NGL Energy Partners LP (NGL)

NGL Energy Partners LP Announces Fourth Quarter and Full Year Fiscal 2026 Financial Results; Guidance for Fiscal 2027May 28, 2026 4:33 PM
Business Wire NGL Energy Partners LP (NYSE:NGL) (“NGL,” “we,” “us,” “our,” or the “Partnership”) today reported its fourth quarter and full year fiscal 2026 results. Highlights for the fiscal year and quarter ended March 31, 2026 include: Loss from continuing operations for full year Fiscal 2026 of $178.5 million, compared to income from continuing operations of $65.0 million for full year Fiscal 2025; loss from continuing operations for the fourth quarter of Fiscal 2026 of $286.8 million including a loss from the impairment of goodwill, compared to income from continuing operations of $16.2 million for the fourth quarter of Fiscal 2025 Adjusted EBITDA from continuing operations(1) for full year Fiscal 2026 of $660.2 million, compared to $622.9 million for full year Fiscal 2025; Adjusted EBITDA from continuing operations(1) for the fourth quarter of Fiscal 2026 of $176.4 million, compared to $176.8 million for the fourth quarter of Fiscal 2025 Water Solutions: Record produced water volumes physically disposed of approximately 3.01 million barrels per day during the fourth quarter of Fiscal 2026, growing 10.0% from the fourth quarter of Fiscal 2025 and 2.91 million barrels per day for the entire year of Fiscal 2026, an 11.0% increase over the prior year Paid and physically disposed water volumes of 3.09 million barrels per day during the fourth quarter of Fiscal 2026, growing 3.4% from the paid and physically disposed water volumes during the fourth quarter of Fiscal 2025 Record Water Solutions’ Adjusted EBITDA(1) of $602.7 million for full year Fiscal 2026, an 11.2% increase over the prior year Debt Transactions: On March 12, 2026, we closed a debt refinancing transaction of $950.0 million consisting of a new seven-year Term Loan B. The net proceeds from this transaction were used to fund the redemption of the existing Term Loan B, the redemption of a portion of the Class D Preferred Units and the repayment of borrowings under the asset-based revolving credit facility (“ABL Facility”). On March 12, 2026, we amended the ABL Facility to (i) reduce our total commitments to $425.0 million, (ii) reduce our sub-limit for letters of credit to $100.0 million, (iii) reduce the applicable margin for alternate base rate loans to a range of 1.00% to 1.50% and (iv) reduce the applicable margin for secured overnight financing rate to a range of 2.00% to 2.50%. Equity Transactions: We repurchased an additional 196,005 Class D preferred units in the quarter for a total of 284,511 Class D preferred units repurchased, or approximately 47%, of the originally outstanding Class D preferred units. Under the Board authorized common unit repurchase program, we have repurchased an additional 297,126 common units in the quarter for a total of 8,698,477 common units under the repurchase program at an average price of $5.72. On April 8, 2026, the board of directors of our general partner authorized another common unit repurchase program, under which we may repurchase up to $100.0 million of our outstanding common units from time to time in the open market or in other privately negotiated transactions. This program does not have a fixed expiration date. “The Partnership ended Fiscal 2026, with Adjusted EBITDA(1) of $660.2 million, at the high end of our previous guidance of $650 - $660 million. Fiscal 2027 is off to a solid start and we have more opportunities to continue growing our water business as well as addressing our capital structure and strengthening our balance sheet,” stated Mike Krimbill, NGL’s CEO. “We are guiding Fiscal 2027 full year consolidated Adjusted EBITDA(2) to a range of $715 - $725 million, the high end of which is a 10% increase above our Fiscal 2026 predominantly driven by the strong momentum we have in our Water Solutions segment. Also we are guiding to $45 million in maintenance and $200 million of growth capital expenditures for Fiscal 2027,” Krimbill concluded. _____________ (1) See the “Non-GAAP Financial Measures” section of this release for the definition of Adjusted EBITDA (as used herein) and a discussion of this non-GAAP financial measure. (2) Certain of the forward-looking financial measures are provided on a non-GAAP basis. A reconciliation of forward-looking financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP is potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant.  Quarterly Results of Operations The following table summarizes operating income (loss) and Adjusted EBITDA from continuing operations(1) by reportable segment for the periods indicated:     Quarter Ended     March 31, 2026   March 31, 2025     Operating
Income (Loss)   Adjusted
EBITDA(1)   Operating
Income (Loss)   Adjusted
EBITDA(1)     (in thousands) Water Solutions   $ 59,876     $ 153,459     $ 88,891     $ 154,870   Crude Oil Logistics     (247,427 )     17,447       7,148       13,121   Liquids Logistics     4,901       16,895       (4,991 )     17,690   Corporate and Other     (23,968 )     (11,431 )     (9,926 )     (8,851 ) Total   $ (206,618 )   $ 176,370     $ 81,122     $ 176,830   Water Solutions Operating income for the Water Solutions segment decreased by $29.0 million for the quarter ended March 31, 2026, compared to the quarter ended March 31, 2025. The decrease was due primarily to higher net unrealized losses on skim oil hedges of $26.3 million, compared to the prior year period, due to a significant increase in crude oil prices in March 2026 resulting from the supply disruption caused by the U.S./Iran conflict. There were higher disposal revenues due to an increase in produced water volumes processed from contracted customers and increased water pipeline revenue due to the LEX II pipeline commencing operations. The Partnership processed approximately 3.01 million barrels of water per day during the quarter ended March 31, 2026, a 10.0% increase when compared to approximately 2.73 million barrels of water per day processed during the quarter ended March 31, 2025. Revenues from recovered skim oil, including the impact from realized skim oil hedges, totaled $35.8 million for the quarter ended March 31, 2026, a decrease of $0.9 million from the prior year period. The decrease was due primarily to higher net realized losses on skim oil hedges due to a significant increase in crude oil prices, as discussed above, partially offset by an increase in skim oil barrels sold due to more skim oil recovered from receiving more produced water and higher realized crude oil prices received from the sale of skim oil barrels. Operating expenses in the Water Solutions segment increased $3.0 million for the quarter ended March 31, 2026, compared to the quarter ended March 31, 2025 due primarily to higher royalty expense due to volumes related to the LEX II pipeline commencing operations and increased volumes at certain other saltwater disposal wells and higher utilities expense due to increased produced water volumes processed, partially offset by lower chemical expense due to purchasing fewer chemicals and using chemicals more efficiently. Operating expense per produced barrel processed was $0.22 for the quarter ended March 31, 2026, compared to $0.23 in the comparative quarter last year. There was also a loss on the disposal or impairment of assets of $5.1 million for the quarter ended March 31, 2026, compared to a loss on the disposal or impairment of assets of $8.0 million in the prior year period. Crude Oil Logistics Operating income for the Crude Oil Logistics segment decreased by $254.6 million for the quarter ended March 31, 2026, compared to the quarter ended March 31, 2025. Operating loss for the fourth quarter of Fiscal 2026 includes a goodwill impairment charge of $247.8 million, compared to a gain of $0.6 million in the same period of the prior year. We also recognized a net loss on derivatives of $17.0 million compared to a net loss on derivatives of $0.4 million in the prior year period. The derivative losses were due to increasing crude oil prices, as discussed in the Water Solutions section above. Crude oil transportation revenue also decreased primarily due to the expiration of certain transportation services contracts on third-party pipelines. These decreases were partially offset by an increase in sales volumes and an increase in the margin per barrel due to selling lower-priced inventory into a rising market. During the quarter ended March 31, 2026, physical volumes on the Grand Mesa Pipeline averaged approximately 78,000 barrels per day, compared to approximately 56,000 barrels per day for the quarter ended March 31, 2025 due to higher production on acreage dedicated to us in the DJ Basin. Liquids Logistics Operating income for the Liquids Logistics segment increased by $9.9 million for the quarter ended March 31, 2026, compared to the quarter ended March 31, 2025. Impairment losses were lower by approximately $23.2 million during the quarter ended March 31, 2026, compared to the same period in the prior year. Other expenses were lower by $2.7 million due to the sale of the majority of our wholesale propane business. These amounts were partially offset by an increase in unrealized losses on butane derivatives for the quarter ended March 31, 2026 of $17.0 million, which was driven by the increase in commodity prices resulting from the crude oil supply disruption, as discussed in the sections above. Capitalization and Liquidity Total liquidity (cash plus available capacity on our ABL Facility) was approximately $237.9 million as of March 31, 2026. Borrowings under the Partnership’s ABL Facility totaled approximately $135.0 million as of March 31, 2026, due to an increase in capital spending within our Water Solutions segment and higher commodity prices due to the U.S./Iran conflict. The Partnership is in compliance with all of its debt covenants and has no upcoming debt maturities. Fourth Quarter Conference Call Information A conference call to discuss NGL’s results of operations is scheduled for 4:00 pm Central Time on Thursday, May 28, 2026. Analysts, investors, and other interested parties may join the webcast via the event link: https://www.webcaster5.com/Webcast/Page/2808/54031 or by dialing (888) 506-0062 and providing conference code: 941890. An archived audio replay of the call will be available for 14 days, which can be accessed by dialing (877) 481-4010 and providing replay passcode 54031. NGL filed its Annual Report on Form 10-K for the year ended March 31, 2026 with the Securities and Exchange Commission after market on May 28, 2026. A copy of the Form 10-K can be found on the Partnership’s website at www.nglenergypartners.com. Unitholders may also request, free of charge, a hard copy of our Form 10-K and our complete audited financial statements. Non-GAAP Financial Measures We define EBITDA as net income (loss) attributable to NGL Energy Partners LP, plus interest expense, income tax expense (benefit), and depreciation and amortization expense. We define Adjusted EBITDA as EBITDA excluding net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, equity-based compensation expense, revaluation of liabilities and other. EBITDA and Adjusted EBITDA should not be considered as alternatives to net (loss) income, (loss) income from continuing operations before income taxes, cash flows from operating activities, or any other measure of financial performance calculated in accordance with GAAP, as those items are used to measure operating performance, liquidity or the ability to service debt obligations. We believe that EBITDA provides additional information to investors for evaluating our ability to make quarterly distributions to our unitholders and is presented solely as a supplemental measure. We believe that Adjusted EBITDA provides additional information to investors for evaluating our financial performance without regard to our financing methods, capital structure and historical cost basis. Further, EBITDA and Adjusted EBITDA, as we define them, may not be comparable to EBITDA, Adjusted EBITDA, or similarly titled measures used by other entities. For purposes of our Adjusted EBITDA calculation, we make a distinction between realized and unrealized gains and losses on derivatives. During the period when a derivative contract is open, we record changes in the fair value of the derivative as an unrealized gain or loss. When a derivative contract matures or is settled, we reverse the previously recorded unrealized gain or loss and record a realized gain or loss. Distributable Cash Flow is defined as Adjusted EBITDA minus maintenance capital expenditures, income tax expense, cash interest expense, preferred unit distributions and other. Maintenance capital expenditures represent capital expenditures necessary to maintain the Partnership’s operating capacity. Distributable Cash Flow is a performance metric used by senior management to compare cash flows generated by the Partnership (excluding growth capital expenditures and prior to the establishment of any retained cash reserves by the board of directors of our general partner) to the cash distributions expected to be paid to unitholders. Using this metric, management can quickly compute the coverage ratio of estimated cash flows to planned cash distributions. This financial measure also is important to investors as an indicator of whether the Partnership is generating cash flow at a level that can sustain, or support an increase in, quarterly distribution rates. Actual distribution amounts are set by the board of directors of our general partner. We do not provide a reconciliation for non-GAAP estimates on a forward-looking basis where we are unable to provide a meaningful calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various items that would impact the most directly comparable forward-looking U.S. GAAP financial measure that have not yet occurred, are out of the Partnership’s control and/or cannot be reasonably predicted. Forward-looking non-GAAP financial measures provided without the most directly comparable U.S. GAAP financial measures may vary materially from the corresponding U.S. GAAP financial measures. Forward-Looking Statements This press release includes “forward-looking statements.” All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. While NGL believes such forward-looking statements are reasonable, NGL cannot assure they will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Other factors that could impact any forward-looking statements are those risks described in NGL’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other public filings. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading “Risk Factors.” NGL undertakes no obligation to publicly update or revise any forward-looking statements except as required by law. NGL provides Adjusted EBITDA guidance that does not include certain charges and costs, which in future periods are generally expected to be similar to the kinds of charges and costs excluded from Adjusted EBITDA in prior periods, such as income taxes, interest and other non-operating items, depreciation and amortization, net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, equity-based compensation expense, acquisition expense, revaluation of liabilities and items that are unusual in nature or infrequently occurring. The exclusion of these charges and costs in future periods will have a significant impact on the Partnership’s Adjusted EBITDA, and the Partnership is not able to provide a reconciliation of its Adjusted EBITDA guidance to net income (loss) without unreasonable efforts due to the uncertainty and variability of the nature and amount of these future charges and costs and the Partnership believes that such reconciliation, if possible, would imply a degree of precision that would be potentially confusing or misleading to investors. About NGL Energy Partners LP NGL Energy Partners LP, a Delaware master limited partnership, operates the largest integrated produced water pipeline, disposal, and water handling network in the Delaware Basin, supported by long-term, fee-based producer contracts and continues to enhance its ability to transport produced water from the wellhead to treatment for disposal, recycle, or discharge through our expanding pipeline infrastructure and ongoing disposal capacity investments. While maintaining complementary crude oil and natural gas liquids logistics operations, capital allocation and strategic focus are centered on providing water solutions services, which will reduce earnings volatility and enhance cash flow stability. For further information, visit the Partnership’s website at www.nglenergypartners.com.   NGL ENERGY PARTNERS LP AND SUBSIDIARIES Unaudited Consolidated Balance Sheets (in Thousands, except unit amounts)     March 31,   2026   2025 ASSETS       CURRENT ASSETS:       Cash and cash equivalents $ 8,505     $ 5,649   Accounts receivable, net of allowance for expected credit losses of $1,738 and $3,689, respectively   661,157       579,468   Accounts receivable-affiliates   313       730   Inventories   67,351       69,916   Prepaid expenses and other current assets   36,624       63,651   Assets held for sale   —       175,207   Assets of discontinued operations   —       67,432   Total current assets   773,950       962,053   PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $1,272,286 and $1,104,582, respectively   2,091,747       2,066,847   GOODWILL   351,506       599,348   INTANGIBLE ASSETS, net of accumulated amortization of $389,992 and $340,334, respectively   805,110       851,347   OPERATING LEASE RIGHT-OF-USE ASSETS   113,326       109,870   OTHER NONCURRENT ASSETS   39,900       19,975   Total assets $ 4,175,539     $ 4,609,440   LIABILITIES AND (DEFICIT) EQUITY       CURRENT LIABILITIES:       Accounts payable $ 495,180     $ 461,980   Accounts payable-affiliates   1       102   Accrued expenses and other payables   184,184       135,233   Advance payments received from customers   15,201       10,347   Current maturities of long-term debt   11,457       8,805   Operating lease obligations   33,459       27,911   Liabilities held for sale   —       42,103   Liabilities of discontinued operations   —       52,749   Total current liabilities   739,482       739,230   LONG-TERM DEBT, net of debt issuance costs of $41,264 and $43,144, respectively, and current maturities   3,223,126       2,961,703   OPERATING LEASE OBLIGATIONS   82,160       85,240   OTHER NONCURRENT LIABILITIES   136,953       125,897           CLASS D PREFERRED UNITS, 315,489 and 600,000 preferred units issued and outstanding, respectively   289,824       551,097   REDEEMABLE NONCONTROLLING INTERESTS   559       424           (DEFICIT) EQUITY:       General partner, representing a 0.1% interest, 123,938 and 132,145 notional units, respectively   (53,319 )     (52,913 ) Limited partners, representing a 99.9% interest, 123,814,289 and 132,012,766 common units issued and outstanding, respectively   (612,276 )     (170,275 ) Class B preferred limited partners, 12,585,642 and 12,585,642 preferred units issued and outstanding, respectively   305,468       305,468   Class C preferred limited partners, 1,800,000 and 1,800,000 preferred units issued and outstanding, respectively   42,891       42,891   Accumulated other comprehensive income   —       9   Noncontrolling interests   20,671       20,669   Total (deficit) equity   (296,565 )     145,849   Total liabilities and (deficit) equity $ 4,175,539     $ 4,609,440     NGL ENERGY PARTNERS LP AND SUBSIDIARIES Unaudited Consolidated Statements of Operations (in Thousands, except unit and per unit amounts)       Three Months Ended March 31,   Year Ended March 31,     2026   2025   2026   2025 REVENUES:                 Product   $ 759,042     $ 778,604     $ 2,396,188     $ 2,742,953   Service and other     190,468       192,462       759,971       726,233   Total Revenues     949,510       971,066       3,156,159       3,469,186   COST OF SALES:                 Product     726,825       695,171       2,160,353       2,437,331   Service and other     5,432       14,265       21,810       69,746   Total Cost of Sales     732,257       709,436       2,182,163       2,507,077   OPERATING COSTS AND EXPENSES:                 Operating     78,672       75,651       293,587       297,686   General and administrative     26,031       13,483       70,108       55,593   Depreciation and amortization     61,973       64,455       254,831       254,732   Loss on disposal or impairment of assets, net     252,780       30,664       256,322       31,448   Revaluation of liabilities     4,415       (3,745 )     4,415       (6,705 ) Operating (Loss) Income     (206,618 )     81,122       94,733       329,355   OTHER INCOME (EXPENSE):                 Equity in earnings of unconsolidated entities     —       3,367       201       6,565   Interest expense     (63,403 )     (70,101 )     (257,490 )     (280,078 ) Loss on early extinguishment of liabilities, net     (17,241 )     —       (16,749 )     —   Other income, net     574       1,778       526       4,262   (Loss) Income From Continuing Operations Before Income Taxes     (286,688 )     16,166       (178,779 )     60,104   INCOME TAX (EXPENSE) BENEFIT     (86 )     (13 )     276       4,885   (Loss) Income From Continuing Operations     (286,774 )     16,153       (178,503 )     64,989   (Loss) Income From Discontinued Operations, net of Tax     (43 )     (1,431 )     39,340       (21,826 ) Net (Loss) Income     (286,817 )     14,722       (139,163 )     43,163   LESS: NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO NONREDEEMABLE NONCONTROLLING INTERESTS     (1,189 )     (972 )     (3,376 )     (3,749 ) LESS: NET LOSS (INCOME) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING INTERESTS     326       (26 )     244       (46 ) NET (LOSS) INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP   $ (287,680 )   $ 13,724     $ (142,295 )   $ 39,368                     NET LOSS FROM CONTINUING OPERATIONS ALLOCATED TO COMMON UNITHOLDERS   $ (425,944 )   $ (14,677 )   $ (444,859 )   $ (57,096 ) NET (LOSS) INCOME FROM DISCONTINUED OPERATIONS ALLOCATED TO COMMON UNITHOLDERS     (43 )     (1,429 )     39,301       (21,804 ) NET LOSS ALLOCATED TO COMMON UNITHOLDERS   $ (425,987 )   $ (16,106 )   $ (405,558 )   $ (78,900 ) BASIC AND DILUTED (LOSS) INCOME PER COMMON UNIT                 Loss From Continuing Operations   $ (3.44 )   $ (0.11 )   $ (3.50 )   $ (0.43 ) (Loss) Income From Discontinued Operations, net of Tax   $ —     $ (0.01 )   $ 0.31     $ (0.16 ) Net Loss   $ (3.44 )   $ (0.12 )   $ (3.19 )   $ (0.60 ) BASIC AND DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING     123,849,123       132,012,766       127,020,619       132,204,283     EBITDA, ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW RECONCILIATION (Unaudited)   The following table reconciles NGL’s net (loss) income to NGL’s EBITDA, Adjusted EBITDA and Distributable Cash Flow for the periods indicated:       Three Months Ended March 31,   Year Ended March 31,     2026   2025   2026   2025     (in thousands) Net (loss) income   $ (286,817 )   $ 14,722     $ (139,163 )   $ 43,163   Less: Net income from continuing operations attributable to nonredeemable noncontrolling interests     (1,189 )     (972 )     (3,376 )     (3,749 ) Less: Net loss (income) from continuing operations attributable to redeemable noncontrolling interests     326       (26 )     244       (46 ) Net (loss) income attributable to NGL Energy Partners LP     (287,680 )     13,724       (142,295 )     39,368   Interest expense     63,382       70,080       257,406       280,241   Income tax expense (benefit)     86       16       (260 )     (4,775 ) Depreciation and amortization     62,468       64,009       253,263       253,190   EBITDA     (161,744 )     147,829       368,114       568,024   Net unrealized losses (gains) on derivatives (1)     47,335       (707 )     36,462       21,782   Lower of cost or net realizable value adjustments (2)     26       2,590       (2,890 )     (1,619 ) Loss on disposal or impairment of assets, net (3)     252,841       32,644       218,010       33,705   Revaluation of liabilities     4,415       (3,745 )     4,415       (6,705 ) Loss on early extinguishment of liabilities, net     17,241       —       16,749       —   Equity-based compensation expense     11,206       —       11,206       —   Other (4)     5,075       (116 )     9,238       2,572   Adjusted EBITDA   $ 176,395     $ 178,495     $ 661,304     $ 617,759   Adjusted EBITDA - Discontinued Operations (5)   $ 25     $ 1,665     $ 1,101     $ (5,133 ) Adjusted EBITDA - Continuing Operations   $ 176,370     $ 176,830     $ 660,203     $ 622,892   Less: Cash interest expense (6)     61,634       64,442       246,171       267,612   Less: Income tax expense (benefit)     86       13       (276 )     (4,885 ) Less: Maintenance capital expenditures     13,730       11,553       46,084       69,500   Less: Preferred unit distributions paid     29,562       28,935       113,486       305,291   Less: Other (7)     5,718       562       12,264       1,940   Distributable Cash Flow - Continuing Operations   $ 65,640     $ 71,325     $ 242,474     $ (16,566 ) _____________ (1) Due to the conflict between the United States and Iran, crude oil prices increased significantly during the month of March 2026. To better match the movement of inventory and derivative losses with the physical gains recognized by our Crude Oil Logistics segment in March 2026 and April 2026 and to align with how management evaluated these transactions, approximately $4.0 million of losses from settled contracts are included within these amounts. (2) Lower of cost or net realizable value adjustments in the table above differ from lower of cost or net realizable value adjustments reported in our consolidated statements of cash flows in the Partnership’s Annual Report on Form 10-K for the year ended March 31, 2026, as the amounts reported in the table above represent the change in lower of cost or net realizable value adjustments recorded in the consolidated statements of operations, which includes reversals, whereas the amounts reported in our consolidated statements of cash flows represent the lower of cost or net realizable value adjustments recorded at the balance sheet date. (3) Excludes amounts related to unconsolidated entities and noncontrolling interests. (4) Amounts represent accretion expense for asset retirement obligations, unrealized gains and losses on investments and marketable securities, a loss from a legal dispute and expenses incurred related to legal and advisory costs associated with acquisitions and dispositions. For the quarter and year ended March 31, 2026, the amounts include the difference in value recorded to cost of sales-product related to the misclassification of line fill within inventories as reported in the footnotes to our consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended March 31, 2026. (5) Amounts include our refined products and biodiesel businesses. (6) Amounts represent interest expense payable in cash, excluding changes in the accrued interest balance. (7) Amounts represent cash paid to settle asset retirement obligations as well as approximately $4.0 million of losses from settled contracts in the current fiscal year as discussed above. ADJUSTED EBITDA RECONCILIATION BY SEGMENT (Unaudited)     Three Months Ended March 31, 2026   Water
Solutions   Crude Oil
Logistics   Liquids
Logistics   Corporate
and Other   Continuing
Operations   Discontinued
Operations   Consolidated   (in thousands) Operating income (loss) $ 59,876     $ (247,427 )   $ 4,901     $ (23,968 )   $ (206,618 )   $ —   $ (206,618 ) Depreciation and amortization   53,566       6,127       1,553       727       61,973       —     61,973   Amortization in cost of sales-service   1,068       —       —       —       1,068       —     1,068   Net unrealized losses on derivatives   29,864       7,158       10,313       —       47,335       —     47,335   Lower of cost or net realizable value adjustments   —       (28 )     54       —       26       —     26   Loss on disposal or impairment of assets, net   5,101       247,653       26       —       252,780       —     252,780   Equity-based compensation expense   —       —       —       11,206       11,206       —     11,206   Other income (expense), net   344       (33 )     72       191       574       —     574   Adjusted EBITDA attributable to noncontrolling interest   (1,758 )     —       —       278       (1,480 )     —     (1,480 ) Revaluation of liabilities   4,415       —       —       —       4,415       —     4,415   Other   983       3,997       (24 )     135       5,091       —     5,091   Discontinued operations   —       —       —       —       —       25     25   Adjusted EBITDA $ 153,459     $ 17,447     $ 16,895     $ (11,431 )   $ 176,370     $ 25   $ 176,395     Three Months Ended March 31, 2025   Water
Solutions   Crude Oil
Logistics   Liquids
Logistics   Corporate
and Other   Continuing
Operations   Discontinued
Operations   Consolidated   (in thousands) Operating income (loss) $ 88,891     $ 7,148     $ (4,991 )   $ (9,926 )   $ 81,122     $ —   $ 81,122   Depreciation and amortization   55,161       5,984       2,466       844       64,455       —     64,455   Amortization in cost of sales-product   —       —       110       —       110       —     110   Net unrealized losses (gains) on derivatives   3,562       527       (6,116 )     —       (2,027 )     —     (2,027 ) Lower of cost or net realizable value adjustments   —       —       2,932       —       2,932       —     2,932   Loss (gain) on disposal or impairment of assets, net   8,033       (592 )     23,223       —       30,664       —     30,664   Other (expense) income, net   (331 )     (1 )     (1 )     2,111       1,778       —     1,778   Adjusted EBITDA attributable to unconsolidated entities   3,503       —       5       —       3,508       —     3,508   Adjusted EBITDA attributable to noncontrolling interest   (1,796 )     —       —       (78 )     (1,874 )     —     (1,874 ) Revaluation of liabilities   (3,745 )     —       —       —       (3,745 )     —     (3,745 ) Other   1,592       55       62       (1,802 )     (93 )     —     (93 ) Discontinued operations   —       —       —       —       —       1,665     1,665   Adjusted EBITDA $ 154,870     $ 13,121     $ 17,690     $ (8,851 )   $ 176,830     $ 1,665   $ 178,495     Year Ended March 31, 2026   Water
Solutions   Crude Oil
Logistics   Liquids
Logistics   Corporate
and Other   Continuing
Operations   Discontinued
Operations   Consolidated   (in thousands) Operating income (loss) $ 335,366     $ (226,892 )   $ 48,231     $ (61,972 )   $ 94,733     $ —   $ 94,733   Depreciation and amortization   221,048       24,331       6,201       3,251       254,831       —     254,831   Amortization in cost of sales-service   1,068       —       —       —       1,068       —     1,068   Net unrealized losses on derivatives   21,573       5,604       9,301       —       36,478       —     36,478   Lower of cost or net realizable value adjustments   —       —       (2,890 )     —       (2,890 )     —     (2,890 ) Loss (gain) on disposal or impairment of assets, net   20,114       251,761       (15,551 )     (2 )     256,322       —     256,322   Equity-based compensation expense   —       —       —       11,206       11,206       —     11,206   Other income (expense), net   4,352       (873 )     (284 )     (2,669 )     526       —     526   Adjusted EBITDA attributable to unconsolidated entities   221       —       4       —       225       —     225   Adjusted EBITDA attributable to noncontrolling interest   (6,012 )     —       —       40       (5,972 )     —     (5,972 ) Revaluation of liabilities   4,415       —       —       —       4,415       —     4,415   Other   581       5,010       471       3,199       9,261       —     9,261   Discontinued operations   —       —       —       —       —       1,101     1,101   Adjusted EBITDA $ 602,726     $ 58,941     $ 45,483     $ (46,947 )   $ 660,203     $ 1,101   $ 661,304     Year Ended March 31, 2025   Water
Solutions   Crude Oil
Logistics   Liquids
Logistics   Corporate
and Other   Continuing
Operations   Discontinued
Operations   Consolidated   (in thousands) Operating income (loss) $ 311,457     $ 46,101     $ 14,058     $ (42,261 )   $ 329,355     $ —     $ 329,355   Depreciation and amortization   217,227       25,070       9,408       3,027       254,732       —       254,732   Amortization in cost of sales-product   —       —       257       —       257       —       257   Net unrealized losses (gains) on derivatives   4,953       (4,011 )     2,424       —       3,366       —       3,366   Lower of cost or net realizable value adjustments   —       —       2,916       —       2,916       —       2,916   Loss (gain) on disposal or impairment of assets, net   9,813       (1,004 )     22,596       43       31,448       —       31,448   Other income, net   485       1       1,518       2,258       4,262       —       4,262   Adjusted EBITDA attributable to unconsolidated entities   7,044       —       (51 )     —       6,993       —       6,993   Adjusted EBITDA attributable to noncontrolling interest   (6,196 )     —       —       (178 )     (6,374 )     —       (6,374 ) Revaluation of liabilities   (6,705 )     —       —       —       (6,705 )     —       (6,705 ) Other   3,918       216       243       (1,735 )     2,642       —       2,642   Discontinued operations   —       —       —       —       —       (5,133 )     (5,133 ) Adjusted EBITDA $ 541,996     $ 66,373     $ 53,369     $ (38,846 )   $ 622,892     $ (5,133 )   $ 617,759     OPERATIONAL DATA (Unaudited)     Three Months Ended   Year Ended   March 31,   March 31,   2026   2025   2026   2025   (in thousands, except per day amounts) Water Solutions:               Produced water processed (barrels per day)               Delaware Basin 2,651,062   2,424,683   2,555,166   2,303,142 Eagle Ford Basin 164,504   159,093   179,789   175,251 DJ Basin 190,646   148,001   177,963   146,956 Total 3,006,212   2,731,777   2,912,918   2,625,349 Recycled water (barrels per day) 225,454   206,552   198,709   116,058 Total (barrels per day) 3,231,666   2,938,329   3,111,627   2,741,407 Skim oil sold (barrels per day) 6,246   4,902   5,119   4,268                 Crude Oil Logistics:               Crude oil sold (barrels) 4,640   1,978   15,419   10,412 Crude oil transported on owned pipelines (barrels) 7,044   5,066   26,451   22,238 Crude oil storage capacity - owned and leased (barrels) (1)         5,232   5,232 Crude oil inventory (barrels) (1)         298   339                 Liquids Logistics:               Butane sold (gallons) 134,250   123,007   510,367   516,202 Propane sold (gallons) 156,522   314,709   365,736   760,287 Other products sold (gallons) 61,255   63,537   281,494   277,495 Natural gas liquids storage capacity - owned and leased (gallons) (1)         42,641   52,721 Butane inventory (gallons) (1)         23,774   21,871 Propane inventory (gallons) (1)         7,297   11,833 Other products inventory (gallons) (1)         5,166   8,556 _____________ (1) Information is presented as of March 31, 2026 and March 31, 2025, respectively.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260528081776/en/ David Sullivan, 918-495-4631
Vice President - Finance
David.Sullivan@nglep.com Original: NGL Energy Partners LP Announces Fourth Quarter and Full Year Fiscal 2026 Financial Results; Guidance for Fiscal 2027

NGL Energy Partners Announces Earnings CallMay 12, 2026 6:30 AM
Business Wire NGL Energy Partners LP (NYSE: NGL) announced today that it plans to issue its year ended March 31, 2026, earnings press release, post-market close on Thursday, May 28, 2026. Members of NGL’s management team intend to host an earnings call following this release on Thursday, May 28, 2026, at 4:00 pm CDT to discuss its financial results. Analysts, investors, and other interested parties may join the webcast via the event link: https://www.webcaster5.com/Webcast/Page/2808/54031 or by dialing (888) 506-0062 and providing conference code: 941890. An archived audio replay of the call will be available for 14 days, which can be accessed by dialing (877) 481-4010 and providing replay passcode 54031. About NGL Energy Partners LP NGL Energy Partners LP, a Delaware limited partnership, operates the largest integrated network of large diameter wastewater pipelines, disposal wells and produced water handling systems in the Delaware Basin. NGL also operates wastewater disposal in the Eagle Ford and DJ Basins. In addition, NGL markets and provides other logistics services for crude oil, through its ownership of the Grand Mesa Pipeline System, Cushing terminal and other Gulf Coast terminals. For further information, visit the Partnership’s website at www.nglenergypartners.com. This release is a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100% of NGL Energy Partners LP’s distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Therefore, distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. View source version on businesswire.com: https://www.businesswire.com/news/home/20260511052415/en/ NGL Energy Partners LP
David Sullivan, 918.495.4631
Vice President – Finance
David.Sullivan@nglep.com Original: NGL Energy Partners Announces Earnings Call

NGL Energy Partners LP Announces LEX II Pipeline Extension to Eddy County, New MexicoMay 7, 2026 6:30 AM
Business Wire NGL Energy Partners LP (NYSE:NGL) (“NGL,” or the “Partnership”) announced today that NGL Water Solutions is commencing expansion of its Lea County Express Pipeline System (LEX II Extension). The extension includes 60 miles of large-diameter pipeline, new disposal wells, and injection facilities that expand the capabilities of NGL’s existing produced water super-system and significantly increases out of basin produced water disposal for the Delaware Basin. The project expands the current long haul LEX Pipeline System to 81 miles with a capability to transport approximately 560,000 barrels per day of produced water from Eddy and Lea Counties, NM to Andrews County, TX. The LEX II Extension is underwritten by a newly executed long-term volume commitment contract that includes increased volume commitments, and an additional four township committed area in Eddy County, NM. LEX II Expansion Highlights: 60-mile 24 & 30-inch diameter produced water pipeline Increased capacity of 165,000 bpd resulting in LEX System capacity of 560,000 bpd with ability to further expand to 650,000 bpd Four Township increase in committed acreage and increased committed volumes under dedication from the producer “NGL remains focused on our commitment to deliver scalable and reliable produced water management for our customers through our super-system pipeline platform and substantial pore space inventory on the Central Basin Platform,” commented Doug White, EVP of NGL Water Solutions. NGL owns and operates the largest integrated network of large diameter wastewater pipelines, disposal wells and produced water handling systems in the Delaware Basin. NGL’s Water Solutions segment operates in several of the most prolific crude oil and natural gas producing basins, including the Delaware, Eagle Ford and DJ Basins. Forward-Looking Statements Certain matters contained in this press release include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release may constitute forwarding-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the risk factors discussed from time to time in each of our documents and reports filed with the SEC. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements. About NGL Energy Partners LP NGL Energy Partners LP has strategically transformed into a water focused midstream partnership, with its Water Solutions segment now serving as the core of the business and primary driver of earnings. The segment operates the largest integrated produced water pipeline, disposal, and water handling network in the Delaware Basin, including over 3.0 million barrels per day of produced water disposal. Water Solutions now generates approximately 85% of consolidated Adjusted EBITDA excluding corporate overhead, supported by long term, fee-based producer contracts, expanding pipeline infrastructure throughout the Delaware Basin, and ongoing disposal capacity investments. While NGL maintains complementary crude oil and liquids logistics operations, capital allocation and strategic focus are firmly centered on Water Solutions, enhancing cash flow stability, reducing earnings volatility, and positioning the Partnership as a leading pure play produced water infrastructure platform. For further information, visit the Partnership’s website at www.nglenergypartners.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260506942257/en/ Contact for Expansion Opportunities
NGL Water Solutions
Christian Holcomb, 303-815-1010
Senior Vice President & Chief Operating Officer – NGL Water Solutions
Christian.Holcomb@nglep.com Investor Contact:
NGL Energy Partners LP
David Sullivan, 918-495-4631
Vice President - Finance
David.Sullivan@nglep.com Original: NGL Energy Partners LP Announces LEX II Pipeline Extension to Eddy County, New Mexico

NGL Energy Partners LP Announces $100 Million LP Common Unit Repurchase ProgramApril 9, 2026 6:30 AM
Business Wire
NGL Energy Partners LP (NYSE: NGL) (“NGL,” or the “Partnership”) announced today that the Board of Directors of its general partner has authorized a common unit repurchase program, under which NGL may repurchase up to $100 million of its outstanding units representing limited partnership interests of NGL and does not have a fixed expiration date.


Under the common unit repurchase program, NGL may purchase shares of common units on a discretionary basis from time to time through open market transactions or privately negotiated transactions at prices deemed appropriate by NGL. In addition, at the discretion of NGL, open market repurchase of common units may also be made under a Rule 10b5-1 plan, which would permit common units to be repurchased when NGL might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions.


The timing and number of shares repurchased will be determined based on an evaluation of market conditions and other factors, including stock price, trading volume, general business and market conditions, and capital availability. The stock repurchase program does not obligate NGL to acquire a specified number of units and may be modified, suspended, or discontinued at any time at NGL’s discretion without notice.


Forward-Looking Statements


Certain matters contained in this press release include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release may constitute forwarding-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the risk factors discussed from time to time in each of our documents and reports filed with the SEC.


Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.


About NGL Energy Partners LP


NGL Energy Partners LP, a Delaware limited partnership, is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of produced water generated as part of the oil and natural gas production process. For further information, visit the Partnership’s website at www.nglenergypartners.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260408486071/en/
Investor Contact:

NGL Energy Partners LP

David Sullivan, 918-495-4631

Vice President - Finance

David.Sullivan@nglep.com


Original: NGL Energy Partners LP Announces $100 Million LP Common Unit Repurchase Program

NGL Energy Partners LP Announces Quarterly Cash Distribution for the Class B, Class C, and Class D Preferred UnitsMarch 18, 2026 4:45 PM
Business Wire
NGL Energy Partners LP (NYSE: NGL) announced today that the Board of Directors of its general partner declared a distribution for the quarter ending March 31st, 2026 to be paid to the holders of the Partnership’s 11.135% Class B Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class B Preferred Units”) and the 11.045% Class C Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class C Preferred Units”) in accordance with the terms outlined in NGL’s partnership agreement. Each of the Class B Preferred Units will receive a quarterly distribution of $0.6960 and each of the Class C Preferred Units will receive a quarterly distribution of $0.6903 per unit on April 15, 2026, to holders of record on April 1, 2026.


Additionally, the Board of Directors declared a quarterly cash distribution for the Class D Preferred Units in the amount of $8,750,959.03 for the quarter ending March 31st, 2026. The Class D Preferred distribution will also be made on April 15, 2026, to the holders of record on April 1, 2026.


Forward-Looking Statements


Certain matters contained in this press release include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release may constitute forwarding-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the risk factors discussed from time to time in each of our documents and reports filed with the SEC.


Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.


About NGL Energy Partners LP


NGL Energy Partners LP, a Delaware master limited partnership, operates the largest integrated network of large diameter wastewater pipelines, disposal wells and produced water handling systems in the Delaware Basin. NGL also operates wastewater disposal in the Eagle Ford and DJ Basins. In addition, NGL markets and provides other logistics services for crude oil, through its ownership of the Grand Mesa Pipeline System, Cushing terminal and other Gulf Coast terminals. For further information, visit the Partnership’s website at www.nglenergypartners.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260317806664/en/
Investor Contact:

NGL Energy Partners LP

David Sullivan, 918-495-4631

Vice President - Finance

David.Sullivan@nglep.com


Original: NGL Energy Partners LP Announces Quarterly Cash Distribution for the Class B, Class C, and Class D Preferred Units

NGL Closes $950 Million Term Loan, Amends Asset-Based Revolving Credit Facility, To Redeem Approximately 195,000 Class D Preferred UnitsMarch 12, 2026 4:45 PM
Business Wire
NGL Energy Partners LP (NYSE: NGL) (“NGL”) through its wholly owned subsidiaries NGL Energy Operating LLC and NGL Energy Finance Corp., closed a new seven-year $950.0 million senior secured term loan facility (the “Term Loan”). The net proceeds from the Term Loan are expected to be used, among other things, (i) to repay all borrowings under NGL’s existing term loan credit agreement, (ii) to redeem, repurchase or otherwise retire a portion of NGL’s Class D Preferred Units (the “Class D Units”) and (iii) to the extent of any remaining net proceeds, for general corporate purposes.


The final amount of the Term Loan reflects an additional $250.0 million of secured debt financing, with the amount thereunder increased to $950.0 from the current amount of $687.8 million.


As Mike Krimbill, NGL’s CEO, stated: “The successful execution of the incremental secured debt financing represents a meaningful step toward a simpler and more flexible capital structure. The incremental $250 million in proceeds combined with additional funds from the ABL will enable NGL to repurchase approximately 195,000 Class D Units. Subsequent to this transaction, there will be approximately 316,000 Class D Units remaining.”


In addition, in connection with the closing of the Term Loan, NGL’s senior secured asset-based revolving credit facility was amended to reduce the aggregate amount of commitments thereunder from $475.0 million to $425.0 million and to make certain other changes to the terms thereof.


This press release shall not constitute an offer to repurchase, or a redemption notice for, any of the Class D Units.


Forward Looking Statements


This press release includes “forward-looking statements.” All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Specifically, forward-looking statements may include, among others, statements concerning the expected uses of proceeds of the Term Loan. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. While NGL believes such forward-looking statements are reasonable, NGL cannot assure they will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Other factors that could impact any forward-looking statements are those risks described in NGL’s annual report on Form 10-K, quarterly reports on Form 10-Q, and other public filings. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading “Risk Factors.” NGL undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.


About NGL Energy Partners LP


NGL Energy Partners LP, a Delaware limited partnership, is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of produced water generated as part of the oil and natural gas production process. For further information, visit NGL’s website at www.nglenergypartners.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260312756400/en/
NGL Energy Partners LP

David Sullivan, 918-495-4631

Sr. Vice President – Finance

David.Sullivan@nglep.com


Original: NGL Closes $950 Million Term Loan, Amends Asset-Based Revolving Credit Facility, To Redeem Approximately 195,000 Class D Preferred Units

NGL Energy Partners LP Announces Third Quarter Fiscal 2026 Financial ResultsFebruary 3, 2026 4:31 PM
Business Wire
NGL Energy Partners LP (NYSE:NGL) (“NGL,” “we,” “us,” “our,” or the “Partnership”) today reported its third quarter Fiscal 2026 financial results. Highlights include:


Financial Results:



Income from continuing operations for the third quarter of Fiscal 2026 of $48.2 million, compared to income from continuing operations of $23.7 million for the third quarter of Fiscal 2025



Adjusted EBITDA from continuing operations(1) for the third quarter of Fiscal 2026 of $172.5 million, compared to $158.0 million for the third quarter of Fiscal 2025



Water Solutions Volumes:



Record produced water volumes physically disposed of approximately 3.07 million barrels per day during the third quarter of Fiscal 2026, growing 17.1% from the water volumes physically disposed of during the third quarter of Fiscal 2025



Paid and physically disposed water volumes of 3.13 million barrels per day during the third quarter of Fiscal 2026, growing 7% from the paid and physically disposed water volumes during the third quarter of Fiscal 2025



Equity Transactions:



In October, NGL purchased an additional 18,506 of the Class D preferred units resulting in a combined total of 88,506 of our Class D preferred units redeemed, or approximately 15% of the originally outstanding Class D preferred units



Under the board authorized common unit repurchase plan, we have repurchased an additional 1,611,088 common units in the quarter for a total of 8,698,477 common units under the repurchase program at an average price of $5.6963



“NGL posted another strong quarter driven by the Water Solutions segment. We are reaffirming our full year guide for Adjusted EBITDA(2) of between $650 million to $660 million. We continue to see opportunities in the Water Solutions segment that continues to indicate Fiscal 2027 will be another strong year for the Partnership with Adjusted EBITDA(2) eclipsing $700 million,” stated Mike Krimbill NGL’s CEO.




___________________








(1)






See the “Non-GAAP Financial Measures” section of this release for the definition of Adjusted EBITDA (as used herein) and a discussion of this non-GAAP financial measure.








(2)






Certain of the forward-looking financial measures are provided on a non-GAAP basis. A reconciliation of forward-looking financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP is potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant.







Quarterly Results of Operations


The following table summarizes the unaudited operating income (loss) and Adjusted EBITDA from continuing operations(1) by reportable segment for the periods indicated:




 






 






Quarter Ended








 






 






December 31, 2025






 






December 31, 2024








 






 






Operating Income (Loss)






 






Adjusted EBITDA(1)






 






Operating Income (Loss)






 






Adjusted EBITDA(1)








 






 






(in thousands)








Water Solutions






 






$






98,189






 






 






$






154,496






 






 






$






65,379






 






 






$






132,661






 








Crude Oil Logistics






 






 






11,639






 






 






 






15,358






 






 






 






10,024






 






 






 






17,354






 








Liquids Logistics






 






 






13,252






 






 






 






15,196






 






 






 






20,841






 






 






 






18,565






 








Corporate and Other






 






 






(13,430






)






 






 






(12,522






)






 






 






(11,582






)






 






 






(10,551






)








Total






 






$






109,650






 






 






$






172,528






 






 






$






84,662






 






 






$






158,029






 







Water Solutions


Operating income for the Water Solutions segment increased by $32.8 million for the quarter ended December 31, 2025, compared to the quarter ended December 31, 2024. The increase was due primarily to higher disposal revenues due to an increase in produced water volumes processed from contracted customers and increased water pipeline revenue due to the LEX II pipeline commencing operations during the quarter ended December 31, 2024. The Partnership processed approximately 3.07 million barrels of produced water per day during the quarter ended December 31, 2025, a 17.1% increase when compared to approximately 2.62 million barrels of water per day processed during the quarter ended December 31, 2024.


Revenues from recovered skim oil, including the impact from realized skim oil hedges, totaled $23.3 million for the quarter ended December 31, 2025, a decrease of $0.8 million from the prior year period. The decrease was due primarily to lower realized crude oil prices received from the sale of skim oil barrels, partially offset by an increase in skim oil barrels sold due to more skim oil recovered from receiving more produced water.


Operating expenses in the Water Solutions segment decreased $0.4 million for the quarter ended December 31, 2025, compared to the quarter ended December 31, 2024 due primarily to lower incentive compensation expense and lower chemical expense due to purchasing fewer chemicals and using chemicals more efficiently, partially offset by higher utilities expense due to increased produced water volumes processed and higher royalty expense due to volumes related to the LEX II pipeline commencing operations and increased volumes at certain other saltwater disposal wells. Operating expense per produced barrel processed was $0.18 for the quarter ended December 31, 2025, compared to $0.21 in the comparative quarter last year.


There was also a loss on the disposal or impairment of assets of $5.7 million for the quarter ended December 31, 2025, compared to a loss on the disposal or impairment of assets of $10.5 million in the prior year period.


Crude Oil Logistics


Operating income for the Crude Oil Logistics segment increased by $1.6 million for the quarter ended December 31, 2025, compared to the quarter ended December 31, 2024. The increase was due primarily to increased margins, due to increased volumes, and gains recognized on derivatives that hedge our physical product for the current period, compared to losses in the prior year period. This increase was offset by lower transportation revenue. During the quarter ended December 31, 2025, physical volumes on the Grand Mesa Pipeline averaged approximately 85,000 barrels per day, compared to approximately 61,000 barrels per day for the quarter ended December 31, 2024.


Liquids Logistics


Operating income for the Liquids Logistics segment decreased by $7.6 million for the quarter ended December 31, 2025, compared to the quarter ended December 31, 2024. This decrease was due primarily to lower product margins due to the sale of our Wholesale Propane business and 17 natural gas liquid terminals (“Wholesale Propane Disposition”), a weak gasoline blending season in certain markets and lower asphalt volumes and margins due to tighter supply. This decrease was partially offset by lower operating expenses due to the Wholesale Propane Disposition and lower losses on derivatives that hedge our physical product.


Capitalization and Liquidity


Total liquidity (cash plus available capacity on our asset-based revolving credit facility (“ABL Facility”)) was approximately $331.1 million as of December 31, 2025. Borrowings on the Partnership’s ABL Facility totaled approximately $92.0 million as of December 31, 2025, due to an increase in capital spending within our Water Solutions segment.


The Partnership is in compliance with all of its debt covenants and has no upcoming debt maturities.


Third Quarter Conference Call Information


A conference call to discuss NGL’s results of operations is scheduled for 4:00 pm Central Time on Tuesday, February 3, 2026. Analysts, investors, and other interested parties may join the webcast via the event link: https://www.webcaster5.com/Webcast/Page/2808/53486 or by dialing (888) 506-0062 and providing conference code: 607307. An archived audio replay of the call will be available for 14 days, which can be accessed by dialing (877) 481-4010 and providing replay passcode 53486.


Non-GAAP Financial Measures


We define EBITDA as net income (loss) attributable to NGL Energy Partners LP, plus interest expense, income tax expense (benefit), and depreciation and amortization expense. We define Adjusted EBITDA as EBITDA excluding net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, revaluation of liabilities and other. EBITDA and Adjusted EBITDA should not be considered as alternatives to net income, income from continuing operations before income taxes, cash flows from operating activities, or any other measure of financial performance calculated in accordance with GAAP, as those items are used to measure operating performance, liquidity or the ability to service debt obligations. We believe that EBITDA provides additional information to investors for evaluating our ability to make quarterly distributions to our unitholders and is presented solely as a supplemental measure. We believe that Adjusted EBITDA provides additional information to investors for evaluating our financial performance without regard to our financing methods, capital structure and historical cost basis. Further, EBITDA and Adjusted EBITDA, as we define them, may not be comparable to EBITDA, Adjusted EBITDA, or similarly titled measures used by other entities.


For purposes of our Adjusted EBITDA calculation, we make a distinction between realized and unrealized gains and losses on derivatives. During the period when a derivative contract is open, we record changes in the fair value of the derivative as an unrealized gain or loss. When a derivative contract matures or is settled, we reverse the previously recorded unrealized gain or loss and record a realized gain or loss.


Distributable Cash Flow is defined as Adjusted EBITDA minus maintenance capital expenditures, income tax expense, cash interest expense, preferred unit distributions paid and other. Maintenance capital expenditures represent capital expenditures necessary to maintain the Partnership’s operating capacity. Distributable Cash Flow is a performance metric used by senior management to compare cash flows generated by the Partnership (excluding growth capital expenditures and prior to the establishment of any retained cash reserves by the board of directors of our general partner) to the cash distributions expected to be paid to unitholders. Using this metric, management can quickly compute the coverage ratio of estimated cash flows to planned cash distributions. This financial measure also is important to investors as an indicator of whether the Partnership is generating cash flow at a level that can sustain, or support an increase in, quarterly distribution rates. Actual distribution amounts are set by the board of directors of our general partner.


We do not provide a reconciliation for non-GAAP estimates on a forward-looking basis where we are unable to provide a meaningful calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various items that would impact the most directly comparable forward-looking U.S. GAAP financial measure that have not yet occurred, are out of the Partnership’s control and/or cannot be reasonably predicted. Forward-looking non-GAAP financial measures provided without the most directly comparable U.S. GAAP financial measures may vary materially from the corresponding U.S. GAAP financial measures.


Forward-Looking Statements


This press release includes “forward-looking statements.” All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. While NGL believes such forward-looking statements are reasonable, NGL cannot assure they will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Other factors that could impact any forward-looking statements are those risks described in NGL’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other public filings. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading “Risk Factors.” NGL undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.


NGL provides Adjusted EBITDA guidance that does not include certain charges and costs, which in future periods are generally expected to be similar to the kinds of charges and costs excluded from Adjusted EBITDA in prior periods, such as income taxes, interest and other non-operating items, depreciation and amortization, net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, acquisition expense, revaluation of liabilities and items that are unusual in nature or infrequently occurring. The exclusion of these charges and costs in future periods will have a significant impact on the Partnership’s Adjusted EBITDA, and the Partnership is not able to provide a reconciliation of its Adjusted EBITDA guidance to net income (loss) without unreasonable efforts due to the uncertainty and variability of the nature and amount of these future charges and costs and the Partnership believes that such reconciliation, if possible, would imply a degree of precision that would be potentially confusing or misleading to investors.


About NGL Energy Partners LP


NGL Energy Partners LP, a Delaware master limited partnership, operates the largest integrated network of large diameter wastewater pipelines, disposal wells and produced water handling systems in the Delaware Basin. NGL also operates wastewater disposal in the Eagle Ford and DJ Basins. In addition, NGL markets and provides other logistics services for crude oil, through its ownership of the Grand Mesa Pipeline System, Cushing terminal and other Gulf Coast terminals. For further information, visit the Partnership’s website at www.nglenergypartners.com.




NGL ENERGY PARTNERS LP AND SUBSIDIARIES




Unaudited Condensed Consolidated Balance Sheets




(in Thousands, except unit amounts)










 



 






December 31, 2025






 






March 31, 2025








ASSETS






 






 






 








CURRENT ASSETS:






 






 






 








Cash and cash equivalents






$






6,476






 






 






$






5,649






 








Accounts receivable, net of allowance for expected credit losses of $1,255 and $3,689, respectively






 






597,578






 






 






 






579,468






 








Accounts receivable-affiliates






 






419






 






 






 






730






 








Inventories






 






78,809






 






 






 






69,916






 








Prepaid expenses and other current assets






 






37,963






 






 






 






63,651






 








Assets held for sale






 






—






 






 






 






175,207






 








Assets of discontinued operations






 






150






 






 






 






67,432






 








Total current assets






 






721,395






 






 






 






962,053






 








PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $1,229,618 and $1,104,582, respectively






 






2,102,797






 






 






 






2,066,847






 








GOODWILL






 






599,348






 






 






 






599,348






 








INTANGIBLE ASSETS, net of accumulated amortization of $383,152 and $340,334, respectively






 






819,996






 






 






 






851,347






 








OPERATING LEASE RIGHT-OF-USE ASSETS






 






119,462






 






 






 






109,870






 








OTHER NONCURRENT ASSETS






 






19,587






 






 






 






19,975






 








Total assets






$






4,382,585






 






 






$






4,609,440






 








LIABILITIES AND EQUITY






 






 






 








CURRENT LIABILITIES:






 






 






 








Accounts payable






$






451,663






 






 






$






461,980






 








Accounts payable-affiliates






 






1






 






 






 






102






 








Accrued expenses and other payables






 






139,168






 






 






 






135,233






 








Advance payments received from customers






 






13,685






 






 






 






10,347






 








Current maturities of long-term debt






 






8,918






 






 






 






8,805






 








Operating lease obligations






 






33,337






 






 






 






27,911






 








Liabilities held for sale






 






—






 






 






 






42,103






 








Liabilities of discontinued operations






 






4






 






 






 






52,749






 








Total current liabilities






 






646,776






 






 






 






739,230






 








LONG-TERM DEBT, net of debt issuance costs of $37,691 and $43,144, respectively, and current maturities






 






2,924,455






 






 






 






2,961,703






 








OPERATING LEASE OBLIGATIONS






 






88,604






 






 






 






85,240






 








OTHER NONCURRENT LIABILITIES






 






132,904






 






 






 






125,897






 








 






 






 






 








CLASS D 9.00% PREFERRED UNITS, 511,494 and 600,000 preferred units issued and outstanding, respectively






 






469,845






 






 






 






551,097






 








REDEEMABLE NONCONTROLLING INTERESTS






 






506






 






 






 






424






 








 






 






 






 








EQUITY:






 






 






 








General partner, representing a 0.1% interest, 124,236 and 132,145 notional units, respectively






 






(52,893






)






 






 






(52,913






)








Limited partners, representing a 99.9% interest, 124,111,415 and 132,012,766 common units issued and outstanding, respectively






 






(194,660






)






 






 






(170,275






)








Class B preferred limited partners, 12,585,642 and 12,585,642 preferred units issued and outstanding, respectively






 






305,468






 






 






 






305,468






 








Class C preferred limited partners, 1,800,000 and 1,800,000 preferred units issued and outstanding, respectively






 






42,891






 






 






 






42,891






 








Accumulated other comprehensive income






 






—






 






 






 






9






 








Noncontrolling interests






 






18,689






 






 






 






20,669






 








Total equity






 






119,495






 






 






 






145,849






 








Total liabilities and equity






$






4,382,585






 






 






$






4,609,440






 









NGL ENERGY PARTNERS LP AND SUBSIDIARIES




Unaudited Condensed Consolidated Statements of Operations




(in Thousands, except unit and per unit amounts)











 



 






 






Three Months Ended December 31,






 






Nine Months Ended December 31,








 






 






2025






 






2024






 






2025






 






2024








REVENUES:






 






 






 






 






 






 






 






 








Product






 






$






716,473






 






 






$






799,464






 






 






$






1,637,146






 






 






$






1,964,352






 








Service and other






 






 






193,343






 






 






 






182,950






 






 






 






569,503






 






 






 






533,768






 








Total Revenues






 






 






909,816






 






 






 






982,414






 






 






 






2,206,649






 






 






 






2,498,120






 








COST OF SALES:






 






 






 






 






 






 






 






 








Product






 






 






640,510






 






 






 






718,150






 






 






 






1,433,528






 






 






 






1,742,160






 








Service and other






 






 






5,564






 






 






 






17,271






 






 






 






16,378






 






 






 






55,481






 








Total Cost of Sales






 






 






646,074






 






 






 






735,421






 






 






 






1,449,906






 






 






 






1,797,641






 








OPERATING COSTS AND EXPENSES:






 






 






 






 






 






 






 






 








Operating






 






 






70,058






 






 






 






74,082






 






 






 






214,915






 






 






 






222,035






 








General and administrative






 






 






15,608






 






 






 






15,029






 






 






 






44,077






 






 






 






42,110






 








Depreciation and amortization






 






 






62,279






 






 






 






66,239






 






 






 






192,858






 






 






 






190,278






 








Loss on disposal or impairment of assets, net






 






 






6,147






 






 






 






9,941






 






 






 






3,542






 






 






 






784






 








Revaluation of liabilities






 






 






—






 






 






 






(2,960






)






 






 






—






 






 






 






(2,960






)








Operating Income






 






 






109,650






 






 






 






84,662






 






 






 






301,351






 






 






 






248,232






 








OTHER INCOME (EXPENSE):






 






 






 






 






 






 






 






 








Equity in earnings of unconsolidated entities






 






 






—






 






 






 






1,376






 






 






 






201






 






 






 






3,198






 








Interest expense






 






 






(63,834






)






 






 






(63,058






)






 






 






(194,087






)






 






 






(209,977






)








(Loss) gain on early extinguishment of liabilities, net






 






 






(1,000






)






 






 






—






 






 






 






492






 






 






 






—






 








Other income (expense), net






 






 






3,259






 






 






 






486






 






 






 






(48






)






 






 






2,484






 








Income From Continuing Operations Before Income Taxes






 






 






48,075






 






 






 






23,466






 






 






 






107,909






 






 






 






43,937






 








INCOME TAX BENEFIT






 






 






119






 






 






 






274






 






 






 






362






 






 






 






4,899






 








Income From Continuing Operations






 






 






48,194






 






 






 






23,740






 






 






 






108,271






 






 






 






48,836






 








(Loss) Income From Discontinued Operations, net of Tax






 






 






(5






)






 






 






(9,165






)






 






 






39,383






 






 






 






(20,395






)








Net Income






 






 






48,189






 






 






 






14,575






 






 






 






147,654






 






 






 






28,441






 








LESS: NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO NONREDEEMABLE NONCONTROLLING INTERESTS






 






 






(992






)






 






 






(1,053






)






 






 






(2,187






)






 






 






(2,777






)








LESS: NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING INTERESTS






 






 






(18






)






 






 






(15






)






 






 






(82






)






 






 






(20






)








NET INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP






 






$






47,179






 






 






$






13,507






 






 






$






145,385






 






 






$






25,644






 








 






 






 






 






 






 






 






 






 








NET INCOME (LOSS) FROM CONTINUING OPERATIONS ALLOCATED TO COMMON UNITHOLDERS






 






$






11,972






 






 






$






(6,256






)






 






$






(18,915






)






 






$






(42,419






)








NET (LOSS) INCOME FROM DISCONTINUED OPERATIONS ALLOCATED TO COMMON UNITHOLDERS






 






 






(5






)






 






 






(9,156






)






 






 






39,344






 






 






 






(20,375






)








NET INCOME (LOSS) ALLOCATED TO COMMON UNITHOLDERS






 






$






11,967






 






 






$






(15,412






)






 






$






20,429






 






 






$






(62,794






)








BASIC AND DILUTED INCOME (LOSS) PER COMMON UNIT






 






 






 






 






 






 






 






 








Income (Loss) From Continuing Operations






 






$






0.10






 






 






$






(0.05






)






 






$






(0.15






)






 






$






(0.32






)








(Loss) Income From Discontinued Operations, net of Tax






 






$






—






 






 






$






(0.07






)






 






$






0.31






 






 






$






(0.15






)








Net Income (Loss)






 






$






0.10






 






 






$






(0.12






)






 






$






0.16






 






 






$






(0.47






)








BASIC AND DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING






 






 






125,158,912






 






 






 






132,012,766






 






 






 






128,058,564






 






 






 






132,265,839






 









EBITDA, ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW RECONCILIATION




(Unaudited)








The following table reconciles NGL’s net income to NGL’s EBITDA, Adjusted EBITDA and Distributable Cash Flow for the periods indicated:











 



 






 






Three Months Ended December 31,






 






Nine Months Ended December 31,








 






 






2025






 






2024






 






2025






 






2024








 






 






(in thousands)








Net income






 






$






48,189






 






 






$






14,575






 






 






$






147,654






 






 






$






28,441






 








Less: Net income from continuing operations attributable to nonredeemable noncontrolling interests






 






 






(992






)






 






 






(1,053






)






 






 






(2,187






)






 






 






(2,777






)








Less: Net income from continuing operations attributable to redeemable noncontrolling interests






 






 






(18






)






 






 






(15






)






 






 






(82






)






 






 






(20






)








Net income attributable to NGL Energy Partners LP






 






 






47,179






 






 






 






13,507






 






 






 






145,385






 






 






 






25,644






 








Interest expense






 






 






63,812






 






 






 






63,032






 






 






 






194,024






 






 






 






210,161






 








Income tax benefit






 






 






(119






)






 






 






(273






)






 






 






(346






)






 






 






(4,791






)








Depreciation and amortization






 






 






61,747






 






 






 






65,786






 






 






 






190,795






 






 






 






189,181






 








EBITDA






 






 






172,619






 






 






 






142,052






 






 






 






529,858






 






 






 






420,195






 








Net unrealized (gains) losses on derivatives






 






 






(3,016






)






 






 






(1,099






)






 






 






(10,873






)






 






 






22,489






 








Lower of cost or net realizable value adjustments (1)






 






 






(2,491






)






 






 






(2,978






)






 






 






(2,916






)






 






 






(4,209






)








Loss (gain) on disposal or impairment of assets, net (2)






 






 






6,153






 






 






 






10,212






 






 






 






(34,831






)






 






 






1,061






 








Loss (gain) on early extinguishment of liabilities, net






 






 






1,000






 






 






 






—






 






 






 






(492






)






 






 






—






 








Revaluation of liabilities






 






 






—






 






 






 






(2,960






)






 






 






—






 






 






 






(2,960






)








Other (3)






 






 






(1,704






)






 






 






2,425






 






 






 






4,163






 






 






 






2,688






 








Adjusted EBITDA






 






$






172,561






 






 






$






147,652






 






 






$






484,909






 






 






$






439,264






 








Adjusted EBITDA - Discontinued Operations (4)






 






$






33






 






 






$






(10,377






)






 






$






1,076






 






 






$






(6,799






)








Adjusted EBITDA - Continuing Operations






 






$






172,528






 






 






$






158,029






 






 






$






483,833






 






 






$






446,063






 








Less: Cash interest expense (5)






 






 






60,870






 






 






 






67,685






 






 






 






184,537






 






 






 






203,170






 








Less: Income tax benefit






 






 






(119






)






 






 






(274






)






 






 






(362






)






 






 






(4,899






)








Less: Maintenance capital expenditures






 






 






9,732






 






 






 






18,571






 






 






 






32,354






 






 






 






57,947






 








Less: Preferred unit distributions paid






 






 






26,235






 






 






 






30,752






 






 






 






83,924






 






 






 






276,356






 








Less: Other (6)






 






 






1,918






 






 






 






1,313






 






 






 






6,546






 






 






 






1,378






 








Distributable Cash Flow






 






$






73,892






 






 






$






39,982






 






 






$






176,834






 






 






$






(87,889






)









___________________








(1)






Lower of cost or net realizable value adjustments in the table above differ from lower of cost or net realizable value adjustments reported in our unaudited condensed consolidated statements of cash flows in the Partnership’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2025, as the amounts reported in the table above represent the change in lower of cost or net realizable value adjustments recorded in the unaudited condensed consolidated statements of operations, which includes reversals, whereas the amounts reported in our unaudited condensed consolidated statements of cash flows represent the lower of cost or net realizable value adjustments recorded at the balance sheet date.








(2)






Excludes amounts related to unconsolidated entities and noncontrolling interests.








(3)






Amounts represent accretion expense for asset retirement obligations, expenses incurred related to legal and advisory costs associated with acquisitions and dispositions, unrealized gains and losses on investments and marketable securities and a loss from a legal dispute.








(4)






Amounts include our refined products and biodiesel businesses.








(5)






Amounts represent interest expense payable in cash, excluding changes in the accrued interest balance.








(6)






Amounts represent cash paid to settle asset retirement obligations.









ADJUSTED EBITDA RECONCILIATION BY SEGMENT




(unaudited)








 



 






Three Months Ended December 31, 2025








 






Water




Solutions






 






Crude Oil




Logistics






 






Liquids




Logistics






 






Corporate




and Other






 






Continuing Operations






 






Discontinued Operations






 






Consolidated








 






(in thousands)








Operating income (loss)






$






98,189






 






 






$






11,639






 






 






$






13,252






 






 






$






(13,430






)






 






$






109,650






 






 






$






—






 






$






109,650






 








Depreciation and amortization






 






53,856






 






 






 






6,076






 






 






 






1,541






 






 






 






806






 






 






 






62,279






 






 






 






—






 






 






62,279






 








Net unrealized (gains) losses on derivatives






 






(3,017






)






 






 






(110






)






 






 






112






 






 






 






—






 






 






 






(3,015






)






 






 






—






 






 






(3,015






)








Lower of cost or net realizable value adjustments






 






—






 






 






 






(2,491






)






 






 






—






 






 






 






—






 






 






 






(2,491






)






 






 






—






 






 






(2,491






)








Loss on disposal or impairment of assets, net






 






5,717






 






 






 






184






 






 






 






246






 






 






 






—






 






 






 






6,147






 






 






 






—






 






 






6,147






 








Other income (expense), net






 






4,108






 






 






 






(841






)






 






 






(10






)






 






 






2






 






 






 






3,259






 






 






 






—






 






 






3,259






 








Adjusted EBITDA attributable to noncontrolling interests






 






(1,510






)






 






 






—






 






 






 






—






 






 






 






(72






)






 






 






(1,582






)






 






 






—






 






 






(1,582






)








Other






 






(2,847






)






 






 






901






 






 






 






55






 






 






 






172






 






 






 






(1,719






)






 






 






—






 






 






(1,719






)








Discontinued operations






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






33






 






 






33






 








Adjusted EBITDA






$






154,496






 






 






$






15,358






 






 






$






15,196






 






 






$






(12,522






)






 






$






172,528






 






 






$






33






 






$






172,561






 









 






Three Months Ended December 31, 2024








 






Water




Solutions






 






Crude Oil




Logistics






 






Liquids




Logistics






 






Corporate




and Other






 






Continuing Operations






 






Discontinued Operations






 






Consolidated








 






(in thousands)








Operating income (loss)






$






65,379






 






 






$






10,024






 






 






$






20,841






 






 






$






(11,582






)






 






$






84,662






 






 






$






—






 






 






$






84,662






 








Depreciation and amortization






 






56,831






 






 






 






6,360






 






 






 






2,222






 






 






 






826






 






 






 






66,239






 






 






 






—






 






 






 






66,239






 








Amortization in cost of sales-product






 






—






 






 






 






—






 






 






 






110






 






 






 






—






 






 






 






110






 






 






 






—






 






 






 






110






 








Net unrealized losses (gains) on derivatives






 






1,864






 






 






 






1,454






 






 






 






(5,447






)






 






 






—






 






 






 






(2,129






)






 






 






—






 






 






 






(2,129






)








Lower of cost or net realizable value adjustments






 






—






 






 






 






(540






)






 






 






(75






)






 






 






—






 






 






 






(615






)






 






 






—






 






 






 






(615






)








Loss (gain) on disposal or impairment of assets, net






 






10,525






 






 






 






—






 






 






 






(627






)






 






 






43






 






 






 






9,941






 






 






 






—






 






 






 






9,941






 








Other (expense) income, net






 






(1,095






)






 






 






1






 






 






 






1,500






 






 






 






80






 






 






 






486






 






 






 






—






 






 






 






486






 








Adjusted EBITDA attributable to unconsolidated entities






 






1,505






 






 






 






—






 






 






 






(21






)






 






 






—






 






 






 






1,484






 






 






 






—






 






 






 






1,484






 








Adjusted EBITDA attributable to noncontrolling interests






 






(1,564






)






 






 






—






 






 






 






—






 






 






 






(66






)






 






 






(1,630






)






 






 






—






 






 






 






(1,630






)








Revaluation of liabilities






 






(2,960






)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(2,960






)






 






 






 






 






(2,960






)








Other






 






2,176






 






 






 






55






 






 






 






62






 






 






 






148






 






 






 






2,441






 






 






 






—






 






 






 






2,441






 








Discontinued operations






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(10,377






)






 






 






(10,377






)








Adjusted EBITDA






$






132,661






 






 






$






17,354






 






 






$






18,565






 






 






$






(10,551






)






 






$






158,029






 






 






$






(10,377






)






 






$






147,652






 









 






Nine Months Ended December 31, 2025








 






Water




Solutions






 






Crude Oil




Logistics






 






Liquids




Logistics






 






Corporate




and Other






 






Continuing Operations






 






Discontinued Operations






 






Consolidated








 






(in thousands)








Operating income (loss)






$






275,490






 






 






$






20,535






 






 






$






43,330






 






 






$






(38,004






)






 






$






301,351






 






 






$






—






 






$






301,351






 








Depreciation and amortization






 






167,482






 






 






 






18,204






 






 






 






4,648






 






 






 






2,524






 






 






 






192,858






 






 






 






—






 






 






192,858






 








Net unrealized gains on derivatives






 






(8,291






)






 






 






(1,554






)






 






 






(1,012






)






 






 






—






 






 






 






(10,857






)






 






 






—






 






 






(10,857






)








Lower of cost or net realizable value adjustments






 






—






 






 






 






28






 






 






 






(2,944






)






 






 






—






 






 






 






(2,916






)






 






 






—






 






 






(2,916






)








Loss (gain) on disposal or impairment of assets, net






 






15,013






 






 






 






4,108






 






 






 






(15,577






)






 






 






(2






)






 






 






3,542






 






 






 






—






 






 






3,542






 








Other income (expense), net






 






4,008






 






 






 






(840






)






 






 






(356






)






 






 






(2,860






)






 






 






(48






)






 






 






—






 






 






(48






)








Adjusted EBITDA attributable to unconsolidated entities






 






221






 






 






 






—






 






 






 






4






 






 






 






—






 






 






 






225






 






 






 






—






 






 






225






 








Adjusted EBITDA attributable to noncontrolling interests






 






(4,254






)






 






 






—






 






 






 






—






 






 






 






(238






)






 






 






(4,492






)






 






 






—






 






 






(4,492






)








Other






 






(402






)






 






 






1,013






 






 






 






495






 






 






 






3,064






 






 






 






4,170






 






 






 






—






 






 






4,170






 








Discontinued operations






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






1,076






 






 






1,076






 








Adjusted EBITDA






$






449,267






 






 






$






41,494






 






 






$






28,588






 






 






$






(35,516






)






 






$






483,833






 






 






$






1,076






 






$






484,909






 









 






Nine Months Ended December 31, 2024








 






Water




Solutions






 






Crude Oil




Logistics






 






Liquids




Logistics






 






Corporate




and Other






 






Continuing Operations






 






Discontinued Operations






 






Consolidated








 






(in thousands)








Operating income (loss)






$






222,566






 






 






$






38,953






 






 






$






19,048






 






 






$






(32,335






)






 






$






248,232






 






 






$






—






 






 






$






248,232






 








Depreciation and amortization






 






162,066






 






 






 






19,086






 






 






 






6,943






 






 






 






2,183






 






 






 






190,278






 






 






 






—






 






 






 






190,278






 








Amortization in cost of sales-product






 






—






 






 






 






—






 






 






 






147






 






 






 






—






 






 






 






147






 






 






 






—






 






 






 






147






 








Net unrealized losses (gains) on derivatives






 






1,391






 






 






 






(4,538






)






 






 






8,540






 






 






 






—






 






 






 






5,393






 






 






 






—






 






 






 






5,393






 








Lower of cost or net realizable value adjustments






 






—






 






 






 






—






 






 






 






(16






)






 






 






—






 






 






 






(16






)






 






 






—






 






 






 






(16






)








Loss (gain) on disposal or impairment of assets, net






 






1,780






 






 






 






(412






)






 






 






(627






)






 






 






43






 






 






 






784






 






 






 






—






 






 






 






784






 








Other income, net






 






816






 






 






 






2






 






 






 






1,519






 






 






 






147






 






 






 






2,484






 






 






 






—






 






 






 






2,484






 








Adjusted EBITDA attributable to unconsolidated entities






 






3,541






 






 






 






—






 






 






 






(56






)






 






 






—






 






 






 






3,485






 






 






 






—






 






 






 






3,485






 








Adjusted EBITDA attributable to noncontrolling interests






 






(4,400






)






 






 






—






 






 






 






—






 






 






 






(100






)






 






 






(4,500






)






 






 






—






 






 






 






(4,500






)








Revaluation of liabilities






 






(2,960






)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(2,960






)






 






 






—






 






 






 






(2,960






)








Other






 






2,326






 






 






 






161






 






 






 






182






 






 






 






67






 






 






 






2,736






 






 






 






—






 






 






 






2,736






 








Discontinued operations






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(6,799






)






 






 






(6,799






)








Adjusted EBITDA






$






387,126






 






 






$






53,252






 






 






$






35,680






 






 






$






(29,995






)






 






$






446,063






 






 






$






(6,799






)






 






$






439,264






 









OPERATIONAL DATA




(Unaudited)










 



 






Three Months Ended






 






Nine Months Ended








 






December 31,






 






December 31,








 






2025






 






2024






 






2025






 






2024








 






(in thousands, except per day amounts)








Water Solutions:






 






 






 






 






 






 






 








Produced water processed (barrels per day)






 






 






 






 






 






 






 








Delaware Basin






2,715,532






 






2,278,291






 






2,523,782






 






2,263,365








Eagle Ford Basin






168,166






 






177,017






 






184,791






 






180,540








DJ Basin






187,235






 






167,989






 






173,812






 






146,613








Total






3,070,933






 






2,623,297






 






2,882,385






 






2,590,518








Recycled water (barrels per day)






190,032






 






62,787






 






189,956






 






86,442








Total (barrels per day)






3,260,965






 






2,686,084






 






3,072,341






 






2,676,960








Skim oil sold (barrels per day)






4,643






 






3,985






 






4,750






 






4,060








 






 






 






 






 






 






 






 








Crude Oil Logistics:






 






 






 






 






 






 






 








Crude oil sold (barrels)






5,182






 






2,392






 






10,779






 






8,434








Crude oil transported on owned pipelines (barrels)






7,784






 






5,652






 






19,407






 






17,172








Crude oil storage capacity - owned and leased (barrels) (1)






 






 






 






 






5,232






 






5,232








Crude oil inventory (barrels) (1)






 






 






 






 






493






 






339








 






 






 






 






 






 






 






 








Liquids Logistics:






 






 






 






 






 






 






 








Butane sold (gallons)






167,737






 






188,223






 






376,117






 






393,195








Propane sold (gallons)






105,134






 






224,485






 






209,214






 






445,578








Other products sold (gallons)






74,465






 






77,295






 






220,239






 






213,958








Natural gas liquids storage capacity - owned and leased (gallons) (1)






 






 






 






 






49,571






 






104,029








Butane inventory (gallons) (1)






 






 






 






 






21,341






 






30,775








Propane inventory (gallons) (1)






 






 






 






 






22,563






 






66,335








Other products inventory (gallons) (1)






 






 






 






 






8,962






 






5,223









___________________








(1)






Information is presented as of December 31, 2025 and December 31, 2024, respectively.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260203862644/en/
David Sullivan, 918-495-4631

Senior Vice President - Finance

David.Sullivan@nglep.com


Original: NGL Energy Partners LP Announces Third Quarter Fiscal 2026 Financial Results