Company Overview: NGL Energy Partners LP

Business Focus: NGL Energy Partners LP is a diversified midstream energy partnership involved in the transportation, treatment, recycling, and disposal of produced and flowback water from crude oil and natural gas operations, as well as the logistics of crude oil and liquids.

Business Segments and Operations:

1. Water Solutions

• Activities: Transports, treats, recycles, disposes of produced and flowback water, sells recycled water for reuse, aggregates and sells recovered crude oil (skim oil), disposes solids such as tank bottoms and drilling muds, and performs ancillary services like tank washouts.
• Geographic Areas: Operates primarily in prolific regions including the Delaware Basin (New Mexico and Texas), DJ Basin (Colorado), and Eagle Ford Basin (Texas).
• Assets: Owns 90 water treatment and disposal facilities with 194 injection wells.
• Volume Handled: Approximately 958.3 million barrels of produced water annually (year ended March 31, 2025).
• Key Infrastructure: Largest integrated network of large-diameter pipelines, recycling, and disposal wells in the Northern Delaware Basin, with over 800 miles of pipelines and 58 disposal facilities.
• Customer Base: Major oil and gas companies, with 73% of Water Solutions revenue from the top 10 customers in FY2025.
• Growth Projects: Expanded pipeline capacity in the Delaware Basin (LEX II Expansion to 340,000 barrels/day, expandable to 500,000 barrels/day).

2. Crude Oil Logistics

• Activities: Purchases crude oil from producers, transports to refineries or resale points via pipelines, pipeline injection stations, storage terminals, barges, and rail facilities.
• Assets: Owns and operates key assets like the Grand Mesa Pipeline (~550 miles, part FERC-regulated), a large terminal in Cushing, Oklahoma (capacity: ~3.6 million barrels), and marine terminals.
• Capacity & Operations: Transported about 61,000 barrels/day on the Grand Mesa Pipeline during FY2025.
• Customer Base: Primarily refiners, producers, and marketers; 79% of revenue from the top 10 customers in FY2025.
• Additional Equipment: Owns and operates 25 pipeline injection stations across Texas, New Mexico, Oklahoma, and Kansas.

3. Liquids Logistics

• Activities: Conducts supply operations for natural gas liquids (NGLs) including propane, butane, and natural gasoline across the U.S. and Canada.
• Assets: Owns five terminals, leased storage facilities, nine common carrier pipelines, and a fleet of approximately 3,300 railcars.
• Exports & Pipelines: Marine export/import terminal in Chesapeake, Virginia; owns a 225-mile propane pipeline in Michigan.
• Storage Capacity: Total of approximately 22.2 million gallons (mostly owned or leased), with key facilities in Virginia, Louisiana, Michigan, Washington, Canada (Alberta and Ontario).
• Volume Sold: Approximately 1.6 billion gallons of NGLs (about 101,000 barrels/day) during FY2025.
• Customer Base: Includes retail, industrial, wholesale, petrochemical companies, and others; 36% of revenues from the top 10 customers in FY2025.
• Seasonality: Business impacted by seasonal demand for propane and butane, mitigated by preselling and storage strategies.

Business Dispositions and Strategic Shifts:

• Sold refined products business (April 2025).
• Wound down biodiesel business.
• Sold 17 natural gas liquids terminals and most of the wholesale propane business (April 2025).
• Assets classified as held for sale; these sales do not constitute a strategic shift.

Employment & Financials:

• Employees: 569 employees across 27 states and Canada.
• Revenue (FY2025): Not explicitly specified in the excerpt.
• Market Capitalization: As of September 30, 2024, the market value of common units held by non-affiliates was approximately $465.3 million (based on a share price of $4.50).
• Unitholders: 132,012,766 common units issued and outstanding as of May 27, 2025.
• Trading: Listed on NYSE under symbol NGL.

Additional Information:

• The company operates under a Master Limited Partnership (MLP) structure with a general partner controlling strategic decisions.
• Focus on fee-based contracts, long-term acreage dedications, and minimum volume commitments with large oil and gas companies.
• Has a formal risk management policy involving derivatives to hedge commodity price exposure.
• Committed to safety, environmental responsibility, and cybersecurity governance.

Note: Specific revenue and net income figures are not provided in the excerpt.