NGL Energy Partners LPNGL

NGL Energy Partners LP PP&E Disclosure

10-KFiled May 28, 20262 min read
Our property, plant and equipment consists of the following at the dates indicated:
EstimatedMarch 31,
DescriptionUseful Lives20262025
(in years)(in thousands)
Water treatment facilities and equipment (1)2-30$2,418,731 $2,240,919 
Pipeline and related facilities30-40266,324 266,324 
Crude oil tanks and related equipment2-30234,217 230,174 
Buildings and leasehold improvements3-40124,783 124,388 
Natural gas liquids terminal and storage assets2-30100,404 99,805 
Land64,610 64,733 
Tank bottoms and linefill (2) 37,551 30,623 
Information technology equipment3-731,762 31,319 
Vehicles and railcars (3)3-2523,734 33,629 
Other3-2019,360 19,161 
Construction in progress42,557 30,354 
Gross property, plant and equipment3,364,033 3,171,429 
Accumulated depreciation(1,272,286)(1,104,582)
Net property, plant and equipment$2,091,747 $2,066,847 
(1)    Includes finance leases right-of-use assets of $8.6 million at March 31, 2026. Accumulated amortization related to these finance leases is included within accumulated depreciation.
(2)    Tank bottoms, which are product volumes required for the operation of storage tanks, are recorded at historical cost. We recover tank bottoms when the storage tanks are removed from service. Linefill, which represents our portion of the product volume required for the operation of the proportionate share of a pipeline we own, is recorded at historical cost.
(3)    Includes finance leases right-of-use assets of $0.2 million and $0.1 million at March 31, 2026 and 2025, respectively. Accumulated amortization related to these finance leases is included within accumulated depreciation.

Amounts in the table above do not include assets classified as either held for sale or discontinued operations within our March 31, 2025 consolidated balance sheet (see Note 18).

Historical Timeline

Fiscal YearFiled
2026May 28, 2026Showing above
2025May 29, 2025
2024Jun 6, 2024
2023May 31, 2023
2022Jun 6, 2022
2021Jun 3, 2021
2020Jun 1, 2020
2019May 30, 2019
2018May 30, 2018
2017May 26, 2017
2016May 31, 2016

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.

Other Available Disclosures

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