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- Goodwill Impairment (worsened) — Goodwill impairment charge surged to $950.0 million in FY2026 from $66.75 in FY2025, indicating material deterioration in fair value of Crude Oil Logistics reporting unit.
NGL completes $1.4B asset sales, refinances debt, expands water infrastructure
Filed May 28, 2026 · Period ending March 31, 2026 · Compared to 10-K May 29, 2025 · ~1 min read
Key Changes
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Closed three major asset sales in April 2025 (Water Solutions assets, refined products, wholesale propane/NGL terminals) totaling approximately $1.4B, repositioning as pure-play water solutions platform.
Business: FY2026 asset dispositions verify on EDGAR → -
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Refinanced $950M debt via new 7-year Term Loan B in March 2026; repurchased $422.5M of Class D preferred units, reducing future distribution obligations but shrinking working capital cushion from $222.8M to $34.5M.
MD&A: Debt refinancing & preferred buyback verify on EDGAR → -
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Recorded $247.8M goodwill impairment in FY2026 (vs. $66.75 in FY2025), primarily in Crude Oil Logistics segment, signaling deteriorating asset values despite operational improvements elsewhere.
MD&A: Goodwill impairment verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Source-verified from EDGAR · Narrative written by AI · May 29, 2026 · How we verify