Revenue during the quarter dropped 4.62 percent to $3,045.54 million from $3,193.20 million in the previous year period. Gross margin for the quarter contracted 203 basis points over the previous year period to 3.84 percent. Operating margin for the quarter stood at negative 1.18 percent as compared to a positive 0.57 percent for the previous year period.

Operating loss for the quarter was $35.83 million, compared with an operating income of $18.30 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $75.39 million compared with $67.60 million in the prior year period. At the same time, adjusted EBITDA margin improved 36 basis points in the quarter to 2.48 percent from 2.12 percent in the last year period.

"Our quarterly results are in line with expectations as increased volumes in our Refined Products and Renewables segment continue to be a driver of earnings during this commodity price cycle. In October, our business took a significant step forward with the startup of the Grand Mesa pipeline. We expect that this milestone project, which was completed on-time and under budget, will increase fee-based earnings through long-term, take-or-pay contracts and ratable cash flows," stated Mike Krimbill, chief executive officer of NGL. "As we head into our two most historically profitable fiscal quarters, we expect our Liquids and Retail Propane segments will benefit from the winter heating season, our Refined Products and Renewables segment will continue to perform well, and we are seeing a rebound in our Water Solutions business. Our Crude Oil Logistics segment will benefit from Grand Mesa and other opportunities within our operating footprint, offset by headwinds in our crude transportation and marketing divisions. The capital already invested in each of our businesses provides clear line of sight to at least $600 million of Adjusted EBITDA next year with minimal remaining capital requirements going forward. We remain focused on our balance sheet and financial metric objectives as we grow our business and deliver value for all of our stakeholders."