NGL Energy Partners LPNGL
NGL Energy Partners LP Segments Disclosure
Segments
Our operations are organized into three reportable segments: (i) Water Solutions, (ii) Crude Oil Logistics and (iii) Liquids Logistics. These segments have been identified based on the differing products and services, regulatory environment and the expertise required for these operations. Our Liquids Logistics reportable segment includes operating segments that have been aggregated based on the nature of the products and services provided. Our chief operating decision maker (“CODM”) is our chief executive officer. Adjusted EBITDA is reviewed by the CODM to evaluate performance and make business decisions. We define Adjusted EBITDA for Water Solutions as revenue minus operating and general and administrative expense, which excludes, accretion expense for asset retirement obligations (“Accretion Expense”) and legal and advisory costs associated with acquisitions and dispositions (“Acquisition Expense”), and plus or minus other reconciling items. We define Adjusted EBITDA for Crude Oil Logistics and Liquid Logistics as revenue minus cost of sales, which excludes unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments and amortization expense for certain intangible assets, and plus or minus other reconciling segment items. The calculation of Adjusted EBITDA for our three reportable segments is presented in the Reportable Segment Information tables below.
See Note 1 for a discussion of the products and services of our reportable segments. The remainder of our business operations is presented as “Corporate and Other” and consists of certain corporate expenses that are not allocated to the reportable segments and the amounts to eliminate intercompany or intersegment transactions. Intercompany or intersegment transactions are recorded based on prices negotiated between the segments. Intrasegment transactions eliminations are recorded within each reportable segment. All of the tables below do not include amounts related to our refined products and biodiesel
businesses, as those amounts have been classified as discontinued operations within our consolidated statements of operations for all periods presented (see Note 1).
Disaggregation of Revenue
The following table summarizes revenues related to our segments for the periods indicated:
| Year Ended March 31, | ||||||||||||||||||||
| 2026 | 2025 | 2024 | ||||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Water Solutions: | ||||||||||||||||||||
| Topic 606 revenues | ||||||||||||||||||||
| Disposal service fees | $ | 714,686 | $ | 637,098 | $ | 598,046 | ||||||||||||||
| Sale of recovered crude oil | 114,617 | 109,008 | 107,367 | |||||||||||||||||
| Sale of water | 7,288 | 7,625 | 11,594 | |||||||||||||||||
| Other service revenues | 2,211 | 1,896 | 13,030 | |||||||||||||||||
| Non-Topic 606 revenues | 112 | 60 | 781 | |||||||||||||||||
| Total Water Solutions revenues | 838,914 | 755,687 | 730,818 | |||||||||||||||||
| Crude Oil Logistics: | ||||||||||||||||||||
| Topic 606 revenues | ||||||||||||||||||||
| Crude oil sales | 1,020,241 | 806,653 | 1,597,238 | |||||||||||||||||
| Crude oil transportation and other sales | 29,331 | 66,263 | 50,151 | |||||||||||||||||
| Non-Topic 606 revenues | 5,059 | 6,986 | 9,222 | |||||||||||||||||
| Total Crude Oil Logistics revenues | 1,054,631 | 879,902 | 1,656,611 | |||||||||||||||||
| Liquids Logistics: | ||||||||||||||||||||
| Topic 606 revenues | ||||||||||||||||||||
| Butane sales | 553,626 | 648,303 | 627,400 | |||||||||||||||||
| Propane sales | 336,078 | 751,376 | 735,698 | |||||||||||||||||
| Other products sales | 360,210 | 411,687 | 377,744 | |||||||||||||||||
| Service revenues | 2,670 | 8,414 | 8,209 | |||||||||||||||||
| Non-Topic 606 revenues | 9,612 | 13,832 | 17,374 | |||||||||||||||||
| Total Liquids Logistics revenues (1) | 1,262,196 | 1,833,612 | 1,766,425 | |||||||||||||||||
| Corporate and Other: | ||||||||||||||||||||
| Topic 606 revenues | ||||||||||||||||||||
| Service revenues | 422 | 401 | — | |||||||||||||||||
| Elimination of intersegment sales | (4) | (416) | (547) | |||||||||||||||||
| Total Corporate and Other revenues | 418 | (15) | (547) | |||||||||||||||||
| Total revenues | $ | 3,156,159 | $ | 3,469,186 | $ | 4,153,307 | ||||||||||||||
(1) During the years ended March 31, 2026, 2025 and 2024, our Liquids Logistics revenues included $138.6 million, $128.2 million and $132.1 million of non-US revenues, respectively.
Reportable Segment Information
The following tables set forth certain selected financial information for our segments for the periods indicated:
| Year Ended March 31, 2026 | ||||||||||||||||||||||||||
| Water Solutions | Crude Oil Logistics | Liquids Logistics | Consolidated | |||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||||
| Revenues | $ | 838,914 | $ | 1,054,631 | $ | 1,262,196 | $ | 3,155,741 | ||||||||||||||||||
| Cost of sales (1) | 8,064 | 954,738 | 1,180,769 | 2,143,571 | ||||||||||||||||||||||
| Operating, general and administrative expenses (2) | 222,749 | 40,919 | 35,946 | 299,614 | ||||||||||||||||||||||
| Other (3) | (5,375) | (33) | 2 | (5,406) | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 602,726 | $ | 58,941 | $ | 45,483 | $ | 707,150 | ||||||||||||||||||
| Reconciling items: | ||||||||||||||||||||||||||
| Plus - all other Adjusted EBITDA | (46,947) | |||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||
| Depreciation and amortization | 254,831 | |||||||||||||||||||||||||
| Amortization in cost of sales - service | 1,068 | |||||||||||||||||||||||||
| Interest expense | 257,490 | |||||||||||||||||||||||||
| Loss on disposal or impairment of assets, net | 256,322 | |||||||||||||||||||||||||
| Net unrealized losses on derivatives | 36,478 | |||||||||||||||||||||||||
| Lower of cost or net realizable value adjustments | (2,890) | |||||||||||||||||||||||||
| Revaluation of liabilities | 4,415 | |||||||||||||||||||||||||
| Loss on early extinguishment of liabilities, net | 16,749 | |||||||||||||||||||||||||
| Asset retirement obligation accretion | 5,174 | |||||||||||||||||||||||||
| Equity-based compensation | 11,206 | |||||||||||||||||||||||||
| Adjustments related to unconsolidated entities (4) | 24 | |||||||||||||||||||||||||
| Other (5) | (1,885) | |||||||||||||||||||||||||
| Loss from continuing operations before income taxes (6) | $ | (178,779) | ||||||||||||||||||||||||
| Segment capital expenditures | $ | 221,255 | $ | 6,735 | $ | 7,064 | $ | 235,054 | ||||||||||||||||||
| All other capital expenditures | 1,431 | |||||||||||||||||||||||||
| Total capital expenditures (7) | $ | 236,485 | ||||||||||||||||||||||||
| Segment assets (8) | $ | 2,809,556 | $ | 923,685 | $ | 387,966 | $ | 4,121,207 | ||||||||||||||||||
| All other assets (8) | 54,332 | |||||||||||||||||||||||||
| Total assets (8) (9) | $ | 4,175,539 | ||||||||||||||||||||||||
(1) Amount excludes net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments and amortization expense for certain intangible assets. Amount also excludes the difference in value recorded to cost of sales-product related to the misclassification of line fill within inventories (see Note 2).
(2) Amount excludes Accretion Expense and Acquisition Expense.
(3) Amount includes Adjusted EBITDA related to our unconsolidated entities, interest income and certain other non-operating income and expense items less Adjusted EBITDA related to our noncontrolling interests.
(4) Amount represents the sum of the amount excluded from our equity in earnings of unconsolidated entities, including, depreciation and amortization, interest expense and gains and losses on the disposal or impairment of assets.
(5) Amount includes the net of Adjusted EBITDA related to our noncontrolling interests, unrealized gains and losses on investments and marketable securities, certain other non-operating income and expense items and the difference in value recorded to cost of sales-product related to the misclassification of line fill within inventories (see Note 2.
(6) Total domestic loss from continuing operations before income taxes for the year ended March 31, 2026 was $180.9 million and total non-US income from continuing operations before income taxes for the year ended March 31, 2026 was $2.1 million.
(7) Amount includes additions to property, plant and equipment and intangible assets, including the acquisition of assets.
(8) Information is presented as of March 31, 2026.
(9) Total assets includes $12.6 million of non-US total assets.
| Year Ended March 31, 2025 | ||||||||||||||||||||||||||
| Water Solutions | Crude Oil Logistics | Liquids Logistics | Total Segments | |||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||||
| Revenues | $ | 755,687 | $ | 879,902 | $ | 1,833,612 | $ | 3,469,201 | ||||||||||||||||||
| Cost of sales (1) | (2,106) | 772,665 | 1,730,396 | 2,500,955 | ||||||||||||||||||||||
| Operating, general and administrative expenses (2) | 217,223 | 40,866 | 51,314 | 309,403 | ||||||||||||||||||||||
| Other (3) | 1,426 | 2 | 1,467 | 2,895 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 541,996 | $ | 66,373 | $ | 53,369 | $ | 661,738 | ||||||||||||||||||
| Reconciling items: | ||||||||||||||||||||||||||
| Plus - all other Adjusted EBITDA | (38,846) | |||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||
| Depreciation and amortization | 254,732 | |||||||||||||||||||||||||
| Amortization in cost of sales - product | 257 | |||||||||||||||||||||||||
| Interest expense | 280,078 | |||||||||||||||||||||||||
| Loss on disposal or impairment of assets, net | 31,448 | |||||||||||||||||||||||||
| Net unrealized losses on derivatives | 3,366 | |||||||||||||||||||||||||
| Lower of cost or net realizable value adjustments | 2,916 | |||||||||||||||||||||||||
| Revaluation of liabilities | (6,705) | |||||||||||||||||||||||||
| Asset retirement obligation accretion | 4,200 | |||||||||||||||||||||||||
| Adjustments related to unconsolidated entities (4) | 427 | |||||||||||||||||||||||||
| Other (5) | (7,931) | |||||||||||||||||||||||||
| Income from continuing operations before income taxes (6) | $ | 60,104 | ||||||||||||||||||||||||
| Segment capital expenditures | $ | 208,168 | $ | 6,915 | $ | 12,200 | $ | 227,283 | ||||||||||||||||||
| All other capital expenditures | 17,967 | |||||||||||||||||||||||||
| Total capital expenditures (7) | $ | 245,250 | ||||||||||||||||||||||||
| Total segment assets (8) | $ | 2,794,777 | $ | 1,198,501 | $ | 548,901 | $ | 4,542,179 | ||||||||||||||||||
| All other assets (8) | 67,261 | |||||||||||||||||||||||||
| Total assets (8) (9) | $ | 4,609,440 | ||||||||||||||||||||||||
(1) Amount excludes net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments and amortization expense for certain intangible assets.
(2) Amount excludes Accretion Expense and Acquisition Expense.
(3) Amount includes Adjusted EBITDA related to our unconsolidated entities, interest income and certain other non-operating income and expense items less Adjusted EBITDA related to our noncontrolling interests.
(4) Amount represents the sum of the amount excluded from our equity in earnings of unconsolidated entities, including, depreciation and amortization, interest expense and gains and losses on the disposal or impairment of assets.
(5) Amount includes the net of Adjusted EBITDA related to our noncontrolling interests, unrealized gains and losses on investments and marketable securities and certain other non-operating income and expense items.
(6) Total domestic income from continuing operations before income taxes for the year ended March 31, 2025 was $57.4 million and total non-US income from continuing operations before income taxes for the year ended March 31, 2025 was $2.7 million.
(7) Amount includes additions to property, plant and equipment and intangible assets, including the acquisition of assets.
(8) Information is presented as of March 31, 2025.
(9) Total assets includes $13.7 million of non-US total assets.
| Year Ended March 31, 2024 | ||||||||||||||||||||||||||
| Water Solutions | Crude Oil Logistics | Liquids Logistics | Total Segments | |||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||||
| Revenues | $ | 730,818 | $ | 1,656,611 | $ | 1,766,425 | $ | 4,153,854 | ||||||||||||||||||
| Cost of sales (1) | 10,909 | 1,527,236 | 1,657,523 | 3,195,668 | ||||||||||||||||||||||
| Operating, general and administrative expenses (2) | 215,300 | 42,589 | 55,600 | 313,489 | ||||||||||||||||||||||
| Other (3) | 3,699 | 101 | (15) | 3,785 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 508,308 | $ | 86,887 | $ | 53,287 | $ | 648,482 | ||||||||||||||||||
| Reconciling items: | ||||||||||||||||||||||||||
| Plus - all other Adjusted EBITDA | (55,068) | |||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||
| Depreciation and amortization | 266,114 | |||||||||||||||||||||||||
| Interest expense | 269,804 | |||||||||||||||||||||||||
| Loss on disposal or impairment of assets, net | 115,936 | |||||||||||||||||||||||||
| Net unrealized losses on derivatives | 63,762 | |||||||||||||||||||||||||
| CMA Differential Roll net gains (4) | (71,285) | |||||||||||||||||||||||||
| Lower of cost or net realizable value adjustments | (2,408) | |||||||||||||||||||||||||
| Loss on early extinguishment of liabilities, net | 55,281 | |||||||||||||||||||||||||
| Revaluation of liabilities | 2,680 | |||||||||||||||||||||||||
| Asset retirement obligation accretion | 2,619 | |||||||||||||||||||||||||
| Equity-based compensation | 1,098 | |||||||||||||||||||||||||
| Acquisition expense (5) | 48,116 | |||||||||||||||||||||||||
| Adjustments related to unconsolidated entities (6) | 384 | |||||||||||||||||||||||||
| Other (7) | (2,417) | |||||||||||||||||||||||||
| Loss from continuing operations before income taxes (8) | $ | (156,270) | ||||||||||||||||||||||||
| Segment capital expenditures | $ | 145,048 | $ | 6,905 | $ | 15,791 | $ | 167,744 | ||||||||||||||||||
| All other capital expenditures | 2,323 | |||||||||||||||||||||||||
| Total capital expenditures (9) | $ | 170,067 | ||||||||||||||||||||||||
| Segment assets (10) | $ | 2,885,041 | $ | 1,368,461 | $ | 686,885 | $ | 4,940,387 | ||||||||||||||||||
| All other assets (10) | 79,707 | |||||||||||||||||||||||||
| Total assets (10) (11) | $ | 5,020,094 | ||||||||||||||||||||||||
(1) Amount excludes net unrealized gains and losses on derivatives and lower of cost or net realizable value adjustments.
(2) Amount excludes Accretion Expense.
(3) Amount includes Adjusted EBITDA related to our unconsolidated entities, interest income and certain other non-operating income and expense items less Adjusted EBITDA related to our noncontrolling interests.
(4) In our Crude Oil Logistics segment, we purchase certain crude oil barrels using the West Texas Intermediate (“WTI”) calendar month average (“CMA”) price and sell the crude oil barrels using the WTI CMA price plus the Argus CMA Differential Roll Component (“CMA Differential Roll”) per our contracts. To eliminate the volatility of the CMA Differential Roll, we entered into derivative instrument positions in January 2021 to secure a margin per month from May 2021 through December 2023. Due to the nature of these positions, the cash flow and earnings recognized on a GAAP basis differed from period to period depending on the current crude oil price and future estimated crude oil price which were valued utilizing third-party market quoted prices. We recognized in Adjusted EBITDA the gains and losses from the derivative instrument positions entered into in January 2021 to properly align with the physical margin we hedged each month through the term of this transaction.
(5) Amount includes the accrued judgment related to the LCT legal matter, excluding interest (see Note 8) and the write-off of the legal costs related to the LCT legal matter that were originally allocated to the GP.
(6) Amount represents the sum of the amount excluded from our equity in earnings of unconsolidated entities, including, depreciation and amortization, interest expense and gains and losses on the disposal or impairment of assets.
(7) Amount includes the net of Adjusted EBITDA related to our noncontrolling interests, unrealized gains and losses on investments and marketable securities and certain other non-operating income and expense items.
(8) Total domestic loss from continuing operations before income taxes for the year ended March 31, 2024 was $159.1 million and total non-US income from continuing operations before income taxes for the year ended March 31, 2024 was $2.8 million.
(9) Amount includes additions to property, plant and equipment and intangible assets, including the acquisition of assets.
(10) Information is presented as of March 31, 2024.
(11) Total assets includes $22.1 million of non-US total assets.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | May 28, 2026 | Showing above |
| 2025 | May 29, 2025 | |
| 2024 | Jun 6, 2024 | |
| 2023 | May 31, 2023 | |
| 2022 | Jun 6, 2022 | |
| 2021 | Jun 3, 2021 | |
| 2020 | Jun 1, 2020 | |
| 2019 | May 30, 2019 | |
| 2018 | May 30, 2018 | |
| 2017 | May 26, 2017 | |
| 2016 | May 31, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.