NGL Energy Partners LP (NGL) Stock Price & How to Invest

NGL Energy Partners LP is a publicly traded partnership headquartered in Tulsa, Oklahoma, tracing its roots to 1940 and running with only about 449 employees. It reports three segments. Water Solutions gathers, treats, recycles and disposes of produced and flowback water generated by oil and gas drilling, operating 91 treatment and disposal facilities with 202 injection wells, most of them in the Delaware Basin of West Texas and southeastern New Mexico. Crude Oil Logistics buys crude from producers and moves it, anchored by the Grand Mesa Pipeline out of the DJ Basin. Liquids Logistics supplies natural gas liquids and related products. Following divestitures completed in April 2025, which included the refined products business and most of the wholesale propane business plus 17 terminals, the partnership is far more concentrated than it once was: water disposal supplied roughly 91% of segment EBITDA in the June 2026 quarter.

The investment picture splits cleanly into an improving operating business and a still-strained balance sheet. Produced water processed averaged about 3.32 million barrels per day in the quarter ended June 30, 2026, up close to 20% year over year, and management raised full-year fiscal 2027 Adjusted EBITDA guidance to roughly $725 million to $735 million. Against that, long-term debt sits near $3.3 billion, interest expense ran about $257 million in fiscal 2026, book equity is negative, and Class B, Class C and Class D preferred units all rank ahead of the common. Common unit distributions have been suspended since the quarter ended December 31, 2020, and management has said only that it is keeping the option of reinstatement open for 2027. Units have traded from a 52-week low near $4.88 to a high near $18.80, so a good deal of the deleveraging and volume-growth case is already reflected in the price.

Financial risk dominates here: long-term debt sits near $3.3 billion against about $5 million of cash, interest expense ran roughly $257 million in fiscal 2026, and total partners' capital is a deficit of about $237 million, meaning book equity is negative. Class B, Class C and Class D preferred units all rank ahead of the common units for distributions and liquidation proceeds, and no common distribution can be declared until preferred obligations are current. Fiscal 2026 closed with a net loss attributable to NGL of about $142 million, driven largely by a $256 million loss on disposal and impairment of assets concentrated in Crude Oil Logistics, and the trailing twelve months still show a net loss near $132 million. Operationally, disposal volumes depend on customer drilling activity and crude prices, while injection wells face induced-seismicity scrutiny: on July 29, 2026, TOG Operating and Titus Oil & Gas III sued NGL and two Water Solutions subsidiaries in Reeves County, Texas, alleging that saltwater disposal flooded Titus's mineral estate, and filed a parallel complaint asking the Railroad Commission of Texas to terminate or suspend certain injection permits. NGL denies the allegations, no discovery has occurred and no accrual has been recorded, but an adverse permitting outcome in the Delaware Basin would strike the segment that now carries the partnership. Units have also risen roughly fourfold from their 52-week low, so expectations embedded in the price are considerably higher than they were a year ago.

We give no verdict on NGL Energy Partners LP. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Permian produced-water volumes under long contracts. Water Solutions processed about 3.32 million barrels per day of produced water in the June 2026 quarter, up roughly 20% from a year earlier, with the Delaware Basin supplying almost 3.0 million of that.

The case against. Financial risk dominates here: long-term debt sits near $3.3 billion against about $5 million of cash, interest expense ran roughly $257 million in fiscal 2026, and total partners' capital is a deficit of about $237 million, meaning book equity is negative.

Read the full bull and bear case on NGL, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see NGL Energy Partners LP's investor relations page or your broker.

• Revenue (TTM): ~$3.5B (continuing operations)
• Adjusted EBITDA: ~$660M in FY2026; FY2027 guidance raised to ~$725M to ~$735M
• Q1 FY2027 (quarter ended June 2026): Revenue ~$990M, Adjusted EBITDA ~$186M, net income ~$79M
• Market cap: ~$2.3B on ~124.8M common units
• Enterprise value: ~$6.2B including ~$3.3B debt and ~$0.6B preferred units
• Distribution: None on common units, suspended since the quarter ended December 2020

Because the trailing twelve months carry a net loss of roughly $132 million and book equity is negative, price-to-earnings and price-to-book are not usable for NGL, and enterprise value to EBITDA does the work instead. At an enterprise value near $6.2 billion against guided fiscal 2027 Adjusted EBITDA of about $730 million, the units trade near 8.5 times, a multiple that sits between traditional crude midstream partnerships and the higher-growth Permian water names. The wide gap between the ~$2.3 billion equity value and the ~$6.2 billion enterprise value is the point to hold onto: most of the capital structure sits ahead of the common units.

Other names that sit close to NGL: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get NGL exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so NGL sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where NGL fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

NGL is a water-infrastructure growth story wrapped inside an MLP capital structure, where rising Permian disposal volumes are running against heavy debt, a preferred stack, a suspended common distribution, and a K-1 at tax time.

Whether NGL is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is NGL a buy or a sell?, and where the stock could go from here in the NGL stock forecast.

For income investors, whether NGL pays a dividend and how the payout looks is covered in does NGL pay a dividend? And to weigh NGL against a peer, read the full side-by-side comparisons: NGL vs ARIS and NGL vs WTTR.