NGL Energy Partners LP (NGL): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da infraestrutura energética, o NGL Energy Partners LP surge como uma potência estratégica, tecendo as operações complexas do meio da corrente que transformam como os recursos de petróleo, gás e energia renovável são gerenciados e distribuídos. Ao alavancar uma intrincada rede de parcerias, tecnologias de ponta e ofertas abrangentes de serviços, a NGL criou um modelo de negócios sofisticado que não apenas aborda os desafios críticos da indústria, mas também se posiciona como um participante fundamental no ecossistema de energia em evolução. Sua abordagem inovadora abrange logística, transporte, soluções de água e produção sustentável de combustível, criando uma proposta de valor multifacetada que ressoa em diversos segmentos de clientes e impulsiona a excelência operacional em um mercado cada vez mais competitivo.

NGL Energy Partners LP (NGL) - Modelo de negócios: Parcerias -chave

Provedores de infraestrutura de energia média

A NGL Energy Partners LP colabora com vários parceiros de infraestrutura médio para otimizar os recursos de transporte e armazenamento energéticos.

Parceiro	Tipo de infraestrutura	Detalhes da parceria
Enterprise Products Partners L.P.	Redes de pipeline	Extensa colaboração de infraestrutura média
Magellan Midstream Partners	Terminais de armazenamento	Acordos de armazenamento e transporte conjuntos

Empresas de exploração de petróleo e gás

Parcerias estratégicas com empresas de exploração permitem que a NGL proteja o fornecimento consistente de energia.

• Devon Energy Corporation
• Recursos continentais
• Marathon Oil Corporation

Empresas de transporte e logística

Parcerias críticas para movimento e distribuição eficiente de produtos de energia.

Parceiro de logística	Tipo de serviço	Volume anual de transporte
Schneider National	Serviços de caminhões	1,2 milhão de barris por ano
Ferrovia BNSF	Transporte ferroviário	850.000 barris por ano

Produtores de petróleo e gás natural

Principais parcerias de produção em várias regiões.

• Produtores da Bacia do Permiano
• Operadores de xisto de águia ford
• Empresas de exploração de formação Bakken

Parceiros de tecnologia de energia renovável

Parcerias emergentes com foco em soluções de energia sustentável.

Parceiro de tecnologia	Área de foco	Escala de investimento
PRÓXIMA ERA ENERGIA	Infraestrutura renovável	Investimento conjunto de US $ 25 milhões
Primeiro solar	Integração da tecnologia solar	Projeto colaborativo de US $ 15 milhões

NGL Energy Partners LP (NGL) - Modelo de negócios: Atividades -chave

Gerenciamento de petróleo bruto e logística de gás natural

A NGL Energy Partners lida com aproximadamente 200.000 barris por dia de logística de petróleo bruto.

Segmento de logística	Volume anual	Regiões operacionais
Transporte de petróleo bruto	73 milhões de barris	Bacia do Permiano, Eagle Ford
Coleta de gás natural	350 milhões de pés cúbicos/dia	Texas, Novo México

Fuels renováveis ​​e produção de biodiesel

Capacidade anual de produção de biodiesel: 75 milhões de galões.

• Instalações de produção de diesel renovável: 2
• Eficiência de conversão de biodiesel: 98,5%

Soluções de água e serviços de descarte

Serviço de gerenciamento de água	Capacidade diária	Poços de descarte
Produzido manuseio de água	250.000 barris/dia	45 poços de descarte ativo

Operações de transporte e armazenamento energéticos

Capacidade total de armazenamento: 15 milhões de barris em vários terminais.

• Comprimento da rede de pipeline: 2.500 milhas
• Locais do terminal de armazenamento: 12 sites estratégicos

Marketing e distribuição de combustível por atacado

Tipo de combustível	Volume anual de distribuição	Cobertura de mercado
Diesel	500 milhões de galões	Sudoeste dos Estados Unidos
Gasolina	350 milhões de galões	Texas, Novo México, Oklahoma

NGL Energy Partners LP (NGL) - Modelo de negócios: Recursos -chave

Extensa infraestrutura de pipeline e armazenamento

A NGL Energy Partners LP opera aproximadamente 1.900 milhas de oleodutos em vários estados. A capacidade total de armazenamento é de 32,4 milhões de barris em várias instalações.

Ativo de infraestrutura	Quantidade	Capacidade
Pipelines	1.900 milhas	N / D
Instalações de armazenamento	Vários locais	32,4 milhões de barris

Ativos de transporte e logística especializados

A NGL mantém uma frota de 250 caminhões e 150 carros ferroviários dedicados ao transporte de produtos energéticos.

• 250 caminhões de transporte dedicados
• 150 vagões especializados
• Rede de logística estratégica cobrindo vários estados

Experiência técnica em operações do setor de energia

A composição da força de trabalho inclui 850 funcionários em período integral com habilidades especializadas no setor de energia.

Categoria de funcionários	Número	Especialização
Profissionais técnicos	350	Operações de oleoduto/armazenamento
Especialistas em logística	250	Gerenciamento de transporte
Equipe administrativo	250	Funções de suporte

Rede geográfica estratégica de instalações

Presença operacional em 12 estados, com concentração primária no Texas, Oklahoma e Novo México.

Fortes capacidades financeiras e operacionais

Métricas financeiras nos relatórios mais recentes:

• Total de ativos: US $ 1,2 bilhão
• Receita anual: US $ 3,4 bilhões
• EBITDA: US $ 285 milhões
• Taxa de dívida / patrimônio: 1,7: 1

NGL Energy Partners LP (NGL) - Modelo de Negócios: Proposições de Valor

Soluções de energia integradas médias

A NGL Energy Partners LP fornece serviços abrangentes no meio da corrente, com US $ 2,1 bilhões em ativos totais a partir de 2023. A Companhia opera em vários segmentos de energia com ofertas de serviços específicas:

Segmento de serviço	Receita anual	Cobertura de mercado
Logística de água	US $ 487 milhões	Bacia do Permiano, Eagle Ford
Transporte de petróleo bruto	US $ 612 milhões	Texas, Novo México
Produzido gerenciamento de água	US $ 329 milhões	Várias regiões de xisto

Serviços de logística e transporte eficientes

NGL opera com 5.200 milhas de infraestrutura de pipeline e gerencia:

• 275.000 barris por dia Capacidade de transporte de petróleo bruto
• 150 milhões de galões por dia Capacidades de manuseio de água
• Rede de logística abrangente do meio do meio em 12 estados

Mitigação de risco para produtores de energia

Os serviços de gerenciamento de riscos incluem:

• Acordos contratuais de longo prazo com estruturas de taxas fixas
• Portfólio de serviços de energia diversificada Reduzindo a volatilidade do mercado
• US $ 1,3 bilhão em contratos de longo prazo comprometidos

Infraestrutura de energia flexível e abrangente

Os recursos de infraestrutura incluem:

Tipo de infraestrutura	Capacidade	Alcance geográfico
Terminais de armazenamento	8,2 milhões de barris	Sudoeste dos Estados Unidos
Sistemas de coleta	125.000 acres cobertos	Várias bacias
Instalações de processamento	250 milhões de pés cúbicos por dia	Texas, Novo México

Operações sustentáveis ​​e ambientalmente conscientes

As métricas de sustentabilidade incluem:

• Redução de 38% nas emissões de metano desde 2020
• US $ 42 milhões investidos em tecnologias ambientais
• Compromisso com zero rotina queimando até 2025

NGL Energy Partners LP (NGL) - Modelo de Negócios: Relacionamentos do Cliente

Acordos contratuais de longo prazo

A NGL Energy Partners LP mantém contratos estratégicos de longo prazo com os principais clientes do setor de energia. A partir de 2024, a empresa possui aproximadamente 87 acordos ativos de fornecimento de longo prazo em vários segmentos de negócios.

Tipo de contrato	Duração média	Número de contratos
Serviços Midstream	5-7 anos	42 contratos
Logística de água	3-5 anos	25 contratos
Transporte de petróleo bruto	4-6 anos	20 contratos

Gerenciamento de Serviço de Energia Personalizado

Ofertas de serviço personalizadas são fornecidos aos clientes, com equipes dedicadas focadas nas necessidades individuais dos clientes.

• Soluções de logística personalizadas
• Estruturas de contrato flexíveis
• Rastreamento de desempenho em tempo real

Equipes de gerenciamento de contas dedicadas

A NGL Energy Partners LP emprega 47 profissionais de gerenciamento de contas especializados em suas regiões operacionais.

Região	Gerentes de contas	Portfólio médio de clientes
Bacia do Permiano	18	12-15 clientes
Centro -Oeste	15	10-12 clientes
Montanha Rochosa	14	8 a 10 clientes

Interações com clientes habilitadas para tecnologia

As plataformas digitais que suportam o envolvimento do cliente incluem:

• Portal de clientes baseado na Web
• Aplicativos de rastreamento móvel
• Painel de análise de dados em tempo real

Abordagem de parceria colaborativa

Métricas de colaboração estratégica Demonstrar o compromisso da NGL com o relacionamento com o cliente:

Métrica de Parceria	2024 Valor
Projetos de desenvolvimento conjunto	7 iniciativas ativas
Taxa de retenção de clientes	92.5%
Pontuação anual de satisfação do cliente	8.7/10

NGL Energy Partners LP (NGL) - Modelo de Negócios: Canais

Equipes de vendas diretas

A NGL Energy Partners LP mantém uma força de vendas dedicada de 87 representantes de vendas diretas a partir de 2023, com foco nos serviços de energia do meio do meio.

Categoria de canal de vendas	Número de representantes	Receita anual média por representante
Serviços de Energia Midstream	87	US $ 2,3 milhões
Serviços de gerenciamento de água	42	US $ 1,8 milhão

Plataformas digitais online

A NGL Energy Partners utiliza vários canais digitais com as seguintes métricas de engajamento digital:

• Tráfego do site: 145.000 visitantes únicos por mês
• Geração de receita da plataforma digital: US $ 47,3 milhões anualmente
• Taxa de aquisição de clientes on -line: 22% do total de novos clientes

Conferências do setor de energia

Estatísticas anuais de participação e engajamento da conferência:

Tipo de conferência	Número de conferências	Líderes de negócios totais gerados
Conferências Nacionais de Energia	7	1,243
Simpósios de energia regional	15	876

Redes estratégicas de desenvolvimento de negócios

A NGL Energy Partners mantém parcerias estratégicas em todo o setor de energia:

• Total Strategic Network Partners: 62
• Contribuição da receita da parceria: US $ 128,6 milhões
• Duração média da parceria: 4,7 anos

Canais de marketing específicos do setor

Discurso de canais de marketing para parceiros de energia da NGL:

Canal de marketing	Orçamento anual de marketing	Alcance do cliente
Publicações comerciais	US $ 2,1 milhões	84.000 profissionais do setor
Publicidade digital	US $ 1,7 milhão	213.000 impressões direcionadas
Webinars da indústria	US $ 0,6 milhão	5.200 participantes registrados

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

Empresas de exploração de petróleo e gás

A NGL Energy Partners serve as principais empresas de exploração com ofertas de serviços específicas:

Tipo de cliente	Volume anual	Valor de serviço
Clientes de exploração do meio do meio	1,2 milhão de barris por dia	US $ 425 milhões em serviços anuais

Produtores de energia renovável

O segmento de energia renovável da NGL inclui:

• Suporte de produção de diesel renovável
• Serviços de gerenciamento de resíduos para infraestrutura de energia renovável

Segmento renovável	Receita anual	Quota de mercado
Serviços de energia renovável	US $ 187 milhões	3,2% do mercado total

Consumidores de energia industrial

A NGL fornece serviços de logística e transporte de energia para clientes industriais:

• Distribuição refinada de produtos
• Soluções de logística personalizadas

Categoria de cliente industrial	Valor anual do contrato	Escopo de serviço
Setor de manufatura	US $ 276 milhões	42 contratos de clientes industriais

Provedores de serviços públicos regionais e nacionais

A NGL suporta a infraestrutura de utilidade com serviços especializados:

• Transporte de líquidos de gás natural
• Serviços de armazenamento e terminal

Categoria de serviço de utilitário	Receita anual	Cobertura geográfica
Suporte de infraestrutura de utilidade	US $ 342 milhões	16 Estados Cobertura

Setores agrícolas e de transporte

NGL fornece serviços de logística e energia especializados:

• Distribuição de combustível agrícola
• Transporte Logística de combustível

Segmento do setor	Volume anual de serviço	Penetração de mercado
Serviços de combustível agrícola	US $ 213 milhões	7,5% de participação de mercado

NGL Energy Partners LP (NGL) - Modelo de Negócios: Estrutura de Custo

Despesas de manutenção de infraestrutura

A NGL Energy Partners LP relatou despesas de manutenção de infraestrutura de US $ 47,3 milhões no ano fiscal de 2023, que incluíram:

Categoria de infraestrutura	Custo anual
Manutenção da instalação de armazenamento	US $ 18,6 milhões
Manutenção do sistema de pipeline	US $ 22,7 milhões
Manutenção do terminal	US $ 6 milhões

Custos de transporte e logística

As despesas de transporte e logística para a NGL Energy Partners LP totalizaram US $ 63,2 milhões em 2023, quebrados da seguinte forma:

• Despesas de caminhões e frete: US $ 37,5 milhões
• Transporte ferroviário: US $ 15,7 milhões
• Custos de envio marítimo: US $ 10 milhões

Pessoal e sobrecarga operacional

Os custos de pessoal e a sobrecarga operacional para a NGL Energy Partners LP foram de US $ 52,4 milhões no ano fiscal de 2023:

Categoria de pessoal	Custo anual
Salários e salários	US $ 38,6 milhões
Benefícios dos funcionários	US $ 9,2 milhões
Treinamento e desenvolvimento	US $ 4,6 milhões

Investimentos de tecnologia e equipamentos

A NGL Energy Partners LP investiu US $ 29,8 milhões em tecnologia e equipamento em 2023:

• Infraestrutura digital: US $ 12,3 milhões
• Atualizações de equipamentos operacionais: US $ 14,5 milhões
• Sistemas de segurança cibernética: US $ 3 milhões

Despesas de conformidade regulatória

Os custos de conformidade regulatória da NGL Energy Partners LP totalizaram US $ 22,1 milhões no ano fiscal de 2023:

Categoria de conformidade	Custo anual
Conformidade ambiental	US $ 9,6 milhões
Regulamentos de segurança	US $ 7,5 milhões
Despesas legais e de relatórios	US $ 5 milhões

NGL Energy Partners LP (NGL) - Modelo de negócios: fluxos de receita

Taxas de logística e transporte

A NGL Energy Partners LP gera receita de serviços de logística e transporte com as seguintes métricas -chave:

Receita logística total	US $ 187,6 milhões (2023 ano fiscal)
Volume de transporte de petróleo bruto	130.000 barris por dia
Taxas de transporte de oleodutos	US $ 2,15 por barril

Receita de marketing e distribuição de combustível

Repartição da receita de marketing de combustível:

• Receita total de marketing de combustível: US $ 624,3 milhões
• Volume de vendas de produtos refinados: 92,4 milhões de galões
• Margem média por galão: $ 0,07

Receitas do Serviço de Gerenciamento de Água

Serviços de gerenciamento de água Desempenho financeiro:

Receita total de gerenciamento de água	US $ 213,5 milhões
Volume de descarte de água	180.000 barris por dia
Taxa média de descarte de água	US $ 1,85 por barril

Cobranças de armazenamento e uso de terminais

Detalhes da receita da infraestrutura de armazenamento:

• Receita total de armazenamento: US $ 92,4 milhões
• Capacidade total de armazenamento: 8,2 milhões de barris
• Taxa média de utilização de armazenamento: 87%

Ganhos de produção de combustíveis renováveis

Desempenho financeiro de combustíveis renováveis:

Receita total de combustíveis renováveis	US $ 76,2 milhões
Produção de diesel renovável	45 milhões de galões anualmente
Preço médio de diesel renovável	US $ 4,25 por galão

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.