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- **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