NGL Energy Partners LP Earnings Recaps
Q4 2026
May 31, 2026
The 5% positive market reaction reflects investor approval of NGL Energy Partners’ Water Solutions segment delivering record EBITDA and volume growth alongside ongoing progress in capital structure simplification and strategic divestitures.
Key takeaways
- Water Solutions segment posted a record $153 million adjusted EBITDA in 4Q, driving fiscal 2026 total to approximately $603 million, an 11% volume increase year-over-year.
- Disposal volumes averaged 2.9 million barrels per day for the full year, up 11%, with 90%+ under long-term contracts or acreage dedications.
- Liquids Logistics adjusted EBITDA was steady at approximately $17 million in 4Q, benefiting from noncore asset sales that reduced volatility and capital needs.
- Continued refinancing efforts reduced high-cost capital, including redeeming 285,000 Class D preferred units, lowering leverage and interest expense.
- The LEX II system expansion, backed by long-term volume commitments, supports further growth in Delaware Basin water infrastructure capacity.
Q3 2026
Feb 4, 2026
NGL Energy Partners achieved a strong quarter, reporting a 9.2% increase in adjusted EBITDA to $172.5 million, driven by record water disposal volumes and strategic financial maneuvers.
Key takeaways
- Water Solutions segment reported record adjusted EBITDA of $154.5 million, a 16.5% year-over-year increase.
- Successful execution of financial strategy included redeeming 15% of Class D preferred equity and repurchasing 1.6 million common units.
- Adjusted EBITDA guidance for fiscal 2026 remains steady at $650 to $660 million, with a projected first-ever EBITDA of over $700 million for fiscal 2027.
- Daily water disposal volumes reached a record 3.5 million barrels on January 16, with ongoing investments enhancing operational capacity.
- Continued focus on AI-driven operational efficiencies and a partnership with Natura Resources aims to bolster long-term water treatment capabilities.