10 unchanged sentences
Our GP’s interest in our distributions may be reduced if we issue additional limited partner units in the future (other than the issuance of common units upon a reset of the IDRs) and our GP does not contribute a proportionate amount of capital to us to maintain its 0.1% GP interest.
−Removed: As of March 31, 2025, we owned 8.69% of our GP.
+Added: As of March 31, 2026, we own 8.69% of our GP.
Incentive Distribution Rights
17 unchanged sentences
In addition, quarterly distributions on the Preferred Units must be fully paid for all preceding fiscal quarters before we are permitted to declare or pay any distributions on our common units.
+Added: Repurchase Program
+Added: On June 5, 2024, the board of directors of our GP authorized a common unit repurchase program, under which we may repurchase up to $50.0 million of our outstanding common units from time to time in the open market, including pursuant to a repurchase program administrated in accordance with Rule 10b5-1 under the Exchange Act, or in other privately negotiated transactions.
+Added: This program does not have a fixed expiration date.
+Added: The common unit repurchase program authorization does not obligate us to repurchase any dollar amount or number of our common units.
+Added: The following table summarizes our common unit repurchases during the three months ended March 31, 2026:
+Added: Total Number of
+Added: Common Units Approximate Dollar Value
+Added: Total Number of Average Price Purchased as Part of Common Units
+Added: Common Units Paid Per of Publicly Announced that May Yet be Purchased
+Added: Period Purchased Common Unit Program under the Program
+Added: January 1-31, 2026 297,126 $ 9.5444 297,126 $ 285,543
+Added: February 1-28, 2026 — $ — — $ 285,543
+Added: March 1-31, 2026 — $ — — $ 285,543
+Added: 297,126 297,126
+Added: On April 8, 2026, the board of directors of our GP authorized another common unit repurchase program, under which we may repurchase up to $100.0 million of our outstanding common units from time to time in the open market, including pursuant to a repurchase plan administrated in accordance with Rule 10b5-1 under the Exchange Act, or in other privately negotiated transactions.
+Added: This program does not have a fixed expiration date.
+Added: The common unit repurchase program authorization does not obligate us to repurchase any dollar amount or number of common units.
+Added: Due to our new program, we do not intend to use the funds remaining under the old program.
Securities Authorized for Issuance Under Equity Compensation Plan
−Removed: In connection with the completion of our initial public offering, our GP adopted the NGL Energy Partners LP Long-Term Incentive Plan.
−Removed: See Part III, Item 12–“Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters –Securities Authorized for Issuance Under Equity Compensation Plan,” which is incorporated by reference into this Item 5.
+Added: In connection with receiving shareholder approval on February 9, 2026, we adopted the 2025 Long-Term Incentive Plan.
+Added: Please read “Securities Authorized for Issuance Under Equity Compensation Plan,” in Part III, Item 12–”Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters,” which is incorporated by reference into this Item 5.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.