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NGL

NGL Energy Partners LP

NGL

NGL Energy Partners LP • NYSE
$9.83 ▼ -0.20% (-0.02)
Market Cap $1.24 B
52w High $10.29
52w Low $2.64
Dividend Yield 0%
P/E -24.57
Volume 43.80K
Outstanding Shares 125.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $674.677M ▲ $95.412M ▲ $29.284M ▼ 4.34% ▼ $0.02 ▼ $155.625M ▼
Q1-2026 $622.156M ▲ $75.309M ▼ $68.922M ▲ 11.078% ▲ $0.04 ▲ $158.469M ▼
Q4-2025 $-819.821M ▼ $111.991M ▲ $13.724M ▲ -1.674% ▼ $-0.12 $177.136M ▲
Q3-2025 $1.549B ▲ $97.33M ▲ $13.507M ▲ 0.872% ▲ $-0.12 ▲ $148.465M ▲
Q2-2025 $1.353B $91.82M $2.454M 0.181% $-0.21 $134.321M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $8.659M ▲ $4.302B ▲ $3.69B ▲ $644.321M ▼
Q1-2026 $5.441M ▼ $4.188B ▼ $3.559B ▼ $662.175M ▼
Q4-2025 $13.549M ▲ $4.609B ▼ $3.912B ▼ $676.701M ▼
Q3-2025 $5.683M ▲ $4.848B ▼ $4.134B ▼ $745.32M ▲
Q2-2025 $4.495M $4.89B $4.154B $714.943M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $14.722M ▼ $155.012M ▲ $-5.731M ▼ $-149.315M ▲ $-34K ▲ $117.161M ▲
Q1-2026 $69.644M ▲ $33.202M ▼ $199.147M ▲ $-232.557M ▼ $-208K ▼ $11.073M ▼
Q4-2025 $14.722M ▲ $155.012M ▲ $-5.731M ▲ $-149.315M ▼ $-34K ▼ $117.161M ▲
Q3-2025 $14.575M ▲ $153.792M ▲ $-67.471M ▲ $-85.133M ▼ $1.188M ▲ $95.372M ▲
Q2-2025 $4.183M $6.718M $-77.823M $70.331M $-774K $-82.904M

Revenue by Products

Product Q2-2025Q3-2025Q4-2025Q1-2026
Product
Product
 $0 ▲$0 ▲$0 ▲$440.00M ▲
Service
Service
 $0 ▲$0 ▲$0 ▲$190.00M ▲
Crude Oil Logistics Segment
Crude Oil Logistics Segment
 $240.00M ▲$200.00M ▼$160.00M ▼$0 ▼
Liquids Logistics Segment
Liquids Logistics Segment
 $930.00M ▲$1.17Bn ▲$0 ▼$0 ▲
Water Solutions Segment
Water Solutions Segment
 $180.00M ▲$190.00M ▲$210.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Over the last five years, NGL has shifted from a “high volume, low margin” profile toward a smaller but healthier revenue base. Sales peaked a couple of years ago and have since come down sharply, but profit per dollar of revenue has improved. Operating earnings have moved from losses earlier in the period to solidly positive and are now near their best level in the latest year. Cash‑style profitability (EBITDA) has strengthened as well. Net income, however, tells a more cautious story. The partnership has swung between modest profits and meaningful losses, and overall earnings quality still looks fragile. Results are clearly better than in the early part of the decade, but the company is not yet a consistently strong earner and remains exposed to swings in costs, volumes, or one‑off charges.

Balance Sheet

Balance Sheet NGL carries a heavy debt load relative to the size of its business, and that leverage has not come down much over the period. Total assets have edged lower from their peak, while the equity cushion has also shrunk, which means the balance sheet has become more stretched over time. Cash on hand is very thin, so the company depends on ongoing cash generation and access to financing rather than a large cash buffer. Overall, the balance sheet shows improvement compared to the most challenging years, but it still looks tight and leaves limited room for large mistakes or prolonged downturns.

Cash Flow

Cash Flow Despite mixed accounting earnings, NGL’s underlying cash generation has been fairly steady and positive for several years. Day‑to‑day operations produce enough cash to cover regular investment needs, and after capital spending there is typically a meaningful amount of free cash left over. Capital expenditures have been kept at a disciplined, moderate level, which helps support free cash flow. That said, the free cash generated still has to cover interest on sizeable debt and any growth or partnership distributions, so while the cash profile is constructive, it is not yet comfortably abundant given the leverage.

Competitive Edge

Competitive Edge NGL has carved out a distinctive niche in water solutions for oil and gas producers, especially in the Delaware and broader Permian Basin. Its scale, long pipeline network, large network of disposal wells, and integrated “transport, treat, recycle, and dispose” model make it a one‑stop shop for handling produced water. This infrastructure is hard and expensive to replicate, which provides a meaningful competitive edge. Long‑term, fee‑based contracts with volume commitments help stabilize revenue and reduce exposure to commodity price swings. However, the business still depends heavily on drilling activity in a few key basins and faces regulatory and environmental scrutiny around water disposal and seismicity. Compared with many midstream peers, NGL’s focus on water and recycling gives it a differentiated positioning, but also concentrates its risk in that segment.

Innovation and R&D

Innovation and R&D Innovation is a clear bright spot. NGL has invested in proprietary water treatment processes, including a highly advanced multi‑step treatment system that can clean produced water to near‑potable standards at a flagship facility. This type of technology supports both environmental performance and potential new commercial uses for treated water. The partnership is also leaning into digital tools, such as cloud and AI‑enabled platforms, to optimize logistics and operations. Collaborations with specialized partners like XRI and academic institutions indicate a thoughtful approach: NGL brings scale and infrastructure, partners bring focused technology and research depth. This combination positions NGL to stay at the forefront of water recycling and treatment in its core regions.

Summary

NGL today looks like a reshaped midstream partnership centered on water solutions rather than traditional commodity‑driven businesses. Profitability and cash generation have improved meaningfully compared with earlier years, although headline earnings are still uneven and the margin for error remains thin. The main financial concern is leverage: debt is high, equity has eroded somewhat, and cash balances are minimal. The main strategic strength is a specialized, hard‑to‑replicate water infrastructure footprint backed by long‑term, largely fee‑based contracts, enhanced by credible technology and innovation efforts. The story going forward hinges on three things: keeping water volumes strong in core basins, continuing to translate operational strengths into consistent profits and free cash flow, and gradually strengthening the balance sheet while navigating regulatory and environmental pressures on water handling in oil and gas regions.

NEWS

November 4, 2025 · 4:37 PM UTC

NGL Energy Partners LP Announces Second Quarter Fiscal 2026 Financial Results

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October 15, 2025 · 6:35 AM UTC

NGL Energy Partners Announces Earnings Call

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September 30, 2025 · 4:00 PM UTC

Targa Resources Corp. Announces Permian Growth Projects and an Expansion of its Permian to Mont Belvieu NGL Pipeline Transportation System

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September 18, 2025 · 4:45 PM UTC

NGL Energy Partners LP Announces Quarterly Cash Distribution for the Class B, Class C, and Class D Preferred Units

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