NGL — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-05-28

• Originally formed in September 2010, we are a Delaware master limited partnership and our business is currently organized into the following three segments:

• Over the past several years, we have undertaken a number of important strategic actions in an effort to capitalize on the Partnership’s core areas of competitive strength and focus on generating stable, growing and predictable cash flows, while improving our credit profile. We believe our actions ha…

• •On April 14, 2025, we sold certain investments in unconsolidated entities, property, plant and equipment and intangible assets in our Water Solutions segment;

• •On April 30, 2025, we sold our refined products business, which was part of our Liquids Logistics segment, including certain working capital items; and

• •On April 30, 2025, we sold most of our wholesale propane business, 17 of our natural gas liquids terminals, our interest in an unconsolidated entity and working capital (“Wholesale Propane Disposition”), which was part of our Liquids Logistics segment.

Text removed vs the prior filing · source: 10-K · 2025-05-29

• We are a diversified midstream energy partnership that transports, treats, recycles and disposes of produced and flowback water generated as part of the energy production process as well as transports, stores, markets and provides other logistics services for crude oil and liquid hydrocarbons. Origi…

• Sale of Refined Products Business and Exiting Biodiesel Business

• As of March 31, 2025, we completed winding down our biodiesel business (see Note 1 to our consolidated financial statements included in this Annual Report for a further discussion).

• On March 17, 2025, we signed a purchase and sale agreement to sell our refined products business, including certain working capital items, to a third-party (see Note 1 to our consolidated financial statements included in this Annual Report for a further discussion). This sale closed on April 30, 202…

• The sale of our refined products business and winding down of our biodiesel business represent a strategic shift in our operations and will have a significant effect on our operations and financial results going forward. Accordingly, the results of operations and cash flows for our refined products …

Text added vs the prior filing · source: 10-K · 2026-05-28

• •Artificial intelligence presents risks and challenges that can impact our business, including by posing security risks to our confidential information, proprietary information and personal data.

• Our leverage could have important consequences to our debt obligations. We will require substantial cash flow to meet our principal and interest obligations with respect to our debt obligations. Our ability to make scheduled payments, to refinance our obligations with respect to our indebtedness or …

• We may not have sufficient cash flow from operations and available borrowings under the 2026 Term Loan B and ABL Facility to service our indebtedness. A significant downturn in our business or other development adversely affecting our cash flow could materially impair our ability to service our inde…

• to fund our debt service obligations, we may be forced to refinance all or a portion of our debt or sell assets. We cannot assure you that we would be able to refinance our existing indebtedness or sell assets on terms that are commercially reasonable.

• Restrictions in the ABL Facility, 2026 Term Loan B and Indenture could adversely affect our business, financial position, results of operations, and the value of our common units.

Text removed vs the prior filing · source: 10-K · 2025-05-29

• Our leverage could have important consequences to our debt obligations. We will require substantial cash flow to meet our principal and interest obligations with respect to our debt obligations. Our ability to make scheduled payments, to refinance our obligations with respect to our indebtedness or …

• Restrictions in the ABL Facility, Term Loan B and Indenture could adversely affect our business, financial position, results of operations, and the value of our common units.

• The ABL Facility, Term Loan B and Indenture limit our ability to, among other things:

• Interest rates may increase in the future. As a result, interest rates on our existing and future credit facilities and debt offerings could be higher than current levels, causing our financing costs to increase accordingly. We also have exposure to increases in interest rates through variable rate …

• and Class D Preferred Units converted from fixed rates to floating rates on October 15, 2024. Our results of operations, cash flows and financial position could be materially adversely affected by significant changes in interest rates.

Text added vs the prior filing · source: 10-K · 2026-05-28

• NGL Energy Partners LP is a Delaware master limited partnership (“we,” “us,” “our,” or the “Partnership”). NGL Energy Holdings LLC serves as our general partner (“GP”). At March 31, 2026, our operations included three segments as discussed below.

• Our Water Solutions segment transports, treats, recycles and disposes of produced and flowback water generated from crude oil and natural gas production. We also sell produced water for reuse and recycle to our producer customers to be used in their crude oil exploration and production activities. A…

• We operate in a number of the most prolific crude oil and natural gas producing areas in the United States including the Delaware Basin in New Mexico and Texas, the Denver-Julesburg (“DJ”) Basin in Colorado and the Eagle Ford Basin in Texas. With a system that handled approximately 1.063 billion bar…

• The opportunity to generate revenue in our Water Solutions segment is driven in large part by the level of crude oil production in the areas where our facilities are located. Recently, our disposal volumes have been positively impacted by the increase in the level of crude oil production, particular…

• The subsurface injection of produced water for disposal has been associated with induced seismic events in Texas and New Mexico. While these events have been of relatively low magnitude, industry and relevant state regulators are, nevertheless, taking proactive measures to attempt to prevent similar…

Text removed vs the prior filing · source: 10-K · 2025-05-29

• NGL Energy Partners LP, a Delaware master limited partnership (“we,” “us,” “our,” or the “Partnership”), is a diversified midstream energy partnership that transports, treats, recycles and disposes of produced and flowback water generated as part of the energy production process as well as transport…

• Sale of Refined Products Business and Exiting Biodiesel Business

• As of March 31, 2025, we completed winding down our biodiesel business (see Note 1 to our consolidated financial statements included in this Annual Report for a further discussion).

• On March 17, 2025, we signed a purchase and sale agreement to sell our refined products business, including certain working capital items, to a third-party (see Note 1 to our consolidated financial statements included in this Annual Report for a further discussion). This sale closed on April 30, 202…

• The sale of our refined products business and winding down of our biodiesel business represent a strategic shift in our operations and will have a significant effect on our operations and financial results going forward. Accordingly, the results of operations and cash flows for our refined products …

Text added vs the prior filing · source: 10-K · 2026-05-28

• In March and April 2024, we entered into two $200.0 million interest rate swaps to reduce the variability of cash outflows associated with our floating-rate, SOFR-based borrowings, including borrowings on the 2024 Term Loan B and, effective March 12, 2026, the 2026 Term Loan B. An increase of 10% in…

• The following table summarizes the hypothetical impact on the March 31, 2026 fair value of our commodity derivatives of an increase of 10% in the value of the underlying commodity.

Text removed vs the prior filing · source: 10-K · 2025-05-29

• In March and April 2024, we entered into interest rate swaps totaling $400.0 million to reduce the variability of cash outflows associated with our floating-rate, SOFR-based borrowings, including borrowings on the Term Loan B. In September 2024, for the $200.0 million interest rate swap entered into…

• The following table summarizes the hypothetical impact on the March 31, 2025 fair value of our commodity derivatives of an increase of 10% in the value of the underlying commodity. Amounts in the table below do not include commodity derivatives classified as either held for sale or discontinued oper…