Downeast Energy's parent firm reports 2Q loss
NGL Energy Partners LP, a Tulsa, Okla., energy company that purchased Brunswick-based Downeast Energy in April, reported today a net loss of $24.7 million and an adjusted loss of $6.5 million for the three months that ended June 30.
In a press release announcing its FY 2012 second-quarter performance, NGL attributed the net loss, in part, to three separate acquisitions during April and May to acquire retail propane and distillate operations in Maine, Georgia, Kansas and New Hampshire. Declining propane prices were another factor cited in the second-quarter performance statement.
In announcing its purchase of Downeast Energy in April, NPL reported it acquired the company's assets in Maine and New Hampshire for a combination of cash and NGL Common Units. Downeast serves 50,000 customers in Maine and New Hampshire and delivers 12 million gallons of retail propane and 28 million gallons of heating oil annually.
On June 19, NGL completed a merger with High Sierra, a Denver- based energy company. NGL Energy Partners operates propane terminals throughout parts of the United States and Canada, and provides wholesale and retail propane supplies. The company reported its gross revenues for the second quarter of FY 2012 were $326.4 million, compared to $190.8 million for the same period in 2011.
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