What factors drove the changes in NGL Energy Partners's revenue and profit?

What were the key takeaways from NGL Energy Partners's earnings call?

What is the revenue and EPS growth rate for NGL Energy Partners year over year?

What is the market's earnings forecast for NGL Energy Partners next quarter?

What does NGL Energy Partners do and what are its main business segments?

What is NGL Energy Partners's latest dividend and current dividend yield?

What were the key takeaways from NGL Energy Partners’s earnings call?

What guidance did NGL Energy Partners's management provide for the next earnings period?

- **Record Water Growth**: Q3 2026 EBITDA up 16.5% to $154.5M; 3.07M barrels/day disposal (17.1% YoY). 
- **Financial Strategy Success**: 15% Class D preferred units redeemed; 7% common units repurchased. 
- **Innovation Breakthroughs**: AI-driven efficiency improvements; nuclear-powered desalination pilot. 
- **Long-Term Vision**: 2027 EBITDA target >$700M; produced water reuse by 2040s. 
- **Dilution Reduction**: 25% reduction via warrant buybacks and unit repurchases. 


**【Management Opening Remarks】**
- Q3 2026 adjusted EBITDA from continuing operations: $172.5 million (9.2% YoY increase). 
- Water Solutions segment EBITDA: $154.5 million (16.5% YoY growth). 
- Full-year 2026 EBITDA guidance: $650-660 million; 2027 target: >$700 million. 
- Financial strategy: redeemed 15% of Class D preferred units; repurchased 8.7 million common units (6.7% of outstanding). 
- Record water disposal volumes: 3.07M barrels/day (17.1% YoY increase). 
- 1.5M barrels/day under MVC/CVC contracts, mitigating weather-related volume dips. 

**【CFO Financial Commentary】**
- Water Solutions: $154.5M EBITDA vs. $132.7M prior year; 3.13M barrels/day paid volumes (7% YoY). 
- Crude Oil Logistics: $15.4M EBITDA vs. $17.3M prior year; 85K barrels/day on Grand Mesa Pipeline (40% YoY increase). 
- Liquids Logistics: $15.2M EBITDA vs. $18.6M prior year; streamlined to Centennial butane blending. 
- Operating expenses: $0.18/barrel (down due to non-recurring cost reductions). 

**【Doug White - Water Solutions Update】**
- Delaware Basin projects: 27-mile pipeline expansion completed ahead of schedule; 3.5M barrels/day record volume. 
- AI/ML project: using SCADA data to optimize operations; early-stage efficiency improvements. 
- Nuclear desalination partnership with Natura: 800K barrels/day capacity; waste heat utilization; critical minerals recovery. 
- TPDES permit progress: final draft due Q1 2026; long-term water reuse vision. 

**【Mike Krimbill - CEO Remarks】**
- Strategic shift: 80%+ focus on Water Solutions; eliminated seasonal crude oil volatility. 
- Capital allocation: 
  1. Growth projects ($100M+ Q2/Q3 2026) 
  2. Class D preferred unit redemption (15% redeemed YTD) 
  3. Common unit buybacks ($5.70 avg price; 7% reduction in outstanding units) 
- Dilution reduction: 25% via warrant purchases and buybacks. 
- Long-term vision: produced water treatment for irrigation, industrial use; 20+ year timeline. 

**【Q&A Highlights】**
- **Producer Commitment**: Doug White notes contracts are long-term, customers stable despite oil price volatility. 
- **Natura Project**: Minimal near-term CapEx; 50K barrels/day pilot planned; nuclear partnership for scalability. 
- **AI Impact**: Early-stage efficiency gains; exact dollar impact TBD. 
- **Devon Deal**: No updates yet on potential volume changes. 


NGL Energy Partners LP Common Units (NGL) Q3 2026 Earnings Call Transcript

- **Record Growth**: Q2 EBITDA up 12% to $167.3 million, with Water Solutions leading at 18% growth.
- **Expanded Guidance**: Full-year EBITDA raised to $650-660 million, targeting 4x leverage and zero debt by year-end.
- **Strategic Repurchases**: $10.4 million annual savings from Class D units; $15 million interest savings via loan repricing.
- **Future Ambition**: $700+ million EBITDA in 2027 with 750,000 barrels/day of new volume commitments.
- **Competitive Moat**: Largest Delaware Basin network, lowest cost ($0.22/BL), and 4 million barrels/day of exclusive pore space.

**【Management Opening Remarks】**
- **Record Performance**: Q2 2026 adjusted EBITDA from continuing operations reached $167.3 million, up 12% YoY, driven by Water Solutions' 18% EBITDA growth.
- **Guidance Update**: Full-year EBITDA guidance raised to $650-660 million (from $615-625 million), with plans to achieve zero ABL balance and 4x leverage by year-end.
- **Capital Allocation**: $10.4 million annual savings from Class D preferred unit repurchases; $15 million annual interest savings via Term Loan B repricing.
- **Operational Momentum**: Water Solutions averaged 3 million+ barrels/day in October, up 14% YoY in paid disposal volumes.

**【CEO Commentary】**
- **Growth Ambition**: 750,000 barrels/day of new volume commitments for fiscal 2027, targeting $700+ million EBITDA.
- **Competitive Edge**: Largest Delaware Basin network (800+ miles of 12-30" pipe), lowest cost ($0.22/BL), and 4 million barrels/day of unburdened pore space in Andrews County.
- **Simplification Strategy**: Divested non-core assets (truckling, marine, Liquids Logistics) to focus on high-margin water business.
- **Customer Confidence**: 1.5 million barrels/day of volume commitments with 9-year average term, reflecting producer trust in NGL's reliability.

**【CFO Financial Commentary】**
- **Water Solutions Profitability**: $151.9 million EBITDA (18% YoY growth) driven by LEX II pipeline revenue and skim oil sales.
- **Cost Efficiency**: Operating expenses stable at $0.22/BL despite 4% volume growth; $16 million spent on unit repurchases at $4.57 average price.
- **Balance Sheet Strength**: $6.8 million units repurchased (5% of outstanding), reducing future distribution obligations.

**【Q&A Highlights】**
- **Growth Drivers**: Larger producers' focus on Delaware Basin efficiency and NGL's unmatched infrastructure (35+ legacy SWD permits, 131 injection wells).
- **Pore Space Expansion**: 4 million barrels/day of Andrews County capacity, with $50-150 million pipeline projects to access it over several years.
- **2027 Outlook**: $100 million incremental CapEx for SWD wells and pipelines, supporting 10%+ EBITDA growth in fiscal 2026 and 2027.
- **Competitive Position**: Pure-play water leader with no legacy liabilities, outpacing peers in volume, EBITDA, and cost efficiency.

NGL Energy Partners LP Common Units (NGL) Q2 2026 Earnings Call Transcript

- **Water Solutions Outperformance**: 13.8% EBITDA growth to $142.9 million, driven by 18% volume increase to 3.1 million barrels/day.
- **Debt Reduction & Buybacks**: $19 million bonds repurchased, 4.7 million common units bought at $4.30 avg price.
- **Crude Logistics Recovery**: July volumes up 25% vs June, signaling back-half growth.
- **Leverage Focus**: 90% of Water volumes secured via long-term contracts; EBITDA growth to reduce debt.

**【Management Opening Remarks】**
- Sold Rack marketing, Limestone Ranch, and wholesale propane assets, using proceeds to pay down ABL and reduce debt. Full-year adjusted EBITDA guidance reaffirmed at $615-625 million.
- Water Solutions segment drove 13.8% EBITDA growth to $142.9 million, with disposal volumes up 18% YoY to 3.1 million barrels/day. Strong performance attributed to higher produced water volumes and LEX II pipeline contributions.
- Crude Oil Logistics EBITDA declined 48% to $9.6 million due to lower DJ Basin production, but July volumes increased 25% vs June, signaling recovery.
- Liquids Logistics EBITDA fell 49% to $2.9 million, but butane blending business expected to generate back-half EBITDA.

**【CEO Commentary】**
- Exceeded Q1 expectations, with Water Solutions cost efficiency and Crude Logistics recovery. If results continue, may raise guidance in Q2.
- Capital allocation focused on debt reduction (e.g., $19 million 2032 bonds repurchased) and unit buybacks (4.7 million common units at $4.30 avg price). 
- Emphasized balance sheet strength and EBITDA growth to reduce leverage.

**【CFO Financial Commentary】**
- Consolidated adjusted EBITDA up 4% YoY to $144 million, driven by Water Solutions. Operating expenses in Water Solutions down $0.02/barrel to $0.22/barrel.
- 90% of Water volumes committed via acreage dedications and MVCs, with 80% counterparties investment-grade.
- Liquids segment ABL balance reflects butane build, but segment EBITDA covers corporate costs.

**【Q&A Highlights】**
- **Unit Repurchases**: Will remain opportunistic, with potential for common units, bonds, and Class D preferred units purchases.
- **Water Volumes**: Q1 volumes exceeded internal budget by 79,000 barrels/day. MVCs will contribute to future quarters' EBITDA.
- **Industry Consolidation**: Ares acquisition validates Delaware basin thesis; consolidation reduces duplication and improves efficiency.

NGL Energy Partners LP Common Units (NGL) Q1 2026 Earnings Call Transcript

- **Water Solutions dominance**: 85% of EBITDA, with 90% of volumes contracted, driving $154.9M Q4 EBITDA (11% YoY volume growth).
- **Strategic asset sales**: Reduced leverage by $75M working capital, repurchased 20,000 Class D preferred units.
- **2026 guidance**: $615-625M EBITDA, with $60M allocated to Water Solutions growth, offsetting $20M oil price decline.
- **Capital structure focus**: Prioritizing Class D preferred unit buybacks over common unit distributions.

**【Management Opening Remarks】**
- Sold non-core assets (18 NGL terminals, Rack Marketing, Limestone Ranch, crude oil railcars) for a double-digit multiple, reducing EBITDA volatility and freeing $75M-$100M in working capital.
- Used proceeds to pay off ABL debt and repurchase 20,000 Class D preferred units at a discount.
- Water Solutions segment now generates 85% of EBITDA, with 90% of volumes contracted via acreage dedications and MVCs.

**【CEO Commentary】**
- Achieved record 2025 results: $622.9M EBITDA (vs. $620M guidance), driven by Water Solutions growth.
- Streamlined business by divesting Liquids Logistics assets, reducing exposure to volatile crude oil markets.
- Purchased and retired Class D preferred units, marking progress toward simplifying capital structure.
- 2026 guidance of $615-625M EBITDA reflects $20M decline in skim oil revenues and $10M from asset sales, but expects Water Solutions growth to offset.

**【CFO Financial Commentary】**
- Q4 2025 EBITDA: $176.8M (20% YoY growth), with Water Solutions contributing $154.9M (11% YoY volume growth).
- Water Solutions operating cost per barrel: $0.23 (Q4 2025) vs. $0.24 (FY 2024), driven by scale and efficiency.
- 2026 capital spend: $105M total, with $60M allocated to Water Solutions growth projects.

**【Q&A Highlights】**
- 2026 guidance assumes $20M oil price-related decline and $10M asset sale impact, but Water Solutions volumes ahead of internal Q1 2026 expectations.
- Railroad Commission guidelines on water disposal have no impact on NGL's legacy permits or Andrews County growth plans.
- Management prioritizes reducing Class D preferred units over common unit distributions, with no near-term plans to reinstate distributions.
- Capital spending flexibility limited; $60M Water Solutions allocation is already optimized for growth opportunities.

NGL Energy Partners LP Common Units (NGL) Q4 2025 Earnings Call Transcript

- **$95M Terminal Sales & Working Capital Reduction**: Eliminates $60-70M annual working capital needs, freeing cash for debt reduction.
- **Water Solutions Growth**: 12% volume growth to 2.91M bbl/day, 16% opex per bbl cost cuts driving 9% EBITDA increase.
- **Crude Oil Logistics Expansion**: 50%+ EBITDA growth potential via 100k bbl/day Grand Mesa pipeline by FY26.
- **Transition to Stability**: Exiting volatile Liquids Logistics to focus on predictable Water & Crude Oil businesses.


**【CFO Strategic Updates】**
- Sold 18 NGL terminals for $95M and 143 railcars for $12.5M, reducing working capital by $60-70M annually.
- Wound down biodiesel business, eliminating $10.3M in Q3 EBITDA losses and freeing $30-40M in working capital.
- Water Solutions EBITDA rose 9% to $132.7M, with volumes up 12% to 2.91M bbl/day, driven by cost cuts (opex per bbl down 16%).
- Crude Oil Logistics EBITDA grew 2% to $17.4M, with 61k bbl/day on Grand Mesa; new contracts with Prairie Operating and another producer target 100k bbl/day.
- Full-year EBITDA guidance revised to $620M, down from prior $640M, due to Liquids Logistics weakness.

**【CEO Strategic Vision】**
- Transitioning to 'Water Solutions Partnership' by exiting volatile Liquids Logistics (wholesale propane, biodiesel) and focusing on stable Crude Oil Logistics and Water Solutions.
- Crude Oil Logistics poised for 50%+ EBITDA growth in FY26 via new DJ Basin contracts.
- Targeting further deleveraging through asset sales before redeeming Class D preferred shares.

**【Q&A Highlights】**
- Liquids Logistics remaining assets (propane pipeline, butane export, terminals) expected to generate stable, though smaller, EBITDA.
- Water Solutions EBITDA guidance removed due to upstream capital spending uncertainty; Q3 volumes declined 12% but rebounded in Q4 with cold weather.
- LEX II pipeline performing as expected, with no new contracts signed yet.
- Undrawn ABL balance by end-March will deploy asset sale proceeds to reduce debt, not for dividends.


NGL Energy Partners (NGL)-10 Feb 25-2025 Q3 Earnings call transcript

NGL Energy Partners (NGL)-12 Nov 24-2025 Q2 Earnings call transcript

NGL Energy Partners LP Common Units (NGL) Q4 2024 Earnings Call Transcript

NGL Energy Partners LP (NGL) Q3 2024 Earnings Call Transcript

- **Record EBITDA Growth**: Q2 2024 EBITDA up 24% YoY to $176.2 million, driven by Water Solutions' 34% EBITDA growth.
- **Debt Reduction Acceleration**: Targeting 2025 unsecured notes repayment by March 2024, with leverage projected below 4x.
- **Water Margin Resilience**: Q2 margin improvement to $0.24/barrel, with Q4 expected to match Q2 strength despite Q3 slowdown.
- **Capital Allocation Focus**: $100 million growth capex for Delaware basin projects, funded by asset sales.

**【CFO Opening Remarks】**
- **Q2 2024 Performance**: Adjusted EBITDA of $176.2 million, up 24% YoY, driven by Water Solutions' $140.4 million EBITDA (7.7% volume growth). Full-year Water guidance raised to $500 million+ from $485 million.
- **Hedging Strategy**: Entered costless collars to hedge skim oil against commodity volatility; increased growth capex to $100 million (from $65 million) for Delaware basin projects.
- **Debt Reduction**: Reduced leverage to 4.14x (from 6.11x in Q2 2023), with $66 million debt reduction over 12 months. ABL balance reduced by $130 million; targeting 2025 unsecured notes repayment by March 2024.

**【Executive Strategy Update】**
- **Free Cash Flow Allocation**: All free cash flow directed to balance sheet; asset sales ($100 million target) will fund growth capex and reduce EBITDA in later quarters.
- **Water Segment Outlook**: Q3 EBITDA expected to be between Q2 and Q1 levels due to slower completions, but Q4 poised for growth with Delaware basin activity.
- **Dividend Policy**: No dividend reinstatement expected for FY 2024.

**【Q&A on Water Margins】**
- **Margin Drivers**: Q2 margin improvement from lower OpEx ($0.24/barrel) and higher fees in Delaware basin. Q3 margins stable despite slower completions; Q4 expected to match Q2 strength with increased completions.
- **Volume Growth**: On track for >1 billion barrels/year, with 2.44 million bpd in Q2 (7.7% YoY growth).

Actual											-2.09	-0.44	-0.14	-3.13	-1.96	-1.23	-0.21	-0.35	-0.43	-0.04	-0.21	0.19	-0.51	-0.11	-0.05	0.08	-2.05	-0.14	-0.21	-0.12	-0.12	0.04	0.02	0.1
Forecast											0.166	-0.0942	-0.0483	-0.0158	-0.0608	-0.1953	-0.1491	0.1147	0.1952	0.07	0.12	0.2	0.21	0.16	-0.29	0.135	0.295	0.075	0.075	0.195	0.01	-0.11	0	0.16
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1359.04%	-367.09%	-189.86%	-19710.13%	-3123.68%	-529.80%	-40.85%	-405.14%	-320.29%	-157.14%	-275.00%	-5.00%	-342.86%	-168.75%	+82.76%	-40.74%	-794.92%	-286.67%	-380.00%	-161.54%	-1300.00%	+136.36%	0.00%	-37.50%

Actual	--	--	--	--	--	--	--	--	--	--	1.68B	844.41M	1.17B	1.46B	1.75B	1.49B	1.75B	2.17B	2.53B	2.50B	2.01B	2.14B	2.05B	1.62B	1.84B	1.87B	1.63B	1.39B	1.35B	1.55B	971.07M	622.16M	674.68M	909.82M
Forecast	--	--	--	--	--	--	--	--	--	--	1.93B	1.29B	1.23B	1.47B	1.87B	1.46B	1.52B	1.95B	2.43B	1.86B	2.45B	2.63B	2.32B	2.11B	2.09B	2.05B	1.97B	1.44B	1.56B	1.72B	1.35B	801.86M	630.75M	804.38M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-12.78%	-34.31%	-4.90%	-0.85%	-6.53%	+2.26%	+15.77%	+11.42%	+4.34%	+34.48%	-17.94%	-18.77%	-11.65%	-23.53%	-11.85%	-8.64%	-17.28%	-3.35%	-13.39%	-10.03%	-27.86%	-22.41%	+6.97%	+13.11%

NGL

NGL fundamentals

NGL Q3 2026 Earnings

Earnings Call

You can ask Aime

NGL

NGL fundamentals

NGL Q3 2026 Earnings

Earnings Call

NGL Earnings Call Summary for Q3/20265:00 PM on Feb 3, 2026

NGL Earnings Call Summary for Q2/20265:00 PM on Nov 4, 2025

NGL Earnings Call Summary for Q1/20265:00 PM on Aug 7, 2025

NGL Earnings Call Summary for Q4/20255:00 PM on May 29, 2025

NGL Earnings Call Summary for Q3/20255:00 PM on Feb 10, 2025

You can ask Aime