NGL Energy Partners LP Business Summary

NGL Energy Partners LP (NGL) operates as a vertically integrated midstream energy partnership, generating revenue through fee-based services and commodity margin capture across three primary segments: Water Solutions, Crude Oil Logistics, and Liquids Logistics. The Water Solutions division, the company’s dominant growth engine as of 2026, earns revenue by transporting, treating, and disposing of produced water via an extensive pipeline network and disposal well infrastructure. The Crude Oil and Liquids segments generate income through the purchase, transportation, storage, and marketing of crude oil, natural gas liquids (NGLs), and refined products, often utilizing long-term, acreage-dedicated contracts. NGL competes directly with midstream peers such as Energy Transfer LP, Archrock, Inc., and ONE Gas, Inc., distinguishing itself as a specialized infrastructure leader in the Delaware Basin, where it maintains a high-density market share in produced water management. The leadership team is anchored by CEO H. Michael Krimbill, a co-founder who has led the partnership since its 2010 inception and brings deep industry pedigree from his former role as President and CFO of Energy Transfer Partners. He is supported by Executive Vice President and CFO Brad Cooper, who joined from WPX Energy, and Jennifer Kingham, the Executive Vice President and Chief Information Officer. Legal and corporate governance functions are directed by Ryan Collins, serving as General Counsel and Corporate Secretary. The partnership’s strategic oversight is provided by a board chaired by James H. Merrill and includes independent directors such as Derek Reiners and Bryan K. Guderian. Notable institutional support is provided by investors including Triangle Peak Partners, Invesco Advisers, and ING Groep, reflecting the company's successful strategic pivot toward water-centric infrastructure and deleveraging.