NGL Energy Partners LP
nglenergypartners.comWhat Do They Do?
Treats, recycles and disposes of produced water for oil and gas producers, transports crude oil for producers and refiners, and supplies natural gas liquids to commercial customers.
10-K for FY2026, filed May 28, 2026Our Water Solutions segment transports, treats, recycles and disposes of produced and flowback water generated from crude oil and natural…View ↗
Overview. Our Water Solutions segment transports, treats, recycles and disposes of produced and flowback water generated from crude oil and…View ↗
Overview. Our Crude Oil Logistics segment purchases crude oil from producers and marketers and transports it to refineries or for resale at…View ↗
Our Liquids Logistics segment conducts supply operations for natural gas liquids to commercial, retail and industrial customers across the…View ↗
How Do They Make Money?
Customers pay for product sales when the goods are delivered; they pay for water disposal and transport or storage services as volumes are handled. Service bills are generally sent monthly and due within 1–30 days.
10-K for FY2026, filed May 28, 2026Within the Water Solutions segment, revenue is disaggregated into two primary revenue streams that include service revenue and commodity…View ↗
For all of our disposal contracts within the Water Solutions segment, revenue will be recognized over time utilizing the output method…View ↗
Within the Crude Oil Logistics segment, revenue is disaggregated into two primary revenue streams that include revenue from the sale of…View ↗
For revenue received from services rendered, we are obligated to provide throughput services to move crude oil via pipeline or railcar or…View ↗
For revenue received from services rendered, we offer a variety of services which include: (i) railcar transportation services; (ii)…View ↗
Amounts owed from our customers under our revenue contracts are typically billed as the service is being provided on a monthly basis and…View ↗
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10-K for FY2026, filed May 28, 2026
FY2026 revenue by product or service ↗
$3.2B
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10-K for FY2026, filed May 28, 2026
$3.2B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product
Sold outright
10-K for FY2026, filed May 28, 2026 |
76%
FY2023: 88%
|
Product, FY2026
$2.4B Sources
|
Sold outright |
|
Service
Usage-based
10-K for FY2026, filed May 28, 2026 |
24%
FY2023: 12%
|
Service, FY2026
$760M Sources
|
Usage-based |
Who Are Their Customers?
Oil and gas producers bring produced water to its facilities by pipeline or truck. Crude oil customers include refiners, producers and marketers; natural gas liquids customers include commercial, retail and industrial buyers.
10-K for FY2026, filed May 28, 2026Operations. Our customers bring produced and flowback water generated by crude oil and natural gas exploration and production operations to…View ↗
Customers. Our primary customers consist mainly of large publicly traded, oil and gas companies with diversified acreage positions across…View ↗
Customers. Our customers include crude oil refiners, producers, and marketers. During the year ended March 31, 2026, 79% of the revenues of…View ↗
Our Water Solutions segment transports, treats, recycles and disposes of produced and flowback water generated from crude oil and natural…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $142.3M in FY2026, but brought in more cash than it spent: $144.7M of free cash flow.
10-K for FY2026, filed May 28, 2026
$94.7MView ↗
10-K for FY2026, filed May 28, 2026
−$142.3MView ↗
10-K for FY2026, filed May 28, 2026
$144.7MView ↗
How Are They Changing?
10-Q for Q1 FY2027, filed Aug 4, 2026
Open tableView ↗
Shrinking. Revenue fell 60% in 4 years, from $7.9B in FY2022 to $3.2B in FY2026, about 21% a year.
A narrower liquids portfolio
The older report included refined petroleum products and biodiesel in Liquids Logistics; the latest describes natural gas liquids operations, after the refined-products sale and biodiesel wind-down.
10-K for FY2023, filed May 31, 2023 10-K for FY2026, filed May 28, 2026Our Water Solutions segment transports, treats, recycles and disposes of produced and flowback water generated from crude oil and natural…View ↗
Our Water Solutions segment transports, treats, recycles and disposes of produced and flowback water generated from crude oil and natural…View ↗
As of March 31, 2025, we completed winding down our biodiesel business (see Note 17 to our consolidated financial statements included in…View ↗
On April 30, 2025, we sold our refined products business, including certain working capital items, to a third-party (see Note 17 to our…View ↗
Greater focus on water
The earlier strategy emphasized a diversified midstream partnership offering multiple services; the latest centers strategic focus on produced-water infrastructure while retaining complementary crude oil and natural gas liquids operations.
10-K for FY2023, filed May 31, 2023 10-K for FY2026, filed May 28, 2026Prudently manage our balance sheet to provide us with maximum financial flexibility for funding our operations, capital projects and…View ↗
Position the Partnership as a leading pure play produced water infrastructure platform providing water solutions to upstream customers. We…View ↗
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