Partners LP David Sullivan,
918-495-4631 Vice President - Finance David.Sullivan@nglep.com
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