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Investor Presentation February 2026 NYSE: NGL
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84% 8% 8% 84% 8% 8% 84% 8% 8% $15.20 MM $15.36 MM Company Overview Water Solutions ▪ Provides water transportation, treating, recycling, and handling services for upstream customers ▪ Largest integrated water solutions network of injection wells and large diameter pipe in the Delaware Basin ▪ Predictable cash flows supported by long-term fixed fee contracts, acreage dedications and minimum volume commitments Crude Oil Logistics ▪ Purchases crude oil from producers and marketers for sale at multiple refineries and trading hubs ▪ Network of owned storage, terminal and transportation services, including Grand Mesa Pipeline ▪ Supported by acreage dedications and minimum volume commitments Liquids Logistics ▪ Supplier of NGL’s to a broad range of end-users across the United States and Canada ▪ Operations are conducted through five owned terminals, third-party storage and terminal facilities, access to nine common carrier pipelines and a fleet of leased railcars ▪ Provides marine exports of butane through owned facility located in Chesapeake, VA ▪ Owner of Ambassador Pipeline in Michigan, the largest retail propane demand state in the U.S. 2 NGL Total EBITDA by Segment $185.06 MM(1) $154.50 MM 1. EBITDA values reflect Q3 Fiscal 2026 and does not include corporate or discontinued operations
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3 April 25, 2024 The final arrearage payment was made to the unit holders for all preferred classes (Class B, Class C, and Class D) making NGL current on all preferred units. June 5, 2024 The board of directors of our general partner authorized a common unit repurchase program, under which we may repurchase up to $50.0 million of our outstanding common units from time to time in the open market, including pursuant to a repurchase plan administered in accordance with Rule 10b5-1 under the Exchange Act, or in other privately negotiated transactions. This program does not have a fixed expiration date. Recent Execution August 5, 2024 We amended the Term Loan B agreement to reduce the SOFR margin from 4.5% to 3.75%. October 15, 2024 The LEX II water pipeline project with initial capacity of 200,000 barrels per day that is expandable to 500,000 barrels per day went into service. May 5, 2025 Announced non-core asset sales for a total of approximately $270 million. September 18, 2025 NGL amended the Term Loan B agreement to reduce the SOFR margin from 3.75% to 3.50% As of October 17, 2025 NGL repurchased 88,506 of the 600,000 outstanding Class D preferred units, this represents approximately 15% of the outstanding units.
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121,285 132,661 154,496 80,000 100,000 120,000 140,000 160,000 Q3 FY '24 Q3 FY '25 Q3 FY '26 $ in thousands EDITDA Growth(1) Water Solutions Business – Accomplishments 4 1. Statistics shown are for all basins. 2. Statistics are for the Delaware Basin only 3. Includes take or pay pipeline tariff related to Lex II . NGL Water Solutions has materially transformed into the largest integrated water disposal system in the Delaware Basin underpinned by long term MVC and acreage dedications, with investment grade counterparties. 670,000 664,000 765,000 650,000 670,000 690,000 710,000 730,000 750,000 770,000 Q3 FY '24 Q3 FY '25 Q3 FY '26 Dedicated Acres Growth(2) 228,182 286,406 55,894 2,686,084 2,909,703 3,126,969 $0.16 $0.18 $0.20 $0.22 $0.24 $0.26 $0.28 $0.30 - 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 Q3 FY '24 Q3 FY '25 Q3 FY '26 (3) $/barrel barrels per day Growing Production & Decreasing OPEX (1) MVC volumes BPD Produced Water Processed BPD OPEX/bbl processed OPEX/ bbl Processed + MVC
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One-of-a-Kind Delaware Water Business NGL owns and operates the largest, integrated network of large diameter produced water pipelines (over 800 miles(1)) and disposal facilities (~5,100 MBbl/d of permitted disposal capacity) in the Delaware Basin Hub-and-Spoke system purpose-built to provide significant redundancy, flexibility, and maximum reliability to customers, and capital efficiencies for NGL to accommodate future volume growth using existing disposal capacity or by adding incremental capacity at a fraction of the cost vs. competitors Robust free cash flow generation driven by long-haul pipeline transportation model (no wellhead or infield gathering capex obligations) and a fully built- out, large diameter pipeline and disposal system constructed to provide substantial capacity in anticipation of future volume growth (1) Asset supported by long-term, fixed-fee contracts underpinned by material MVCs and major acreage dedications with ~80% of current throughput from Investment Grade Counterparties System spans six counties in New Mexico and Texas representing the most prolific crude oil producing areas in the U.S. with the most economic resource (low- to mid-$30/BBL break evens) High water-to-oil ratios (~3.0x – 4.0x+) and low percentage of flowback water on NGL’s system gives an important advantage compared to those in other shale plays Established reputation as a best-in-the-business operator of produced water midstream infrastructure and a proven track record of reliability and excellence that other competitors may be unable to offer Delaware Water Solutions System 5 1. The majority of NGL’s Delaware system pipelines are 16” – 30” diameters 2. Includes 27-miles of pipeline associated with LEX II.
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Delaware Water Solutions Business- Competitive Advantages Long-Haul Pipeline Transportation Model NGL does not gather from the wellhead or have infield gathering obligations (producers build to NGL’s trunklines), which significantly reduces NGL’s capex spend vs. other competitors Connecting producers to the system via pipelines at custody transfer points enables NGL to maximize service, minimize transportation interruptions, and creates additional barriers to entry for competition Delaware Basin Overview Interconnected, Hub- and-Spoke system with significant redundancies across NGL’s facilities, disposal wells, and equipment (pumps, tanks, etc.) provides reliability and capital efficiencies Ability to handle peak water volumes and provide flow assurance in early stage well lifecycles brings new, long- term volumes to NGL Automated control systems and remote operations monitoring maximizes system uptime and efficiency NGL has established a reputation as an industry leading operator, providing a full-service water midstream offering aligned with producers’ growing preference for an integrated solution Premier Asset & Operator 6
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Investment Grade Customers Underpin NGL’s Core Asset Preferred water solutions provider for leading oil and gas producers in the Delaware Basin • Weighted average MVC contract life of ~10 years • ~1030 mbbl/d of minimum volume commitments (“MVCs”) • ~765,000 dedicated acres • >15 long-term contracted customers Underpinned by long-term, fixed fee contracts and acreage dedications which include MVCs with large, investment grade customers • >90% of volume is committed via acreage dedications and MVCs with average remaining tenor of ~9 years • One-third of volume generated from MVCs • Dedicated acreage position has more than doubled in the Delaware Basin over last two years • ~80% of total disposal volumes from investment grade counterparties in FY 2025 Long-term nature of contracts provides a high degree of operating free cash flow reliability and predictability FY 2025 Customers Type by Volume 7 70% 25% 5%Investment Grade Super-Major Sub- Investmemt
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Crude Oil Logistics Our Crude Oil Logistics segment purchases crude oil from producers and marketers and transports it to refineries for resale at pipeline injection stations, storage terminals, barge loading facilities, rail facilities, refineries, and other trade hubs, and provides storage, terminaling and transportation services through its owned assets. Operations: Four Regions in the United States: DJ Basin - Colorado Permian Basin – Texas & New Mexico Eagle Ford Basin - Texas The United States Gulf Coast Grand Mesa Pipeline: • 550 mile 20” Crude Oil Pipeline • Runs from the DJ Basin to Cushing, OK • 150,000 BPD Capacity • 16 total truck unloading bays • 970,000 barrels of storage NGL Crude Assets: • 3.6 MMbbls of storage – Cushing • 1.6 MMbbls of storage – Additional to Cushing (including Grand Mesa) • Export Terminal – Pt. Comfort, Texas • Blending Terminal – Houma, Louisiana 8
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Liquids Logistics Centennial Energy: • Fleet of 3,616 leased railcars • Access to ship on 9 common carrier pipelines • Diverse customer base with long-term relationships • 651,510 barrels of leased storage • Propane pipeline connecting northern Michigan demand centers to Marysville storage and production complexes • Michigan is the highest retail propane demand state in the United States • NGL is the operator and sole shipper of propane • Significant OPEX savings pipe vs trucking • Pipe has bi-directional flow 9 Our Liquids Logistics segment purchases butane, propane, and other products from refiners, processing plants, producers and other parties, and sells the products to commercial, retail, and industrial customers throughout the United States and Canada. Operations: Remaining Businesses Centennial Energy Ambassador Pipeline 5 Liquids Terminals Ambassador Pipeline:
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Appendix Appendix 10
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Water Solutions – Assets & Production Water Pipelines • Owned water pipelines and third- party connections to NGL facilities • Over 800(1) miles of large diameter water pipelines in the Northern Delaware Basin alone • Producers required to connect from the wellhead into our water network • During FY2025, NGL received ~90% of produced and flowback water via pipeline Water Handling & Recycling • 90 water handling facilities, 194 injection wells, ~6.5 million bpd total permitted capacity • NGL has high-volume produced water reuse and recycling capabilities in the Delaware Basin • Sold 42.4 million barrels of recycled water in FY2025 11 1. Includes 27-miles of pipeline associated with LEX II.
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Water Solutions – The Disposal Process 1212 12 1% Via Truck (1) 99% Via Pipeline(1) Sand Tanks Gun Barrel Tanks Water Water Tanks Skim Oil Skim Oil Tanks Water is piped to well and injected via horizontal pumps Oil is picked up and sold 1. Percentages shown are for the Delaware Basin
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13 Q3 FY’26 Adjusted EBITDA by Segment
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14 Q3 FY’25 Adjusted EBITDA by Segment
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15 Q3 FY’24 Adjusted EBITDA by Segment Note: This isn’t recast to reflect the monetization of liquids logistics assets sold in Q2 of FY2026.
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Market Data and Unit Count as of 01/27/26. (NGL-PB ticker & NGL-PC ticker for Class B & C Preferred Units) Balance Sheet Data as of 12/31/25, Market Capitalization and Enterprise Value include Preferred Equity 16 Company Information NGL ENERGY PARTNERS LP NYSE Ticker NGL Common Unit Price $11.41 Market Capitalization $2.30 billion Enterprise Value $5.26 billion CONTACT INFORMATION Corporate Headquarters NGL Energy Partners LP 6120 South Yale Avenue, Suite 1300 Tulsa, Oklahoma 74136 Website www.nglenergypartners.com Investor Relations Contact us at (918) 481-1119 or e-mail us at InvestorInfo@nglep.com FORWARD LOOKING STATEMENTS This presentation includes “forward looking statements” within the meaning of federal securities laws. All statements, other than statements of historical fact, included in this presentation are forward looking statements, including statements regarding the Partnership’s future results of operations or ability to generate income or cash flow, make acquisitions, or make distributions to unitholders. Words such as “anticipate,” “project,” “expect,” “plan,” “goal,” “forecast,” “intend,” “could,” “believe,” “may” and similar expressions and statements are intended to identify forward-looking statements. Although management believes that the expectations on which such forward-looking statements are based are reasonable, neither the Partnership nor its general partner can give assurances that such expectations will prove to be correct. Forward looking statements rely on assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside of management’s ability to control or predict. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, the Partnership’s actual results may vary materially from those anticipated, estimated, projected or expected. Additional information concerning these and other factors that could impact the Partnership can be found in Part I, Item 1A, “Risk Factors” of the Partnership’s Annual Report on Form 10-K for the year ended March 31, 2025 and in the other reports it files from time to time with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this presentation, which reflect management’s opinions only as of the date hereof. Except as required by law, the Partnership undertakes no obligation to revise or publicly update any forward-looking statement. This presentation contains non-GAAP financial measures. See the appendix for reconciliations of non-GAAP financial measures to the most comparable U.S. GAAP measures and our fiscal Q3 2026 earnings release press release posted on our Investor Relations website for additional information regarding non-GAAP financial measures.