NGL Energy Partners LP (NGL)
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Our Rating
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Whoever buys units today is betting that NGL's water business (roughly $600 million of Adjusted EBITDA) pays down the debt and preferred mountain fast enough to distribute again someday — and carries −$3.19 of loss per unit, a leveraged capital structure and a K-1 tax form until then. Before stepping in, check four things in each quarterly report (10-Q): Does the Class D balance keep falling (last 315,489 units)? Does absolute debt drop below $3.3 billion? Does Water Solutions EBITDA stay above $600 million? And does the loss allocated to common units approach zero? Only once that list is worked through does the bet become income. The decision is yours.
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
NGL Energy Partners is not a stock but an MLP: a publicly traded partnership where you buy a "unit" instead of a share and become a partner for tax purposes. The core business is impressive — with 1.063 billion barrels of produced water disposed of (fiscal year ended March 31, 2026), NGL says it is the largest independent produced-water disposal company in the United States, earning $335 million in segment operating income. But that jewel hangs on a partnership with $3.3 billion in debt, $257 million in interest, and a common-unit distribution that has been frozen since the quarter ended December 31, 2020. On Reddit the name shows up with just 2 mentions in 24 hours (ApeWisdom, as of July 23, 2026) — no meme storm, more of a whisper. We read the annual reports (10-K) and the quarterly report (10-Q). Not investment advice — just the question of who, exactly, stands ahead of you in this line.
Appears in These Scanners
This stock currently matches 2 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
NeutralGeprüft am 23.07.2026 gegen den Geschäftsbericht (10-K) für das Geschäftsjahr zum 31.03.2026 (eingereicht 28.05.2026), den 10-K zum 31.03.2025 (29.05.2025) und die vier jüngsten Quartalsberichte (10-Q, eingereicht 03.02.2026, 04.11.2025, 07.08.2025 und 10.02.2025): NGL Energy Partners ist eine Master Limited Partnership im Energie-Midstream (Förderwasser-Entsorgung im Permian, Rohöl- und Flüssiggas-Logistik). Die KI-Nennungen im 10-K sind ausnahmslos generische Risk-Factor-Floskeln („Artificial intelligence presents risks and challenges that can impact our business, including by posing security risks to our confidential information…“), zzgl. eines spekulativen Ausblicks („We may adopt and integrate generative artificial intelligence tools into our systems for specific use cases“). Keine KI-Produkte/-Dienste als Umsatzquelle (nicht „verkauft“), kein belegter materieller operativer KI-Einsatz (nur „may adopt“, nicht „nutzt“), und die Boilerplate-Risikofloskel ist kein konkreter, geschäftsmodellspezifischer Bedroht-Beleg. Nach dem Kriterienkatalog eindeutig „neutral“ (dokumentierter Negativ-Befund).
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-05-28 · 10-K 2025-05-29 · 10-Q 2026-02-03 · 10-Q 2025-11-04 · 10-Q 2025-08-07 · 10-Q 2025-02-10
Rated on July 23, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.14 | -27.30 | 759 | -53.00 | 1.30 | -18 | -78 |
| 2024: Q3 | -0.21 | -320.00 | 1,353 | 78.20 | 0.20 | 7 | -83 |
| 2024: Q4 | -0.12 | -250.00 | 1,549 | 14.50 | 0.90 | 154 | 95 |
| 2025: Q1 | -0.12 | 94.10 | 971 | -37.30 | 1.40 | 155 | 117 |
| 2025: Q2 | -0.27 | -92.90 | 622 | -18.10 | 11.10 | 33 | 11 |
| 2025: Q3 | 0.02 | 109.50 | 675 | -50.10 | 4.30 | 155 | 117 |
| 2025: Q4 | 0.10 | 183.30 | 910 | -41.30 | 5.20 | 182 | 46 |
| 2026: Q1 | -0.71 | -491.70 | 950 | -2.20 | -34.30 | 110 | 78 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Per the filing, the largest independent produced-water disposal company in the US (1.063 billion barrels in the fiscal year ended March 31, 2026) with a hard-to-replicate pipeline network in the Northern Delaware Basin (840 miles, 59 facilities, 141 wells, 766,000 dedicated acres). Segment operating income grew three years running to $335.4 million (Adjusted EBITDA $602.7 million) — a fee-driven toll business with a moat.
$3.3 billion in debt (March 31, 2026) at 8.125% to 8.375%, plus floating Class D Preferred Units (reference rate +7.00%) — interest expense of $257.5 million all but consumed operating income of $94.7 million; cash was only $8.5 million. A strong business that hands the lion's share of its earnings to creditors.
The cash distribution on common units has been frozen since the quarter ended December 31, 2020; preferred units (Class B/C/D) and the general partner rank ahead, and in liquidation the common units can receive nothing. Loss allocated to common units −$405.6 million, or −$3.19 per unit (FY2026), capital account −$612 million — the classic MLP income argument is entirely absent here.
Visibly under way but far from done: Class D Preferred Units repurchased from 600,000 to 315,489 (~$422 million paid), preferred arrears cleared since 2024, debt refinanced. Management commits the order of operations in writing — first eliminate Class D and deleverage, "eventually reinstate the payment"; the common unit stands at the end of that to-do list.
About $6 per unit (September 30, 2025) puts equity value at ~$750 million — only the thin top slice on an enterprise value above $4.5 billion; any change in value hits the common unit with leverage. Add the K-1 tax structure, which brings special obligations for many non-US investors.
NGL Energy Partners is the income craving in its most deceptive form: an MLP — the classic income vehicle — that distributes nothing to its common units, and has not since the quarter ended December 31, 2020. At the top sits an excellent, growing water business (the largest independent produced-water disposal company in the US, $335 million of segment operating income, $602.7 million of Adjusted EBITDA). But that jewel is chained to $3.3 billion in debt with $257.5 million of interest, to preferred units that get paid before the common unit, and to an allocated loss of −$3.19 per unit on a negative capital account. The deleveraging is real and visible, but the common unit stands at the back of the line. Whoever buys is betting on the turnaround, not on running income. Not investment advice.
- NGL landed on the research list via the Reddit-hype scanner (2 mentions in 24 hours, ApeWisdom, as of July 23, 2026) — deliberately not a meme stock but an unglamorous, heavily indebted energy MLP whose story sits in the balance sheet, not in the price chart.
- Identity verified against SEC EDGAR (CIK 1504461): limited partnership, active filer, no Form 15; former name "Silverthorne Energy Partners LP." The fiscal year ends March 31 — figures for "FY2026" refer to the year through March 31, 2026.
- Price and valuation figures are dated: about $6 per unit at the September 30, 2025 cover date. Analyses are evergreen; daily prices are not a buy argument. MLP note: a distribution here is a payout, the security is a unit, and the tax statement is a K-1 — for many non-US investors a matter for the tax adviser.
About the Company
NGL Energy Partners LP engages in the crude oil, condensate, natural gas liquids, crude oil and produced water businesses in the United States. It operates through three segments: Water Solutions, Crude Oil Logistics, and Liquids Logistics. The Water Solutions segment transports, treats, recycles, and disposes produced and flowback water generated from crude oil and natural gas production; aggregates and sells recovered crude oil; disposes solids, such as tank bottoms, and drilling fluid and muds, as well as performs truck washouts; and sells produced water for reuse and recycle, and brackish non-potable water. The 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 pipelines and storage tanks. The Liquids Logistics segment offers natural gas liquids to commercial, retail, and industrial customers across the United States and Canada through its five terminals, third-party storage and terminal facilities, nine common carrier pipelines and a fleet of leased railcars. This segment also provides services for marine exports of butane through its facility located in Chesapeake, Virginia; and owns a propane pipeline in Michigan. NGL Energy Holdings LLC serves as the general partner of the company. NGL Energy Partners LP was founded in 1940 and is headquartered in Tulsa, Oklahoma.
| IPO Year | 2011 |
|---|
Chart
Interactive price chart (TradingView).
Data as of: July 24, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.