[Form 4] NGL Energy Partners LP Insider Trading Activity

Rhea-AI Filing Summary

James M. Collingsworth, a director of NGL Energy Partners LP (NGL), reported a purchase of 100,000 common units on 09/12/2025 at a weighted-average price of $5.8016 (trade prices ranged between $5.74 and $5.86). After the reported transaction the filing shows 729,500 common units beneficially owned in a direct capacity and additional indirect holdings of 9,500 and 870 units held with or by family members. The filing notes that 2,000 units are owned jointly with his spouse and that some units are held jointly by the reporting person’s spouse and sister-in-law. The Form 4 was signed on 09/16/2025.

Positive

• Director purchase: Reporting person acquired 100,000 common units, increasing direct ownership to 729,500 units.
• Transparent disclosure: Filing details the weighted-average price $5.8016 and range $5.74–$5.86, and notes family/joint holdings.

Negative

• None.

Insights

Financial Analyst

TL;DR: A director purchased 100,000 units, modest insider buying that may reflect confidence but is routine for Form 4 reporting.

The transaction records an insider purchase of 100,000 common units at a weighted-average price of $5.8016. From a capital-markets perspective, an insider buy increases the director's direct stake to 729,500 units, which is a meaningful ownership position for governance alignment but not necessarily material relative to total outstanding units (total outstanding not disclosed in this filing). The price range ($5.74–$5.86) and the filing’s disclosure that allocation details are available on request are standard. This disclosure is useful for monitoring insider behavior but, standing alone, provides limited evidence of broader corporate developments.

Corporate Governance Expert

TL;DR: Routine insider purchase by a director; strengthens alignment with unitholders but contains no governance changes.

The Form 4 documents a director-level acquisition and clarifies related-party holdings (joint and indirect family holdings). That transparency satisfies Section 16 reporting norms and helps stakeholders track potential conflicts or alignment. There are no resignations, appointments, or amendments reported here, and the filing does not indicate any plan-based trades. Governance implications are limited to an incremental increase in the director’s direct ownership and clearer disclosure of family-held units.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

COLLINGSWORTH JAMES M

(Last) (First) (Middle)

6120 S. YALE AVENUE, SUITE 1300

(Street)

TULSA OK 74136

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NGL Energy Partners LP [ NGL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Units	09/12/2025		P		100,000	A	$5.8016(1)	729,500	D(2)
Common Units								9,500	I	SEE FN(3)
Common Units								870	I	SEE FN(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price is the weighted average price for the common units reported on this line. The range of prices from the transactions reported is between $5.74 and $5.86. Complete information regarding the number of common units purchased at each separate price will be provided upon request by the Commission Staff, the Issuer or a security holder of the Issuer.

2. 2,000 of these units are owned jointly by the Reporting Person and his spouse, Cindy Collingsworth.

3. The units reported on this line are held jointly by the Reporting Person's spouse and sister-in-law.

4. The units reported on this line are held by the Reporting Person's spouse.

Remarks:

	/s/ James M. Collingsworth	09/16/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did NGL director James M. Collingsworth buy on 09/12/2025?

He purchased 100,000 common units of NGL at a weighted-average price of $5.8016 (range $5.74–$5.86).

How many NGL units does James M. Collingsworth beneficially own after this Form 4?

The filing reports 729,500 units owned directly and additional indirect holdings of 9,500 and 870 units.

Are any of the reported NGL units jointly owned with family members?

Yes. The filing states 2,000 units are owned jointly with his spouse and other units are held jointly by his spouse and sister-in-law or by his spouse alone.

When was the Form 4 signed and filed?

The Form 4 shows the signature dated 09/16/2025 following the 09/12/2025 transaction.

What price range did the NGL unit purchases occur at?

The reported transactions occurred between $5.74 and $5.86, with a weighted-average price of $5.8016.