NGL Energy Partners LP
Statements
Segments
US companies must disclose in their mandatory reports how revenue breaks down across business segments, regions and product lines. We read that breakdown for you straight from the annual and quarterly reports (10-K and 10-Q) of NGL Energy Partners LP (NGL). It shows which part of the business is growing — and which one is holding it back.
Revenue by business segment
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Liquids logistics | $3.13B 59.9% | $4.90B 61.6% · +56.3% | $2.52B 44.3% · -48.6% | $1.77B 42.5% · -29.8% | $1.83B 52.9% · +3.8% | $1.26B 40.0% · -31.2% |
| Crude oil logistics | $1.72B 32.9% | $2.51B 31.5% · +45.5% | $2.47B 43.5% · -1.3% | $1.66B 39.9% · -33.0% | $879.9M 25.4% · -46.9% | $1.05B 33.4% · +19.9% |
| Water solutions | $371.0M 7.1% | $544.9M 6.9% · +46.9% | $697.0M 12.3% · +27.9% | $730.8M 17.6% · +4.8% | $755.7M 21.8% · +3.4% | $838.9M 26.6% · +11.0% |
| Corporate and other | $1.3M 0.0% | – | – | – | – | – |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Liquids logistics | $70.4M 2.2% | -$8.4M -0.2% | – | – | – | – |
| Crude oil logistics | -$304.3M -17.7% | $45.0M 1.8% | – | – | – | – |
| Water solutions | -$92.7M -25.0% | $94.9M 17.4% | – | – | – | – |
| Corporate and other | – | – | – | – | – | – |
Large figure: segment operating income. Below it the margin, that is operating income measured against the revenue of the same segment.
Revenue by product line
| Segment | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Product | $5.01B 88.2% | $3.47B 83.5% · -30.8% | $2.74B 79.1% · -20.9% | $2.40B 75.9% · -12.6% |
| Service | $670.0M 11.8% | $685.4M 16.5% · +2.3% | $726.2M 20.9% · +6.0% | $760.0M 24.1% · +4.6% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Segment and region names are the ones the company itself uses and are shown as reported. Change and share refer to revenue.
Data as of: August 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q) · Segment figures: SEC EDGAR (10-K/10-Q reports)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.