NGL Energy Partners (NYSE:NGL) Q2 2026 Earnings Call November 04, 2025 05:00 PM ET Speaker2Please continue to hold, ladies and gentlemen. Your conference will begin momentarily. Please continue to hold. Thank you for your patience. Greetings. Welcome to the NGL Energy Partners Q2 2026 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star ...

$16.55 MM 85% 9% 6% Liquids Logistics NGL Total EBITDA by Segment $178.97 MM(1) $151.90 MM 85% 9% 6% Investor Presentation November 2025 NYSE: NGL Company Overview Water Solutions Crude Oil Logistics 85% 1. EBITDA values reflect Q2 Fiscal 2026 and does not include corporate or discontinued operations 2 $10.52 MM 9% 6% ▪ Provides water transportation, treating, recycling, and handling services for upstream customers ▪ Largest integrated water solutions network of injection wells and large diameter pipe in th ...

Nov 4, 2025 4:37 PM Eastern Standard Time NGL Energy Partners LP Announces Second Quarter Fiscal 2026 Financial Results Share TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE:NGL) ("NGL,†"we,†"us,†"our,†or the "Partnership†) today reported its second quarter Fiscal 2026 financial results. Highlights include: Financial Results: Water Solutions Volumes: Guidance Update: See the "Non-GAAP Financial Measures†section of this release for the definition of Adjusted EBITDA (as used herein) and a discus ...

Core Viewpoint - Targa Resources Corp. is advancing several organic growth projects to enhance NGL and natural gas production in the Permian Basin, addressing customer infrastructure needs [1][2][3]. Group 1: New Projects - Targa plans to construct the Speedway NGL Pipeline, a ~500-mile pipeline with an initial capacity of ~500 MBbl/d, expandable to 1,000 MBbl/d, expected to be operational by Q3 2027 at an estimated cost of $1.6 billion [2]. - The company is also building the Yeti gas processing plant with a capacity of 275 MMcf/d, expected to be in service by Q3 2027, as part of five new gas processing plants in the Permian with a total capacity of 1.4 Bcf/d [3]. - A new 35-mile natural gas pipeline and a 55-mile conversion of an existing pipeline into natural gas service, collectively known as Buffalo Run, will enhance connectivity across Targa's plants and is expected to be completed by early 2028 [4]. Group 2: Financial Outlook - Targa estimates total net growth capital expenditures for 2025 to be around $3.3 billion, which includes costs for the Speedway pipeline and long-lead items for the Yeti plant [5]. - The company anticipates significant volume growth in 2026, supported by ongoing projects and a favorable industry trend of rising gas-to-oil ratios in the Permian Basin [6]. Group 3: Company Overview - Targa Resources Corp. is a leading midstream service provider and one of the largest independent infrastructure companies in North America, focusing on the efficient delivery of energy [8]. - The company operates a diversified portfolio of assets that connect natural gas and NGLs to both domestic and international markets, catering to the growing demand for cleaner fuels [8].

Core Insights - NGL Energy Partners LP (NYSE:NGL) experienced an 8.91% decline in share price from September 18 to September 25, 2025, making it one of the energy stocks that lost the most during that week [1] - The company is a diversified midstream MLP providing services such as transportation, storage, blending, and marketing of crude oil, NGLs, refined products/renewables, and water solutions [2] - A recent investment by director James Collingsworth, who purchased 100,000 shares valued at approximately $580,000, indicated confidence in the company's future, which initially boosted investor sentiment [3] - Despite the recent share price drop, NGL stock has increased by nearly 37% over the past six months, suggesting a strong performance trend prior to the decline [4]

Core Viewpoint - NGL Energy Partners LP announced a distribution for the quarter ending September 30, 2025, for its Class B and Class C Preferred Units [1] Distribution Details - The distribution is declared for the holders of the 11.765% Class B Floating Rate Cumulative Redeemable Perpetual Preferred Units [1] - The distribution is also applicable to the 11.675% Class C Floating Rate Cumulative Redeemable Perpetual Preferred Units [1] - The distribution will be paid in accordance with the terms outlined for these preferred units [1]

Core Insights - NGL Energy Partners LP (NYSE:NGL) experienced a share price increase of 10.22% from September 9 to September 16, 2025, making it one of the top-performing energy stocks for that week [1] - The company reached a 5-year high following a significant investment by its director, James Collingsworth, who purchased 100,000 shares valued at approximately $580,000 [3] - Over the past year, NGL Energy Partners LP's share price has surged by more than 40% [3] Company Overview - NGL Energy Partners LP is a diversified midstream Master Limited Partnership (MLP) that offers various services including transportation, storage, blending, and marketing of crude oil, natural gas liquids (NGLs), refined products, renewables, and water solutions [2]

Core Insights - The Fortune Teller is a team of two analysts with over 30 years of combined market experience [1] - The team includes a former licensed investment advisor with a background in asset management, holding degrees in Accounting & Economics and Computer Sciences, as well as MBAs [1] - They lead the investing group Wheel of Fortune, which shares actionable trading ideas across various asset classes, sectors, and industries [1] Service Features - The service aims to provide a comprehensive resource for investment and portfolio ideas while educating subscribers [1] - It includes the Funds Macro Portfolio, focusing on ETFs and CEFs for less active investors [1] - The Single Macro Portfolio is designed for more active investors, focusing on single equity [1] - Additional offerings include educational content and a live chat room for discussions among investors and The Fortune Teller [1]

Core Insights - The article focuses on Plains All American Pipeline, L.P. (PAA, PAGP) and its Master Limited Partnership (MLP) structure, which is favored by income-focused investors [1] - The author emphasizes a strategy of identifying undervalued companies with strong fundamentals and cash flows, particularly in the Oil & Gas sector [1] - Energy Transfer is highlighted as a company that has been overlooked but shows potential for substantial returns [1] Group 1 - The article discusses the appeal of MLPs to income-focused investors, particularly in the context of Plains All American Pipeline [1] - The author expresses a preference for long-term value investing while also exploring deal arbitrage opportunities in various sectors [1] - There is a noted skepticism towards investments in high-tech businesses and cryptocurrencies, indicating a focus on more traditional sectors [1]

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA for Q1 2026 was $144 million, a 4% increase from $138.6 million in Q1 2025 [4] - The company reaffirmed its full year adjusted EBITDA guidance of $615 million to $625 million [5] Business Line Data and Key Metrics Changes - Water Solutions adjusted EBITDA increased to $142.9 million in Q1 2026 from $125.6 million in Q1 2025, representing a 13.8% increase [5] - Physical water disposal volumes rose to 2,770,000 barrels per day in Q1 2026, up 12.4% from 2,470,000 barrels per day in the prior year [5] - Crude oil logistics adjusted EBITDA decreased to $9.6 million in Q1 2026 from $18.6 million in Q1 2025 due to reduced sales and lower crude oil prices [7] - Liquids logistics adjusted EBITDA fell to $2.9 million in Q1 2026 from $5.7 million in Q1 2025, adjusted for previously announced asset sales [9] Market Data and Key Metrics Changes - The Grand Mesa pipeline volumes averaged approximately 55,000 barrels per day in Q1 2026, down from 63,000 barrels per day in Q1 2025, but July volumes were approximately 25% higher than June [7][9] Company Strategy and Development Direction - The company is focused on rightsizing its asset footprint, paying down debt, and reducing overall leverage [3][4] - The strategy includes opportunistic capital allocation, including repurchasing debt and equity that provide the highest return [12] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the Water Solutions segment's performance and noted that they have not seen a drop-off in customer activity despite market uncertainties [6] - There is an expectation of stronger performance in the Crude Oil Logistics segment as volumes on the Grand Mesa system are anticipated to ramp up [12] Other Important Information - The company closed on the sale of its RAC marketing business and a majority of its wholesale propane business, using proceeds to pay down debt [3] - The company repurchased approximately 4.7 million common units at an average price of $4.3 per unit, representing about 3.5% of outstanding common units [14] Q&A Session Summary Question: Future common unit repurchases - Management indicated they will continue to be opportunistic with capital allocation and may pursue further common unit repurchases depending on market conditions [16][17] Question: Produced water volumes for the quarter - Management noted that produced water volumes were slightly lighter than expected but still above internal budget, with confidence in continued performance for the remainder of the year [21][23] Question: Thoughts on ARRIS acquisition by Western - Management congratulated ARRIS on their acquisition but stated that their model differs as they do not focus on recycling, welcoming consolidation in the industry as it can lead to greater efficiency [26][28]