NGL Energy Partners LP is a Delaware master limited partnership that provides Water Solutions (produced water transport, treatment, recycling and disposal), Crude Oil Logistics (purchase, transport and storage of crude) and Liquids Logistics (supply and terminal/pipeline services for NGLs) supported by owned terminals, pipelines and long‑term fixed‑fee contracts and acreage dedications.

# NGL Energy Partners LP

## Corporate structure
- Legal form: Delaware master limited partnership.  
- General partner: NGL Energy Holdings LLC.  
- Direct operating subsidiary: NGL Energy Operating LLC.  
- General Partner (GP) ownership group: NGL Energy GP Investor Group comprises 43 individuals/entities.  
- Operational data referenced for the year ended March 31, 2026 (data as of that date unless otherwise indicated).

## Segments and core activities

### 1) Water Solutions
- Services: Transport, treatment, recycling, and disposal of produced water and flowback water from crude oil and natural gas production.  
- Additional offerings: Sale of produced water for reuse and recycling to producer customers; processing to recover crude oil (skim oil); disposal of solids (e.g., tank bottoms, drilling fluids, drilling muds); ancillary services such as truck washouts.  
- Revenue stability mechanisms: Long-term, fixed-fee contracts with producer customers; acreage dedications with minimum volume commitments, including with large, investment-grade producers.

### 2) Crude Oil Logistics
- Services: Purchase crude oil from producers and marketers and transport it to refineries or for resale at various hubs (pipeline injection stations, storage terminals, barge/loading facilities, rail facilities, etc.).  
- Capacity and assets: Storage tanks and owned/leased pipelines; transportation and storage services at multiple hubs.  
- Revenue stability mechanisms: Long-term, fixed-rate contracts with acreage dedications and minimum volume commitments on storage tanks and pipelines.

### 3) Liquids Logistics
- Services: Supply natural gas liquids (NGLs) to commercial, retail, and industrial customers across the United States and Canada.  
- Assets and capacity: Five owned terminals; third-party storage/terminal facilities; access to nine common carrier pipelines; fleet of leased railcars.  
- Specialized activities: Marine exports of butane via a facility in Chesapeake, Virginia; ownership of a propane pipeline in Michigan.  
- Hedging and risk management: Use of back-to-back physical contracts and pre-sold arrangements to lock margins on a portion of winter volumes; financially settled derivative contracts used as economic hedges of physical inventory, sales, and purchases.

## Business repositioning and dispositions (current fiscal year actions)
- April 14, 2025: Sold certain investments in unconsolidated entities, property, plant and equipment, and intangible assets in the Water Solutions segment.  
- April 30, 2025: Sold the refined products business (part of Liquids Logistics) along with certain working capital.  
- April 30, 2025: Sold most of the wholesale propane business, 17 NGL terminals, an interest in an unconsolidated entity, and related working capital (collectively referred to as the Wholesale Propane Disposition) within Liquids Logistics.

NGL Energy Partners LP is a diversified midstream energy partnership involved in water solutions, crude oil logistics, and liquids logistics, operating primarily in prolific regions of the U.S. and Canada.

# Company Overview: NGL Energy Partners LP

**Business Focus:**
NGL Energy Partners LP is a diversified midstream energy partnership involved in the transportation, treatment, recycling, and disposal of produced and flowback water from crude oil and natural gas operations, as well as the logistics of crude oil and liquids.

## Business Segments and Operations:

### 1. Water Solutions
- **Activities:** Transports, treats, recycles, disposes of produced and flowback water, sells recycled water for reuse, aggregates and sells recovered crude oil (skim oil), disposes solids such as tank bottoms and drilling muds, and performs ancillary services like tank washouts.
- **Geographic Areas:** Operates primarily in prolific regions including the Delaware Basin (New Mexico and Texas), DJ Basin (Colorado), and Eagle Ford Basin (Texas).
- **Assets:** Owns 90 water treatment and disposal facilities with 194 injection wells.
- **Volume Handled:** Approximately 958.3 million barrels of produced water annually (year ended March 31, 2025).
- **Key Infrastructure:** Largest integrated network of large-diameter pipelines, recycling, and disposal wells in the Northern Delaware Basin, with over 800 miles of pipelines and 58 disposal facilities.
- **Customer Base:** Major oil and gas companies, with 73% of Water Solutions revenue from the top 10 customers in FY2025.
- **Growth Projects:** Expanded pipeline capacity in the Delaware Basin (LEX II Expansion to 340,000 barrels/day, expandable to 500,000 barrels/day).

### 2. Crude Oil Logistics
- **Activities:** Purchases crude oil from producers, transports to refineries or resale points via pipelines, pipeline injection stations, storage terminals, barges, and rail facilities.
- **Assets:** Owns and operates key assets like the Grand Mesa Pipeline (~550 miles, part FERC-regulated), a large terminal in Cushing, Oklahoma (capacity: ~3.6 million barrels), and marine terminals.
- **Capacity & Operations:** Transported about 61,000 barrels/day on the Grand Mesa Pipeline during FY2025.
- **Customer Base:** Primarily refiners, producers, and marketers; 79% of revenue from the top 10 customers in FY2025.
- **Additional Equipment:** Owns and operates 25 pipeline injection stations across Texas, New Mexico, Oklahoma, and Kansas.

### 3. Liquids Logistics
- **Activities:** Conducts supply operations for natural gas liquids (NGLs) including propane, butane, and natural gasoline across the U.S. and Canada.
- **Assets:** Owns five terminals, leased storage facilities, nine common carrier pipelines, and a fleet of approximately 3,300 railcars.
- **Exports & Pipelines:** Marine export/import terminal in Chesapeake, Virginia; owns a 225-mile propane pipeline in Michigan.
- **Storage Capacity:** Total of approximately 22.2 million gallons (mostly owned or leased), with key facilities in Virginia, Louisiana, Michigan, Washington, Canada (Alberta and Ontario).
- **Volume Sold:** Approximately 1.6 billion gallons of NGLs (about 101,000 barrels/day) during FY2025.
- **Customer Base:** Includes retail, industrial, wholesale, petrochemical companies, and others; 36% of revenues from the top 10 customers in FY2025.
- **Seasonality:** Business impacted by seasonal demand for propane and butane, mitigated by preselling and storage strategies.

## Business Dispositions and Strategic Shifts:
- Sold refined products business (April 2025).
- Wound down biodiesel business.
- Sold 17 natural gas liquids terminals and most of the wholesale propane business (April 2025).
- Assets classified as held for sale; these sales do not constitute a strategic shift.

## Employment & Financials:
- **Employees:** 569 employees across 27 states and Canada.
- **Revenue (FY2025):** Not explicitly specified in the excerpt.
- **Market Capitalization:** As of September 30, 2024, the market value of common units held by non-affiliates was approximately **$465.3 million** (based on a share price of $4.50).
- **Unitholders:** 132,012,766 common units issued and outstanding as of May 27, 2025.
- **Trading:** Listed on NYSE under symbol **NGL**.

## Additional Information:
- The company operates under a Master Limited Partnership (MLP) structure with a general partner controlling strategic decisions.
- Focus on fee-based contracts, long-term acreage dedications, and minimum volume commitments with large oil and gas companies.
- Has a formal risk management policy involving derivatives to hedge commodity price exposure.
- Committed to safety, environmental responsibility, and cybersecurity governance.

**Note:** Specific revenue and net income figures are not provided in the excerpt.

NGL Energy Partners LP is a diversified midstream energy partnership engaged in the logistics and management of water and crude oil derived from hydraulic fracturing operations, with substantial operations across multiple segments.

# NGL Energy Partners LP

NGL Energy Partners LP is a diversified midstream energy partnership based in Tulsa, Oklahoma, focused on the logistics, transportation, treatment, recycling, and disposal of produced and flowback water from crude oil and natural gas production. Established in September 2010, the company operates across three primary segments: Water Solutions, Crude Oil Logistics, and Liquids Logistics.

## Key Business Segments

### Water Solutions
- Services: Transport, treat, recycle, and dispose of produced and flowback water; sell produced water for reuse and brackish non-potable water for crude oil exploration; aggregate and sell recovered crude oil from processed water; handle solids disposal.
- Scale: Operates in the Delaware Basin, Eagle Ford Basin, and Denver-Julesburg Basin.
- Volume handled: Processed approximately 884.6 million barrels of produced water in FY 2024.
- Contracts: Supported by long-term fixed-fee contracts and acreage dedications; 69% of revenue comes from the top ten customers.
- Revenue (FY 2024): $730.8 million.
- Operating income (FY 2024): $231.3 million.
- Employees: Approximately 226 dedicated to the Water Solutions segment.

### Crude Oil Logistics
- Services: Purchase crude oil from producers and marketers; transport to refineries or for resale; provide storage, terminaling, and transportation services.
- Capacity: Owns the Grand Mesa Pipeline (550 miles) transporting crude from Colorado to Cushing, Oklahoma, and operates terminals including a Cushing terminal with 3.6 million barrels of storage capacity.
- Volume transported: 20.1 million barrels of crude oil in FY 2024.
- Revenue (FY 2024): $1.657 billion.
- Operating income (FY 2024): $52.1 million.
- Contracting approach: Uses long-term, fixed-rate contracts with minimum volume commitments and spot market pricing.

### Liquids Logistics
- Services: Supply operations for natural gas liquids, refined petroleum products, and biodiesel; operate terminals and pipelines; provide services for marine exports.
- Infrastructure: 23 owned terminals, 9 common carrier pipelines, and a fleet of leased railcars.
- Revenue (FY 2024): $2.192 billion from refined products.
- Operating income (FY 2024): Operating loss of $2.5 million after revenue decline due to lower prices and volumes.
- Employees: Approximately 151 primarily working in this segment.

## Financial Overview
- Total revenue (FY 2024): Approx. $6.957 billion, down from $8.695 billion in FY 2023.
- Net income (loss): Net loss of $143.1 million in FY 2024, compared with net income of $52.5 million in FY 2023.
- Total employees: Approximately 607 across all segments.

## Summary
NGL Energy Partners LP operates across water treatment and disposal, crude oil logistics, and liquids logistics with a mix of long-term contracts and market-facing activities. The company’s diverse operations and contract structure support its participation in the midstream energy market. It faces challenges from commodity price fluctuations, regulatory requirements, and operational risks that can affect financial results and market position.

NGL Energy Partners LP

10-K / May 28, 2026

10-K / May 29, 2025

10-K / June 6, 2024

10-K / May 28, 2026

NGL Energy Partners LP

Corporate structure

Segments and core activities

1) Water Solutions

2) Crude Oil Logistics

3) Liquids Logistics

Business repositioning and dispositions (current fiscal year actions)