NGL Energy Partners posted Q4 adjusted EBITDA of $176.4M, beating estimates and exceeding FY 2026 guidance midpoint by $5M. FY 2027 adjusted EBITDA guidance of $715–725M reflects 10% growth, driven by strong Water Solutions momentum and not factoring in high oil prices or new contracts. Capital structure improvements include significant Class D preferred unit repurchases, refinancing with a new $950M term loan, and a new $100M common unit buyback authorization.