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    Nevin Mathew • JPMorgan Chase & Co.

    Nevin Mathew's questions to NGL Energy Partners LP (NGL) leadership

    Nevin Mathew's questions to NGL Energy Partners LP (NGL) leadership • Q1 2026

    Question

    Nevin Mathew, on behalf of Tariq Hamed, inquired about NGL Energy Partners' future capital allocation strategy, asking if the company plans to continue common unit repurchases or concentrate primarily on repurchasing Class D preferred units.

    Answer

    Brad Cooper, EVP & CFO, responded that NGL will maintain an opportunistic approach to capital allocation. He explained that the company will consider repurchasing common units if prices remain at current levels, buy back bonds if they trade down, and continue to address the Class D preferred units. Cooper emphasized that NGL will not commit to a single path but will flexibly pursue a combination of these options based on market conditions.

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    Nevin Mathew's questions to NGL Energy Partners LP (NGL) leadership • Q4 2025

    Question

    Nevin Mathew of JPMorgan Chase & Co. asked about capital spending flexibility, questioning how much lower CapEx could go if projects are delayed and if there is upside potential if oil prices firm up.

    Answer

    CEO H. Michael Krimbill responded that with growth capital already guided at a low $60 million and maintenance capital also at minimal levels, there is not significant room to reduce capital expenditures further from the guided $105 million total.

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    Nevin Mathew's questions to NGL Energy Partners LP (NGL) leadership • Q3 2025

    Question

    Nevin Mathew of JPMorgan Chase & Co. questioned the relative profitability of volumes from the new LEX II project and sought details on the associated contracts.

    Answer

    Executive Brad Cooper stated that the LEX II project is performing as expected but declined to provide specific details on profitability or contract structures. He also clarified that no new contracts have been signed as a direct result of the pipeline's completion at this time.

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