NGL Energy Partners LP Announces Third Quarter Fiscal 2026 Financial Results

TULSA, Okla.--( BUSINESS WIRE)--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:

Water Solutions Volumes:

Equity Transactions:

“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

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

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

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

Class C preferred limited partners, 1,800,000 and 1,800,000 preferred units issued and outstanding, respectively

42,891

Accumulated other comprehensive income

—

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

)

(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

)

(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)

(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

)

___________________

(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

)

3,259

—

3,259

Adjusted EBITDA attributable to noncontrolling interests

(1,510

)

—

(72

)

(1,582

)

—

(1,582

)

Other

(2,847

)

901

172

(1,719

)

—

(1,719

)

Discontinued operations

—

Adjusted EBITDA

154,496

15,358

15,196

(12,522

)

172,528

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

)

9,941

—

9,941

Other (expense) income, net

(1,095

)

1,500

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

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

—

(2,944

)

—

(2,916

)

—

(2,916

)

Loss (gain) on disposal or impairment of assets, net

15,013

4,108

(15,577

)

3,542

—

3,542

Other income (expense), net

4,008

(840

)

(356

)

(2,860

)

(48

)

—

(48

)

Adjusted EBITDA attributable to unconsolidated entities

221

—

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

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

)

784

—

784

Other income, net

816

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

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,

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

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.