NGL Energy Partners LP filings document the Partnership’s midstream energy business, listed partnership securities, financing arrangements and governance matters. Recent Form 8-K disclosures cover material definitive agreements, including term-loan financing entered into by NGL Energy Operating LLC, and the Partnership’s registered common units and fixed-to-floating rate cumulative redeemable perpetual preferred units listed on the New York Stock Exchange.
Proxy materials and related current reports describe unitholder voting matters, the NGL Energy Partners LP 2025 Long-Term Incentive Plan, unit-based awards, auditor ratification and governance through the board of directors of the general partner. These filings also provide formal records of capital-structure actions, compensation-plan authorization and other material events affecting the master limited partnership.
Bank of America Corporation filed an Amendment No. 3 to a Schedule 13G/A reporting beneficial ownership of 8,283,983 common units representing limited partner interests of NGL Energy Partners LP. The filing states this equals 6.7% of the class, based on 123,814,289 outstanding shares as of January 30, 2026 (reported in the issuer's Form 10-Q on February 3, 2026). The ownership is held by Bank of America and certain wholly owned subsidiaries, with 8,275,036 shared voting power and 8,283,983 shared dispositive power.
NGL Energy Partners entered into a new $950.0 million senior secured term loan maturing in 2033. The facility, borrowed by NGL Energy Operating LLC and guaranteed by certain subsidiaries, refinances the existing term loan and adds incremental secured debt capacity.
NGL expects to use the net proceeds to repay its prior term loan, redeem, repurchase or otherwise retire a portion of its Class D Preferred Units, and for general corporate purposes. Management estimates approximately 195,000 Class D Units will be repurchased, leaving about 316,000 outstanding.
At the same time, NGL amended its asset-based revolving credit facility, reducing total commitments from $475.0 million to $425.0 million, cutting the letter-of-credit sub-limit to $100.0 million, and lowering interest margins and commitment fees. The term loan bears interest at SOFR or an alternate base rate plus leverage-linked margins and includes customary covenants, a minimum 1.10x quarterly debt service coverage ratio starting with the quarter ending June 30, 2026, and standard events of default.
NGL Energy Partners LP reports that unitholders approved its 2025 Long-Term Incentive Plan at a February 9, 2026 special meeting. The plan authorizes up to 10,000,000 units for options, restricted units, phantom units and other equity-based awards over a 10-year term.
The plan includes governance-focused features such as no options or unit appreciation rights below fair market value, no repricing without unitholder approval, double-trigger change-of-control vesting, no evergreen or automatic grants, limits on distribution equivalents, non-recycling of withheld or surrendered units, and application of the Partnership’s clawback policy. Unitholders also ratified Grant Thornton LLP as independent auditor for fiscal 2026.
NGL Energy Partners reported improved results for the quarter ended December 31, 2025. Revenue was $909.8 million, slightly lower than a year earlier, but operating income rose to $109.7 million. Net income increased to $48.2 million, with net income attributable to the partnership at $47.2 million.
Common unitholders earned $0.10 per unit versus a loss in the prior-year quarter, helped by stronger continuing operations and profitable discontinued operations. For the nine months, net income reached $147.7 million, and net cash from operating activities grew to $255.9 million, supporting significant common unit repurchases and redemptions of Class D preferred units.
NGL Energy Partners reported improved results for the quarter ended December 31, 2025. Revenue was $909.8 million, slightly lower than a year earlier, but operating income rose to $109.7 million. Net income increased to $48.2 million, with net income attributable to the partnership at $47.2 million.
Common unitholders earned $0.10 per unit versus a loss in the prior-year quarter, helped by stronger continuing operations and profitable discontinued operations. For the nine months, net income reached $147.7 million, and net cash from operating activities grew to $255.9 million, supporting significant common unit repurchases and redemptions of Class D preferred units.
NGL Energy Partners LP is calling a special meeting of unitholders on February 9, 2026 to vote on key governance and compensation items. Unitholders will be asked to approve a new 2025 Long-Term Incentive Plan authorizing up to 10,000,000 common units, which the Partnership estimates as potential dilution of about 7.95%. The Board notes there are currently no outstanding equity awards, and since June 5, 2024 the Partnership has repurchased 8,242,851 common units at a weighted average price of $5.49 per unit.
Unitholders will also vote on ratifying Grant Thornton LLP as independent registered public accounting firm for fiscal 2026; audit fees to Grant Thornton were $1.912 million in 2025 and $1.867 million in 2024. A third proposal would allow adjournment or postponement of the meeting, if needed, to continue soliciting votes on the incentive plan. The Board recommends voting FOR all three proposals.
NGL Energy Partners LP is calling a special meeting of unitholders on February 9, 2026, to approve a new 2025 Long-Term Incentive Plan, ratify its auditor, and allow potential adjournment of the meeting if more votes are needed on the incentive plan. The Board recommends voting FOR all three proposals.
The 2025 LTIP would authorize up to 10,000,000 common units for equity and equity-based awards, representing potential dilution of approximately 7.95% of the 124,269,915 common units outstanding as of December 18, 2025. NGL notes it has repurchased 8,242,851 common units since June 5, 2024 at a weighted average price of $5.49 per unit and currently has no outstanding equity awards. The plan includes governance features such as no discounted options, no repricing without unitholder approval, no evergreen share replenishment, and double-trigger vesting on a change of control.
Unitholders are also being asked to ratify Grant Thornton LLP as independent registered public accounting firm for fiscal 2026, with audit fees of $1.9 million for the year ended March 31, 2025.
Bank of America Corporation filed an amended Schedule 13G (Amendment No. 2) disclosing beneficial ownership of 9.2% of NGL Energy Partners LP common units. The filing reports 11,728,872 units beneficially owned as of the event date 09/30/2025.
Bank of America reports 0 sole voting and dispositive power, with 11,719,925 units under shared voting power and 11,728,872 under shared dispositive power. The securities are certified as acquired and held in the ordinary course and not for the purpose of changing or influencing control.
NGL Energy Partners LP reported stronger quarterly profitability for the three months ended September 30, 2025. Revenue was $674.7 million versus $756.5 million a year ago, while operating income rose to $94.3 million from $81.5 million as cost of sales declined. Interest expense decreased to $64.7 million from $77.2 million, supporting income from continuing operations of $29.8 million versus $7.5 million. Net income was $29.8 million, and net income allocated to common unitholders was $3.1 million, or $0.02 per unit.
Year‑to‑date, net cash provided by operating activities was $73.7 million and investing provided $179.7 million, aided by asset sales and the exit of refined products and biodiesel, which are classified as discontinued operations. Financing used $250.3 million, reflecting preferred distributions, Class D preferred redemptions, common unit repurchases, and debt activity.
At quarter‑end, $71.0 million was outstanding on the ABL Facility against a $399.6 million borrowing base and $53.6 million of letters of credit. The partnership repurchased $19.0 million of 2032 senior secured notes for $17.3 million and amended its Term Loan B to reduce applicable margins. Common units outstanding were 125,722,503 as of October 31, 2025.
James M. Collingsworth, a director of NGL Energy Partners LP (NGL), reported a purchase of 100,000 common units on 09/12/2025 at a weighted-average price of $5.8016 (trade prices ranged between $5.74 and $5.86). After the reported transaction the filing shows 729,500 common units beneficially owned in a direct capacity and additional indirect holdings of 9,500 and 870 units held with or by family members. The filing notes that 2,000 units are owned jointly with his spouse and that some units are held jointly by the reporting person’s spouse and sister-in-law. The Form 4 was signed on 09/16/2025.
James M. Collingsworth, a director of NGL Energy Partners LP (NGL), reported a purchase of 100,000 common units on 09/12/2025 at a weighted-average price of $5.8016 (trade prices ranged between $5.74 and $5.86). After the reported transaction the filing shows 729,500 common units beneficially owned in a direct capacity and additional indirect holdings of 9,500 and 870 units held with or by family members. The filing notes that 2,000 units are owned jointly with his spouse and that some units are held jointly by the reporting person’s spouse and sister-in-law. The Form 4 was signed on 09/16/2025.
RM Trading of Florida LLC filed Amendment No. 1 to Schedule 13G on 4 Aug 2025 disclosing its current position in NGL Energy Partners LP (ticker: NGL). As of the event date 2 Jul 2025, the Florida-based entity, managed by Mark Paley, owns 4,306,135 common units with shared voting and dispositive power only. This equals 3.3 % of the outstanding units, down from a previously reportable level above 5 %. Item 5 confirms the holder now owns “5 percent or less” of the class.
The filing is made under Rule 13d-1(c) as a passive investment; the certification states the securities were not acquired to influence control. No subsidiaries or additional group members are identified. Ownership type is coded “OO” (other organization).
- Reporting person: RM Trading of Florida LLC
- Manager/signatory: Mark Paley
- Beneficial ownership: 4.31 m units; 0 sole / 4.31 m shared
- Percent of class: 3.3 %
Implication: A notable holder has reduced its stake below the 5 % threshold, signalling partial exit or dilution, but it remains a mid-sized shareholder. No operational or financial metrics for NGL are included in this filing.