NGL Energy Partners LP (NGL) Form 10-Q — Aug 4, 2026

$NGLForm 10-QFiled Aug 4, 2026, 4:31 PM ET0001504461-26-000016Original filing

NGL Energy Partners LP opened fiscal 2027 with a strong quarter, reporting revenue of $990.0 million for the three months ended June 30, 2026, up 59% year over year, with net income of $80.1 million and basic and diluted EPS of $0.48 versus $0.04 a year earlier. Income from continuing operations more than doubled to $80.0 million from $30.3 million. Water Solutions drove the results, posting segment Adjusted EBITDA of $179.9 million, up $37.0 million, as produced water volumes processed climbed to 3.32 million barrels per day from 2.77 million.

Key figures

Eps: $0.48 basic and diluted net income per common unit (vs. $0.04 prior year)
Revenue: $989.99 million (three months ended June 30, 2026)
Net Income: $80.08 million (vs. $69.64 million prior year)
Total Debt: $3.31 billion total long-term debt
Revenue Yoy: +59.1% (vs. $622.16 million prior year)
Cash Position: $5.07 million
Q1 capex: $112.10 million ($96.65 million expansion, $15.45 million maintenance)
Abl facility: $177.0 million outstanding; $417.3 million borrowing base; $49.5 million letters of credit; $425.0 million total commitments
2026 term loan b: $947.6 million outstanding, matures March 11, 2033, SOFR + 3.50%
Interest expense: $67.07 million (vs. $65.55 million prior year)
Lex ii expansion: +165,000 barrels per day to ~560,000 bpd capacity, expandable to 650,000 bpd, in service by end of calendar 2026
Fy2027 capex guidance: ~$200 million growth plus ~$45 million maintenance
Fy2029 debt maturities: $1,088.8 million (ABL $177.0 million plus 2029 notes $900.0 million plus other)
Preferred distribution: $18.8 million paid July 15, 2026 to Class B, C and D preferred unitholders
Water solutions revenue: $254.36 million (vs. $201.28 million)
2029 senior secured notes: $900.0 million at 8.125%
2032 senior secured notes: $1,281.0 million at 8.375%
Debt service coverage ratio: 2.73 to 1.0 (covenant minimum 1.1 to 1.0)
Produced water processed bpd: 3,315,055 (vs. 2,771,614 prior year)
Adjusted ebitda continuing ops: $186.22 million (vs. $143.97 million prior year)
Grand mesa pipeline volumes bpd: ~74,000 (vs. ~55,000 prior year)
Water solutions adjusted ebitda: $179.86 million (vs. $142.87 million)
Income from continuing operations: $80.05 million (vs. $30.27 million prior year)
Operating cash flow continuing ops: $77.00 million (vs. $17.26 million prior year)
Crude oil product margin per barrel: $1.48 (vs. $4.17 prior year)
Water disposal service fee per barrel: $0.60 (vs. $0.64 prior year)

Price after filing

1 day: -0.6%7 days: +6.1%30 days: +16.1%

Close on the filing date to close N calendar days later (from $16.10). Historical, not a forecast.

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