NGL Energy Partners LP (NGL) Q4 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings. Welcome to the NGL Energy Partners 4Q26 earnings call. At this time, all participants are in our listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note, this conference is being recorded. I will now turn the conference over to your host, Brad Cooper, CFO. You may begin. Good afternoon, and thank you to everyone for joining us on the call today. Our comments today will include plans, forecasts, and estimates that are forward-looking statements under the U.S. securities law. These comments are subject to assumptions, risks, and uncertainties that could cause actual results to differ from the forward-looking statements. Please take note of the cautionary language and risk factors provided in our presentation materials and our other public disclosure materials. We are pleased to report a strong finish to fiscal 2026, highlighted by record performance in our water solution segment and meaningful progress in our capital structure priorities. For the year, adjusted EBITDA from continuing operations was approximately $660 million, which came in at the high end of our guidance range and represents meaningful growth year over year, driven by our water solution segment. In the fourth quarter, we generated adjusted EBITDA of approximately $176 million. Excluding the goodwill impairment charge, income from continuing operations is approximately $70 million. As we step back and look at the partnership's accomplishments this year, we believe fiscal 2026 encapsulates execution across every tenet of our multi-year strategy. First, in April, we closed on the sale of our wholesale propane and rack marketing businesses....