Earnings release
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November 4, 2025 10:37 PM NGL Energy Partners LP Announces Second Quarter Fiscal 2026 Financial Results NGL Energy Partners LP (NYSE:NGL) (“NGL,” “we,” “us,” “our,” or the “Partnership”) today reported its second quarter Fiscal 2026 financial results. Highlights include: Financial Results: Income from continuing operations for the second quarter of Fiscal 2026 of $29.8 million, compared to income from continuing operations of $7.5 million for the second quarter of Fiscal 2025 Adjusted EBITDA from continuing operations for the second quarter of Fiscal 2026 of $167.3 million, compared to $149.4 million for the second quarter of Fiscal 2025 Water Solutions Volumes: Record produced water volumes physically disposed of approximately 2.80 million barrels per day during the second quarter of Fiscal 2026, growing 4.5% from the second quarter of Fiscal 2025 Water Solutions produced water volumes physically disposed in the month of October exceeded 3.0 million barrels per day Paid and physically disposed water volumes of 3.15 million barrels per day during the second quarter of Fiscal 2026, growing 14% from the second quarter of Fiscal 2025 In the prior 60 days we have executed contracts for over 500,000 barrels per day of produced water for disposal. This has resulted in additional growth capital Guidance Update: NGL is increasing consolidated Adjusted EBITDA guidance range to $650 million to $660 million versus previous guidance range of $615 million to $625 million for Fiscal 2026 NGL is increasing growth capital from $60 million to $160 million due to new contracts executed that are supported by 500,000 barrels per day of producer volume commitments Due to the timing of the new contracts mentioned above, the in-service dates will be spread out over the next few months, such that the majority of the Adjusted EBITDA will be realized in Fiscal 2027. NGL expects Fiscal 2027 Adjusted EBITDA to exceed $700 million See the “Non-GAAP Financial Measures” section of this release for the definition of Adjusted EBITDA (as used herein) and a discussion of this non-GAAP financial measure. Certain of the forward-looking financial measures are provided on a non-GAAP basis. A reconciliation of forward-looking financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP is potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant. Equity Transactions: In October, NGL purchased an additional 18,506 of the Class D preferred units for a total of 88,506 redeemed of our Class D preferred units, or approximately 15% of the originally outstanding Class D preferred units Under the board authorized repurchase plan, we have repurchased an additional 4,416,425 common units in the quarter for a total of 6,790,263 common units under the repurchase program at an average price of $4.57 Other: On September 18, 2025, we amended the Term Loan B agreement to reduce the SOFR applicable margin range to 3.50% to 3.25% from 3.75% to 3.50% “This has been an outstanding quarter for NGL with success on multiple initiatives that we believe will ultimately increase value to our Unitholders. Our current Water Solutions business continues to outperform and is experiencing accelerated growth. In addition, we are redeeming additional Class D Preferred equity and buying common units at attractive prices. On the heels of the momentum, we are projecting Fiscal 2027 Adjusted EBITDA in excess of $700 million,” stated Mike Krimbill NGL’s CEO. Quarterly Results of Operations The following table summarizes the unaudited operating income (loss) and Adjusted EBITDA from continuing operations by reportable segment for the periods indicated: Quarter Ended September 30, 2025 September 30, 2024 Operating Income (Loss) Adjusted EBITDA Operating Income (Loss) Adjusted EBITDA (in thousands) Water Solutions $ 92,354 $ 151,902 $ 72,829 $ 128,862 Crude Oil Logistics 8,224 16,553 14,840 17,263 Liquids Logistics 6,346 10,521 2,629 11,379 Corporate and Other (12,673) (11,643) (8,807) (8,090) Total $ 94,251 $ 167,333 $ 81,491 $ 149,414 Water Solutions (1) (2) (2) (1) (2) (2) (1) (1) (1)
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Operating income for the Water Solutions segment increased by $19.5 million for the quarter ended September 30, 2025, compared to the quarter ended September 30, 2024. The increase was due primarily to higher disposal revenues due to an increase in produced water volumes processed from contracted customers and increased water pipeline revenue due to the LEX II pipeline commencing operations during the quarter ended December 31, 2024. The Partnership processed approximately 2.80 million barrels of produced water per day during the quarter ended September 30, 2025, a 4.5% increase when compared to approximately 2.68 million barrels of water per day processed during the quarter ended September 30, 2024. Revenues from recovered skim oil, including the impact from realized skim oil hedges, totaled $28.1 million for the quarter ended September 30, 2025, an increase of $0.7 million from the prior year period. The increase was due primarily to an increase in skim oil barrels sold due to more skim oil recovered from receiving more produced water, partially offset by lower realized crude oil prices received from the sale of skim oil barrels. Operating expenses in the Water Solutions segment increased $2.1 million for the quarter ended September 30, 2025, compared to the quarter ended September 30, 2024 due primarily to higher royalty expense due to volumes related to the LEX II pipeline commencing operations and increased volumes at certain other saltwater disposal wells, higher repairs and maintenance expense due to timing of repairs and higher utilities expense due to increased produced water volumes processed, partially offset by lower chemical expense due to purchasing fewer chemicals and using chemicals more efficiently and lower bad debt expense. Operating expense per produced barrel processed was $0.22 for the quarter ended September 30, 2025, compared to $0.22 in the comparative quarter last year. There was also a loss on the disposal or impairment of assets of $5.8 million for the quarter ended September 30, 2025, compared to a loss on the disposal or impairment of assets of $2.0 million in the prior year period. Crude Oil Logistics Operating income for the Crude Oil Logistics segment decreased by $6.6 million for the quarter ended September 30, 2025, compared to the quarter ended September 30, 2024. The decrease is due primarily to reduced gains on derivatives that hedge our physical product. During the quarter ended September 30, 2025, physical volumes on the Grand Mesa Pipeline averaged approximately 72,000 barrels per day, compared to approximately 63,000 barrels per day for the quarter ended September 30, 2024. Liquids Logistics Operating income for the Liquids Logistics segment increased by $3.7 million for the quarter ended September 30, 2025, compared to the quarter ended September 30, 2024. This increase was due primarily to lower expenses related to the sale of our Wholesale Propane business and 17 natural gas liquid terminals and increased margins due primarily to lower losses on derivatives that hedge our physical product. The increase was offset by lower service revenue due to the expiration of a throughput contract in the prior fiscal year. Capitalization and Liquidity Total liquidity (cash plus available capacity on our asset-based revolving credit facility (“ABL Facility”)) was approximately $359.1 million as of September 30, 2025. Borrowings on the Partnership’s ABL Facility totaled approximately $71.0 million as of September 30, 2025, as we built butane inventory for the blending season. The Partnership is in compliance with all of its debt covenants and has no upcoming debt maturities. Second Quarter Conference Call Information A conference call to discuss NGL’s results of operations is scheduled for 4:00 pm Central Time on Tuesday, November 4, 2025. Analysts, investors, and other interested parties may join the webcast via the event link: https://www.webcaster4.com/Webcast/Page/2808/53103 or by dialing (877) 545-0523 and providing conference code: 237914. An archived audio replay of the call will be available for 14 days, which can be accessed by dialing (877) 481-4010 and providing replay passcode 53103. Non-GAAP Financial Measures We define EBITDA as net income (loss) attributable to NGL Energy Partners LP, plus interest expense, income tax expense (benefit), and depreciation and amortization expense. We define Adjusted EBITDA as EBITDA excluding net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, revaluation of liabilities and other. EBITDA and Adjusted EBITDA should not be considered as alternatives to net income, income from continuing operations before income taxes, cash flows from operating activities, or any other measure of financial performance calculated in accordance with GAAP, as those items are used to measure operating performance, liquidity or the ability to service debt obligations. We believe that EBITDA provides additional information to investors for evaluating our ability to make quarterly distributions to our unitholders and is presented solely as a supplemental measure. We believe that Adjusted EBITDA provides additional information to investors for evaluating our financial performance without regard to our financing methods, capital structure and historical cost basis. Further, EBITDA and Adjusted EBITDA, as we define them, may not be comparable to EBITDA, Adjusted EBITDA, or similarly titled measures used by other entities. For purposes of our Adjusted EBITDA calculation, we make a distinction between realized and unrealized gains and losses on derivatives. During the period when a derivative contract is open, we record changes in the fair value of the derivative as an unrealized gain or loss. When a derivative contract matures or is settled, we reverse the previously recorded unrealized gain or loss and record a realized gain or loss. Distributable Cash Flow is defined as Adjusted EBITDA minus maintenance capital expenditures, income tax expense, cash interest expense, preferred unit distributions paid and other. Maintenance capital expenditures represent capital expenditures necessary to maintain the Partnership’s operating capacity. Distributable Cash Flow is a performance metric used by senior management to compare cash flows generated by the Partnership (excluding growth capital expenditures and prior to the establishment of any retained cash reserves by the board of directors of our general partner) to the cash distributions expected to be paid to unitholders. Using this metric, management can quickly compute the coverage ratio of estimated cash flows to planned cash distributions. This financial measure also is important to investors as an indicator of whether the Partnership is generating cash flow at a level that can sustain, or support an increase in, quarterly distribution rates. Actual distribution amounts are set by the board of directors of our general partner.
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We do not provide a reconciliation for non-GAAP estimates on a forward-looking basis where we are unable to provide a meaningful calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various items that would impact the most directly comparable forward-looking U.S. GAAP financial measure that have not yet occurred, are out of the Partnership’s control and/or cannot be reasonably predicted. Forward-looking non-GAAP financial measures provided without the most directly comparable U.S. GAAP financial measures may vary materially from the corresponding U.S. GAAP financial measures. Forward-Looking Statements This press release includes “forward-looking statements.” All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. While NGL believes such forward-looking statements are reasonable, NGL cannot assure they will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Other factors that could impact any forward-looking statements are those risks described in NGL’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other public filings. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading “Risk Factors.” NGL undertakes no obligation to publicly update or revise any forward-looking statements except as required by law. NGL provides Adjusted EBITDA guidance that does not include certain charges and costs, which in future periods are generally expected to be similar to the kinds of charges and costs excluded from Adjusted EBITDA in prior periods, such as income taxes, interest and other non-operating items, depreciation and amortization, net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, acquisition expense, revaluation of liabilities and items that are unusual in nature or infrequently occurring. The exclusion of these charges and costs in future periods will have a significant impact on the Partnership’s Adjusted EBITDA, and the Partnership is not able to provide a reconciliation of its Adjusted EBITDA guidance to net income (loss) without unreasonable efforts due to the uncertainty and variability of the nature and amount of these future charges and costs and the Partnership believes that such reconciliation, if possible, would imply a degree of precision that would be potentially confusing or misleading to investors. About NGL Energy Partners LP NGL Energy Partners LP, a Delaware master limited partnership, operates the largest integrated network of large diameter wastewater pipelines, disposal wells and produced water handling systems in the Delaware Basin. NGL also operates wastewater disposal in the Eagle Ford and DJ Basins. In addition, NGL markets and provides other logistics services for crude oil, through its ownership of the Grand Mesa Pipeline System, Cushing terminal and other Gulf Coast terminals. For further information, visit the Partnership’s website at www.nglenergypartners.com . NGL ENERGY PARTNERS LP AND SUBSIDIARIES Unaudited Condensed Consolidated Balance Sheets (in Thousands, except unit amounts) September 30, 2025 March 31, 2025 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 8,659 $ 5,649 Accounts receivable, net of allowance for expected credit losses of $1,255 and $3,689, respectively 558,368 579,468 Accounts receivable-affiliates 237 730 Inventories 118,003 69,916 Prepaid expenses and other current assets 32,483 63,651 Assets held for sale — 175,207 Assets of discontinued operations 146 67,432 Total current assets 717,896 962,053 PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $1,185,359 and $1,104,582, respectively 2,034,103 2,066,847 GOODWILL 599,348 599,348 INTANGIBLE ASSETS, net of accumulated amortization of $367,383 and $340,334, respectively 824,515 851,347 OPERATING LEASE RIGHT-OF-USE ASSETS 110,229 109,870 OTHER NONCURRENT ASSETS 15,494 19,975 Total assets $ 4,301,585 $ 4,609,440 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ 391,290 $ 461,980 Accounts payable-affiliates 1 102 Accrued expenses and other payables 126,614 135,233 Advance payments received from customers 14,178 10,347 Current maturities of long-term debt 8,880 8,805 Operating lease obligations 29,251 27,911 Liabilities held for sale — 42,103 Liabilities of discontinued operations 40 52,749 Total current liabilities 570,254 739,230 LONG-TERM DEBT, net of debt issuance costs of $39,645 and $43,144, respectively, and current maturities 2,903,746 2,961,703 OPERATING LEASE OBLIGATIONS 84,942 85,240
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OTHER NONCURRENT LIABILITIES 131,487 125,897 CLASS D 9.00% PREFERRED UNITS, 530,000 and 600,000 preferred units issued and outstanding, respectively 486,843 551,097 REDEEMABLE NONCONTROLLING INTERESTS 488 424 EQUITY: General partner, representing a 0.1% interest, 125,848 and 132,145 notional units, respectively (52,905) (52,913) Limited partners, representing a 99.9% interest, 125,722,503 and 132,012,766 common units issued and outstanding, respectively (190,881) (170,275) Class B preferred limited partners, 12,585,642 and 12,585,642 preferred units issued and outstanding, respectively 305,468 305,468 Class C preferred limited partners, 1,800,000 and 1,800,000 preferred units issued and outstanding, respectively 42,891 42,891 Accumulated other comprehensive income — 9 Noncontrolling interests 19,252 20,669 Total equity 123,825 145,849 Total liabilities and equity $ 4,301,585 $ 4,609,440 NGL ENERGY PARTNERS LP AND SUBSIDIARIES Unaudited Condensed Consolidated Statements of Operations (in Thousands, except unit and per unit amounts) Three Months Ended September 30, Six Months Ended September 30, 2025 2024 2025 2024 REVENUES: Product $ 484,255 $ 575,014 $ 920,673 $ 1,164,888 Service and other 190,422 181,458 376,160 350,818 Total Revenues 674,677 756,472 1,296,833 1,515,706 COST OF SALES: Product 415,554 503,854 793,018 1,024,010 Service and other 5,466 19,061 10,814 38,210 Total Cost of Sales 421,020 522,915 803,832 1,062,220 OPERATING COSTS AND EXPENSES: Operating 74,089 76,565 144,857 147,953 General and administrative 14,729 12,117 28,469 27,081 Depreciation and amortization 63,994 61,875 130,579 124,039 Loss (gain) on disposal or impairment of assets, net 6,594 1,509 (2,605) (9,157) Operating Income 94,251 81,491 191,701 163,570 OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities — 1,522 201 1,822 Interest expense (64,708) (77,180) (130,253) (146,919) Gain on early extinguishment of liabilities, net — — 1,492 — Other income (expense), net 208 1,834 (3,307) 1,998 Income From Continuing Operations Before Income Taxes 29,751 7,667 59,834 20,471 INCOME TAX BENEFIT (EXPENSE) 61 (174) 243 4,625 Income From Continuing Operations 29,812 7,493 60,077 25,096 Income (Loss) From Discontinued Operations, net of Tax 9 (4,102) 39,388 (11,230) Net Income 29,821 3,391 99,465 13,866 LESS: NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO NONREDEEMABLE NONCONTROLLING INTERESTS (490) (932) (1,195) (1,724) LESS: NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING INTERESTS (47) (5) (64) (5) NET INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP $ 29,284 $ 2,454 $ 98,206 $ 12,137 NET INCOME (LOSS) FROM CONTINUING OPERATIONS ALLOCATED TO COMMON UNITHOLDERS $ 3,137 $ (24,172) $ (30,887) $ (36,163) NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS ALLOCATED TO COMMON UNITHOLDERS 9 (4,098) 39,349 (11,219) NET INCOME (LOSS) ALLOCATED TO COMMON UNITHOLDERS $ 3,146 $ (28,270) $ 8,462 $ (47,382) BASIC AND DILUTED INCOME (LOSS) PER COMMON UNIT Income (Loss) From Continuing Operations $ 0.02 $ (0.18) $ (0.24) $ (0.27) (Loss) Income From Discontinued Operations, net of Tax $ — $ (0.03) $ 0.30 $ (0.08) Net Income (Loss) $ 0.02 $ (0.21) $ 0.07 $ (0.36)
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BASIC AND DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING 127,309,332 132,274,669 129,516,312 132,393,067 EBITDA, ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW RECONCILIATION (Unaudited) The following table reconciles NGL’s net income to NGL’s EBITDA, Adjusted EBITDA and Distributable Cash Flow for the periods indicated: Three Months Ended September 30, Six Months Ended September 30, 2025 2024 2025 2024 (in thousands) Net income $ 29,821 $ 3,391 $ 99,465 $ 13,866 Less: Net income from continuing operations attributable to nonredeemable noncontrolling interests (490) (932) (1,195) (1,724) Less: Net income from continuing operations attributable to redeemable noncontrolling interests (47) (5) (64) (5) Net income attributable to NGL Energy Partners LP 29,284 2,454 98,206 12,137 Interest expense 64,687 77,391 130,212 147,129 Income tax (benefit) expense (45) 278 (227) (4,518) Depreciation and amortization 63,222 61,546 129,048 123,395 EBITDA 157,148 141,669 357,239 278,143 Net unrealized (gains) losses on derivatives (317) 5,632 (7,857) 23,588 Lower of cost or net realizable value adjustments (1) 2,519 (901) (425) (1,231) Loss (gain) on disposal or impairment of assets, net (2) 6,595 1,515 (40,984) (9,151) Gain on early extinguishment of liabilities, net — — (1,492) — Other (3) 1,436 (645) 5,867 263 Adjusted EBITDA $ 167,381 $ 147,270 $ 312,348 $ 291,612 Adjusted EBITDA - Discontinued Operations (4) $ 48 $ (2,144) $ 1,043 $ 3,578 Adjusted EBITDA - Continuing Operations $ 167,333 $ 149,414 $ 311,305 $ 288,034 Less: Cash interest expense (5) 61,876 68,267 123,667 135,485 Less: Income tax benefit (61) 174 (243) (4,625) Less: Maintenance capital expenditures 11,523 16,572 22,622 39,376 Less: Preferred unit distributions paid 26,153 27,513 57,689 245,604 Less: Other (6) 3,336 — 4,628 65 Distributable Cash Flow $ 64,506 $ 36,888 $ 102,942 $ (127,871) (1)Lower of cost or net realizable value adjustments in the table above differ from lower of cost or net realizable value adjustments reported in our unaudited condensed consolidated statements of cash flows in the Partnership’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, as the amounts reported in the table above represent the change in lower of cost or net realizable value adjustments recorded in the unaudited condensed consolidated statements of operations, which includes reversals, whereas the amounts reported in our unaudited condensed consolidated statements of cash flows represent the lower of cost or net realizable value adjustments recorded at the balance sheet date. (2)Excludes amounts related to unconsolidated entities and noncontrolling interests. (3)Amounts represent accretion expense for asset retirement obligations, expenses incurred related to legal and advisory costs associated with acquisitions and dispositions, unrealized gains and losses on investments and marketable securities and a loss from a legal dispute. (4)Amounts include our refined products and biodiesel businesses. (5)Amounts represent interest expense payable in cash, excluding changes in the accrued interest balance. (6)Amounts represent cash paid to settle asset retirement obligations. ADJUSTED EBITDA RECONCILIATION BY SEGMENT (unaudited) Three Months Ended September 30, 2025 Water Solutions Crude Oil Logistics Liquids Logistics Corporate and Other Continuing Operations Discontinued Operations Consolidated (in thousands) Operating income (loss) $ 92,354 $ 8,224 $ 6,346 $(12,673) $ 94,251 $ — $ 94,251 Depreciation and amortization 55,550 6,063 1,540 841 63,994 — 63,994 Net unrealized (gains) losses on derivatives (1,760) (312) 1,755 — (317) — (317) Lower of cost or net realizable value adjustments — 2,519 — — 2,519 — 2,519 Loss (gain) on disposal or impairment of assets, net 5,760 3 832 (1) 6,594 — 6,594 Other income (expense), net 33 — (18) 193 208 — 208 Adjusted EBITDA attributable to noncontrolling interests (1,259) — — (98) (1,357) — (1,357) Other 1,224 56 66 95 1,441 — 1,441 Discontinued operations — — — — — 48 48
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Adjusted EBITDA $ 151,902 $ 16,553 $ 10,521 $ (11,643) $ 167,333 $ 48 $ 167,381 Three Months Ended September 30, 2024 Water Solutions Crude Oil Logistics Liquids Logistics Corporate and Other Continuing Operations Discontinued Operations Consolidated (in thousands) Operating income (loss) $ 72,829 $ 14,840 $ 2,629 $ (8,807) $ 81,491 $ — $ 81,491 Depreciation and amortization 52,523 6,285 2,365 702 61,875 — 61,875 Amortization in cost of sales- product — — 37 — 37 — 37 Net unrealized losses (gains) on derivatives 388 (4,012) 6,234 — 2,610 — 2,610 Lower of cost or net realizable value adjustments — 540 72 — 612 — 612 Loss (gain) on disposal or impairment of assets, net 1,951 (442) — — 1,509 — 1,509 Other income (expense), net 1,805 (1) — 30 1,834 — 1,834 Adjusted EBITDA attributable to unconsolidated entities 1,649 — (19) — 1,630 — 1,630 Adjusted EBITDA attributable to noncontrolling interests (1,522) — — (34) (1,556) — (1,556) Other (761) 53 61 19 (628) — (628) Discontinued operations — — — — — (2,144) (2,144) Adjusted EBITDA $ 128,862 $ 17,263 $ 11,379 $ (8,090) $ 149,414 $ (2,144) $ 147,270 Six Months Ended September 30, 2025 Water Solutions Crude Oil Logistics Liquids Logistics Corporate and Other Continuing Operations Discontinued Operations Consolidated (in thousands) Operating income (loss) $ 177,301 $ 8,896 $ 30,078 $ (24,574) $ 191,701 $ — $ 191,701 Depreciation and amortization 113,626 12,128 3,107 1,718 130,579 — 130,579 Net unrealized gains on derivatives (5,274) (1,444) (1,124) — (7,842) — (7,842) Lower of cost or net realizable value adjustments — 2,519 (2,944) — (425) — (425) Loss (gain) on disposal or impairment of assets, net 9,296 3,924 (15,823) (2) (2,605) — (2,605) Other (expense) income, net (100) 1 (346) (2,862) (3,307) — (3,307) Adjusted EBITDA attributable to unconsolidated entities 221 — 4 — 225 — 225 Adjusted EBITDA attributable to noncontrolling interests (2,744) — — (166) (2,910) — (2,910) Other 2,445 112 440 2,892 5,889 — 5,889 Discontinued operations — — — — — 1,043 1,043 Adjusted EBITDA $ 294,771 $ 26,136 $ 13,392 $ (22,994) $ 311,305 $ 1,043 $ 312,348 Six Months Ended September 30, 2024 Water Solutions Crude Oil Logistics Liquids Logistics Corporate and Other Continuing Operations Discontinued Operations Consolidated (in thousands) Operating income (loss) $ 157,187 $ 28,929 $ (1,793) $ (20,753) $ 163,570 $ — $ 163,570 Depreciation and amortization 105,235 12,726 4,721 1,357 124,039 — 124,039 Amortization in cost of sales- product — — 37 — 37 — 37 Net unrealized (gains) losses on derivatives (473) (5,992) 13,987 — 7,522 — 7,522 Lower of cost or net realizable value adjustments — 540 59 — 599 — 599 Gain on disposal or impairment of assets, net (8,745) (412) — — (9,157) — (9,157) Other income, net 1,911 1 19 67 1,998 — 1,998 Adjusted EBITDA attributable to unconsolidated entities 2,036 — (35) — 2,001 — 2,001 Adjusted EBITDA attributable to noncontrolling interests (2,836) — — (34) (2,870) — (2,870) Other 150 106 120 (81) 295 — 295 Discontinued operations — — — — — 3,578 3,578 Adjusted EBITDA $ 254,465 $ 35,898 $ 17,115 $ (19,444) $ 288,034 $ 3,578 $ 291,612
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OPERATIONAL DATA (Unaudited) Three Months Ended Six Months Ended September 30, September 30, 2025 2024 2025 2024 (in thousands, except per day amounts) Water Solutions: Produced water processed (barrels per day) Delaware Basin 2,442,972 2,349,333 2,427,382 2,255,861 Eagle Ford Basin 185,608 188,250 193,149 182,311 DJ Basin 174,824 143,947 167,064 135,867 Total 2,803,404 2,681,530 2,787,595 2,574,039 Recycled water (barrels per day) 140,936 92,301 189,917 98,334 Total (barrels per day) 2,944,340 2,773,831 2,977,512 2,672,373 Skim oil sold (barrels per day) 5,002 3,776 4,803 4,099 Crude Oil Logistics: Crude oil sold (barrels) 3,173 2,868 5,597 6,042 Crude oil transported on owned pipelines (barrels) 6,633 5,807 11,623 11,520 Crude oil storage capacity - owned and leased (barrels) (1) 5,232 5,232 Crude oil inventory (barrels) (1) 712 450 Liquids Logistics: Butane sold (gallons) 111,442 109,783 208,380 204,972 Propane sold (gallons) 37,305 108,589 104,080 221,093 Other products sold (gallons) 74,158 74,491 145,774 136,663 Natural gas liquids storage capacity - owned and leased (gallons) (1) 49,571 116,531 Butane inventory (gallons) (1) 54,976 81,441 Propane inventory (gallons) (1) 18,071 80,323 Other products inventory (gallons) (1) 4,849 5,254 (1) Information is presented as of September 30, 2025 and September 30, 2024, respectively. View source version on businesswire.com: https://www.businesswire.com/news/home/20251104390021/en/ David Sullivan, 918-495-4631 Senior Vice President - Finance David.Sullivan@nglep.com