Why Units of NGL Energy Partners Are Tumbling Today
Units of NGL Energy Partners (NYSE: NGL) were trading more than 10% lower as of 3 p.m. EST Wednesday after the MLP provided a financial update to investors.
NGL Energy Partners has settled its dispute with oil producer Extraction Oil & Gas. During that company's Chapter 11 bankruptcy proceedings, it rejected two transportation service contracts with Grand Mesa Pipeline, a subsidiary of NGL Energy Partners. The companies have since reached a resolution on a new long-term supply agreement that includes a new rate structure based on the monthly price of oil and a $35 million payment to settle the claim.
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Source Fool.com
