NGL Energy Partners LP

NGL Energy Partners reported first-quarter 2026 results with revenue rising to US$989.99 million and net income of US$78.73 million, as earnings per share from continuing operations turned positive at US$0.48 compared with a loss of US$0.26 a year earlier. The swing to profitability highlights a meaningful shift in the partnership's operating performance, though it does not erase the sizeable loss reported for fiscal 2025 or a history of uneven results. Near-term catalysts include whether the improved performance is repeated in coming quarters and how aggressively management continues unit buybacks alongside high-cost preferred payouts. The Simply Wall St Community's single fair value estimate of US$24.63 suggests some see meaningful upside, yet recent earnings volatility and heavy preferred obligations could still weigh on long-term performance.

NGL Energy Partners raised its fiscal 2027 adjusted EBITDA guidance to a range of $725 million to $735 million following a strong first quarter driven by record produced-water disposal volumes. Consolidated adjusted EBITDA rose nearly 30% year over year to $186.2 million, with the Water Solutions segment contributing $179.9 million, up 26%. The partnership physically disposed of approximately 3.32 million barrels per day of produced water, a company record, and total produced-water volume commitments reached approximately 1.77 million barrels per day. NGL also expects to redeem about half of its remaining Class D preferred securities during the fiscal year, with a common-unit distribution potentially returning afterward.