NGL Energy Partners signs agreements to sell marine assets for $111.65mln

NGL Energy Partners LP announced the signing of two definitive agreements to sell all of its marine assets for $111.65 million in cash in the aggregate, according to the company's release. NGL provided waterborne transportation of refined products and crude oil for a diversified group of customers which include major oil refineries on the Gulf Coast with these assets. NGL’s marine fleet consists of 13 towboats and 25 tank barges. The transaction is expected to close at the end of this month, subject to customary closing conditions.

BofA Securities, Inc. is serving as NGL’s financial advisor; and McAfee & Taft of Tulsa, Oklahoma is serving as NGL’s outside legal counsel.

NGL Energy Partners LP, a Delaware limited partnership, is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of produced water generated as part of the oil and natural gas production process.