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NGL Energy Partners
NGL Energy Partners (NGL) investor relations material
NGL Energy Partners Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Feb, 2026
Executive summary
Achieved record water disposal volumes and strong financial performance, with Q3 FY2026 Adjusted EBITDA rising to $172.6 million, up 9.2% year-over-year, driven by Water Solutions' 16% growth and segment dominance.
Strategic shift toward a water solutions-focused business, supported by long-term contracts, asset sales, debt refinancing, and unit repurchases.
Net income and operating income rose sharply year-over-year, with net income for the nine months ended December 31, 2025, at $147.7 million, up from $28.4 million, driven by Water Solutions and asset sales.
Largest integrated water disposal system in the Delaware Basin, with 84% of Q3 FY2026 segment EBITDA from Water Solutions.
Significant progress on growth projects, including the LEX II pipeline and new contracted volumes, supporting a strong outlook for fiscal 2027.
Financial highlights
Q3 FY2026 Adjusted EBITDA reached $172.6 million, up from $158 million a year ago; Water Solutions Adjusted EBITDA was $154.5 million, up 16.5% year-over-year.
Record water disposal volumes of 3.07 million barrels per day, up 17.1% year-over-year.
Total revenues for the nine months ended December 31, 2025, were $2.21 billion, down from $2.50 billion year-over-year due to divestitures.
Net income attributable to the partnership was $145.4 million for the nine months, compared to $25.6 million in the prior year.
Distributable cash flow for Q3 FY2026 was $73.9 million, up from $40.0 million in Q3 FY2025.
Outlook and guidance
Full-year fiscal 2026 Adjusted EBITDA guidance maintained at $650–$660 million, with fiscal 2027 expected to exceed $700 million.
Predictable cash flows expected due to long-term fixed fee contracts, acreage dedications, and minimum volume commitments.
Capital expenditures for fiscal year ending March 31, 2026, are expected to be $220–$230 million.
The board will evaluate reinstatement of common unit distributions based on leverage, liquidity, and business performance.
Future strategy post-dispositions?
Water Solutions growth strategy given seismic risks?
Conditions for common unit distribution reinstatement?
AI project's current and future value?
What are the next steps for Natura water treatment?
What's the strategy for remaining Class D preferreds?
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Next NGL Energy Partners earnings date
Q4 20263 Jun, 2026
NGL Energy Partners
Next NGL Energy Partners earnings date
Q4 20263 Jun, 2026
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Frequently asked questions
NGL Energy Partners LP is a master limited partnership that provides midstream services including the transportation, storage, blending, and marketing of crude oil, water solutions, and liquid hydrocarbons. The company operates across North America. It is headquartered in Tulsa, Oklahoma, and its shares are listed on the NYSE.
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