NGL Energy Partners joins public ranks, becomes sixth listed propane company

Brad Atkinson was all smiles during an NGL Energy Partners LP reception at the Western Propane Trade Show and Convention last month in Reno, Nev. The company’s vice president of business development had good reason. He had just disclosed to a couple of visitors that the limited partnership had gone public. Trading under the ticker symbol “NGL,” the nation’s 12th largest propane retail company, with midstream and wholesale supply and marketing segments, started its public offering with more than 4 million common units at $21 per share. NGL said it plans to use the proceeds of the public offering to pay down debt under its revolving credit facility as well as for general partnership purposes, including the acquisition of propane and midstream related businesses. The Tulsa, Okla.-based company has about 360 full-time employees. It operates three propane terminals in the United States and Canada. NGL Supply, its wholesale marketing arm, serves 500 customers in 30 states. Its retail propane segment serves more than 56,000 customers from 81 customer service and satellite distribution locations under the trade names of Hicksgas, Propane Central and Brantley Gas.