NGL Energy Partners LP Announces Fourth Quarter and Full Year Fiscal 2026 Financial Results; Guidance for Fiscal 2027

About this update from Ngl Energy Partners Lp

NGL Energy Partners LP (NYSE:NGL) (“NGL,” “we,” “us,” “our,” or the “Partnership”) today reported its fourth quarter and full year fiscal 2026 results. Highlights for the fiscal year and quarter ended March 31, 2026 include: Loss from continuing operations for full year Fiscal 2026 of $178.5 million, compared to income from continuing operations of $65.0 million for full year Fiscal 2025; loss from continuing operations for the fourth quarter of Fiscal 2026 of $286.8 million including a loss from the impairment of goodwill, compared to income from continuing operations of $16.2 million for the fourth quarter of Fiscal 2025 Adjusted EBITDA from continuing operations (1) for full year Fiscal 2026 of $660.2 million, compared to $622.9 million for full year Fiscal 2025; Adjusted EBITDA from continuing operations (1) for the fourth quarter of Fiscal 2026 of $176.4 million, compared to $176.8 million for the fourth quarter of Fiscal 2025 Water Solutions: Record produced water volumes physically disposed of approximately 3.01 million barrels per day during the fourth quarter of Fiscal 2026, growing 10.0% from the fourth quarter of Fiscal 2025 and 2.91 million barrels per day for the entire year of Fiscal 2026, an 11.0% increase over the prior year Paid and physically disposed water volumes of 3.09 million barrels per day during the fourth quarter of Fiscal 2026, growing 3.4% from the paid and physically disposed water volumes during the fourth quarter of Fiscal 2025 Record Water Solutions’ Adjusted EBITDA (1) of $602.7 million for full year Fiscal 2026, an 11.2% increase over the prior year Debt Transactions: On March 12, 2026, we closed a debt refinancing transaction of $950.0 million consisting of a new seven-year Term Loan B. The net proceeds from this transaction were used to fund the redemption of the existing Term Loan B, the redemption of a portion of the Class D Preferred Units and the repayment of borrowings under the asset-based revolving credit facility (“ABL Facility”). On March 12, 2026, we amended the ABL Facility to (i) reduce our total commitments to $425.0 million, (ii) reduce our sub-limit for letters of credit to $100.0 million, (iii) reduce the applicable margin for alternate base rate loans to a range of 1.00% to 1.50% and (iv) reduce the applicable margin for secured overnight financing rate to a range of 2.00% to 2.50%. Equity Transactions: We repurchased an additional 196,005 Class D preferred units in the quarter for a total of 284,511 Class D preferred units repurchased, or approximately 47%, of the originally outstanding Class D preferred units. Under the Board authorized common unit repurchase program, we have repurchased an additional 297,126 common units in the quarter for a total of 8,698,477 common units under the repurchase program at an average price of $5.72. On April 8, 2026, the board of directors of our general partner authorized another common unit repurchase program, under which we may repurchase up to $100.0 million of our outstanding common units from time to time in the open market or in other privately negotiated transactions. This program does not have a fixed expiration date. “The Partnership ended Fiscal 2026, with Adjusted EBITDA (1) of $660.2 million, at the high end of our previous guidance of $650 - $660 million. Fiscal 2027 is off to a solid start and we have more opportunities to continue growing our water business as well as addressing our capital structure and strengthening our balance sheet,” stated Mike Krimbill, NGL’s CEO. “We are guiding Fiscal 2027 full year consolidated Adjusted EBITDA (2) to a range of $715 - $725 million, the high end of which is a 10% increase above our Fiscal 2026 predominantly driven by the strong momentum we have in our Water Solutions segment. Also we are guiding to $45 million in maintenance and $200 million of growth capital expenditures for Fiscal 2027,” Krimbill concluded. _____________ (1) See the “Non-GAAP Financial Measures” section of this release for the definition of Adjusted EBITDA (as used herein) and a discussion of this non-GAAP financial measure. (2) Certain of the forward-looking financial measures are provided on a non-GAAP basis. A reconciliation of forward-looking financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP is potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant.  Quarterly Results of Operations The following table summarizes operating income (loss) and Adjusted EBITDA from continuing operations (1) by reportable segment for the periods indicated:     Quarter Ended     March 31, 2026   March 31, 2025     Operating Income (Loss)   Adjusted EBITDA (1)   Operating Income (Loss)   Adjusted EBITDA (1)     (in thousands) Water Solutions   $ 59,876     $ 153,459     $ 88,891     $ 154,870   Crude Oil Logistics     (247,427 )     17,447       7,148       13,121   Liquids Logistics     4,901       16,895       (4,991 )     17,690   Corporate and Other     (23,968 )     (11,431 )     (9,926 )     (8,851 ) Total   $ (206,618 )   $ 176,370     $ 81,122     $ 176,830   Water Solutions Operating income for the Water Solutions segment decreased by $29.0 million for the quarter ended March 31, 2026, compared to the quarter ended March 31, 2025. The decrease was due primarily to higher net unrealized losses on skim oil hedges of $26.3 million, compared to the prior year period, due to a significant increase in crude oil prices in March 2026 resulting from the supply disruption caused by the U.S./Iran conflict. There were higher disposal revenues due to an increase in produced water volumes processed from contracted customers and increased water pipeline revenue due to the LEX II pipeline commencing operations. The Partnership processed approximately 3.01 million barrels of water per day during the quarter ended March 31, 2026, a 10.0% increase when compared to approximately 2.73 million barrels of water per day processed during the quarter ended March 31, 2025. Revenues from recovered skim oil, including the impact from realized skim oil hedges, totaled $35.8 million for the quarter ended March 31, 2026, a decrease of $0.9 million from the prior year period. The decrease was due primarily to higher net realized losses on skim oil hedges due to a significant increase in crude oil prices, as discussed above, partially offset by an increase in skim oil barrels sold due to more skim oil recovered from receiving more produced water and higher realized crude oil prices received from the sale of skim oil barrels. Operating expenses in the Water Solutions segment increased $3.0 million for the quarter ended March 31, 2026, compared to the quarter ended March 31, 2025 due primarily to higher royalty expense due to volumes related to the LEX II pipeline commencing operations and increased volumes at certain other saltwater disposal wells and higher utilities expense due to increased produced water volumes processed, partially offset by lower chemical expense due to purchasing fewer chemicals and using chemicals more efficiently. Operating expense per produced barrel processed was $0.22 for the quarter ended March 31, 2026, compared to $0.23 in the comparative quarter last year. There was also a loss on the disposal or impairment of assets of $5.1 million for the quarter ended March 31, 2026, compared to a loss on the disposal or impairment of assets of $8.0 million in the prior year period. Crude Oil Logistics Operating income for the Crude Oil Logistics segment decreased by $254.6 million for the quarter ended March 31, 2026, compared to the quarter ended March 31, 2025. Operating loss for the fourth quarter of Fiscal 2026 includes a goodwill impairment charge of $247.8 million, compared to a gain of $0.6 million in the same period of the prior year. We also recognized a net loss on derivatives of $17.0 million compared to a net loss on derivatives of $0.4 million in the prior year period. The derivative losses were due to increasing crude oil prices, as discussed in the Water Solutions section above. Crude oil transportation revenue also decreased primarily due to the expiration of certain transportation services contracts on third-party pipelines. These decreases were partially offset by an increase in sales volumes and an increase in the margin per barrel due to selling lower-priced inventory into a rising market. During the quarter ended March 31, 2026, physical volumes on the Grand Mesa Pipeline averaged approximately 78,000 barrels per day, compared to approximately 56,000 barrels per day for the quarter ended March 31, 2025 due to higher production on acreage dedicated to us in the DJ Basin. Liquids Logistics Operating income for the Liquids Logistics segment increased by $9.9 million for the quarter ended March 31, 2026, compared to the quarter ended March 31, 2025. Impairment losses were lower by approximately $23.2 million during the quarter ended March 31, 2026, compared to the same period in the prior year. Other expenses were lower by $2.7 million due to the sale of the majority of our wholesale propane business. These amounts were partially offset by an increase in unrealized losses on butane derivatives for the quarter ended March 31, 2026 of $17.0 million, which was driven by the increase in commodity prices resulting from the crude oil supply disruption, as discussed in the sections above. Capitalization and Liquidity Total liquidity (cash plus available capacity on our ABL Facility) was approximately $237.9 million as of March 31, 2026. Borrowings under the Partnership’s ABL Facility totaled approximately $135.0 million as of March 31, 2026, due to an increase in capital spending within our Water Solutions segment and higher commodity prices due to the U.S./Iran conflict. The Partnership is in compliance with all of its debt covenants and has no upcoming debt maturities. Fourth Quarter Conference Call Information A conference call to discuss NGL’s results of operations is scheduled for 4:00 pm Central Time on Thursday, May 28, 2026. Analysts, investors, and other interested parties may join the webcast via the event link: https://www.webcaster5.com/Webcast/Page/2808/54031 or by dialing (888) 506-0062 and providing conference code: 941890. An archived audio replay of the call will be available for 14 days, which can be accessed by dialing (877) 481-4010 and providing replay passcode 54031. NGL filed its Annual Report on Form 10-K for the year ended March 31, 2026 with the Securities and Exchange Commission after market on May 28, 2026. A copy of the Form 10-K can be found on the Partnership’s website at www.nglenergypartners.com . Unitholders may also request, free of charge, a hard copy of our Form 10-K and our complete audited financial statements. Non-GAAP Financial Measures We define EBITDA as net income (loss) attributable to NGL Energy Partners LP, plus interest expense, income tax expense (benefit), and depreciation and amortization expense. We define Adjusted EBITDA as EBITDA excluding net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, equity-based compensation expense, revaluation of liabilities and other. EBITDA and Adjusted EBITDA should not be considered as alternatives to net (loss) income, (loss) income from continuing operations before income taxes, cash flows from operating activities, or any other measure of financial performance calculated in accordance with GAAP, as those items are used to measure operating performance, liquidity or the ability to service debt obligations. We believe that EBITDA provides additional information to investors for evaluating our ability to make quarterly distributions to our unitholders and is presented solely as a supplemental measure. We believe that Adjusted EBITDA provides additional information to investors for evaluating our financial performance without regard to our financing methods, capital structure and historical cost basis. Further, EBITDA and Adjusted EBITDA, as we define them, may not be comparable to EBITDA, Adjusted EBITDA, or similarly titled measures used by other entities. For purposes of our Adjusted EBITDA calculation, we make a distinction between realized and unrealized gains and losses on derivatives. During the period when a derivative contract is open, we record changes in the fair value of the derivative as an unrealized gain or loss. When a derivative contract matures or is settled, we reverse the previously recorded unrealized gain or loss and record a realized gain or loss. Distributable Cash Flow is defined as Adjusted EBITDA minus maintenance capital expenditures, income tax expense, cash interest expense, preferred unit distributions and other. Maintenance capital expenditures represent capital expenditures necessary to maintain the Partnership’s operating capacity. Distributable Cash Flow is a performance metric used by senior management to compare cash flows generated by the Partnership (excluding growth capital expenditures and prior to the establishment of any retained cash reserves by the board of directors of our general partner) to the cash distributions expected to be paid to unitholders. Using this metric, management can quickly compute the coverage ratio of estimated cash flows to planned cash distributions. This financial measure also is important to investors as an indicator of whether the Partnership is generating cash flow at a level that can sustain, or support an increase in, quarterly distribution rates. Actual distribution amounts are set by the board of directors of our general partner. We do not provide a reconciliation for non-GAAP estimates on a forward-looking basis where we are unable to provide a meaningful calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various items that would impact the most directly comparable forward-looking U.S. GAAP financial measure that have not yet occurred, are out of the Partnership’s control and/or cannot be reasonably predicted. Forward-looking non-GAAP financial measures provided without the most directly comparable U.S. GAAP financial measures may vary materially from the corresponding U.S. GAAP financial measures. Forward-Looking Statements This press release includes “forward-looking statements.” All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. While NGL believes such forward-looking statements are reasonable, NGL cannot assure they will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Other factors that could impact any forward-looking statements are those risks described in NGL’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other public filings. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading “Risk Factors.” NGL undertakes no obligation to publicly update or revise any forward-looking statements except as required by law. NGL provides Adjusted EBITDA guidance that does not include certain charges and costs, which in future periods are generally expected to be similar to the kinds of charges and costs excluded from Adjusted EBITDA in prior periods, such as income taxes, interest and other non-operating items, depreciation and amortization, net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, equity-based compensation expense, acquisition expense, revaluation of liabilities and items that are unusual in nature or infrequently occurring. The exclusion of these charges and costs in future periods will have a significant impact on the Partnership’s Adjusted EBITDA, and the Partnership is not able to provide a reconciliation of its Adjusted EBITDA guidance to net income (loss) without unreasonable efforts due to the uncertainty and variability of the nature and amount of these future charges and costs and the Partnership believes that such reconciliation, if possible, would imply a degree of precision that would be potentially confusing or misleading to investors. About NGL Energy Partners LP NGL Energy Partners LP, a Delaware master limited partnership, operates the largest integrated produced water pipeline, disposal, and water handling network in the Delaware Basin, supported by long-term, fee-based producer contracts and continues to enhance its ability to transport produced water from the wellhead to treatment for disposal, recycle, or discharge through our expanding pipeline infrastructure and ongoing disposal capacity investments. While maintaining complementary crude oil and natural gas liquids logistics operations, capital allocation and strategic focus are centered on providing water solutions services, which will reduce earnings volatility and enhance cash flow stability. For further information, visit the Partnership’s website at www.nglenergypartners.com .   NGL ENERGY PARTNERS LP AND SUBSIDIARIES Unaudited Consolidated Balance Sheets (in Thousands, except unit amounts)     March 31,   2026   2025 ASSETS       CURRENT ASSETS:       Cash and cash equivalents $ 8,505     $ 5,649   Accounts receivable, net of allowance for expected credit losses of $1,738 and $3,689, respectively   661,157       579,468   Accounts receivable-affiliates   313       730   Inventories   67,351       69,916   Prepaid expenses and other current assets   36,624       63,651   Assets held for sale   —       175,207   Assets of discontinued operations   —       67,432   Total current assets   773,950       962,053   PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $1,272,286 and $1,104,582, respectively   2,091,747       2,066,847   GOODWILL   351,506       599,348   INTANGIBLE ASSETS, net of accumulated amortization of $389,992 and $340,334, respectively   805,110       851,347   OPERATING LEASE RIGHT-OF-USE ASSETS   113,326       109,870   OTHER NONCURRENT ASSETS   39,900       19,975   Total assets $ 4,175,539     $ 4,609,440   LIABILITIES AND (DEFICIT) EQUITY       CURRENT LIABILITIES:       Accounts payable $ 495,180     $ 461,980   Accounts payable-affiliates   1       102   Accrued expenses and other payables   184,184       135,233   Advance payments received from customers   15,201       10,347   Current maturities of long-term debt   11,457       8,805   Operating lease obligations   33,459       27,911   Liabilities held for sale   —       42,103   Liabilities of discontinued operations   —       52,749   Total current liabilities   739,482       739,230   LONG-TERM DEBT, net of debt issuance costs of $41,264 and $43,144, respectively, and current maturities   3,223,126       2,961,703   OPERATING LEASE OBLIGATIONS   82,160       85,240   OTHER NONCURRENT LIABILITIES   136,953       125,897           CLASS D PREFERRED UNITS, 315,489 and 600,000 preferred units issued and outstanding, respectively   289,824       551,097   REDEEMABLE NONCONTROLLING INTERESTS   559       424           (DEFICIT) EQUITY:       General partner, representing a 0.1% interest, 123,938 and 132,145 notional units, respectively   (53,319 )     (52,913 ) Limited partners, representing a 99.9% interest, 123,814,289 and 132,012,766 common units issued and outstanding, respectively   (612,276 )     (170,275 ) Class B preferred limited partners, 12,585,642 and 12,585,642 preferred units issued and outstanding, respectively   305,468       305,468   Class C preferred limited partners, 1,800,000 and 1,800,000 preferred units issued and outstanding, respectively   42,891       42,891   Accumulated other comprehensive income   —       9   Noncontrolling interests   20,671       20,669   Total (deficit) equity   (296,565 )     145,849   Total liabilities and (deficit) equity $ 4,175,539     $ 4,609,440     NGL ENERGY PARTNERS LP AND SUBSIDIARIES Unaudited Consolidated Statements of Operations (in Thousands, except unit and per unit amounts)       Three Months Ended March 31,   Year Ended March 31,     2026   2025   2026   2025 REVENUES:                 Product   $ 759,042     $ 778,604     $ 2,396,188     $ 2,742,953   Service and other     190,468       192,462       759,971       726,233   Total Revenues     949,510       971,066       3,156,159       3,469,186   COST OF SALES:                 Product     726,825       695,171       2,160,353       2,437,331   Service and other     5,432       14,265       21,810       69,746   Total Cost of Sales     732,257       709,436       2,182,163       2,507,077   OPERATING COSTS AND EXPENSES:                 Operating     78,672       75,651       293,587       297,686   General and administrative     26,031       13,483       70,108       55,593   Depreciation and amortization     61,973       64,455       254,831       254,732   Loss on disposal or impairment of assets, net     252,780       30,664       256,322       31,448   Revaluation of liabilities     4,415       (3,745 )     4,415       (6,705 ) Operating (Loss) Income     (206,618 )     81,122       94,733       329,355   OTHER INCOME (EXPENSE):                 Equity in earnings of unconsolidated entities     —       3,367       201       6,565   Interest expense     (63,403 )     (70,101 )     (257,490 )     (280,078 ) Loss on early extinguishment of liabilities, net     (17,241 )     —       (16,749 )     —   Other income, net     574       1,778       526       4,262   (Loss) Income From Continuing Operations Before Income Taxes     (286,688 )     16,166       (178,779 )     60,104   INCOME TAX (EXPENSE) BENEFIT     (86 )     (13 )     276       4,885   (Loss) Income From Continuing Operations     (286,774 )     16,153       (178,503 )     64,989   (Loss) Income From Discontinued Operations, net of Tax     (43 )     (1,431 )     39,340       (21,826 ) Net (Loss) Income     (286,817 )     14,722       (139,163 )     43,163   LESS: NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO NONREDEEMABLE NONCONTROLLING INTERESTS     (1,189 )     (972 )     (3,376 )     (3,749 ) LESS: NET LOSS (INCOME) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING INTERESTS     326       (26 )     244       (46 ) NET (LOSS) INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP   $ (287,680 )   $ 13,724     $ (142,295 )   $ 39,368                     NET LOSS FROM CONTINUING OPERATIONS ALLOCATED TO COMMON UNITHOLDERS   $ (425,944 )   $ (14,677 )   $ (444,859 )   $ (57,096 ) NET (LOSS) INCOME FROM DISCONTINUED OPERATIONS ALLOCATED TO COMMON UNITHOLDERS     (43 )     (1,429 )     39,301       (21,804 ) NET LOSS ALLOCATED TO COMMON UNITHOLDERS   $ (425,987 )   $ (16,106 )   $ (405,558 )   $ (78,900 ) BASIC AND DILUTED (LOSS) INCOME PER COMMON UNIT                 Loss From Continuing Operations   $ (3.44 )   $ (0.11 )   $ (3.50 )   $ (0.43 ) (Loss) Income From Discontinued Operations, net of Tax   $ —     $ (0.01 )   $ 0.31     $ (0.16 ) Net Loss   $ (3.44 )   $ (0.12 )   $ (3.19 )   $ (0.60 ) BASIC AND DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING     123,849,123       132,012,766       127,020,619       132,204,283     EBITDA, ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW RECONCILIATION (Unaudited)   The following table reconciles NGL’s net (loss) income to NGL’s EBITDA, Adjusted EBITDA and Distributable Cash Flow for the periods indicated:       Three Months Ended March 31,   Year Ended March 31,     2026   2025   2026   2025     (in thousands) Net (loss) income   $ (286,817 )   $ 14,722     $ (139,163 )   $ 43,163   Less: Net income from continuing operations attributable to nonredeemable noncontrolling interests     (1,189 )     (972 )     (3,376 )     (3,749 ) Less: Net loss (income) from continuing operations attributable to redeemable noncontrolling interests     326       (26 )     244       (46 ) Net (loss) income attributable to NGL Energy Partners LP     (287,680 )     13,724       (142,295 )     39,368   Interest expense     63,382       70,080       257,406       280,241   Income tax expense (benefit)     86       16       (260 )     (4,775 ) Depreciation and amortization     62,468       64,009       253,263       253,190   EBITDA     (161,744 )     147,829       368,114       568,024   Net unrealized losses (gains) on derivatives (1)     47,335       (707 )     36,462       21,782   Lower of cost or net realizable value adjustments (2)     26       2,590       (2,890 )     (1,619 ) Loss on disposal or impairment of assets, net (3)     252,841       32,644       218,010       33,705   Revaluation of liabilities     4,415       (3,745 )     4,415       (6,705 ) Loss on early extinguishment of liabilities, net     17,241       —       16,749       —   Equity-based compensation expense     11,206       —       11,206       —   Other (4)     5,075       (116 )     9,238       2,572   Adjusted EBITDA   $ 176,395     $ 178,495     $ 661,304     $ 617,759   Adjusted EBITDA - Discontinued Operations (5)   $ 25     $ 1,665     $ 1,101     $ (5,133 ) Adjusted EBITDA - Continuing Operations   $ 176,370     $ 176,830     $ 660,203     $ 622,892   Less: Cash interest expense (6)     61,634       64,442       246,171       267,612   Less: Income tax expense (benefit)     86       13       (276 )     (4,885 ) Less: Maintenance capital expenditures     13,730       11,553       46,084       69,500   Less: Preferred unit distributions paid     29,562       28,935       113,486       305,291   Less: Other (7)     5,718       562       12,264       1,940   Distributable Cash Flow - Continuing Operations   $ 65,640     $ 71,325     $ 242,474     $ (16,566 ) _____________ (1) Due to the conflict between the United States and Iran, crude oil prices increased significantly during the month of March 2026. To better match the movement of inventory and derivative losses with the physical gains recognized by our Crude Oil Logistics segment in March 2026 and April 2026 and to align with how management evaluated these transactions, approximately $4.0 million of losses from settled contracts are included within these amounts. (2) Lower of cost or net realizable value adjustments in the table above differ from lower of cost or net realizable value adjustments reported in our consolidated statements of cash flows in the Partnership’s Annual Report on Form 10-K for the year ended March 31, 2026, as the amounts reported in the table above represent the change in lower of cost or net realizable value adjustments recorded in the consolidated statements of operations, which includes reversals, whereas the amounts reported in our consolidated statements of cash flows represent the lower of cost or net realizable value adjustments recorded at the balance sheet date. (3) Excludes amounts related to unconsolidated entities and noncontrolling interests. (4) Amounts represent accretion expense for asset retirement obligations, unrealized gains and losses on investments and marketable securities, a loss from a legal dispute and expenses incurred related to legal and advisory costs associated with acquisitions and dispositions. For the quarter and year ended March 31, 2026, the amounts include the difference in value recorded to cost of sales-product related to the misclassification of line fill within inventories as reported in the footnotes to our consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended March 31, 2026. (5) Amounts include our refined products and biodiesel businesses. (6) Amounts represent interest expense payable in cash, excluding changes in the accrued interest balance. (7) Amounts represent cash paid to settle asset retirement obligations as well as approximately $4.0 million of losses from settled contracts in the current fiscal year as discussed above. ADJUSTED EBITDA RECONCILIATION BY SEGMENT (Unaudited)     Three Months Ended March 31, 2026   Water Solutions   Crude Oil Logistics   Liquids Logistics   Corporate and Other   Continuing Operations   Discontinued Operations   Consolidated   (in thousands) Operating income (loss) $ 59,876     $ (247,427 )   $ 4,901     $ (23,968 )   $ (206,618 )   $ —   $ (206,618 ) Depreciation and amortization   53,566       6,127       1,553       727       61,973       —     61,973   Amortization in cost of sales-service   1,068       —       —       —       1,068       —     1,068   Net unrealized losses on derivatives   29,864       7,158       10,313       —       47,335       —     47,335   Lower of cost or net realizable value adjustments   —       (28 )     54       —       26       —     26   Loss on disposal or impairment of assets, net   5,101       247,653       26       —       252,780       —     252,780   Equity-based compensation expense   —       —       —       11,206       11,206       —     11,206   Other income (expense), net   344       (33 )     72       191       574       —     574   Adjusted EBITDA attributable to noncontrolling interest   (1,758 )     —       —       278       (1,480 )     —     (1,480 ) Revaluation of liabilities   4,415       —       —       —       4,415       —     4,415   Other   983       3,997       (24 )     135       5,091       —     5,091   Discontinued operations   —       —       —       —       —       25     25   Adjusted EBITDA $ 153,459     $ 17,447     $ 16,895     $ (11,431 )   $ 176,370     $ 25   $ 176,395     Three Months Ended March 31, 2025   Water Solutions   Crude Oil Logistics   Liquids Logistics   Corporate and Other   Continuing Operations   Discontinued Operations   Consolidated   (in thousands) Operating income (loss) $ 88,891     $ 7,148     $ (4,991 )   $ (9,926 )   $ 81,122     $ —   $ 81,122   Depreciation and amortization   55,161       5,984       2,466       844       64,455       —     64,455   Amortization in cost of sales-product   —       —       110       —       110       —     110   Net unrealized losses (gains) on derivatives   3,562       527       (6,116 )     —       (2,027 )     —     (2,027 ) Lower of cost or net realizable value adjustments   —       —       2,932       —       2,932       —     2,932   Loss (gain) on disposal or impairment of assets, net   8,033       (592 )     23,223       —       30,664       —     30,664   Other (expense) income, net   (331 )     (1 )     (1 )     2,111       1,778       —     1,778   Adjusted EBITDA attributable to unconsolidated entities   3,503       —       5       —       3,508       —     3,508   Adjusted EBITDA attributable to noncontrolling interest   (1,796 )     —       —       (78 )     (1,874 )     —     (1,874 ) Revaluation of liabilities   (3,745 )     —       —       —       (3,745 )     —     (3,745 ) Other   1,592       55       62       (1,802 )     (93 )     —     (93 ) Discontinued operations   —       —       —       —       —       1,665     1,665   Adjusted EBITDA $ 154,870     $ 13,121     $ 17,690     $ (8,851 )   $ 176,830     $ 1,665   $ 178,495     Year Ended March 31, 2026   Water Solutions   Crude Oil Logistics   Liquids Logistics   Corporate and Other   Continuing Operations   Discontinued Operations   Consolidated   (in thousands) Operating income (loss) $ 335,366     $ (226,892 )   $ 48,231     $ (61,972 )   $ 94,733     $ —   $ 94,733   Depreciation and amortization   221,048       24,331       6,201       3,251       254,831       —     254,831   Amortization in cost of sales-service   1,068       —       —       —       1,068       —     1,068   Net unrealized losses on derivatives   21,573       5,604       9,301       —       36,478       —     36,478   Lower of cost or net realizable value adjustments   —       —       (2,890 )     —       (2,890 )     —     (2,890 ) Loss (gain) on disposal or impairment of assets, net   20,114       251,761       (15,551 )     (2 )     256,322       —     256,322   Equity-based compensation expense   —       —       —       11,206       11,206       —     11,206   Other income (expense), net   4,352       (873 )     (284 )     (2,669 )     526       —     526   Adjusted EBITDA attributable to unconsolidated entities   221       —       4       —       225       —     225   Adjusted EBITDA attributable to noncontrolling interest   (6,012 )     —       —       40       (5,972 )     —     (5,972 ) Revaluation of liabilities   4,415       —       —       —       4,415       —     4,415   Other   581       5,010       471       3,199       9,261       —     9,261   Discontinued operations   —       —       —       —       —       1,101     1,101   Adjusted EBITDA $ 602,726     $ 58,941     $ 45,483     $ (46,947 )   $ 660,203     $ 1,101   $ 661,304     Year Ended March 31, 2025   Water Solutions   Crude Oil Logistics   Liquids Logistics   Corporate and Other   Continuing Operations   Discontinued Operations   Consolidated   (in thousands) Operating income (loss) $ 311,457     $ 46,101     $ 14,058     $ (42,261 )   $ 329,355     $ —     $ 329,355   Depreciation and amortization   217,227       25,070       9,408       3,027       254,732       —       254,732   Amortization in cost of sales-product   —       —       257       —       257       —       257   Net unrealized losses (gains) on derivatives   4,953       (4,011 )     2,424       —       3,366       —       3,366   Lower of cost or net realizable value adjustments   —       —       2,916       —       2,916       —       2,916   Loss (gain) on disposal or impairment of assets, net   9,813       (1,004 )     22,596       43       31,448       —       31,448   Other income, net   485       1       1,518       2,258       4,262       —       4,262   Adjusted EBITDA attributable to unconsolidated entities   7,044       —       (51 )     —       6,993       —       6,993   Adjusted EBITDA attributable to noncontrolling interest   (6,196 )     —       —       (178 )     (6,374 )     —       (6,374 ) Revaluation of liabilities   (6,705 )     —       —       —       (6,705 )     —       (6,705 ) Other   3,918       216       243       (1,735 )     2,642       —       2,642   Discontinued operations   —       —       —       —       —       (5,133 )     (5,133 ) Adjusted EBITDA $ 541,996     $ 66,373     $ 53,369     $ (38,846 )   $ 622,892     $ (5,133 )   $ 617,759     OPERATIONAL DATA (Unaudited)     Three Months Ended   Year Ended   March 31,   March 31,   2026   2025   2026   2025   (in thousands, except per day amounts) Water Solutions:               Produced water processed (barrels per day)               Delaware Basin 2,651,062   2,424,683   2,555,166   2,303,142 Eagle Ford Basin 164,504   159,093   179,789   175,251 DJ Basin 190,646   148,001   177,963   146,956 Total 3,006,212   2,731,777   2,912,918   2,625,349 Recycled water (barrels per day) 225,454   206,552   198,709   116,058 Total (barrels per day) 3,231,666   2,938,329   3,111,627   2,741,407 Skim oil sold (barrels per day) 6,246   4,902   5,119   4,268                 Crude Oil Logistics:               Crude oil sold (barrels) 4,640   1,978   15,419   10,412 Crude oil transported on owned pipelines (barrels) 7,044   5,066   26,451   22,238 Crude oil storage capacity - owned and leased (barrels) (1)         5,232   5,232 Crude oil inventory (barrels) (1)         298   339                 Liquids Logistics:               Butane sold (gallons) 134,250   123,007   510,367   516,202 Propane sold (gallons) 156,522   314,709   365,736   760,287 Other products sold (gallons) 61,255   63,537   281,494   277,495 Natural gas liquids storage capacity - owned and leased (gallons) (1)         42,641   52,721 Butane inventory (gallons) (1)         23,774   21,871 Propane inventory (gallons) (1)         7,297   11,833 Other products inventory (gallons) (1)         5,166   8,556 _____________ (1) Information is presented as of March 31, 2026 and March 31, 2025, respectively.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260528081776/en/

View stock analysis, news, and events for Ngl Energy Partners Lp