NGL Energy Partners LP (NYSE:NGL) ("NGL," "we," "us," "our," or the "Partnership") today reported its third quarter Fiscal 2026 financial results. Highlights include:

Financial Results:

Income from continuing operations for the third quarter of Fiscal 2026 of $48.2 million, compared to income from continuing operations of $23.7 million for the third quarter of Fiscal 2025
Adjusted EBITDA from continuing operations⁽¹⁾ for the third quarter of Fiscal 2026 of $172.5 million, compared to $158.0 million for the third quarter of Fiscal 2025

Water Solutions Volumes:

Record produced water volumes physically disposed of approximately 3.07 million barrels per day during the third quarter of Fiscal 2026, growing 17.1% from the water volumes physically disposed of during the third quarter of Fiscal 2025
Paid and physically disposed water volumes of 3.13 million barrels per day during the third quarter of Fiscal 2026, growing 7% from the paid and physically disposed water volumes during the third quarter of Fiscal 2025

Equity Transactions:

In October, NGL purchased an additional 18,506 of the Class D preferred units resulting in a combined total of 88,506 of our Class D preferred units redeemed, or approximately 15% of the originally outstanding Class D preferred units
Under the board authorized common unit repurchase plan, we have repurchased an additional 1,611,088 common units in the quarter for a total of 8,698,477 common units under the repurchase program at an average price of $5.6963

"NGL posted another strong quarter driven by the Water Solutions segment. We are reaffirming our full year guide for Adjusted EBITDA⁽²⁾ of between $650 million to $660 million. We continue to see opportunities in the Water Solutions segment that continues to indicate Fiscal 2027 will be another strong year for the Partnership with Adjusted EBITDA⁽²⁾ eclipsing $700 million," stated Mike Krimbill NGL's CEO.

___________________
⁽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 the unaudited operating income (loss) and Adjusted EBITDA from continuing operations⁽¹⁾ by reportable segment for the periods indicated:

	Quarter Ended
	December 31, 2025						December 31, 2024
	Operating Income (Loss)			Adjusted EBITDA⁽¹⁾			Operating Income (Loss)			Adjusted EBITDA⁽¹⁾
	(in thousands)
Water Solutions	$	98,189		$	154,496		$	65,379		$	132,661
Crude Oil Logistics		11,639			15,358			10,024			17,354
Liquids Logistics		13,252			15,196			20,841			18,565
Corporate and Other		(13,430	)		(12,522	)		(11,582	)		(10,551	)
Total	$	109,650		$	172,528		$	84,662		$	158,029

Water Solutions

Operating income for the Water Solutions segment increased by $32.8 million for the quarter ended December 31, 2025, compared to the quarter ended December 31, 2024. The increase was due primarily to 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 during the quarter ended December 31, 2024. The Partnership processed approximately 3.07 million barrels of produced water per day during the quarter ended December 31, 2025, a 17.1% increase when compared to approximately 2.62 million barrels of water per day processed during the quarter ended December 31, 2024.

Revenues from recovered skim oil, including the impact from realized skim oil hedges, totaled $23.3 million for the quarter ended December 31, 2025, a decrease of $0.8 million from the prior year period. The decrease was due primarily to lower realized crude oil prices received from the sale of skim oil barrels, partially offset by an increase in skim oil barrels sold due to more skim oil recovered from receiving more produced water.

Operating expenses in the Water Solutions segment decreased $0.4 million for the quarter ended December 31, 2025, compared to the quarter ended December 31, 2024 due primarily to lower incentive compensation expense and lower chemical expense due to purchasing fewer chemicals and using chemicals more efficiently, partially offset by higher utilities expense due to increased produced water volumes processed and higher royalty expense due to volumes related to the LEX II pipeline commencing operations and increased volumes at certain other saltwater disposal wells. Operating expense per produced barrel processed was $0.18 for the quarter ended December 31, 2025, compared to $0.21 in the comparative quarter last year.

There was also a loss on the disposal or impairment of assets of $5.7 million for the quarter ended December 31, 2025, compared to a loss on the disposal or impairment of assets of $10.5 million in the prior year period.

Crude Oil Logistics

Operating income for the Crude Oil Logistics segment increased by $1.6 million for the quarter ended December 31, 2025, compared to the quarter ended December 31, 2024. The increase was due primarily to increased margins, due to increased volumes, and gains recognized on derivatives that hedge our physical product for the current period, compared to losses in the prior year period. This increase was offset by lower transportation revenue. During the quarter ended December 31, 2025, physical volumes on the Grand Mesa Pipeline averaged approximately 85,000 barrels per day, compared to approximately 61,000 barrels per day for the quarter ended December 31, 2024.

Liquids Logistics

Operating income for the Liquids Logistics segment decreased by $7.6 million for the quarter ended December 31, 2025, compared to the quarter ended December 31, 2024. This decrease was due primarily to lower product margins due to the sale of our Wholesale Propane business and 17 natural gas liquid terminals ("Wholesale Propane Disposition"), a weak gasoline blending season in certain markets and lower asphalt volumes and margins due to tighter supply. This decrease was partially offset by lower operating expenses due to the Wholesale Propane Disposition and lower losses on derivatives that hedge our physical product.

Capitalization and Liquidity

Total liquidity (cash plus available capacity on our asset-based revolving credit facility ("ABL Facility")) was approximately $331.1 million as of December 31, 2025. Borrowings on the Partnership's ABL Facility totaled approximately $92.0 million as of December 31, 2025, due to an increase in capital spending within our Water Solutions segment.

The Partnership is in compliance with all of its debt covenants and has no upcoming debt maturities.

Third Quarter Conference Call Information

A conference call to discuss NGL's results of operations is scheduled for 4:00 pm Central Time on Tuesday, February 3, 2026. Analysts, investors, and other interested parties may join the webcast via the event link: https://www.webcaster5.com/Webcast/Page/2808/53486 or by dialing (888) 506-0062 and providing conference code: 607307. 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 53486.

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, revaluation of liabilities and other. EBITDA and Adjusted EBITDA should not be considered as alternatives to net income, 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 paid 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, 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 network of large diameter wastewater pipelines, disposal wells and produced water handling systems in the Delaware Basin. NGL also operates wastewater disposal in the Eagle Ford and DJ Basins. In addition, NGL markets and provides other logistics services for crude oil, through its ownership of the Grand Mesa Pipeline System, Cushing terminal and other Gulf Coast terminals. For further information, visit the Partnership's website at www.nglenergypartners.com.

NGL ENERGY PARTNERS LP AND SUBSIDIARIES Unaudited Condensed Consolidated Balance Sheets (in Thousands, except unit amounts)

	December 31, 2025			March 31, 2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	6,476		$	5,649
Accounts receivable, net of allowance for expected credit losses of $1,255 and $3,689, respectively		597,578			579,468
Accounts receivable-affiliates		419			730
Inventories		78,809			69,916
Prepaid expenses and other current assets		37,963			63,651
Assets held for sale		—			175,207
Assets of discontinued operations		150			67,432
Total current assets		721,395			962,053
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $1,229,618 and $1,104,582, respectively		2,102,797			2,066,847
GOODWILL		599,348			599,348
INTANGIBLE ASSETS, net of accumulated amortization of $383,152 and $340,334, respectively		819,996			851,347
OPERATING LEASE RIGHT-OF-USE ASSETS		119,462			109,870
OTHER NONCURRENT ASSETS		19,587			19,975
Total assets	$	4,382,585		$	4,609,440
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable	$	451,663		$	461,980
Accounts payable-affiliates		1			102
Accrued expenses and other payables		139,168			135,233
Advance payments received from customers		13,685			10,347
Current maturities of long-term debt		8,918			8,805
Operating lease obligations		33,337			27,911
Liabilities held for sale		—			42,103
Liabilities of discontinued operations		4			52,749
Total current liabilities		646,776			739,230
LONG-TERM DEBT, net of debt issuance costs of $37,691 and $43,144, respectively, and current maturities		2,924,455			2,961,703
OPERATING LEASE OBLIGATIONS		88,604			85,240
OTHER NONCURRENT LIABILITIES		132,904			125,897

CLASS D 9.00% PREFERRED UNITS, 511,494 and 600,000 preferred units issued and outstanding, respectively		469,845			551,097
REDEEMABLE NONCONTROLLING INTERESTS		506			424

EQUITY:
General partner, representing a 0.1% interest, 124,236 and 132,145 notional units, respectively		(52,893	)		(52,913	)
Limited partners, representing a 99.9% interest, 124,111,415 and 132,012,766 common units issued and outstanding, respectively		(194,660	)		(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		18,689			20,669
Total equity		119,495			145,849
Total liabilities and equity	$	4,382,585		$	4,609,440

NGL ENERGY PARTNERS LP AND SUBSIDIARIES Unaudited Condensed Consolidated Statements of Operations (in Thousands, except unit and per unit amounts)

	Three Months Ended December 31,						Nine Months Ended December 31,
	2025			2024			2025			2024
REVENUES:
Product	$	716,473		$	799,464		$	1,637,146		$	1,964,352
Service and other		193,343			182,950			569,503			533,768
Total Revenues		909,816			982,414			2,206,649			2,498,120
COST OF SALES:
Product		640,510			718,150			1,433,528			1,742,160
Service and other		5,564			17,271			16,378			55,481
Total Cost of Sales		646,074			735,421			1,449,906			1,797,641
OPERATING COSTS AND EXPENSES:
Operating		70,058			74,082			214,915			222,035
General and administrative		15,608			15,029			44,077			42,110
Depreciation and amortization		62,279			66,239			192,858			190,278
Loss on disposal or impairment of assets, net		6,147			9,941			3,542			784
Revaluation of liabilities		—			(2,960	)		—			(2,960	)
Operating Income		109,650			84,662			301,351			248,232
OTHER INCOME (EXPENSE):
Equity in earnings of unconsolidated entities		—			1,376			201			3,198
Interest expense		(63,834	)		(63,058	)		(194,087	)		(209,977	)
(Loss) gain on early extinguishment of liabilities, net		(1,000	)		—			492			—
Other income (expense), net		3,259			486			(48	)		2,484
Income From Continuing Operations Before Income Taxes		48,075			23,466			107,909			43,937
INCOME TAX BENEFIT		119			274			362			4,899
Income From Continuing Operations		48,194			23,740			108,271			48,836
(Loss) Income From Discontinued Operations, net of Tax		(5	)		(9,165	)		39,383			(20,395	)
Net Income		48,189			14,575			147,654			28,441
LESS: NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO NONREDEEMABLE NONCONTROLLING INTERESTS		(992	)		(1,053	)		(2,187	)		(2,777	)
LESS: NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING INTERESTS		(18	)		(15	)		(82	)		(20	)
NET INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP	$	47,179		$	13,507		$	145,385		$	25,644

NET INCOME (LOSS) FROM CONTINUING OPERATIONS ALLOCATED TO COMMON UNITHOLDERS	$	11,972		$	(6,256	)	$	(18,915	)	$	(42,419	)
NET (LOSS) INCOME FROM DISCONTINUED OPERATIONS ALLOCATED TO COMMON UNITHOLDERS		(5	)		(9,156	)		39,344			(20,375	)
NET INCOME (LOSS) ALLOCATED TO COMMON UNITHOLDERS	$	11,967		$	(15,412	)	$	20,429		$	(62,794	)
BASIC AND DILUTED INCOME (LOSS) PER COMMON UNIT
Income (Loss) From Continuing Operations	$	0.10		$	(0.05	)	$	(0.15	)	$	(0.32	)
(Loss) Income From Discontinued Operations, net of Tax	$	—		$	(0.07	)	$	0.31		$	(0.15	)
Net Income (Loss)	$	0.10		$	(0.12	)	$	0.16		$	(0.47	)
BASIC AND DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING		125,158,912			132,012,766			128,058,564			132,265,839

EBITDA, ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW RECONCILIATION (Unaudited)
The following table reconciles NGL's net income to NGL's EBITDA, Adjusted EBITDA and Distributable Cash Flow for the periods indicated:

	Three Months Ended December 31,						Nine Months Ended December 31,
	2025			2024			2025			2024
	(in thousands)
Net income	$	48,189		$	14,575		$	147,654		$	28,441
Less: Net income from continuing operations attributable to nonredeemable noncontrolling interests		(992	)		(1,053	)		(2,187	)		(2,777	)
Less: Net income from continuing operations attributable to redeemable noncontrolling interests		(18	)		(15	)		(82	)		(20	)
Net income attributable to NGL Energy Partners LP		47,179			13,507			145,385			25,644
Interest expense		63,812			63,032			194,024			210,161
Income tax benefit		(119	)		(273	)		(346	)		(4,791	)
Depreciation and amortization		61,747			65,786			190,795			189,181
EBITDA		172,619			142,052			529,858			420,195
Net unrealized (gains) losses on derivatives		(3,016	)		(1,099	)		(10,873	)		22,489
Lower of cost or net realizable value adjustments (1)		(2,491	)		(2,978	)		(2,916	)		(4,209	)
Loss (gain) on disposal or impairment of assets, net (2)		6,153			10,212			(34,831	)		1,061
Loss (gain) on early extinguishment of liabilities, net		1,000			—			(492	)		—
Revaluation of liabilities		—			(2,960	)		—			(2,960	)
Other (3)		(1,704	)		2,425			4,163			2,688
Adjusted EBITDA	$	172,561		$	147,652		$	484,909		$	439,264
Adjusted EBITDA - Discontinued Operations (4)	$	33		$	(10,377	)	$	1,076		$	(6,799	)
Adjusted EBITDA - Continuing Operations	$	172,528		$	158,029		$	483,833		$	446,063
Less: Cash interest expense (5)		60,870			67,685			184,537			203,170
Less: Income tax benefit		(119	)		(274	)		(362	)		(4,899	)
Less: Maintenance capital expenditures		9,732			18,571			32,354			57,947
Less: Preferred unit distributions paid		26,235			30,752			83,924			276,356
Less: Other (6)		1,918			1,313			6,546			1,378
Distributable Cash Flow	$	73,892		$	39,982		$	176,834		$	(87,889	)

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⁽¹⁾	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 unaudited condensed consolidated statements of cash flows in the Partnership's Quarterly Report on Form 10-Q for the quarter ended December 31, 2025, as the amounts reported in the table above represent the change in lower of cost or net realizable value adjustments recorded in the unaudited condensed consolidated statements of operations, which includes reversals, whereas the amounts reported in our unaudited condensed consolidated statements of cash flows represent the lower of cost or net realizable value adjustments recorded at the balance sheet date.
⁽²⁾	Excludes amounts related to unconsolidated entities and noncontrolling interests.
⁽³⁾	Amounts represent accretion expense for asset retirement obligations, expenses incurred related to legal and advisory costs associated with acquisitions and dispositions, unrealized gains and losses on investments and marketable securities and a loss from a legal dispute.
⁽⁴⁾	Amounts include our refined products and biodiesel businesses.
⁽⁵⁾	Amounts represent interest expense payable in cash, excluding changes in the accrued interest balance.
⁽⁶⁾	Amounts represent cash paid to settle asset retirement obligations.

ADJUSTED EBITDA RECONCILIATION BY SEGMENT (unaudited)

	Three Months Ended December 31, 2025
	Water Solutions			Crude Oil Logistics			Liquids Logistics			Corporate and Other			Continuing Operations			Discontinued Operations		Consolidated
	(in thousands)
Operating income (loss)	$	98,189		$	11,639		$	13,252		$	(13,430	)	$	109,650		$	—	$	109,650
Depreciation and amortization		53,856			6,076			1,541			806			62,279			—		62,279
Net unrealized (gains) losses on derivatives		(3,017	)		(110	)		112			—			(3,015	)		—		(3,015	)
Lower of cost or net realizable value adjustments		—			(2,491	)		—			—			(2,491	)		—		(2,491	)
Loss on disposal or impairment of assets, net		5,717			184			246			—			6,147			—		6,147
Other income (expense), net		4,108			(841	)		(10	)		2			3,259			—		3,259
Adjusted EBITDA attributable to noncontrolling interests		(1,510	)		—			—			(72	)		(1,582	)		—		(1,582	)
Other		(2,847	)		901			55			172			(1,719	)		—		(1,719	)
Discontinued operations		—			—			—			—			—			33		33
Adjusted EBITDA	$	154,496		$	15,358		$	15,196		$	(12,522	)	$	172,528		$	33	$	172,561

	Three Months Ended December 31, 2024
	Water Solutions			Crude Oil Logistics			Liquids Logistics			Corporate and Other			Continuing Operations			Discontinued Operations			Consolidated
	(in thousands)
Operating income (loss)	$	65,379		$	10,024		$	20,841		$	(11,582	)	$	84,662		$	—		$	84,662
Depreciation and amortization		56,831			6,360			2,222			826			66,239			—			66,239
Amortization in cost of sales-product		—			—			110			—			110			—			110
Net unrealized losses (gains) on derivatives		1,864			1,454			(5,447	)		—			(2,129	)		—			(2,129	)
Lower of cost or net realizable value adjustments		—			(540	)		(75	)		—			(615	)		—			(615	)
Loss (gain) on disposal or impairment of assets, net		10,525			—			(627	)		43			9,941			—			9,941
Other (expense) income, net		(1,095	)		1			1,500			80			486			—			486
Adjusted EBITDA attributable to unconsolidated entities		1,505			—			(21	)		—			1,484			—			1,484
Adjusted EBITDA attributable to noncontrolling interests		(1,564	)		—			—			(66	)		(1,630	)		—			(1,630	)
Revaluation of liabilities		(2,960	)		—			—			—			(2,960	)					(2,960	)
Other		2,176			55			62			148			2,441			—			2,441
Discontinued operations		—			—			—			—			—			(10,377	)		(10,377	)
Adjusted EBITDA	$	132,661		$	17,354		$	18,565		$	(10,551	)	$	158,029		$	(10,377	)	$	147,652

	Nine Months Ended December 31, 2025
	Water Solutions			Crude Oil Logistics			Liquids Logistics			Corporate and Other			Continuing Operations			Discontinued Operations		Consolidated
	(in thousands)
Operating income (loss)	$	275,490		$	20,535		$	43,330		$	(38,004	)	$	301,351		$	—	$	301,351
Depreciation and amortization		167,482			18,204			4,648			2,524			192,858			—		192,858
Net unrealized gains on derivatives		(8,291	)		(1,554	)		(1,012	)		—			(10,857	)		—		(10,857	)
Lower of cost or net realizable value adjustments		—			28			(2,944	)		—			(2,916	)		—		(2,916	)
Loss (gain) on disposal or impairment of assets, net		15,013			4,108			(15,577	)		(2	)		3,542			—		3,542
Other income (expense), net		4,008			(840	)		(356	)		(2,860	)		(48	)		—		(48	)
Adjusted EBITDA attributable to unconsolidated entities		221			—			4			—			225			—		225
Adjusted EBITDA attributable to noncontrolling interests		(4,254	)		—			—			(238	)		(4,492	)		—		(4,492	)
Other		(402	)		1,013			495			3,064			4,170			—		4,170
Discontinued operations		—			—			—			—			—			1,076		1,076
Adjusted EBITDA	$	449,267		$	41,494		$	28,588		$	(35,516	)	$	483,833		$	1,076	$	484,909

	Nine Months Ended December 31, 2024
	Water Solutions			Crude Oil Logistics			Liquids Logistics			Corporate and Other			Continuing Operations			Discontinued Operations			Consolidated
	(in thousands)
Operating income (loss)	$	222,566		$	38,953		$	19,048		$	(32,335	)	$	248,232		$	—		$	248,232
Depreciation and amortization		162,066			19,086			6,943			2,183			190,278			—			190,278
Amortization in cost of sales-product		—			—			147			—			147			—			147
Net unrealized losses (gains) on derivatives		1,391			(4,538	)		8,540			—			5,393			—			5,393
Lower of cost or net realizable value adjustments		—			—			(16	)		—			(16	)		—			(16	)
Loss (gain) on disposal or impairment of assets, net		1,780			(412	)		(627	)		43			784			—			784
Other income, net		816			2			1,519			147			2,484			—			2,484
Adjusted EBITDA attributable to unconsolidated entities		3,541			—			(56	)		—			3,485			—			3,485
Adjusted EBITDA attributable to noncontrolling interests		(4,400	)		—			—			(100	)		(4,500	)		—			(4,500	)
Revaluation of liabilities		(2,960	)		—			—			—			(2,960	)		—			(2,960	)
Other		2,326			161			182			67			2,736			—			2,736
Discontinued operations		—			—			—			—			—			(6,799	)		(6,799	)
Adjusted EBITDA	$	387,126		$	53,252		$	35,680		$	(29,995	)	$	446,063		$	(6,799	)	$	439,264

OPERATIONAL DATA (Unaudited)

	Three Months Ended		Nine Months Ended
	December 31,		December 31,
	2025	2024	2025	2024
	(in thousands, except per day amounts)
Water Solutions:
Produced water processed (barrels per day)
Delaware Basin	2,715,532	2,278,291	2,523,782	2,263,365
Eagle Ford Basin	168,166	177,017	184,791	180,540
DJ Basin	187,235	167,989	173,812	146,613
Total	3,070,933	2,623,297	2,882,385	2,590,518
Recycled water (barrels per day)	190,032	62,787	189,956	86,442
Total (barrels per day)	3,260,965	2,686,084	3,072,341	2,676,960
Skim oil sold (barrels per day)	4,643	3,985	4,750	4,060

Crude Oil Logistics:
Crude oil sold (barrels)	5,182	2,392	10,779	8,434
Crude oil transported on owned pipelines (barrels)	7,784	5,652	19,407	17,172
Crude oil storage capacity - owned and leased (barrels) (1)			5,232	5,232
Crude oil inventory (barrels) (1)			493	339

Liquids Logistics:
Butane sold (gallons)	167,737	188,223	376,117	393,195
Propane sold (gallons)	105,134	224,485	209,214	445,578
Other products sold (gallons)	74,465	77,295	220,239	213,958
Natural gas liquids storage capacity - owned and leased (gallons) (1)			49,571	104,029
Butane inventory (gallons) (1)			21,341	30,775
Propane inventory (gallons) (1)			22,563	66,335
Other products inventory (gallons) (1)			8,962	5,223

___________________
⁽¹⁾	Information is presented as of December 31, 2025 and December 31, 2024, respectively.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260203862644/en/

David Sullivan, 918-495-4631

Senior Vice President - Finance

David.Sullivan@nglep.com

NGL Energy Partners LP Announces Third Quarter Fiscal 2026 Financial Results