Ladies and gentlemen, thank you for standing by, and welcome to the Q1 FY 2021 NGL Energy Partnership LP Earnings Conference Call. [Operator Instructions]
I would now like to hand the conference over to your speaker today, Mr. Trey Karlovich, CFO. Please go ahead, sir.
Robert W. Karlovich
Great. Thank you, and welcome, everybody. First, I hope everyone is staying safe and healthy.
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 and natural gas liquids, refined products and crude oil, level of production of crude oil and natural gas liquids and natural gas, the effect of weather conditions on demand for oil, natural gas and natural gas liquids, and the 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 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.
We believe it is important to cover our first quarter financial results before Mike gives his thoughts on the business and the rest of fiscal 2021. I will discuss our operating results for the quarter for each segment and then turn the call over to Mike, before opening upto questions. We also have our EVPs, Doug White for Water; Don Robinson for Crude; and Jeff Pinter and Don Jensen for Liquids and Refined; along with other members of management on the call to assist with Q&A.
Starting with Crude. The Crude segment reported approximately $31 million of adjusted EBITDA this quarter. There are several items impacting the Crude segment this quarter, including a benefit of contango with our storage assets, offset by costs related to the CMA plus roll component
Robert W. Karlovich
Executive Vice President & Chief Financial Officer
H. Michael Krimbill
Chief Executive Officer
Executive Vice President, Water Solutions
We are pleased that you like our content! Sign Up now to access premium content for free, a very limited time offer.
Welcome! Create your account
You are successfully registered!
An activation link has been sent to your mail. Please activate and login.