NGL
EnergyNGL Energy Partners LP · Oil & Gas Midstream · $2B
What is NGL Energy Partners LP?
NGL Energy Partners LP is a Tulsa-based master limited partnership operating across midstream energy and water infrastructure. The partnership moves, stores, and markets crude oil, natural gas liquids, and produced water for upstream energy producers across the United States.
The partnership generates revenue through three operating segments. Water Solutions handles the transportation, treatment, recycling, and disposal of produced and flowback water from oil and gas operations, while also recovering and selling crude oil. Crude Oil Logistics purchases crude from producers and delivers it to refineries and trade hubs via pipelines, terminals, and rail. Liquids Logistics supplies natural gas liquids, refined products, and biodiesel to commercial and industrial customers across the US and Canada through a network of terminals, pipelines, and leased railcars.
NGL Energy Partners was formed in 2011 and is headquartered in Tulsa, Oklahoma.
- Produced water transportation, treatment, and disposal services
- Crude oil purchasing, storage, and pipeline logistics
- Natural gas liquids and refined product supply and distribution
- Biodiesel and renewable fuel blending and marketing
- Marine butane export through the Chesapeake, Virginia facility
Is NGL a Good Stock to Buy?
UQS Score rates NGL as Below Average overall, reflecting meaningful headwinds across several key pillars.
The Quality and Valuation pillars both register as Good, suggesting the partnership's operational fundamentals and current pricing relative to its profile are not without merit. The Valuation pillar in particular indicates that the market may already be pricing in much of the risk.
The Moat, Growth, and Risk pillars all register as Weak — a combination that signals limited competitive insulation, constrained expansion prospects, and elevated balance-sheet or operational risk relative to peers.
Pro members can view the full pillar breakdown and underlying financial metrics to form a more complete picture of NGL's investment profile. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does NGL pay dividends?
No — NGL Energy Partners LP does not currently pay a dividend.
NGL Energy Partners does not currently pay a distribution to unitholders. For a partnership that carries meaningful debt obligations and weak Growth and Risk pillar ratings, preserving cash rather than distributing it reflects a prioritization of financial stability. Investors seeking income from midstream MLPs should weigh this absence against the partnership's current capital structure.
When does NGL report earnings?
NGL Energy Partners reports financial results on a quarterly cadence, consistent with standard US-listed equity and partnership reporting schedules.
The partnership's Good Quality pillar suggests operational execution has been reasonably consistent, though the Weak Growth pillar indicates revenue and earnings expansion have been limited. Segment performance across Water Solutions, Crude Oil Logistics, and Liquids Logistics can vary meaningfully with commodity volumes and producer activity.
For the most recent quarter's results and guidance, visit NGL Energy Partners' investor relations page directly.
NGL Price History
+484.1% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in NGL Energy Partners LP?
Based on NGL Energy Partners LP's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
NGL Long-term Outlook
The combination of Weak Growth and Weak Risk pillars points to a cautious fundamental outlook for NGL. The partnership operates in commodity-linked midstream infrastructure, where volume throughput depends heavily on upstream producer activity and energy prices. While the Good Quality pillar suggests the core business is functional, structural leverage and limited competitive differentiation constrain the near-to-medium-term trajectory. The Good Valuation pillar may reflect that much of this risk is already embedded in the unit price.
Growth drivers
- Expanding produced water volumes tied to Permian Basin and other shale activity
- Potential optimization of the Liquids Logistics terminal and pipeline network
- Recovery in crude oil throughput as upstream producers increase activity
Key risks
- Elevated debt load weighing on financial flexibility and Risk pillar rating
- Commodity volume sensitivity across all three operating segments
- Limited moat leaving the partnership exposed to competitive pricing pressure
NGL vs Peers
NGL Energy Partners operates in a fragmented midstream and logistics landscape alongside peers with differing geographic focuses and business models.
FLEX LNG focuses exclusively on liquefied natural gas shipping under long-term charters, offering a very different risk and revenue profile compared to NGL's diversified midstream and water operations.
Global Partners concentrates on downstream fuel distribution and convenience retail in the northeastern US, making it more consumer-facing than NGL's upstream-linked infrastructure model.
Dorian LPG is a marine transportation specialist for liquefied petroleum gas, competing indirectly with NGL's butane export operations but operating primarily on international shipping routes.
Frequently Asked Questions
What does NGL Energy Partners do?
NGL Energy Partners is a midstream master limited partnership that transports, stores, and markets crude oil, natural gas liquids, and refined products. It also provides produced water management services to oil and gas producers. The partnership operates through three segments: Water Solutions, Crude Oil Logistics, and Liquids Logistics.
Does NGL pay dividends?
NGL Energy Partners does not currently pay a distribution to unitholders. The partnership has prioritized managing its debt obligations over returning cash to investors. Investors seeking regular income from midstream partnerships should factor this into their evaluation.
When does NGL report earnings?
NGL Energy Partners reports on a quarterly cadence, in line with standard US partnership reporting requirements. For exact release dates and upcoming earnings schedules, check the investor relations section of the company's official website.
Is NGL a good stock to buy?
The UQS Score rates NGL as Below Average overall. While the Quality and Valuation pillars are both Good, the Moat, Growth, and Risk pillars are all Weak. That combination warrants careful consideration. Pro members can access the full pillar breakdown to evaluate whether NGL fits their specific criteria.
Is NGL overvalued?
The UQS Valuation pillar for NGL is rated Good, suggesting the current unit price may already reflect much of the risk embedded in the partnership's profile. That said, a favorable valuation label alone does not offset the Weak ratings in Moat, Growth, and Risk.
How does NGL compare to its competitors?
NGL's diversified midstream and water infrastructure model differs from peers like FLEX LNG, which focuses on LNG shipping, and Dorian LPG, which specializes in marine LPG transport. Global Partners operates more in downstream fuel retail. Each carries a distinct risk and revenue structure worth comparing on the UQS platform.
What is NGL's market cap bracket?
NGL Energy Partners is classified as a small-cap partnership. Small-cap energy MLPs typically carry higher volatility and liquidity risk than large-cap peers, which aligns with the Weak Risk pillar rating NGL currently holds.
Who founded NGL Energy Partners?
NGL Energy Partners was formed in 2011 as a master limited partnership. Founding and management history is publicly documented through SEC filings and the company's investor relations materials, which provide the most accurate and complete account.
Is NGL a long-term quality investment?
As a long-term quality indicator, the UQS Score's Below Average rating for NGL reflects concerns that extend beyond short-term pricing. Weak Moat and Growth pillars suggest the partnership lacks the durable competitive advantages and expansion trajectory typically associated with high-quality long-term holdings. The full analysis is available to Pro members.
What is the main competitive advantage of NGL Energy Partners?
NGL's Moat pillar is rated Weak, indicating limited durable competitive advantages relative to sector peers. The partnership's geographic infrastructure — including water disposal networks and terminal assets — provides some operational entrenchment, but this has not translated into a strong moat rating under the UQS framework.
What sector does NGL belong to?
NGL Energy Partners operates in the Energy sector, specifically within midstream infrastructure. The partnership's activities span crude oil logistics, natural gas liquids distribution, and water solutions — all closely tied to upstream oil and gas production activity in the United States.
Is NGL a growth stock or value stock?
Based on the UQS pillar profile, NGL does not fit neatly into either category. The Growth pillar is rated Weak, ruling out a growth classification. The Valuation pillar is rated Good, which leans toward value territory — though the Weak Risk and Moat pillars complicate a straightforward value thesis.
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Pro Analysis
NGL — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 20, 2026 | 39.6 | 64.9 | 22.0 | 39.1 | 7.0 | 60.4 | +0.1 |
| May 14, 2026 | 39.5 | 64.9 | 22.0 | 37.4 | 7.0 | 62.0 | -0.1 |
| May 7, 2026 | 39.6 | 64.9 | 22.0 | 37.4 | 7.0 | 62.5 | -0.3 |
| May 3, 2026 | 39.9 | 64.9 | 22.0 | 37.4 | 7.0 | 64.2 | -0.2 |
| Apr 26, 2026 | 40.1 | 64.9 | 22.0 | 37.4 | 7.0 | 66.0 | -0.3 |
| Apr 19, 2026 | 40.4 | 64.9 | 22.0 | 36.6 | 7.0 | 69.1 | -0.1 |
| Apr 18, 2026 | 40.5 | 64.9 | 22.0 | 36.6 | 7.0 | 69.7 | -0.5 |
| Apr 14, 2026 | 41.0 | 64.9 | 22.0 | 36.6 | 7.0 | 72.6 | +0.3 |
| Apr 12, 2026 | 40.7 | 64.9 | 22.0 | 36.6 | 7.0 | 70.5 | -0.4 |
| Apr 5, 2026 | 41.1 | 64.9 | 22.0 | 36.6 | 7.0 | 73.7 | -0.1 |
NGL — Pillar Breakdown
Quality
— 64.9/100 (25%)NGL Energy Partners LP shows solid profitability with healthy returns on capital and reasonable margins.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 39.1/100 (20%)NGL Energy Partners LP shows steady but unspectacular growth, typical for mature companies.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 7.0/100 (15%)NGL Energy Partners LP presents elevated risk with concerns around leverage or financial stability.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 59.0/100 (15%)NGL Energy Partners LP trades at a reasonable valuation with decent earnings yield and FCF multiples.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 22/100 (25%)NGL Energy Partners LP operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for NGL.
Score Composition
Financial Data
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How is the NGL UQS Score Calculated?
The UQS (Unified Quality Score) for NGL Energy Partners LP is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses NGL Energy Partners LP's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether NGL Energy Partners LP is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.