NGL Energy Partners LP reported a strong start to Fiscal Year 2026 with consolidated Adjusted EBITDA of $144.0 million for the first quarter, an increase from $138.62 million in the prior year period. The Water Solutions segment exceeded expectations, with operating income increasing by $0.6 million and processing approximately 2.77 million barrels of produced water per day, a 12.4% increase.
The Liquids Logistics segment saw a significant increase in operating income by $28.2 million, primarily due to lower expenses resulting from the Wholesale Propane Disposition, which closed on April 30, 2025. In contrast, the Crude Oil Logistics segment experienced a decrease in operating income to $0.672 million, with Grand Mesa Pipeline volumes averaging approximately 55,000 barrels per day, down from 63,000 barrels per day in the prior year period.
Management indicated that if the current strength in results continues, the full-year guidance will be reevaluated at the end of the second quarter. Total liquidity stood at approximately $391.6 million as of June 30, 2025, with ABL borrowings at $37.0 million. The strong performance in Water Solutions and the positive impact from recent asset sales highlight the effectiveness of the partnership's strategic focus.
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