Q4 2026 NGL Energy Partners LP Earnings Call Transcript

May 28, 2026 / 09:00 PM GMT

Release Date Price: $25.56 (+0.16%)

Transcript 10-K

Key Points

Positve

NGL Energy Partners LP (NGL) reported a strong finish to fiscal 2026 with record performance in its water solutions segment.
Adjusted EBITDA from continuing operations reached approximately $660 million, at the high end of guidance, driven by the water solution segment.
The company successfully completed a $950 million refinancing transaction, extending maturities and reducing high-cost capital.
NGL Energy Partners LP (NGL) bought back 8.7 million common units at an attractive price, reflecting confidence in its multi-year strategy.
The Water Solutions segment achieved a 10% increase in physical volumes disposed in the fourth quarter, with operating expenses per barrel improving.

Negative

The company incurred a goodwill impairment charge, impacting income from continuing operations.
Despite progress, the capital structure still includes high-cost Class D preferred units, which the company aims to reduce further.
The crude oil logistics segment reported relatively low adjusted EBITDA of approximately $17 million for the quarter.
The Liquids Logistics segment has been significantly streamlined, resulting in a smaller, less volatile business with reduced seasonality.
Growth capital expenditures for fiscal 2027 are substantial, with $200 million planned, primarily for the LEX II expansion.

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

NGL.N - NGL Energy Partners LP
Q4 2026 NGL Energy Partners LP Earnings Call
May 28, 2026 / 09:00PM GMT

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Presentation
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Please continue to hold your conference will begin momentarily. Please continue to hold.

Thank you for your patience.

Greetings. Welcome to the NGL Energy Partners 4Q26 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should 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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