NGL Energy Partners

What NGL Energy Partners does

NGL Energy Partners LP is a publicly traded Master Limited Partnership (NYSE: NGL) founded in 2010 and headquartered in Tulsa, Oklahoma. The company operates as a diversified midstream energy MLP serving crude oil and natural gas producers, refiners, retailers, wholesalers, and petrochemical plants across major US oil and gas basins including the Permian, Eagle Ford, DJ Basin, and Eaglebine. Following a strategic restructuring completed in April 2025, the company is repositioning as a pure-play Water Solutions business, which contributed approximately 87% of Q4 FY2026 Adjusted EBITDA.

The company's infrastructure platform includes approximately 840 miles of large-diameter produced water pipelines, 91 water treatment and disposal facilities with roughly 202 disposal wells (combined permitted disposal capacity of approximately 6.7 million barrels per day), the 550-mile Grand Mesa crude oil pipeline (150,000 bpd capacity), approximately 5.1 million barrels of crude oil storage (primarily at Cushing, OK), five NGL terminals with one import/export facility, and a fleet of approximately 3,600 owned and leased railcars. In Q3 FY2026, the company handled record produced water volumes of approximately 3.07 million barrels per day, representing 17.1% year-over-year growth.

Revenue is generated primarily through three streams: (1) Water Solutions, with usage-based disposal, transportation, and recycling fees where minimum volume commitments from customers cover more than 90% of volumes; (2) Crude Oil Logistics, with transaction-based margins on crude oil purchases plus transportation and storage fees; and (3) Liquids Logistics, with transaction fees from NGL marketing, transportation, and storage operations across the US and Canada. Full-year fiscal 2026 revenue was approximately $3,156 million, with Adjusted EBITDA from continuing operations of $660.2 million (up 11.2% year-over-year), and FY2027 Adjusted EBITDA guidance of $715-$725 million. The company has been actively deleveraging, including closing a $950 million senior secured term loan in March 2026 to refinance existing debt and redeem Class D Preferred Units.

Name

NGL Energy Partners

Legal name

NGL Energy Partners LP

Website

https://nglenergypartners.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

501–1,000 employees

Short description

NGL Energy Partners LP is a publicly traded midstream MLP providing produced water management, crude oil logistics, and NGL marketing services to oil and gas producers, refiners, and petrochemical plants across major US basins, with Water Solutions as its primary growth business.

Ownership category

akta.pro rank

Product category

Midstream Energy Services

NAICS

Pipeline Transportation of Crude Oil (486110), Pipeline Transportation of Natural Gas (486210), Pipeline Transportation of Refined Petroleum Products (486910)

SIC

Pipe Lines (No Natural Gas) (4610), Wholesale-Petroleum Bulk Stations & Terminals (5171), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

NGL (Natural Gas Liquids) Pipeline Transportation (EUALADAC)

akta.pro secondary industries

NGL (Y-Grade) / Mixed NGL Pipeline Transportation (TLAGAEAA), NGL/LPG Distribution / Local Delivery Pipelines (Terminal-to-Market) (TLAGAEAJ), LPG / NGL Terminals (Pressurized/ Refrigerated Gas) (TLAHABAK), NGL/LPG Pipeline Pump/Compressor & Metering Stations Operations (TLAGAEAL)

Keywords

• Produced water management
• Crude oil logistics
• Natural gas liquids marketing
• Midstream pipeline services
• Water disposal solutions

Headquarters

HQ city

Tulsa

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D

Revenue model

1. Water Solutions: Transportation, treatment, recycling, and disposal of produced and flowback water from crude oil and natural gas production. Revenue generated through disposal fees, transportation fees, and recycling service fees. Minimum volume commitments from customers provide revenue stability.
2. Crude Oil Logistics: Purchase crude oil from producers and transport to refineries, storage terminals, barge loading facilities, rail facilities, and trade hubs. Revenue from margins on crude oil purchases and transportation/storage fees.
3. Liquids Logistics: Marketing, transportation, and storage of natural gas liquids through company-owned terminals, third-party storage facilities, common carrier pipelines, and leased rail fleet of approximately 3,600 railcars.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

NGL Energy Partners LP is a diversified midstream Master Limited Partnership that provides transportation, storage, blending, and marketing services for crude oil, natural gas liquids (NGLs), and produced water. The company operates through three primary business segments: Water Solutions (transportation, treatment, recycling, and disposal of produced and flowback water from crude oil and natural gas production), Crude Oil Logistics (purchasing crude oil from producers and transporting it to refineries, storage terminals, and trade hubs), and Liquids Logistics (marketing NGLs to commercial, retail, and industrial customers across the US and Canada).

Product overview

NGL Energy Partners LP is a diversified midstream MLP providing three primary business segments: Water Solutions, Crude Oil Logistics, and Liquids Logistics. The company offers vertical integration enabling full-service midstream capabilities from wellhead to end-user. Water Solutions (approximately 87% of EBITDA) handles produced water transportation, treatment, recycling and disposal through pipelines and disposal wells. Crude Oil Logistics manages crude oil purchasing, transportation and storage including the wholly-owned Grand Mesa Pipeline. Liquids Logistics markets natural gas liquids through terminals, railcars and storage facilities via subsidiaries Centennial Energy Partners and NGL Supply Terminals. The company is transitioning to a pure-play water solutions company.

Differentiator

Problem solved

Functional benefit

Products and services

• Water Solutions Transports, treats, recycles, and disposes of produced and flowback water generated from crude oil and natural gas production. Also sells produced water for reuse and recycling to producer customers and aggregates recovered crude oil (skim oil). Includes approximately 840 miles of large-diameter produced water pipelines, 91 water treatment and disposal facilities with about 202 disposal wells, and combined permitted disposal capacity of approximately 6.7 million barrels per day.
• Crude Oil Logistics Purchases crude oil from producers and transports it to refineries or for resale at pipeline injection stations, storage terminals, barge loading facilities, rail facilities, refineries, and other trade hubs. Includes the 100% owned 550-mile Grand Mesa Pipeline and approximately 5.1 million barrels of total crude oil storage capacity.
• Liquids Logistics Marketing operations for natural gas liquids to a broad range of commercial, retail, and industrial customers across the United States and Canada. Utilizes company-owned terminals (5 liquids terminals with 1 import/export facility), third-party storage and terminal facilities, common carrier pipelines, and a fleet of approximately 3,600 owned and leased railcars. Operations are conducted through the Centennial Energy Partners and NGL Supply Terminals sub-brands.
• Grand Mesa Pipeline A 100% owned, 550-mile, 20-inch diameter crude oil pipeline that transports crude from the DJ Basin to NGL's storage facility in Cushing, Oklahoma, with capacity of up to 150,000 barrels per day.

Quantifiable outcome

• Record produced water volumes of approximately 3.07 million barrels per day, representing 17.1% year-over-year growth
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered strategic and minor.

• Natura Resources LLCstrategicStrategic or Co-development Partner · 3 February 2026Natura Resources, a US liquid-fueled molten salt reactor developer, has partnered with NGL Energy Partners to explore integrating Natura's advanced nuclear reactor technology with thermal desalination for power production and oil and gas produced water treatment. The collaboration aims to examine the technical and commercial viability of combining nuclear technology with desalination solutions in the Permian Basin. This partnership represents an early-stage exploration of cross-sector applications for nuclear energy in water infrastructure.
• State of New Mexico Department of Game and FishminorStrategic or Co-development PartnerNGL Energy Partners partnered with the State of New Mexico to secure approximately 10,000 acres of Lesser Prairie Chicken habitat through the Pipkin Ranch acquisition. NGL facilitated the purchase to support wildlife conservation alongside wind energy development. This public-private partnership demonstrates NGL's environmental stewardship commitment in its operating regions.

Scale indicators13 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Aris Water Solutions: Pure-play Permian produced water midstream operator with long-haul pipelines and disposal facilities. Directly comparable to NGL's Water Solutions segment in scale, basin focus, and MVC-based contract model.
• Western Midstream Partners: Midstream MLP with gathering, processing, and water disposal in the Permian and other basins. Comparable on crude oil logistics and water management infrastructure footprint.
• DCP Midstream: Large NGL-focused midstream operator with gathering, processing, fractionation, and logistics. Directly comparable to NGL's Liquids Logistics segment via its NGL pipeline, terminal, and railcar logistics.
• Targa Resources: NGL and natural gas midstream operator with gathering, processing, fractionation, and downstream NGL logistics. Comparable on NGL marketing, transportation, and terminal operations.
• Crestwood Equity Partners: Diversified midstream MLP with natural gas, NGL, crude oil, and water solutions. Comparable across NGL logistics and water management, particularly in the Bakken and Permian.
• Genesis Energy: Midstream MLP with offshore pipelines, sodium sulfate, and coastal crude oil and NGL logistics. Overlaps NGL's Liquids Logistics via terminals, storage, and marine terminal operations.
• EnLink Midstream: Integrated midstream operator with natural gas, NGL, and crude oil assets across multiple basins. Comparable on NGL transportation, storage, and crude oil gathering.
• Plains All American Pipeline: Major crude oil midstream operator with extensive pipeline and storage network. Directly comparable to NGL's Crude Oil Logistics segment, including the Grand Mesa Pipeline.

Broad incumbents

• Enterprise Products Partners: Large diversified midstream MLP with NGL fractionation, pipelines, terminals, and export facilities. Overlaps NGL's NGL and crude oil logistics as a broad incumbent across the same value chain.
• Energy Transfer: Diversified midstream operator spanning natural gas, NGL, and crude oil. Comparable to NGL's NGL and crude logistics footprint and has historical overlap with NGL's CEO background.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/991691340881780
• LinkedInlinkedin.com/company/ngl-energy-partners-lp

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries7 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NGL Energy Partners