Dividend Power Score
A single, comprehensive score designed to measure the true strength of a company’s dividend.
This score combines three essential pillars of dividend quality:
Consistency – Measures how reliable the dividend has been over time, focusing on payment history, stability, and the absence of cuts or suspensions.
Payability – Assesses the company’s financial ability to sustain its dividend, taking into account cash flow, earnings coverage, balance sheet strength, and overall financial health.
Growth – Evaluates the long-term growth of both the dividend and the company’s share price, highlighting businesses that consistently increase payouts while creating shareholder value.
Higher scores identify companies that have historically delivered dependable income alongside sustained dividend growth and long-term capital appreciation.
Company Overview
NGL Energy Partners LP is a publicly traded master limited partnership operating primarily in the midstream energy and energy services industries. The company provides infrastructure and services for crude oil, natural gas liquids, refined products, and water used in oil and gas production. Its business model is focused on fee-based and margin-based services that support upstream and downstream energy markets across the United States.
The partnership generates revenue through a diversified set of operating segments that include liquids logistics, water solutions, and energy marketing. NGL’s strategic positioning is centered on providing essential logistics and disposal services tied to hydrocarbon production, with a particular emphasis on water handling for shale basins. The company was formed in 2010 through the consolidation of multiple energy logistics assets and has expanded through acquisitions and organic investments, evolving into an integrated midstream and services provider with national scale.
Business Operations
NGL Energy Partners operates through several core business segments, including Water Solutions, Liquids Logistics, and Liquids Marketing. The Water Solutions segment is a major revenue driver and includes produced water disposal, recycling, transportation, and freshwater delivery services for oil and gas producers. The Liquids Logistics segment manages the storage, transportation, and handling of crude oil, refined products, and natural gas liquids through terminals, pipelines, and marine facilities. The Liquids Marketing segment focuses on the purchase, sale, and optimization of crude oil, refined products, and NGLs.
Operations are primarily domestic, with assets and services concentrated in key U.S. producing basins. NGL controls a network of disposal wells, pipelines, storage terminals, and trucking assets. The partnership conducts business through operating subsidiaries, including NGL Energy Partners Operating LLC and other wholly owned entities, and maintains commercial relationships with upstream producers, refiners, and marketers rather than relying heavily on joint ventures.
Strategic Position & Investments
NGL Energy Partners’ strategic direction emphasizes strengthening its balance sheet, prioritizing stable cash flows, and expanding its Water Solutions platform, which management has identified as a long-term growth and defensible business line. Growth initiatives have included capital investments in new and expanded produced water disposal wells and recycling infrastructure in high-activity shale regions.
The partnership has historically pursued growth through acquisitions, including the acquisition of Mesquite Disposals Unlimited LLC, which expanded its water disposal footprint in the Permian Basin. NGL continues to invest in infrastructure tied to environmental compliance and water reuse, reflecting increasing regulatory and cost pressures on producers. Emerging focus areas include water recycling technologies and logistics efficiency rather than speculative expansion into unproven energy technologies.
Geographic Footprint
NGL Energy Partners’ operations are concentrated in the United States, with its headquarters in Tulsa, Oklahoma. The company has a significant presence in major energy-producing regions, including the Permian Basin, DJ Basin, Eagle Ford, Bakken, and SCOOP/STACK plays. These regions underpin the majority of its water solutions and logistics activities.
Beyond upstream basins, NGL operates terminals, storage facilities, and pipelines across the Midcontinent, Gulf Coast, and Midwest, supporting refined products and liquids logistics. While the partnership does not have meaningful international operations, its assets play a critical role in domestic energy supply chains with indirect exposure to global energy markets through commodity flows.
Leadership & Governance
NGL Energy Partners is externally managed and overseen by its general partner, with leadership focused on operational discipline, risk management, and cash flow stability. The company’s leadership philosophy emphasizes maintaining essential infrastructure services while navigating commodity price volatility and regulatory requirements.
Key executives include:
- Michael J. Krimbill – Chief Executive Officer
- Chris Carter – President
- Robert W. Huffman – Chief Financial Officer
- Matt McCarroll – Executive Vice President, Water Solutions
- Kip Van’t Hof – Executive Vice President, Liquids Logistics
The management team collectively brings experience across midstream operations, energy marketing, and infrastructure development, guiding the partnership’s strategic execution and capital allocation.