August 2020 Company Information NGL Energy Partners LP Forward - - PowerPoint PPT Presentation

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Investor Presentation August 2020

SLIDE 2

This presentation includes “forward looking statements” within the meaning of federal securities laws. All statements, other than statements of historical fact, included in this presentation are forward looking statements, including statements regarding the Partnership’s future results of operations or ability to generate income or cash flow, make acquisitions, or make distributions to

• unitholders. Words such as “anticipate,” “project,” “expect,” “plan,” “goal,”

“forecast,” “intend,” “could,” “believe,” “may” and similar expressions and statements are intended to identify forward-looking statements. Although management believes that the expectations on which such forward-looking statements are based are reasonable, neither the Partnership nor its general partner can give assurances that such expectations will prove to be correct. Forward looking statements rely on assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are

• utside of management’s ability to control or predict. If one or more of these

risks or uncertainties materialize, or if underlying assumptions prove incorrect, the Partnership’s actual results may vary materially from those anticipated, estimated, projected or expected. Additional information concerning these and other factors that could impact the Partnership can be found in Part I, Item 1A, “Risk Factors” of the Partnership’s Annual Report on Form 10-K for the year ended March 31, 2020 and in the other reports it files from time to time with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this presentation, which reflect management’s opinions

• nly as of the date hereof. Except as required by law, the Partnership

undertakes no obligation to revise or publicly update any forward-looking statement.

2

Contact Information Forward Looking Statements NGL Energy Partners LP

Corporate Headquarters NGL Energy Partners LP 6120 South Yale Avenue, Suite 805 Tulsa, Oklahoma 74136 Website www.nglenergypartners.com Investor Relations Contact us at (918) 481-1119

• r e-mail us at

InvestorInfo@nglep.com

(1) Market Data and Unit Count as of 8/7/2020. (NGL-PB ticker & NGL-PC for Class B & C Preferred Units) (2) Balance Sheet Data as of 6/30/2020, Market Capitalization and Enterprise Value include Preferred Equity

NYSE Ticker NGL Unit Price(1) $4.64 Market Capitalization(1)(2) $1.414 billion Enterprise Value(1)(2) $4.695 billion Yield(1) 17.24% C.U. Outstanding 128,771,715

Company Information

SLIDE 3

3 *Excludes Corporate and Other Adjusted EBITDA of ($44.128) million

Higher Commodity Prices, Contango and Pricing Differentials Butane Blending and Export, Weather and NGL Production Lower Commodity Prices and Higher Product Demand

~28%

Benefits From: FY2020 Adjusted EBITDA from Continuing Operations Contribution %*:

Business Overview

Water Volumes, Rig Count and Crude Oil Price Higher Commodity Prices and Crude Oil Production

~37%

▪ Purchases crude oil from producers and marketers and transports it to refineries for resale at pipeline injection stations, storage terminals, barge loading facilities, rail facilities, refineries, and other trade hubs ▪ Provides storage, terminaling and transportation services through its

• wned assets

▪ Supported by certain long-term, fixed rate contracts which include minimum volume commitments on our Grand Mesa Pipeline ▪ Transports, treats, recycles and disposes of produced and flowback water generated from crude oil and natural gas production. Disposes of solids such as tank bottoms, drilling fluids and drilling muds and performs

• ther ancillary services such as truck

and frac tank washouts ▪ Owns the largest integrated network

• f large diameter produced water

pipelines, recycling facilities and disposal wells in the Delaware Basin ▪ Underpinned by long-term, fixed fee contracts, acreage dedications and minimum volume commitments ▪ Conducts wholesale operations for NGLs, refined petroleum products and biodiesel to a broad range of commercial, retail and industrial customers across the US and Canada ▪ Operations are conducted through 28 company-owned terminals, other third party storage and terminal facilities, common carrier pipelines and a fleet of leased railcars ▪ Provides NGL & refined product terminaling and storage at Sawtooth Caverns in Utah and marine exports through a facility located in Chesapeake, VA

Water Solutions Crude Logistics Liquids & Refined Products

~35%

Crude Oil Production and Transportation/ Storage Demand Primary Drivers:

SLIDE 4

4

Build a diversified midstream MLP providing multiple services

▪ Transport crude oil from the wellhead to refiners ▪ Transport water from the producer to treatment for disposal, recycle, or discharge ▪ Transport natural gas liquids from processing plants and supply hubs to end users

Achieve growth by generating attractive rates of return

▪ Invest in existing businesses to capitalize on accretive, organic growth opportunities ▪ Utilize currently operational capacity to increase cash flows with minimal incremental capital investment ▪ Continue to pursue strategic transactions and ventures that complement and enhance our existing footprint

Business Strategy

▪ Operate in a safe and environmentally responsible manner by working with our employees, customers, vendors, and local communities ▪ Protect the environment and comply with local, state, and federal environmental laws and regulations

Operate in a safe and environmentally responsible manner

▪ Focus on generating revenues under long-term fee-based contracts in addition to back-to-back contracts which minimize direct commodity price exposure ▪ Continue to increase cash flows that are supported by certain fee-based, multi-year contracts, some of which include acreage dedications from producers and/or volume commitments

Focus on consistent annual cash flows from

• perations

▪ Maintain sufficient liquidity and credit metrics to manage existing and future capital requirements and to take advantage of market opportunities ▪ Continue to evaluate the capital markets to opportunistically pursue financing transactions to optimize capital structure

Prudently manage balance sheet to provide maximum financial flexibility

SLIDE 5

Adjusted EBITDA ~$408 Segment EBITDA Breakdown as of March 31, 2018*

5

Balance Sheet Management Review NGL’s Transformation & Simplification

Segment EBITDA Breakdown as of March 31, 2020* Asset Map Change over Period

* Reflects % of Adjusted EBITDA from Continuing Operations and excludes Adjusted EBITDA from Corporate and Other Major Acquisitions ▪ Water Solutions ➢ Mesquite (Delaware Basin) ➢ Hillstone (Delaware Basin) ▪ Liquids & Refined Products ➢ DCP Terminals Major Divestitures ▪ Retail Propane ▪ Crude Logistics ➢ Glass Mountain Pipeline (OK) ▪ Water Solutions ➢ Bakken (ND) ➢ South Pecos (TX) ▪ Refined Products ➢ TransMontaigne (SE) ➢ Mid-Con ➢ Gas Blending 16% 26% 27% 31% Liquids & Refined Water Solutions Crude Logistics Discontinued Ops 29% 37% 34% Liquids & Refined Water Solutions Crude Logistics

Adjusted EBITDA from Continuing Ops.~$589 44% Increase

SLIDE 6

6 Water Solutions

Segment Overview

SLIDE 7

NGL saltwater disposal facility

Water Solutions Platform

7

Water Disposal Recycling & Sourcewater Solids Solutions Water Pipelines

▪ 119 SWD facilities & 214 injection wells ▪ Primary operating areas: ➢ Delaware (TX & NM) ➢ Eagle Ford (TX) ➢ DJ (CO) ➢ Midland (TX) ➢ Pinedale Anticline (WY) ▪ 24x7 operations at most locations ▪ Existing recycle facility in Pinedale Anticline ▪ 11.6 million barrels per year of freshwater rights in New Mexico ▪ 23 million barrels per year of freshwater capacity in Texas ▪ Recycle capabilities across the Northern Delaware under development ▪ Solids disposal facilities with approximately 60,000 BPD of total capacity in Texas ▪ 2 solids facilities in Colorado ➢ Solids Processing Facility (C6) ➢ Solids Slurry Injection (C9) ▪ Provides producers with in-field disposal alternative for Gels, High Solids Content Water, Water and Oil-Based Mud, and Tank Bottoms ▪ 2 landfill facilities in permitting stages in New Mexico ▪ Water pipelines owned by NGL and 3rd parties connected to NGL facilities ▪ Over 600 miles of large- diameter water pipelines in- service ▪ Additional water pipelines under development

Our Water Solutions segment transports, treats, recycles and disposes of produced and flowback water generated from crude oil and natural gas production, disposes of solids such as tank bottoms, drilling fluids and drilling muds and performs

• ther ancillary services, such as truck and frac tank washouts. Additionally, this segment sells the hydrocarbons recovered

from water processing and provides sourcewater services.

Water Solutions areas of operation Note: Information provided as of 3/31/20

SLIDE 8

8

By bringing NGL’s proprietary water innovations to the Permian Basin, we can increase barrels of recycled water, reduce our ecological footprint and support the O&G industry and local communities with clean water.

NGL has the technology and the expertise to help solve the water dilemma in the Delaware Basin and for the State of New Mexico.

NGL’s S.W.D. Mission

Sustainable Water Developments Safer Water Distribution Scientific Water Discoveries ▪ Reduce ecological footprint and support the oil & gas industry and local communities with clean water ▪ Operate water systems that increase safety and protect the environment while focusing on providing reliability and substantial cost reductions for our customers ▪ Support scientific research and technological developments in the field of produced water

33% Total Water Piped LTM Piped Volumes at 3/31/19 ~80% Total Water Piped

LTM Piped Volumes at 3/31/20

~480% increase in Piped Water

Source: wri.org/aqueduct

43 44 168 DJ Eagle Ford Permian 67 41 1,369 DJ Eagle Ford Permian

SLIDE 9

Volume Trends (KBPD)

9 SWD Facilities & Disposal Wells

▪ NGL has 62 active Salt Water Disposal Facilities & 119 completed Disposal Wells ➢ 91 wells in Texas and 28 in New Mexico ▪ NGL has 1 Solids Disposal Facility in-service at its Orla location

Water Pipelines

▪ ~535 miles of large-diameter water pipeline projects in- service ▪ Additional water pipeline projects in progress at various stages of development

Disposal Capacity

▪ The Delaware basin has 3.4mmbpd of Operational capacity ➢ ~90% of wells are interconnected to additional wells to maximize capacity and uptime

Ranches

▪ Acquisition of ~122,000 acres through the purchase of 2 NM ranches (NGL North & South Ranch) ➢ Includes locations for recycle operations, landfill

• pportunities and fresh water wells/ponds/pipe

Delaware Basin

Delaware Basin asset map reflects existing NGL assets, assets under construction, pipelines, pipelines under construction, pipeline right of ways (1) Barrels per day of water processed by the assets acquired in the Mesquite and Hillstone transaction are calculated by the number of days in which we owned the assets for the periods presented. (1)

• 400

800 1,200 1,600

FY 2017 FY 2018 FY 2019 FY 2020

Note: Information provided as of 3/31/20

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10

Hillstone Enhances NGL’s Delaware Basin Franchise

NGL Delaware Basin Metrics

1. Acreage weighted average remaining contract term. 2. As of 3/31/2020.

Current MVC Volumes >330 Mbpd Contract Length (1) >9 years Miles of Delaware Pipeline ~ 535 miles Operating Capacity(2) ~3,400 Mbpd Disposal Facilities / # of Wells(2) 62 Disposal Facilities / 119 Wells % Volumes via Pipeline(2) ~92%

NGL’s Delaware Basin Franchise

NGL’s Cleveland facility

Largest Integrated Produced Water System in the Delaware Basin

Acreage Dedications ~305,000

NGL Salt Water Disposal Tanks

SLIDE 11

$- $0.25 $0.50 $0.75 $1.00 $1.25 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Operating Expense per BBL

Segment Adjusted EBITDA

11

Water Solutions Financial Overview

FY 2020 Statistics

▪ Blended disposal rate of ~$0.63/bbl and operating expense of ~$0.40/bbl for each disposal volume ▪ Average skim oil percentage at 0.21% of disposal volumes, ▪ Average realized skim oil price of $58.48/bbl ▪ Pipeline tariffs, Solids disposal, Sourcewater, Washouts, and other service revenues makes up ~12% of revenues ▪ Growth capital added numerous interconnected large diameter pipeline connections to operating capacity and integrates existing and acquired footprint

Water Solutions Salty Dog facility

Operating Expense per BBL Trend

$63 $117 $166 $232

$- $50 $100 $150 $200 $250 $300 FY 2017 FY 2018 FY 2019 FY 2020

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12

Grand Mesa Pipeline Crude Assets Crude Transportation Crude Logistics

▪ ~550 miles of 20” Crude oil pipeline from the DJ Basin to Cushing, OK ➢ 150,000 BPD capacity ▪ 16 total truck unloading bays ▪ 970,000 BBLs origin tankage

Our Crude Oil Logistics segment purchases crude oil from producers and marketers and transports it to refineries for resale at pipeline injection stations, storage terminals, barge loading facilities, rail facilities, refineries, and other trade hubs, and provides storage, terminaling and transportation services through its owned assets

NGL Crude Logistics areas of operation NGL Cushing Crude Oil Storage Tanks

▪ 3.6 MMbbls of storage in Cushing ▪ 1.6 MMbbls of storage in addition to Cushing, including origin tankage at Grand Mesa ▪ Crude Oil export terminal at Pt. Comfort, TX ▪ Crude Oil Blending terminal at Houma, LA ▪ Tow boats and barges ▪ GP railcars (leased and owned) ▪ Trucks and trailers (owned and 3rd party) ▪ LACT units ▪ Operations are centered near areas of high crude oil production, such as the Bakken, DJ, Permian, Eagle Ford, Anadarko, STACK, SCOOP, Granite Wash, Mississippi Lime, and southern Louisiana at the Gulf of Mexico

Crude Logistics Platform

Note: Information provided as of 3/31/20

SLIDE 13

13 Grand Mesa Pipeline NGL Crude Terminal

DJ Basin Niobrara Shale Wattenberg Field

Cushing Storage

Grand Mesa Share

• f Capacity

▪ ~550 miles of 20” Crude oil pipeline from the DJ Basin to Cushing, OK ▪ NGL/Grand Mesa have 37.5% undivided joint interest ➢ 150,000 BPD capacity Origin Station Terminals ▪ Lucerne & Riverside Terminals in Weld County, CO (100% NGL/Grand Mesa owned) ▪ 12 truck unloading bays capable of unloading over 325 trucks per day in aggregate at Lucerne & 4 truck unloading bays at Riverside ▪ 970,000 BBL origin tankage

Batching Capabilities

▪ Grand Mesa offers two unique batching specs allowing producers to preserve their crude oil quality Gathering Connectivity ▪ The Lucerne origin has inbound receipt connections to multiple gathering systems including: ➢ Platte River Midstream ➢ Saddle Butte Pipeline ➢ Noble Midstream Destination Terminal ▪ NGL’s Cushing Terminal has approximately 3.6 million barrels of total shell capacity ➢ Offers producers connectivity to multiple markets including the Gulf Coast via TransCanada Marketlink Lucerne Terminal Truck Bays

Grand Mesa Pipeline

SLIDE 14

$59 $118 $181 $219

$- $50 $100 $150 $200 $250 FY 2017 FY 2018 FY 2019 FY 2020

• 300,000

600,000 900,000 DJ Basin oil production (bbls/d)

Source: eia.gov

Segment Adjusted EBITDA

14

▪ Grand Mesa Pipeline – Total financial volumes average ~131kbpd – ~3% increase to rates per FERC oil pipeline index starting July 1, 2019 ▪ Crude Oil Logistics/Transportation – Total physical volumes average ~117kbpd – No Contango Revenue

Crude Oil Logistics Financial Overview

FY 2020 Statistics

NGL Crude Tanks in Cushing, OK

DJ Basin Production Trend

SLIDE 15

Propane/Butane Wholesale

▪ Office locations in Denver, Calgary, Houston, Tulsa ▪ Fleet of ~4,600 railcars (owned and leased) ▪ 23 transloading units ▪ Proprietary terminals strategically located in high-demand markets with quality customers

15

NGL Terminals/Sawtooth Refined Products

▪ Approximately 1,400 Customers ▪ Diverse customer base with long- term relationships ▪ Shipper on 5 common carrier pipelines ▪ Approximately 2.6 million barrels of leased storage ▪ 28 Terminals with throughput capacity

• f ~14.4 million gallons per day

➢ 17 terminals with rail unloading capability ➢ 4 Multi-products terminals ➢ 9 Pipe-connected terminals ▪ Sawtooth JV Storage near Delta, UT ▪ Chesapeake Terminal is one of 2 active export facilities on the East Coast ▪ Refined Product services from over 180 terminals in 30 states providing diesel and gasoline products ▪ Margins driven by normal supply/demand activity as well as disruption events such as weather or refinery/pipeline issues

Our Liquids and Refined Products segment purchases gasoline, diesel, propane, butane and other products from refiners, processing plants, producers and other parties, and sells the products to retailers, wholesalers, refiners and petrochemical plants throughout the United States and Canada.

West Memphis NGL Wholesale Liquids Terminal Liquids and Refined Products areas of operation

Liquids and Refined Products Platform

Note: Information provided as of 3/31/20

SLIDE 16

$90 $73 $102 $182

$- $50 $100 $150 $200 FY 2017 FY 2018 FY 2019 FY 2020

16

Segment Adjusted EBITDA(1)

Liquids and Refined Products Financial Overview

▪ Propane/Butane Wholesale – Propane sold of ~1.5 billion gallons at ~$0.052/gal margin – Butane sold of ~815 million gallons at ~$0.105/gal margin – Other Products sold of ~603 million gallons at ~$0.08/gal margin ▪ NGL Terminals/Sawtooth – Owned and Leased ~400mm gallons of Liquids and RP storage capacity ▪ Refined Products – Refined Products sold of ~1.3 billion gallons at ~$0.025/gal margin

FY 2020 Statistics

Butane Import/Export Terminal in Chesapeake, Virginia.

FY2020 Margin by Product

Propane 32% Butane 36% Other Products 19% Refined Products 13%

(1) Adjusted EBITDA from continuing operations

SLIDE 17

17

Financial Overview

SLIDE 18

18

▪ The Partnership will look to maintain a flexible balance sheet with a leverage target of less than 4.00x on a total leverage basis ▪ Goal of achieving investment grade rating ▪ Focus on increasing fee-based business and long-term contracts with high credit quality customers ▪ Utilize back-to-back contracts to minimize direct commodity price exposure. ▪ Continue to pursue opportunities to find and execute on low cost capital financing in the current and future environments ▪ Consistently pursue strategies that increase NGL’s unit price and lower its cost of debt ▪ Accretive growth through organic growth projects and strategic acquisitions focusing on assets backed by multi-year, fee-based contracted cash flows ▪ Segments provide accretive growth platforms ▪ Maintain sufficient liquidity to operate the business and execute growth objectives ▪ Maximize free cash flow and use excess free cash flow to strengthen the balance sheet and fund future growth opportunities Strong Balance Sheet Cash Flow Predictability Lower Cost of Capital Accretive Capital Projects Robust Free Cash Flow Coverage

Financial Objectives

SLIDE 19

$164 $50 $349 $1,561 $334 $162 $419 $571 $50 $26 $38 $49 $61 $50

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021E Acquisitions Growth Capital Maintenance Capital

$195 $144 $188 $311 ~$260-300 $173 $189 $194 $198 ~$100

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021E Distributable Cash Flow Distributions

$381 $408 $440 $589 $560 - 600

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021E

19

LP Distributable Cash Flow & Distributions (In Millions) Adjusted EBITDA (In Millions) Acquisition, Growth and Maintenance Capex (In Millions) Distribution Coverage

(1) Adjusted EBITDA and DCF from continuing operations (2) FY2020 Acquisitions include full consideration paid for Mesquite & Hillstone (including equity and deferred payment consideration) along with other business combinations (3) Distributions include LP common unit & GP distributions; LP distributable cash flow is net of distributions on preferred units (3)

Performance Metrics

(3) (2) (1) (1)

1.2x 0.8x 1.0x 1.5x 2.6-2.9x

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021E

1.3x Target

SLIDE 20

(In Thousands) 6/30/2020 3/31/2020 Debt Expansion Capital Borrowings 1,400,000 $ 1,120,000 $ Working Capital Borrowings 258,000 350,000 Secured Term Loan due 2023 250,000 250,000 7.500% Senior Notes due 2023 592,323 607,323 6.125% Senior Notes due 2025 380,020 387,320 7.500% Senior Notes due 2026 425,081 450,000 Total Revolver amd Senior Note Debt 3,305,424 $ 3,164,643 $ Preferred Equity 9.00% Class B Perpetual Preferred Units 314,641 $ 314,641 $ 9.625% Class C Perpetual Preferred Units 45,000 45,000 9.00% Class D Perpetual Preferred Units 600,000 600,000 Total Preferred Equity 959,641 $ 959,641 $

$1,658 $250 $592 $380 $425

$- $400 $800 $1,200 $1,600 $2,000 Credit Facility due 10/2021 Senior Term Loan due 6/2023 7.500% Notes due 11/2023 6.125% Notes due 2/2025 7.500% Notes due 4/2026

Debt Maturities as of 6/30/20 (In Millions) Compliance & Total Leverage

(1) Total Leverage excludes acquisition expenses and includes Pro Forma adjustments for projects in construction or recent acquisitions/divestitures as calculated under the partnership’s revolving credit facility (2) Represents the face value of the Partnership’s preferred equity and debt balances

(1)

20

(2)

Debt & Preferred Equity Balances as of 6/30/20

Credit Profile

(1)

4.7 4.4 2.6 4.3 6.4 6.9 4.5 4.9

FY 2017 FY 2018 FY 2019 FY 2020

Leverage Excluding Working Capital Total Leverage Including Working Capital

4.00x Total Leverage Target

SLIDE 21

Jun-20 Jun-19 Variance(%) Total Volume (In Thousands) Crude Oil Sold (BBL's) 9,292 11,291

• 18%

Crude Oil Transported (BBL's) 10,476 11,789

• 11%

Water Solutions Northern Delaware Basin (BBL's) 915,188 88,089 939% Permian Basin (BBL's) 214,340 311,540

• 31%

Eagle Ford Basin (BBL's) 95,375 267,244

• 64%

DJ Basin (BBL's) 132,365 169,620

• 22%

Other Basins (BBL's) 9,151 12,394

• 26%

Total Water Processed (BBL's) 1,366,419 848,887 61% Liquids & Refined Products Propane (GAL's) 252,289 245,267 3% Butane (GAL's) 119,566 142,479

• 16%

Refined Products (GAL's) 211,974 321,634

• 34%

Other Products (GAL's) 114,222 154,592

• 26%

Total Revenue 844.4 $ 1,871.9 $

• 55%

Total Cost of Sales 677.0 $ 1,689.9 $

• 60%

Adjusted EBITDA(1) 91.0 $ 103.7 $

• 12%

Distributable Cash Flow(1)(2) 26.7 $ 36.3 $

• 26%

Distribution Paid to LP Unitholders 0.20 $ 0.39 $

• 49%

TTM Distrbiution Coverage(2) 1.7x 1.1x 61% Maintenance Capex 9.2 $ 16.9 $

• 46%

Growth Capex with Investments 20.8 $ 214.7 $

• 90%

Total Leverage(3) 5.36x 4.92x 9% Total L-T Debt(4) 3,281.4 $ 2,587.0 $ 27% Working Capital Facility 258.0 $ 895.0 $

• 71%

Total Liquidity 198.2 $ 496.0 $

• 60%

21

1st Quarter Update

Segment Summary:

▪ Crude Oil Logistics results impacted by commodity prices and lower crude oil demand as a result of the COVID-19 pandemic. The benefit of contango during the quarter was offset by costs related to the CMA + roll component in the pricing of barrels purchased and shipped on Grand Mesa, the timing of recognition of hedge gains and losses as well as profit embedded in the inventory held for July sales. ▪ The Water Solutions segment saw average disposal barrels of 1.4 million barrels per day during the quarter. Volumes were impacted by the decline in commodity prices, decreased rig activity and production shut-ins. A large portion of skim oil recovered during the quarter was stored and is expected to be sold at higher average prices in Fiscal 2Q21. Operating expense decreased substantially to $0.32 / bbl due to certain cost-saving initiatives. ▪ The Liquids and Refined Products business performed in-line primarily due to strong propane volumes and margins. Butane and Refined Products volumes were lower than the comparable period in the prior year due to decreased demand as a result of the COVID-19 pandemic.

Quarterly Summary Performance ($’s In Millions)

(1) Does not include acquisition expenses or Adj. EBITDA from discontinued operations (2) Distributions include LP common unit & GP distributions; LP distributable cash flow is net of distributions on preferred units (3) Total Leverage includes the working capital facility and includes Pro Forma effects of projects in construction, recent acquisitions/divestitures as calculated under the partnership’s revolving credit facility (4) Book value of long-term debt

Financing highlights for the quarter include:

▪ Entered into a new $250 million term loan facility due 2023 with Apollo to refinance the existing $250 million bridge term loan facility with TD established in July 2019 for the acquisition of Mesquite ▪ Repurchased and retired approximately $47.2 million (face value) of bonds in a mix of all three tranches

SLIDE 22

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Diversified and Attractive Asset Base ▪ Multiple business segments with significant geographic diversity reducing cash flow volatility ▪ Presence in the highest rate of return oil & gas producing regions in North America ▪ Natural hedge between certain business segments reduces commodity price volatility and risk exposure Vertical and Horizontal Integration ▪ Vertical integration allows for capture of margin across the value chain from wellhead to end-user ▪ Emphasis on asset ownership drives ability to capitalize on multiple revenue/bolt-on opportunities ▪ Offer a menu of services to producers and customers Stable Cash Flows ▪ Focus on medium to long-term, repeatable fee-based cash flows ▪ Combination of fee-based, take-or-pay, acreage dedication, margin-based and cost-plus revenue contracts ▪ Targeting ~70% fee based operating cash flows Strong Credit Profile and Liquidity ▪ Emphasis on enhancing & preserving liquidity ▪ Excess distribution coverage will be reinvested in growth opportunities and reduce indebtedness ▪ Targeting a capital structure with total leverage under 4.0x Experienced & Incentivized Management Team ▪ Extensive industry and MLP experience with proven record of acquiring, integrating, operating and growing successful businesses ▪ Senior management holds significant limited partner interests, which strengthens alignment of incentives with lenders and public unitholders ▪ Supportive general partner which is privately owned, of which over 70% is controlled by NGL’s Board, Management and former Management

Key Investment Highlights

SLIDE 23

23

Appendix

SLIDE 24

24

1Q’21 Adjusted EBITDA & DCF Walk

2020 2019 Net (loss) income (35,252) $ 8,039 $ Less: Net (income) loss attributable to noncontrolling interests (51) 268 Net (loss) income attributable to NGL Energy Partners LP (35,303) 8,307 Interest expense 44,066 39,910 Income tax benefit (301) (311) Depreciation and amortization 83,202 54,844 EBITDA 91,664 102,750 Net unrealized losses (gains) on derivatives 26,671 (3,474) Inventory valuation adjustment 3,820 (19,746) Lower of cost or realizable value adjustments (32,003) (918) Loss (gain) on disposal or impairment of assets, net 13,084 (967) Gain on early extinguishment of liabilities, net (19,355)

• Equity-based compensation expense

2,302 3,701 Acquisition expense 157 2,091 Other 4,348 3,323 Adjusted EBITDA 90,688 $ 86,760 $ Adjusted EBITDA - Discontinued Operations (294) $ (16,958) $ Adjusted EBITDA - Continuing Operations 90,982 $ 103,718 $ Less: Cash interest expense 40,399 37,775 Less: Income tax benefit (301) (321) Less: Maintenance capital expenditures 9,168 16,929 Less: Preferred unit distributions 15,030 13,076 Distributable Cash Flow - Continuing Operations 26,686 $ 36,259 $ Three Months Ended June 30, (in thousands)

SLIDE 25

25

1Q’21 & 1Q’20 Adjusted EBITDA by Segment

Crude Oil Logistics Water Solutions Liquids and Refined Products Corporate and Other Continuing Operations Discontinued Operations (TPSL, Mid- Con, Gas Blending) Consolidated Operating income (loss) 23,320 $ (16,047) $ 4,562 $ (22,620) $ (10,785) $

• $

(10,785) $ Depreciation and amortization 16,795 58,133 8,156 902 83,986

• 83,986

Amortization recorded to cost of sales

• 77
• 77
• 77

Net unrealized losses (gains) on derivatives 14,638 13,312 (1,279)

• 26,671
• 26,671

Inventory valuation adjustment

• 3,840
• 3,840
• 3,840

Lower of cost or net realizable value adjustments (29,060)

• (2,963)
• (32,023)
• (32,023)

Loss on disposal or impairment of assets, net 1,450 329 4 10,239 12,022

• 12,022

Equity-based compensation expense

• 2,302

2,302

• 2,302

Acquisition expense

• 12
• 145

157

• 157

Other income, net 338 256 377 64 1,035

• 1,035

Adjusted EBITDA attributable to unconsolidated entities

• 465

(1) (62) 402

• 402

Adjusted EBITDA attributable to noncontrolling interest

• (487)

(536)

• (1,023)
• (1,023)

Intersegment transactions

• (27)
• (27)
• (27)

Other 3,373 953 22

• 4,348
• 4,348

Discontinued operations

• (294)

(294) Adjusted EBITDA 30,854 $ 56,926 $ 12,232 $ (9,030) $ 90,982 $ (294) $ 90,688 $ Crude Oil Logistics Water Solutions Liquids and Refined Products Corporate and Other Continuing Operations Discontinued Operations (TPSL, Mid- Con, Gas Blending) Consolidated Operating income (loss) 33,802 $ 13,689 $ 15,371 $ (15,342) $ 47,520 $

• $

47,520 $ Depreciation and amortization 17,585 28,071 7,355 743 53,754

• 53,754

Amortization recorded to cost of sales

• 87
• 87
• 87

Net unrealized gains on derivatives (1,858) (167) (1,449)

• (3,474)
• (3,474)

Inventory valuation adjustment

• 34
• 34
• 34

Lower of cost or net realizable value adjustments

• (1,623)
• (1,623)
• (1,623)

(Gain) loss on disposal or impairment of assets, net (616) (589) (3) 241 (967)

• (967)

Equity-based compensation expense

• 3,701

3,701

• 3,701

Acquisition expense

• 20
• 2,071

2,091

• 2,091

Other (expense) income, net (4)

• 20

994 1,010

• 1,010

Adjusted EBITDA attributable to unconsolidated entities

• 4

11 15

• 15

Adjusted EBITDA attributable to noncontrolling interest

• (75)

(397)

• (472)
• (472)

Intersegment transactions

• (1,281)
• (1,281)
• (1,281)

Other 3,165 140 18

• 3,323
• 3,323

Discontinued operations

• (16,958)

(16,958) Adjusted EBITDA 52,074 $ 41,089 $ 18,136 $ (7,581) $ 103,718 $ (16,958) $ 86,760 $ Three Months Ended June 30, 2020 (in thousands) Three Months Ended June 30, 2019 (in thousands)