NGL Energy Partners LP (NYSE:NGL)

Q2 2026 NGL Energy Partners LP Earnings Call Transcript

Nov 4, 2025 / 10:00 PM GMT

Release Date Price: $6.78 (+0.15%)

Transcript 10-Q

Key Points

Positve

NGL Energy Partners LP (NGL) reported a solid quarter with record water volumes and a 30% growth in Grand Mesa volumes.
Consolidated adjusted EBITDA from continuing operations increased by approximately 12% year-over-year, driven primarily by the water solutions business segment.
The company increased its full-year adjusted EBITDA guidance range from $615-$625 million to $650-$660 million.
NGL Energy Partners LP (NGL) has achieved annual interest savings of $15 million on the term loan B through repricing and Fed rate cuts.
The company has a strong operational performance with over 3 million barrels per day of physical disposal volume in October and significant growth capital projects underway.

Negative

The company is still working on reducing leverage, which was above 4.75 times in the past.
NGL Energy Partners LP (NGL) has a significant amount of growth capital expenditure, increasing from $60 million to $160 million, which may impact cash flow.
There is a reliance on the water solutions segment for growth, which could pose a risk if market conditions change.
The company is still in the process of redeeming Class D preferred units, which requires significant capital allocation.
NGL Energy Partners LP (NGL) faces competition in the water midstream sector, which could impact future growth opportunities.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

NGL.N - NGL Energy Partners LP
Q2 2026 NGL Energy Partners LP Earnings Call
Nov 04, 2025 / 10:00PM GMT

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Presentation
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Unidentified_1 [1]
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Welcome to the NGL Energy Partners 226 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation, but I want you to require operator assistance during the conference. Please press 0 on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Brad Cooper, CFO. You may begin.

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Unidentified_2 [2]
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Good afternoon and thank you to everyone for joining us on the call today. Our comments today will include plans,

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