NGL Energy Partners LP (NYSE:NGL) Q3 2023 Earnings Conference Call February 9, 2023 5:30 PM ET Company Participants Brad Cooper - EVP and CFO Mike Krimbill - CEO Kurston McMurray - General Counsel Doug White - EVP, Water Solutions Jeff Pinter - EVP, Liquids Logistics Don Robinson - EVP, Crude Oil Logistics Conference Call Participants Patrick Fitzgerald - Baird Tarek Hamid - JPMorgan Gregg Brody - Bank of America Ned Baramov - Wells Fargo Jason Mandel - RBC Operator Greetings. Welcome to the NGL Energy Part ...

NGL Energy Partners LP (NYSE:NGL) Q2 2023 Results Conference Call November 9, 2022 5:00 PM ET Company Participants Linda Bridges - CFO Mike Krimbill - CEO Conference Call Participants Operator Good day, ladies and gentlemen, and welcome to the NGL Energy Partners LP 2Q '23 Earnings Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Linda Bridges, CFO at NGL Energy Partners. Ma'am, the floor is yours. Linda Bridges Hi, and welcome to NGL's second quarter fiscal 2023 earn ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-35172 NGL Energy Partners LP (Exact Name of Registrant as Specified in Its Charter) ...

2022 Wells Fargo Leveraged Finance Conference September 2022 Company Overview1 Water Solutions Crude Oil Logistics Liquids Logistics Provides water transportation, treating, recycling and handling services for upstream customers Largest integrated water solutions network of injection wells and large diameter pipe in the Delaware Basin Predictable cash flows supported by longterm fixed fee contracts, acreage dedications and minimum volume commitments Purchases crude oil from producers and marketers for sale ...

Financial Data and Key Metrics Changes - The Water Solutions segment reported record adjusted EBITDA of $105 million, a 29% increase compared to Q1 fiscal 2022 and over 16% from the previous quarter [5][6] - Operating expenses decreased to $0.25 per barrel, reflecting successful cost control despite inflationary pressures [7] - Total liquidity reported at $286 million as of June 30, with $23.3 million of unsecured notes repurchased during the quarter [13] Business Line Data and Key Metrics Changes - The Liquids Logistics segment achieved adjusted EBITDA of $12.9 million, up from $5.6 million in Q1 fiscal 2022, driven by strong margins on refined products and biodiesel [8] - Crude Logistics reported adjusted EBITDA of $15.1 million, impacted by approximately $20 million in net financial losses on derivatives [10][11] - Water disposal volumes processed reached approximately 2.15 million barrels per day, a 12% increase from the previous quarter [6] Market Data and Key Metrics Changes - The propane and butane businesses are expected to generate most earnings later in the fiscal year, influenced by winter weather and agricultural demand [9] - The company anticipates a build-up of inventory for butane and propane during late summer and fall, with liquidation expected in the fourth fiscal quarter [23] Company Strategy and Development Direction - The company is focused on repaying unsecured 2023 notes and reducing leverage below 4.75 to reinstate preferred dividends [16] - Growth in water disposal volumes is expected to continue, supported by new pipeline additions [17] - The Water Solutions EBITDA guidance has been increased by $10 million to over $410 million for the fiscal year [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for further increases in guidance if the current energy environment persists [18] - The company is making significant progress on initiatives to enhance liquidity and manage elevated working capital requirements [14] Other Important Information - The company incurred 50% of its growth CapEx budget in the first quarter, amounting to $31 million, and accelerated maintenance capital expenditures [17] Q&A Session Summary Question: Trajectory of water volumes during the year - Management guided for water volumes to reach 2.2 million barrels for the year, with first quarter volumes at 2.15 million barrels [21][22] Question: Working capital expectations for next quarter - Working capital balances are expected to follow historical trends, with inventory builds occurring earlier this year [23][24] Question: Free cash flow timing - Majority of free cash flow is anticipated to come in the second half of the year [25]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-35172 NGL Energy Partners LP (Exact Name of Registrant as Specified in Its Charter) (Sta ...

NGL Energy Partners LP (NYSE:NGL) Q4 2022 Earnings Conference Call June 6, 2022 5:00 PM ET Company Participants Linda Bridges - Executive Vice President & Chief Financial Officer Mike Krimbill - Chief Executive Officer, President & Director Jeff Pinter - Executive Vice President, Liquids Logistics Doug White - Executive Vice President-Water Solutions Conference Call Participants Tarek Hamid - JPMorgan Jason Mandel - RBC Capital Markets Robert Kane - Kane LLC John Horton - BMR James Yoon - Nomura Edward Camp ...

Investor Presentation June 2022 Company Overview Water Solutions Crude Oil Logistics Liquids Logistics ▪ Provides water transportation, treating, recycling and handling services for upstream customers ▪ Largest integrated water solutions network of injection wells and large diameter pipe in the Delaware Basin ▪ Predictable cash flows supported by longterm fixed fee contracts, acreage dedications and minimum volume commitments ▪ Purchases crude oil from producers and marketers for sale at multiple refineries ...

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2022 OR Commission File Number: 001-35172 NGL Energy Partners LP (Exact Name of Registrant as Specified in Its Charter) Delaware 27-3427920 (State or ...

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $147.7 million for the quarter, which was below expectations [51] - The fiscal 2022 EBITDA range has been adjusted to $550 million to $560 million, aligning with average analyst expectations [13][51] - Capital expenditures for the quarter totaled $26.5 million, with a year-to-date total of $96 million, and guidance for fiscal 2022 has been updated to $125 million to $130 million due to unexpected repairs [51][52] Business Segment Data and Key Metrics Changes - Water Solutions segment reported adjusted EBITDA of $82.7 million, with processed barrels totaling approximately 1.84 million barrels per day, a 30% increase year-over-year [43] - Crude Oil Logistics segment reported adjusted EBITDA of $29.8 million, impacted by backwardation in the crude curve, which negatively affected hedging positions and inventory valuations [47][48] - Liquids segment reported adjusted EBITDA of $48 million, driven by positive results in the butane business and favorable location differentials [49] Market Data and Key Metrics Changes - The company experienced lower water disposal volumes in October and November, leading to a shortfall in expected EBITDA for Water Solutions [8] - The current crude oil price is approximately $90 per barrel, which is $12 above the third quarter pre-transportation price [12] - The company anticipates a 10% increase in Water Solutions EBITDA for fiscal 2023, projecting approximately $32 million EBITDA per month [11] Company Strategy and Development Direction - The company is focusing on repaying all of the 2023 unsecured notes prior to maturity and has repurchased $20 million of these notes during the quarter [52] - Collaboration with XRI for recycling services is aimed at enhancing the efficiency of produced water management without incurring additional capital expenses [30] - The company is augmenting free cash flow through asset sales, having closed on $12 million of sales thus far in fiscal 2022, with an additional $20 million identified for fiscal 2023 [13] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment in the quarter's performance but noted expectations for recouping shortfalls in the fourth fiscal quarter due to colder-than-normal temperatures [9] - The management remains optimistic about the Water Solutions segment, expecting to exit the fiscal year with approximately two million barrels a day of processed water volume [44] - The management indicated that the operating environment remains challenging but sees potential for growth in the Water Solutions segment and improved margins in the Liquids segment [50][53] Other Important Information - The company has identified a significant dedication in the Water Solutions segment that is expected to be the largest in its history [75] - The company has approximately 60 additional inventory permits for saltwater disposal, which are laddered to maintain operational capacity [109] - The company is working through the budgeting process for fiscal 2023 and will provide updates in the next earnings call [53] Q&A Session Summary Question: How does the company view induced seismicity issues? - Management views induced seismicity as more of an opportunity than a threat, estimating a potential incremental increase in water processing of 5% to 7% if current rules remain in place [57] Question: What caused the drop in recycled water volumes? - The drop was attributed to producers being disciplined in their operations during the last quarter, but an increase in activity was noted in December [58] Question: What is the outlook for inventory reversal? - The company expects a reversal in inventory levels, with a projected reduction of over $100 million in working capital balances [62] Question: What is the status of the XRI agreement? - The collaboration with XRI is expected to significantly increase recycled water volumes, with a goal of exceeding 100,000 barrels a day [78] Question: What are the plans for asset sales? - The company has identified $20 million in asset sales for this year and is actively working on selling underutilized assets to improve the balance sheet [116]