NGL Energy Partners LP

Listed Company

NGL-PCCIK 0001504461NYSEAcceleratedNatural Gas TransmissionDelawareFY ends Mar 31

Period

FY 2026

Revenue

$3.16B

Net Income

$-142.29M

Total Assets

$4.18B

Equity

—

Shares Out

124.81M

Op. Cash Flow

$365.95M

Business

NGL Energy Partners LP is a diversified midstream energy partnership that transports, treats, recycles and disposes produced and flowback water and provides logistics for crude oil and liquid hydrocarbons. Its primary services include produced water transportation, treatment, recycling and disposal (including sale of recovered skim oil and disposal of solids), crude oil purchasing, terminaling, storage and pipeline transportation, and natural gas liquids supply, storage, rail and marine logistics. The business is organized into three segments: Water Solutions, Crude Oil Logistics and Liquids Logistics. It serves producers, refiners and commercial customers across the United States and Canada through owned and leased pipelines, terminals, rail, barge/marine facilities and third-party storage and distribution channels.

Summary from filing dated 2025-05-29

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	Mar 31, 2026 2026-03-31	Mar 31, 2025 2025-03-31	Mar 31, 2024 2024-03-31
Total revenues	3,156	3,469	4,153
Total cost of sales	2,182	2,507	3,185
Loss from continuing operations, basic	−3.5	−0.43	−2.25
Loss from continuing operations, diluted	−3.5	−0.43	−2.25
Income (loss) from discontinued operations, net of tax, basic	0.31	−0.16	0.11
Income (loss) from discontinued operations, net of tax, diluted	0.31	−0.16	0.11
Basic loss per common unit	−3.19	−0.6	−2.14
Diluted loss per common unit	−3.19	−0.6	−2.14
BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING (in units)	127	132	132
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING (in units)	127	132	132
OPERATING COSTS AND EXPENSES:	—	—	—
Operating	294	298	300
General and administrative	70	56	122
Depreciation and amortization	255	255	266
Loss on disposal or impairment of assets, net	−256	−31	−116
Revaluation of liabilities	4	−7	3
Operating Income	95	329	162
OTHER INCOME (EXPENSE):	—	—	—
Equity in earnings of unconsolidated entities	201,000	7	4
Interest expense	257	280	270
Loss on early extinguishment of liabilities, net	−17	0	−55
Other income, net	526,000	4	3
(Loss) Income From Continuing Operations Before Income Taxes	−179	60	−156
Income Tax Expense (Benefit)	−276,000	−5	1
(Loss) Income From Continuing Operations	−179	65	−158
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	39	−22	15
Net (Loss) Income	−139	43	−143
LESS: NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO NONREDEEMABLE NONCONTROLLING INTERESTS	3	4	631,000
LESS: NET LOSS (INCOME) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING INTERESTS	−244,000	46,000	0
NET (LOSS) INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP	−142	39	−144
Net loss from continuing operations allocated to common unitholders, basic	−445	−57	−298
Net loss from continuing operations allocated to common unitholders, diluted	−445	−57	−298
Net income (loss) from discontinued operations allocated to common unitholders, basic	39	−22	15
Net income (loss) from discontinued operations allocated to common unitholders, diluted	39	−22	15
NET LOSS ALLOCATED TO COMMON UNITHOLDERS (NOTE 3)	−406	−79	−283

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	Mar 31, 2026 2026-03-31	Mar 31, 2025 2025-03-31
ASSETS	—	—
CURRENT ASSETS:	—	—
Cash and cash equivalents	9	6
Accounts receivable, net of allowance for expected credit losses	661	579
Accounts receivable, allowance for expected credit loss	2	4
Accounts receivable-affiliates	313,000	730,000
Inventories	67	70
Prepaid expenses and other current assets	37	64
Assets held for sale	0	175
Total current assets	774	962
PROPERTY, PLANT AND EQUIPMENT, accumulated depreciation	1,272	1,105
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $1,272,286 and $1,104,582, respectively	2,092	2,067
GOODWILL	352	599
INTANGIBLE ASSETS, net of accumulated amortization of $389,992 and $340,334, respectively	805	851
INTANGIBLE ASSETS, accumulated amortization	390	340
OPERATING LEASE RIGHT-OF-USE ASSETS	113	110
OTHER NONCURRENT ASSETS	40	20
Total assets	4,176	4,609
LIABILITIES AND (DEFICIT) EQUITY	—	—
CURRENT LIABILITIES:	—	—
Accounts payable	495	462
Accrued expenses and other payables	184	135
Advance payments received from customers	15	10
Current maturities of long-term debt	11	9
Operating lease obligations	33	28
Liabilities held for sale	0	42
Total current liabilities	739	739
Debt issuance costs, noncurrent, net	41	43
Long-term debt, net	3,223	2,962
OPERATING LEASE OBLIGATIONS	82	85
OTHER NONCURRENT LIABILITIES	137	126
COMMITMENTS AND CONTINGENCIES (NOTE 8)	—	—
CLASS D PREFERRED UNITS, 315,489 and 600,000 preferred units issued and outstanding, respectively	290	551
Temporary equity, issued and outstanding (in units)	315,489	600,000
REDEEMABLE NONCONTROLLING INTERESTS	559,000	424,000
(DEFICIT) EQUITY:	—	—
General partner, representing a 0.1% interest, 123,938 and 132,145 notional units, respectively	−53	−53
General partner interest	—	—
General partner, notional units outstanding (in units)	123,938	132,145
Limited partners, representing a 99.9% interest, 123,814,289 and 132,012,766 common units issued and outstanding, respectively	−612	−170
Limited partner interest	—	—
Limited partners, common units issued and outstanding (in units)	124	132
Preferred limited partners	348	348
Preferred units, issued and outstanding (in units)	14	14
Accumulated other comprehensive income	0	9,000
Noncontrolling interests	21	21
Total (deficit) equity	−297	146
Total liabilities and (deficit) equity	4,176	4,609

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	Mar 31, 2026 2026-03-31	Mar 31, 2025 2025-03-31	Mar 31, 2024 2024-03-31
OPERATING ACTIVITIES:	—	—	—
Net (loss) income	−139	43	−143
Adjustments to reconcile net (loss) income to net cash provided by operating activities:	—	—	—
(Income) loss from discontinued operations, net of tax	39	−22	15
Depreciation and amortization, including amortization of debt issuance costs	269	267	282
Loss (gain) on early extinguishment or revaluation of liabilities, net	−21	7	−58
Equity-based compensation expense	11	0	1
Loss on disposal or impairment of assets, net	−256	−31	−116
Change in provision for expected credit losses	503,000	2	466,000
Net adjustments to fair value of derivatives	−42	−5	−12
Equity in earnings of unconsolidated entities	201,000	7	4
Distributions of earnings from unconsolidated entities	108,000	7	5
Lower of cost or net realizable value adjustments	55,000	3	29,000
Other	−188,000	1	−3
Changes in operating assets and liabilities, exclusive of acquisitions:	—	—	—
Accounts receivable and affiliates	80	−114	−222
Inventories	7	−10	−14
Other current and noncurrent assets	−10	−3	−53
Accounts payable and affiliates	31	−146	−234
Other current and noncurrent liabilities	−26	−91	−9
Net cash provided by operating activities-continuing operations	350	257	362
Net cash provided by operating activities-discontinued operations	16	41	14
Net cash provided by operating activities	366	297	376
INVESTING ACTIVITIES:	—	—	—
Capital expenditures	221	246	152
Net settlements of derivatives	24	246,000	6
Proceeds from sales of assets	73	43	53
Proceeds from divestitures of businesses and investments, net	89	72	16
Investments in unconsolidated entities	0	106,000	258,000
Distributions of capital from unconsolidated entities	0	2	568,000
Net cash used in investing activities-continuing operations	−84	−129	−89
Net cash provided by investing activities-discontinued operations	68	6	5
Net cash used in investing activities	−16	−123	−84
FINANCING ACTIVITIES:	—	—	—
Proceeds from borrowings under ABL Facility	1,080	2,008	1,652
Payments on ABL Facility	1,054	1,899	1,790
Issuance of secured debt	945	0	2,895
Payments on 2024 Term Loan B	693	7	0
Repayment and repurchase of senior notes	17	0	2,781
Proceeds from borrowings on other long-term debt	0	13	0
Payments on other long-term debt	2	1	0
Debt issuance costs	18	5	53
Contributions from noncontrolling interest owners	4	3	0
Distributions to preferred unitholders	113	305	178
Distributions to noncontrolling interest owners	7	5	2
Warrant repurchases	0	7	0
Class D preferred unit repurchases	423	0	0
Common unit repurchases and cancellations	48	2	84,000
Payments to settle contingent consideration liabilities	155,000	420,000	2
Net settlements of derivatives	−526,000	−977,000	0
Principal payments of finance lease	2	19,000	16,000
Net cash used in financing activities	−347	−208	−259
Net increase (decrease) in cash and cash equivalents	3	−33	33
Cash and cash equivalents, end of period	—	—	—
Cash and cash equivalents, end of period	—	—	—
Supplemental cash flow information:	—	—	—
Cash interest paid	244	299	247
Supplemental non-cash investing and financing activities:	—	—	—
Distributions declared but not paid to preferred unitholders	19	30	0
Accrued capital expenditures	21	6	10

Filings

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