NGL Energy Partners LP (NGL)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$3.5B

Revenue growth

5.8%

Net income, last twelve months

-$132.5M

Gross margin

29.5%

Operating margin

4.0%

Net margin

-3.8%

Free cash flow

$101.9M

Market value

$2.1B

Cash

$5.1M

Debt

$3.3B

Shares outstanding

124.8M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the fiscal third quarter ended December 31, 2023 results, filed 18 January 2024.

• Adjusted EBITDA estimated at $150-160M. For the three months ended December 31, 2023, consolidated Adjusted EBITDA was estimated at $150 million to $160 million.
• Capital expenditures estimated at $30-40M. Capital expenditures for the quarter were estimated at $30 million to $40 million, covering both maintenance and growth.
• Net income not estimated under GAAP. The company said it cannot estimate Net Income, the most comparable GAAP measure, without unreasonable effort, because certain GAAP amounts require completed quarter-end closing.
• No duty to update estimates. The company said it undertakes no obligation to update or revise the estimates before issuing its financial statements, and that they are not a comprehensive statement of results.
• Quarter not yet closed or reviewed. As of the release date, the company had not finalized its results or completed quarter-end closing, and its auditors had not reviewed the period's financial information.
• Estimates may change after closing. The company said the estimates remain subject to closing procedures, final adjustments and other developments before the third-quarter results are finalized.
• Estimates based on internal records. The estimates are derived from the company's internal records and information currently available to management.
• $700 million term loan planned. The company plans to syndicate a new seven-year, $700 million senior secured term loan facility, referred to as the Term Loan Facility.
• NGL Energy Operating as borrower. NGL Energy Operating LLC, a wholly owned subsidiary of the partnership, will be the borrower under the facility.
• Syndication not yet completed. The release describes the facility as planned and says closing depends on lender commitments, market conditions and definitive documents, none described as complete.
• Proceeds to refinance existing debt. The company expects to use facility proceeds to refinance existing debt, including repayment of existing senior notes.
• Fees and general corporate purposes. Proceeds are also expected to pay related fees, costs and expenses, and to fund general corporate purposes.
• Additional senior secured financing possible. The company said any additional senior secured financing would also be used together with the facility proceeds for the stated purposes.
• Revolver borrowings of $55.0M. Borrowings under the asset-based revolving credit facility were $55.0 million as of December 31, 2023.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2026

By product, FY2026

Company events

The newest 8-K filings of 182 held.

Every filing

The newest filings with the SEC of 355 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

102 funds held it at 30 Jun 2026: 21 added and 29 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Williams Companies, Inc. (WMB): revenue $12.2B, market value $90.8B
• National Grid plc (NGG): revenue $23.7B, market value $85.5B
• Enterprise Products Partners L.P. (EPD): revenue $58.5B, market value $82.2B
• Kinder Morgan, Inc. (KMI): revenue $18.3B, market value $74.8B
• TC Energy Corporation (TRP): revenue $10.9B, market value $65.7B
• Targa Resources Corp. (TRGP): revenue $16.7B, market value $65.6B
• Western Midstream Partners, LP (WES): revenue $4.3B, market value $18.6B
• DT Midstream, Inc. (DTM): revenue $1.3B, market value $12.7B
• Antero Midstream Corp. (AM): revenue $1.3B, market value $9.8B
• Archrock, Inc. (AROC): revenue $1.5B, market value $5.6B

What the company does

NGL Energy Partners LP is a Delaware master limited partnership formed in September 2010. Its business is organised into three segments: Water Solutions, Crude Oil Logistics and Liquids Logistics. At 31 March 2026 it had 449 employees in 14 states and Canada. The company says its strategy is to become a pure play produced water infrastructure platform while keeping its crude oil and natural gas liquids logistics operations.

How the business is organised

Water Solutions operates under the NGL Water Solutions trade name. Crude Oil Logistics operates mainly under NGL Crude Assets and Marketing, NGL Crude Transportation, NGL Crude Terminals and NGL Crude Cushing. Liquids Logistics operates mainly under Centennial Energy, Centennial Gas Liquids and NGL Supply Terminal Company. NGL Energy Holdings LLC is the general partner.

During the year the company sold part of its Water Solutions assets and investments, its refined products business, most of its wholesale propane business and 17 of its natural gas liquids terminals. It also sold the remaining 203 railcars of its Crude Oil Logistics segment.

Water Solutions

This segment transports, treats, recycles and disposes of produced and flowback water from crude oil and natural gas production. It also sells produced water for reuse, sells recovered crude oil (skim oil), and disposes of solids such as tank bottoms, drilling fluids and drilling muds. Customers pay a fee per barrel of produced water received, under minimum volume commitments, acreage dedications, or interruptible pipeline and trucked disposal agreements.

The company owns 91 water treatment and disposal facilities with 202 injection wells and total permitted processing capacity of 6,717,800 barrels per day. Of these, 59 facilities are in the Delaware Basin, 18 in the Eagle Ford Basin, 13 in the DJ Basin and one in other Texas basins. The core asset is the Northern Delaware Basin system, which spans six counties in New Mexico and Texas. It has approximately 840 miles of large diameter produced water pipelines connected to 59 active saltwater disposal facilities and 141 active disposal wells, with approximately 766,000 acres dedicated under long-term agreements. In the Delaware Basin about 99% of produced and flowback water arrived by pipeline. The company sold approximately 72.5 million barrels of recycled water and holds multiple patents for processing technologies.

Crude Oil Logistics

This segment buys crude oil from producers and marketers and moves it to refineries or resells it at pipeline injection stations, terminals, barge and rail facilities and trade hubs. It buys from 72 producers at 423 leases and owns 25 pipeline injection stations. Most purchase and sale contracts use floating prices indexed to hubs such as Cushing, St. James and Magellan East Houston. The company uses back-to-back physical contracts where it can and financially settled derivatives otherwise.

- The Grand Mesa Pipeline, 550 miles from Weld County, Colorado to Cushing, Oklahoma. The company holds a 34.09% undivided interest with Saddlehorn Pipeline Company, LLC, including 150,000 barrels per day of capacity. - Origin terminals at Lucerne and Riverside, Colorado. - A Cushing, Oklahoma terminal with 3,626,000 barrels of storage. - A marine terminal at Point Comfort, Texas with 370,000 barrels of storage. - A pipeline and marine terminal at Houma, Louisiana with 288,000 barrels of storage.

Liquids Logistics

This segment supplies natural gas liquids to commercial, retail and industrial customers across the United States and Canada. It uses five owned terminals with 22,208,000 gallons of storage capacity in total, third-party storage, access to nine common carrier pipelines and a fleet of approximately 3,600 leased railcars. It sold approximately 1.2 billion gallons during the year. It also owns 29 transloading units and the Ambassador Pipeline, an approximately 225-mile propane pipeline in Michigan.

The wholesale liquids business is described as cost-plus: selling prices pass through supply, transportation, handling, storage and capital costs plus a margin. Butane is bought from refiners in summer and sold to them in the winter blending season. Propane demand is seasonal, and the company presells a portion of volumes under back-to-back contracts, generally with cash deposits. The Chesapeake, Virginia facility handles marine exports of butane.

Who buys from it

Water Solutions customers are mainly large publicly traded oil and gas companies. The ten largest customers made up 78% of segment revenues. Crude Oil Logistics sells to refiners, producers and marketers, and its ten largest customers made up 79% of segment revenues. Liquids Logistics serves national, regional and independent retail, industrial, wholesale, petrochemical, refiner and natural gas liquids production customers, with the ten largest making up 45% of segment revenues. The company notes that losing key customers or their contracts could hurt its results.

How it competes

In water, the filing lists system reliability, project execution, capacity, rates and location as the main factors. Competitors include independent produced water companies and the water operations of producers themselves. The filing says some competitors are larger or have greater financial resources.

Its people and regulation

Of the 449 employees, 214 work primarily for Water Solutions, 55 for Crude Oil Logistics, 60 for Liquids Logistics and 120 provide administrative services. Water disposal wells fall under the Underground Injection Control Program, and regulators in Texas and New Mexico are paying attention to links between injection and seismic activity.

*From NGL Energy Partners's annual report on Form 10-K for the year ended 31 March 2026. [The filing](https://www.sec.gov/Archives/edgar/data/1504461/000150446126000012/ngl-20260331.htm)*

From the company's 10-K.