Earlier on in the week NGL Energy Partners LP (NYSE:NGL) announced its financial results for the first fiscal quarter of 2022 but the results did not seem to have a positive effect on the stock. Over the course of the past week the NGL Energy Partners suffered from a steady selloff and declined by as much as 8.50%.
In this context, it is necessary for investors to perhaps take a look at the company’s financial results. In the first fiscal quarter of 2022, NGL Energy Partners suffered losses of as much as $134.5 million from its continuing operations. That reflected a significant rise from the net loss of only $33.8 million from continuing operations in the first fiscal quarter of 2021.
On the other hand, the adjusted EBITDA during the first fiscal quarter stood at $91.1 million and that reflected only a slight rise from the adjusted EBITDA of $91 million in the prior year period. In this regard, it is also necessary to point out that NGL Energy Partners also announced that it generated gross proceeds of as much as $70 million through the sales of around 71.5% of its interest in Sawtooth Caverns LLC.