NGL Energy Partners LP NGL
Originally formed in September 2010, we are a Delaware master limited partnership and our business is currently organized into the following three segments:
•Our Water Solutions segment transports, treats, recycles and disposes of produced and flowback water generated from crude oil and natural gas production. We also sell produced water for reuse and recycle to our producer customers to be used in their crude oil exploration and production activities. As part of processing water, we aggregate and sell recovered crude oil, also known as skim oil. We also dispose of solids such as tank bottoms, drilling fluids and drilling muds and perform other ancillary services such as truck washouts. Our activities in this segment are underpinned by long-term, fixed fee contracts and acreage dedications, a significant portion of which contain minimum volume commitments with leading oil and gas companies including large, investment grade producer customers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.16B | $3.47B | $4.15B | $5.68B | $7.95B | $5.23B | $7.58B | $8.69B | $6.95B | $5.22B |
| Cost of revenue | $2.18B | $2.51B | $3.19B | $4.69B | $7.14B | $4.49B | $6.60B | $7.98B | $6.26B | $4.74B |
| Gross profit | $974.0M | $962.1M | $967.9M | $989.6M | $808.6M | $733.2M | $979.6M | $706.1M | $690.4M | $477.7M |
| SG&A | $70.1M | $55.6M | $121.6M | $71.5M | $63.5M | $70.5M | $113.7M | $107.4M | $98.0M | $100.8M |
| Operating income | $94.7M | $329.4M | $161.9M | $244.0M | $83.0M | -$390.8M | -$3.3M | $126.7M | $187.3M | $226.5M |
| Interest expense | $257.5M | $280.1M | $269.8M | $275.4M | $271.6M | $198.8M | $181.2M | $164.7M | $199.1M | $149.6M |
| Pre-tax income | -$178.8M | $60.1M | -$156.3M | $9.3M | -$183.1M | -$640.8M | -$180.2M | -$78.2M | -$21.1M | $117.5M |
| Income tax | $276.0K | $4.9M | $1.5M | $219.0K | $971.0K | $3.4M | $345.0K | $1.2M | $1.4M | $1.9M |
| Net income | -$142.3M | $39.4M | -$143.8M | $51.4M | -$184.8M | -$639.8M | -$397.0M | $360.0M | -$70.9M | $137.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $8.5M | $5.6M | $38.9M | $5.4M | $3.8M | $4.8M | $22.7M | $18.6M | $22.1M | $7.8M |
| Short-term investments | — | $9.9M | — | — | — | — | — | — | — | — |
| Receivables | — | — | — | $1.03B | $1.12B | $725.9M | $566.8M | $998.2M | $1.03B | $800.6M |
| Inventory | $67.4M | $69.9M | $106.6M | $142.6M | $251.3M | $158.5M | $69.6M | $136.1M | $551.3M | $561.4M |
| Total current assets | $774.0M | $962.1M | $1.18B | $1.29B | $1.55B | $1.01B | $774.1M | $1.81B | $2.25B | $1.48B |
| Property, plant and equipment | $2.09B | $2.07B | $2.10B | $2.22B | $2.46B | $2.71B | $2.85B | $1.83B | $1.52B | $1.79B |
| Goodwill | $351.5M | $599.3M | $617.2M | $712.4M | $744.4M | $744.4M | $993.6M | $1.11B | $1.17B | $1.32B |
| Other intangibles | $805.1M | $851.3M | $932.7M | $1.06B | $1.14B | $1.26B | $1.61B | $800.9M | $913.2M | $1.16B |
| Total assets | $4.18B | $4.61B | $5.02B | $5.46B | $6.07B | $5.95B | $6.50B | $5.90B | $6.15B | $6.32B |
| Accounts payable | — | — | — | $927.6M | $1.08B | $679.9M | $515.0M | $879.1M | $852.8M | $658.0M |
| Short-term debt | $11.5M | $8.8M | $7.0M | $0 | $2.4M | $2.2M | — | — | — | — |
| Total current liabilities | $739.5M | $739.2M | $977.3M | $1.11B | $1.28B | $910.8M | $845.8M | $1.25B | $1.13B | $938.6M |
| Long-term debt | $3.22B | $2.96B | $2.84B | $2.86B | $3.35B | $3.38B | $3.17B | $2.17B | $2.71B | $3.03B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $366.0M | $297.5M | $376.2M | $445.2M | $205.8M | $304.0M | $464.1M | $337.2M | $138.0M | -$25.0M |
| Depreciation and amortisation | $268.7M | $267.2M | $282.1M | $290.1M | $306.2M | $331.2M | $276.8M | $221.7M | $220.0M | $189.4M |
| Stock-based compensation | $11.2M | $0 | $1.1M | $2.7M | -$1.1M | $6.7M | $26.5M | $41.4M | $35.2M | $53.1M |
| Capital expenditure | $221.3M | $245.8M | $152.3M | $147.8M | $142.4M | $186.8M | $555.7M | $455.6M | $133.8M | $302.8M |
| Investing cash flow | -$16.5M | -$122.8M | -$83.8M | $64.2M | -$212.4M | -$221.5M | -$1.44B | $453.5M | $270.6M | -$363.1M |
| Financing cash flow | -$346.6M | -$207.9M | -$258.9M | -$507.8M | $5.6M | -$100.4M | $978.8M | -$794.2M | -$394.3M | $371.5M |
| Buybacks | $47.6M | $2.1M | $84.0K | $99.0K | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001504461-26-000012.
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