Derrick Whitfield

Nevin Mathew

Gregg Brody

James Anthony Spicer

Ned Baramov

- NGL Energy Partners reported **Q2 2026 Consolidated Adjusted EBITDA of $167.3 million**, a **12% increase** from the prior year, primarily driven by its Water Solutions business segment.  **[0001504461_2233311_1]** 
- The company **increased its full-year Adjusted EBITDA guidance** from $615-$625 million to **$650-$660 million** and provided initial **fiscal 2027 Adjusted EBITDA guidance of at least $700 million**.  **[0001504461_2233311_1]** **[0001504461_2233311_4]** 
- The Water Solutions segment's Adjusted EBITDA grew **18% to $151.9 million** in Q2 2026, with physical disposal volumes reaching **2.8 million barrels per day** and total volumes paid to dispose increasing **14% to 3.15 million barrels per day**.  **[0001504461_2233311_1]** 
- NGL is actively managing its capital structure by purchasing **88,506 Class D preferred units** (15% of outstanding) for **$10.4 million in annual distribution savings** and repricing its term loan B, resulting in **$15 million in annual interest savings**.  **[0001504461_2233311_1]** **[0001504461_2233311_5]** 
- Additionally, the company repurchased an additional **4.4 million common units** in the quarter, bringing the total to approximately **6.8 million units** (5% of outstanding) at an average price of **$4.57** since the plan's inception.  **[0001504461_2233311_1]**

NGL Energy Partners Reports Strong Q2 2026 Results and Raises Full-Year Guidance

- NGL Energy Partners LP reported **income from continuing operations** of **$29.8 million** and **Adjusted EBITDA from continuing operations** of **$167.3 million** for the second quarter of Fiscal 2026, compared to $7.5 million and $149.4 million, respectively, for the same period in Fiscal 2025.  **[1504461_7d9870d5cc0e4269b58b4140d9332619_0]** 
- The company increased its consolidated **Adjusted EBITDA guidance** for Fiscal 2026 to a range of **$650 million to $660 million**, up from the previous range of $615 million to $625 million, and expects Fiscal 2027 Adjusted EBITDA to **exceed $700 million**.  **[1504461_7d9870d5cc0e4269b58b4140d9332619_0]** 
- The Water Solutions segment achieved record produced water volumes physically disposed of approximately **2.80 million barrels per day** during the second quarter of Fiscal 2026, representing a **4.5% increase** from the prior year period, and secured new contracts for over **500,000 barrels per day** of produced water disposal.  **[1504461_7d9870d5cc0e4269b58b4140d9332619_0]** 
- NGL repurchased an additional **4,416,425 common units** during the quarter at an average price of **$4.57** and redeemed an additional **18,506 Class D preferred units** in October, totaling 88,506 redeemed or approximately 15% of the originally outstanding Class D preferred units.  **[1504461_7d9870d5cc0e4269b58b4140d9332619_1]**

NGL Energy Partners LP Announces Strong Second Quarter Fiscal 2026 Results and Increased Guidance

- NGL reported **Consolidated Adjusted EBITDA of $167,381 thousand** for Q2 FY'26, with the **Water Solutions segment contributing $151,902 thousand**, representing **85%** of the total value presented in the segment breakdown.  **[0001504461_2233043:0]** **[0001504461_2233043:8]** 
- The company executed several strategic financial actions, including amending its Term Loan B agreement on **September 18, 2025**, to reduce the SOFR margin from 3.75% to **3.50%**, and repurchasing **88,506** Class D preferred units (approximately **15%** of outstanding) as of **October 17, 2025**.  **[0001504461_2233043:1]** 
- NGL also announced non-core asset sales for approximately **$270 million** on **May 5, 2025**, and brought the **LEX II water pipeline project** into service on **October 15, 2024**, with an initial capacity of **200,000 barrels per day**.  **[0001504461_2233043:1]** 
- The **Water Solutions segment** is characterized by its extensive network in the Delaware Basin, including over **800 miles** of pipelines and **~6.5 million bpd** total permitted disposal capacity, supported by long-term, fixed-fee contracts with **~80%** of current throughput from Investment Grade Counterparties.  **[0001504461_2233043:3]** **[0001504461_2233043:7]**

NGL Energy Partners (NGL)