CEO of the Week: NGL Energy Parters’ H. Michael Krimbill

Michael Krimbill is CEO and a board director of NGL Energy Partners LP, a Tulsa, Oklahoma-based limited partnership that owns and operates a diversified midstream energy business. NGL Energy Partners provides multiple services to producers and end-users, including transportation, storage, blending and marketing of crude oil, natural gas liquids, refined products and renewables, and water solutions.

In June, the limited partnership posted a fiscal fourth-quarter loss from continuing operations of $223 million, including a non-cash goodwill impairment charge of $250 million in its water solutions segment as a result of the current macroeconomic environment, and a loss from continuing operations of $180.5 million for the full fiscal year.

The adjusted EBITDA from continuing operations for its fiscal fourth quarter was $161.8 million, and for the fiscal year, $589.5 million. Its

fiscal 2021 adjusted EBITDA guidance target of $600 million remains unchanged.

“Since our fiscal year-end, we have taken significant steps to improve our balance sheet and liquidity, including reductions in capital expenditures, distributions and operating costs, while also taking advantage of our diversified business platform to maximize cash flows,” Krimbill said. “We see significant challenges and opportunities in this uncertain environment but believe our business model and diversified asset footprint will continue to prove beneficial through this cycle.”

Krimbill has more than 20 years’ experience in executive roles in the propane industry. He was the past president and CFO of Energy Transfer Partners LP from 2004 through 2007, and a former director of Energy Transfer Equity, the general partner of Energy Transfer Partners. At Heritage Propane Partners, the predecessor of Energy Transfer Partners, Krimbill filled various roles from 1990 through 2004, including CFO and CEO.

Krimball is also CEO and a board director of NGL Energy Holdings LLC., the general partner of NGL Energy Partners LP.

 

Headquarters: Tulsa, Oklahoma

Age: 65

Education: Bachelor’s degree, accounting, Michigan State University

First joined company: 2010

Prior to joining NGL Energy: Managed private investments

Named CEO: May 2013

 

He’s No. 129 on Chief Executive and RHR International’s CEO1000 Tracker, a ranking of the top 1,000 public/private companies