NGL Energy Partners LP
NGL Energy Partners LP is a Delaware master limited partnership that operates midstream energy assets in the United States and Canada. Its core businesses are water solutions for oil and gas production and crude oil logistics, including transportation, storage, terminaling, and related services for liquid hydrocarbons.
Tilikausi 2026 · muutos edellisvuodesta
Kehitys 2021–2026
Liiketoiminta
Osuus liikevaihdostaProduced and flowback water transport, treatment, recycling, disposal and related services.
Crude oil purchasing, transportation, storage and terminaling through owned assets.
Natural gas liquids wholesale, storage and terminaling activities where applicable.
Tuotteet
Raportoitu · osuus liikevaihdosta- Products75,9 %
- Services24,1 %
Lähde: 10-K FY2026, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
NGL sells primarily to oil and gas producers, marketers, refiners, and wholesale energy customers that need water handling or crude oil logistics services. Its water business is tied to producer activity in active basins, while its logistics businesses serve customers that need reliable transport, storage, and market access for crude oil and natural gas liquids.
Buy produced-water transport, treatment, recycling and disposal tied to drilling and completion activity.
Use crude oil transport, storage and terminaling to move barrels to refineries or trading hubs.
Buy storage, terminaling and wholesale liquids logistics services for propane, butane and related products.
Use ancillary logistics and water services where NGL's asset network provides local access.
Strategia
NGL's strategy is to use contracted midstream assets to generate recurring service revenue from water handling and crude oil logistics. It also emphasizes asset optimization, long-term customer relationships, and basin proximity to capture volumes where production activity is concentrated.
Water handling demand follows drilling and completion activity in core producing areas.
Pipeline, storage and terminal assets are more valuable when throughput and occupancy stay high.
Contracted volumes help support more predictable cash flows and defend market position.
Maantiede
NGL's operations are concentrated in major U.S. producing basins, especially the Delaware Basin in New Mexico and Texas, the DJ Basin in Colorado, and the Eagle Ford Basin in Texas. It also operates crude oil and liquids logistics assets across the United States and has customer and supply exposure in Canada through its broader midstream footprint.
Riskit
NGL is exposed to producer activity, commodity prices, and competition across water disposal and midstream logistics. Its business also carries meaningful leverage, operational, regulatory, and cybersecurity risk because service interruptions or weaker drilling activity can quickly affect volumes and cash generation.
- Dependence on crude oil and natural gas production activityVaikutus: KorkeaTodennäköisyys: Korkea
Water disposal and logistics volumes fall when producers drill and complete fewer wells.
Kohdistuu: Water Solutions and Crude Oil Logistics
- Commodity price and volume sensitivityVaikutus: KorkeaTodennäköisyys: Korkea
Lower oil prices can reduce producer activity and lower skim oil and disposal volumes.
Kohdistuu: Produced water and crude oil-related revenues
- Operational interruptions and infrastructure failuresVaikutus: KorkeaTodennäköisyys: Kohtalainen
Service outages at pipelines, terminals or disposal facilities can stop throughput and revenue.
Kohdistuu: Owned and contracted midstream assets
- Leverage and financing constraintsVaikutus: KorkeaTodennäköisyys: Kohtalainen
Substantial indebtedness can limit flexibility and increase sensitivity to interest rates.
Kohdistuu: Partnership-level capital structure
- Customer concentrationVaikutus: KorkeaTodennäköisyys: Matala
A small number of customers can represent a large share of segment revenue.
Kohdistuu: Crude Oil Logistics and Liquids Logistics
- Environmental, safety and regulatory complianceVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Water disposal, pipelines and storage assets face permitting, environmental and safety oversight.
Kohdistuu
Kirjanpito
Harkinnanvaraiset erätFees depend on estimated volumes and contract terms, which can shift reported revenue timing.
Vaikutus: Water Solutions revenue and contract assets/liabilities
Management must estimate future production and delivered volumes under fixed-fee arrangements.
Vaikutus: Reported revenue and margin volatility
Midstream asset values can change with throughput expectations and market conditions.
Vaikutus: Potential non-cash impairment charges
Pipelines, wells and related facilities require future abandonment or remediation spending.
Vaikutus: Balance sheet liabilities and accretion expense
Asset sales and business exits can reclassify prior results and affect trend analysis.
Vaikutus: Comparability of revenue, EBITDA and cash flow
Samankaltaisia listattuja yhtiöitä
Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.
Plains All American Pipeline, L.P
PAA · Pipe Lines (No Natural Gas)
Plains All American Pipeline LP is a U.S.-based midstream energy partnership that gathers, transports, stores, and terminates crude oil and, to a lesser extent, natural gas liquids.
Targa Resources Corp.
TRGP · Natural Gas Transmission
Western Midstream Partners, LP
WES · Natural Gas Transmission
Western Midstream Partners, LP is a U.S.-based midstream energy partnership that gathers, compresses, treats, processes, and transports natural gas and also…
MPLX LP Common Units Representing Limited Partner Interests
MPLX · Pipe Lines (No Natural Gas)
MPLX LP is a U.S.
Enterprise Products Partners L.P
EPD · Natural Gas Transmission
The Williams Companies, Inc
WMB · Natural Gas Transmission
Williams Companies is a U.S.-based energy infrastructure company focused on natural gas gathering, processing, transmission, storage, and related NGL and marketing services.
Päivitetty: 24.9.2026