NGL Energy Partners LP

NGL Energy Partners LP is a Delaware master limited partnership formed in September 2010, operating through three business segments. The Water Solutions segment focuses on transporting, treating, recycling, and disposing of produced and flowback water from crude oil and natural gas production. This segment also sells produced water for reuse and recycles it for producer customers' crude oil exploration and production activities. Additionally, it aggregates and sells recovered crude oil (skim oil) and disposes of solids like tank bottoms, drilling fluids, and drilling muds, alongside other ancillary services such as truck washouts. These activities are supported by long-term, fixed-fee contracts and acreage dedications, many with minimum volume commitments from leading oil and gas companies, including large, investment-grade producer customers. The Crude Oil Logistics segment purchases crude oil from producers and marketers, transporting it to refineries or for resale at pipeline injection stations, storage terminals, barge loading facilities, rail facilities, and other trade hubs. It also provides storage, terminaling, and transportation services using its owned assets. This segment's operations are backed by long-term, fixed-rate contracts with acreage dedications and minimum volume commitments on its storage tanks and owned and leased pipelines. The Liquids Logistics segment supplies natural gas liquids to commercial, retail, and industrial customers across the United States and Canada. This is facilitated by five owned terminals, third-party storage and terminal facilities, access to nine common carrier pipelines, and a fleet of leased railcars. The segment also offers marine export services for butane through its facility in Chesapeake, Virginia, and owns a propane pipeline in Michigan. To manage price fluctuations, NGL Energy Partners LP uses back-to-back physical contracts and pre-sale agreements to lock in margins on a percentage of its winter volumes.