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NGL Energy Partners (NGL) investor relations material
NGL Energy Partners Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary4 Nov, 2025
Executive summary
Adjusted EBITDA from continuing operations reached $167.3 million in Q2 FY2026, up 12% year-over-year, driven by record Water Solutions volumes, margin improvement, and new contract wins.
Net income for Q2 FY2026 was $29.8 million, a significant increase from the prior year, reflecting strong Water Solutions performance and gains from asset sales.
Water Solutions contributed 85% of Q2 FY2026 segment EBITDA, supported by long-term contracts and investment grade counterparties.
Strategic actions included major asset sales, debt refinancing, and repurchases of both common and preferred units.
Completed the sale of refined products, biodiesel, and most wholesale propane businesses, marking a strategic shift.
Financial highlights
Q2 FY2026 Adjusted EBITDA was $167.3 million, up from $149.4 million in Q2 FY2025.
Water Solutions segment Adjusted EBITDA grew 18% year-over-year to $151.9 million.
Total revenues from continuing operations were $674.7 million, down from $756.5 million year-over-year due to divestitures and lower commodity prices.
Operating income increased to $94.3 million from $81.5 million in the prior year quarter.
Interest expense decreased to $64.7 million, reflecting lower rates and reduced debt balances.
Outlook and guidance
Full-year FY2026 Adjusted EBITDA guidance raised to $650–$660 million, with initial FY2027 guidance of at least $700 million.
Growth capital guidance increased to $160 million, with majority of new contract EBITDA expected in FY2027.
Board to evaluate reinstatement of common unit distributions based on leverage, liquidity, and business performance.
Predictable cash flows expected due to long-term fixed fee contracts and minimum volume commitments.
When will new growth capital projects be fully operational?
Water Solutions cost per barrel efficiency
How does NGL balance unit repurchases with growth?
Detail the new water growth opportunities
How do capital allocation choices create value?
How do new pore space and treatment plant drive growth?
Leverage unburdened pore space and TPDES permit
Prioritize capital allocation initiatives?
Post-leverage target, what's next?
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Next NGL Energy Partners earnings date
Q3 20269 Feb, 2026
Next NGL Energy Partners earnings date
Q3 20269 Feb, 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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