NGL Energy Partners LP

NYSE:NGL Stock Report

Market Cap: US$2.0b

NGL Energy Partners Past Earnings Performance

Past criteria checks 0/6

NGL Energy Partners has been growing earnings at an average annual rate of 33.9%, while the Oil and Gas industry saw earnings growing at 8% annually. Revenues have been declining at an average rate of 20.9% per year.

Key information

33.89%

Earnings growth rate

34.14%

EPS growth rate

Oil and Gas Industry Growth33.67%
Revenue growth rate-20.91%
Return on equityn/a
Net Margin-14.10%
Last Earnings Update31 Mar 2026

Recent past performance updates

Recent updates

Analysis Article • Jun 16

NGL Energy Partners (NGL) Stock Looks Stretched After Record Volumes And Debt Moves

NGL Energy Partners (NGL) stock was recently in focus after a 5.6% move that followed record Water Solutions volumes in the Permian Basin and new balance sheet actions, including refinancing, debt reduction, and a repurchase program. See our latest analysis for NGL Energy Partners. Despite the recent 5.6% jump on record Water Solutions volumes and balance sheet moves, NGL Energy Partners’ near term momentum has cooled, with a 1 month share price return down 11.15%. However, the 1 year total...
Seeking Alpha • Jun 15

NGL Energy Partners: Use The Current Situation To Leave And Not Come Back

Summary NGL Energy Partners has experienced a dramatic stock price surge despite persistent high financial leverage and significant preferred stock overhang. EBITDA growth is capped at 10%, yet NGL’s valuation has far outpaced its fundamental earnings trajectory. The company’s water distribution business is more volatile and cyclical than typical midstream peers. With an enterprise value near $6 billion and a debt ratio around 6.0, NGL’s capital structure remains stretched, making downside risk material for common unitholders. Read the full article on Seeking Alpha
Seeking Alpha • Feb 27

NGL: Slow Quarter But Exiting Liquids Business Is A Positive

Summary NGL's Q3 earnings missed expectations, but management is optimistic about Q4 and future growth due to new customers and contracts. The company is exiting the underperforming liquids business, selling 18 terminals for $95 million to pay down debt and improve cash flow. New long-term contracts on the Grand Mesa pipeline and the LEX II project are expected to boost EBITDA to above $650 million for fiscal '26. Divesting the liquids business and focusing on water operations is the right move to enhance profitability and return capital to common holders. Read the full article on Seeking Alpha
Seeking Alpha • Aug 13

NGL: It's All About Water. Common And Preferred Units Still Buys

Summary The company reaffirmed guidance for Fiscal 2025, with a focus on water solutions and capital usage to pay down debt. NGL Partners reported an okay first quarter with adjusted EBITDA of $144.3 million, driven by water services. Water services saw a slight increase in EBITDA, helped by higher skim oil profits and increased produced water processed. Read the full article on Seeking Alpha
Seeking Alpha • Apr 11

NGL Energy Partners: Preferreds Going To Current Yield, Upside Now In The Common

Summary NGL Energy Partners LP has paid off all arrearages on its preferred stock, increasing investor confidence. The company plans to redeem its privately held series D preferred stock before committing capital elsewhere. The common equity of NGL is now very attractive, with the potential for significant growth in the next year. Read the full article on Seeking Alpha
Seeking Alpha • Jan 05

NGL Energy Partners: A Hold With Decent Potential

Summary NGL Energy Partners LP's stock price has risen by over 380% in the last 12 months. The company operates in the transportation, storage, blending, and marketing of energy-related resources. NGL's earnings have shown decent margin growth, but its high debt and limited liquidity pose risks for long-term investors. Read the full article on Seeking Alpha
Seeking Alpha • Oct 04

NGL Energy Partners: Improved Business Performance, But Risk Remains

Summary NGL Energy Partners has somewhat predictable cash flows thanks to long-term fixed fee contracts, but it is still far from becoming profitable and has a high debt load. The company's water solutions segment is currently performing well but the excessive debt load of the company remains a concern. NGL stock is cheaply valued, but its excessive debt load and underperformance compared to the market make it a risky investment. Read the full article on Seeking Alpha
Seeking Alpha • Jul 20

NGL Energy: Not Worth The Risks And Uncertainties

Summary NGL Energy has seen a 240% rally in its stock this year, however, its substantial net debt position and low operating margin make it a risky investment. Despite positive trends in profitability metrics, the company's financial performance has been volatile due to multiple reorganizations and its balance sheet looks weak. The company's stock is rated as a "Hold" due to the high level of uncertainty regarding its free cash flow margin and its substantial net debt position. Read the full article on Seeking Alpha
Seeking Alpha • Feb 23

NGL Energy Partners redeems $203.4M senior notes

NGL Energy Partners (NYSE:NGL) said Thursday it intends redeem all of $203.4 million of its 7.5% senior notes due 2023. On March 31, 2023, registered holders of notes will receive a redemption payment of equal to 100% of the principal amount of such notes; and accrued and unpaid interest on such notes, if any, to the dedemption date, the company said. Following the payment on the redemption date, there will be no notes that remain outstanding, NGL said. Press Release. Seeking Alpha contributor DT Analysis recently laid out a "Buy" case for NGL.
Seeking Alpha • Feb 09

NGL Energy Partners GAAP EPS of $0.19 misses by $0.01, revenue of $2.14B misses by $490M

NGL Energy Partners press release (NYSE:NGL): Q3 GAAP EPS of $0.19 misses by $0.01. Revenue of $2.14B (-1.4% Y/Y) misses by $490M. Adjusted EBITDA(1) for the third quarter of Fiscal 2023 of $193.3 million, compared to $147.7 million for the third quarter of Fiscal 2022; Adjusted EBITDA for the first nine months of Fiscal 2023 of $459.4 million, compared to $385.1 million for the comparable period of 2022 Operating income for the Water Solutions segment of $59.7 million for the third quarter of Fiscal 2023, compared to $19.9 million for the third quarter of Fiscal 2022 Record Water Solutions’ quarterly Adjusted EBITDA(1) of $121.7 million for the third quarter of Fiscal 2023, a 47.1% increase compared to the third quarter of Fiscal 2022 and a 16.2% increase over the immediately preceding fiscal quarter In the face of significant inflationary pressure, Water Solutions managed to reduce operating expense to $0.25 per barrel versus $0.27 per barrel in the immediately preceding fiscal quarter Record produced water volumes processed of approximately 2.43 million barrels per day during the third quarter of Fiscal 2023, growing 31.9% from the same period in the prior year and 7.1% over the immediately preceding fiscal quarter Increasing Water Solutions Adjusted EBITDA(2) guidance from $430 million plus to $440 million plus for Fiscal 2023 Reduced $98.1 million in principal on unsecured notes and equipment financing note in the quarter Anticipate all 2023 unsecured notes to be repaid no later than June 30, 2023. Shares +1.75%.
Seeking Alpha • Jan 31

NGL Energy Partners: Despite Good News, Future Is Bleak For Common Unitholders

Summary NGL Energy Partners LP recently hiked EBITDA guidance and reported impressive debt reduction. Despite these positives, the company's financial outlook is precarious. Given NGL Energy Partners LP's lack of free cash flow and high cost of capital, its common equity remains at risk of total loss.
Seeking Alpha • Dec 26

NGL Energy: Preferreds Get An Upgrade

Summary On our last call on NGL Energy, we upgraded the common shares to a hold, and left the preferreds on a Sell rating. They have lost an additional 25% value since then. We update our outlook on them and tell you why they get an upgrade.
Seeking Alpha • Nov 09

NGL Energy Partners GAAP EPS of -$0.21, revenue of $2B

NGL Energy Partners press release (NYSE:NGL): Q2 GAAP EPS of -$0.21. Revenue of $2B (+14.3% Y/Y). Record produced water volumes processed of approximately 2.27 million barrels per day during the second quarter of Fiscal 2023, growing 28.7% from the same period in the prior year and 5.2% over the immediately preceding fiscal quarter
Seeking Alpha • Sep 25

NGL Energy: Divergence

Summary On our last coverage, we gave NGL Energy common and preferred shares a "Strong Sell". We have seen a divergence in the performance between the common shares and the preferred. We are also seeing the odds increase a bit that NGL Energy might make it a little while longer. We give you the updated trade. When we last covered NGL Energy Partners LP (NGL) we gave our Strong Sell to the common and the preferred shares. In our defense, our hands were tied. "Get Out Of Dodge" is still not one of the choices available at Seeking Alpha. On the common shares, the timing was excellent. NGL went straight down from there like a lead balloon. Pain Ahead, Sell Common And Preferreds The preferred shares showed a bit of a divergence. The B's (NGL.PB) declined by about 26%. Seeking Alpha The C units (NGL.PC) declined by just a little about 11%. Seeking Alpha We update the bear thesis with these and the general market moves and look at where a negative stance would be best served. Q1-2023 NGL has a fiscal year ending in March. The Q1-2023 results which were released after our last article were another disappointment. While adjusted EBITDA for the first quarter of fiscal 2023 increased to $123.9 million, compared to $91.1 million, it was still weaker than what one would anticipate in a climate of extremely strong oil prices. NGL benefits from crude oil prices directly and this can be seen in their commentary. Revenues from recovered crude oil, including the impact from realized skim oil hedges, totaled $32.9 million for the quarter ended June 30, 2022, an increase of $16.9 million from the prior year period. This increase was due to increased skim oil barrels sold as a result of higher produced water volumes processed, higher skim oil volumes captured per barrel of produced water processed and higher realized crude oil prices received from the sale of skim oil barrels. Source: NGL Press Release On the bright side for the bulls, NGL actually did raise full year guidance for the water solutions segment to over $400 million and maintained the original adjusted EBITDA target for the company in excess of $600 million. NGL Presentation One thing that was unusual was that NGL did this tiny debt payment, not from organic cash flow, but from borrowing on its credit facility. Net cash from operating activities was just $2.5 million and after subtracting capex $36.4 million, baseline cash flow was heavily negative. NGL 10-Q There is a lot of working capital movement in Q1 and this likely drove the reliance on credit facility to buyback debt. Total debt actually increased in the quarter. NGL Presentation Outlook All other things being equal, the next quarter results, which include extremely strong oil prices with rolling off of some of the company's oil price hedges, should be quite nice. It is beyond that, when the tailwind of these prices disappears, that we will have to see whether the company can meet the challenges of this environment. NGL will also have to deal with rising rates on its ABL facility and this will really add numbers in 2023. At June 30, 2022, $171.0 million had been borrowed under the ABL Facility and we had letters of credit outstanding of approximately $143.6 million. The ABL Facility is scheduled to mature at the earliest of a) February 4, 2026 or b) 91 days prior to the earliest maturity date in respect to any of our indebtedness in an aggregate principal amount of $50.0 million or greater, if such indebtedness is outstanding at such time, subject to certain exceptions. At June 30, 2022, the borrowings under the ABL Facility had a weighted average interest rate of 4.84% calculated as the prime rate of 4.75% plus a margin of 1.75% on the alternate base borrowings and the weighted average SOFR of 1.28% plus a margin of 2.75% for the SOFR borrowings. On June 30, 2022, the interest rate in effect on letters of credit was 2.75%. Source: NGL 10-Q On its publicly traded debt, we are an interesting divergence as well. Below are the numbers from June 5, 2022 which we had in the last article. FINRA June 5, 2022 Here are today's numbers. Outside of the November 2023 maturities, all other notes including the senior secured notes, are weaker today.
Seeking Alpha • Jun 06

NGL Energy: Pain Ahead, Sell Common And Preferreds

NGL Energy has failed to capitalize on the boom in the energy prices. Guidance was reduced once again and the credit markets are now closed off. A quick asset sale might help, but we see a restructuring as highly probable.
Seeking Alpha • Mar 24

NGL Energy Partners: Lower Guidance Is Fully Offset By Asset Sales

Q3 results were good but lower than market expectations. The lower volumes were due to lower disposal from customers and warmer than a normal quarter. Lower volumes and unexpected repairs are a 20M headwind that management is planning to fully offset with asset sales. Management reiterated the plan to fully retire the 2023 notes. My cash flow projections validate this. The target price remains $4.80 per share as the result, and lower guidance does not change the investment thesis.
Seeking Alpha • Feb 09

NGL Energy Partners LP: Expect Preferred Dividend By 2024

Good results driven by increased volume in the Water Segment. Insiders have been buying shares. I expect NGL to generate enough cash flow to delever and pay prefered dividends in 2024. The common shares are worth $4.80, offering a 100% upside.
Seeking Alpha • Aug 30

NGL Energy Partners LP: Free Cash Flow Will Allow The Company To Delever In The Next 3 Years

Piling up debt at a faster pace than EBITDA growth and the pandemic have negatively impacted NGL's stock price. If NGL revenues recover to pre-pandemic levels of 7-8 bn, EBITDA could be 600MM and Free Cash Flow of 100MM to 300MM. Clauses in the bonds and preferred shares limit management to use the free cash flow to pay down debt. In 2-3 years, NGL would have paid down at least 600MM in debt and the shares could be worth at least $5.25. However, if you believe oil prices will plummet, avoid the stock.
Seeking Alpha • Aug 11

NGL Energy: It Could Have Been Worse

NGL Energy reported weak fiscal Q1 results. We tell you where the pain lies and why the preferred shares finally woke up to the reality of the situation. We also tell you why we are actually upgrading this to a neutral rating after being bearish since mid-$3s.

Revenue & Expenses Breakdown

How NGL Energy Partners makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

NYSE:NGL Revenue, expenses and earnings (USD Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
31 Mar 263,156-4453640
31 Dec 253,525-343480
30 Sep 253,509-523520
30 Jun 253,332-793510
31 Mar 253,469-573530
31 Dec 24-473-3293960
30 Sep 241,150-3134040
30 Jun 243,296-2954110
31 Mar 244,153-2984210
31 Dec 237,376-793860
30 Sep 237,645-633880
30 Jun 237,814-833940
31 Mar 235,679-1173760
31 Dec 229,179-623830
30 Sep 229,212-1333760
30 Jun 228,957-1343560
31 Mar 227,948-2893490
31 Dec 217,167-4863460
30 Sep 216,457-8443310
30 Jun 215,871-8343140
31 Mar 215,227-7313250
31 Dec 205,156-7213400
30 Sep 205,920-2883930
30 Jun 206,557-3034440
31 Mar 207,584-3674470
31 Dec 198,026-854030
30 Sep 198,095-463560
30 Jun 196,302-133360
31 Mar 198,689-1713320
31 Dec 1811,512-2653350
30 Sep 1813,571-3173290
30 Jun 1817,436-4983050
31 Mar 186,954-842910
31 Dec 1715,809-2163280
30 Sep 1714,862-2393450
30 Jun 1714,031-1343780
31 Mar 1712,707582950
31 Dec 1611,500-1144310
30 Sep 1610,778-784640
30 Jun 1610,926-284900
31 Mar 1611,742-2475410
31 Dec 1512,637515540
30 Sep 1514,50515620

Quality Earnings: NGL is currently unprofitable.

Growing Profit Margin: NGL is currently unprofitable.

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: NGL is unprofitable, but has reduced losses over the past 5 years at a rate of 33.9% per year.

Accelerating Growth: Unable to compare NGL's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: NGL is unprofitable, making it difficult to compare its past year earnings growth to the Oil and Gas industry (6%).

Return on Equity

High ROE: NGL's liabilities exceed its assets, so it is difficult to calculate its Return on Equity.

Return on Assets

Return on Capital Employed

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/01 13:06
End of Day Share Price 2026/07/01 00:00
Earnings2026/03/31
Annual Earnings2026/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

NGL Energy Partners LP is covered by 16 analysts. 1 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ethan BellamyBaird
Brian ZarahnBarclays
Dennis ColemanBofA Global Research