UBS Conference January 2017 Company Information NGL Energy Partners - PowerPoint PPT Presentation

UBS Conference January 2017

Company Information NGL Energy Partners LP Forward Looking Statements NYSE Ticker NGL This presentation includes “forward looking statements” within the meaning of federal securities laws. All statements, other than statements of historical fact, (1) Unit Price $ 21.15 included in this presentation are forward looking statements, including Market Capitalization (1)(2) $ 2.51 Billion statements regarding the Partnership’s future results of operations or ability to (1)(2) generate income or cash flow, make acquisitions, or make distributions to Enterprise Value $ 6.58 Billion unitholders. Words such as “anticipate,” “project,” “expect,” “plan,” “goal,” (1)(2) Yield 7.38% “forecast,” “intend,” “could,” “believe,” “may” and similar expressions and statements are intended to identify forward-looking statements. Although Contact Information management believes that the expectations on which such forward-looking statements are based are reasonable, neither the Partnership nor its general Corporate Headquarters partner can give assurances that such expectations will prove to be correct. Forward looking statements rely on assumptions concerning future events and NGL Energy Partners LP are subject to a number of uncertainties, factors and risks, many of which are 6120 South Yale Avenue, Suite 805 outside of management’s ability to control or predict. If one or more of these Tulsa, Oklahoma 74136 risks or uncertainties materialize, or if underlying assumptions prove incorrect, the Partnership’s actual results may vary materially from those anticipated, Website estimated, projected or expected. www.nglenergypartners.com 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, 2016 and in the other Investor Relations reports it files from time to time with the Securities and Exchange Commission. Contact us at (918) 481-1119 Readers are cautioned not to place undue reliance on any forward-looking or e-mail us at statements contained in this presentation, which reflect management’s opinions only as of the date hereof. Except as required by law, the Partnership InvestorInfo@nglep.com undertakes no obligation to revise or publicly update any forward-looking statement. 2 (1) Market Data as of 1/3/2017 (2) Unit Count and Balance Sheet Data as of 9/30/2016, Market Cap. And Enterprise Value include Preferred Equity

NGL Energy Partners LP Overview 3

Business Overview NGL Energy Partners LP Refined Products/ Crude Logistics Water Solutions Liquids Retail Propane Renewables Blending and Wholesale Crude Oil Volumes and Water Volumes and Primary Drivers: Butane/Propane Heating Demand Motor Fuels Demand Storage Crude Oil Price Demand and Storage Benefits From: Higher and Lower Prices Higher Prices Lower Prices Lower Prices Lower Prices  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  Size and quality of cash flows have transitioned NGL into a more traditional midstream platform  Diversified business segments with medium and long-term contracts allow for steady fee based cash flow generation in any price environment  Predominantly fee-based segments to make up a larger proportion of future total cash flow  Offers producers and customers a menu of midstream services 4

Diversified Across Multiple Businesses and Producing Basins Bakken Shale Marcellus Shale Green River Basin Pinedale Anticline DJ Basin Jonah Field Niobrara Shale Wattenberg Field Mississippi Lime Granite Wash NGL Owned/Leased Assets NGL Utilized Assets Permian Basin NGL Assets NGL Rack Marketing Terminal Water Services TransMontaigne Terminal Retail Propane NGL Renewable Marketing Terminal Crude Barges and NuStar Energy Terminal Tug Boats Eagle Ford Common Carrier Propane Crude Oil Logistics Pipelines Basins NGL Crude Terminal Colonial Products Pipeline Assets and Marketing Santa Fe Products Pipeline Glass Mountain (50%) Presence Magellan Products Pipeline Grand Mesa Pipeline NuStar Products Pipeline 5

Segment Contribution Positioned for growth with a well-capitalized balance sheet Business Update Balance Sheet Highlights  Market cap: $2.51bn ($21.15 per unit on 1/3/17 and $240mm in 1 2 3 4 preferred equity)  FY 2017E compliance leverage: 3.8x – 3.9x Reduce Capital Strengthen Lower Cost Enhanced – FY 2017E EBITDA guidance: $485-500mm (only includes 5 Requirements Balance Sheet of Capital Liquidity months of Grand Mesa) – 9/30/16 debt: $2,353mm (Excluding WC Facility) Grand Mesa  Grand Mesa Operational 11/1/16    Combination with  Sawtooth expansion complete in mid-November Saddlehorn  In December 2016, announced intention to acquire certain terminal facilities from Murphy Energy Corporation  Houma Crude Terminal in service 1/5/17 Sale of     TransMontaigne  Point Comfort terminal assets in service April 2017 GP and LP Units  Glass Mountain Pipeline STACK Extension expected to be complete in Q417 (Calendar)  Sale of TransMontaigne GP and LP units, combination of Grand Mesa Retired Debt at a   / Saddlehorn, issuance of preferred equity to Oaktree and Senior Discount Notes offering solidified balance sheet FY 2017E EBITDA by Segment (a) Oaktree Water Partnership and     Solutions Refined Preferred Equity 15% Products / Raise Renewables 29% Liquids    ATM 18% Senior Notes   Offering Retail Crude Oil Propane Logistics 21% 17% 6 (a) Segment EBITDA totals are as follows: $150mm for refined products and renewables, $90mm for crude oil logistics, $105mm for retail propane, $90mm for liquids, and $75mm for water solutions; excludes overhead.

Segment Contribution Grand Mesa Pipeline  Grand Mesa Pipeline delivers crude oil from the DJ Basin to DJ Cushing, OK with origin points located in Weld County at Basin Lucerne and Riverside, Colorado  Platteville to Cushing pipeline segment is a 20-inch undivided joint interest pipeline with Saddlehorn in which Grand Mesa Niobrara Shale owns 150,000 bpd of the pipeline capacity (37.5% undivided joint interest) Wattenberg Field – Operating costs are allocated based on proportionate ownership interest and throughput  Crude oil shipments commenced October 3, 2016 and NGL Crude Terminal Cushing Storage Grand Mesa Pipeline commercial operations commenced November 1, 2016 – Year 1 EBITDA: ~$120 million (11/2016 - 10/2017) – Year 2 EBITDA: ~$150 million (11/2017 - 10/2018) – Average contract term on the pipeline is approximately nine Legend years Oil and Gas Permits  EBITDA forecast includes all expected re-contracting and Pending Oil and Gas Permits current operating assumptions, including 12/17/2016 Term Sheet with Bonanza Creek DJ Basin – Bonanza Creek filed Term Sheet as part of pre-packaged Lucerne Grand Mesa Chapter 11 filing Riverside Grand Mesa – Seven year contract with 100% Volume Dedication and 1-rig drilling program to establish MVC after 2017 capped at Platteville Saddlehorn 20,000 barrels per day Denver – Rate includes wellhead differential based on WTI with $4.25/bbl floor growing to $5.25/bbl floor 7 Source: Colorado Oil & Gas Conservation Commission http://cogcc.state.co.us/#/home

Segment Contribution STACK Extension / Murphy Energy Asset Purchase  Glass Mountain Pipeline is a joint venture owned equally with SemGroup Corporation. The current pipeline is 215 miles long and delivers crude oil from the Mississippi Lime and Granite Wash plays to Cushing, Oklahoma. Alva ─ Glass Mountain has entered into a long-term, fee-based transportation agreement Glass Mountain Pipeline with a large investment grade producer in the STACK that includes a committed area of dedication, and plans to build the STACK extension. STACK Extension Cushing ─ The STACK extension will provide producers a cost-effective and reliable Arnett transportation solution from the STACK region to Glass Mountain’s storage facilities in Cushing with further delivery to refineries in the Mid-Continent and along the Gulf Kingfisher Coast. ─ The approximately 44-mile extension will tie-in to the existing Glass Mountain mainline. ─ Route selection is complete and right-of-way acquisition is underway. Pending regulatory requirements, the extension is expected to be completed in 4Q17 (calendar).  In December 2016, NGL announced its intention to acquire certain assets from Murphy Energy Corporation for a total purchase price of ~$51 million.  Kingfisher Facility is a Y-grade, condensate, and crude oil facility with connection to the Chisholm NGL Pipeline and the Conway Fractionation complex. ─ Provides multiple truck unloading stations, 450,000 gallons of storage, a methanol extraction tower and 5,000 bpd condensate splitter. ─ Strategically located in the STACK and SCOOP plays of central Oklahoma. ─ Crude oil from the Kingfisher facility is expected to be delivered to Cushing via the GMP STACK Extension.  Port Hudson NGL terminal is a motor fuel blending facility strategically located along the Colonial Pipeline. ─ Truck unloading and storage facility with total capacity of 720,000 gallons of Butane and Naphtha for motor fuel blending. Port Hudson, Louisiana Terminal ─ Business is supported by long-term exclusive supply contracts 8