NGL Energy Partners LP (NYSE:NGL) Q4 2020 Earnings Conference Call - Final Transcript
Jun 01, 2020 • 06:00 pm ET
Ladies and gentlemen, thank you for standing by and welcome to the Q4 Fiscal Year 2020 NGL Energy Partners LP Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to your host, CFO, Trey Karlovich. Sir, you may begin.
Robert W. Karlovich III
Great. 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 of crude oil, natural gas liquids, gasoline, diesel and biodiesel; volume of crude oil, natural gas and natural gas liquids production; level of demand and the availability of supply for crude oil, natural gas liquids, gasoline, diesel and biodiesel; the level of crude oil and natural gas drilling and production in areas where we have operations; the effect of market and weather conditions on supply and demand for crude oil, natural gas liquids, gasoline, diesel and biodiesel; and changes in general economic conditions, including market and macroeconomic disruptions resulting from the novel strain of coronavirus pandemic and related governmental responses. Other factors that could impact these forward-looking statements are described in Risk Factors in the Partnership's recently filed annual report on Form 10-K 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'll now turn the call over to our CEO, Mr. Mike Krimbill. Mike?
H. Michael Krimbill
Thank you, Trey. Good evening, and welcome to the NGL earnings call for fiscal 2020 and what we see ahead in '21. In addition to Trey and myself, we have our Executive VPs of Crude Oil Logistics, Mr. Don Robinson; NGL Logistics, Mr. Jeff Pinter; and Water Solutions, Mr. Doug White, who will be available to answer your questions.
We are here to report strong fourth quarter and record fiscal year 2020 adjusted EBITDA results from continuing operations of $590 million. On a GAAP basis, we reported a net loss due to non-cash impairments that Trey will address. Our transition away from retail propane, refined products and certain