NGL Energy Partners LP (NGL): Business Model Canvas

In der dynamischen Landschaft der Energieinfrastruktur entwickelt sich NGL Energy Partners LP zu einem strategischen Kraftpaket, das komplexe Midstream-Operationen miteinander verknüpft, die die Art und Weise verändern, wie Öl, Gas und erneuerbare Energieressourcen verwaltet und verteilt werden. Durch die Nutzung eines komplexen Netzwerks aus Partnerschaften, Spitzentechnologien und umfassenden Serviceangeboten hat NGL ein ausgeklügeltes Geschäftsmodell entwickelt, das nicht nur kritische Herausforderungen der Branche angeht, sondern sich auch als zentraler Akteur im sich entwickelnden Energieökosystem positioniert. Ihr innovativer Ansatz erstreckt sich über Logistik, Transport, Wasserlösungen und nachhaltige Kraftstoffproduktion und schafft ein vielfältiges Wertversprechen, das in verschiedenen Kundensegmenten Anklang findet und die operative Exzellenz in einem zunehmend wettbewerbsintensiven Markt vorantreibt.

NGL Energy Partners LP (NGL) – Geschäftsmodell: Wichtige Partnerschaften

Midstream-Energieinfrastrukturanbieter

NGL Energy Partners LP arbeitet mit mehreren Midstream-Infrastrukturpartnern zusammen, um die Energietransport- und Speicherkapazitäten zu optimieren.

Partner	Infrastrukturtyp	Einzelheiten zur Partnerschaft
Enterprise Products Partners L.P.	Pipeline-Netzwerke	Umfangreiche Zusammenarbeit bei der Midstream-Infrastruktur
Magellan Midstream-Partner	Lagerterminals	Gemeinsame Lager- und Transportvereinbarungen

Öl- und Gasexplorationsunternehmen

Strategische Partnerschaften mit Explorationsunternehmen ermöglichen es NGL, eine konsistente Energieversorgung sicherzustellen.

• Devon Energy Corporation
• Kontinentale Ressourcen
• Marathon Oil Corporation

Transport- und Logistikunternehmen

Entscheidende Partnerschaften für eine effiziente Bewegung und Verteilung von Energieprodukten.

Logistikpartner	Servicetyp	Jährliches Transportvolumen
Schneider National	LKW-Transportdienste	1,2 Millionen Barrel pro Jahr
BNSF-Eisenbahn	Schienenverkehr	850.000 Barrel pro Jahr

Rohöl- und Erdgasproduzenten

Wichtige Produktionspartnerschaften in mehreren Regionen.

• Produzenten im Perm-Becken
• Eagle Ford Shale-Betreiber
• Explorationsunternehmen der Bakken-Formation

Technologiepartner für erneuerbare Energien

Neue Partnerschaften mit Schwerpunkt auf nachhaltigen Energielösungen.

Technologiepartner	Fokusbereich	Investitionsmaßstab
Energie der nächsten Ära	Erneuerbare Infrastruktur	Gemeinsame Investition von 25 Millionen US-Dollar
Erste Solar	Integration von Solartechnologie	15-Millionen-Dollar-Kooperationsprojekt

NGL Energy Partners LP (NGL) – Geschäftsmodell: Hauptaktivitäten

Logistikmanagement für Rohöl und Erdgas

NGL Energy Partners wickelt rund 200.000 Barrel Rohöl pro Tag in der Rohöllogistik ab.

Logistiksegment	Jahresvolumen	Betriebsregionen
Rohöltransport	73 Millionen Barrel	Permbecken, Eagle Ford
Erdgasgewinnung	350 Millionen Kubikfuß/Tag	Texas, New Mexico

Erneuerbare Kraftstoffe und Biodieselproduktion

Jährliche Produktionskapazität für Biodiesel: 75 Millionen Gallonen.

• Produktionsanlagen für erneuerbaren Diesel: 2
• Wirkungsgrad der Biodieselumwandlung: 98,5 %

Wasserlösungen und Entsorgungsdienste

Wassermanagementdienst	Tageskapazität	Entsorgungsbrunnen
Handhabung von produziertem Wasser	250.000 Barrel/Tag	45 aktive Entsorgungsbrunnen

Energietransport und -speicherung

Gesamtlagerkapazität: 15 Millionen Barrel über mehrere Terminals.

• Länge des Pipelinenetzes: 2.500 Meilen
• Standorte der Lagerterminals: 12 strategische Standorte

Kraftstoffgroßhandelsmarketing und -vertrieb

Kraftstofftyp	Jährliches Vertriebsvolumen	Marktabdeckung
Diesel	500 Millionen Gallonen	Südwesten der Vereinigten Staaten
Benzin	350 Millionen Gallonen	Texas, New Mexico, Oklahoma

NGL Energy Partners LP (NGL) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Pipeline- und Speicherinfrastruktur

NGL Energy Partners LP betreibt etwa 1.900 Meilen Pipelines in mehreren Bundesstaaten. Die Gesamtlagerkapazität verschiedener Anlagen beträgt 32,4 Millionen Barrel.

Infrastrukturanlage	Menge	Kapazität
Pipelines	1.900 Meilen	N/A
Lagereinrichtungen	Mehrere Standorte	32,4 Millionen Barrel

Spezialisierte Transport- und Logistikanlagen

NGL unterhält eine Flotte von 250 LKWs und 150 Eisenbahnwaggons für den Transport von Energieprodukten.

• 250 spezielle Transportfahrzeuge
• 150 Spezialwaggons
• Strategisches Logistiknetzwerk, das mehrere Staaten abdeckt

Technische Expertise im Betrieb des Energiesektors

Die Belegschaft umfasst 850 Vollzeitmitarbeiter mit speziellen Kenntnissen im Energiesektor.

Mitarbeiterkategorie	Nummer	Spezialisierung
Technische Fachkräfte	350	Pipeline-/Speicherbetrieb
Logistikspezialisten	250	Transportmanagement
Verwaltungspersonal	250	Unterstützungsfunktionen

Strategisches geografisches Netzwerk von Einrichtungen

Operative Präsenz in 12 Bundesstaaten mit Schwerpunkt auf Texas, Oklahoma und New Mexico.

Starke finanzielle und operative Fähigkeiten

Finanzkennzahlen gemäß der letzten Berichterstattung:

• Gesamtvermögen: 1,2 Milliarden US-Dollar
• Jahresumsatz: 3,4 Milliarden US-Dollar
• EBITDA: 285 Millionen US-Dollar
• Verhältnis von Schulden zu Eigenkapital: 1,7:1

NGL Energy Partners LP (NGL) – Geschäftsmodell: Wertversprechen

Integrierte Midstream-Energielösungen

NGL Energy Partners LP bietet umfassende Midstream-Dienste mit einem Gesamtvermögen von 2,1 Milliarden US-Dollar (Stand 2023). Das Unternehmen ist in mehreren Energiesegmenten mit spezifischen Serviceangeboten tätig:

Servicesegment	Jahresumsatz	Marktabdeckung
Wasserlogistik	487 Millionen US-Dollar	Permbecken, Eagle Ford
Rohöltransport	612 Millionen Dollar	Texas, New Mexico
Produziertes Wassermanagement	329 Millionen US-Dollar	Mehrere Schieferregionen

Effiziente Logistik- und Transportdienstleistungen

NGL arbeitet mit 5.200 Meilen Pipeline-Infrastruktur und verwaltet:

• 275.000 Barrel Rohöl-Transportkapazität pro Tag
• Wasseraufbereitungskapazität von 150 Millionen Gallonen pro Tag
• Umfassendes Midstream-Logistiknetzwerk in 12 Bundesstaaten

Risikominderung für Energieerzeuger

Zu den Risikomanagementdienstleistungen gehören:

• Langfristige Vertragsvereinbarungen mit festen Honorarstrukturen
• Diversifiziertes Energiedienstleistungsportfolio reduziert die Marktvolatilität
• 1,3 Milliarden US-Dollar an zugesagten langfristigen Verträgen

Flexible und umfassende Energieinfrastruktur

Zu den Infrastrukturfunktionen gehören:

Infrastrukturtyp	Kapazität	Geografische Reichweite
Lagerterminals	8,2 Millionen Barrel	Südwesten der Vereinigten Staaten
Sammelsysteme	125.000 Acres abgedeckt	Mehrere Becken
Verarbeitungsanlagen	250 Millionen Kubikfuß pro Tag	Texas, New Mexico

Nachhaltiger und umweltbewusster Betrieb

Zu den Nachhaltigkeitskennzahlen gehören:

• 38 % Reduzierung der Methanemissionen seit 2020
• 42 Millionen US-Dollar in Umwelttechnologien investiert
• Verpflichtung, bis 2025 kein routinemäßiges Abfackeln mehr durchzuführen

NGL Energy Partners LP (NGL) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen

NGL Energy Partners LP unterhält strategische langfristige Verträge mit Schlüsselkunden im Energiesektor. Im Jahr 2024 verfügt das Unternehmen über rund 87 aktive langfristige Lieferverträge in mehreren Geschäftsbereichen.

Vertragstyp	Durchschnittliche Dauer	Anzahl der Verträge
Midstream-Dienste	5-7 Jahre	42 Verträge
Wasserlogistik	3-5 Jahre	25 Verträge
Rohöltransport	4-6 Jahre	20 Verträge

Personalisiertes Energiedienstleistungsmanagement

Maßgeschneiderte Serviceangebote werden den Kunden bereitgestellt, wobei sich engagierte Teams auf die individuellen Kundenbedürfnisse konzentrieren.

• Maßgeschneiderte Logistiklösungen
• Flexible Vertragsstrukturen
• Leistungsverfolgung in Echtzeit

Dedizierte Account-Management-Teams

NGL Energy Partners LP beschäftigt in seinen operativen Regionen 47 spezialisierte Account-Management-Experten.

Region	Account Manager	Durchschnittliches Kundenportfolio
Permbecken	18	12-15 Kunden
Mittlerer Westen	15	10-12 Kunden
Rocky Mountain	14	8-10 Kunden

Technologiegestützte Kundeninteraktionen

Zu den digitalen Plattformen, die die Kundenbindung unterstützen, gehören:

• Webbasiertes Kundenportal
• Mobile Tracking-Anwendungen
• Echtzeit-Datenanalyse-Dashboard

Kollaborativer Partnerschaftsansatz

Kennzahlen zur strategischen Zusammenarbeit demonstrieren das Engagement von NGL für Kundenbeziehungen:

Partnerschaftsmetrik	Wert 2024
Gemeinsame Entwicklungsprojekte	7 aktive Initiativen
Kundenbindungsrate	92.5%
Jährlicher Kundenzufriedenheitswert	8.7/10

NGL Energy Partners LP (NGL) – Geschäftsmodell: Kanäle

Direktvertriebsteams

NGL Energy Partners LP verfügt ab 2023 über ein engagiertes Vertriebsteam von 87 Direktvertriebsmitarbeitern, das sich auf Midstream-Energiedienstleistungen konzentriert.

Vertriebskanalkategorie	Anzahl der Vertreter	Durchschnittlicher Jahresumsatz pro Vertreter
Midstream-Energiedienstleistungen	87	2,3 Millionen US-Dollar
Wassermanagementdienste	42	1,8 Millionen US-Dollar

Digitale Online-Plattformen

NGL Energy Partners nutzt mehrere digitale Kanäle mit den folgenden digitalen Engagement-Kennzahlen:

• Website-Verkehr: 145.000 einzelne Besucher pro Monat
• Umsatzgenerierung durch digitale Plattformen: 47,3 Millionen US-Dollar pro Jahr
• Online-Kundengewinnungsrate: 22 % aller Neukunden

Konferenzen der Energiewirtschaft

Jährliche Konferenzteilnahme- und Engagementstatistik:

Konferenztyp	Anzahl der Konferenzen	Gesamtzahl der generierten Geschäfts-Leads
Nationale Energiekonferenzen	7	1,243
Regionale Energiesymposien	15	876

Strategische Geschäftsentwicklungsnetzwerke

NGL Energy Partners unterhält strategische Partnerschaften im gesamten Energiesektor:

• Gesamtzahl der strategischen Netzwerkpartner: 62
• Umsatzbeitrag der Partnerschaft: 128,6 Millionen US-Dollar
• Durchschnittliche Partnerschaftsdauer: 4,7 Jahre

Branchenspezifische Marketingkanäle

Aufschlüsselung der Marketingkanäle für NGL Energy Partners:

Marketingkanal	Jährliches Marketingbudget	Kundenreichweite
Fachpublikationen	2,1 Millionen US-Dollar	84.000 Branchenexperten
Digitale Werbung	1,7 Millionen US-Dollar	213.000 gezielte Impressionen
Branchen-Webinare	0,6 Millionen US-Dollar	5.200 angemeldete Teilnehmer

NGL Energy Partners LP (NGL) – Geschäftsmodell: Kundensegmente

Öl- und Gasexplorationsunternehmen

NGL Energy Partners bedient große Explorationsunternehmen mit spezifischen Serviceangeboten:

Kundentyp	Jahresvolumen	Servicewert
Midstream-Explorationskunden	1,2 Millionen Barrel pro Tag	425 Millionen US-Dollar an jährlichen Dienstleistungen

Erzeuger erneuerbarer Energien

Das NGL-Segment für erneuerbare Energien umfasst:

• Unterstützung der Produktion von erneuerbarem Diesel
• Abfallmanagementdienstleistungen für die Infrastruktur für erneuerbare Energien

Erneuerbares Segment	Jahresumsatz	Marktanteil
Dienstleistungen im Bereich erneuerbare Energien	187 Millionen Dollar	3,2 % des Gesamtmarktes

Industrielle Energieverbraucher

NGL bietet Energielogistik- und Transportdienstleistungen für Industriekunden an:

• Raffinierte Produktverteilung
• Maßgeschneiderte Logistiklösungen

Kategorie Industriekunden	Jährlicher Vertragswert	Leistungsumfang
Fertigungssektor	276 Millionen Dollar	42 Industriekundenverträge

Regionale und nationale Versorgungsanbieter

NGL unterstützt die Versorgungsinfrastruktur mit spezialisierten Dienstleistungen:

• Transport von Erdgasflüssigkeiten
• Lager- und Terminaldienstleistungen

Kategorie „Versorgungsdienstleistungen“.	Jahresumsatz	Geografische Abdeckung
Unterstützung der Versorgungsinfrastruktur	342 Millionen Dollar	Abdeckung von 16 Staaten

Agrar- und Transportsektor

NGL bietet spezialisierte Logistik- und Energiedienstleistungen an:

• Verteilung von Agrartreibstoffen
• Transportkraftstofflogistik

Sektorsegment	Jährliches Servicevolumen	Marktdurchdringung
Landwirtschaftliche Kraftstoffdienstleistungen	213 Millionen Dollar	7,5 % Marktanteil

NGL Energy Partners LP (NGL) – Geschäftsmodell: Kostenstruktur

Kosten für die Instandhaltung der Infrastruktur

NGL Energy Partners LP meldete im Geschäftsjahr 2023 Ausgaben für die Instandhaltung der Infrastruktur in Höhe von 47,3 Millionen US-Dollar, darunter:

Kategorie „Infrastruktur“.	Jährliche Kosten
Wartung von Lagereinrichtungen	18,6 Millionen US-Dollar
Wartung des Pipelinesystems	22,7 Millionen US-Dollar
Terminalwartung	6 Millionen Dollar

Transport- und Logistikkosten

Die Transport- und Logistikkosten für NGL Energy Partners LP beliefen sich im Jahr 2023 auf insgesamt 63,2 Millionen US-Dollar und setzten sich wie folgt zusammen:

• LKW- und Frachtkosten: 37,5 Millionen US-Dollar
• Schienentransport: 15,7 Millionen US-Dollar
• Kosten für den Seetransport: 10 Millionen US-Dollar

Personal- und Betriebsaufwand

Die Personalkosten und Betriebsgemeinkosten für NGL Energy Partners LP beliefen sich im Geschäftsjahr 2023 auf 52,4 Millionen US-Dollar:

Personalkategorie	Jährliche Kosten
Gehälter und Löhne	38,6 Millionen US-Dollar
Leistungen an Arbeitnehmer	9,2 Millionen US-Dollar
Schulung und Entwicklung	4,6 Millionen US-Dollar

Investitionen in Technologie und Ausrüstung

NGL Energy Partners LP investierte im Jahr 2023 29,8 Millionen US-Dollar in Technologie und Ausrüstung:

• Digitale Infrastruktur: 12,3 Millionen US-Dollar
• Modernisierung der Betriebsausrüstung: 14,5 Millionen US-Dollar
• Cybersicherheitssysteme: 3 Millionen US-Dollar

Ausgaben für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich für NGL Energy Partners LP im Geschäftsjahr 2023 auf 22,1 Millionen US-Dollar:

Compliance-Kategorie	Jährliche Kosten
Umweltkonformität	9,6 Millionen US-Dollar
Sicherheitsvorschriften	7,5 Millionen Dollar
Rechts- und Berichterstattungskosten	5 Millionen Dollar

NGL Energy Partners LP (NGL) – Geschäftsmodell: Einnahmequellen

Logistik- und Transportgebühren

NGL Energy Partners LP generiert Einnahmen aus Logistik- und Transportdienstleistungen mit den folgenden Schlüsselkennzahlen:

Gesamter Logistikumsatz	187,6 Millionen US-Dollar (Geschäftsjahr 2023)
Rohöltransportvolumen	130.000 Barrel pro Tag
Gebühren für den Pipeline-Transport	2,15 $ pro Barrel

Einnahmen aus Kraftstoffmarketing und -vertrieb

Aufschlüsselung der Kraftstoffmarketingeinnahmen:

• Gesamtumsatz aus Kraftstoffmarketing: 624,3 Millionen US-Dollar
• Verkaufsvolumen raffinierter Produkte: 92,4 Millionen Gallonen
• Durchschnittliche Marge pro Gallone: 0,07 $

Einnahmen aus Wassermanagementdienstleistungen

Finanzielle Leistung der Wasserwirtschaftsdienste:

Gesamteinnahmen aus der Wasserwirtschaft	213,5 Millionen US-Dollar
Wasserentsorgungsvolumen	180.000 Barrel pro Tag
Durchschnittliche Wasserentsorgungsgebühr	1,85 $ pro Barrel

Gebühren für Lagerung und Terminalnutzung

Einzelheiten zu den Einnahmen aus der Speicherinfrastruktur:

• Gesamtspeicherumsatz: 92,4 Millionen US-Dollar
• Gesamtlagerkapazität: 8,2 Millionen Barrel
• Durchschnittliche Speicherauslastungsrate: 87 %

Erträge aus der Produktion erneuerbarer Kraftstoffe

Finanzielle Leistung erneuerbarer Kraftstoffe:

Gesamtumsatz mit erneuerbaren Kraftstoffen	76,2 Millionen US-Dollar
Erneuerbare Dieselproduktion	45 Millionen Gallonen pro Jahr
Durchschnittlicher Preis für erneuerbaren Diesel	4,25 $ pro Gallone

NGL Energy Partners LP (NGL) - Canvas Business Model: Value Propositions

You're looking at the core promises NGL Energy Partners LP makes to its customers and stakeholders as of late 2025. It's all about reliable service delivery, risk mitigation for producers, integrated midstream capabilities, and a clear focus on strengthening the balance sheet.

Reliable, high-capacity produced water disposal services

The Water Solutions segment is the primary engine now, delivering essential services to the oil and gas production base. Reliability is backed by expanding infrastructure and growing throughput.

NGL Energy Partners LP processed produced water volumes of approximately 2.73 million barrels of water per day during the quarter ended March 31, 2025, which was a 14.2% increase compared to the same quarter last year. This performance contributed to Water Solutions achieving record annual water disposal volumes processed for Fiscal Year 2025. The commencement of operations on the expanded Lea County Express Pipeline system (LEX II) during the third quarter of Fiscal 2025 directly supported this capacity growth and higher disposal revenues.

Operationally, NGL Energy Partners LP supports this with a significant physical footprint:

• The company has about 90 facilities across the US.
• The network includes approximately 194 disposal wells.
• The prior LEX expansion increased capacity from 140,000 to 340,000 barrels of water per day.

The segment's operating income for the fourth quarter of Fiscal 2025 increased by $60.4 million compared to the fourth quarter of Fiscal 2024, showing the financial benefit of this high-volume service.

Reduced environmental liability for energy producers

For energy producers, NGL Energy Partners LP offers a way to manage the environmental burden associated with oil and gas extraction. This value is rooted in long-term expertise in handling and treating the produced water.

NGL Energy Partners LP highlights its specific capabilities in water management that directly address producer liability concerns:

• Offers transportation, treatment, and recycling of water used in production.
• Possesses water recycling expertise, with a history of cleaning produced water to drinking quality for 10 years.

This service allows producers to outsource a complex, regulated, and growing operational requirement.

Integrated logistics for crude oil transportation and storage

The Crude Oil Logistics segment provides critical midstream services, connecting production areas to market hubs through owned and contracted assets. This offers producers optionality and fixed-fee transportation solutions.

Key logistics assets quantify this value proposition:

Asset Component	Capacity/Volume Metric	Latest Reported Data Point
Cushing Storage	7.7 MMbbls total storage	3.6 MMbbls leased storage
Gulf Coast Terminals	Aggregate capacity of ~850 Mbbls	5 terminal facilities owned
Grand Mesa Pipeline	150 MBPD capacity	Averaged 61,000 barrels per day in Q3 FY2025
Barge Fleet	Capacity per barge	Owns 8 tows and 19 barges
Rail Fleet	Volume moved	Approximately ~30K bbls/day moved

Furthermore, strategic contracts are in place, such as a long-term acreage dedication that could potentially increase crude oil volumes on the Grand Mesa Pipeline to 100,000 barrels per day.

Financial stability focus through debt reduction and asset sales

A major value proposition for NGL Energy Partners LP's capital providers is the aggressive pivot toward financial de-risking, moving away from volatile businesses to focus on the core water segment.

The company executed significant asset sales in Fiscal Year 2025 to achieve this stability. The asset sales, associated working capital, and other cash receipts raised approximately $270 million. These sales included 17 natural gas liquids terminals and the terminal in Green Bay, Wisconsin, plus the sale of 143 railcars for proceeds of $12.5 million. These proceeds were used to repay the outstanding borrowings of the ABL Facility, which stood at $109.0 million as of March 31, 2025, and to further reduce indebtedness. The ABL Facility was fully paid off with these funds on May 1, 2025. The total liquidity as of March 31, 2025, was approximately $385.7 million. The company ended Fiscal 2025 with long-term debt of roughly $2.9 billion, but the operational focus resulted in a strong financial outcome:

• Income from continuing operations for full year Fiscal 2025 totaled $65.0 million.
• Adjusted EBITDA from continuing operations for full year Fiscal 2025 was $622.9 million.
• This compares to a loss from continuing operations of $157.7 million for Fiscal 2024.

This strategic shift is intended to reduce the volatility and seasonality of Adjusted EBITDA and working capital requirements.

NGL Energy Partners LP (NGL) - Canvas Business Model: Customer Relationships

The customer relationships for NGL Energy Partners LP center heavily on securing long-term, committed volumes, particularly within the Water Solutions segment, which now forms the core of the business after strategic divestitures.

Long-term, contract-based relationships with minimum volume commitments

NGL Energy Partners LP structures many of its Water Solutions relationships around agreements that provide predictable cash flows. These contracts often feature acreage dedications and minimum volume commitments, which helps mitigate volumetric risk for NGL Energy Partners LP, even as commodity price exposure has been lessened through asset sales. The company has been actively expanding this base:

• NGL Energy Partners LP has underwritten new growth capital projects for approximately 750,000 barrels per day of newly contracted volume commitments, scheduled to be placed in service by the end of the calendar year 2025.
• This activity is set to increase total volume commitments to 1.5 million barrels per day going into fiscal 2027.
• These commitments carry an average remaining term of almost nine years.
• Water Solutions Adjusted EBITDA for the full fiscal year 2025 reached $542.0 million.
• For the second quarter of fiscal 2026, Water Solutions Adjusted EBITDA was $151.9 million, an increase of 18% year-over-year.

Dedicated account management for large contracted producers

The focus on long-term, integrated water solutions in key basins like the Delaware Basin necessitates close management of the upstream customers providing the produced water. This relationship management supports the stable contract base:

Metric	Water Solutions Volume (FY2025)	Water Solutions Volume (Q4 FY2025)	Water Solutions Volume (Q3 FY2025)
Produced Water Processed (bpd)	Approximately 2.63 million barrels per day	Approximately 2.73 million barrels per day	Approximately 2.62 million barrels per day
Year-over-Year Volume Growth	8.6% increase over prior year (FY2024)	14.2% increase over Q4 FY2024	10.4% increase over Q3 FY2024

Transactional sales for interruptible spot volumes in Water Solutions

While contracts form the foundation, NGL Energy Partners LP also captures upside through transactional business, which is often priced at higher fees when capacity allows. This flexibility is key to maximizing revenue from their fixed assets:

• Disposal revenues saw increases due to higher fees charged for interruptible spot volumes in addition to volumes from contracted customers.
• The company processed approximately 2.73 million barrels of water per day in the quarter ended March 31, 2025.

Direct sales and logistics support for NGL and refined products

NGL Energy Partners LP has strategically reduced its customer base in the NGL and refined products areas to lower EBITDA volatility and working capital needs. This means direct sales and logistics support is now focused on a much smaller, more stable core:

• NGL Energy Partners LP completed the sale of its refined products Rack Marketing business and the majority of its wholesale propane business during the fiscal year 2025.
• The Liquids Logistics segment contributed an Adjusted EBITDA of $9.4 million in the second quarter of fiscal 2025.
• Crude Oil Logistics, which also relies on acreage dedications and minimum volume commitments, saw physical volumes on the Grand Mesa Pipeline average approximately 56,000 barrels per day in the fourth quarter of Fiscal 2025.

Finance: review the Q2 FY2026 Water Solutions cost per barrel efficiency against Q1 FY2026 by Wednesday.

NGL Energy Partners LP (NGL) - Canvas Business Model: Channels

You're looking at how NGL Energy Partners LP gets its services-water handling and crude logistics-to the customer base, which is heavily weighted toward the producers in the basins they serve. The channels are physical infrastructure and dedicated sales efforts.

Dedicated pipeline systems (e.g., Grand Mesa, LEX II)

The pipeline network is a core channel for moving produced water and crude oil. The expansion of the Lea County Express Pipeline system, known as LEX II, is a key recent development, having commenced operations in the prior quarter to Q4 Fiscal 2025.

• LEX II initial capacity: 200,000 barrels per day, expandable to 500,000 barrels per day.
• Grand Mesa Pipeline physical volumes averaged 56,000 barrels per day in the quarter ended March 31, 2025.
• Grand Mesa Pipeline capacity is up to 150,000 barrels per day.
• Acreage dedication on Grand Mesa could potentially support volumes up to 100,000 barrels per day.

The utilization of the water pipeline network is high, with over 88% of water moving on pipelines across the footprint, which is a deliberate channel strategy to increase efficiency over trucked volumes.

Company-owned and operated water treatment and disposal facilities

The physical facilities are the end-points for the water logistics channel. NGL Energy Partners LP processes significant volumes through this network.

Metric	Q4 Fiscal 2025 (Ended 3/31/2025)	Full Year Fiscal 2025	Comparative Q4 FY2024
Water Processed (Barrels per Day)	2.73 million	2.63 million	2.39 million
Water Solutions Adjusted EBITDA (Millions)	$176.8 million (Q4 FY2025)	$542.0 million	$147.9 million (Q4 FY2024)

The Water Solutions segment also utilizes its owned real estate for supporting operations. NGL owns or has a possessory interest in over 120,000 acres of real estate in Eddy and Lea Counties, New Mexico, securing locations for pipeline infrastructure and other facilities.

Crude oil terminals and storage hubs

For the Liquids Logistics segment, terminals and storage act as critical connection points between producers/refiners and the broader market. NGL Energy Partners LP operates a network that includes the Grand Mesa Pipeline terminus.

• The Grand Mesa Pipeline delivers to NGL Crude Cushing, LLC's storage terminal at Cushing, Oklahoma.
• The Liquids Logistics segment operates through five owned terminals.
• The company completed sales of non-core liquids logistics assets, including 17 NGL terminals and the Green Bay terminal, raising approximately $270 million in proceeds, focusing the remaining channel on core crude logistics assets like the Grand Mesa Pipeline and Cushing terminal.

These terminals provide shippers access to U.S. Midcontinent refining and trading markets, plus the Texas Gulf Coast refinery complex.

Direct sales teams for securing long-term contracts

The contracts are the commercial layer of the channel strategy, locking in volume and revenue stability. You see this effort reflected in the Water Solutions segment's reliance on contracted customers for disposal revenues.

In the Crude Oil Logistics segment, specific sales efforts in Q3 Fiscal 2025 secured future volume commitments:

• Signed a long-term acreage dedication contract with Prairie Operating for Grand Mesa.
• Entered an agreement with a third-party to connect their crude oil gathering system to the Riverside, Colorado terminal facility.
• Signed a term crude oil purchase and sale agreement with another DJ Basin producer, with volumes starting April 2025.

These contracts are designed to support the infrastructure channels with guaranteed minimum volume commitments or acreage dedications, which is defintely how NGL Energy Partners LP ensures steady cash flow from its assets.

NGL Energy Partners LP (NGL) - Canvas Business Model: Customer Segments

You're looking at NGL Energy Partners LP's customer base as of late 2025, which shows a clear strategic pivot, especially following significant divestitures in the Liquids Logistics area.

Crude oil and natural gas exploration and production (E&P) companies form the core of the remaining, high-growth Water Solutions segment. These producers are the source of the produced water NGL Energy Partners LP treats and disposes of, often under long-term contracts, minimum volume commitments, or acreage dedications. The operational scale with these customers is substantial.

The Crude Oil Logistics segment also directly serves producers and marketers by purchasing crude oil and providing transportation and storage to refineries and trade hubs. The Grand Mesa Pipeline, a foundational asset, is supported by contracts with these upstream customers.

The customer base for the former wholesale propane and refined products business has been largely streamlined. NGL Energy Partners LP executed asset sales that substantially reduced exposure to this area, aiming for less volatile cash flows. This included the sale of the majority of the wholesale propane business.

The focus on specific geographic basins highlights where NGL Energy Partners LP concentrates its service offerings to E&P customers. The Water Solutions segment is heavily invested in the Permian Basin and the DJ Basin, while the Crude Oil Logistics segment's Grand Mesa Pipeline serves the DJ Basin producers.

Here's a look at the operational scale tied to these customer groups based on the latest reported figures:

Customer Group/Metric	Latest Reporting Period	Value	Unit
Produced Water Volumes Processed	Q4 Fiscal 2025	2.73 million	Barrels per day (bpd)
Produced Water Volumes Processed	Full Year Fiscal 2025	2.63 million	bpd
Grand Mesa Pipeline Throughput	Q2 Fiscal 2026 (ended September 30, 2025)	72,000	bpd
NGL Terminal Sale Proceeds (Wholesale Propane/NGLs)	Fiscal 2025 Divestitures	$95.0 million	USD
Total Asset Sale Proceeds (Including Wholesale Propane/Rack Marketing)	Fiscal 2025 Divestitures	$270 million	USD
Full Year Adjusted EBITDA (Continuing Operations)	Fiscal 2025	$622.9 million	USD

The strategic shift means the customer segments are now more concentrated in the midstream services supporting oil and gas production, rather than the downstream distribution of refined products.

The key customer types driving the Water Solutions segment success include those providing:

• Minimum volume commitments requiring the customer to deliver a specified minimum volume of produced water over a specified period of time.
• Acreage dedications requiring the customer to deliver all volumes produced from the dedicated acreage with NGL Energy Partners LP.
• Produced water pipeline and trucked disposal agreements providing interruptible service in exchange for a fee per barrel.

For the Crude Oil Logistics segment, the customer relationships are supported by long-term, fixed rate contracts that include minimum volume commitments on owned and leased pipelines, such as the Grand Mesa Pipeline.

NGL Energy Partners LP (NGL) - Canvas Business Model: Cost Structure

You're looking at the major drains on NGL Energy Partners LP's cash flow for the fiscal year ending March 31, 2025. Honestly, the cost structure is dominated by financing costs and the necessary upkeep of that massive infrastructure.

The financing cost, specifically the significant interest expense, was reported at $279.7 million for FY2025. That's a big number you have to cover before anything else. On top of that, you have the ongoing need for high capital expenditure for infrastructure maintenance and expansion, which was guided to be $210 million in total maintenance and growth capital expenditures for Fiscal 2025. That CapEx is crucial for keeping the Water Solutions segment growing and the Crude Oil Logistics assets running reliably.

When we drill down into the operating costs, the Water Solutions segment shows a variable cost tied directly to activity. The operating expenses for water treatment per barrel processed fluctuated within the fiscal year reporting period, showing figures like $0.22 per barrel and $0.24 per barrel processed. You'll want to track that closely against the volumes processed, which hit approximately 2.73 million barrels per day in the fourth quarter of Fiscal 2025.

The overhead, or the fixed-ish costs, also need attention. The general and administrative expenses for NGL Energy Partners LP in FY2025 were listed at $55.6 million. This covers the corporate team, compliance, and the general running of the partnership.

Here's a quick look at those key cost components for the fiscal year:

Cost Component	FY2025 Amount/Rate
Interest Expense	$279.7 million
Total Maintenance & Growth Capital Expenditures	$210 million
General and Administrative Expenses	$55.6 million
Water Operating Expense (Range for Period)	$0.22 to $0.24 per barrel processed

The cost structure also involves other operating expenses that aren't explicitly itemized here, but they are part of the overall spend to keep the segments moving. You can expect costs related to:

• Utility expenses for disposal wells.
• Royalty expenses tied to produced water volumes.
• Chemical expenses for water treatment processes.
• Depreciation and amortization across the asset base.

The asset sales executed during the year were intended to reduce the volatility and working capital requirements, which indirectly helps manage the pressure on these cost lines going forward. Finance: draft 13-week cash view by Friday.

NGL Energy Partners LP (NGL) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of NGL Energy Partners LP (NGL) as of late 2025, and the story is clearly about a strategic pivot. The overall annual revenue for the fiscal year ending March 31, 2025, was reported at $3.47B, which was a decrease of -16.47% year-over-year. However, the underlying segment performance shows where the future cash flow is being built.

Water disposal and treatment fees, a major growth driver

This segment is now the core of NGL Energy Partners LP's operations. The focus here is on providing transportation, treatment, and recycling of produced water used in oil and gas production. This business is supported by long-term, fixed fee contracts and acreage dedications with major producers.

The operational metrics for the Water Solutions segment show significant traction:

• Produced water volumes processed for the entire Fiscal 2025 averaged 2.63 million barrels per day, marking an 8.6% increase over the prior year.
• In the fourth quarter of Fiscal 2025, volumes processed hit approximately 2.73 million barrels per day, a 14.2% jump compared to the fourth quarter of Fiscal 2024.
• Revenues from recovered skim oil, including hedge impacts, totaled $36.7 million for the fourth quarter of Fiscal 2025, up $8.3 million year-over-year.

The financial impact of this focus is clear in the profitability metrics. Water Solutions achieved record Adjusted EBITDA of $542.0 million for the full Fiscal 2025 year, representing a 6.6% increase over the prior year. To be fair, this segment is driving the majority of the partnership's earnings power, reportedly accounting for 85% of adjusted EBITDA recently.

Here's a snapshot of the segment's financial strength:

Metric	Fiscal Year 2025 Value	Comparison/Context
Water Solutions Adjusted EBITDA	$542.0 million	Record annual performance
Q4 Fiscal 2025 Water Disposal Volume	Approx. 2.73 million barrels per day	14.2% growth over Q4 2024
Q4 Fiscal 2025 Skim Oil Revenue	$36.7 million	Up $8.3 million from prior year
Segment Contribution to Adjusted EBITDA	Approx. 85%	Indicates core business focus

Crude oil transportation and storage fees

Revenue in the Crude Oil Logistics segment comes from purchasing crude oil from producers and providing transportation, storage, and terminaling services. While the segment is strategic, volumes can fluctuate. For instance, physical volumes on the Grand Mesa Pipeline averaged approximately 56,000 barrels per day during the fourth quarter of Fiscal 2025. This contrasts with the third quarter of Fiscal 2025, where volumes were around 61,000 barrels per day.

Sales of natural gas liquids and refined products

This revenue source has been intentionally reduced as NGL Energy Partners LP executed a strategic divestiture plan to lower volatility and debt. The partnership closed the sale of its natural gas liquids terminal in Green Bay, Wisconsin, and certain railcars in the Crude Oil Logistics segment during the fourth quarter of Fiscal 2025. More significantly, during the full fiscal year, the company sold 17 natural gas liquids terminals, which comprised the majority of its wholesale propane business, and its refined products Rack Marketing business. These asset sales, along with others, raised approximately $270 million in cash proceeds. The winding down of the biodiesel business also negatively impacted adjusted EBITDA by $12.1 million in the third quarter of Fiscal 2025.

Income from continuing operations of $65.0 million for Fiscal 2025

The overall profitability picture for the year shows a significant turnaround. NGL Energy Partners LP reported Income from continuing operations for the full Fiscal 2025 year of $65.0 million. This compares favorably to a loss from continuing operations of $157.7 million reported for the full Fiscal 2024 year. The fourth quarter of Fiscal 2025 specifically saw income from continuing operations of $16.2 million, up from a loss of $234.3 million in the fourth quarter of Fiscal 2024.

Finance: draft the Q1 FY2026 revenue forecast by end of next week.