NGL Energy Partners LP (NYSE: NGL-PB)

NGL Energy Partners LP is a diversified midstream energy partnership that transports treats recycles and disposes of produced and flowback water generated from crude oil and natural gas production The company also transports stores markets and provides logistics services for crude oil and liquid hydrocarbons It operates primarily in the United States and Canada serving upstream midstream and downstream customers in the energy sector

NGL Energy Partners LP generates revenue through fee-based services and product sales across its three operating segments The Water Solutions segment earns revenue from water transportation treatment recycling disposal and the sale of recovered skim oil and non-potable water The Crude Oil Logistics segment generates income from purchasing transporting storing and terminaling crude oil The Liquids Logistics segment derives revenue from supplying natural gas liquids to commercial retail and industrial customers through storage terminaling transportation and marine export services

The company operates through the following segments: Water Solutions Crude Oil Logistics and Liquids Logistics

• The Water Solutions segment transports treats recycles and disposes of produced and flowback water from oil and gas production It sells produced water for reuse and brackish non-potable water to producer customers As part of water processing it aggregates and sells recovered crude oil known as skim oil The segment also disposes of solids such as tank bottoms drilling fluids and drilling muds and provides ancillary services like truck and frac tank washouts Activities are supported by long-term fixed fee contracts and acreage dedications with minimum volume commitments from leading oil and gas companies.

• The Crude Oil Logistics segment purchases crude oil from producers and marketers and transports it to refineries or for resale at pipeline injection stations storage terminals barge loading facilities rail facilities and other trade hubs It provides storage terminaling and transportation services through owned assets Operations are supported by long-term fixed rate contracts with acreage dedications and minimum volume commitments on storage tanks and owned and leased pipelines.

• The Liquids Logistics segment conducts supply operations for natural gas liquids to commercial retail and industrial customers across the United States and Canada These operations are conducted through five owned terminals third-party storage and terminal facilities nine common carrier pipelines and a fleet of leased railcars The segment provides marine export services for butane from its Chesapeake Virginia facility and owns a propane pipeline in Michigan It uses back-to-back physical contracts pre-sale agreements and financially settled derivatives to manage price exposure.

NGL Energy Partners LP holds a strong position in the midstream energy industry particularly as one of the largest independent produced water transportation and disposal companies in the United States The company benefits from strategic asset locations in prolific basins such as the Delaware DJ and Eagle Ford Basins Competitive advantages include long-term contracts with acreage dedications minimum volume commitments and integrated infrastructure networks that are difficult for competitors to replicate The company faces competition from independent water handling firms and in-house operations of oil and gas producers but differentiates through service reliability scale and contractual stability

The company serves large publicly traded oil and gas companies with diversified acreage positions across multiple producing regions In the Water Solutions segment 73% of revenue came from the ten largest customers during the year ended March 31 2025 In the Crude Oil Logistics segment 79% of revenue was generated from the ten largest customers In the Liquids Logistics segment 36% of revenue came from the ten largest customers Key customers include major energy producers refiners and marketers though specific names are not disclosed in the filing