NGL
NGL Energy Partners LP9.62
-0.07-0.72%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q3 '26
Q&A reaffirms resilience to volatility
Q&A largely reaffirmed prepared remarks on water solutions' strength, with executives stressing contract firmness amid crude volatility down to $55 and frac slowdowns funneling more volumes their way as non-recyclers. Growth projects are online ahead of schedule, supporting FY2026 EBITDA guide of $650-660M and FY2027 over $700M. Natura MOU clarifies no added near-term CapEx—piloting small-scale treatment first. AI efficiencies trim OpEx and boost asset use, though unquantified. No Devon consolidation chats yet. Contracts stay rock-solid. Watch 2027 contracted growth.
Key Stats
Market Cap
1.23BP/E (TTM)
-Basic EPS (TTM)
-0.40Dividend Yield
0%Recent Filings
8-K
Approves 2025 incentive plan
NGL Energy Partners unitholders approved the 2025 Long-Term Incentive Plan on February 9, 2026, authorizing up to 10 million units for options, restricted units, and other awards over 10 years. The plan bans repricing without approval and ties change-of-control vesting to termination triggers. Ratified Grant Thornton as auditors for fiscal 2026. Aligns exec pay with unitholder interests.
10-Q
Q3 FY2026 results
NGL Energy Partners posted Q3 FY2026 operating income of $109.7M, up 29% y/y from $84.7M, fueled by Water Solutions' 32% revenue jump to $208.6M on 18% higher produced water volumes (3.1M bbl/d). Total revenues dipped 7% y/y to $909.8M yet margins held as cost of sales fell 12%; diluted EPS from continuing ops swung to $0.10 from -$0.05, aligning with 125M weighted units. Cash swelled to $6.5M while long-term debt edged to $2.9B (ABL $92M drawn, Term Loan B $688M, notes $2.2B); ops cash flow hit $240M YTD. Water Solutions dominates at 23% of revenues. Seismic activity tied to injections poses ongoing risk.
10-Q
Q2 FY2026 results
NGL Energy Partners posted solid Q2 FY2026 results ended September 30, 2025, with operating income up 16% y/y to $94.3M from $81.5M (derived) on Water Solutions strength, while Crude Oil Logistics dipped 8% y/y to $8.2M (derived) and Liquids Logistics rose 21% y/y to $6.3M (derived). Revenues fell 11% y/y to $674.7M from $756.5M (derived), reflecting divestitures, but Water Solutions volumes hit 2.94M barrels/day, up 6% y/y. Debt fell to $2.91B from $2.97B at March 31, 2025, with $8.7M cash and $328M ABL availability; FCF not disclosed in the 10-Q. Repurchased $29M common units and $100M Class D preferred. Seismic activity poses risks to Water Solutions disposal volumes.
10-Q
Q1 FY2026 results
NGL Energy Partners LP posted solid Q1 FY2026 results, with continuing operations revenue dipping 18% y/y to $622.2M on lower crude oil and NGL volumes, yet operating income climbed 19% to $97.5M thanks to robust Water Solutions growth and gains from asset sales. Water Solutions shone, processing 3.0M barrels per day (up 17% y/y) on higher produced water volumes, while Crude Oil Logistics softened with 2.4M barrels sold (down 24% y/y) amid DJ Basin production dips. Liquids Logistics swung to a $23.7M operating profit from a prior loss, boosted by the April 2025 Wholesale Propane Disposition for $154.9M cash, recognizing $56.6M gain. Cash stood at $5.4M with $276.6M ABL availability; total debt fell to $2.9B, but seismic risks in disposal ops linger.
10-K
FY2025 results
NGL Energy Partners LP wrapped FY2025 with steady annual performance, posting $3.5B in revenue and $329M in operating income, up from $162M in FY2024, driven by Water Solutions' 25% volume surge to 2.6M barrels/day amid robust Delaware Basin activity. Q4 momentum accelerated as LEX II pipeline expansion hit full stride, boosting disposal capacity to 340,000 barrels/day and lifting segment income 35% y/y to $85M (derived), while skim oil sales edged up 7% on higher recoveries despite softer prices. Crude Oil Logistics held firm with $46M income, buoyed by new shipper tariffs on Grand Mesa, though Q4 volumes dipped 5% q/q from DJ Basin slowdowns; Liquids Logistics swung to $14M profit from a $13M loss, fueled by cold-weather propane demand spiking Q4 margins 20% q/q. Liquidity strengthened to $222M net current assets, with $3B debt refinanced at 8.4% blended rate maturing 2029-2032 and $700M Term Loan B; capex focused on $176M expansion, no buybacks or dividends reinstated. No annual guidance issued, but Q1 outlook hinges on sustained drilling. Seismic risks from water injection could curb Q4 disposal volumes if regulators tighten further.
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