NGL yes­ter­day re­port­ed an af­ter-tax prof­it of $32.1 mil­lion for the three months end­ed March 31, 2026, an in­crease of 0.94 per cent com­pared to the prof­itabil­i­ty of the nat­ur­al gas liq­uids pro­duc­er for the same pe­ri­od in 2025, when af­ter-tax prof­it of $31.8 mil­lion was record­ed.

In his state­ment, NGL chair­man Ger­ald Ramdeen said the com­pa­ny’s im­proved per­for­mance in its first quar­ter was de­rived from its share of high­er prof­it from its in­vest­ment in Phoenix Park Gas Proces­sors Ltd (PPG­PL).

“This im­prove­ment was dri­ven by high­er nat­ur­al gas liq­uids sales vol­umes as a re­sult of a draw on in­ven­to­ry, en­hanced NGL (nat­ur­al gas liq­uids) con­tent in the nat­ur­al gas stream and up­lifts from pru­dent cost man­age­ment in all ar­eas de­signed to en­hance mar­gins and prof­itabil­i­ty,” said Ramdeen.

He said the high­er gas vol­umes and bet­ter nat­ur­al gas liq­uids vol­umes were off­set by low­er liq­uids pro­duc­tion from gas pro­cess­ing (11.5 per cent low­er), due to low nat­ur­al gas vol­umes to Point Lisas and re­duced recog­nised Mont Belvieu prod­uct prices, which were on av­er­age 15.8 per cent low­er than the com­pa­ra­ble quar­ter in 2025.

The NGL chair­man in­di­cat­ed that the low­er Mont Belvieu prod­uct prices were off­set by high­er recog­nised price dif­fer­en­tials as PPG­PL con­tin­ue to max­imise on its freight ad­van­tage in the mar­kets it serves.

Analysing Phoenix Park’s North Amer­i­ca busi­ness, NGL said the sub­sidiary con­tin­ued to show ro­bust trad­ing vol­umes, record­ing year-on-year growth of 12.6 per cent.

“How­ev­er, while pos­i­tive, mar­gins con­tin­ue to be com­pressed for this seg­ment, and the board con­tin­ues to analyse and re­view this busi­ness with fo­cus on the cost struc­ture for this op­er­a­tion,” said Ramdeen. Re­gard­ing NGL’s out­look, the com­pa­ny’s chair­man said the short-term out­look for Mont Belvieu prod­uct prices shows an up­ward tra­jec­to­ry as dis­rup­tions and un­cer­tain­ty con­tin­ue to im­pact the glob­al en­er­gy en­vi­ron­ment.

“Notwith­stand­ing the pos­i­tive trend for prices, PPG­PL is cog­nisant of these un­cer­tain­ties and re­mains fo­cussed on sat­is­fy­ing its cus­tomers, re­tain­ing its mar­kets and main­tain­ing high lev­els of plant re­li­a­bil­i­ty and avail­abil­i­ty. These ef­forts, cou­pled with PPG­PL’s con­tin­ued pur­suit of val­ue-added growth and ef­fi­cien­cy will un­der­pin the cre­ation of long-term share­hold­er val­ue,” said Ramdeen.

Mont Belvieu is a town in Texas, that is the pri­ma­ry pric­ing bench­mark and largest stor­age hub for US nat­ur­al gas liq­uids.

NGL’s main in­vest­ment is its 39 per cent share­hold­ing in PPG­PL.