NGL Energy Partners LP
- Open
- 15.13
- Day high
- 15.41
- Day low
- 15.00
- Prev close
- 15.16
- Volume
- 71K
- Mkt cap
- $1.9B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 73.6
- P/S
- 0.6
- Yield
- —
- Per share
- —
NGL Energy Partners LP (NGL) is a Energy company listed on NYSE. The stock is up 253% over the past year.
NGL Energy Partners LP (NGL) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NGL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 28, 2026 | $0.18 | $-0.71 | -494.4% | $950M | +0.8% |
| Feb 3, 2026 | $0.16 | $0.10 | -37.5% | $910M | +17.2% |
| Nov 4, 2025 | — | $0.02 | — | $675M | -3.7% |
| Aug 7, 2025 | $-0.11 | $-0.27 | -145.5% | $622M | +21.4% |
| May 29, 2025 | $0.01 | $0.07 | +600.0% | $-820M | -177.8% |
| Aug 8, 2024 | $0.08 | $-0.14 | -275.0% | $759M | -47.1% |
| Jun 6, 2024 | $0.19 | $-0.38 | -300.0% | $1.0B | -47.3% |
| Feb 8, 2024 | $0.14 | $0.08 | -42.9% | $1.9B | -5.9% |
| Nov 9, 2023 | $-0.01 | $-0.05 | -433.0% | $1.8B | -11.9% |
| May 31, 2023 | $0.15 | $0.08 | -46.7% | $2.0B | -11.7% |
| Feb 9, 2023 | $0.12 | $0.19 | +58.3% | $2.1B | -18.8% |
| Nov 9, 2022 | $0.08 | $-0.15 | -287.5% | $2.0B | -17.9% |
NGL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 17, 2026 | COLLINGSWORTH JAMES Mdirector | Grant | 24,000 | — |
| Jul 17, 2026 | Coady Shawn Wdirector | Grant | 24,000 | — |
| Jul 17, 2026 | KRIMBILL H MICHAELdirector, officer: Chief Executive Officer | Grant | 700,000 | — |
| Jul 17, 2026 | GUDERIAN BRYAN Kdirector | Grant | 24,000 | — |
| Jul 17, 2026 | Cooper Bradley Pofficer: CFO & EVP | Grant | 600,000 | — |
| Jul 17, 2026 | REINERS DEREK Sdirector | Grant | 24,000 | — |
| Sep 16, 2025 | COLLINGSWORTH JAMES Mdirector | Buy | 100,000 | $5.80 |
| Feb 18, 2025 | KRIMBILL H MICHAELdirector, officer: Chief Executive Officer | Buy | 15,000 | $4.49 |
| Feb 18, 2025 | KRIMBILL H MICHAELdirector, officer: Chief Executive Officer | Buy | 14,017 | $4.78 |
| Feb 18, 2025 | KRIMBILL H MICHAELdirector, officer: Chief Executive Officer | Buy | 45,000 | $4.80 |
| Feb 18, 2025 | KRIMBILL H MICHAELdirector, officer: Chief Executive Officer | Buy | 25,983 | $4.32 |
| Feb 14, 2024 | COLLINGSWORTH JAMES Mdirector | Buy | 69,899 | $5.82 |
| Feb 14, 2024 | COLLINGSWORTH JAMES Mdirector | Buy | 30,101 | $5.81 |
| Nov 17, 2023 | GUDERIAN BRYAN Kdirector | Grant | 12,500 | — |
| Nov 17, 2023 | Thuillier Lawrence J.officer: Chief Accounting Officer | Tax | 5,514 | $3.94 |
Source: NGL SEC Form 4 filings, latest Jul 17, 2026. For informational purposes only — not investment advice.
See the full NGL insider & 13F page →NGL Energy Partners LP company profile
Overview
NGL Energy Partners LP (NYSE:NGL) is a master limited partnership founded in 1940 and headquartered in Tulsa, Oklahoma. The company operates as a diversified midstream energy infrastructure provider across the United States, with operations spanning water management, crude oil logistics, and natural gas liquids handling. Over the past several years, NGL has undergone significant strategic transformation, evolving from a broad-based midstream operator into a company increasingly focused on water solutions for oil and gas producers. The partnership went public in 2011 and has navigated through various market cycles while building a substantial water disposal and treatment infrastructure network.
Business
NGL Energy Partners operates in the oil and gas midstream sector, which serves as the critical link between upstream production (drilling and extraction) and downstream refining and marketing. The company provides essential infrastructure services that oil and gas producers require to move, process, and manage their products and byproducts. The company operates through three main business segments. Water Solutions represents the largest and fastest-growing segment, generating approximately 85% of total EBITDA. This business involves collecting, transporting, treating, and disposing of produced water and flowback water that comes up from oil and gas wells during the drilling and production process. The segment operates an extensive network of disposal wells, treatment facilities, and pipeline systems primarily in major shale basins including the Delaware Basin, DJ Basin, and Eagle Ford. Water disposal is a critical service because oil and gas production generates substantial volumes of contaminated water that must be safely managed under environmental regulations. Crude Oil Logistics accounts for roughly 10-15% of EBITDA and involves purchasing crude oil from producers, transporting it through pipelines and trucks, and reselling it to refineries and other buyers. The segment operates storage terminals, pipeline systems including the Grand Mesa Pipeline, and provides logistics services that help producers get their crude oil to market efficiently. Liquids Logistics represents the smallest segment, contributing approximately 5-10% of EBITDA. This business supplies natural gas liquids (such as propane and butane), refined petroleum products, and biodiesel to commercial, retail, and industrial customers. The segment operates through a network of terminals, pipelines, railcars, and storage facilities, including a marine export facility for butane in Chesapeake, Virginia.
Revenue model
NGL Energy Partners generates revenue through multiple business models across its three segments. The Water Solutions segment operates primarily on a fee-for-service model, charging oil and gas producers for water disposal, treatment, and transportation services. Customers pay based on volume processed, typically measured in barrels per day, with rates that can range from $0.20 to over $1.00 per barrel depending on the service complexity and location. The company also recovers and sells crude oil that separates from the water during treatment processes. This segment benefits from long-term contracts with producers, often spanning 10+ years, providing relatively stable and predictable cash flows. The Crude Oil Logistics segment makes money through commodity trading margins and logistics fees. The company purchases crude oil from producers at wellhead prices and sells it to refineries at higher pipeline or terminal prices, capturing the location differential spread. Additionally, it charges fees for storage, transportation, and terminaling services. Revenue in this segment can be more volatile due to fluctuating commodity prices and basis differentials between production areas and delivery points. The Liquids Logistics segment generates revenue through wholesale and retail sales of natural gas liquids and refined products, earning margins on the difference between purchase and sale prices. The segment also collects fees for storage, blending, and transportation services. Several factors influence the company's margins and profitability. In Water Solutions, increasing drilling activity and production volumes in served basins drive higher demand for disposal services, while regulatory changes requiring more sophisticated treatment can increase pricing power. Conversely, reduced drilling activity or producers developing their own disposal capabilities could pressure volumes. For Crude Oil Logistics, wider basis differentials between production areas and markets improve margins, while pipeline capacity constraints or new competing infrastructure can affect profitability. Weather patterns significantly impact the Liquids Logistics segment, as propane demand is highly seasonal, with warmer winters reducing heating demand and affecting margins.
Competitive moat
NGL Energy Partners possesses a moderate competitive moat primarily centered around its Water Solutions business, though this moat has some limitations. The company's strongest defensive position comes from its extensive network of permitted disposal wells and water treatment infrastructure, which represents significant barriers to entry due to the complex regulatory approval process, environmental permitting requirements, and substantial capital investment needed to develop competing facilities. Water disposal wells require specific geological formations and can take years to permit and construct, creating natural supply constraints in key basins. The company benefits from switching costs as oil and gas producers typically prefer to establish long-term relationships with water management providers rather than frequently changing service providers, given the operational complexity and regulatory compliance requirements. NGL's long-term contracts, averaging over 10 years, provide some protection against competition and demand volatility. However, the moat faces several challenges. The water disposal business is fundamentally location-dependent, meaning the company's competitive position varies significantly by geographic area and can be threatened by new entrants who develop disposal capacity closer to production areas. Additionally, technological advances in water recycling and treatment could reduce overall disposal demand over time, as producers increasingly seek to reuse produced water rather than dispose of it. The Crude Oil Logistics and Liquids Logistics segments have weaker competitive positions. These businesses operate in more commoditized markets with lower barriers to entry and face ongoing competition from larger midstream operators, railroads, and pipeline companies. The company's decision to explore strategic alternatives for much of its Liquids Logistics segment reflects the challenging competitive dynamics in this area. Overall, while NGL has built a defensible position in water disposal, the moat is not exceptionally wide and faces potential disruption from regulatory changes, technological advances, and the cyclical nature of oil and gas drilling activity.
Risks & safety
NGL Energy Partners presents moderate to high financial risk with limited margin of safety due to high leverage and volatile cash flows. **Debt and Solvency:** - Debt-to-equity ratio of 19.7x as of Q3 2025, indicating extremely high leverage - Total debt of approximately $3.7 billion against $162 million in equity - Recent debt refinancing completed in 2024 with $2.2 billion in senior secured notes - Current ratio of 1.20x provides minimal liquidity cushion - Cash position of only $5.7 million creates potential liquidity concerns **Valuation Metrics:** - EV/EBITDA of 6.7x appears reasonable for midstream energy - P/E ratio of 12.2x based on recent profitable quarters - Price-to-book ratio of 4.05x reflects high leverage impact on book value - Graham number of 1.68 suggests potential undervaluation relative to fundamentals **Other Considerations:** - Free cash flow of $95 million in Q3 2025 shows improving cash generation - EBITDA guidance of $620 million for fiscal 2025 indicates operational stability - Asset sale program has generated approximately $95 million, helping reduce debt - Preferred share arrearages were recently paid current, reducing near-term pressure
Recent development
Over the past few years, NGL Energy Partners has undergone a significant strategic transformation focused on becoming primarily a water solutions company while divesting non-core assets. The company has been systematically exiting the Liquids Logistics business, selling 17 NGL terminals for approximately $95 million and winding down its biodiesel marketing operations. This strategic pivot eliminates $60-70 million in working capital requirements and reduces asset volatility. In the Water Solutions segment, the company completed the major LEX II expansion project, adding 200,000 barrels per day of water pipeline capacity that went into service in late 2024. The company has been actively expanding its presence in key shale basins, with physical water disposal volumes growing from 2.38 million barrels per day to 2.62 million barrels per day over the past year. Management has signed significant new contracts, including a deal with Prairie Operating for water disposal and crude oil shipping services. The Crude Oil Logistics segment has seen mixed results, with the Grand Mesa pipeline experiencing volume declines from 70,000 to 61,000 barrels per day, though management expects potential volume increases to 100,000+ barrels per day through new contracting efforts and pipeline optimization. Financial restructuring has been a major focus, with the company completing a comprehensive debt refinancing in 2024, extending maturities and paying off preferred share arrearages. The company has also been opportunistically repurchasing equity, purchasing 92% of outstanding warrants to eliminate potential dilution and implementing a $50 million common unit repurchase program. Additionally, NGL sold 143 railcars for $12.5 million as part of its asset optimization strategy. The overall strategic direction aims to create a more focused, higher-margin business with improved cash flow predictability and reduced operational complexity.
NGL company profile · for informational purposes only — not investment advice.
Track NGL with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free