NGL Energy Partners LP: Oil Price Recovery And Contract Visibility Support Upside

NGL Energy Partners LP is rated a buy, with a projected 50% upside based on robust oil and water handling demand into 2026. NGL targets FY 2026 EBITDA of $650–$660 million, driven by record water disposal volumes and 14% YoY growth in dedicated acreage. Minimum Volume Commitments and Contracted Volume Commitments underpin cash flow reliability, supporting the raised EBITDA guidance.