NGL Energy Partners LP (NGL): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique des infrastructures énergétiques, NGL Energy Partners LP apparaît comme une puissance stratégique, tissant des opérations complexes en milieu médian qui transforment la façon dont le pétrole, le gaz et les ressources énergétiques renouvelables sont gérés et distribués. En tirant parti d'un réseau complexe de partenariats, de technologies de pointe et d'offres de services complètes, NGL a conçu un modèle commercial sophistiqué qui non seulement relève des défis critiques de l'industrie, mais se positionne également comme un acteur pivot de l'écosystème énergétique en évolution. Leur approche innovante couvre la logistique, le transport, les solutions d'eau et la production durable de carburant, créant une proposition de valeur multiforme qui résonne à travers divers segments de clients et stimule l'excellence opérationnelle dans un marché de plus en plus concurrentiel.

NGL Energy Partners LP (NGL) - Modèle d'entreprise: partenariats clés

Fournisseurs d'infrastructures énergétiques moyennes

NGL Energy Partners LP collabore avec plusieurs partenaires d'infrastructure intermédiaire pour optimiser les capacités du transport d'énergie et de stockage.

Partenaire	Type d'infrastructure	Détails du partenariat
Enterprise Products Partners L.P.	Réseaux de pipeline	Collaboration approfondie des infrastructures intermédiaires
Magellan Midstream Partners	Bornes de stockage	Accords conjoints de stockage et de transport

Sociétés d'exploration du pétrole et du gaz

Les partenariats stratégiques avec les sociétés d'exploration permettent à NGL de garantir un approvisionnement énergétique cohérent.

• Devon Energy Corporation
• Ressources continentales
• Marathon Oil Corporation

Sociétés de transport et de logistique

Partenariats critiques pour un mouvement et une distribution de produits énergétiques efficaces.

Partenaire de logistique	Type de service	Volume de transport annuel
Schneider National	Services de camionnage	1,2 million de barils par an
BNSF Railway	Transport ferroviaire	850 000 barils par an

Producteurs de pétrole brut et de gaz naturel

Partenariats de production clés dans plusieurs régions.

• Producteurs du bassin du Permien
• Opérateurs de schiste Eagle Ford
• Bakken Formation Exploration Companies

Partenaires de technologie des énergies renouvelables

Partenariats émergents axés sur les solutions énergétiques durables.

Partenaire technologique	Domaine de mise au point	Échelle d'investissement
Energie de l'ère suivante	Infrastructure renouvelable	25 millions de dollars d'investissement conjoint
Premier solaire	Intégration de la technologie solaire	Projet collaboratif de 15 millions de dollars

NGL Energy Partners LP (NGL) - Modèle d'entreprise: activités clés

Gestion de la logistique du pétrole brut et du gaz naturel

NGL Energy Partners gère environ 200 000 barils par jour de logistique de pétrole brut.

Segment logistique	Volume annuel	Régions opérationnelles
Transport de pétrole brut	73 millions de barils	Basin Permien, Eagle Ford
Rassemblement de gaz naturel	350 millions de pieds cubes / jour	Texas, Nouveau-Mexique

Combustibles renouvelables et production de biodiesel

Capacité de production annuelle du biodiesel: 75 millions de gallons.

• Installations de production diesel renouvelable: 2
• Efficacité de conversion du biodiesel: 98,5%

Solutions d'eau et services d'élimination

Service de gestion de l'eau	Capacité quotidienne	Puits d'élimination
Manipulation de l'eau produite	250 000 barils / jour	45 puits d'élimination active

Opérations de transport d'énergie et de stockage

Capacité de stockage totale: 15 millions de barils sur plusieurs terminaux.

• Longueur du réseau de pipeline: 2 500 miles
• Emplacements des terminaux de stockage: 12 sites stratégiques

Marketing et distribution de carburant en gros

Type de carburant	Volume de distribution annuel	Couverture du marché
Diesel	500 millions de gallons	Southwestern United States
Essence	350 millions de gallons	Texas, Nouveau-Mexique, Oklahoma

NGL Energy Partners LP (NGL) - Modèle d'entreprise: Ressources clés

Pipeline et infrastructure de stockage

NGL Energy Partners LP exploite environ 1 900 miles de pipelines dans plusieurs États. La capacité de stockage totale s'élève à 32,4 millions de barils dans diverses installations.

Actif d'infrastructure	Quantité	Capacité
Pipelines	1 900 miles	N / A
Installations de stockage	Plusieurs emplacements	32,4 millions de barils

Actifs de transport et de logistique spécialisés

NGL maintient une flotte de 250 camions et 150 wagons dédiés au transport énergétique des produits.

• 250 camions de transport dédiés
• 150 wagons spécialisés
• Réseau de logistique stratégique couvrant plusieurs états

Expertise technique dans les opérations du secteur de l'énergie

La composition de la main-d'œuvre comprend 850 employés à temps plein ayant des compétences spécialisées sur le secteur de l'énergie.

Catégorie des employés	Nombre	Spécialisation
Professionnels techniques	350	Opérations de pipeline / de stockage
Spécialistes de la logistique	250	Gestion des transports
Personnel administratif	250	Fonctions de support

Réseau géographique stratégique d'installations

Présence opérationnelle dans 12 États, avec une concentration primaire au Texas, en Oklahoma et au Nouveau-Mexique.

Capacités financières et opérationnelles solides

Les mesures financières à partir des rapports les plus récents:

• Actif total: 1,2 milliard de dollars
• Revenu annuel: 3,4 milliards de dollars
• EBITDA: 285 millions de dollars
• Ratio dette / fonds propres: 1,7: 1

NGL Energy Partners LP (NGL) - Modèle d'entreprise: propositions de valeur

Solutions d'énergie intermédiaire intégrée

NGL Energy Partners LP fournit des services complets en milieu médian avec 2,1 milliards de dollars d'actifs totaux à partir de 2023. La société opère sur plusieurs segments d'énergie avec des offres de services spécifiques:

Segment de service	Revenus annuels	Couverture du marché
Logistique de l'eau	487 millions de dollars	Basin Permien, Eagle Ford
Transport de pétrole brut	612 millions de dollars	Texas, Nouveau-Mexique
Gestion de l'eau produite	329 millions de dollars	Plusieurs régions de schiste

Services de logistique et de transport efficaces

NGL fonctionne avec 5 200 miles d'infrastructures de pipeline Et gère:

• 275 000 barils par jour Capacité de transport du pétrole brut
• 150 millions de gallons par jour Capacités de manipulation de l'eau
• Réseau de logistique intermédiaire complet dans 12 États

Atténuation des risques pour les producteurs d'énergie

Les services de gestion des risques comprennent:

• Accords contractuels à long terme avec des structures de frais fixes
• Portefeuille de services énergétiques diversifiés réduisant la volatilité du marché
• 1,3 milliard de dollars de contrats engagés à long terme

Infrastructure énergétique flexible et complète

Les capacités d'infrastructure comprennent:

Type d'infrastructure	Capacité	Portée géographique
Bornes de stockage	8,2 millions de barils	Sud-ouest des États-Unis
Systèmes de rassemblement	125 000 acres couverts	Plusieurs bassins
Installations de traitement	250 millions de pieds cubes par jour	Texas, Nouveau-Mexique

Opérations durables et soucieuses de l'environnement

Les mesures de durabilité comprennent:

• 38% de réduction des émissions de méthane depuis 2020
• 42 millions de dollars investis dans les technologies environnementales
• Engagement à zéro évasement de routine d'ici 2025

NGL Energy Partners LP (NGL) - Modèle d'entreprise: relations avec les clients

Accords contractuels à long terme

NGL Energy Partners LP maintient des contrats stratégiques à long terme avec des clients clés du secteur de l'énergie. En 2024, la société compte environ 87 accords d'approvisionnement à long terme actifs sur plusieurs segments d'entreprise.

Type de contrat	Durée moyenne	Nombre de contrats
Services intermédiaires	5-7 ans	42 contrats
Logistique de l'eau	3-5 ans	25 contrats
Transport de pétrole brut	4-6 ans	20 contrats

Gestion des services d'énergie personnalisés

Offres de services personnalisés sont fournis aux clients, avec des équipes dédiées se concentrant sur les besoins individuels des clients.

• Solutions logistiques sur mesure
• Structures contractuelles flexibles
• Suivi des performances en temps réel

Équipes de gestion des comptes dédiés

NGL Energy Partners LP emploie 47 professionnels de la gestion des comptes spécialisés dans ses régions opérationnelles.

Région	Gestionnaires de compte	Portefeuille de clients moyens
Bassin permien	18	12-15 clients
Midwest	15	10-12 clients
Montagne rocheuse	14	8-10 clients

Interactions de clients compatibles avec la technologie

Les plates-formes numériques prenant en charge l'engagement des clients comprennent:

• Portail client basé sur le Web
• Applications de suivi mobile
• Tableau de bord d'analyse de données en temps réel

Approche de partenariat collaboratif

Métriques de collaboration stratégique Démontrer l'engagement de NGL envers les relations avec les clients:

Métrique de partenariat	Valeur 2024
Projets de développement conjoints	7 initiatives actives
Taux de rétention de la clientèle	92.5%
Score de satisfaction du client annuel	8.7/10

NGL Energy Partners LP (NGL) - Modèle d'entreprise: canaux

Équipes de vente directes

NGL Energy Partners LP maintient une force de vente dédiée de 87 représentants des ventes directes à partir de 2023, en se concentrant sur les services énergétiques du milieu.

Catégorie de canal de vente	Nombre de représentants	Revenu annuel moyen par représentant
Services énergétiques intermédiaires	87	2,3 millions de dollars
Services de gestion de l'eau	42	1,8 million de dollars

Plateformes numériques en ligne

NGL Energy Partners utilise plusieurs canaux numériques avec les mesures d'engagement numérique suivantes:

• Trafic de site Web: 145 000 visiteurs uniques par mois
• Génération de revenus de plate-forme numérique: 47,3 millions de dollars par an
• Taux d'acquisition des clients en ligne: 22% du total de nouveaux clients

Conférences de l'industrie de l'énergie

Statistiques annuelles de participation et d'engagement de la conférence:

Type de conférence	Nombre de conférences	Total des pistes commerciales générées
Conférences d'énergie nationales	7	1,243
Symposiums régionaux d'énergie	15	876

Réseaux de développement commercial stratégique

NGL Energy Partners maintient des partenariats stratégiques dans le secteur de l'énergie:

• Partenaires totaux de réseau stratégique: 62
• Contribution des revenus de partenariat: 128,6 millions de dollars
• Durée du partenariat moyen: 4,7 ans

Canaux de marketing spécifiques à l'industrie

Répartition des canaux de marketing pour les partenaires énergétiques NGL:

Canal de marketing	Budget marketing annuel	Client portée
Publications commerciales	2,1 millions de dollars	84 000 professionnels de l'industrie
Publicité numérique	1,7 million de dollars	213 000 impressions ciblées
Webinaires de l'industrie	0,6 million de dollars	5 200 participants enregistrés

NGL Energy Partners LP (NGL) - Modèle d'entreprise: segments de clientèle

Sociétés d'exploration du pétrole et du gaz

NGL Energy Partners sert de grandes sociétés d'exploration avec des offres de services spécifiques:

Type de client	Volume annuel	Valeur de service
Clients d'exploration au milieu	1,2 million de barils par jour	425 millions de dollars de services annuels

Producteurs d'énergies renouvelables

Le segment des énergies renouvelables de NGL comprend:

• Support de production diesel renouvelable
• Services de gestion des déchets pour les infrastructures d'énergie renouvelable

Segment renouvelable	Revenus annuels	Part de marché
Services d'énergie renouvelable	187 millions de dollars	3,2% du marché total

Consommateurs d'énergie industrielle

NGL fournit des services de logistique et de transport énergétiques aux clients industriels:

• Distribution raffinée des produits
• Solutions logistiques personnalisées

Catégorie de clients industriels	Valeur du contrat annuel	Portée du service
Secteur manufacturier	276 millions de dollars	42 Contrats de clients industriels

Fournisseurs de services publics régionaux et nationaux

NGL prend en charge l'infrastructure utilitaire avec des services spécialisés:

• Transport des liquides de gaz naturel
• Services de stockage et de terminal

Catégorie de service utilitaire	Revenus annuels	Couverture géographique
Prise en charge des infrastructures des services publics	342 millions de dollars	16 États de la couverture des États

Secteurs agricoles et des transports

NGL fournit des services de logistique et d'énergie spécialisés:

• Distribution de carburant agricole
• Logistique du carburant du transport

Segment secteur	Volume de services annuel	Pénétration du marché
Services de carburant agricole	213 millions de dollars	7,5% de part de marché

NGL Energy Partners LP (NGL) - Modèle d'entreprise: Structure des coûts

Frais de maintenance des infrastructures

NGL Energy Partners LP a déclaré des frais de maintenance des infrastructures de 47,3 millions de dollars au cours de l'exercice 2023, qui comprenait:

Catégorie d'infrastructure	Coût annuel
Entretien des installations de stockage	18,6 millions de dollars
Entretien du système de pipeline	22,7 millions de dollars
Maintenance du terminal	6 millions de dollars

Coûts de transport et de logistique

Les dépenses de transport et de logistique pour NGL Energy Partners LP ont totalisé 63,2 millions de dollars en 2023, en panne comme suit:

• Frais de camionnage et de fret: 37,5 millions de dollars
• Transport ferroviaire: 15,7 millions de dollars
• Frais d'expédition marine: 10 millions de dollars

Personnel et frais généraux opérationnels

Les frais de personnel et les frais généraux opérationnels pour NGL Energy Partners LP étaient de 52,4 millions de dollars au cours de l'exercice 2023:

Catégorie de personnel	Coût annuel
Salaires et salaires	38,6 millions de dollars
Avantages sociaux	9,2 millions de dollars
Formation et développement	4,6 millions de dollars

Investissements technologiques et équipements

NGL Energy Partners LP a investi 29,8 millions de dollars dans la technologie et l'équipement en 2023:

• Infrastructure numérique: 12,3 millions de dollars
• Mises à niveau de l'équipement opérationnel: 14,5 millions de dollars
• Systèmes de cybersécurité: 3 millions de dollars

Dépenses de conformité réglementaire

Les coûts de conformité réglementaire pour NGL Energy Partners LP se sont élevés à 22,1 millions de dollars au cours de l'exercice 2023:

Catégorie de conformité	Coût annuel
Conformité environnementale	9,6 millions de dollars
Règlements sur la sécurité	7,5 millions de dollars
Dépenses juridiques et de déclaration	5 millions de dollars

NGL Energy Partners LP (NGL) - Modèle d'entreprise: Strots de revenus

Frais de logistique et de transport

NGL Energy Partners LP génère des revenus des services de logistique et de transport avec les mesures clés suivantes:

Revenus logistiques totaux	187,6 millions de dollars (2023 Exercice)
Volume de transport du pétrole brut	130 000 barils par jour
Frais de transport de pipeline	2,15 $ le baril

Revenu de commercialisation et de distribution du carburant

Répartition des revenus de marketing du carburant:

• Revenus de marketing total du carburant: 624,3 millions de dollars
• Volume de ventes de produits raffinés: 92,4 millions de gallons
• Marge moyenne par gallon: 0,07 $

Revenus du service de gestion de l'eau

Services de gestion de l'eau Performance financière:

Revenus totaux de gestion de l'eau	213,5 millions de dollars
Volume d'élimination de l'eau	180 000 barils par jour
Frais d'élimination de l'eau moyenne	1,85 $ le baril

Frais de stockage et d'utilisation des terminaux

Infrastructure de stockage Détails des revenus:

• Revenus de stockage total: 92,4 millions de dollars
• Capacité de stockage totale: 8,2 millions de barils
• Taux d'utilisation moyenne du stockage: 87%

Genuzes de production de combustibles renouvelables

FUILLAGES RENUELLables Performance financière:

Revenu total de carburants renouvelables	76,2 millions de dollars
Production diesel renouvelable	45 millions de gallons par an
Prix ​​diesel renouvelable moyen	4,25 $ par gallon

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.