NGL Energy Partners LP Provides Update on Debt Reduction and Interest Savings

TULSA, Okla.–(BUSINESS WIRE)–NGL Energy Partners LP (NYSE:NGL) today announced that it has completed
a portion of its deleveraging plan utilizing the $300 million in
proceeds received from the sale of its 50% interest in Glass Mountain
Pipeline, LLC (“Glass Mountain”). The resulting debt reduction includes
a prepayment in full of all its 6.65% senior secured notes due June 19,
2022. The effective interest rate of the senior secured notes was 8.40%
at the time of prepayment on December 29, 2017. In accordance with the
terms of the senior secured notes, the prepayment included a make-whole
premium of approximately $17.5 million, in addition to the outstanding
principal balance and accrued interest.

NGL has also repurchased approximately $88.7 million in principal amount
of its senior unsecured notes at various prices in the open market
during the quarter ended December 31, 2017. The weighted average price
paid in these open market transactions was approximately 98.8% of par
value.

This debt reduction and interest savings reflect a significant move
towards accomplishing NGL’s goals of deleveraging the balance sheet,
increasing its financial flexibility, simplifying its capital structure,
and increasing distribution coverage by reducing interest expense in the
coming quarters.

The following table summarizes the balances as of December 31, 2017 for
the senior secured notes and the senior unsecured notes:

In addition to the sale of Glass Mountain, NGL expects to close its
previously announced $200 million sale of certain Retail Propane assets
to DCC LPG on March 31, 2018 and plans to utilize the proceeds from that
transaction to further reduce indebtedness.

Forward-Looking Statements

Certain matters contained in this Press Release include "forward-looking
statements." All statements, other than statements of historical fact,
included in this Press Release may constitute forward-looking
statements. Although we believe that the expectations reflected in these
forward-looking statements are reasonable, we cannot assure you that
these expectations will prove to be correct. These forward-looking
statements are subject to certain known and unknown risks and
uncertainties, as well as assumptions that could cause actual results to
differ materially from those reflected in these forward-looking
statements. Factors that might cause actual results to differ include,
but are not limited to, the risk factors discussed from time to time in
each of our documents and reports filed with the SEC.

Readers are cautioned not to place undue reliance on any forward-looking
statements contained in this Press Release, which reflect management's
opinions only as of the date hereof. Except as required by law, we
undertake no obligation to revise or publicly release the results of any
revision to any forward-looking statements.

About NGL Energy Partners LP

NGL Energy Partners LP is a Delaware limited partnership. NGL owns and
operates a vertically integrated energy business with five primary
businesses: water solutions, crude oil logistics, NGL logistics, refined
products/renewables and retail propane. For further information, visit
the Partnership's website at www.nglenergypartners.com.

Contacts

NGL Energy Partners LP
Trey Karlovich, 918-481-1119
Executive
Vice President and Chief Financial Officer
[email protected]
or
Linda
Bridges, 918-481-1119
Vice President – Finance and Treasurer
[email protected]