NGL

MKT CAP:$2B

NGL Energy Partners LP

Market Cap

$2B

Energy·Oil & Gas Midstream·🇺🇸 United States·NYSE

Energy·Oil & Gas Midstream·🇺🇸·NYSE

Stock Price

$13.13+$3.23 (+32.63%)

Apr 17, 2026

Company Details

NGL Energy Partners LP engages in the transportation, storage, blending, and marketing of crude oil, natural gas liquids, refined products / renewables, and water solutions. The company operates in three segments: Water Solutions, Crude Oil...

CEO

H. Michael Krimbill

IPO Date

May 16, 2011

Website

www.nglenergypartners.com

Key Metrics TTM

Revenue

$7.0B

+1.2% YoY

Net Income

-$34M

EPS (Diluted)

-$0.93

Free Cash Flow

$299M

Revenue / Share

$52.50

Gross Margin

9.5%

Operating Margin

3.2%

Net Margin

-0.5%

FCF Margin

4.3%

P/S

0.3x

P/E

—

Earnings Reports

Q1 2025

Aug 8, 2024

$759M-53.0%EPS -$0.14

Q1 2024

Aug 9, 2023

$1.6BEPS -$0.11

Q4 2023

May 31, 2023

$2.0B-19.1%EPS -$0.25

FY 2022

Jun 6, 2022

$7.9B+52.1%EPS -$2.22

Q4 2022

Jun 6, 2022

$2.5B+44.6%EPS -$0.43

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 17	$3.0B	$66M	-$36M
Q2 18	$3.9B	$87M	-$129M
Q1 19	$5.8B	$96M	-$85M
Q3 19	$6.4B	$209M	$158M
Q2 20	$4.3B	$169M	$46M
Q3 20	$2.2B	$217M	$96M
Q4 20	$1.7B	$217M	-$177M
Q1 21	$844M	$83M	-$11M
Q3 21	$1.5B	$105M	-$346M
Q4 21	$1.8B	$112M	-$70M
Q1 22	$1.5B	$80M	-$69M
Q3 22	$2.2B	$153M	$49M
Q4 22	$2.5B	$128M	$38M
Q4 23	$2.0B	$209M	$30M
Q1 24	$1.6B	$168M	$72M
Q1 25	$759M	$158M	$82M

Valuation

Quarter	P/S	P/E
Q2 17	—	—
Q2 18	—	—
Q1 19	—	—
Q3 19	0.1x	—
Q2 20	0.1x	—
Q3 20	0.1x	—
Q4 20	0.1x	—
Q1 21	0.2x	—
Q3 21	0.3x	—
Q4 21	0.3x	—
Q1 22	0.3x	—
Q3 22	0.3x	—
Q4 22	0.2x	—
Q4 23	0.2x	—
Q1 24	0.2x	—
Q1 25	0.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 17	$15M	-$146M
Q2 18	$9M	-$16M
Q1 19	-$41M	-$114M
Q3 19	$204M	$93M
Q2 20	-$74M	-$178M
Q3 20	$338M	$170M
Q4 20	$131M	$2M
Q1 21	$80M	-$17M
Q3 21	$42M	$23M
Q4 21	$118M	$83M
Q1 22	-$5M	-$52M
Q3 22	$35M	$5M
Q4 22	$179M	$144M
Q4 23	$238M	$213M
Q1 24	$56M	$20M
Q1 25	-$18M	-$78M

Capital Expenditures

Quarter	CapEx
Q2 17	$161M
Q2 18	$25M
Q1 19	$73M
Q3 19	$110M
Q2 20	$104M
Q3 20	$168M
Q4 20	$128M
Q1 21	$98M
Q3 21	$19M
Q4 21	$35M
Q1 22	$47M
Q3 22	$30M
Q4 22	$35M
Q4 23	$25M
Q1 24	$36M
Q1 25	$60M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 20	+40.8%	+37.7%
Q3 20	-43.2%	-47.4%
Q4 20	-71.2%	-68.7%
Q1 21	-86.8%	-86.2%
Q3 21	-65.9%	-57.4%
Q4 21	-21.3%	-14.4%
Q1 22	-11.5%	-16.2%
Q3 22	+157.2%	+148.2%
Q4 22	+73.3%	+38.0%
Q4 23	+16.9%	+10.8%
Q1 24	+8.6%	-0.9%
Q1 25	-65.0%	-68.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 17	$11M	0.3%
Q2 18	$6M	0.2%
Q1 19	$6M	0.1%
Q3 19	$8M	0.1%
Q2 20	$21M	0.5%
Q3 20	$2M	0.1%
Q4 20	-$699.0K	-0.0%
Q1 21	$2M	0.3%
Q3 21	$1M	0.1%
Q4 21	$1M	0.1%
Q1 22	$960.0K	0.1%
Q3 22	$749.0K	0.0%
Q4 22	-$8.0K	-0.0%
Q4 23	$852.0K	0.0%
Q1 24	$0	0.0%
Q1 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q2 17	$28M
Q2 18	$23M
Q1 19	$22M
Q3 19	$25M
Q2 20	$44M
Q3 20	$29M
Q4 20	$20M
Q1 21	$17M
Q3 21	$16M
Q4 21	$20M
Q1 22	$16M
Q3 22	$19M
Q4 22	$17M
Q4 23	$21M
Q1 24	$20M
Q1 25	$15M

Revenue Segments

Quarter	Crude Oil Logistics Segment	Liquids Segment	Refined Products And Renewables Segment	Retail Propane Segment	Water Solutions Segment	Corporate, Non-Segment	Liquids and Refined Products Segment	Corporate and Other	Liquids Logistics Segment
Q2 18	$437M	$393M	$3.0B	$65M	$51M	—	—	—	—
Q1 19	$784M	$460M	$4.5B	—	$76M	$155.0K	—	—	—
Q3 19	$751M	$749M	$4.8B	—	$75M	$319.0K	—	—	—
Q2 20	$641M	$329M	$3.2B	—	$101M	$264.0K	—	—	—
Q3 20	$691M	$686M	$728M	—	$122M	$280.0K	—	—	—
Q1 21	$276M	—	—	—	$88M	$313.0K	$480M	—	—
Q3 21	$485M	—	—	—	$99M	—	$877M	$314.0K	—
Q1 22	$554M	—	—	—	$130M	—	—	—	$805M
Q3 22	$607M	—	—	—	$131M	—	—	—	$1.4B
Q4 22	$790M	—	—	—	$148M	—	—	—	$1.6B
Q4 23	$493M	—	—	—	$186M	—	—	—	$1.4B

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$4M	$0	$4M
Q1 23	$816.0K	$0	$816.0K
Q2 23	$5M	$0	$5M
Q3 23	$5M	$0	$5M
Q4 23	$5M	$0	$5M
Q1 24	$8M	$0	$8M
Q2 24	$3M	$0	$3M
Q3 24	$738.0K	$0	$738.0K
Q4 24	$39M	$0	$39M
Q1 25	$5M	$0	$5M
Q2 25	$4M	$0	$4M
Q3 25	$6M	$0	$6M
Q4 25	$6M	$8M	$14M
Q1 26	$5M	$0	$5M
Q2 26	$9M	$0	$9M
Q3 26	$6M	$0	$6M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 17	106M	—	—
Q2 18	121M	+14.2%	—
Q1 19	122M	+0.2%	—
Q3 19	126M	+3.6%	—
Q2 20	127M	+0.8%	+19.6%
Q3 20	129M	+1.9%	+6.6%
Q4 20	127M	-1.5%	+4.8%
Q1 21	129M	+1.1%	+2.2%
Q3 21	129M	+0.2%	+1.6%
Q4 21	129M	-0.0%	-0.3%
Q1 22	130M	+0.5%	+1.7%
Q3 22	130M	+0.2%	+0.8%
Q4 22	130M	+0.4%	+1.0%
Q4 23	133M	+1.9%	+2.9%
Q1 24	132M	-0.6%	+1.8%
Q1 25	133M	+0.4%	+2.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 17	$951.7K	3K
Q2 18	$1M	3K
Q1 19	$2M	3K
Q3 19	$2M	3K
Q2 20	$3M	1K
Q3 20	$2M	1K
Q4 20	$1M	1K
Q1 21	$603.2K	1K
Q3 21	$1M	1K
Q4 21	$2M	997
Q1 22	$1M	997
Q3 22	$2M	997
Q4 22	$3M	842
Q4 23	$3M	638
Q1 24	$3M	638
Q1 25	$1M	607

Revenue / Employee