NGL Energy Partners LP

For the period ended Dec 31, 2025. Filed Feb 3, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Dec 31, 2025 · Filed Feb 3, 2026

NGL$15.59+4.3%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 1. Financial Statements

Unaudited Condensed Consolidated Balance Sheets

	December 31, 2025	March 31, 2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$6,476	$5,649
Accounts receivable, net of allowance for expected credit losses of $1,255 and $3,689, respectively	597,578	579,468
Accounts receivable-affiliates	419	730
Inventories	78,809	69,916
Prepaid expenses and other current assets	37,963	63,651
Assets held for sale	—	175,207
Assets of discontinued operations	150	67,432
Total current assets	721,395	962,053
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $1,229,618 and $1,104,582, respectively	2,102,797	2,066,847
GOODWILL	599,348	599,348
INTANGIBLE ASSETS, net of accumulated amortization of $383,152 and $340,334, respectively	819,996	851,347
OPERATING LEASE RIGHT-OF-USE ASSETS	119,462	109,870
OTHER NONCURRENT ASSETS	19,587	19,975
Total assets	$4,382,585	$4,609,440
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable	$451,663	$461,980
Accounts payable-affiliates	1	102
Accrued expenses and other payables	139,168	135,233
Advance payments received from customers	13,685	10,347
Current maturities of long-term debt	8,918	8,805
Operating lease obligations	33,337	27,911
Liabilities held for sale	—	42,103
Liabilities of discontinued operations	4	52,749
Total current liabilities	646,776	739,230
LONG-TERM DEBT, net of debt issuance costs of $37,691 and $43,144, respectively, and current maturities	2,924,455	2,961,703
OPERATING LEASE OBLIGATIONS	88,604	85,240
OTHER NONCURRENT LIABILITIES	132,904	125,897
COMMITMENTS AND CONTINGENCIES (NOTE 7)
CLASS D 9.00% PREFERRED UNITS, 511,494 and 600,000 preferred units issued and outstanding, respectively	469,845	551,097
REDEEMABLE NONCONTROLLING INTERESTS	506	424
EQUITY:
General partner, representing a 0.1% interest, 124,236 and 132,145 notional units, respectively	(52,893)	(52,913)
Limited partners, representing a 99.9% interest, 124,111,415 and 132,012,766 common units issued and outstanding, respectively	(194,660)	(170,275)
Class B preferred limited partners, 12,585,642 and 12,585,642 preferred units issued and outstanding, respectively	305,468	305,468
Class C preferred limited partners, 1,800,000 and 1,800,000 preferred units issued and outstanding, respectively	42,891	42,891
Accumulated other comprehensive income	—	9
Noncontrolling interests	18,689	20,669
Total equity	119,495	145,849
Total liabilities and equity	$4,382,585	$4,609,440

Unaudited Condensed Consolidated Statements of Operations

(in Thousands, except unit and per unit amounts)

	Three Months Ended December 31,		Nine Months Ended December 31,
	2025	2024	2025	2024
REVENUES:
Product	$716,473	$799,464	$1,637,146	$1,964,352
Service and other	193,343	182,950	569,503	533,768
Total Revenues	909,816	982,414	2,206,649	2,498,120
COST OF SALES:
Product	640,510	718,150	1,433,528	1,742,160
Service and other	5,564	17,271	16,378	55,481
Total Cost of Sales	646,074	735,421	1,449,906	1,797,641
OPERATING COSTS AND EXPENSES:
Operating	70,058	74,082	214,915	222,035
General and administrative	15,608	15,029	44,077	42,110
Depreciation and amortization	62,279	66,239	192,858	190,278
Loss on disposal or impairment of assets, net	6,147	9,941	3,542	784
Revaluation of liabilities	—	(2,960)	—	(2,960)
Operating Income	109,650	84,662	301,351	248,232
OTHER INCOME (EXPENSE):
Equity in earnings of unconsolidated entities	—	1,376	201	3,198
Interest expense	(63,834)	(63,058)	(194,087)	(209,977)
(Loss) gain on early extinguishment of liabilities, net	(1,000)	—	492	—
Other income (expense), net	3,259	486	(48)	2,484
Income From Continuing Operations Before Income Taxes	48,075	23,466	107,909	43,937
INCOME TAX BENEFIT	119	274	362	4,899
Income From Continuing Operations	48,194	23,740	108,271	48,836
(Loss) Income From Discontinued Operations, net of Tax	(5)	(9,165)	39,383	(20,395)
Net Income	48,189	14,575	147,654	28,441
LESS: NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO NONREDEEMABLE NONCONTROLLING INTERESTS	(992)	(1,053)	(2,187)	(2,777)
LESS: NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING INTERESTS	(18)	(15)	(82)	(20)
NET INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP	$47,179	$13,507	$145,385	$25,644
NET INCOME (LOSS) FROM CONTINUING OPERATIONS ALLOCATED TO COMMON UNITHOLDERS (NOTE 3)	$11,972	$(6,256)	$(18,915)	$(42,419)
NET (LOSS) INCOME FROM DISCONTINUED OPERATIONS ALLOCATED TO COMMON UNITHOLDERS (NOTE 3)	(5)	(9,156)	39,344	(20,375)
NET INCOME (LOSS) ALLOCATED TO COMMON UNITHOLDERS (NOTE 3)	$11,967	$(15,412)	$20,429	$(62,794)
BASIC AND DILUTED INCOME (LOSS) PER COMMON UNIT
Income (Loss) From Continuing Operations	$0.10	$(0.05)	$(0.15)	$(0.32)
(Loss) Income From Discontinued Operations, net of Tax	$—	$(0.07)	$0.31	$(0.15)
Net Income (Loss)	$0.10	$(0.12)	$0.16	$(0.47)
BASIC AND DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING	125,158,912	132,012,766	128,058,564	132,265,839

Unaudited Condensed Consolidated Statements of Comprehensive Income

(in Thousands)

	Three Months Ended December 31,		Nine Months Ended December 31,
	2025	2024	2025	2024
Net income	$48,189	$14,575	$147,654	$28,441
Other comprehensive income (loss)	—	109	(9)	509
Comprehensive income	$48,189	$14,684	$147,645	$28,950

Unaudited Condensed Consolidated Statement of Changes in Equity

Nine Months Ended December 31, 2025

	Limited Partners
Preferred · Common
	GeneralPartner	Units	Amount	Units	Amount	Accumulated OtherComprehensive Income (Loss)	NoncontrollingInterests	TotalEquity
BALANCE AT MARCH 31, 2025	$(52,913)	14,385,642	$348,359	132,012,766	$(170,275)	$9	$20,669	$145,849
Contributions from noncontrolling interest owners	—	—	—	—	—	—	621	621
Distributions to preferred unitholders (Note 8)	—	—	—	—	(27,844)	—	—	(27,844)
Distributions to noncontrolling interest owners	—	—	—	—	—	—	(1,977)	(1,977)
Disposition of noncontrolling interest	—	—	—	—	—	—	11	11
Common unit repurchases and cancellations (Note 8)	—	—	—	(1,873,838)	(8,068)	—	—	(8,068)
Class D preferred units redemption - amount paid in excess of carrying value (Note 8)	—	—	—	—	(35,756)	—	—	(35,756)
Net income	6	—	—	—	68,916	—	705	69,627
Other comprehensive loss	—	—	—	—	—	(9)	—	(9)
BALANCE AT JUNE 30, 2025	(52,907)	14,385,642	348,359	130,138,928	(173,027)	—	20,029	142,454
Contributions from noncontrolling interest owners	—	—	—	—	—	—	118	118
Distributions to preferred unitholders (Note 8)	—	—	—	—	(26,136)	—	—	(26,136)
Distributions to noncontrolling interest owners	—	—	—	—	—	—	(1,385)	(1,385)
Common unit repurchases and cancellations (Note 8)	—	—	—	(4,416,425)	(21,000)	—	—	(21,000)
Net income	2	—	—	—	29,282	—	490	29,774
BALANCE AT SEPTEMBER 30, 2025	(52,905)	14,385,642	348,359	125,722,503	(190,881)	—	19,252	123,825
Contributions from noncontrolling interest owners	—	—	—	—	—	—	26	26
Distributions to preferred unitholders (Note 8)	—	—	—	—	(25,011)	—	—	(25,011)
Distributions to noncontrolling interest owners	—	—	—	—	—	—	(1,581)	(1,581)
Common unit repurchases and cancellations (Note 8)	—	—	—	(1,611,088)	(15,746)	—	—	(15,746)
Class D preferred units redemption - amount paid in excess of carrying value (Note 8)	—	—	—	—	(10,189)	—	—	(10,189)
Net income	12	—	—	—	47,167	—	992	48,171
BALANCE AT DECEMBER 31, 2025	$(52,893)	14,385,642	$348,359	124,111,415	$(194,660)	$—	$18,689	$119,495

Unaudited Condensed Consolidated Statement of Changes in Equity

Nine Months Ended December 31, 2024

	Limited Partners
Preferred · Common
	GeneralPartner	Units	Amount	Units	Amount	Accumulated OtherComprehensive Income (Loss)	NoncontrollingInterests	TotalEquity
BALANCE AT MARCH 31, 2024	$(52,834)	14,385,642	$348,359	132,512,766	$134,807	$(499)	$18,237	$448,070
Contributions from noncontrolling interest owners	—	—	—	—	—	—	1,619	1,619
Distributions to preferred unitholders	—	—	—	—	(245,604)	—	—	(245,604)
Distributions to noncontrolling interest owners	—	—	—	—	—	—	(543)	(543)
Net (loss) income	(19)	—	—	—	9,702	—	792	10,475
Other comprehensive loss	—	—	—	—	—	(24)	—	(24)
BALANCE AT JUNE 30, 2024	(52,853)	14,385,642	348,359	132,512,766	(101,095)	(523)	20,105	213,993
Distributions to preferred unitholders	—	—	—	—	(30,752)	—	—	(30,752)
Distributions to noncontrolling interest owners	—	—	—	—	—	—	(930)	(930)
Sale of interest in saltwater disposal assets	—	—	—	—	(221)	—	1,561	1,340
Common unit repurchases and cancellations	—	—	—	(500,000)	(2,126)	—	—	(2,126)
Net (loss) income	(28)	—	—	—	2,482	—	932	3,386
Other comprehensive income	—	—	—	—	—	424	—	424
BALANCE AT SEPTEMBER 30, 2024	(52,881)	14,385,642	348,359	132,012,766	(131,712)	(99)	21,668	185,335
Distributions to preferred unitholders	—	—	—	—	(28,935)	—	—	(28,935)
Distributions to noncontrolling interest owners	—	—	—	—	—	—	(1,455)	(1,455)
Sale of interest in saltwater disposal assets	—	—	—	—	(93)	—	—	(93)
Warrant repurchases	—	—	—	—	(6,929)	—	—	(6,929)
Net (loss) income	(16)	—	—	—	13,523	—	1,053	14,560
Other comprehensive income	—	—	—	—	—	109	—	109
BALANCE AT DECEMBER 31, 2024	$(52,897)	14,385,642	$348,359	132,012,766	$(154,146)	$10	$21,266	$162,592

Unaudited Condensed Consolidated Statements of Cash Flows

(in Thousands)

	Nine Months Ended December 31,
	2025	2024
OPERATING ACTIVITIES:
Net income	$147,654	$28,441
Adjustments to reconcile net income to net cash provided by operating activities:
(Income) loss from discontinued operations, net of tax	(39,383)	20,395
Depreciation and amortization, including amortization of debt issuance costs	202,455	199,441
Gain on early extinguishment or revaluation of liabilities, net	(492)	(2,960)
Loss on disposal or impairment of assets, net	3,542	784
Change in provision for expected credit losses	34	1,867
Net adjustments to fair value of derivatives	(16,762)	6,167
Equity in earnings of unconsolidated entities	(201)	(3,198)
Distributions of earnings from unconsolidated entities	108	3,427
Lower of cost or net realizable value adjustments	—	12
Other	1,407	(902)
Changes in operating assets and liabilities:
Accounts receivable and affiliates	(24,267)	14,912
Inventories	(11,036)	(24,204)
Other current and noncurrent assets	23,225	(4,308)
Accounts payable and affiliates	(10,734)	(52,074)
Other current and noncurrent liabilities	(35,075)	(65,302)
Net cash provided by operating activities-continuing operations	240,475	122,498
Net cash provided by operating activities-discontinued operations	15,459	19,953
Net cash provided by operating activities	255,934	142,451
INVESTING ACTIVITIES:
Capital expenditures	(189,636)	(207,965)
Net settlements of derivatives	8,353	(4,837)
Proceeds from sales of assets	72,586	20,048
Proceeds from divestitures of businesses and investments, net	88,639	68,500
Investments in unconsolidated entities	—	(106)
Distributions of capital from unconsolidated entities	—	870
Net cash used in investing activities-continuing operations	(20,058)	(123,490)
Net cash provided by investing activities-discontinued operations	67,709	6,412
Net cash provided by (used in) investing activities	47,651	(117,078)
FINANCING ACTIVITIES:
Proceeds from borrowings under ABL Facility	667,000	1,801,000
Payments on ABL Facility	(684,000)	(1,575,000)
Payments on Term Loan B	(5,250)	(5,250)
Repayment and repurchase of senior secured notes	(17,274)	—
Proceeds from borrowings on other long-term debt	—	12,720
Payments on other long-term debt	(1,337)	(636)
Debt issuance costs	(1,362)	(5,104)
Contributions from noncontrolling interest owners	765	1,966
Distributions to preferred unitholders	(83,924)	(276,356)
Distributions to noncontrolling interest owners	(4,943)	(2,928)
Warrant repurchases	—	(6,929)
Class D preferred unit repurchases	(127,150)	—
Common unit repurchases and cancellations	(44,814)	(2,126)
Payments to settle contingent consideration liabilities	(126)	(676)
Net settlements of derivatives	601	734
Principal payments of finance leases	(944)	(14)
Net cash used in financing activities	(302,758)	(58,599)
Net increase (decrease) in cash and cash equivalents	827	(33,226)
Cash and cash equivalents, beginning of period	5,649	38,909
Cash and cash equivalents, end of period	$6,476	$5,683
Supplemental cash flow information:
Cash interest paid	$184,926	$234,694
Income taxes paid (net of income tax refunds)	$2,731	$6,032
Supplemental non-cash investing and financing activities:
Distributions declared but not paid to preferred unitholders	$24,912	$28,935
Accrued capital expenditures	$18,155	$5,370

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.