NGL Energy Partners LP Announces Second Quarter Fiscal 2027 Financial Results

Water disposal volumes rose while an impairment charge contributed to a loss from continuing operations.

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TULSA, Okla.--(BUSINESS WIRE)-- NGL Energy Partners LP (NYSE:NGL) (“NGL,” “we,” “us,” “our,” or the “Partnership”) today reported its second quarter Fiscal 2027 financial results. Highlights include:

Financial Results:

• Loss from continuing operations for the second quarter of Fiscal 2027 of $42.6 million, which includes an impairment charge of $58.1 million, compared to income from continuing operations of $29.8 million for the second quarter of Fiscal 2026
• Adjusted EBITDA from continuing operations⁽¹⁾ for the second quarter of Fiscal 2027 of $192.4 million, compared to $167.3 million for the second quarter of Fiscal 2026, a 15% increase

Water Solutions:

• On May 7, 2026, we announced the LEX II Extension, which 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. The LEX II Extension is expected to be in service by the end of the calendar year.
• Record produced water volumes physically disposed of approximately 3.45 million barrels per day during the second quarter of Fiscal 2027, growing 22.9% from the second quarter of Fiscal 2026
• Paid and physically disposed water volumes of 3.49 million barrels per day during the second quarter of Fiscal 2027, growing 10.9% from the second quarter of Fiscal 2026
• Permitted injection capacity was increased by approximately 255,000 barrels during the second quarter of Fiscal 2027

Debt Transactions

• On September 16, 2026, re-priced the Term Loan B to reduce the applicable margins by 50 basis points
• On October 13, 2026, exercised $50 million of the accordion feature of our ABL facility, raising commitments to $475 million

Guidance:

• Raised our full year Fiscal 2027 Adjusted EBITDA⁽²⁾ guidance to $735-$745 million

________________

(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.

“NGL had another strong quarter driven by our Water Solutions segment. We continue to see growth opportunities in the Water Solutions segment that will set the Partnership up for a strong exit of this fiscal year. We are raising our full year guidance for a second time from Adjusted EBITDA⁽²⁾ of $725-$735 million to $735-$745 million,” stated Mike Krimbill, NGL’s CEO.

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
		September 30, 2026								September 30, 2025
		Operating Income (Loss)				Adjusted EBITDA(1)				Operating Income (Loss)				Adjusted EBITDA(1)
		(in thousands)
Water Solutions		$	94,683			$	178,269			$	92,354			$	151,902
Crude Oil Logistics			(56,603	)			11,862				8,224				16,553
Liquids Logistics			3,485				14,211				6,346				10,521
Corporate and Other			(17,640	)			(11,984	)			(12,673	)			(11,643	)
Total		$	23,925			$	192,358			$	94,251			$	167,333

Water Solutions

Operating income for the Water Solutions segment increased by $2.3 million for the quarter ended September 30, 2026, compared to the quarter ended September 30, 2025. 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 primarily from a new contract that began in February 2026. The Partnership processed approximately 3.45 million barrels of produced water per day during the quarter ended September 30, 2026, a 22.9% increase when compared to approximately 2.80 million barrels of water per day processed during the quarter ended September 30, 2025.

Revenues from recovered skim oil, including the impact from realized skim oil hedges, totaled $38.6 million for the quarter ended September 30, 2026, an increase of $10.6 million from the prior year period. The increase was due primarily to higher realized crude oil prices received from the sale of skim oil barrels and 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 increased $9.3 million for the quarter ended September 30, 2026, compared to the quarter ended September 30, 2025 due primarily to higher royalty expense from increased volumes related to certain saltwater disposal wells, higher utilities expense due to increased produced water volumes processed and newly constructed assets placed in-service in advance of permanent grid power infrastructure availability and higher severance taxes due to the increase in revenue from recovered crude oil. Operating expense per produced barrel processed was $0.20 for the quarter ended September 30, 2026, compared to $0.22 in the comparative quarter last year.

There was also an increase in net unrealized losses on skim oil hedges of $23.4 million, compared to the prior year period, due to the volatility in crude oil prices caused by the U.S./Iran conflict.

Crude Oil Logistics

Operating income for the Crude Oil Logistics segment decreased by $64.8 million for the quarter ended September 30, 2026, compared to the quarter ended September 30, 2025. This decrease was due primarily to an impairment of long-lived assets. In addition, lower product margins due to expiration of a commercial contract, increased losses on derivatives and severance expense related to the reorganization of the segment contributed to the decrease. During the quarter ended September 30, 2026, physical volumes on the Grand Mesa Pipeline averaged approximately 64,000 barrels per day, compared to approximately 72,000 barrels per day for the quarter ended September 30, 2025.

Liquids Logistics

Operating income for the Liquids Logistics segment decreased by $2.9 million for the quarter ended September 30, 2026, compared to the quarter ended September 30, 2025. This decrease was primarily related to increased derivative losses during the current period. This decrease was partially offset by increased product margins, excluding derivatives, primarily from the sale of butane and increased service revenue from a new throughput contract at one of our terminals.

Capitalization and Liquidity

Total liquidity (cash plus available capacity on our asset-based revolving credit facility (“ABL Facility”)) was approximately $129.7 million as of September 30, 2026. Borrowings on the Partnership’s ABL Facility totaled approximately $249.0 million as of September 30, 2026, due primarily 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.

Second Quarter Conference Call Information

A conference call to discuss NGL’s results of operations is scheduled for 4:00 pm Central Time on Thursday, November 5, 2026. Analysts, investors, and other interested parties may join the webcast via the event link: https://www.webcaster5.com/Webcast/Page/2808/54630 or by dialing (877) 545-0523 and providing conference code: 933561. 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 54630.

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. Also excluded are temporary power costs, which are the incremental costs of power generation for newly constructed assets placed in-service in advance of permanent grid power infrastructure availability. In addition, severance costs are excluded as they are not considered part of the normal operations and excluding these costs enhances comparability across periods and provides a better assessment of underlying operating performance. 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 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, 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 Condensed Consolidated Balance Sheets
(in Thousands, except unit amounts)
	September 30, 2026				March 31, 2026
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	7,562			$	8,505
Accounts receivable, net of allowance for expected credit losses of $1,652 and $1,738, respectively		710,128				661,157
Accounts receivable-affiliates		450				313
Inventories		98,877				67,351
Prepaid expenses and other current assets		36,990				36,624
Total current assets		854,007				773,950
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $1,364,944 and $1,272,286, respectively		2,181,528				2,091,747
GOODWILL		351,506				351,506
INTANGIBLE ASSETS, net of accumulated amortization of $421,616 and $389,992, respectively		773,401				805,110
OPERATING LEASE RIGHT-OF-USE ASSETS		105,667				113,326
OTHER NONCURRENT ASSETS		29,703				39,900
Total assets	$	4,295,812			$	4,175,539
LIABILITIES AND DEFICIT
CURRENT LIABILITIES:
Accounts payable	$	521,480			$	495,180
Accounts payable-affiliates		1				1
Accrued expenses and other payables		163,303				184,184
Advance payments received from customers		21,442				15,201
Current maturities of long-term debt		11,538				11,457
Operating lease obligations		36,482				33,459
Total current liabilities		754,246				739,482
LONG-TERM DEBT, net of debt issuance costs of $38,353 and $41,264, respectively, and current maturities		3,334,250				3,223,126
OPERATING LEASE OBLIGATIONS		72,211				82,160
OTHER NONCURRENT LIABILITIES		141,836				136,953
CLASS D PREFERRED UNITS, 315,489 and 315,489 preferred units issued and outstanding, respectively		289,824				289,824
REDEEMABLE NONCONTROLLING INTERESTS		617				559
DEFICIT:
General partner, representing a 0.1% interest, 124,939 and 123,938 notional units, respectively		(53,322	)			(53,319	)
Limited partners, representing a 99.9% interest, 124,814,289 and 123,814,289 common units issued and outstanding, respectively		(612,570	)			(612,276	)
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
Noncontrolling interests		20,361				20,671
Total deficit		(297,172	)			(296,565	)
Total liabilities and deficit	$	4,295,812			$	4,175,539

NGL ENERGY PARTNERS LP AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(in Thousands, except unit and per unit amounts)
		Three Months Ended September 30,								Six Months Ended September 30,
			2026				2025				2026				2025
REVENUES:
Product		$	765,505			$	484,255			$	1,539,805			$	920,673
Service and other			221,048				190,422				436,740				376,160
Total Revenues			986,553				674,677				1,976,545				1,296,833
COST OF SALES:
Product			723,373				415,554				1,402,845				793,018
Service and other			4,597				5,466				9,534				10,814
Total Cost of Sales			727,970				421,020				1,412,379				803,832
OPERATING COSTS AND EXPENSES:
Operating			87,619				74,089				166,504				144,857
General and administrative			19,526				14,729				37,094				28,469
Depreciation and amortization			63,146				63,994				125,041				130,579
Loss (gain) on disposal or impairment of assets, net			64,367				6,594				66,283				(2,605	)
Operating Income			23,925				94,251				169,244				191,701
OTHER INCOME (EXPENSE):
Equity in earnings of unconsolidated entities			—				—				—				201
Interest expense			(66,846	)			(64,708	)			(133,914	)			(130,253	)
Gain on early extinguishment of liabilities, net			—				—				—				1,492
Other income (expense), net			492				208				1,988				(3,307	)
(Loss) Income From Continuing Operations Before Income Taxes			(42,429	)			29,751				37,318				59,834
INCOME TAX (EXPENSE) BENEFIT			(187	)			61				112				243
(Loss) Income From Continuing Operations			(42,616	)			29,812				37,430				60,077
Income From Discontinued Operations, net of Tax			35				9				70				39,388
Net (Loss) Income			(42,581	)			29,821				37,500				99,465
LESS: NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO NONREDEEMABLE NONCONTROLLING INTERESTS			(1,705	)			(490	)			(3,082	)			(1,195	)
LESS: NET LOSS (INCOME) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING INTERESTS			35				(47	)			63				(64	)
NET (LOSS) INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP		$	(44,251	)		$	29,284			$	34,481			$	98,206
NET (LOSS) INCOME FROM CONTINUING OPERATIONS ALLOCATED TO COMMON UNITHOLDERS		$	(63,101	)		$	3,137			$	(3,270	)		$	(30,887	)
NET INCOME FROM DISCONTINUED OPERATIONS ALLOCATED TO COMMON UNITHOLDERS			35				9				70				39,349
NET (LOSS) INCOME ALLOCATED TO COMMON UNITHOLDERS		$	(63,066	)		$	3,146			$	(3,200	)		$	8,462
BASIC AND DILUTED (LOSS) INCOME PER COMMON UNIT
(Loss) Income From Continuing Operations		$	(0.51	)		$	0.02			$	(0.03	)		$	(0.24	)
Income From Discontinued Operations, net of Tax		$	—			$	—			$	—			$	0.30
Net (Loss) Income		$	(0.51	)		$	0.02			$	(0.03	)		$	0.07
BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING			124,814,289				127,309,332				124,808,825				129,516,312
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING			124,814,289				127,309,332				124,808,825				129,516,312

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 September 30,								Six Months Ended September 30,
			2026				2025				2026				2025
		(in thousands)
Net (loss) income		$	(42,581	)		$	29,821			$	37,500			$	99,465
Less: Net income from continuing operations attributable to nonredeemable noncontrolling interests			(1,705	)			(490	)			(3,082	)			(1,195	)
Less: Net loss (income) from continuing operations attributable to redeemable noncontrolling interests			35				(47	)			63				(64	)
Net (loss) income attributable to NGL Energy Partners LP			(44,251	)			29,284				34,481				98,206
Interest expense			66,826				64,687				133,875				130,212
Income tax expense (benefit)			187				(45	)			(112	)			(227	)
Depreciation and amortization			64,192				63,222				127,117				129,048
EBITDA			86,954				157,148				295,361				357,239
Net unrealized losses (gains) on derivatives			35,636				(317	)			(3,724	)			(7,857	)
Lower of cost or net realizable value adjustments (1)			(5,829	)			2,519				459				(425	)
Loss (gain) on disposal or impairment of assets, net (2)			64,361				6,595				66,268				(40,984	)
Gain on early extinguishment of liabilities, net			—				—				—				(1,492	)
Equity-based compensation expense			4,177				—				6,168				—
Other (3)			7,094				1,436				14,114				5,867
Adjusted EBITDA		$	192,393			$	167,381			$	378,646			$	312,348
Adjusted EBITDA - Discontinued Operations (4)		$	35			$	48			$	70			$	1,043
Adjusted EBITDA - Continuing Operations		$	192,358			$	167,333			$	378,576			$	311,305
Less: Cash interest expense (5)			65,496				61,876				130,913				123,667
Less: Income tax expense (benefit)			187				(61	)			(112	)			(243	)
Less: Maintenance capital expenditures			17,767				11,523				33,218				22,622
Less: Preferred unit distributions paid			18,806				26,153				37,559				57,689
Less: Other (6)			11,581				3,336				4,953				4,628
Distributable Cash Flow		$	78,521			$	64,506			$	172,045			$	102,942

________________
(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 September 30, 2026, as the amounts reported in the table above represent the change in lower of cost or net realizable value adjustments recorded in our 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. For the three months and six months ended September 30, 2026, the amounts include temporary power costs and severance costs. In addition, the amount for the six months ended September 30, 2026 includes approximately $2.6 million of realized losses from derivatives associated with crude oil barrels reclassified as linefill as of March 31, 2026.
(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, temporary power costs, and severance costs. For the three months ended September 30, 2026, amount excludes $5.8 million of gains included in Adjusted EBITDA from derivative contracts settled in the preceding quarter, while the amount for the six months ended September 30, 2026 excludes $4.0 million of losses from similarly treated derivative contracts. For the six months ended September 30, 2026, amount also includes realized losses for derivative contracts described in Note 3 above.

ADJUSTED EBITDA RECONCILIATION BY SEGMENT
(unaudited)
	Three Months Ended September 30, 2026
	Water Solutions				Crude Oil Logistics				Liquids Logistics				Corporate and Other				Continuing Operations				Discontinued Operations			Consolidated
	(in thousands)
Operating income (loss)	$	94,683			$	(56,603	)		$	3,485			$	(17,640	)		$	23,925			$	—		$	23,925
Depreciation and amortization		54,055				6,258				1,816				1,017				63,146				—			63,146
Amortization in cost of sales - service		1,602				—				—				—				1,602				—			1,602
Net unrealized losses on derivatives		21,613				5,167				8,856				—				35,636				—			35,636
Lower of cost or net realizable value adjustments		—				(5,827	)			(2	)			—				(5,829	)			—			(5,829	)
Loss on disposal or impairment of assets, net		6,225				58,142				—				—				64,367				—			64,367
Equity-based compensation expense		—				—				—				4,177				4,177				—			4,177
Other (expense) income, net		(66	)			421				12				125				492				—			492
Adjusted EBITDA attributable to noncontrolling interests		(2,249	)			—				—				(19	)			(2,268	)			—			(2,268	)
Other		2,406				4,304				44				356				7,110				—			7,110
Discontinued operations		—				—				—				—				—				35			35
Adjusted EBITDA	$	178,269			$	11,862			$	14,211			$	(11,984	)		$	192,358			$	35		$	192,393

	Three Months Ended September 30, 2025
	Water Solutions				Crude Oil Logistics				Liquids Logistics				Corporate and Other				Continuing Operations				Discontinued Operations			Consolidated
	(in thousands)
Operating income (loss)	$	92,354			$	8,224			$	6,346			$	(12,673	)		$	94,251			$	—		$	94,251
Depreciation and amortization		55,550				6,063				1,540				841				63,994				—			63,994
Net unrealized (gains) losses on derivatives		(1,760	)			(312	)			1,755				—				(317	)			—			(317	)
Lower of cost or net realizable value adjustments		—				2,519				—				—				2,519				—			2,519
Loss (gain) on disposal or impairment of assets, net		5,760				3				832				(1	)			6,594				—			6,594
Other income (expense), net		33				—				(18	)			193				208				—			208
Adjusted EBITDA attributable to noncontrolling interests		(1,259	)			—				—				(98	)			(1,357	)			—			(1,357	)
Other		1,224				56				66				95				1,441				—			1,441
Discontinued operations		—				—				—				—				—				48			48
Adjusted EBITDA	$	151,902			$	16,553			$	10,521			$	(11,643	)		$	167,333			$	48		$	167,381

	Six Months Ended September 30, 2026
	Water Solutions				Crude Oil Logistics				Liquids Logistics				Corporate and Other				Continuing Operations				Discontinued Operations			Consolidated
	(in thousands)
Operating income (loss)	$	233,251			$	(50,745	)		$	19,795			$	(33,057	)		$	169,244			$	—		$	169,244
Depreciation and amortization		107,372				12,458				3,526				1,685				125,041				—			125,041
Amortization in cost of sales - service		3,204				—				—				—				3,204				—			3,204
Net unrealized losses (gains) on derivatives		2,577				(7,438	)			1,137				—				(3,724	)			—			(3,724	)
Lower of cost or net realizable value adjustments		—				514				(55	)			—				459				—			459
Loss (gain) on disposal or impairment of assets, net		8,043				58,259				(11	)			(8	)			66,283				—			66,283
Equity-based compensation expense		—				—				—				6,168				6,168				—			6,168
Other income, net		1,354				33				353				248				1,988				—			1,988
Adjusted EBITDA attributable to noncontrolling interests		(4,195	)			—				—				(40	)			(4,235	)			—			(4,235	)
Other		6,519				7,422				(249	)			456				14,148				—			14,148
Discontinued operations		—				—				—				—				—				70			70
Adjusted EBITDA	$	358,125			$	20,503			$	24,496			$	(24,548	)		$	378,576			$	70		$	378,646

	Six Months Ended September 30, 2025
	Water Solutions				Crude Oil Logistics				Liquids Logistics				Corporate and Other				Continuing Operations				Discontinued Operations			Consolidated
	(in thousands)
Operating income (loss)	$	177,301			$	8,896			$	30,078			$	(24,574	)		$	191,701			$	—		$	191,701
Depreciation and amortization		113,626				12,128				3,107				1,718				130,579				—			130,579
Net unrealized gains on derivatives		(5,274	)			(1,444	)			(1,124	)			—				(7,842	)			—			(7,842	)
Lower of cost or net realizable value adjustments		—				2,519				(2,944	)			—				(425	)			—			(425	)
Loss (gain) on disposal or impairment of assets, net		9,296				3,924				(15,823	)			(2	)			(2,605	)			—			(2,605	)
Other (expense) income, net		(100	)			1				(346	)			(2,862	)			(3,307	)			—			(3,307	)
Adjusted EBITDA attributable to unconsolidated entities		221				—				4				—				225				—			225
Adjusted EBITDA attributable to noncontrolling interests		(2,744	)			—				—				(166	)			(2,910	)			—			(2,910	)
Other		2,445				112				440				2,892				5,889				—			5,889
Discontinued operations		—				—				—				—				—				1,043			1,043
Adjusted EBITDA	$	294,771			$	26,136			$	13,392			$	(22,994	)		$	311,305			$	1,043		$	312,348

OPERATIONAL DATA
(Unaudited)
	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
	(in thousands, except per day amounts)
Water Solutions:
Produced water processed (barrels per day)
Delaware Basin	3,112,866		2,442,972		3,038,034		2,427,382
Eagle Ford Basin	177,471		185,608		177,093		193,149
DJ Basin	156,352		174,824		166,103		167,064
Total	3,446,689		2,803,404		3,381,230		2,787,595
Recycled water (barrels per day)	116,215		141,270		130,935		190,289
Total (barrels per day)	3,562,904		2,944,674		3,512,165		2,977,884
Skim oil sold (barrels per day)	6,356		5,002		6,267		4,803
Crude Oil Logistics:
Crude oil sold (barrels)	4,604		3,173		8,963		5,597
Crude oil transported on owned pipelines (barrels)	5,853		6,633		12,558		11,623
Crude oil storage capacity - owned and leased (barrels) (1)					5,232		5,232
Crude oil inventory (barrels) (1)					262		712
Liquids Logistics:
Butane sold (gallons)	122,172		111,442		242,018		208,380
Propane sold (gallons)	42,705		37,305		83,787		104,080
Other products sold (gallons)	66,881		74,158		128,056		145,774
Natural gas liquids storage capacity - owned and leased (gallons) (1)					48,941		49,571
Butane inventory (gallons) (1)					38,821		54,976
Propane inventory (gallons) (1)					14,403		18,071
Other products inventory (gallons) (1)					7,812		4,849

________________
(1)	Information is presented as of September 30, 2026 and September 30, 2025, respectively.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20261105569260/en/

NGL Energy Partners LP
InvestorInfo@nglep.com

Source: NGL Energy Partners LP

Key Terms

adjusted ebitda financial

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

asset-based revolving credit facility financial

A loan arrangement where a lender agrees to make funds available up to a set limit that a borrower can draw, repay, and draw again, with the amount available tied to the value of specific assets (like inventory, receivables, or equipment) pledged as collateral. It matters to investors because it provides flexible working capital while limiting risk exposure: the company can fund growth or cover shortfalls quickly, but borrowing capacity can shrink if asset values fall.

impairment charge financial

An impairment charge is an accounting write-down taken when a company determines an asset—like a building, patent, or investment—is worth less than its recorded value, similar to lowering the price tag on a used car when damage reduces its resale value. It matters to investors because it reduces reported profits and the company’s asset base, can signal business challenges or one-time losses, and may affect future earnings, creditworthiness, and valuation.