NGL ENERGY PARTNERS LP NGL

Competitive advantage analysis · energy

Corporate Default
Overall moat score
32/100
Developing

Ranked against 67 peers in Oil & Gas Midstream

About NGL ENERGY PARTNERS LP

NGL Energy Partners LP engages in the transportation, storage, blending, and marketing of crude oil, natural gas liquids, refined products/renewables, and water solutions in the United States. It operates through three segments: Water Solutions, Crude Oil Logistics, and Liquids Logistics. The Water Solutions segment transports, treats, recycles, and disposes produced and flowback water generated from crude oil and natural gas … Full NGL analysis →

Key strengths

  • Margins Stable Across Cycles Operating margin volatility is low (stability score 0.75), demonstrating pricing resilience across cycles.

Key risks

  • ROIC Below WACC or Peers ROIC at 13.3th percentile suggests inefficient capital deployment.
  • Elevated Debt Risk Debt serviceability is weak (score 0.07), raising refinancing risk.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

Upgrade to unlock the signals and evidence behind each defense.

Premium access

Unlock full defense analysis

Get key signals, strengths, and risks for every moat dimension.

Upgrade to Premium Unlock all moat defenses and evidence.

Pricing Power

Developing
38
Premium

Signals, strengths and risks for Pricing Power

Premium

Signals, strengths and risks for Cost Advantage

Premium

Signals, strengths and risks for Customer Stickiness

Premium

Signals, strengths and risks for Capital Efficiency

Premium

Signals, strengths and risks for Resilience

Premium

Signals, strengths and risks for Scale & Market Position

Where NGL ranks in Oil & Gas Midstream

NGL ENERGY PARTNERS LP ranks #49 of 56 scored companies in Oil & Gas Midstream by moat score — the top 88%. The widest moat in the group is Hess Midstream LP (HESM) at 84/100.

# Company Moat score Rating
45 Kinetik Holdings Inc. KNTK 35/100 Developing
46 Pyxis Tankers Inc. PXSAW 35/100 Developing
47 CMB.TECH NV CMBT 33/100 Developing
48 Pyxis Tankers Inc. PXS 33/100 Developing
49 NGL ENERGY PARTNERS LP NGL 32/100 Developing
50 CBL International Limited BANL 30/100 Developing
51 Summit Midstream Corporation SMC 29/100 Developing
52 Nordic American Tankers Limited NAT 28/100 Developing
53 Viper Energy, Inc. VNOM 28/100 Developing

See every Commodities & Mining company ranked by moat score →

How NGL scores on the Corporate Default defenses

Pricing Power

Score 38 · 20% of the moat score

Pricing power is the ability to raise prices without losing volume.

Cost Advantage

Score 44 · 15% of the moat score

A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.

Customer Stickiness

Score 37 · 15% of the moat score

Stickiness is what makes revenue repeat without being re-won every year.

Capital Efficiency

Score 9 · 18% of the moat score

Capital efficiency asks what the company earns on the money tied up in the business.

Resilience

Score 26 · 17% of the moat score

Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.

Scale & Market Position

Score 30 · 15% of the moat score

Scale matters only when it converts into economics.

How each Corporate Default defense is measured, in full →

Understanding NGL's moat

What is NGL ENERGY PARTNERS LP's moat score?

NGL ENERGY PARTNERS LP (NGL) scores 32 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #49 of 56 scored companies in Oil & Gas Midstream, the top 88%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 67 companies in Oil & Gas Midstream. Its strongest defense is Cost Advantage (44/100) and its weakest is Capital Efficiency (9/100).

How does NGL ENERGY PARTNERS LP compare with other Oil & Gas Midstream companies?

NGL ENERGY PARTNERS LP ranks #49 of 56 scored companies in Oil & Gas Midstream by moat score. The widest moat in Oil & Gas Midstream is Hess Midstream LP (HESM) at 84/100. The companies ranked closest are Pyxis Tankers Inc. (PXS) at 33 just above it and CBL International Limited (BANL) at 30 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 67 companies in Oil & Gas Midstream. The defenses are then weighted to produce the overall score out of 100.

Why is NGL ENERGY PARTNERS LP scored with the Corporate Default template?

Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.

Which competitive defenses are measured for NGL ENERGY PARTNERS LP?

The Corporate Default template measures 6 defenses, and NGL scores: Pricing Power (38), Cost Advantage (44), Customer Stickiness (37), Capital Efficiency (9), Resilience (26), Scale & Market Position (30). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

Send Feedback
Please select a category.
0/1000