NGL Energy Partners LP (NGL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la infraestructura energética, el NGL Energy Partners LP emerge como una potencia estratégica, entrelazando las operaciones complejas de la corriente intermedia que transforman cómo se gestionan y distribuyen los recursos de energía renovable. Al aprovechar una intrincada red de asociaciones, tecnologías de vanguardia y ofertas de servicios integrales, NGL ha creado un modelo de negocio sofisticado que no solo aborda los desafíos críticos de la industria, sino que también se posiciona como un jugador fundamental en el ecosistema de energía en evolución. Su enfoque innovador abarca la logística, el transporte, las soluciones de agua y la producción de combustible sostenible, creando una propuesta de valor multifacética que resuena en diversos segmentos de clientes e impulsa la excelencia operativa en un mercado cada vez más competitivo.

NGL Energy Partners LP (NGL) - Modelo de negocios: asociaciones clave

Proveedores de infraestructura energética de la corriente intermedia

NGL Energy Partners LP colabora con múltiples socios de infraestructura Midstream para optimizar las capacidades de transporte y almacenamiento de energía.

Pareja	Tipo de infraestructura	Detalles de la asociación
Enterprise Products Partners L.P.	Redes de tuberías	Extensa colaboración de infraestructura de la corriente intermedia
Magellan Midstream Partners	Terminales de almacenamiento	Acuerdos de almacenamiento y transporte

Empresas de exploración de petróleo y gas

Las asociaciones estratégicas con empresas de exploración permiten a los NGL asegurar un suministro de energía consistente.

• Devon Energy Corporation
• Recursos continentales
• Marathon Oil Corporation

Empresas de transporte y logística

Asociaciones críticas para el movimiento y distribución de productos energéticos eficientes.

Socio de logística	Tipo de servicio	Volumen de transporte anual
Schneider National	Servicios de transporte	1,2 millones de barriles por año
Ferrocarril BNSF	Transporte ferroviario	850,000 barriles por año

Productores de petróleo crudo y gas natural

Asociaciones clave de producción en múltiples regiones.

• Productores de la cuenca del Pérmico
• Operadores de esquisto de Eagle Ford
• Compañías de exploración de formación de Bakken

Socios de tecnología de energía renovable

Asociaciones emergentes centradas en soluciones de energía sostenible.

Socio tecnológico	Área de enfoque	Escala de inversión
Energía de la próxima era	Infraestructura renovable	Inversión conjunta de $ 25 millones
Primero solar	Integración de tecnología solar	Proyecto de colaboración de $ 15 millones

NGL Energy Partners LP (NGL) - Modelo de negocio: actividades clave

Gestión de la logística de petróleo crudo y gas natural

NGL Energy Partners maneja aproximadamente 200,000 barriles por día de logística de petróleo crudo.

Segmento logístico	Volumen anual	Regiones operativas
Transporte de petróleo crudo	73 millones de barriles	Cuenca de permisa, ford águila
Recolección de gas natural	350 millones de pies cúbicos/día	Texas, Nuevo México

Combustibles renovables y producción de biodiesel

Capacidad de producción anual de biodiesel: 75 millones de galones.

• Instalaciones de producción diesel renovable: 2
• Eficiencia de conversión de biodiesel: 98.5%

Solutiones de agua y servicios de eliminación

Servicio de gestión del agua	Capacidad diaria	Pozos de eliminación
Manejo de agua producido	250,000 barriles/día	45 pozos de eliminación activos

Operaciones de transporte y almacenamiento de energía

Capacidad de almacenamiento total: 15 millones de barriles en múltiples terminales.

• Longitud de la red de tuberías: 2.500 millas
• Ubicaciones de terminal de almacenamiento: 12 sitios estratégicos

Marketing y distribución de combustible al por mayor

Tipo de combustible	Volumen de distribución anual	Cobertura del mercado
Diesel	500 millones de galones	Suroeste de los Estados Unidos
Gasolina	350 millones de galones	Texas, Nuevo México, Oklahoma

NGL Energy Partners LP (NGL) - Modelo de negocio: recursos clave

Infraestructura extensa de tuberías y almacenamiento

NGL Energy Partners LP opera aproximadamente 1,900 millas de tuberías en múltiples estados. La capacidad total de almacenamiento es de 32.4 millones de barriles en varias instalaciones.

Activo de infraestructura	Cantidad	Capacidad
Tuberías	1.900 millas	N / A
Instalaciones de almacenamiento	Múltiples ubicaciones	32.4 millones de barriles

Activos especializados de transporte y logística

NGL mantiene una flota de 250 camiones y 150 vagones dedicados al transporte de productos energéticos.

• 250 camiones de transporte dedicados
• 150 vagones especializados
• Red de logística estratégica que cubre múltiples estados

Experiencia técnica en operaciones del sector energético

La composición de la fuerza laboral incluye 850 empleados a tiempo completo con habilidades especializadas del sector energético.

Categoría de empleado	Número	Especialización
Profesionales técnicos	350	Operaciones de tuberías/almacenamiento
Especialistas en logística	250	Gestión del transporte
Personal administrativo	250	Funciones de apoyo

Red geográfica estratégica de instalaciones

Presencia operativa en 12 estados, con concentración primaria en Texas, Oklahoma y Nuevo México.

Fuertes capacidades financieras y operativas

Métricas financieras a partir de los informes más recientes:

• Activos totales: $ 1.2 mil millones
• Ingresos anuales: $ 3.4 mil millones
• Ebitda: $ 285 millones
• Relación de deuda / capital: 1.7: 1

NGL Energy Partners LP (NGL) - Modelo de negocio: propuestas de valor

Soluciones integradas de energía midstream

NGL Energy Partners LP proporciona servicios integrales de Midstream con $ 2.1 mil millones en activos totales a partir de 2023. La compañía opera en múltiples segmentos de energía con ofertas de servicios específicos:

Segmento de servicio	Ingresos anuales	Cobertura del mercado
Logística del agua	$ 487 millones	Cuenca de permisa, ford águila
Transporte de petróleo crudo	$ 612 millones	Texas, Nuevo México
Gestión de agua producida	$ 329 millones	Múltiples regiones de esquisto

Servicios de logística y transporte eficientes

NGL opera con 5,200 millas de infraestructura de tuberías y maneja:

• 275,000 barriles por día Capacidad de transporte de petróleo crudo
• Capacidades de manejo de agua de 150 millones de galones por día
• Red de logística integral de Midstream en 12 estados

Mitigación de riesgos para productores de energía

Los servicios de gestión de riesgos incluyen:

• Acuerdos contractuales a largo plazo con estructuras de tarifas fijas
• Cartera de servicios energéticos diversificados reduciendo la volatilidad del mercado
• $ 1.3 mil millones en contratos a largo plazo comprometidos

Infraestructura energética flexible e integral

Las capacidades de infraestructura incluyen:

Tipo de infraestructura	Capacidad	Alcance geográfico
Terminales de almacenamiento	8.2 millones de barriles	Suroeste de los Estados Unidos
Sistemas de recolección	125,000 acres cubiertos	Múltiples cuencas
Instalaciones de procesamiento	250 millones de pies cúbicos por día	Texas, Nuevo México

Operaciones sostenibles y conscientes del medio ambiente

Las métricas de sostenibilidad incluyen:

• Reducción del 38% en las emisiones de metano desde 2020
• $ 42 millones invertidos en tecnologías ambientales
• Compromiso con la rutina cero que se enciende para 2025

NGL Energy Partners LP (NGL) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo

NGL Energy Partners LP mantiene contratos estratégicos a largo plazo con clientes clave en el sector energético. A partir de 2024, la compañía tiene aproximadamente 87 acuerdos activos de suministro a largo plazo en múltiples segmentos comerciales.

Tipo de contrato	Duración promedio	Número de contratos
Servicios Midstream	5-7 años	42 contratos
Logística del agua	3-5 años	25 contratos
Transporte de petróleo crudo	4-6 años	20 contratos

Gestión de servicios de energía personalizados

Ofertas de servicios personalizados se proporcionan a los clientes, con equipos dedicados centrados en las necesidades individuales del cliente.

• Soluciones logísticas personalizadas
• Estructuras de contrato flexibles
• Seguimiento de rendimiento en tiempo real

Equipos de gestión de cuentas dedicados

NGL Energy Partners LP emplea a 47 profesionales especializados de gestión de cuentas en sus regiones operativas.

Región	Gerentes de cuentas	Cartera promedio de clientes
Cuenca del permisa	18	12-15 clientes
Medio oeste	15	10-12 clientes
Montaña rocosa	14	8-10 clientes

Interacciones de clientes habilitadas en tecnología

Las plataformas digitales que admiten la participación del cliente incluyen:

• Portal de clientes basado en la web
• Aplicaciones de seguimiento móvil
• Panel de análisis de datos en tiempo real

Enfoque de asociación colaborativa

Métricas de colaboración estratégica Demostrar el compromiso de NGL con las relaciones con los clientes:

Métrico de asociación	Valor 2024
Proyectos de desarrollo conjunto	7 iniciativas activas
Tasa de retención de clientes	92.5%
Puntuación anual de satisfacción del cliente	8.7/10

NGL Energy Partners LP (NGL) - Modelo de negocios: canales

Equipos de ventas directos

NGL Energy Partners LP mantiene una fuerza de ventas dedicada de 87 representantes de ventas directas a partir de 2023, centrándose en los servicios de energía mediana.

Categoría de canal de ventas	Número de representantes	Ingresos anuales promedio por representante
Servicios de energía de Midstream	87	$ 2.3 millones
Servicios de gestión del agua	42	$ 1.8 millones

Plataformas digitales en línea

NGL Energy Partners utiliza múltiples canales digitales con las siguientes métricas de participación digital:

• Tráfico del sitio web: 145,000 visitantes únicos por mes
• Generación de ingresos de la plataforma digital: $ 47.3 millones anuales
• Tasa de adquisición de clientes en línea: 22% del total de clientes nuevos

Conferencias de la industria energética

Estadísticas anuales de participación y participación de la conferencia:

Tipo de conferencia	Número de conferencias	Total de clientes potenciales generados
Conferencias nacionales de energía	7	1,243
Simposios de energía regional	15	876

Redes estratégicas de desarrollo de negocios

NGL Energy Partners mantiene asociaciones estratégicas en todo el sector energético:

• Total Strategic Network Partners: 62
• Contribución de ingresos de la asociación: $ 128.6 millones
• Duración promedio de la asociación: 4.7 años

Canales de comercialización específicos de la industria

Desglose del canal de marketing para NGL Energy Partners:

Canal de marketing	Presupuesto anual de marketing	Alcance del cliente
Publicaciones comerciales	$ 2.1 millones	84,000 profesionales de la industria
Publicidad digital	$ 1.7 millones	213,000 impresiones dirigidas
Seminarios web de la industria	$ 0.6 millones	5.200 participantes registrados

NGL Energy Partners LP (NGL) - Modelo de negocio: segmentos de clientes

Empresas de exploración de petróleo y gas

NGL Energy Partners atiende a las principales compañías de exploración con ofertas de servicios específicas:

Tipo de cliente	Volumen anual	Valor de servicio
Clientes de exploración de Midstream	1,2 millones de barriles por día	$ 425 millones en servicios anuales

Productores de energía renovable

El segmento de energía renovable de NGL incluye:

• Soporte de producción diesel renovable
• Servicios de gestión de residuos para infraestructura de energía renovable

Segmento renovable	Ingresos anuales	Cuota de mercado
Servicios de energía renovable	$ 187 millones	3.2% del mercado total

Consumidores de energía industrial

NGL proporciona servicios de logística y transporte de energía a clientes industriales:

• Distribución de productos refinados
• Soluciones logísticas personalizadas

Categoría de clientes industriales	Valor anual del contrato	Alcance del servicio
Sector manufacturero	$ 276 millones	42 contratos de clientes industriales

Proveedores de servicios públicos regionales y nacionales

NGL admite infraestructura de servicios públicos con servicios especializados:

• Transporte de líquidos de gas natural
• Almacenamiento y servicios terminales

Categoría de servicio de servicios públicos	Ingresos anuales	Cobertura geográfica
Soporte de infraestructura de servicios públicos	$ 342 millones	Cobertura de 16 estados

Sectores agrícola y de transporte

NGL proporciona servicios especializados de logística y energía:

• Distribución de combustible agrícola
• Logística de combustible de transporte

Segmento del sector	Volumen de servicio anual	Penetración del mercado
Servicios de combustible agrícola	$ 213 millones	Cuota de mercado del 7,5%

NGL Energy Partners LP (NGL) - Modelo de negocio: Estructura de costos

Gastos de mantenimiento de infraestructura

NGL Energy Partners LP reportó gastos de mantenimiento de infraestructura de $ 47.3 millones en el año fiscal 2023, que incluyó:

Categoría de infraestructura	Costo anual
Mantenimiento de la instalación de almacenamiento	$ 18.6 millones
Mantenimiento del sistema de tuberías	$ 22.7 millones
Mantenimiento terminal	$ 6 millones

Costos de transporte y logística

Los gastos de transporte y logística para NGL Energy Partners LP totalizaron $ 63.2 millones en 2023, desglosados ​​de la siguiente manera:

• Camiones y gastos de flete: $ 37.5 millones
• Transporte ferroviario: $ 15.7 millones
• Costos de envío marino: $ 10 millones

Personal y gastos generales operativos

Los costos de personal y los gastos generales operativos para NGL Energy Partners LP fueron de $ 52.4 millones en el año fiscal 2023:

Categoría de personal	Costo anual
Salarios y salarios	$ 38.6 millones
Beneficios para empleados	$ 9.2 millones
Capacitación y desarrollo	$ 4.6 millones

Inversiones de tecnología y equipos

NGL Energy Partners LP invirtió $ 29.8 millones en tecnología y equipo en 2023:

• Infraestructura digital: $ 12.3 millones
• Actualizaciones de equipos operativos: $ 14.5 millones
• Sistemas de ciberseguridad: $ 3 millones

Gastos de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para NGL Energy Partners LP ascendieron a $ 22.1 millones en el año fiscal 2023:

Categoría de cumplimiento	Costo anual
Cumplimiento ambiental	$ 9.6 millones
Regulaciones de seguridad	$ 7.5 millones
Gastos legales y de informes	$ 5 millones

NGL Energy Partners LP (NGL) - Modelo de negocios: flujos de ingresos

Logística y tarifas de transporte

NGL Energy Partners LP genera ingresos de los servicios de logística y transporte con las siguientes métricas clave:

Ingresos de logística total	$ 187.6 millones (2023 año fiscal)
Volumen de transporte de petróleo crudo	130,000 barriles por día
Tarifas de transporte de tuberías	$ 2.15 por barril

Ingresos de marketing y distribución de combustible

Desglose de ingresos de marketing de combustible:

• Ingresos totales de marketing de combustible: $ 624.3 millones
• Volumen de ventas de productos refinados: 92.4 millones de galones
• Margen promedio por galón: $ 0.07

Ingresos del servicio de gestión del agua

Servicios de gestión del agua Rendimiento financiero:

Ingresos totales de gestión del agua	$ 213.5 millones
Volumen de eliminación de agua	180,000 barriles por día
Tarifa promedio de eliminación de agua	$ 1.85 por barril

Almacenamiento y cargos de uso de terminales

Detalles de ingresos por infraestructura de almacenamiento:

• Ingresos totales de almacenamiento: $ 92.4 millones
• Capacidad de almacenamiento total: 8.2 millones de barriles
• Tasa de utilización promedio de almacenamiento: 87%

Ganancias de producción de combustibles renovables

Combustible renovable Rendimiento financiero:

Ingresos totales de combustibles renovables	$ 76.2 millones
Producción diesel renovable	45 millones de galones anualmente
Precio diesel renovable promedio	$ 4.25 por galón

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.