NGL (NGL) Q4 2026 Earnings Call Transcript

NGL Energy Partners LP reported strong Q4 2026 results with record Water Solutions segment performance, achieving $660 million adjusted EBITDA for the year at the high end of guidance. The company completed a $950 million refinancing, redeemed 47% of Class D preferred units, and repurchased 8.7 million common units. Management guided 2027 consolidated adjusted EBITDA to $715-$725 million (approximately 10% year-over-year growth), driven by Water Solutions expansion including the LEX II system capacity increase to 560,000 barrels per day, with potential expansion to 650,000 barrels pending customer commitments.