NGL Energy Partners LP

For the period ended Sep 30, 2026. Filed Nov 5, 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.

Sep 30, 2026 · Filed Nov 5, 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

	September 30, 2026	March 31, 2026
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$7,562	$8,505
Accounts receivable, net of allowance for expected credit losses of $1,652 and $1,738, respectively	710,128	661,157
Accounts receivable-affiliates	450	313
Inventories	98,877	67,351
Prepaid expenses and other current assets	36,990	36,624
Total current assets	854,007	773,950
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $1,364,944 and $1,272,286, respectively	2,181,528	2,091,747
GOODWILL	351,506	351,506
INTANGIBLE ASSETS, net of accumulated amortization of $421,616 and $389,992, respectively	773,401	805,110
OPERATING LEASE RIGHT-OF-USE ASSETS	105,667	113,326
OTHER NONCURRENT ASSETS	29,703	39,900
Total assets	$4,295,812	$4,175,539
LIABILITIES AND DEFICIT
CURRENT LIABILITIES:
Accounts payable	$521,480	$495,180
Accounts payable-affiliates	1	1
Accrued expenses and other payables	163,303	184,184
Advance payments received from customers	21,442	15,201
Current maturities of long-term debt	11,538	11,457
Operating lease obligations	36,482	33,459
Total current liabilities	754,246	739,482
LONG-TERM DEBT, net of debt issuance costs of $38,353 and $41,264, respectively, and current maturities	3,334,250	3,223,126
OPERATING LEASE OBLIGATIONS	72,211	82,160
OTHER NONCURRENT LIABILITIES	141,836	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	617	559
DEFICIT:
General partner, representing a 0.1% interest, 124,939 and 123,938 notional units, respectively	(53,322)	(53,319)
Limited partners, representing a 99.9% interest, 124,814,289 and 123,814,289 common units issued and outstanding, respectively	(612,570)	(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	20,361	20,671
Total deficit	(297,172)	(296,565)
Total liabilities and deficit	$4,295,812	$4,175,539

Unaudited Condensed Consolidated Statements of Operations

(in Thousands, except unit and per unit amounts)

	Three Months Ended September 30,		Six Months Ended September 30,
	2026	2025	2026	2025
REVENUES:
Product	$765,505	$484,255	$1,539,805	$920,673
Service and other	221,048	190,422	436,740	376,160
Total Revenues	986,553	674,677	1,976,545	1,296,833
COST OF SALES:
Product	723,373	415,554	1,402,845	793,018
Service and other	4,597	5,466	9,534	10,814
Total Cost of Sales	727,970	421,020	1,412,379	803,832
OPERATING COSTS AND EXPENSES:
Operating	87,619	74,089	166,504	144,857
General and administrative	19,526	14,729	37,094	28,469
Depreciation and amortization	63,146	63,994	125,041	130,579
Loss (gain) on disposal or impairment of assets, net	64,367	6,594	66,283	(2,605)
Operating Income	23,925	94,251	169,244	191,701
OTHER INCOME (EXPENSE):
Equity in earnings of unconsolidated entities	—	—	—	201
Interest expense	(66,846)	(64,708)	(133,914)	(130,253)
Gain on early extinguishment of liabilities, net	—	—	—	1,492
Other income (expense), net	492	208	1,988	(3,307)
(Loss) Income From Continuing Operations Before Income Taxes	(42,429)	29,751	37,318	59,834
INCOME TAX (EXPENSE) BENEFIT	(187)	61	112	243
(Loss) Income From Continuing Operations	(42,616)	29,812	37,430	60,077
Income From Discontinued Operations, net of Tax	35	9	70	39,388
Net (Loss) Income	(42,581)	29,821	37,500	99,465
LESS: NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO NONREDEEMABLE NONCONTROLLING INTERESTS	(1,705)	(490)	(3,082)	(1,195)
LESS: NET LOSS (INCOME) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING INTERESTS	35	(47)	63	(64)
NET (LOSS) INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP	$(44,251)	$29,284	$34,481	$98,206
NET (LOSS) INCOME FROM CONTINUING OPERATIONS ALLOCATED TO COMMON UNITHOLDERS (NOTE 3)	$(63,101)	$3,137	$(3,270)	$(30,887)
NET INCOME FROM DISCONTINUED OPERATIONS ALLOCATED TO COMMON UNITHOLDERS (NOTE 3)	35	9	70	39,349
NET (LOSS) INCOME ALLOCATED TO COMMON UNITHOLDERS (NOTE 3)	$(63,066)	$3,146	$(3,200)	$8,462
BASIC AND DILUTED (LOSS) INCOME PER COMMON UNIT
(Loss) Income From Continuing Operations	$(0.51)	$0.02	$(0.03)	$(0.24)
Income From Discontinued Operations, net of Tax	$—	$—	$—	$0.30
Net (Loss) Income	$(0.51)	$0.02	$(0.03)	$0.07
BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING	124,814,289	127,309,332	124,808,825	129,516,312
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING	124,814,289	127,309,332	124,808,825	129,516,312

Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income

(in Thousands)

	Three Months Ended September 30,		Six Months Ended September 30,
	2026	2025	2026	2025
Net (loss) income	$(42,581)	$29,821	$37,500	$99,465
Other comprehensive loss	—	—	—	(9)
Comprehensive (loss) income	$(42,581)	$29,821	$37,500	$99,456

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)
Contributions from noncontrolling interest owners	—	—	—	—	—	293	293
Distributions to preferred unitholders (Note 8)	—	—	—	—	(18,878)	—	(18,878)
Distributions to noncontrolling interest owners	—	—	—	—	—	(2,226)	(2,226)
Equity issued pursuant to incentive compensation plan (Note 8)	—	—	—	—	4,177	—	4,177
Investment in NGL Energy Holdings LLC	—	—	—	—	(1,464)	—	(1,464)
Net (loss) income	(63)	—	—	—	(44,188)	1,705	(42,546)
BALANCE AT SEPTEMBER 30, 2026	$(53,322)	14,385,642	$348,359	124,814,289	$(612,570)	$20,361	$(297,172)

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
Contributions from noncontrolling interest owners	—	—	—	—	—	—	118	118
Distributions to preferred unitholders	—	—	—	—	(26,136)	—	—	(26,136)
Distributions to noncontrolling interest owners	—	—	—	—	—	—	(1,385)	(1,385)
Common unit repurchases and cancellations	—	—	—	(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

Unaudited Condensed Consolidated Statements of Cash Flows

(in Thousands)

	Six Months Ended September 30,
	2026	2025
OPERATING ACTIVITIES:
Net income	$37,500	$99,465
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations, net of tax	(70)	(39,388)
Depreciation and amortization, including amortization of debt issuance costs	134,714	136,955
Gain on early extinguishment or revaluation of liabilities, net	—	(1,492)
Equity-based compensation expense	6,168	—
Loss (gain) on disposal or impairment of assets, net	66,283	(2,605)
Change in provision for expected credit losses	71	34
Net adjustments to fair value of derivatives	23,259	(10,245)
Equity in earnings of unconsolidated entities	—	(201)
Distributions of earnings from unconsolidated entities	—	108
Lower of cost or net realizable value adjustments	514	2,519
Other	5,544	1,677
Changes in operating assets and liabilities:
Accounts receivable and affiliates	(58,120)	15,478
Inventories	(32,040)	(52,749)
Other current and noncurrent assets	18,118	20,787
Accounts payable and affiliates	24,938	(71,139)
Other current and noncurrent liabilities	(55,331)	(41,044)
Net cash provided by operating activities-continuing operations	171,548	58,160
Net cash provided by operating activities-discontinued operations	70	15,493
Net cash provided by operating activities	171,618	73,653
INVESTING ACTIVITIES:
Capital expenditures	(226,713)	(53,066)
Net settlements of derivatives	(18,587)	3,847
Proceeds from sales of assets	12,882	72,529
Proceeds from divestitures of businesses and investments, net	—	88,639
Net cash (used in) provided by investing activities-continuing operations	(232,418)	111,949
Net cash provided by investing activities-discontinued operations	—	67,709
Net cash (used in) provided by investing activities	(232,418)	179,658
FINANCING ACTIVITIES:
Proceeds from borrowings under ABL Facility	613,000	414,000
Payments on ABL Facility	(499,000)	(452,000)
Payments on 2024 Term Loan B and 2026 Term Loan B	(4,750)	(3,500)
Repayment and repurchase of senior notes	—	(17,274)
Payments on other long-term debt	(956)	(881)
Debt issuance costs	(2,141)	(1,222)
Contributions from noncontrolling interest owners	513	739
Distributions to preferred unitholders	(37,559)	(57,689)
Distributions to noncontrolling interest owners	(3,905)	(3,362)
Class D preferred unit repurchases	—	(100,010)
Common unit repurchases and cancellations	—	(29,068)
Payments to settle contingent consideration liabilities	(86)	(103)
Net settlements of derivatives	(198)	499
Principal payments of finance leases	(1,799)	(430)
Investment in NGL Energy Holdings LLC	(3,262)	—
Net cash provided by (used in) financing activities	59,857	(250,301)
Net (decrease) increase in cash and cash equivalents	(943)	3,010
Cash and cash equivalents, beginning of period	8,505	5,649
Cash and cash equivalents, end of period	$7,562	$8,659
Supplemental cash flow information:
Cash interest paid	$130,759	$124,214
Income taxes paid (net of income tax refunds)	$895	$2,234
Supplemental non-cash investing and financing activities:
Distributions declared but not paid to preferred unitholders	$18,878	$26,136
Accrued capital expenditures	$39,185	$25,264

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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.