Latest news with #NGL

NGL Energy Partners (NGL): Among the Energy Stocks that Gained This Week

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2 days ago

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NGL Energy Partners (NGL): Among the Energy Stocks that Gained This Week

The share price of NGL Energy Partners LP (NYSE:NGL) surged by 12.73% between May 29 and June 5, 2025, putting it among the Energy Stocks that Gained the Most This Week. Let's shed some light on the development. A pipeline stretching through a desert valley, a symbol of the companies transportation infrastructure. NGL Energy Partners LP (NYSE:NGL) is a diversified midstream MLP that provides multiple services to producers and end-users, including transportation, storage, blending, and marketing of crude oil, NGLs, refined products/renewables, and water solutions. NGL Energy Partners LP (NYSE:NGL) received a boost after posting strong results for its Q4 2025 last week, highlighting strong performance in its Water Solutions segment and successful asset sales that have led to significant debt reduction. The company reported an income from continuing operations of $65 million for FY 2025, compared to a loss from continuing operations of $157.7 million the previous year. NGL's adjusted EBITDA for FY 2025 came in at $622.9 million, surpassing its previous guidance of $620 million. NGL Energy Partners LP (NYSE:NGL) recently executed the sale of 18 natural gas liquids terminals and monetized several other non-core assets, helping the company optimize its asset portfolio and strengthen its balance sheet. While we acknowledge the potential of NGL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 10 Cheap Energy Stocks to Buy Now and Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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2 days ago

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NGL Energy Partners (NGL): Among the Energy Stocks that Gained This Week

MPLX LP to Report Second-Quarter Results on August 5, 2025

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3 days ago

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MPLX LP to Report Second-Quarter Results on August 5, 2025

FINDLAY, Ohio, June 5, 2025 /PRNewswire/ -- MPLX LP (NYSE: MPLX) will host a conference call on Tuesday, August 5, 2025, at 9:30 a.m. EDT to discuss 2025 second-quarter financial results. Interested parties may listen to the conference call by visiting MPLX's website at A replay of the webcast will be available on MPLX's website for two weeks. Financial information, including the earnings release and other investor-related material, will also be available online prior to the conference call and webcast at About MPLX LP MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at Investor Relations Contacts: (419) 421-2071Kristina Kazarian, Vice President Finance and Investor RelationsBrian Worthington, Senior Director, Investor RelationsIsaac Feeney, Director, Investor RelationsEvan Heminger, Analyst, Investor Relations Media Contact: (419) 421-3577Jamal Kheiry, Communications Manager View original content: SOURCE MPLX LP Sign in to access your portfolio

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30-05-2025

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NGL Energy Partners LP (NGL) Q4 2025 Earnings Call Highlights: Strong Water Solutions Drive 20% ...

Consolidated Adjusted EBITDA (Q4): $176.8 million, up 20% from $147.9 million in the prior year fourth quarter. Full Year Adjusted EBITDA: $622.9 million, exceeding previous guidance of $620 million. Water Solutions Adjusted EBITDA (Q4): $154.9 million, up from $123.4 million in the prior year fourth quarter. Water Disposal Volumes (Q4): 2.73 million barrels per day, up from 2.39 million barrels per day in the prior year fourth quarter. Operating Cost per Barrel (Fiscal 2025): $0.22, down from $0.24 per barrel in fiscal 2024. Crude Oil Logistics Adjusted EBITDA (Q4): $13.1 million, down from $15.3 million in the prior year fourth quarter. Grand Mesa Pipeline Volumes (Q4): 56,000 barrels per day, down from 67,000 barrels per day in the prior year fourth quarter. Liquid's Logistics Adjusted EBITDA (Q4): $17.7 million, down from $22.2 million in the prior year fourth quarter. Fiscal 2026 EBITDA Guidance: $615 to $625 million. Total Capital Expenditures (Fiscal 2026): $105 million, with $60 million allocated to growth projects in the water solution segment. Warning! GuruFocus has detected 3 Warning Signs with NGL. Release Date: May 29, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. NGL Energy Partners LP (NYSE:NGL) successfully executed non-core asset sales, including natural gas liquids terminals and other businesses, generating proceeds at a double-digit multiple. The company reduced its working capital needs by eliminating $75 million on average, and over $100 million at peak, through asset sales and business wind-downs. NGL Energy Partners LP (NYSE:NGL) achieved a 20% increase in consolidated adjusted EBITDA for the fourth quarter, driven by strong performance in the water solutions segment. The water solutions business segment reported record water disposal volumes and adjusted EBITDA, with disposal volumes up 11% year-over-year. The company has made significant progress in reducing leverage by paying off outstanding indebtedness and purchasing Class D preferred units at a discount. Crude oil logistics adjusted EBITDA decreased due to lower volumes on the Grand Mesa pipeline, impacting overall financial performance. Liquid's logistics segment experienced a decline in adjusted EBITDA, with butane margins affected by a weak gasoline blending season. The company faces potential challenges from oil price uncertainty and its impact on water solutions segment activity levels. NGL Energy Partners LP (NYSE:NGL) anticipates a $20 million decline in skim oil revenues due to lower crude prices in fiscal 2026. The company is not planning to reinstate common unit distributions in the near term, focusing instead on reducing leverage and addressing Class D preferred units. Q: Could you offer more color on your expectations for the 2026 guidance, particularly regarding the water and logistics segments? A: The water guidance implies about $560 million within the $620 million midpoint. We accounted for a $20 million EBITDA pullback due to lower oil prices and less than $10 million from asset sales that won't contribute to future earnings. - Bradley Cooper, CFO Q: With new pipeline projects announced, do you see opportunities for growth beyond current projects in the water segment? A: We are focused on extending existing contracts and preparing for future growth opportunities with core customers. While new projects are announced, we are well-positioned with our current contracts and infrastructure. - Doug White, EVP Water Solutions Q: What impact will the new guidelines for Permian water disposal have on your business? A: The new guidelines focus on new permits. We have secured legacy permits that allow us to continue growth without being affected by the new regulations. - Doug White, EVP Water Solutions Q: How flexible is your capital spending if oil prices fluctuate? A: Our growth capital is already low at $60 million, and maintenance capital is predominantly for water. There is limited room to reduce it further. - H. Michael Krimbill, CEO Q: How do you view the potential reinstatement of common unit distributions? A: Near-term, we are focused on reducing Class D preferred units and leverage. We do not anticipate reinstating distributions in the next few quarters. - H. Michael Krimbill, CEO For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data

Business Wire

29-05-2025

Business
Business Wire

NGL Energy Partners LP Announces Fourth Quarter and Full Year Fiscal 2025 Financial Results; Guidance for Fiscal 2026

TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE:NGL) ('NGL,' 'we,' 'us,' 'our,' or the 'Partnership') today reported its fourth quarter and full year fiscal 2025 results. Income from continuing operations for full year Fiscal 2025 of $65.0 million, compared to a loss from continuing operations of $157.7 million for full year Fiscal 2024; income from continuing operations for the fourth quarter of Fiscal 2025 of $16.2 million, compared to a loss from continuing operations of $234.3 million for the fourth quarter of Fiscal 2024 Adjusted EBITDA from continuing operations (1) for full year Fiscal 2025 of $622.9 million, compared to $593.4 million for full year Fiscal 2024; Adjusted EBITDA from continuing operations (1) for the fourth quarter of Fiscal 2025 of $176.8 million, compared to $147.9 million for the fourth quarter of Fiscal 2024 Produced water volumes processed of approximately 2.73 million barrels per day during the fourth quarter of Fiscal 2025, growing 14.2% from the fourth quarter of Fiscal 2024 and 2.63 million barrels per day for the entire Fiscal 2025, an 8.6% increase over the prior year Record Water Solutions' Adjusted EBITDA (1) of $542.0 million for full year Fiscal 2025, a 6.6% increase over the prior year and 8.7% when reducing prior year Adjusted EBITDA for assets sold Closed the sale of our natural gas liquids terminal in Green Bay, Wisconsin and certain railcars in our Crude Oil Logistics segment Additional asset sales for the period subsequent to March 31, 2025 included the sale of: 17 of our natural gas liquids terminals, the majority of our wholesale propane business Our refined products Rack Marketing business Our ownership in Limestone Ranch in the Water Solutions segment Additional railcars in our Crude Oil Logistics segment The Partnership commenced purchases of its Class D preferred, buying 20,000 units in the open market at a discount. The asset sales, associated working capital, and other cash receipts raised approximately $270 million. These proceeds were used to repay the outstanding borrowings of the ABL, purchase preferred equity and will further reduce indebtedness. 'The Partnership ended Fiscal 2025, with Adjusted EBITDA (1) $622.9 million, versus our previous guidance of $620 million. Water Solutions achieved record annual water disposal volumes processed and Adjusted EBITDA (1), and the Partnership executed on non-core asset sales at attractive multiples. These asset sales will reduce the volatility and seasonality of our Adjusted EBITDA and working capital requirements. Fiscal 2026 holds more opportunities to continue addressing our capital structure and strengthening our balance sheet,' stated Mike Krimbill, NGL's CEO. 'We are guiding Fiscal 2026 full year consolidated Adjusted EBITDA (2) to a range of $615 -$625 million which is an increase over Fiscal 2025 actuals adjusted for EBITDA associated with asset sales. Also, we are guiding to $45 million in maintenance and $60 million of growth capital expenditures for Fiscal 2026,' Krimbill concluded. Quarterly Results of Operations The following table summarizes operating income (loss) and Adjusted EBITDA from continuing operations (1) by reportable segment for the periods indicated: Water Solutions Operating income for the Water Solutions segment increased by $60.4 million for the quarter ended March 31, 2025, compared to the quarter ended March 31, 2024. The increase was due primarily to higher disposal revenues due to an increase in produced water volumes processed from contracted customers and higher fees charged for interruptible spot volumes. There was also higher water pipeline revenue due to the LEX II pipeline commencing operations during the prior quarter. The Partnership processed approximately 2.73 million barrels of water per day during the quarter ended March 31, 2025, a 14.2% increase when compared to approximately 2.39 million barrels of water per day processed during the quarter ended March 31, 2024. Revenues from recovered skim oil, including the impact from realized skim oil hedges, totaled $36.7 million for the quarter ended March 31, 2025, an increase of $8.3 million from the prior year period. The increase was due primarily to an increase in skim oil barrels sold due to more skim oil recovered from receiving more water in higher oil cut basins, partially offset by lower realized crude oil prices received from the sale of skim oil barrels. Operating expenses in the Water Solutions segment increased $7.6 million for the quarter ended March 31, 2025, compared to the quarter ended March 31, 2024 due primarily to higher royalty expense due to volumes related to the LEX II pipeline commencing operations and increased volumes at certain other saltwater disposal wells, higher repairs and maintenance expense due to the timing of repairs and tank cleaning and higher business insurance expense for remediation costs incurred. Operating expense per produced barrel processed was $0.23 for the quarter ended March 31, 2025, compared to $0.23 in the comparative quarter last year. Also contributing to the increase in operating income were lower losses on the disposal or impairment of assets of $8.0 million for the quarter ended March 31, 2025, compared to $31.8 million in the prior year period. Crude Oil Logistics Operating income for the Crude Oil Logistics segment increased by $3.9 million for the quarter ended March 31, 2025, compared to the quarter ended March 31, 2024. For the quarter ended March 31, 2025, we incurred lower expenses of $3.9 million due to lower volumes flowing on the Grand Mesa Pipeline, lower depreciation due to certain assets becoming fully depreciated in the prior year, and we recorded a gain from the disposal of certain assets for the quarter ended March 31, 2025, compared to a loss in the prior year period. In addition, we recognized a net loss on derivatives of $0.4 million in the current year period compared to a net loss of $6.8 million in the prior year period. This was offset by lower product margin for crude oil sales due to lower production on the acreage dedicated to us in the DJ Basin and expiration of certain higher margin purchase contracts during the quarter ended March 31, 2024. During the quarter ended March 31, 2025, physical volumes on the Grand Mesa Pipeline averaged approximately 56,000 barrels per day, compared to approximately 67,000 barrels per day for the quarter ended March 31, 2024. Liquids Logistics Operating income for the Liquids Logistics segment increased by $44.9 million for the quarter ended March 31, 2025, compared to the quarter ended March 31, 2024. Operating income for the fourth quarter of Fiscal 2025 includes impairment losses of $23.2 million, compared to impairment losses of $69.3 million in the same period of the prior year. Excluding these amounts, operating income decreased by $1.1 million for the fourth quarter of Fiscal 2025. Margins for product sales (excluding the impact of derivatives) decreased by approximately $7.1 million, as butane margins declined due to a weak gasoline blending season and asphalt margins declined due to lower supply. Propane margins were essentially flat quarter over quarter. Expenses decreased during the fourth quarter of Fiscal 2025 due to lower commission expense and incentive compensation due to lower operating results. Capitalization and Liquidity Total liquidity (cash plus available capacity on our asset-based revolving credit facility ('ABL Facility')) was approximately $385.7 million as of March 31, 2025. On March 31, 2025, the borrowings under the ABL Facility were $109.0 million, compared to no borrowings under the ABL Facility at March 31, 2024. The ABL Facility was paid off with funds from asset sales on May 1, 2025. As of March 31, 2025, the Partnership is in compliance with all of its debt covenants and has no significant current debt maturities before February 2029. Fourth Quarter Conference Call Information A conference call to discuss NGL's results of operations is scheduled for 4:00 pm Central Time on Thursday, May 29, 2025. Analysts, investors, and other interested parties may join the webcast via the event link: or by dialing (888) 506-0062 and providing conference code: 625196. An archived audio replay of the call will be available for 14 days, which can be accessed by dialing (877) 481-4010 and providing replay passcode 52485. NGL filed its Annual Report on Form 10-K for the year ended March 31, 2025 with the Securities and Exchange Commission after market on May 29, 2025. A copy of the Form 10-K can be found on the Partnership's website at Unitholders may also request, free of charge, a hard copy of our Form 10-K and our complete audited financial statements. Non-GAAP Financial Measures We define EBITDA as net income (loss) attributable to NGL Energy Partners LP, plus interest expense, income tax expense (benefit), and depreciation and amortization expense. We define Adjusted EBITDA as EBITDA excluding net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, equity-based compensation expense, revaluation of liabilities and other. EBITDA and Adjusted EBITDA should not be considered as alternatives to net income (loss), income (loss) from continuing operations before income taxes, cash flows from operating activities, or any other measure of financial performance calculated in accordance with GAAP, as those items are used to measure operating performance, liquidity or the ability to service debt obligations. We believe that EBITDA provides additional information to investors for evaluating our ability to make quarterly distributions to our unitholders and is presented solely as a supplemental measure. We believe that Adjusted EBITDA provides additional information to investors for evaluating our financial performance without regard to our financing methods, capital structure and historical cost basis. Further, EBITDA and Adjusted EBITDA, as we define them, may not be comparable to EBITDA, Adjusted EBITDA, or similarly titled measures used by other entities. For purposes of our Adjusted EBITDA calculation, we make a distinction between realized and unrealized gains and losses on derivatives. During the period when a derivative contract is open, we record changes in the fair value of the derivative as an unrealized gain or loss. When a derivative contract matures or is settled, we reverse the previously recorded unrealized gain or loss and record a realized gain or loss. In our Crude Oil Logistics segment, we purchase certain crude oil barrels using the West Texas Intermediate ('WTI') calendar month average ('CMA') price and sell the crude oil barrels using the WTI CMA price plus the Argus CMA Differential Roll Component ('CMA Differential Roll') per our contracts. To eliminate the volatility of the CMA Differential Roll, we entered into derivative instrument positions in January 2021 to secure a margin of approximately $0.20 per barrel on 1.5 million barrels per month from May 2021 through December 2023. Due to the nature of these positions, the cash flow and earnings recognized on a GAAP basis differed from period to period depending on the current crude oil price and future estimated crude oil price which were valued utilizing third-party market quoted prices. We recognized in Adjusted EBITDA the gains and losses from the derivative instrument positions entered into in January 2021 to properly align with the physical margin we hedged each month through the term of this transaction. This representation aligns with management's evaluation of the transaction. The derivative instrument positions we entered into related to the CMA Differential Roll expired as of December 31, 2023, and we have not entered into any new derivative instrument positions related to the CMA Differential Roll. As previously reported, for purposes of our Adjusted EBITDA calculation, we did not draw a distinction between realized and unrealized gains and losses on derivatives of certain businesses within our Liquids Logistics segment, which are included in discontinued operations. The primary hedging strategy of these businesses is to hedge against the risk of declines in the value of inventory over the course of the contract cycle, and many of the hedges cover extended periods of time. The 'inventory valuation adjustment' row in the reconciliation table reflects the difference between the market value of the inventory of these businesses at the balance sheet date and its cost. We include this in Adjusted EBITDA because the unrealized gains and losses for derivative contracts associated with the inventory of this segment, which are intended primarily to hedge inventory holding risk and are included in net income, also affect Adjusted EBITDA. Beginning April 1, 2024, and going forward, we will now be drawing a distinction between realized and unrealized gains and losses on derivatives and will no longer include the activity on the 'inventory valuation adjustment' row in the reconciliation table for these certain businesses within our Liquids Logistics segment, which are included in discontinued operations. This change aligns with how management now views and evaluates the transactions within these businesses and is also consistent with the calculation of Adjusted EBITDA used in our other businesses. If this change was made as of April 1, 2023, Adjusted EBITDA for the three months and year ended March 31, 2024 would have been $147.7 million and $609.5 million, respectively. Distributable Cash Flow is defined as Adjusted EBITDA minus maintenance capital expenditures, income tax expense, cash interest expense, preferred unit distributions and other. Maintenance capital expenditures represent capital expenditures necessary to maintain the Partnership's operating capacity. For the CMA Differential Roll transaction, as discussed above, we have included an adjustment to Distributable Cash Flow to reflect, in the period for which they relate, the actual cash flows for the positions that settled that are not being recognized in Adjusted EBITDA. Distributable Cash Flow is a performance metric used by senior management to compare cash flows generated by the Partnership (excluding growth capital expenditures and prior to the establishment of any retained cash reserves by the board of directors of our general partner) to the cash distributions expected to be paid to unitholders. Using this metric, management can quickly compute the coverage ratio of estimated cash flows to planned cash distributions. This financial measure also is important to investors as an indicator of whether the Partnership is generating cash flow at a level that can sustain, or support an increase in, quarterly distribution rates. Actual distribution amounts are set by the board of directors of our general partner. We do not provide a reconciliation for non-GAAP estimates on a forward-looking basis where we are unable to provide a meaningful calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various items that would impact the most directly comparable forward-looking U.S. GAAP financial measure that have not yet occurred, are out of the Partnership's control and/or cannot be reasonably predicted. Forward-looking non-GAAP financial measures provided without the most directly comparable U.S. GAAP financial measures may vary materially from the corresponding U.S. GAAP financial measures. Forward-Looking Statements This press release includes 'forward-looking statements.' All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. While NGL believes such forward-looking statements are reasonable, NGL cannot assure they will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Other factors that could impact any forward-looking statements are those risks described in NGL's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other public filings. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading 'Risk Factors.' NGL undertakes no obligation to publicly update or revise any forward-looking statements except as required by law. NGL provides Adjusted EBITDA guidance that does not include certain charges and costs, which in future periods are generally expected to be similar to the kinds of charges and costs excluded from Adjusted EBITDA in prior periods, such as income taxes, interest and other non-operating items, depreciation and amortization, net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, equity-based compensation expense, acquisition expense, revaluation of liabilities and items that are unusual in nature or infrequently occurring. The exclusion of these charges and costs in future periods will have a significant impact on the Partnership's Adjusted EBITDA, and the Partnership is not able to provide a reconciliation of its Adjusted EBITDA guidance to net income (loss) without unreasonable efforts due to the uncertainty and variability of the nature and amount of these future charges and costs and the Partnership believes that such reconciliation, if possible, would imply a degree of precision that would be potentially confusing or misleading to investors. About NGL Energy Partners LP NGL Energy Partners LP, a Delaware master limited partnership, operates the largest integrated network of large diameter wastewater pipelines, disposal wells and produced water handling systems in the Delaware Basin. NGL also operates wastewater disposal in the Eagle Ford and DJ Basins. In addition, NGL markets and provides other logistics services for crude oil, through its ownership of the Grand Mesa Pipeline System, Cushing terminal and other Gulf Coast terminals. For further information, visit the Partnership's website at NGL ENERGY PARTNERS LP AND SUBSIDIARIES Unaudited Consolidated Statements of Operations (in Thousands, except unit and per unit amounts) Three Months Ended March 31, Year Ended March 31, 2025 2024 2025 2024 REVENUES: Product $ 778,604 $ 876,817 $ 2,742,953 $ 3,467,925 Service and other 192,462 162,345 726,233 685,382 Total Revenues 971,066 1,039,162 3,469,186 4,153,307 COST OF SALES: Product 695,171 793,641 2,437,331 3,103,710 Service and other 14,265 18,499 69,746 81,724 Total Cost of Sales 709,436 812,140 2,507,077 3,185,434 OPERATING COSTS AND EXPENSES: Operating 75,651 70,958 297,686 299,605 General and administrative 13,483 66,114 55,593 121,625 Depreciation and amortization 64,455 66,366 254,732 266,114 Loss on disposal or impairment of assets, net 30,664 101,715 31,448 115,936 Revaluation of liabilities (3,745 ) 2,680 (6,705 ) 2,680 Operating Income (Loss) 81,122 (80,811 ) 329,355 161,913 OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities 3,367 2,340 6,565 4,120 Interest expense (70,101 ) (94,438 ) (280,078 ) (269,804 ) Loss on early extinguishment of liabilities, net — (62,152 ) — (55,281 ) Other income, net 1,778 1,658 4,262 2,782 Income (Loss) From Continuing Operations Before Income Taxes 16,166 (233,403 ) 60,104 (156,270 ) INCOME TAX (EXPENSE) BENEFIT (13 ) (857 ) 4,885 (1,458 ) Income (Loss) From Continuing Operations 16,153 (234,260 ) 64,989 (157,728 ) (Loss) Income From Discontinued Operations, net of Tax (1,431 ) (2,479 ) (21,826 ) 14,604 Net Income (Loss) 14,722 (236,739 ) 43,163 (143,124 ) (972 ) (27 ) (3,749 ) (631 ) (26 ) — (46 ) — NET INCOME (LOSS) ATTRIBUTABLE TO NGL ENERGY PARTNERS LP $ 13,724 $ (236,766 ) $ 39,368 $ (143,755 ) NET LOSS FROM CONTINUING OPERATIONS ALLOCATED TO COMMON UNITHOLDERS $ (14,677 ) $ (269,692 ) $ (57,096 ) $ (297,705 ) NET (LOSS) INCOME FROM DISCONTINUED OPERATIONS ALLOCATED TO COMMON UNITHOLDERS (1,429 ) (2,477 ) (21,804 ) 14,589 NET LOSS ALLOCATED TO COMMON UNITHOLDERS $ (16,106 ) $ (272,169 ) $ (78,900 ) $ (283,116 ) BASIC AND DILUTED (LOSS) INCOME PER COMMON UNIT Loss From Continuing Operations $ (0.11 ) $ (2.04 ) $ (0.43 ) $ (2.25 ) (Loss) Income From Discontinued Operations, net of Tax $ (0.01 ) $ (0.01 ) $ (0.16 ) $ 0.11 Net Loss $ (0.12 ) $ (2.05 ) $ (0.60 ) $ (2.14 ) BASIC AND DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING 132,012,766 132,512,766 132,204,283 132,146,477 Expand EBITDA, ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW RECONCILIATION (Unaudited) The following table reconciles NGL's net income (loss) to NGL's EBITDA, Adjusted EBITDA and Distributable Cash Flow for the periods indicated: Three Months Ended March 31, Year Ended March 31, (in thousands) Net income (loss) $ 14,722 $ (236,739 ) $ 43,163 $ (143,124 ) Less: Net income from continuing operations attributable to nonredeemable noncontrolling interests (972 ) (27 ) (3,749 ) (631 ) Less: Net income from continuing operations attributable to redeemable noncontrolling interests (26 ) — (46 ) — Net income (loss) attributable to NGL Energy Partners LP 13,724 (236,766 ) 39,368 (143,755 ) Interest expense 70,080 94,552 280,241 270,004 Income tax expense (benefit) 16 1,769 (4,775 ) 2,405 Depreciation and amortization 64,009 66,282 253,190 266,287 EBITDA 147,829 (74,163 ) 568,024 394,941 Net unrealized (gains) losses on derivatives (707 ) 7,145 21,782 63,762 Lower of cost or net realizable value adjustments (1) 2,590 (1,932 ) (1,619 ) 1,337 Loss on disposal or impairment of assets, net (2) 32,644 101,651 33,705 115,555 Revaluation of liabilities (3,745 ) 2,680 (6,705 ) 2,680 CMA Differential Roll net losses (gains) (3) — — — (71,285 ) Inventory valuation adjustment (4) — 1,972 — (3,419 ) Loss on early extinguishment of liabilities, net — 62,152 — 55,281 Equity-based compensation expense — — — 1,098 Other (5) (116 ) 48,037 2,572 50,131 Adjusted EBITDA $ 178,495 $ 147,542 $ 617,759 $ 610,081 Adjusted EBITDA - Discontinued Operations (6) $ 1,665 $ (396 ) $ (5,133 ) $ 16,667 Adjusted EBITDA - Continuing Operations $ 176,830 $ 147,938 $ 622,892 $ 593,414 Less: Cash interest expense (7) 64,442 91,658 267,612 254,590 Less: Income tax expense (benefit) 13 857 (4,885 ) 1,458 Less: Maintenance capital expenditures 11,553 13,189 69,500 54,854 Less: CMA Differential Roll (8) — — — (27,165 ) Less: Preferred unit distributions paid 28,935 178,299 305,291 178,299 Less: Other (9) 562 — 1,940 222 Distributable Cash Flow - Continuing Operations $ 71,325 $ (136,065 ) $ (16,566 ) $ 131,156 Expand _______________ (1) Lower of cost or net realizable value adjustments in the table above differ from lower of cost or net realizable value adjustments reported in our consolidated statements of cash flows in the Partnership's Annual Report on Form 10-K for the year ended March 31, 2025, as the amounts reported in the table above represent the change in lower of cost or net realizable value adjustments recorded in the consolidated statements of operations, which includes reversals, whereas the amounts reported in our consolidated statements of cash flows represent the lower of cost or net realizable value adjustments recorded at the balance sheet date. (2) Excludes amounts related to unconsolidated entities and noncontrolling interests. (3) Adjustment to align, within Adjusted EBITDA, the net gains and losses of the Partnership's CMA Differential Roll derivative instruments positions with the physical margin being hedged. See 'Non-GAAP Financial Measures' section above for a further discussion. (4) Amounts represent the difference between the market value of the inventory at the balance sheet date and its cost. See 'Non-GAAP Financial Measures' section above for a further discussion. (5) Amounts represent accretion expense for asset retirement obligations, unrealized gains and losses on investments and marketable securities and expenses incurred related to legal and advisory costs associated with acquisitions and dispositions, including the accrued judgment related to the LCT Capital, LLC legal matter, excluding interest, and the write-off of the legal costs related to the LCT Capital, LLC legal matter that were originally allocated to the Partnership's general partner as reported in the footnotes to our consolidated financial statements included in the Partnership's Annual Report on Form 10-K for the year ended March 31, 2025. (6) Amounts include our refined products and biodiesel businesses. (7) Amounts represent interest expense payable in cash, excluding changes in the accrued interest balance. (8) Amounts represent the cash portion of the adjustments of the Partnership's CMA Differential Roll derivative instrument positions, as discussed above, that settled during the period. (9) Amounts represent cash paid to settle asset retirement obligations. Expand ADJUSTED EBITDA RECONCILIATION BY SEGMENT (Unaudited) Three Months Ended March 31, 2025 (in thousands) Operating income (loss) $ 88,891 $ 7,148 $ (4,991 ) $ (9,926 ) $ 81,122 $ — $ 81,122 Depreciation and amortization 55,161 5,984 2,466 844 64,455 — 64,455 Amortization recorded to cost of sales — — 110 — 110 — 110 Net unrealized losses (gains) on derivatives 3,562 527 (6,116 ) — (2,027 ) — (2,027 ) Lower of cost or net realizable value adjustments — — 2,932 — 2,932 — 2,932 Loss (gain) on disposal or impairment of assets, net 8,033 (592 ) 23,223 — 30,664 — 30,664 Other (expense) income, net (331 ) (1 ) (1 ) 2,111 1,778 — 1,778 Adjusted EBITDA attributable to unconsolidated entities 3,503 — 5 — 3,508 — 3,508 Adjusted EBITDA attributable to noncontrolling interest (1,796 ) — — (78 ) (1,874 ) — (1,874 ) Revaluation of liabilities (3,745 ) — — — (3,745 ) — (3,745 ) Other 1,592 55 62 (1,802 ) (93 ) — (93 ) Discontinued operations — — — — — 1,665 1,665 Adjusted EBITDA $ 154,870 $ 13,121 $ 17,690 $ (8,851 ) $ 176,830 $ 1,665 $ 178,495 Expand Three Months Ended March 31, 2024 Water Solutions Crude Oil Logistics Liquids Logistics Corporate and Other Continuing Operations Discontinued Operations Consolidated (in thousands) Operating income (loss) $ 28,537 $ 3,279 $ (49,920 ) $ (62,707 ) $ (80,811 ) $ — $ (80,811 ) Depreciation and amortization 55,361 8,058 2,282 665 66,366 — 66,366 Net unrealized losses on derivatives 2,354 4,113 678 — 7,145 — 7,145 Lower of cost or net realizable value adjustments — (785 ) (110 ) — (895 ) — (895 ) Loss (gain) on disposal or impairment of assets, net 31,799 623 69,298 (5 ) 101,715 — 101,715 Other income (expense), net 194 (1 ) 1 1,464 1,658 — 1,658 Adjusted EBITDA attributable to unconsolidated entities 2,419 — 7 (13 ) 2,413 — 2,413 Adjusted EBITDA attributable to noncontrolling interest (371 ) — — — (371 ) — (371 ) Revaluation of liabilities 2,680 — — — 2,680 — 2,680 Other 467 52 (23 ) 47,542 48,038 — 48,038 Discontinued operations — — — — — (396 ) (396 ) Adjusted EBITDA $ 123,440 $ 15,339 $ 22,213 $ (13,054 ) $ 147,938 $ (396 ) $ 147,542 Expand Year Ended March 31, 2025 Water Solutions Crude Oil Logistics Liquids Logistics Corporate and Other Continuing Operations Discontinued Operations Consolidated (in thousands) Operating income (loss) $ 311,457 $ 46,101 $ 14,058 $ (42,261 ) $ 329,355 $ — $ 329,355 Depreciation and amortization 217,227 25,070 9,408 3,027 254,732 — 254,732 Amortization recorded to cost of sales — — 257 — 257 — 257 Net unrealized losses (gains) on derivatives 4,953 (4,011 ) 2,424 — 3,366 — 3,366 Lower of cost or net realizable value adjustments — — 2,916 — 2,916 — 2,916 Loss (gain) on disposal or impairment of assets, net 9,813 (1,004 ) 22,596 43 31,448 — 31,448 Other income, net 485 1 1,518 2,258 4,262 — 4,262 Adjusted EBITDA attributable to unconsolidated entities 7,044 — (51 ) — 6,993 — 6,993 Adjusted EBITDA attributable to noncontrolling interest (6,196 ) — — (178 ) (6,374 ) — (6,374 ) Revaluation of liabilities (6,705 ) — — — (6,705 ) — (6,705 ) Other 3,918 216 243 (1,735 ) 2,642 — 2,642 Discontinued operations — — — — — (5,133 ) (5,133 ) Adjusted EBITDA $ 541,996 $ 66,373 $ 53,369 $ (38,846 ) $ 622,892 $ (5,133 ) $ 617,759 Expand Year Ended March 31, 2024 Water Solutions Crude Oil Logistics Liquids Logistics Corporate and Other Continuing Operations Discontinued Operations Consolidated (in thousands) Operating income (loss) $ 231,256 $ 52,074 $ (13,178 ) $ (108,239 ) $ 161,913 $ — $ 161,913 Depreciation and amortization 214,480 36,922 9,963 4,749 266,114 — 266,114 Net unrealized losses (gains) on derivatives 385 65,786 (1,230 ) (1,179 ) 63,762 — 63,762 CMA Differential Roll net losses (gains) — (71,285 ) — — (71,285 ) — (71,285 ) Lower of cost or net realizable value adjustments — — (2,408 ) — (2,408 ) — (2,408 ) Loss (gain) on disposal or impairment of assets, net 53,639 3,094 59,923 (720 ) 115,936 — 115,936 Equity-based compensation expense — — — 1,098 1,098 — 1,098 Other income, net 1,110 105 1 1,566 2,782 — 2,782 Adjusted EBITDA attributable to unconsolidated entities 4,393 — (12 ) 124 4,505 — 4,505 Adjusted EBITDA attributable to noncontrolling interest (1,821 ) — — — (1,821 ) — (1,821 ) Revaluation of liabilities 2,680 — — — 2,680 — 2,680 Other 2,186 191 228 47,533 50,138 — 50,138 Discontinued operations — — — — — 16,667 16,667 Adjusted EBITDA $ 508,308 $ 86,887 $ 53,287 $ (55,068 ) $ 593,414 $ 16,667 $ 610,081 Expand OPERATIONAL DATA (Unaudited) Three Months Ended Year Ended March 31, March 31, 2025 2024 2025 2024 (in thousands, except per day amounts) Water Solutions: Produced water processed (barrels per day) Delaware Basin 2,424,683 2,086,047 2,303,142 2,123,337 Eagle Ford Basin 159,093 161,976 175,251 142,374 DJ Basin 148,001 143,237 146,956 150,426 Other Basins — — — 740 Total 2,731,777 2,391,260 2,625,349 2,416,877 Recycled water (barrels per day) 206,552 87,129 116,058 84,212 Total (barrels per day) 2,938,329 2,478,389 2,741,407 2,501,089 Skim oil sold (barrels per day) 4,902 4,217 4,268 3,992 Crude Oil Logistics: Crude oil sold (barrels) 1,978 3,338 10,412 20,068 Crude oil transported on owned pipelines (barrels) 5,066 6,091 22,238 25,611 Crude oil storage capacity - owned and leased (barrels) (1) 5,232 5,232 Crude oil inventory (barrels) (1) 339 573 Liquids Logistics: Propane sold (gallons) 314,709 287,028 760,287 811,035 Butane sold (gallons) 123,007 142,897 516,202 537,015 Other products sold (gallons) 63,537 66,442 277,495 263,422 Natural gas liquids storage capacity - owned and leased (gallons) (1) 52,721 122,831 Propane inventory (gallons) (1) 11,833 35,177 Butane inventory (gallons) (1) 21,871 17,790 Other products inventory (gallons) (1) 8,556 5,623 Expand _______________ (1) Information is presented as of March 31, 2025 and March 31, 2024, respectively. 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