NGL Energy Partners LP (NGL) Earnings Call Transcripts

NGL Energy Partners LP's Latest Earnings Call - May 28, 2026

In the fourth quarter of fiscal 2026, NGL Energy Partners LP reported strong financial results, driven by robust performance in its Water Solutions segment. Adjusted EBITDA reached approximately $176 million for the quarter and $660 million for the fiscal year, aligning with the high end of guidance. Management has provided guidance for fiscal 2027, projecting adjusted EBITDA growth to a range of $715 million to $725 million, indicating a year-over-year increase of approximately 10%.

Reported metrics

Guidance from management

For fiscal 2027, management projects consolidated adjusted EBITDA to range between $715 million and $725 million, indicating a year-over-year growth of approximately 10%. This guidance reflects continued expansion in the Water Solutions segment and does not include potential new contracts.

What management said

Yes, this is Doug. We really amended and extended an existing agreement, which included longer term additional barrel count, volume commitments and then the large 4 township dedication on this expansion. And then the question -- can you clarify the question on the further expansion, Derrick?

There is an incredible amount of demand for additional capacity in the basin. That should answer that question. It's continuing to increase and continuing to have a line out the door of demand for additional capacity.

What analysts pressed on

Analysts expressed concerns regarding the pace of growth in the Crude Oil Logistics segment and the potential impact of commodity price fluctuations on future performance. There were also questions about the sustainability of demand for the LEX II expansion and the need for further capacity enhancements.

Main topics on the call

• Record Performance in Water Solutions — The Water Solutions segment achieved adjusted EBITDA of approximately $153 million in Q4 and $603 million for the full year, marking an 11% year-over-year growth. Management stated, "Water Solutions continues to deliver ...
• Capital Structure Improvements — Management highlighted significant progress in simplifying the capital structure, including a $950 million refinancing transaction and the redemption of approximately 285,000 Class D preferred units. This strategy aims t...
• LEX II Expansion — The company announced an expansion of the LEX II system, increasing capacity by 165,000 barrels per day, underpinned by long-term volume commitment contracts. Management indicated that there is "an incredible amount of d...
• Growth Capital Guidance — For fiscal 2027, NGL is guiding approximately $200 million in growth capital expenditures, primarily for the LEX II expansion. This reflects a strategic focus on expanding water infrastructure, as stated by management, "...

Read the full NGL Energy Partners LP transcript (May 28, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 27 NGL Energy Partners LP earnings call transcripts on record, spanning February 6, 2020 to August 4, 2026. Based on this history, NGL Energy Partners LP reports quarterly. The most recent call on file is dated August 4, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

NGL

Exchange

NYSE

Country

US

Sector

Energy

Industry

Oil, Gas and Consumable Fuels

Calls on record

27

First call

February 6, 2020

Most recent

August 4, 2026

Reporting cadence

quarterly