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Scoop
3 days ago
- Business
- Scoop
Cultivating A Brighter Future In Maka: A Story Of Resilience And Revitalization In West Sepik, Papua New Guinea
Press Release – EU STREIT PNG Once struggling with low agricultural productivity and limited market access, an isolated rural community in West Sepik Province of Papua New Guinea has been transformed into a centre for valuable commodity production, thanks to the EU-STREIT PNG Programme. This shift is not only enhancing the villagers' living conditions but also paving the way for growth and prosperity of future generations. Vanimo, Papua New Guinea – In the remote stretches of Vanimo Green River, West Sepik Province of Papua New Guinea, the Maka community lived for years with a very limited agricultural commodity production. Rugged terrain and poorly maintained roads coupled with lack of any established market in the region also heavily impacted the daily life and livelihood leading to a state of seclusion. Basic amenities like education, healthcare, and transportation were often out of reach which left local families to face constant hardship. Generations grew up with these challenges, with little hope of unlocking their community's potential. Joseph, the Chairman of the Fugumi Cocoa Business Group, recalls those difficult times: 'We wanted to start a business but had less opportunity to sell our produce,' which was of low volume and quality. Referring to challenge they face due to lack of income, he adds, 'finding school fees was difficult [for us], and even [nutritious, protein-rich] food was hard to afford.' His words highlight the struggle in Maka, a place where promising crops, such as cocoa and vanilla, were lost due to low productivity, and infestation. Even if there were the quality products, they were suffered from the absence of accessible markets. For many, this isolation was equal to missed opportunities for economic progress. For Damia, the spouse of Joseph, life had been equally challenging. Interrupted by illness during her early schooling: 'I became very sick and had to leave school in Grade 5', because they had not enough money for treatment. She experienced firsthand the long-term impact of an education cut short. Now, every morning as she feeds their fish at the family ponds, she reminds her children of the importance of seizing every opportunity: 'I tell my children, 'You must do well to have a good future.'' Her determined voice, tempered by past hardships, fuels the hope that her children will break free of the limitations that once defined her lives. A Transformative Partnership Change began with the arrival of the EU-STREIT PNG Programme, an initiative aimed at reviving key agricultural value chains such as cocoa, fisheries, and vanilla. Funded by the European Union and implemented by FAO, ILO, ITU, UNCDF, and UNDP, the Programme is designed to improve these sectors by addressing gaps from production to market. The Programme provided vital technical training, agricultural inputs, and cocoa value chain support that had long been unaffordable or inaccessible to the villagers. Maka's farmers gained access to pest-tolerant seedlings, polybags, shed cloth, essential farming tools, nursery materials, and fermentary kits, alongside training in cocoa budding, block management, harvesting, post-harvesting as well as business development and management. Through this support, 40 farmers from the community were enabled to plant 4,033 pest-tolerant cloned cocoa seedlings, which transformed their rundown block fields into productive plots. These resources were more than just physical tools, they symbolized a renewed hope. Reflecting on support received, Joseph recalls, 'When I saw these things, I was very happy.' Building on the Programme's agricultural initiatives in cocoa, support was also extended to aquaculture within the community. In June 2024, the Programme supported Joseph and Damia to stock 400 fingerlings in their only fishpond, initiating aquaculture freshwater fish farming. Within 6–7 months, the fish matured quickly, leading to a high fingerling production rate, allowing the family to expand their fishpond from one to three, and to distribute 50–100 fingerlings to cluster groups and individuals in surrounding area. This expansion, driven by Programme intervention, is strengthening fish farming in Maka, increasing profitability and nutrition for involved households. This blend of expertise and resources empowered Maka's farmers to adopt sustainable, climate-smart practices, setting them on a path toward long-term prosperity. Revitalizing Production and Market Access One of the Programme's greatest achievements was restoring market access for Maka's agricultural produce. Previously, isolation and lack of reliable trading point meant that even the best harvests were left to perish in the fields with no buyer. With the EU-STREIT PNG support, a Cocoa Trade and Depot Facility was constructed and established in Vanimo, the provincial capital, serving as a robust outlet for local produce. Trucks now make regular trips from Vanimo to Maka, transporting much-needed supplies and returning with cocoa beans. The arrival of these trucks has brought great relief and confidence to the villagers. Damia smiles with gratitude: 'Trucks finally reach our village. They help us sell cocoa, and I am happy.' This improved cocoa market infrastructure has not only revitalized the local economy but also inspired farmers to venture in better pot-harvest processing. Supported by the Programme, they constructed a cocoa fermentary in Maka, so that beans can be processed on-site and fetch higher market prices. Empowering Families Through Self-Reliance Beyond the tangible economic benefits, the Programme's impact is deeply personal. For Damia and Joseph, the changes go hand in hand with a renewed sense of independence. Every day, Damia tends to their fishponds with unwavering commitment, a task that often requires her to wake before dawn and go into the bush to secure extra nourishment for the fish. 'No one helps me, only my husband and I,' she says, capturing the spirit of self-reliance that now defines their daily life. This newfound independence plays a crucial role in shaping their future. Damia is determined to ensure her children, who attend schools in both Maka and Vanimo, have educational opportunities she never had. Meanwhile, Joseph dreams of a future where his children can break free of the legacy of missed opportunities. 'I dream of my children achieving their goals,' he confesses. Toward a Brighter Future Today, Maka is well on its way to emerging from its long history of seclusion. The the adoption of efficient agricultural techniques coupled with the restoration of market linkages have set the stage for sustainable development. As Damia reflects on the journey, her gratitude is evident: 'Thank you for everything, thank you for the fish and cocoa you provided, and thank you for all the support. We now have these things, and we feel very happy.' Her heartfelt words echo the sentiment of a community poised for change. Together, Joseph, Damia, and their neighbours are not only rewriting the story of Maka—they are forging a collective path toward a future defined by resilience, cooperation, and hope. Ensuring Long-Term Sustainability Sustainability is at the heart of the EU-STREIT PNG Programme's vision for lasting change. While the Programme rehabilitated a cocoa nursery to support local farmers in Maka to revitalize their cocoa blocks, long-term success depends on continued government ownership and investment. Recognizing this, the Cocoa Board of Papua New Guinea has now stepped in to oversee and support the nursery, ensuring its continued operation and benefit to the community. In parallel, the Cocoa Tarde and Depot Facility is handed over to be run by West Sepik Investment Limited, the business arm of the Provincial Government. The This transition reflects the Programme's core objective which is empowering institutions to take ownership so that these advancements endure beyond Programme interventions, and to foster a sustainable cocoa business in for Maka. A Flagship under the EU's Global Gateway EU-STREIT PNG contributes to the EU's Global Gateway Strategy by driving rural transformation through climate-resilient agriculture, sustainable infrastructure, and digital innovation. As the first articulation of the Strategy in Papua New Guinea, the Programme enhances market access for remote farmers by improving transport links, expanding digital tools for real-time farming advice and weather alerts, and promoting clean energy use. These 'smart, clean, and secure' solutions reduce transaction costs, boost productivity, and strengthen food security and incomes, delivering tangible impact in line with the EU's global development vision. About the EU-STREIT PNG Programme The EU-STREIT PNG Programme, is the European Union's largest grant-funded initiative in the country being implemented as a United Nations Joint Programme by FAO, ILO, ITU, UNCDF and UNDP. It focuses on boosting sustainable and inclusive economic development in rural areas. This is achieved by FAO's support in enhancing economic returns and opportunities within cocoa, vanilla, and fisheries value chains. Additionally, the Programme strengthens and improves the efficiency of value chain enablers, including access to Information & Communication Technology (ICT) by the International Telecommunication Union (ITU) and digital financial services by UNCDF. ILO also supports the development of sustainable, climate-resilient roads and other transport infrastructures while UNDP provides renewable energy solutions. The Programme directly benefits two provinces: East Sepik and West Sepik.
Scoop
3 days ago
- Business
- Scoop
Cultivating A Brighter Future In Maka: A Story Of Resilience And Revitalization In West Sepik, Papua New Guinea
Press Release – EU STREIT PNG Once struggling with low agricultural productivity and limited market access, an isolated rural community in West Sepik Province of Papua New Guinea has been transformed into a centre for valuable commodity production, thanks to the EU-STREIT PNG Programme. This shift is not only enhancing the villagers' living conditions but also paving the way for growth and prosperity of future generations. Vanimo, Papua New Guinea – In the remote stretches of Vanimo Green River, West Sepik Province of Papua New Guinea, the Maka community lived for years with a very limited agricultural commodity production. Rugged terrain and poorly maintained roads coupled with lack of any established market in the region also heavily impacted the daily life and livelihood leading to a state of seclusion. Basic amenities like education, healthcare, and transportation were often out of reach which left local families to face constant hardship. Generations grew up with these challenges, with little hope of unlocking their community's potential. Joseph, the Chairman of the Fugumi Cocoa Business Group, recalls those difficult times: 'We wanted to start a business but had less opportunity to sell our produce,' which was of low volume and quality. Referring to challenge they face due to lack of income, he adds, 'finding school fees was difficult [for us], and even [nutritious, protein-rich] food was hard to afford.' His words highlight the struggle in Maka, a place where promising crops, such as cocoa and vanilla, were lost due to low productivity, and infestation. Even if there were the quality products, they were suffered from the absence of accessible markets. For many, this isolation was equal to missed opportunities for economic progress. For Damia, the spouse of Joseph, life had been equally challenging. Interrupted by illness during her early schooling: 'I became very sick and had to leave school in Grade 5', because they had not enough money for treatment. She experienced firsthand the long-term impact of an education cut short. Now, every morning as she feeds their fish at the family ponds, she reminds her children of the importance of seizing every opportunity: 'I tell my children, 'You must do well to have a good future.'' Her determined voice, tempered by past hardships, fuels the hope that her children will break free of the limitations that once defined her lives. A Transformative Partnership Change began with the arrival of the EU-STREIT PNG Programme, an initiative aimed at reviving key agricultural value chains such as cocoa, fisheries, and vanilla. Funded by the European Union and implemented by FAO, ILO, ITU, UNCDF, and UNDP, the Programme is designed to improve these sectors by addressing gaps from production to market. The Programme provided vital technical training, agricultural inputs, and cocoa value chain support that had long been unaffordable or inaccessible to the villagers. Maka's farmers gained access to pest-tolerant seedlings, polybags, shed cloth, essential farming tools, nursery materials, and fermentary kits, alongside training in cocoa budding, block management, harvesting, post-harvesting as well as business development and management. Through this support, 40 farmers from the community were enabled to plant 4,033 pest-tolerant cloned cocoa seedlings, which transformed their rundown block fields into productive plots. These resources were more than just physical tools, they symbolized a renewed hope. Reflecting on support received, Joseph recalls, 'When I saw these things, I was very happy.' Building on the Programme's agricultural initiatives in cocoa, support was also extended to aquaculture within the community. In June 2024, the Programme supported Joseph and Damia to stock 400 fingerlings in their only fishpond, initiating aquaculture freshwater fish farming. Within 6–7 months, the fish matured quickly, leading to a high fingerling production rate, allowing the family to expand their fishpond from one to three, and to distribute 50–100 fingerlings to cluster groups and individuals in surrounding area. This expansion, driven by Programme intervention, is strengthening fish farming in Maka, increasing profitability and nutrition for involved households. This blend of expertise and resources empowered Maka's farmers to adopt sustainable, climate-smart practices, setting them on a path toward long-term prosperity. Revitalizing Production and Market Access One of the Programme's greatest achievements was restoring market access for Maka's agricultural produce. Previously, isolation and lack of reliable trading point meant that even the best harvests were left to perish in the fields with no buyer. With the EU-STREIT PNG support, a Cocoa Trade and Depot Facility was constructed and established in Vanimo, the provincial capital, serving as a robust outlet for local produce. Trucks now make regular trips from Vanimo to Maka, transporting much-needed supplies and returning with cocoa beans. The arrival of these trucks has brought great relief and confidence to the villagers. Damia smiles with gratitude: 'Trucks finally reach our village. They help us sell cocoa, and I am happy.' This improved cocoa market infrastructure has not only revitalized the local economy but also inspired farmers to venture in better pot-harvest processing. Supported by the Programme, they constructed a cocoa fermentary in Maka, so that beans can be processed on-site and fetch higher market prices. Empowering Families Through Self-Reliance Beyond the tangible economic benefits, the Programme's impact is deeply personal. For Damia and Joseph, the changes go hand in hand with a renewed sense of independence. Every day, Damia tends to their fishponds with unwavering commitment, a task that often requires her to wake before dawn and go into the bush to secure extra nourishment for the fish. 'No one helps me, only my husband and I,' she says, capturing the spirit of self-reliance that now defines their daily life. This newfound independence plays a crucial role in shaping their future. Damia is determined to ensure her children, who attend schools in both Maka and Vanimo, have educational opportunities she never had. Meanwhile, Joseph dreams of a future where his children can break free of the legacy of missed opportunities. 'I dream of my children achieving their goals,' he confesses. Toward a Brighter Future Today, Maka is well on its way to emerging from its long history of seclusion. The the adoption of efficient agricultural techniques coupled with the restoration of market linkages have set the stage for sustainable development. As Damia reflects on the journey, her gratitude is evident: 'Thank you for everything, thank you for the fish and cocoa you provided, and thank you for all the support. We now have these things, and we feel very happy.' Her heartfelt words echo the sentiment of a community poised for change. Together, Joseph, Damia, and their neighbours are not only rewriting the story of Maka—they are forging a collective path toward a future defined by resilience, cooperation, and hope. Ensuring Long-Term Sustainability Sustainability is at the heart of the EU-STREIT PNG Programme's vision for lasting change. While the Programme rehabilitated a cocoa nursery to support local farmers in Maka to revitalize their cocoa blocks, long-term success depends on continued government ownership and investment. Recognizing this, the Cocoa Board of Papua New Guinea has now stepped in to oversee and support the nursery, ensuring its continued operation and benefit to the community. In parallel, the Cocoa Tarde and Depot Facility is handed over to be run by West Sepik Investment Limited, the business arm of the Provincial Government. The This transition reflects the Programme's core objective which is empowering institutions to take ownership so that these advancements endure beyond Programme interventions, and to foster a sustainable cocoa business in for Maka. A Flagship under the EU's Global Gateway EU-STREIT PNG contributes to the EU's Global Gateway Strategy by driving rural transformation through climate-resilient agriculture, sustainable infrastructure, and digital innovation. As the first articulation of the Strategy in Papua New Guinea, the Programme enhances market access for remote farmers by improving transport links, expanding digital tools for real-time farming advice and weather alerts, and promoting clean energy use. These 'smart, clean, and secure' solutions reduce transaction costs, boost productivity, and strengthen food security and incomes, delivering tangible impact in line with the EU's global development vision. About the EU-STREIT PNG Programme The EU-STREIT PNG Programme, is the European Union's largest grant-funded initiative in the country being implemented as a United Nations Joint Programme by FAO, ILO, ITU, UNCDF and UNDP. It focuses on boosting sustainable and inclusive economic development in rural areas. This is achieved by FAO's support in enhancing economic returns and opportunities within cocoa, vanilla, and fisheries value chains. Additionally, the Programme strengthens and improves the efficiency of value chain enablers, including access to Information & Communication Technology (ICT) by the International Telecommunication Union (ITU) and digital financial services by UNCDF. ILO also supports the development of sustainable, climate-resilient roads and other transport infrastructures while UNDP provides renewable energy solutions. The Programme directly benefits two provinces: East Sepik and West Sepik.
Cision Canada
4 days ago
- Business
- Cision Canada
CMP Next Edge 2025 Critical and Precious Metals Short Duration Flow-Through Limited Partnership Files Preliminary Prospectus
, May 30, 2025 /CNW/ - Next Edge Capital Corp. ("Next Edge" or the "Manager") announced that a preliminary prospectus for CMP Next Edge 2025 Critical and Precious Metals Short Duration Flow-Through Limited Partnership (the "Partnership") was filed and receipted by the securities regulatory authorities of all the Canadian provinces and territories for an initial public offering of Series A Units and Series F Units (together with the Series A Units, the "Units") at a price of $25.00 per Unit. The Partnership's investment objective is to provide holders of Units ("Limited Partners") with capital appreciation and a tax-assisted investment in a diversified portfolio (the "Portfolio") of resource sector flow-through shares and additional securities, if any, that offer attractive risk-reward characteristics, and which primarily derive revenue from activities incurring Eligible Expenditures (as defined in the Preliminary Prospectus) in the mining and energy sector. The Portfolio will focus on Resource Companies (as defined in the Preliminary Prospectus) incurring such Eligible Expenditures across Canada. The Partnership intends to achieve its investment objectives by investing in resource sector flow-through shares and other securities, including but not limited to listed equities or bonds, or money-market instruments as permitted by the Investment Guidelines (as defined in the Preliminary Prospectus) that offer attractive risk-reward characteristics, with the goal of achieving capital appreciation and tax benefits for Limited Partners. The Partnership will invest and conduct its deal sourcing by investing in projects with reliable and accessible infrastructure that exhibit a reasonable timeline to commencement and completion of operations. In addition, the Partnership will seek to leverage the extensive experience in the small-cap mining sector of its portfolio manager, Palos Wealth Management Inc. ("Palos"), which has participated in over 200 private placement junior mining deals since 2016. The Partnership will also leverage Palos' understanding of the flow-through market and its implications for resource investments. The Series F Units are designed for fee-based and/or institutional accounts and the Series A Units are available to all investors. The syndicate of agents is being led by National Bank Financial Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., and Scotia Capital Inc. as joint bookrunners and includes BMO Nesbitt Burns Inc., Canaccord Genuity Corp., IA Private Wealth Inc., Desjardins Securities Inc., Raymond James Ltd., Richardson Wealth Limited, CI Investment Services Inc., Manulife Wealth Inc., Research Capital Corp., Ventum Financial Corp. and Wellington-Altus Private Wealth Inc. About Next Edge Next Edge is an investment fund manager and a leader in the structuring and distribution of alternative, private credit and value-added fund products in Canada. The firm is led by an experienced management team that has launched numerous investment solutions in a variety of product structures and has been responsible for raising over $3 billion of alternative assets since 2000. 1 Next Edge specializes and focuses on providing unique, non-correlated pooled investment vehicles to the Canadian marketplace. 1 Please note that over CAD $2 billion of the CAD $3 billion of alternative assets raised relates to assets that were raised at a previous firm(s). About Palos Wealth Management Inc. Palos is a Montreal-based wealth and investment management firm with over 20 years of experience providing innovative investment solutions. Palos specializes in active portfolio management, focusing on delivering high-performing investment strategies and consistent, risk-adjusted returns tailored to the needs of their clients. With a proven track record in resource-focused investments and a commitment to excellence, Palos is a trusted partner for clients across Canada. A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from any one of the agents noted above. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued. There are ongoing fees and expenses associated with owning securities of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the fund in these documents. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. The Units have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States, and may not be offered or sold, directly or indirectly, in the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable securities laws of any state of the United States or in reliance on an exemption from such registration requirements. This news release does not constitute an offer to sell, or a solicitation of an offer to buy any of the Fund's securities referred to herein in the United States. SOURCE Next Edge Capital Corp.
Yahoo
4 days ago
- Business
- Yahoo
CMP Next Edge 2025 Critical and Precious Metals Short Duration Flow-Through Limited Partnership Files Preliminary Prospectus
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./ TORONTO, May 30, 2025 /CNW/ - Next Edge Capital Corp. ("Next Edge" or the "Manager") announced that a preliminary prospectus for CMP Next Edge 2025 Critical and Precious Metals Short Duration Flow-Through Limited Partnership (the "Partnership") was filed and receipted by the securities regulatory authorities of all the Canadian provinces and territories for an initial public offering of Series A Units and Series F Units (together with the Series A Units, the "Units") at a price of $25.00 per Unit. The Partnership's investment objective is to provide holders of Units ("Limited Partners") with capital appreciation and a tax-assisted investment in a diversified portfolio (the "Portfolio") of resource sector flow-through shares and additional securities, if any, that offer attractive risk-reward characteristics, and which primarily derive revenue from activities incurring Eligible Expenditures (as defined in the Preliminary Prospectus) in the mining and energy sector. The Portfolio will focus on Resource Companies (as defined in the Preliminary Prospectus) incurring such Eligible Expenditures across Canada. The Partnership intends to achieve its investment objectives by investing in resource sector flow-through shares and other securities, including but not limited to listed equities or bonds, or money-market instruments as permitted by the Investment Guidelines (as defined in the Preliminary Prospectus) that offer attractive risk-reward characteristics, with the goal of achieving capital appreciation and tax benefits for Limited Partners. The Partnership will invest and conduct its deal sourcing by investing in projects with reliable and accessible infrastructure that exhibit a reasonable timeline to commencement and completion of operations. In addition, the Partnership will seek to leverage the extensive experience in the small-cap mining sector of its portfolio manager, Palos Wealth Management Inc. ("Palos"), which has participated in over 200 private placement junior mining deals since 2016. The Partnership will also leverage Palos' understanding of the flow-through market and its implications for resource investments. The Series F Units are designed for fee-based and/or institutional accounts and the Series A Units are available to all investors. The syndicate of agents is being led by National Bank Financial Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., and Scotia Capital Inc. as joint bookrunners and includes BMO Nesbitt Burns Inc., Canaccord Genuity Corp., IA Private Wealth Inc., Desjardins Securities Inc., Raymond James Ltd., Richardson Wealth Limited, CI Investment Services Inc., Manulife Wealth Inc., Research Capital Corp., Ventum Financial Corp. and Wellington-Altus Private Wealth Inc. About Next Edge Next Edge is an investment fund manager and a leader in the structuring and distribution of alternative, private credit and value-added fund products in Canada. The firm is led by an experienced management team that has launched numerous investment solutions in a variety of product structures and has been responsible for raising over $3 billion of alternative assets since 2000.1 Next Edge specializes and focuses on providing unique, non-correlated pooled investment vehicles to the Canadian marketplace. 1 Please note that over CAD $2 billion of the CAD $3 billion of alternative assets raised relates to assets that were raised at a previous firm(s). About Palos Wealth Management Inc. Palos is a Montreal-based wealth and investment management firm with over 20 years of experience providing innovative investment solutions. Palos specializes in active portfolio management, focusing on delivering high-performing investment strategies and consistent, risk-adjusted returns tailored to the needs of their clients. With a proven track record in resource-focused investments and a commitment to excellence, Palos is a trusted partner for clients across Canada. A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from any one of the agents noted above. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued. There are ongoing fees and expenses associated with owning securities of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the fund in these documents. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. The Units have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States, and may not be offered or sold, directly or indirectly, in the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable securities laws of any state of the United States or in reliance on an exemption from such registration requirements. This news release does not constitute an offer to sell, or a solicitation of an offer to buy any of the Fund's securities referred to herein in the United States. SOURCE Next Edge Capital Corp. View original content:
Yahoo
5 days ago
- Business
- Yahoo
NGL Energy Partners LP Announces Fourth Quarter and Full Year Fiscal 2025 Financial Results; Guidance for Fiscal 2026
TULSA, Okla., May 29, 2025--(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. Highlights for the fiscal year and quarter ended March 31, 2025 include: 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. _______________ (1) See the "Non-GAAP Financial Measures" section of this release for the definition of Adjusted EBITDA (as used herein) and a discussion of this non-GAAP financial measure. (2) Certain of the forward-looking financial measures are provided on a non-GAAP basis. A reconciliation of forward-looking financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP is potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant. 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: Quarter Ended March 31, 2025 March 31, 2024 OperatingIncome (Loss) AdjustedEBITDA(1) OperatingIncome (Loss) AdjustedEBITDA(1) (in thousands) Water Solutions $ 88,891 $ 154,870 $ 28,537 $ 123,440 Crude Oil Logistics 7,148 13,121 3,279 15,339 Liquids Logistics (4,991 ) 17,690 (49,920 ) 22,213 Corporate and Other (9,926 ) (8,851 ) (62,707 ) (13,054 ) Total $ 81,122 $ 176,830 $ (80,811 ) $ 147,938 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 Balance Sheets (in Thousands, except unit amounts) March 31, 2025 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 5,649 $ 38,909 Accounts receivable, net of allowance for expected credit losses of $3,689 and $1,446, respectively 579,468 717,022 Accounts receivable-affiliates 730 1,501 Inventories 69,916 106,598 Prepaid expenses and other current assets 63,651 71,315 Assets held for sale 175,207 72,470 Assets of discontinued operations 67,432 172,838 Total current assets 962,053 1,180,653 PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $1,104,582 and $1,011,020, respectively 2,066,847 2,095,441 GOODWILL 599,348 617,231 INTANGIBLE ASSETS, net of accumulated amortization of $340,334 and $327,574, respectively 851,347 932,714 INVESTMENTS IN UNCONSOLIDATED ENTITIES — 20,305 OPERATING LEASE RIGHT-OF-USE ASSETS 109,870 95,436 OTHER NONCURRENT ASSETS 19,975 52,128 ASSETS HELD FOR SALE — 26,186 Total assets $ 4,609,440 $ 5,020,094 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ 461,980 $ 638,763 Accounts payable-affiliates 102 37 Accrued expenses and other payables 135,233 172,602 Advance payments received from customers 10,347 17,313 Current maturities of long-term debt 8,805 7,000 Operating lease obligations 27,911 29,387 Liabilities held for sale 42,103 2,064 Liabilities of discontinued operations 52,749 110,181 Total current liabilities 739,230 977,347 LONG-TERM DEBT, net of debt issuance costs of $43,144 and $49,178, respectively, and current maturities 2,961,703 2,843,822 OPERATING LEASE OBLIGATIONS 85,240 70,573 OTHER NONCURRENT LIABILITIES 125,897 129,185 CLASS D 9.00% PREFERRED UNITS, 600,000 and 600,000 preferred units issued and outstanding, respectively 551,097 551,097 REDEEMABLE NONCONTROLLING INTERESTS 424 — EQUITY: General partner, representing a 0.1% interest, 132,145 and 132,645 notional units, respectively (52,913 ) (52,834 ) Limited partners, representing a 99.9% interest, 132,012,766 and 132,512,766 common units issued and outstanding, respectively (170,275 ) 134,807 Class B preferred limited partners, 12,585,642 and 12,585,642 preferred units issued and outstanding, respectively 305,468 305,468 Class C preferred limited partners, 1,800,000 and 1,800,000 preferred units issued and outstanding, respectively 42,891 42,891 Accumulated other comprehensive income (loss) 9 (499 ) Noncontrolling interests 20,669 18,237 Total equity 145,849 448,070 Total liabilities and equity $ 4,609,440 $ 5,020,094 NGL ENERGY PARTNERS LP AND SUBSIDIARIES Unaudited Consolidated Statements of Operations (in Thousands, except unit and per unit amounts) Three Months EndedMarch 31, Year EndedMarch 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 ) 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 ) 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 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 EndedMarch 31, Year EndedMarch 31, 2025 2024 2025 2024 (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 _______________ (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. ADJUSTED EBITDA RECONCILIATION BY SEGMENT (Unaudited) Three Months Ended March 31, 2025 Water Solutions Crude OilLogistics LiquidsLogistics Corporateand Other ContinuingOperations DiscontinuedOperations Consolidated (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 Three Months Ended March 31, 2024 WaterSolutions Crude OilLogistics LiquidsLogistics Corporateand Other ContinuingOperations DiscontinuedOperations 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 Year Ended March 31, 2025 WaterSolutions Crude OilLogistics LiquidsLogistics Corporateand Other ContinuingOperations DiscontinuedOperations 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 Year Ended March 31, 2024 WaterSolutions Crude OilLogistics LiquidsLogistics Corporateand Other ContinuingOperations DiscontinuedOperations 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 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 _______________ (1) Information is presented as of March 31, 2025 and March 31, 2024, respectively. View source version on Contacts David Sullivan, 918-495-4631Vice President - 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
