NGL Energy Partners LP
🔔 Watch stock
Assessment
Our Rating
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.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
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.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Core business Water Solutions
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.
Capital structure & debt
$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.
Ranking & distribution
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.
Turnaround progress
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.
Structure & valuation
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.
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at NGL since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 5.90 $ to 19.00 $ · Last price: 16.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Oil & Gas Midstream
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| NGL Energy Partners LP NGL | 2.0 | – | 14.3 | 29.5 | 2.1 | -9.0 | 150.8 |
| Williams Companies Inc WMB | 86.8 | 31.7 | 14.9 | 63.6 | 33.6 | 13.8 | 25.4 |
| Enterprise Products Partners LP EPD | 83.1 | 13.3 | 11.5 | 13.3 | 11.8 | -6.4 | 27.7 |
| Energy Transfer LP ET | 72.6 | 14.4 | 8.2 | 17.5 | 10.4 | -0.1 | 29.1 |
| Kinder Morgan Inc KMI | 69.0 | 21.5 | 13.1 | 49.4 | 29.9 | 12.5 | 18.1 |
| Targa Resources Inc TRGP | 60.2 | 29.5 | 14.9 | 43.2 | 20.9 | 3.1 | 74.9 |
| MPLX LP MPLX | 59.5 | 12.6 | 11.7 | 55.7 | 38.3 | 8.4 | 22.6 |
| ONEOK Inc OKE | 57.5 | 16.6 | 11.6 | 27.2 | 14.9 | 55.4 | 34.7 |
| Cheniere Energy Inc LNG | 55.8 | 47.4 | 10.4 | 36.9 | -53.8 | 24.4 | 15.1 |
| Median of companies shown | 60.2 | 19.0 | 11.7 | 36.9 | 14.9 | 8.4 | 27.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 13,022 | 255 | 137 | 1.23 | -27 | 2,167 | 6,320 |
| 2018 | 16,907 | -17 | -71 | -0.59 | 138 | 2,169 | 6,151 |
| 2019 | 8,689 | 127 | 360 | 2.93 | 337 | 0 | 5,902 |
| 2020 | 7,584 | -3 | -397 | -3.12 | 464 | 2,251 | 6,499 |
| 2021 | 5,227 | -391 | -640 | -4.96 | 304 | 1,482 | 5,947 |
| 2022 | 7,948 | 83 | -185 | -1.42 | 206 | 1,301 | 6,070 |
| 2023 | 5,679 | 244 | 51 | 0.39 | 445 | 1,355 | 5,456 |
| 2024 | 4,153 | 162 | -144 | -1.09 | 297 | 1,034 | 5,020 |
| 2025 | 3,469 | 329 | 39 | 0.30 | 297 | 677 | 4,609 |
| 2026 | 3,156 | 384 | -180 | -1.42 | 366 | 26 | 4,176 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| 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 | 757 | -24.90 | 0.30 | 7 | -83 |
| 2024: Q4 | -0.12 | -250.00 | 982 | -17.80 | 1.40 | 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 | -10.80 | 4.30 | 155 | 117 |
| 2025: Q4 | 0.10 | 183.30 | 910 | -7.40 | 5.20 | 182 | 46 |
| 2026: Q1 | -0.71 | -491.70 | 950 | -2.20 | -34.30 | 110 | 78 |
| 2026: Q2 | – | – | 990 | 59.10 | 7.90 | 77 | 77 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 2 of our scanner strategies — each hit links to the scanner.
Research
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
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 03/31/2027 | 1.38 | 1.38 – 1.38 | 3,320 | – | 1 |
| 03/31/2028 | 1.79 | 1.79 – 1.79 | 3,044 | – | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly -2.8% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $209.6M |
|---|---|
| Market cap | $1.96B |
| Free cash flow in year ten | $157.8M |
| Terminal value as a share of market value | 42.4% |
For comparison: over the past five years free cash flow grew by 4.3% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft 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
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -17.8%
- More than 10% revenue growth is expected for the coming year -88.2%
- Share count grows by less than 3% a year -1.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -4.4%
- Gross margin at 40% or higher and without meaningful erosion 23.7%
- Goodwill from acquisitions does not grow faster than revenue 8.4%
- Net debt below twice EBITDA 9.9 x EBITDA
- Operating cash flow covers the profits of the last three years 1,245 m
- Return on capital at 15% or higher, or up versus two years ago 11.2%
- Insiders hold at least 10% or are net buyers 11.9%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
0/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% -14.6%
- Exp. sales growth 3Y > 5% -1.8%
- EBIT growth 10Y > 5% 4.7%
- Exp. EBIT growth 3Y > 5% -1.8%
- Net debt < 4x EBIT 8.7x
- EBIT positive, 10Y straight 7
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% 11.2%
- Expected return > 10% 5.5%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 27, 2026 | Collingsworth James M | Director | Buy | 2,289 | 17.00 | 38,913 |
| Aug 26, 2026 | Collingsworth James M | Director | Buy | 200 | 16.96 | 3,392 |
| Aug 25, 2026 | Krimbill H Michael | Chief Executive Officer | Sell | 300,000 | 17.00 | 5,100,000 |
| Aug 25, 2026 | Collingsworth James M | Director | Buy | 10,808 | 16.82 | 181,834 |
| Aug 25, 2026 | Raymond John T | Director | Buy | 300,000 | 16.98 | 5,094,000 |
| Aug 24, 2026 | Raymond John T | Director | Buy | 25,500 | 16.22 | 413,704 |
| Aug 21, 2026 | Raymond John T | Director | Buy | 1,126 | 16.25 | 18,298 |
The company
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.
- Employees
- 449
- Headquarters
- Tulsa, OK
- Address
- 6120 South Yale Avenue, 74136 Tulsa, United States
- Phone
- 918 481 1119
- Website
- nglenergypartners.com
- IPO Date
- 05/12/2011
- ISIN
- US62913M1071
Management
| Name | Title | Birth Year |
|---|---|---|
| H. Michael Krimbill | President, CEO, & Director of NGL Energy Holdings LLC | 1954 |
| Bradley P. Cooper | Executive VP, Compliance Officer & CFO of NGL Energy Holdings LLC | 1976 |
| Lawrence J. Thuillier | Chief Accounting Officer of NGL Energy Holdings LLC | 1971 |
| Jennifer L. Kingham | Executive VP & Chief Information Officer of NGL Energy Holdings LLC | 1973 |
| L. Ryan Collins | Executive VP, General Counsel & Corporate Secretary of NGL Energy Holdings LLC | 1986 |
| Vincent J. Osterman | President of Eastern Retail Operations | 1957 |
| James F. Winter | Senior Vice President of NGL Water Solutions - NGL Energy Holdings LLC | – |
| Don Robinson | Executive Vice President of Crude Oil Logistics | – |
| Douglas W. White | Executive Vice President of NGL Water Solutions - NGL Energy Holdings LLC | – |
| Jeff Pinter | Executive Vice President of Liquids Logistics | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 17, 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.