NGL Energy Partners LP

For the period ended Jun 30, 2026. Filed Aug 4, 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.

Jun 30, 2026 · Filed Aug 4, 2026

NGL$15.76+1.1%Stored close · as of Nov 10, 2026

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

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Contents

Item 1. Financial Statements

Unaudited Condensed Consolidated Balance Sheets

	June 30, 2026	March 31, 2026
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$5,071	$8,505
Accounts receivable, net of allowance for expected credit losses of $1,635 and $1,738, respectively	638,201	661,157
Accounts receivable-affiliates	526	313
Inventories	67,672	67,351
Prepaid expenses and other current assets	26,131	36,624
Total current assets	737,601	773,950
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $1,312,835 and $1,272,286, respectively	2,150,699	2,091,747
GOODWILL	351,506	351,506
INTANGIBLE ASSETS, net of accumulated amortization of $405,622 and $389,992, respectively	794,183	805,110
OPERATING LEASE RIGHT-OF-USE ASSETS	115,338	113,326
OTHER NONCURRENT ASSETS	30,757	39,900
Total assets	$4,180,084	$4,175,539
LIABILITIES AND DEFICIT
CURRENT LIABILITIES:
Accounts payable	$450,461	$495,180
Accounts payable-affiliates	1	1
Accrued expenses and other payables	128,165	184,184
Advance payments received from customers	18,392	15,201
Current maturities of long-term debt	11,497	11,457
Operating lease obligations	36,199	33,459
Total current liabilities	644,715	739,482
LONG-TERM DEBT, net of debt issuance costs of $39,327 and $41,264, respectively, and current maturities	3,264,175	3,223,126
OPERATING LEASE OBLIGATIONS	81,435	82,160
OTHER NONCURRENT LIABILITIES	135,865	136,953
COMMITMENTS AND CONTINGENCIES (NOTE 7)
CLASS D PREFERRED UNITS, 315,489 and 315,489 preferred units issued and outstanding, respectively	289,824	289,824
REDEEMABLE NONCONTROLLING INTERESTS	598	559
DEFICIT:
General partner, representing a 0.1% interest, 124,939 and 123,938 notional units, respectively	(53,259)	(53,319)
Limited partners, representing a 99.9% interest, 124,814,289 and 123,814,289 common units issued and outstanding, respectively	(552,217)	(612,276)
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
Noncontrolling interests	20,589	20,671
Total deficit	(236,528)	(296,565)
Total liabilities and deficit	$4,180,084	$4,175,539

Unaudited Condensed Consolidated Statements of Operations

(in Thousands, except unit and per unit amounts)

	Three Months Ended June 30,
	2026	2025
REVENUES:
Product	$774,300	$436,418
Service and other	215,692	185,738
Total Revenues	989,992	622,156
COST OF SALES:
Product	679,472	377,464
Service and other	4,937	5,348
Total Cost of Sales	684,409	382,812
OPERATING COSTS AND EXPENSES:
Operating	78,885	70,768
General and administrative	17,568	13,740
Depreciation and amortization	61,895	66,585
Loss (gain) on disposal or impairment of assets, net	1,916	(9,199)
Operating Income	145,319	97,450
OTHER INCOME (EXPENSE):
Equity in earnings of unconsolidated entities	—	201
Interest expense	(67,068)	(65,545)
Gain on early extinguishment of liabilities, net	—	1,492
Other income (expense), net	1,496	(3,515)
Income From Continuing Operations Before Income Taxes	79,747	30,083
INCOME TAX BENEFIT	299	182
Income From Continuing Operations	80,046	30,265
Income From Discontinued Operations, net of Tax	35	39,379
Net Income	80,081	69,644
LESS: NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO NONREDEEMABLE NONCONTROLLING INTERESTS	(1,377)	(705)
LESS: NET LOSS (INCOME) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING INTERESTS	28	(17)
NET INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP	$78,732	$68,922
NET INCOME (LOSS) FROM CONTINUING OPERATIONS ALLOCATED TO COMMON UNITHOLDERS (NOTE 3)	$59,831	$(34,024)
NET INCOME FROM DISCONTINUED OPERATIONS ALLOCATED TO COMMON UNITHOLDERS (NOTE 3)	35	39,340
NET INCOME ALLOCATED TO COMMON UNITHOLDERS - BASIC (NOTE 3)	$59,866	$5,316
NET INCOME ALLOCATED TO COMMON UNITHOLDERS - DILUTED (NOTE 3)	$61,212	$5,316
BASIC AND DILUTED INCOME (LOSS) PER COMMON UNIT
Income (Loss) From Continuing Operations	$0.48	$(0.26)
Income From Discontinued Operations, net of Tax	$—	$0.30
Net Income	$0.48	$0.04
BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING	124,803,300	131,747,544
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING	128,085,880	131,747,544

Unaudited Condensed Consolidated Statements of Comprehensive Income

(in Thousands)

	Three Months Ended June 30,
	2026	2025
Net income	$80,081	$69,644
Other comprehensive loss	—	(9)
Comprehensive income	$80,081	$69,635

Unaudited Condensed Consolidated Statement of Changes in (Deficit) Equity

	Limited Partners
Preferred · Common
	GeneralPartner	Units	Amount	Units	Amount	NoncontrollingInterests	TotalDeficit
BALANCE AT MARCH 31, 2026	$(53,319)	14,385,642	$348,359	123,814,289	$(612,276)	$20,671	$(296,565)
Contributions from noncontrolling interest owners	—	—	—	—	—	220	220
Distributions to preferred unitholders (Note 8)	—	—	—	—	(18,806)	—	(18,806)
Distributions to noncontrolling interest owners	—	—	—	—	—	(1,679)	(1,679)
Equity issued pursuant to incentive compensation plan (Note 8)	—	—	—	1,000,000	1,991	—	1,991
Investment in NGL Energy Holdings LLC	—	—	—	—	(1,798)	—	(1,798)
Net income	60	—	—	—	78,672	1,377	80,109
BALANCE AT JUNE 30, 2026	$(53,259)	14,385,642	$348,359	124,814,289	$(552,217)	$20,589	$(236,528)

Unaudited Condensed Consolidated Statement of Changes in (Deficit) Equity

	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	—	—	—	—	(27,844)	—	—	(27,844)
Distributions to noncontrolling interest owners	—	—	—	—	—	—	(1,977)	(1,977)
Disposition of noncontrolling interest	—	—	—	—	—	—	11	11
Common unit repurchases and cancellations	—	—	—	(1,873,838)	(8,068)	—	—	(8,068)
Class D preferred units redemption - amount paid in excess of carrying value	—	—	—	—	(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

Unaudited Condensed Consolidated Statements of Cash Flows

(in Thousands)

	Three Months Ended June 30,
	2026	2025
OPERATING ACTIVITIES:
Net income	$80,081	$69,644
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations, net of tax	(35)	(39,379)
Depreciation and amortization, including amortization of debt issuance costs	66,720	69,767
Gain on early extinguishment or revaluation of liabilities, net	—	(1,492)
Equity-based compensation expense	1,991	—
Loss (gain) on disposal or impairment of assets, net	1,916	(9,199)
Change in provision for expected credit losses	37	22
Net adjustments to fair value of derivatives	(21,471)	(8,791)
Equity in earnings of unconsolidated entities	—	(201)
Distributions of earnings from unconsolidated entities	—	108
Lower of cost or net realizable value adjustments	6,343	—
Other	3,226	1,227
Changes in operating assets and liabilities:
Accounts receivable and affiliates	15,152	110,159
Inventories	(6,664)	(12,773)
Other current and noncurrent assets	18,820	21,195
Accounts payable and affiliates	(44,754)	(149,746)
Other current and noncurrent liabilities	(44,359)	(33,285)
Net cash provided by operating activities-continuing operations	77,003	17,256
Net cash provided by operating activities-discontinued operations	35	15,946
Net cash provided by operating activities	77,038	33,202
INVESTING ACTIVITIES:
Capital expenditures	(108,762)	(22,129)
Net settlements of derivatives	693	5,116
Proceeds from sales of assets	12,473	61,120
Proceeds from divestitures of businesses and investments, net	—	87,243
Net cash (used in) provided by investing activities-continuing operations	(95,596)	131,350
Net cash provided by investing activities-discontinued operations	—	67,797
Net cash (used in) provided by investing activities	(95,596)	199,147
FINANCING ACTIVITIES:
Proceeds from borrowings under ABL Facility	316,000	208,000
Payments on ABL Facility	(274,000)	(280,000)
Payments on 2024 Term Loan B and 2026 Term Loan B	(2,375)	(1,750)
Repayment and repurchase of senior notes	—	(17,274)
Payments on other long-term debt	(473)	(436)
Debt issuance costs	(1,174)	(323)
Contributions from noncontrolling interest owners	220	621
Distributions to preferred unitholders	(18,753)	(31,536)
Distributions to noncontrolling interest owners	(1,679)	(1,977)
Class D preferred unit repurchases	—	(100,010)
Common unit repurchases and cancellations	—	(8,068)
Payments to settle contingent consideration liabilities	(35)	(52)
Net settlements of derivatives	(102)	248
Principal payments of finance leases	(707)	—
Investment in NGL Energy Holdings LLC	(1,798)	—
Net cash provided by (used in) financing activities	15,124	(232,557)
Net decrease in cash and cash equivalents	(3,434)	(208)
Cash and cash equivalents, beginning of period	8,505	5,649
Cash and cash equivalents, end of period	$5,071	$5,441
Supplemental cash flow information:
Cash interest paid	$64,228	$61,992
Income taxes paid (net of income tax refunds)	$759	$1,500
Supplemental non-cash investing and financing activities:
Distributions declared but not paid to preferred unitholders	$18,806	$26,153
Accrued capital expenditures	$24,729	$5,109

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