NGL Energy Partners has reported a net loss in its fourth quarter financials as a result of the commodity price and warm weather.
The company reports that its adjusted EBITDA was $154 million (€137 million) for the quarter ending March 31 2016, compared to adjusted EBITDA of $185 million during the same quarter in 2015.
A statement by NGL says that the current year was impacted by the significant decline in commodity prices as well as a goodwill impairment of a port of the gain on the sale of the TransMontaigne Partners.
In its crude oil logistics segment reported a decline in adjusted EBITDA of $13.3 million. The results were benefited by a contango market which has supported demand for storage and offset by lower crude oil volume. Additionally, the Grand Mesa project is on schedule and crude oil shipments are due to begin at the beginning of November.
The refined products segment also reported a loss on adjusted EBITDA.