NGL Energy Partners LP (NYSE:NGL) Q3 2019 Earnings Conference Call Transcript
Feb 11, 2019 • 10:00 am ET
Good day, ladies and gentlemen, and welcome to the Q3 2019 NGL Energy Partners LP Earnings Conference Call. At this time all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions to further participate will follow at that time. (Operator Instructions) As a reminder, this conference call is being recorded.
I would now like to introduce your host for today's conference, Mr. Trey Karlovich, Chief Financial Officer. Sir, you may begin.
Robert W. Karlovich
Thank you, and welcome, everybody. As a reminder this conference call includes forward-looking statements and information. Words such as anticipate, project, expect, plan, goal, forecast, intend, could, believe, may and similar expressions and statements are intended to identify forward-looking statements. While NGL Energy Partners believes that its expectations are based on reasonable assumptions, there can be no assurance that such expectations will prove to be correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations included in the forward-looking statements. These factors include, prices and market demand for natural gas, natural gas liquids, refined products and crude oil, level of production of crude oil, natural gas liquids and natural gas, the effective market conditions on demand for oil, natural gas and natural gas liquids, and ability to successfully identify and consummate growth opportunities and strategic acquisitions at costs that are accretive to financial results and to successfully integrate and operate assets and businesses that are built or acquired. Other factors that could impact these forward-looking statements are described in the risk factors in the partnership's annual report on Form 10-K, quarterly reports on Form 10-Q and other public filings and press releases. NGL Energy Partners undertakes no obligation to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise.
This conference call also includes certain non-GAAP measures, namely EBITDA, adjusted EBITDA and distributable cash flow, which management believes are useful in evaluating our financial results. Please see the partnership's earnings releases, investor presentations and annual and quarterly reports on Form 10-K and Form 10-Q on our website at www.nglenergypartners.com under the Investor Relations tab for more information on our use of non-GAAP measures, as well as reconciliations of differences between any non-GAAP measures discussed on this conference call to the most directly comparable GAAP financial measures.
I will turn the call over to our CEO, Mr. Mike Krimbill for his opening remarks.
H. Michael Krimbill
Thanks, Trey. Good morning, and thanks, everyone, for calling in. Another record quarter compared to the prior year. We expect the fourth quarter to continue this trend. Trey will review the results for each business unit, as well as the financial highlights in a minute. I would like to address our strategic initiatives, beginning with the water business. First, asset sales, we closed on the sale of our Bakken SWDs, we were a small player there with only three facilities and five wells. So it made sense to exit and focus on the Permian, which