NGL Energy Partners (NGL) Investor presentation summary

Business overview and segment performance

• Operates three main segments: Water Solutions, Crude Oil Logistics, and Liquids Logistics, with Water Solutions contributing 91% of Q1 FY27 EBITDA at $179.9 million.

• Water Solutions provides transportation, treating, recycling, and handling services, supported by the largest integrated network in the Delaware Basin.

• Crude Oil Logistics sources and transports crude oil, leveraging assets like the Grand Mesa Pipeline and storage terminals.

• Liquids Logistics supplies NGLs to a broad customer base, operating five terminals, a fleet of railcars, and the Ambassador Pipeline in Michigan.

• Predictable cash flows are underpinned by long-term fixed fee contracts, acreage dedications, and minimum volume commitments.

Financial highlights and growth

• Q1 FY27 income from continuing operations was $80.0 million, up from $30.3 million in Q1 FY26.

• Adjusted EBITDA for Q1 FY27 reached $186.2 million, a 29% increase from $144.0 million in Q1 FY26.

• Full-year FY27 Adjusted EBITDA guidance raised to $725–$735 million, reflecting ~10.5% annual growth.

• Water Solutions segment saw 43% EBITDA growth and 40% revenue growth from Q1 FY25 to Q1 FY27.

• Operating expenses per barrel decreased from $0.24 in Q1 FY25 to $0.21 in Q1 FY27.

Operational achievements and infrastructure

• LEX II Extension added 81 miles to the LEX Pipeline, increasing water transport capacity to 560,000 barrels per day.

• Record produced water volumes disposed: 3.32 million barrels per day in Q1 FY27, up 19.6% year-over-year.

• Permitted injection capacity increased by 195,000 barrels in Q1 FY27.

• Owns ~840 miles of large-diameter water pipelines and 91 water handling facilities, with 202 injection wells and 6.7 million bpd permitted capacity.

• System spans six counties in NM and TX, with high water-to-oil ratios and robust redundancy and reliability.