Investor Presentation January 2018

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

outside 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, 2017 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

only 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

Company Information

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

or e-mail us at

InvestorInfo@nglep.com

(1) Market Data and Unit Count as of 1/4/2018. (NGL-B ticker for Class B Preferred Units)

(2) Balance Sheet Data as of 9/30/2017, Market Capitalization and Enterprise Value include Preferred Equity

NYSE Ticker NGL

Unit Price (1) 15.15 $

Market Capitalization (1)(2) 2.29 $ Billion

Enterprise Value (1)(2) 5.49 $ Billion

Yield (1) 10.30%

3

NGL Energy Partners LP

Overview

Segment Contribution

Crude

Logistics

Business Overview

4

Retail

Propane

Refined Products/

Renewables

Purchases and transports crude oil for resale to a pipeline injection point, storage terminal, barge loading facility, rail facility, refinery or trade hub

Provides transportation, terminaling, and storage of crude oil and condensate to third parties for a fixed-fee per barrel

Long term, take-or-pay contracts on Grand Mesa Pipeline and Glass Mountain Pipeline

Provides services for the treatment, processing, and disposal of wastewater, and solids generated from oil and natural gas production

Revenue streams from the disposal of wastewater and solids, transportation of water through pipelines, truck and frac-tank washouts, and recovered hydrocarbons

Transports, stores, and markets NGLs to and from refiners, gas processors, propane wholesalers, propane retailers, proprietary terminals, petrochemical plants, diluent markets and other merchant users of NGLs

Large provider of butane to refiners for gasoline blending

Utilizes underground storage to take advantage of seasonal demand

Sells propane and distillates to end-users consisting of residential, agricultural, commercial and industrial customers

Seasonal business with majority of retail propane volume sold during the peak heating season from October through March

Focus on residential customers, high tank ownership and customer retention

Purchase refined petroleum products primarily in the Gulf Coast, Southeast, and Midwest regions of the United States and schedule them for delivery primarily on the Colonial, Plantation, Magellan and NuStar pipelines

Sell our products to commercial and industrial end users, independent retailers, distributors, marketers, government entities, and other wholesalers

Water

Solutions

Liquids

Business Diversity

5

Crude Oil

Production and

Transportation/

Storage Demand

Higher Prices

20-25%

Butane Blending,

Weather and NGL

Production

Lower Prices

15-20%

Lower Prices

20-25%

Motor Fuels

Supply/Demand

and Basis

Differentials

Lower Prices

15-20%

Water Volumes,

Rig Count and

Crude Oil Price

Higher Prices

20-25%

Primary Drivers:

Benefits From:

FY18 Forecasted

EBITDA

Contribution %:

NGL LOGO

The NGL business model has evolved into a vertically integrated business mix that serves as a natural hedge,

mitigating the impact of commodity price volatility across all segments

Crude

Logistics Water

Solutions

Liquids Retail

Propane Refined Products/

Renewables

Weather and

Heating Demand

Diversified Across Multiple Businesses and Producing Basins

Common Carrier Propane

Pipelines Basins

Grand Mesa Pipeline

Eagle Ford

Marcellus Shale

DJ Basin

Pinedale Anticline

Jonah Field

Niobrara Shale

Green River Basin

Bakken Shale

Wattenberg Field

Mississippi Lime

Granite Wash

Permian Basin

Water Services

NGL Assets

Crude Barges and

Tug Boats

Crude Oil Logistics

Colonial Products Pipeline

Retail Propane

TransMontaigne Terminal

NGL Rack Marketing Terminal

NGL Owned/Leased Assets

NGL Utilized Assets

Assets and Marketing

Presence Santa Fe Products Pipeline

Magellan Products Pipeline

NuStar Products Pipeline

NGL Crude Terminal

NuStar Energy Terminal

NGL Renewable Marketing

Terminal

6

NGL Operational Assumptions

7

Business Strategy

Build a Diversified

Vertically Integrated

Energy Business

Achieve Organic Growth

by Investing in New

Assets

Accretive Growth

through Strategic

Acquisitions

Focus on Businesses

that Generate Long-

Term Fee Based Cash

Flows

Transport crude oil from the wellhead to refiners

Refined Products from refiners to customers

Wastewater from the wellhead to treatment for disposal, recycle or discharge

Natural Gas Liquids from fractionators / hubs to end users, including refiners and retail propane customers

Projects that increase volumes, enhance our operations and generate attractive rates of return

Accretive organic growth opportunities that originate from assets we own and operate

Focused on projects within crude oil logistics, NGL liquids and refined products that provide high quality fee based revenues

Build upon our vertically integrated business

Scale our existing operating platforms

Enhance our geographic diversity

Continue our successful track record of acquiring companies and assets at attractive prices

Focus on long-term fee based contracts and back-to-back transactions that minimize commodity price exposure

Increase cash flows that are supported by certain fee-based multi-year contracts that include acreage dedication and volume commitments

Expand retail propane footprint where business has a high percentage of company owned tanks resulting in strong customer retention rates

Disciplined Capital

Structure

Target leverage levels that are consistent with investment grade companies

Maintain sufficient liquidity to manage existing and future capital requirements and take advantage of market opportunities

Prudent distribution coverage to manage commodity cycles and fund growth opportunities

8

Segment Contribution Recently Announced Divestitures

On December 26th 2017, NGL Energy Partners LP Announced the

Completion of the Sale of its 50% Interest in Glass Mountain Pipeline, LLC

to a fund managed by BlackRock Real Assets in partnership with

Navigator Energy Services for total gross consideration of $300 million

– The resulting debt reduction includes a prepayment in full of $195.0

million of 6.65% senior secured notes due June 19, 2022. Additionally

NGL repurchased approximately $88.7 million in principal amount of

its senior unsecured notes at various prices in the open market during

the quarter ended December 31, 2017

– As of 9/30/17, Glass Mountain Pipeline, LLC contributed

approximately $7.6 million (or $15.2 million annualized) in adjusted

EBITDA to NGL

On November 7th 2017, NGL Energy Partners LP Announced an

Agreement to Sell Certain Retail Propane Businesses to DCC LPG for a

combined $220 Million

– NGL will retain this business through closing, which is scheduled for

March 31, 2018 and will also retain all profits generated through the

closing date

– These assets are expected to generate approximately $20 million in

Adjusted EBITDA from December 1, 2017 through March 31, 2018

resulting in a total value proposition to NGL of approximately $220

million

– The assets represent approximately 25% of FY2018 forecasted

EBITDA for the Retail Propane segment assuming normal weather

($21 million TTM at 9/30/17)

– Terms of the transaction provided for a $20 million cash deposit on

signing, which NGL immediately deployed towards debt repayment

Cushing

Alva

Arnett

Kingfisher

Glass Mountain Pipeline

STACK Extension

Retail Assets

to be Sold

Note: See press releases on NGL Energy Partners website

Value received by NGL from announced divestitures totals ~$520 million

9

Segment Contribution Grand Mesa Pipeline

Source: Active O&G wells denoted with blue dots, current rig locations denoted by a black rig-like icon and the heat map represents permit activity in the last 180 days based on data

from DrillingInfo as of 6/21/17

Grand Mesa Pipeline NGL Crude Terminal

DJ Basin

Niobrara Shale

Wattenberg Field

Cushing Storage

= Lucerne & Riverside

= Platteville

Grand Mesa

Share of

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

16 total truck unloading bays capable of unloading over 325

trucks per day in aggregate

620,000 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 4.6 million barrels of total shell

capacity

Offers producers connectivity to multiple markets

including the Gulf Coast via TransCanada Marketlink

Financial

Guidance

Year 1 EBITDA: ~$120 million (11/2016 – 10/2017)

Year 2 EBITDA: ~$150 million (11/2017 – 10/2018)

Average remaining contract term on the pipeline is

approximately 8 years

10

Operating Segments

11

Segment Contribution Crude Oil Logistics

Area of Operation

Assets

Asset Summary

4 NGL Crude Logistics Tows NGL Cushing Crude Oil Storage Tanks

Crude Oil Pipelines

– 100% interest in Grand Mesa Pipeline; 150MBPD

capacity

– Ship on 16 common carrier pipelines

Crude Oil Storage

– Own 8 storage terminal facilities

– 4.6 MMbbls of storage in Cushing

– 1.6 MMbbls of storage in addition to Cushing

Crude Oil Transportation

– 29 LACT units, ~155 owned trucks and ~246 trailers

– ~797 GP railcars leased or owned

– Own 10 tows, 20 barges, >25Mbbls per barge capacity

$-

$20

$40

$60

$80

$100

12/31/2014 12/31/2015 12/31/2016 12/31/2017

12

Segment Contribution Crude Oil Logistics

Crude WTI Spot Price Adjusted EBITDA (In Millions)

Crude BBL’s/Day (In Thousands) FY 2018 Assumptions

$28

$73 $61 $59

$125

$-

$50

$100

$150

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018E

126

230 184

94 112

- - - 42

80

0

100

200

300

400

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018E

Crude Oil Logistics Grand Mesa

Grand Mesa Pipeline

– Total volumes average ~80kbpd

– 10kbpd of walkup volume included

– Contributes ~$130 million in Adjusted EBITDA

Crude Assets

– Full year contribution from the Houma Terminal and Port

Comfort Terminal

Crude Oil Marketing/Transportation

– Crude Marketing assumes volumes growth from full year of

Grand Mesa and other recently completed assets

– Crude Transportation includes Marine, Trucking, and Rail

assets

– Average WTI Crude Price of $52.03

13

Segment Contribution Water Solutions

Area of Operation

Assets

Asset Summary

NGL saltwater disposal facility with solids processing capacity

72 water treatment and disposal facilities, including 94 wells across the Permian (35), Eagle Ford (31), DJ (21), Bakken (3), Granite Wash (3) and Pinedale Anticline (1) basins

Combined total of ~1.7 million bpd of disposal capacity

8 facilities that can dispose of solids such as tank bottoms and drilling fluids

1 facility in the Pinedale Anticline that can process water to a recycle and discharge (freshwater) standard

Numerous water pipelines which directly connect from oil and gas producing wells to NGL’s salt water disposal facilities

– Currently ~200kbpd of wastewater on pipelines, continuing to increase across our footprint

0

100

200

300

400

500

600

12/31/2014 12/31/2015 12/31/2016 12/31/2017

Permian Basin Eagle Ford Basin DJ Basin

$68

$126

$72 $63

$105

$-

$50

$100

$150

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018E

207

443

570 502

665

2.4

3.4 3.0

2.0

2.8

-

1.0

2.0

3.0

4.0

5.0

0

200

400

600

800

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018E

Water BPD Skim Oil BPD

14

Segment Contribution Water Solutions

U.S Oil Rig Count(1) Adjusted EBITDA (In Millions)

Water Disposal BBL’s/Day (In Thousands) FY 2018 Assumptions

Water disposal volume averages 665kbpd

– Primary growth focused in Permian (Delaware) and DJ basins

– FY18 exit volumes over 748kbpd

Average skim oil percentage forecasted at 0.42% for each disposal volume

– Average WTI Crude Price of $52.03

Pipelines, Solids disposal, Washouts, and other service revenues increase with volumes

Growth capital adds 3 new facilities and 6 new disposal wells to existing footprint

(1) Baker Hughes as of January 2017.

15

Segment Contribution Liquids

Area of Operation

Assets

Asset Summary

Railcar Rack NGL Thackerville Liquids Terminal West Memphis NGL Wholesale Liquids Terminal

21 terminals serving over 400 customers

– 12 terminals with rail unloading capability, 4 multi-

product terminals, 9 pipe-connected terminals

Approximately 3.5 million barrels of leased underground

storage, 0.35 million barrels of above ground storage

Sawtooth NGL Caverns - 5 Caverns with ~6.1 million

barrels of butane and propane storage capacity in Utah

Shipper on 5 common carrier pipelines

~ 5,000 leased railcars

– A portion of these railcars roll off lease in FY 2018

16

Segment Contribution Liquids

Heating Degree Days Adjusted EBITDA (In Millions)

Propane, Butane & Other NGL’s GAL’s/Day (In Thousands)

Propane, Butane & Other NGL’s Margin/GAL

$87 $93 $101

$64

$85

$-

$50

$100

$150

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018E

3,261 3,522 3,400 3,471

4,559

1,180 1,320 1,251 1,182

2,155

1,081 986 941 839

0

1,000

2,000

3,000

4,000

5,000

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018E

Propane Butane Other NGLs

$0.06

$0.04 $0.04 $0.03 $0.03

$0.13

$0.11

$0.06 $0.06

$-

$0.05

$0.10

$0.15

$0.20

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018E

Propane Margin Butane Margin

Note: Did not provide butane volumes and margins in FY2014 and prior

17

Segment Contribution Retail Propane

Area of Operation

Assets

Asset Summary

Propane storage tanks at retail location Propane delivery truck

Own or lease 128 customer service locations

Own or lease 119 satellite distribution locations

Aggregate propane storage capacity of 17.5 million gallons

Aggregate distillate storage capacity of 5.6 million gallons

Own 500 bulk storage tanks with capacities ranging from 2,000 to 90,000 gallons

72% residential customers; 27% commercial and industrial customers

18

Segment Contribution

Sample of Trade Names Adjusted EBITDA (In Millions)

Propane & Distillate GAL’s/Day (In Thousands)

Retail Propane

Total Propane Volume and Heating Degree Days(1)

$91 $97 $79

$91 $105

$-

$50

$100

$150

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018E

445 464 416

487 510

96 96 84 82 93

$0.96 $0.98

$1.08 $0.99

$0.94

$0.53 $0.59

$0.54 $0.59

$0.53

$-

$0.50

$1.00

$1.50

0

100

200

300

400

500

600

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018E

Propane Distillate

Propane Margin Distillate Margin

162,361 169,279 152,238

177,599 186,073

4,731 4,487

3,729 3,831 4,016

-

1,000

2,000

3,000

4,000

5,000

0

50,000

100,000

150,000

200,000

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018E

Degree Days

GAL’s (In Thousands)

Retail Propane Volumes Heating Degree Days

(1) NOAA National Centers for Environmental information, Climate at a Glance: U.S. Time Series, Heating Degree Days, published June 2017, retrieved on June 22,

2017 from http://www.ncdc.noaa.gov/cag/

19

Segment Contribution Refined Products/Renewables

Area of Operation

Assets

Asset Summary

Collins, MS Refined Products Terminal E Energy Adams Ethanol Plant

Line Space on the Colonial and Plantation pipelines

Sales from approximately 200 terminals over 37 states

Approx. 9.0 million barrels of storage capacity

Long-term Lease of TLP SE Terminals along Colonial and

Plantation pipelines

– Additional Storage capacity throughout the United States

Rack sales through common carrier pipeline terminals

Equity owner in Ethanol Plant in Nebraska

7,500

8,000

8,500

9,000

9,500

10,000

2011 to 2015 Range

2011 to 2015 Average 2016

2017

20

Segment Contribution

DOE Total U.S. Gas Supplied(1) Adjusted EBITDA (In Millions)

Refined Products/Renewables BBL’s/Day (In Thousands) FY 2018 Assumptions

Refined Products/Renewables

$8

$79

$134 $125

$100

$-

$50

$100

$150

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018E

27

186

270

386 337

10 15 16 19 21

$0.05

$0.03 $0.02 $0.05

$0.01 $0.02

$-

$0.02

$0.04

$0.06

$0.08

$0.10

0

100

200

300

400

500

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018E

Refined Products Renewables

Refined Products Margin Renewables Margin

(1) Department of Energy EIA weekly data for 12/22/17.

Southeast (Colonial and Plantation pipelines)

– Total volumes average approximately 160kbpd

– Average margin of $0.0325 per gallon

– Additional storage at Collins and butane blending to contribute a full year

Rack & Mid-Continent

– Diesel demand growth in the Permian basin

– Increased storage capacity by ~250kbbls

Renewables

– No significant legislative impact

21

Financial Overview

22

Financial Objectives

The Partnership has made significant strides and will continue to

pursue a flexible balance sheet with a leverage target of less than

3.25x on a compliance basis

Goal of achieving investment grade rating

Increasing fee-based business and long-term contracts with high

credit quality customers

Transitioning to a more traditional midstream repeatable cash flow

model

Continue to pursue opportunities to find and execute on low cost of

capital financing in the current and future environments

Consistently pursuing strategies that increase NGL’s unit price and

lower cost of debt

Five business segments provide multiple growth platforms

Accretive growth through organic growth projects and strategic

acquisitions focused on assets backed by multi-year fee based

contracted cash flows

Sufficient liquidity to operate the business and execute growth objectives

Targeting over 1.3x distribution coverage

Excess distribution coverage will be used to strengthen the balance

sheet and fund growth opportunities

Strong Balance

Sheet

Cash Flow

Predictability

Lower Cost of

Capital

Accretive Capital

Projects

Robust Distribution

Coverage

2Q '18 2Q '17 % Variance

Total Volume (In Thousand's)

Refined Products/Renewables

Gasoline (BBL's) 26,459 23,107 15%

Diesel (BBL's) 14,880 14,341 4%

Ethanol (BBL's) 978 1,035 -6%

Biodiesel (BBL's) 568 464 22%

Crude Oil (BBL's) 8,562 7,770 10%

Liquids

Propane (GAL's) 257,775 222,352 16%

Butane (GAL's) 125,419 102,147 23%

Other NGL's (GAL's) 102,009 86,817 17%

Retail Propane

Propane (GAL's) 28,182 23,745 19%

Distillates (GAL's) 3,203 2,949 9%

Water Disposal (BBL's) 59,648 45,749 30%

Total Revenue 3,923.3$ 3,045.5$ 29%

Total Cost of Sales 3,770.7$ 2,928.7$ 29%

Adjusted EBITDA 90.8$ 75.5$ 20%

Distributable Cash Flow 35.3$ 39.3$ -10%

Distribution to LP Unitholders 0.39$ 0.39$ 0%

TTM Distribution Coverage 0.80x 1.22x

Maintenance Capex 7.9$ 6.4$ 23%

Growth Capex with Investments 57.3$ 151.8$ -62%

Covenant Compliance Leverage 5.42x 4.15x

Total Debt (Excluding Working Capital Facility) 2,195.4$ 2,374.0$ -8%

Working Capital Facility 869.5$ 710.5$ 22%

Total Liquidity 696.8$ 222.1$ 214%

23

2nd Quarter Update

Segment Summary

– Refined Products/Renewables performed in-line with expectations

– Grand Mesa outperformed expectations while the rest of Crude

Logistics performed in-line with expectations

– Liquids continued to be impacted by unrecovered railcar fleet costs

and excess storage capacity but performed generally in-line with

expectations

– Retail Propane performed in-line with expectations

– Water Solutions outperformed expectations and has continued to

benefit from the increased rig counts and increased completion

activities related to drilled but uncompleted wells in the basins in which

it operates, particularly in the Permian Basin

Quarterly Summary Performance ($’s In Millions)

(1) Does not include acquisition expenses.

(2) Covenant Compliance Leverage excludes the working capital facility and includes Pro Forma or add-backs for projects in construction or recently purchased.

(1)

(2)

(1)

Executed balance sheet and leverage improving transactions:

– Note Repurchases:

• Repurchased approximately $44.0 million of outstanding

Unsecured Notes, at an average price of approximately $0.94

on the dollar

– Equity Repurchases:

• Repurchased approximately 1.2 million of common units for a

total cost of approximately $11 million, or just over $9 per unit

• Recent purchases bring the total number of common units

repurchased to approximately 3.7 million, offsetting most of the

4.4 million warrants issued to Oaktree

1.0x

1.2x

1.0x

1.3x 1.2-1.3x

FY 2014 FY 2015 FY2016 FY 2017 FY 2018E

$169

$320

$274

$235

$285-310

$168

$266 $290

$182

$225

FY 2014 FY 2015 FY2016 FY 2017 FY 2018E

Distributable Cash Flow Distributions

24

Performance Metrics

Distributable Cash Flow & Total Distributions (In Millions)

Adjusted EBITDA (In Millions) Acquisition, Growth and Maintenance Capex (In Millions)

Distribution Coverage

1.3x

Target

(1) Does not include TLP capital expenditures (2) Includes the GP and preferred unit distributions if any

(1)

(2)

$24

$184

$271

$443 $424 $381

$475-500

IPO FY 2013 FY 2014 FY 2015 FY2016 FY 2017 FY 2018E

$491

$1,269

$961

$138 $164

$- $59

$133 $160

$600

$334

$150-200

$14 $32 $35 $30 $26 $30

FY 2013 FY 2014 FY 2015 FY2016 FY 2017 FY 2018E

Acquisitions Growth Capital Maintenance Capital

2Q '18 1Q '18 Variance

Cash and Equivalents 18,407$ 19,548$ (1,141)$

Total Debt:

Senior Secured Revolving Credit Facilities

Working Capital Facility 869,500 769,500 100,000

Acquisition Facility 102,000 - 102,000

6.650% Senior Secured Notes due 2022 195,000 195,000 -

5.125% Senior Notes due 2019 360,781 362,256 (1,475)

6.875% Senior Notes due 2021 367,048 367,048 -

7.500% Senior Notes due 2023 673,543 700,000 (26,457)

6.125% Senior Notes due 2025 484,300 500,000 (15,700)

Other Long-Term Debt 12,756 14,321 (1,565)

Total Debt, Excluding Working Capital Facility 2,195,428$ 2,138,625$ 56,803$

10.75% Class A Convertible Preferred Units 71,009$ 67,048$ 3,961$

Redeemable Noncontrolling Interest 3,129 3,251 (122)

Equity:

General Partner (50,872) (50,651) (221)

Limited Partners 1,819,491 2,063,470 (243,979)

Class B preferred limited partners 202,755 202,977 (222)

Accumulated Other Comprehensive Loss (2,262) (2,203) (59)

Noncontrolling interests 7,181 7,285 (104)

Total Capitalization 4,245,859$ 4,429,802$ (183,943)$

$972

$361 $367

$657

$413

$-

$200

$400

$600

$800

$1,000

$1,200

Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25

Credit Facility due 10/2021 5.125% Notes due 7/2019 6.875% Notes due 10/2021

6.650% Notes due 6/2022 7.500% Notes due 11/2023 6.125% Notes due 2/2025

2.9x

3.2x 3.2x

3.9x

4.7x

3.5x-4.0x

.0x

1.5x

3.0x

4.5x

6.0x

FY 2013 FY 2014 FY 2015 FY2016 FY 2017 FY 2018E

Credit Profile

Pro Forma Debt Maturities as of 9/30/17(3) (In Millions)

Covenant Compliance Leverage

3.25x

Target

Capitalization (In Thousands)

(1) Covenant Compliance Leverage excludes acquisition expenses, excludes the working capital facility and includes Pro Forma or add-backs for projects in construction or recently purchased. Total Indebtedness at

September 30, 2017 per the Partnership’s Credit Facility and used for covenant compliance totaled $2.2 billion.

(2) Convertible Preferred Units included in Total Partners Capital calculation.

(3) Pro Forma for use of proceeds from sale of Glass Mountain which closed in December 2017.

(1)

25

This

is

tied

out

NGL Operational Assumptions

26

Key Investment Highlights

Diversified and

Attractive Asset Base

Multiple business segments with significant geographic diversity reduce cash flow volatility

Presence in the highest rate of return oil & gas producing regions in North America as well as the highest growing

population areas for consumer demand

Natural hedge between 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 revenues in normal commodity price environment

Strong Credit Profile and

Liquidity

Targeting a capital structure with compliance leverage of under 3.25x

Targeting a distribution coverage over 1.3x on a TTM basis

Excess distribution coverage will be reinvested in growth opportunities and reduce indebtedness

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 65% is held by current and former management

and directors, with no indebtedness

27

Appendix

28

NGL Organizational Chart

NGL Energy Holdings LLC

G.P. (DE LLC) 0.1% GP Interest

IDR’s

NGL Energy Operating LLC

(DE LLC)

NGL Water Solutions (NGL Water Solutions, LLC)

Members

(1) Includes the operations of our Legacy Gavilon crude oil logistics, refined products, and renewables businesses.

99.9% LP Interest

Limited Partners

NGL Energy Partners LP (NYSE: NGL)

(DE LP)

NGL Liquids (NGL Liquids, LLC)

NGL Retail Propane (NGL Propane, LLC)

NGL Refined

Products/Renewables (TransMontaigne LLC)

100%

100%

NGL Crude Logistics (NGL Crude Logistics, LLC) (1)

120,512,692 C.U. Outstanding

29

2Q’18 Adjusted EBITDA Walk

 

  2017 2016 2017 2016

 

Net (loss) income (173,579)$ (66,658)$ (237,286)$ 116,095$

Less: Net (income) loss attributable to noncontrolling interests (80) 59 (132) (5,774)

Less: Net loss attributable to redeemable noncontrolling interests 288 - 685 -

Net (loss) income attributable to NGL Energy Partners LP (173,371) (66,599) (236,733) 110,321

Interest expense 50,288 33,489 99,566 63,797

Income tax expense 111 460 570 922

Depreciation and amortization 69,426 54,522 137,489 107,102

EBITDA (53,546) 21,872 892 282,142

Net unrealized losses on derivatives 18,077 2,293 16,076 3,220

Inventory valuation adjustment (2,165) 39,530 (21,347) 32,693

Lower of cost or market adjustments 5,333 (393) 9,411 108

Loss (gain) on disposal or impairment of assets, net 111,451 851 100,238 (203,504)

Gain (loss) on early extinguishment of liabilities, net (1,943) (938) 1,338 (30,890)

Revaluation of investments - - - 14,365

Equity-based compensation expense 6,065 10,660 14,886 32,994

Acquisition expense 264 724 (54) 1,161

Revaluation of liabilities 5,600 - 5,600 -

Other 1,616 889 2,641 7,117

Adjusted EBITDA 90,752 75,488 129,681 139,406

Less: Cash interest expense 47,344 30,637 93,715 58,391

Less: Income tax expense 111 460 570 922

Less: Maintenance capital expenditures 7,994 6,401 14,521 12,696

Less: Other 233 - 233 -

Distributable Cash Flow 35,070$ 37,990$ 20,642$ 67,397$

Three Months Ended September 30, Six Months Ended September 30,

(in thousands)

30

2Q’18 & 2Q’17 Adjusted EBITDA by Segment

Crude Oil Logistics Water Solutions Liquids Retail Propane

Refined Products and

Renewables

Corporate and

Other Consolidated

Operating income (loss) 1,196$ (7,548)$ (118,107)$ (9,226)$ 21,042$ (16,459)$ (129,102)$

Depreciation and amortization 20,958 25,253 6,141 11,613 324 919 65,208

Amortization recorded to cost of sales 84 - 71 - 1,351 - 1,506

Net unrealized losses on derivatives 2,170 3,022 12,682 203 - - 18,077

Inventory valuation adjustment - - - - (2,165) - (2,165)

Lower of cost or market adjustments - - (2,476) - 7,809 - 5,333

(Gain) loss on disposal or impairment of assets, net (157) 915 117,729 493 (7,528) - 111,452

Equity-based compensation expense - - - - - 6,065 6,065

Acquisition expense - - - - - 264 264

Other income, net 50 2 3 69 167 1,605 1,896

Adjusted EBITDA attributable to unconsolidated entities 3,798 127 - (19) 1,216 - 5,122

Adjusted EBITDA attributable to noncontrolling interest - (190) - 70 - - (120)

Revaluation of liabilities - 5,600 - - - - 5,600

Other 1,502 92 22 - - - 1,616

Adjusted EBITDA 29,601$ 27,273$ 16,065$ 3,203$ 22,216$ (7,606)$ 90,752$

Crude Oil Logistics Water Solutions Liquids Retail Propane

Refined Products and

Renewables

Corporate and

Other Consolidated

Operating (loss) income (19,039)$ (4,430)$ 8,384$ (8,717)$ 11,387$ (23,413)$ (35,828)$

Depreciation and amortization 9,025 25,129 4,425 10,705 416 903 50,603

Amortization recorded to cost of sales 100 - 195 - 1,454 - 1,749

Net unrealized losses (gains) on derivatives 1,613 (2,193) 2,734 139 - - 2,293

Inventory valuation adjustment - - - - 39,530 - 39,530

Lower of cost or market adjustments - - - - (393) - (393)

Loss (gain) on disposal or impairment of assets, net 8,477 (11) 17 (65) (7,563) (3) 852

Equity-based compensation expense - - - - - 10,660 10,660

Acquisition expense - - - - - 724 724

Other income, net 145 - 24 139 11 1,762 2,081

Adjusted EBITDA attributable to unconsolidated entities 2,386 46 - (111) 782 - 3,103

Adjusted EBITDA attributable to noncontrolling interest - (794) - 19 - - (775)

Other 793 76 20 - - - 889

Adjusted EBITDA 3,500$ 17,823$ 15,799$ 2,109$ 45,624$ (9,367)$ 75,488$

Three Months Ended September 30, 2017

(in thousands)

Three Months Ended September 30, 2016

(in thousands)