Revenue during the quarter grew 26.88 percent to $3,406.64 million from $2,685.01 million in the previous year period. Gross margin for the quarter contracted 412 basis points over the previous year period to 5.24 percent. Total expenses were 99.34 percent of quarterly revenues, up from 96.93 percent for the same period last year. That has resulted in a contraction of 241 basis points in operating margin to 0.66 percent.

Operating income for the quarter was $22.56 million, compared with $82.55 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $120.60 million compared with $113.46 million in the prior year period. At the same time, adjusted EBITDA margin contracted 69 basis points in the quarter to 3.54 percent from 4.23 percent in the last year period.

“We are excited to be in the positive position we are today with the successful completion of our Grand Mesa Pipeline and the growth in cash flows from this project going forward. In addition, in December 2016 we announced the new crude oil pipeline into the Stack shale play, the purchase of the Port Hudson and Kingfisher terminals at an attractive multiple and the favorable resolution of the contract with a DJ basin shipper,” stated Mike Krimbill, chief executive officer of NGL. “We recently announced our final quarter of the temporary distribution reduction and our expectation for 28% growth in distributions next year and double digit growth over the following three years. We will continue to focus on improving our balance sheet and operating at a target distribution coverage range of 1.3 to 1.5 times over this period. We are as excited as ever about the opportunities in and around our various business segments and look forward to providing significant value to all of our stakeholders.”