Financial Data and Key Metrics Changes - The company reported a record adjusted EBITDA from continuing operations of $590 million for fiscal year 2020, with a net loss on a GAAP basis due to non-cash impairments [9][31][48] - Total leverage improved from 5.0 times last quarter to 4.86 times as of March 31, 2020, with expectations to remain in the high 4x to low 4x range for the upcoming year [26][32] - Free cash flow is projected to be positive based on the adjusted EBITDA guidance of $600 million for fiscal 2021, with distributable cash flow after interest expense and maintenance capital estimated at approximately $295 million [26][49] Business Line Data and Key Metrics Changes - Crude Oil Logistics segment achieved adjusted EBITDA of approximately $57 million for the quarter and $202 million year-to-date, performing at the high end of guidance [35] - NGL Logistics segment significantly exceeded expectations, with strong performance in both butane blending and wholesale propane business components [10][31] - Water Solutions segment reported adjusted EBITDA of $72 million for the quarter, totaling $232 million year-to-date, with Delaware Basin volumes accounting for nearly 80% of total volumes [37][41] Market Data and Key Metrics Changes - The company averaged 1.7 million barrels per day in water volumes during the fourth quarter, with a high of 1.9 million barrels per day in March [11] - April volumes averaged 1.6 million barrels per day, while May volumes dropped to approximately 1.25 million barrels per day, indicating a potential bottoming out [20] - The company has a significant disposal capacity of 3.4 million barrels in the Delaware Basin, with 535 miles of pipeline in service [13] Company Strategy and Development Direction - The company has completed its transition away from Retail Propane and Refined Products, focusing on Crude Oil Logistics, NGL Logistics, and Water Solutions for future growth [9] - The strategy includes reducing capital expenditures to $50 million annually and maintenance capital to around $50 million, reflecting a focus on efficiency and cost reduction [23][24] - The company aims to maintain a strong diversified asset base to weather market challenges and maximize value over the next decade [28][51] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by COVID-19 and the volatility in oil prices, indicating a cautious outlook for the midstream sector [14][58] - The company expects to see a recovery in water volumes as producers resume operations, with a target leverage of 4x remaining consistent [112] - Management expressed optimism about the performance in the second half of fiscal 2021, particularly in the NGL Logistics segment due to expected colder winter conditions [17][45] Other Important Information - The company reduced its common unit distribution to $0.20 per unit for the quarter, a 50% reduction, saving approximately $100 million in cash annually [48] - Cost reduction measures have resulted in over $2 million in cash savings per month, with a nearly 15% reduction in headcount [21][22] - The company has been actively repurchasing unsecured indebtedness at a discount, reducing debt by an additional $24 million [27][34] Q&A Session Summary Question: Expectations for produced water volumes and Poker Lake - Management indicated that volumes are expected to trend upwards as shut-in wells come back online, with Poker Lake still on schedule [55] Question: Plans for dividends and conditions for reinstatement - Management expressed disappointment with the current dividend level and indicated that increasing water volumes and reduced leverage are necessary for reinstating dividends [64][66] Question: Impact of contango on storage strategy - The company has rolled short-term contracts for storage and is monitoring market conditions for potential longer-term contracts [72][74] Question: Liquids segment performance and future expectations - The strong performance in the Liquids segment was attributed to both volume and margin increases, with expectations for a ramp-up in demand in the latter half of the fiscal year [100][101] Question: Completions activity and price levels - Management noted that completions are beginning to pick up in the Delaware Basin, with activity expected to continue at price levels between $35 and $40 [108] Question: Target leverage and Class D preferreds - The target leverage remains at 4x, and Class D preferreds are viewed as equity instruments for leverage calculations [112][114]

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, 2020 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 Securities registered pursuant to Section 12(g) of the Act: None Indicate by check m ...

Financial Data and Key Metrics Changes - The company reported record adjusted EBITDA exceeding $200 million, which is at least 20% higher than any retail analyst projection [6] - The 12-month trailing common unit coverage ratio increased from 1 time to 1.5x [6][12] - Total debt outstanding was just under $3.1 billion, resulting in a total leverage of 5x [15] - Adjusted EBITDA for the quarter was approximately $200 million and almost $428 million year-to-date [16] Business Line Data and Key Metrics Changes - Crude Oil segment generated approximately $56 million of adjusted EBITDA for the quarter, with a year-to-date total of $162 million [17] - Water segment adjusted EBITDA was $62 million for the quarter and totaled $160 million year-to-date [18] - Liquids segment achieved record adjusted EBITDA of $69 million for the quarter, totaling $100 million year-to-date [23] - Refined Products segment adjusted EBITDA for continuing operations was $24 million for the quarter, totaling $34 million year-to-date [26] Market Data and Key Metrics Changes - The company expects water disposal volumes to continue to increase, particularly with the upcoming Poker Lake project [20] - The average disposal fee for the quarter was $0.62 per barrel, consistent with year-to-date figures [20] - The company is well-positioned from an inventory standpoint to manage potentially warmer weather impacting volumes [24] Company Strategy and Development Direction - The company is focused on self-funding and continued deleveraging, with a targeted leverage metric of 4x or lower [11] - The strategy includes increasing acreage dedications, MVCs, and extending the tenure of existing contracts [11] - The company aims to simplify its business while maintaining a diverse cash flow [27] Management's Comments on Operating Environment and Future Outlook - Management indicated that water volumes are approximately three months behind original expectations but are expected to ramp up significantly [23] - The company is optimistic about future water volumes, particularly with the development plans of major customers [62] - Management emphasized the importance of reducing operating expenses and achieving synergies from recent acquisitions [62] Other Important Information - The company closed the Hillstone acquisition during the quarter and exited additional smaller refined products businesses [6] - The company has significantly reduced capex in fiscal 2021 and is approaching free cash flow positive status [9] Q&A Session Summary Question: Water volumes delay and exit rate expectations - Management indicated that water volumes are about three months behind schedule, and the exit rate for the end of the calendar year will not include Poker Lake [30][31] Question: Margin expectations for the Water business - Management expects net margins to be larger on a go-forward basis, with operating expenses anticipated to decrease significantly [41][42] Question: Competitive dynamics for new water deals - The competitive environment is tough as many long-term dedications have already been secured, limiting new opportunities for competitors [55] Question: Credit risk associated with Grand Mesa - Management monitors credit risk closely and feels comfortable with the current customer base, despite some credit concerns [64] Question: Purchase of third-party volumes and margin implications - The purchase of third-party volumes is consistent with pipeline operations, and margins are generally in line with basin differentials [70] Question: Role of the new Executive VP of Strategic Initiatives - The role focuses on ensuring the company does not miss strategic acquisition opportunities and enhancing communication with investors [72]

NGL Energy Partners LP Investor Presentation November 2019 Company Information | --- | --- | |------------------------------|----------------| | NYSE Ticker | NGL | | Unit Price (1) | $10.37 | | Market Capitalization (1)(2) | $2.093 billion | | Enterprise Value (1)(2) | $4.883 billion | | Yield (1) | 15.04% | Contact Information Corporate Headquarters NGL Energy Partners LP 6120 South Yale Avenue, Suite 805 Tulsa, Oklahoma 74136 Website www.nglenergypartners.com Investor Relations | --- | |----------------- ...

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, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 6120 South Yale Avenue, Suite 805 Tulsa, Oklahoma 74136 (Address of ...

Financial Data and Key Metrics Changes - Adjusted EBITDA totaled $87 million for the quarter, which included an $11 million loss in refined products. Removing the TPSL business would have resulted in pro forma adjusted EBITDA of $97 million for the quarter [23][32] - Total debt is expected to reduce from $2.6 billion to $2.3 billion with no reduction in LTM EBITDA, reducing leverage by about half a term [14][21] - The company declared a $0.39 per unit distribution for the quarter, targeting 1.3 times coverage on a trailing 12-month basis [35] Business Line Data and Key Metrics Changes - The Crude segment generated approximately $52 million of adjusted EBITDA, consistent with prior quarters, with Grand Mesa volumes averaging 133,000 barrels per day [24][25] - Water adjusted EBITDA was $41 million for the quarter, with approximately 849,000 barrels per day of disposal volumes [26] - Adjusted EBITDA for the Liquid segment totaled $12 million, benefiting from recently acquired terminals, particularly the Chesapeake export facility [30] Market Data and Key Metrics Changes - The company expects significant growth in the water business for the remainder of the year, particularly with the addition of Mesquite [29] - Fresh water sales were slightly lower than expected, but the company anticipates catching up through the remainder of the year [27] - The company hedged approximately 3,500 barrels per day for the remainder of fiscal 2020 at a weighted average price of just over $60 per barrel [28] Company Strategy and Development Direction - The company signed an agreement to sell refined products, with proceeds expected to approximate $300 million, which will be used to reduce debt and increase availability on the bank line of credit [10] - The company is focused on long-term contracts across all three businesses to increase cash flow predictability [12] - The company aims to maintain a compliance leverage target of 3.25 times and all-in leverage under five times [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market's reaction to the sale of refined products, noting minimal stock price impact [9] - The company anticipates a significant ramp in water volumes in the second half of the year, driven by producer activity [41] - Management highlighted the importance of maintaining a healthy balance sheet while exploring acquisition opportunities in the water sector [58] Other Important Information - The company expects to close the sale of the TPSL division by the end of September, with an updated FY 2020 guidance range for the refined products segment of $15 million to $30 million [34] - The company has retained its rack marketing and gas blending businesses, which are expected to be profitable despite some inventory risk [50][51] Q&A Session Summary Question: Can you break out CapEx spend in the first quarter? - About $250 million was spent, with almost $200 million in water, including $82 million on acquisitions [37] Question: Any change to expectation for organic growth CapEx? - No changes to the growth CapEx guidance [38] Question: What are the expectations for water volumes going forward? - A significant increase in volumes is expected starting at the end of September [39] Question: Can you expand on the Intrepid joint marketing deal? - Intrepid has more water rights in New Mexico and will market both companies' water [44] Question: What businesses are left in refining? - The retained businesses include rack marketing, gas blending, and renewables, which are expected to be profitable [49] Question: Any updated thoughts on share repurchase? - The company is considering share repurchase due to attractive pricing [59]

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, 2019 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 Indicate by check mark whether the registrant (1) has filed ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 6120 South Yale Avenue, Suite 805 Tulsa, Oklahoma 74136 (Address of Principal Executive Offices) (Zip Code) (918) 481-1119 (Registrant's Telephone Number, Including Area Code) For ...

NGL Energy Partners LP (NYSE:NGL) Q4 2019 Results Earnings Conference Call May 30, 2019 11:00 AM ET Company Participants Robert Karlovich - Chief Financial Officer Michael Krimbill - Chief Executive Officer Conference Call Participants TJ Schultz - RBC Capital Markets Spiro Dounis - Credit Suisse Dennis Coleman - Bank of America Merrill Lynch Operator Good day, ladies and gentlemen, and welcome to the NGL Energy Partners LP Fourth Quarter Fiscal Year 2019 Earnings Conference Call. At this time, all particip ...

Investor Presentation May 2019 Company Information NGL Energy Partners LP Forward Looking Statements | --- | --- | --- | --- | |--------------------------------|-------|---------------|---------| | NYSE Ticker \nUnit Price (1) | | NGL \n$ 13.82 | | | Market Capitalization (1)(2) | | $ 2.16 | Billion | | Enterprise Value (1)(2) | | $ 4.33 | Billion | | Yield (1) | | 11.29% | | Contact Information Corporate Headquarters NGL Energy Partners LP 6120 South Yale Avenue, Suite 805 Tulsa, Oklahoma 74136 Website www ...