NGL Energy Partners
Providing water solutions and crude-oil logistics through a midstream MLP portfolio.
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Profile
Operates a midstream MLP combining water solutions with the transport, storage, blending, and marketing of crude oil and natural-gas liquids. Its acquisition-built portfolio is centered on Water Solutions, Crude Oil Logistics, and residual Liquids Logistics after asset sales.
Operating as a NYSE-listed master limited partnership, it provides Water Solutions and Crude Oil Logistics, with residual Liquids Logistics operations following 2025 asset sales. Its stated model combines water services with the transport, storage, blending, and marketing of crude oil and natural-gas liquids.
Built through acquisitions after a 2010 formation from propane and terminaling predecessors, the business expanded into crude-oil logistics and water solutions. The disposal of refined-products, biodiesel, and most wholesale-propane activities closed in 2025.
The latest reported operating frame centers on Water Solutions, Crude Oil Logistics, and residual liquids logistics.
Company facts
Categories
Key statistics
Year to date +82.0% · Average volume (30d) 234.2K
Analysts
Ratings
Target range
Latest analyst notes
No analyst notes in the last 24 months.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q1 FY27 | $0.11 | $0.48 | +336.4% | $346.1M | $990.0M | +186.0% | +7.26% |
| May 28, 2026Q4 FY26 | $0.18 | −$0.71 | −494.4% | $941.5M | $949.5M | +0.8% | +5.04% |
| Feb 3, 2026Q3 FY26 | $0.16 | $0.10 | −37.5% | $804.4M | $909.8M | +13.1% | −0.25% |
| Nov 4, 2025Q2 FY26 | — | $0.02 | — | $700.8M | $674.7M | −3.7% | +26.40% |
Financial highlights
| 12 quarters | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|
| Revenue | $971.1M | $622.2M | $674.7M | $909.8M | $949.5M | $990.0M | |
| Gross profit | $198.1M | $172.8M | $189.7M | $194.7M | $190.0M | $305.6M | |
| Operating income | $108.9M | $97.5M | $94.3M | $109.1M | $83.6M | $145.3M | |
| Net income | $13.7M | $68.9M | $29.3M | $47.2M | −$325.6M | $78.7M | |
| Diluted EPS | −$0.12 | $0.04 | $0.02 | $0.38 | −$3.93 | $0.48 | |
| Gross margin | 20.4% | 27.8% | 28.1% | 21.4% | 20.0% | 30.9% | |
| Operating margin | 11.2% | 15.7% | 14.0% | 12.0% | 8.8% | 14.7% |
Fiscal years (4-quarter sums)FY22 $7.95B · FY23 $8.69B · FY24 $5.28B · FY25 $4.63B · FY26 $3.16B
Revenue by product · Q1 FY27
Balance sheet, Jun 30, 2026Cash & short-term investments $5.1M · Total debt $3.39B · Total assets $4.18B · Shareholders' equity $32.7M
Dividends
No dividends on record.
Ownership
Shares outstanding 124.81M · Float 94.32M · 75.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Invesco Ltd. | 19.57M | 15.68% | 13F | May 12, 2026 |
| Morgan Stanley | 9.79M | 7.85% | 13F | May 15, 2026 |
| Bank of America Corp /DE/ | 8.28M | 6.70% | 13G | Apr 27, 2026 |
| Goldman Sachs Group Inc | 8.12M | 6.51% | 13F | May 15, 2026 |
| TPG GP A, LLC | 5.93M | 4.75% | 13F | May 15, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 27, 2026 | James M. Collingsworth | director | +2,289 | $17.00 |
| Aug 26, 2026 | James M. Collingsworth | director | +200 | $16.96 |
| Aug 25, 2026 | James M. Collingsworth | director | +10,808 | $16.82 |
| Aug 25, 2026 | H. Michael Krimbill | director, officer: Chief Executive Officer | −300,000 | $17.00 |
| Aug 25, 2026 | John T. Raymond | director | +300,000 | $16.98 |
Peers
- Western Midstream Partners
Integrated Delaware Basin produced-water gathering, disposal and recycling
- Select Water Solutions
Delaware Basin produced-water recycling, disposal and pipeline rival
- Plains All American Pipeline
Crude-oil pipelines, storage and Cushing terminaling rival
- Enterprise Products Partners
Crude pipelines and NGL/crude terminaling across Texas and Cushing
- Energy Transfer
Crude-oil and NGL pipeline, storage and terminaling rival
- Targa Resources
NGL storage, terminaling and butane export rival
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| NGL Energy Partners | $18.15 | +0.72% | $2.25B | — | 14.3 | 0.6 | +59.1% |
| Western Midstream Partners | $48.33 | +0.13% | $19.96B | 15.1 | 12.5 | 4.6 | +30.0% |
| Select Water Solutions | $19.28 | +0.05% | $2.11B | 71.7 | 28.1 | 1.5 | +8.7% |
| Plains All American Pipeline | $25.54 | +0.22% | $17.98B | 7.1 | 15.6 | 0.3 | +66.3% |
| Enterprise Products Partners | $39.00 | −0.04% | $84.42B | 13.5 | 12.8 | 1.4 | +60.8% |
| Energy Transfer | $21.34 | +0.12% | $73.33B | 13.2 | 12.9 | 0.7 | +78.4% |
| Targa Resources | $287.82 | +0.01% | $61.78B | 27.4 | 25.7 | 3.7 | +10.3% |
| Median | 14.3 | 14.3 | 1.5 | +45.4% |