analyst day water solutions overview december 17, 2018 · 12/17/2018 · note: highlighted...

Analyst Day

Water Solutions Overview

December 17, 2018

This presentation includes “forward looking statements” within the meaning of

federal securities laws. All statements, other than statements of historical fact,

included in this presentation are forward looking statements, including

statements regarding the Partnership’s future results of operations or ability to

generate income or cash flow, make acquisitions, or make distributions to

unitholders. Words such as “anticipate,” “project,” “expect,” “plan,” “goal,”

“forecast,” “intend,” “could,” “believe,” “may” and similar expressions and

statements are intended to identify forward-looking statements. Although

management believes that the expectations on which such forward-looking

statements are based are reasonable, neither the Partnership nor its general

partner can give assurances that such expectations will prove to be correct.

Forward looking statements rely on assumptions concerning future events

and are subject to a number of uncertainties, factors and risks, many of which

are outside of management’s ability to control or predict. If one or more of

these risks or uncertainties materialize, or if underlying assumptions prove

incorrect, the Partnership’s actual results may vary materially from those

anticipated, estimated, projected or expected.

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,

2018 and in the other reports it files from time to time with the Securities and

Exchange Commission.

Readers are cautioned not to place undue reliance on any forward-looking

statements contained in this presentation, which reflect management’s

opinions only as of the date hereof. Except as required by law, the

Partnership undertakes no obligation to revise or publicly update any forward-

looking statement.

Company Information

Contact Information

Forward Looking Statements NGL Energy Partners LP

(1) Market Data and Unit Count as of 12/14/2018. (NGL-PB ticker for Class B Preferred Units)

(2) Balance Sheet Data as of 9/30/2018, Market Capitalization and Enterprise Value include Preferred Equity

Corporate Headquarters

NGL Energy Partners LP

6120 South Yale Avenue, Suite 805

Tulsa, Oklahoma 74136

Website

www.nglenergypartners.com

Investor Relations

Contact us at (918) 481-1119

or e-mail us at

[email protected]

NYSE Ticker NGL

Unit Price (1) 10.20 $

Market Capitalization (1)(2) 1.69 $ Billion

Enterprise Value (1)(2) 4.31 $ Billion

Yield (1) 15.29%

2

http://www.nglenergypartners.com/

mailto:[email protected]

Agenda

Water Solutions Operations & Overview

NGL Operations & Strategy

Integrated Platform: Services by Region

Contracting Strategy & Operational Efficiencies

Pinedale Anticline

DJ Basin

Eagle Ford Basin

Midland Basin

Delaware Basin

Investment Thesis & Valuation Observations

3

Water Solutions Operations

& Overview

4

1) During the process of drilling or fracking for oil and gas, fresh water is injected (along with other additives) into

the hydrocarbon reservoir to increase pressure allowing the oil and gas to be pumped to the surface.

2) The hydrocarbon reservoirs are also filled with salty water which gets pumped to the surface alongside the oil

and gas. This water is known as “produced water” or brine.

3) The water disposal business disposes of the flow back and produced water by injection into disposal wells

which are wells drilled to specific porous underground formations (deeper than oil or gas producing wells)

which have ample space for the water to disperse

4) NGL generates revenue by providing this disposal service to producers allowing them to continue their drilling

or fracking plans

What is Salt Water Disposal?

5

When an oil or natural gas

well is hydraulically fractured,

typically several million

gallons of water (along with

sand and other additives) are

pumped into a hydrocarbon

bearing rock formation deep

in the ground. Some of this

water will remain locked in

the formation, but some will

come back up through the

well to the surface. The water

is known as “flowback.”

When oil or natural gas is

produced, salty water is

typically produced

alongside it, which is

known as “produced

water” or brine.

Flow back Water Ongoing Produced Water

The Disposal Process

6

Gun Barrel Tanks

Water Tanks

Skim Oil Tanks

Water is piped to well and injected

via Horizontal pumps 0

Oil is picked up and sold

Sand Tanks

Barriers to Entry

Land Owners & Royalties

Long-term Contracts

Local Relationships

Location & Geology Size & Scale

Regulatory

7

Efficiencies of 3rd Party Water Infrastructure Provider

Exploration and Production expertise

Higher cost per BBL

Smaller initial build-out

Lower utilization

Higher volume volatility

Minimal Commercial efforts

Salt Water Disposal expertise

Lower cost per BBL

Larger initial buildout

Higher utilization rates

Lower volume volatility

More efficient capital utilization

Connect disparate acreage blocks

Market competitive rates

Substantial redundancy over significant

territory

Seismic expertise and monitoring

Water Midstream Providers Offer Capital Savings, Operational Efficiencies, and Surety of Disposal to Operators

Producer Owned Water Disposal 3RD Party Water Disposal Vs.

8

New Disposal Facility Development

1. Determine Location for

new facility or well based

on customer needs and

production

2. Consider needs of truck

bay or if new facility is

based solely on piped

volumes

3. Purchase land when

possible to eliminate

royalty and land owner

leverage (risk)

4. Obtain required permits

5. Notify all producers in the

area of plans and

contract as much volume

as possible

Land Purchase and

Permitting Well Development Operational

~$100,000-$500,000 ~$1.5-$2.0 million

1. Move in rig and drill to

required depth (8-12

days in TX, 90 days in

NM)

2. Conduct step-rate test to

ensure well capacity (1-3

days)

3. Order appropriate

injection pumps as

determined by capacity

1. Obtain station power from

local utility

2. Ramp up injection pressure

and continue to monitor

3. Maintain all compliance

requirements and inspections

4. Continue to increase

utilization with additional

pipelines

5. Continue to market facility

Total time to Completion: ~4-6

months + permit approval

Total Investment: ~$4.6-7.5

million

~60-90 days + permit approval ~1-3 weeks

Note: Typical for West Texas Disposal Facility

Surface Development

~$3.0-$5.0 million

1. Order all tanks required

(6-8 week lead time)

• Sand

• Gun-barrel

• Crude Oil

• Water Storage

2. Complete dirt work

3. Assemble tanks, pumps,

and pipelines

4. Build containment walls

5. Initial electrical

installation

~2-3 months

9

Oil Sub-Play Break evens

Source: Wall Street research.

Note: Highlighted sub-plays reflect areas served by NGL’s saltwater disposal assets: blue – Delaware, red – Midland, green – Eagle Ford, yellow – DJ.

1. Analysis assumes half-cycle economics, 30% before tax IRRs, and 20% well productivity gains.

Breakeven Oil Price (1)

$31.26

$31.61

$31.99

$32.33

$33.35

$33.45

$33.82

$34.18

$34.20

$34.42

$34.83

$35.72

$35.86

$36.14

$36.65

$37.48

$37.61

$38.26

$38.28

$39.65

$39.98

$40.15

$40.48

$40.72

$41.01

$41.86

$41.92

$42.14

$42.54

$43.36

$46.68

$46.69

$47.81

$48.10

$48.41

$48.52

$53.21

$55.02

$56.30

$60.77

$61.81

$65.87

$68.21

$75.70

$76.44

$82.48

$0.00 $20.00 $40.00 $60.00 $80.00 $100.00

W. Howard County - Wolfcamp A

STACK Meramec - Over-Pressured Oil

S. Delaware Basin - Reeves Wolfcamp A

Core Midland - Wolfcamp A&B

N. Delaware Basin - Avalon / Leonard

N. Delaware Basin - Wolfcamp XY

Core Midland - Wolfcamp C

Core Midland - Lower Spraberry

DJ Basin - Wattenberg Core XRL

Western Glasscock - Lower Spraberry

N. Delaware Basin - 1st Bone Spring

STACK - Merge

W. Howard County - Lower Spraberry

N. Delaware Basin Culberson Upper Wolfcamp

Western Glasscock Wolfcamp A&B

Bakken - Core

S. Delaware Basin - Ward Wolfcamp A

East Merge - Woodford Oil

Eagle Ford - Karnes Trough

SCOOP Woodford Condy

STACK Meramec - Normal-Pressured Oil

Midland East Glasscock - Wolfcamp A&B

S. Delaware Basin Ward - Wolfcamp B

SCOOP Oil

DJ Basin - Wattenberg Extension XRL

DJ Basin - Wattenberg Core SRL

N. Delaware Basin - NM Bone Spring

Eagle Ford - Black Oil

Bakken - Three Forks

DJ Basin - Northeast Colorado SRL

Anadarko Basin - Oswego

Cleveland

Powder River Basin - Oil

S. Delaware Basin Ward - 3rd Bone Spring

S. Delaware Basin - 2nd Bone Spring

Eagle Ford Maverick Basin - Condensate

Uinta - Green River Vt.

Southern Midland Ozona - Wolfcamp A&B

DJ Basin - Wattenberg Extension SRL

Mississippian Lime

Bakken - None Core

Eagle Ford - East Texas Eaglebine

Utica Shale - Condensate Core

Tuscaloosa Marine Shale

Granite Wash

Uinta Basin - Hz.

Bottom

Quartile

Basin Map

Shale Basin Outlines

Sub Plays

Top

Quartile

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

1

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

NGL’s water assets serve some of the most productive and

economically resilient shale formations in the lower 48

10

1,248 1,164

1,081 945

764 762 733

580 445

0

200

400

600

800

1,000

1,200

1,400

1,600

Boe/d Max Mo.boepd Max Mo.boe20pd

155 150

125 122

104 101 93

64 56

20

40

60

80

100

120

140

160

180

MBoe

6 mos. Cum MBOE 6 mos. Cum MBOE20:120.3x

18.8x 17.9x

15.2x 14.1x 13.9x

11.6x 11.4x

7.7x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

22.0x

11

NGL

Key

Region

Macro Trends in Our Basins

Commentary

Well recoveries in the Delaware are dominating

the US unconventional arena despite a lower

percentage of long laterals when compared to

other more mature basins

Eagle Ford Karnes Trough, Delaware, and DJ

basins dominate economic results emerging from

optimum well deliverability relative to capex

required unlocking rapid cost recoveries

2016+ Initial Rates by Basin (2)

Lat. Length: 5,768 5,542 6,673 5,765 9,295 8,173 6,004 6,023 4,514

Cost Recovery Efficiency (1) 2016+ 6 Month Cumulative by Basin (2)

Note: As of Q1 ‘18. Well performance (IPs and 6 month cums) per state record data from Drillinginfo; D&C guided through public disclosures.

0.03

0.13

0.14

0.27

0.32

0.39

0.41

0.44

0.69

0.75

1.16

2.02

2.03

4.42

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0

Barnett

Powder River

Appalachia

Granite Wash

ARKLATX

Piceance

Bakken

Central Basin

Eagle Ford

DJ

Haynesville

Scoop-Stack

Midland

Delaware

12

Several basins receiving major capital deployment, some achieve more wells or lateral footage relative to others, but US

L48 unconventional arena is definitively driving large activity levels

Operators are aggressively developing their assets, facilitating a ramp in future volumes and driving demand for disposal

services and fresh water in several basins

Delaware basin not only carries the most rigs in the US Lower 48, but it deploys them efficiently as well

Ranks at the top across several activity metrics while operators keep improving drilling results

Lateral footage is expected to keep climbing as drilling days further compress and lateral lengths keep expanding

Midland, Delaware, Eagle Ford, Bakken, and DJ achieve the most lateral footage unlocked by efficient rig utilization

1. Source: DrillingInfo 2. Between January 2017 and June 2018.

NGL’s Assets are in the Strongest Basins NGL’s Assets are located in the Strongest Basins

0.02

0.55

0.89

1.30

1.41

3.23

3.99

8.38

9.26

13.89

14.55

17.10

19.06

24.50

0 5 10 15 20 25 30

Piceance

Barnett

Central Basin

Powder River

Granite Wash

Haynesville

ARKLATX

Scoop-Stack

DJ

Bakken

Appalachia

Delaware

Eagle Ford

Midland

2017+ Footage Drilled (MM ft) (1)(2) 2017+ Footage Relative to Basin Size (1)(2) Rigs / 100k Acres (1)

11

33

69

186

234

294

300

682

993

1,378

1,523

2,389

2,635

2,841

0 500 1,000 1,500 2,000 2,500 3,000

Piceance

Barnett

Powder River

ARKLATX

Central Basin

Granite Wash

Appalachia

Haynesville

Bakken

Eagle Ford

Scoop-Stack

DJ

Midland

Delaware

NGL Operations & Strategy

13

14

Water Disposal Recycling & Freshwater Solids Solutions Water Pipelines

~134 completed SWD wells with

over 3,200,000 BPD of total

permitted capacity spanning:

Pinedale Anticline (WY)

DJ (CO)

Eagle Ford (TX)

Midland (TX)

Delaware (TX)

24x7 operations at most locations

1 water recycling facilities with

65,000 BPD of total capacity

Recycling opportunities in

Delaware Basin

Over 60 million barrels of water

recycled and discharged since

inception

11.6 million barrels per year of

freshwater rights in New Mexico

23 million barrels per year of

freshwater capacity in Texas

8 solids disposal facilities with

60,000 BPD of total capacity in

Texas

2 solids facilities in Colorado

Solids Processing Facility (C6)

Solids Slurry Injection (C9)

Provides producers with in-field

disposal alternative for Gels, High

Solids Content Water, Water and

Oil-Based Mud, and Tank Bottoms

2 landfill facilities in permitting

stages in New Mexico

~100 miles of water pipelines

owned by NGL plus > 75 miles

under development

>100 miles of water pipelines

owned by producers

Currently disposing of > 404,000

BPD of wastewater via pipelines

NGL is the largest wastewater midstream company in the United States

– NGL’s integrated footprint spans 5 basins and multiple wastewater services

– Over 500 employees dedicated to Water Solutions

Full Service Water Platform

Water Disposal(1) Water Supply Solids Solutions Water Pipelines Land Assets

Anticline /

Pinedale (WY)

DJ Basin

(CO)

Midland Basin

(TX)

Delaware Basin

(TX)

Eagle Ford

Basin (TX)

1 well plus multiple

wells in development

with pipelines

Acquired 2,479 acres

north of the Anticline

Facility for future SWD

and pipeline

development

65 KBPD water

recycling facility

Ability to return water

for fracking or

discharge into river

95% of water piped

Developing additional

pipelines

28 wells at 14 facilities

467 KBPD permitted

disposal capacity

74% of wells are on

owned land with no

royalties

Previously deployed

recycling in DJ for a

major E&P operator

Capacity was 20

KBPD

Installing bidirectional

pipeline with reuse

capabilities

Solids processing at

C6

Solids slurry injection

at C9

34% of water piped

Developing additional

pipelines including a

bidirectional system

with reuse capabilities


400 KBPD of

permitted disposal

capacity

100% of wells are on

owned land with no

royalties

31% of water piped


1.37 MMBPD of

permitted disposal

capacity

70% of wells are on

owned land with no

royalties

123,000 acres of New

Mexico ranch land

acquired in 2018

11.6 MM bbls/year

freshwater rights in

NM

23 MM bbls/year

freshwater capacity in

TX

4 solids slurry

injection wells

60% of water piped

> 50 miles completed

pipelines plus ~75 miles

in development


916 KBPD permitted

disposal capacity

65% of wells are on

owned land with no

royalties

NGL has exclusive

development

agreement on an West

Texas Ranch

4 solids slurry

injection wells

17% of water piped

Existing and under

construction pipelines

Services by Region

15 (1) Excludes 3 wells at 2 facilities with 60 KBPD of capacity in the Granite Wash (Wheeler and Canadian, Texas)

16

Targeting largest producers and best credit in core

operating areas

MVCs and acreage dedications are primary contract

structures with targeted terms in excess of 5 years

Offer pipeline construction, redundancy and

interconnectivity

Multiple service provider through integrated platform

NGL’s Contracting Strategy

Key Customers

MVC

Acreage Dedication

Pipeline Agreement

Service Agreement

Va

luati

on

Contract Type Initial Term

1) Producer A MVC 5 Years

2) Producer B MVC with Fixed

Monthly Pipeline Fee 5 Years

3) Producer C Acreage Dedication Life of Lease

4) Producer D Acreage Dedication &

Pipeline Agreement 10 Years

5) Producer E

Central Facility

Dedication & Pipeline

Agreement

10 Years

New Picture

28

18

29

138

17

16

17 7

20

Total Piped Water (Excludes Bakken)

59 KBPD 213 KBPD 404 KBPD

9/30/16 9/30/17 9/30/18

Piped % of Total

Water (Excludes Bakken)

12% 32% 41%

Piped Water by

Region (KBPD)

Piped Water Trends

Six Months Ending September 30

($ in Millions) 2016 2017 2018 CAGR

KBPD Water 498 676 1,040 44%

KBPD Oil 1.8 2.6 3.5 40%

Oil Skim % 0.36% 0.38% 0.33% -3%

Fixed Opex/BBL 0.18$ 0.14$ 0.11$ -22%

Variable Opex/BBL 0.28$ 0.26$ 0.24$ -7%

Total Opex/BBL 0.46$ 0.39$ 0.35$ -13%

Operating Efficiencies

18

NGL has decreased its Total Opex/BBL

by 13% since FY17

Operating Leverage

– As volumes increased at a 44%

CAGR, NGL’s Fixed Opex only

increased by 12% on an absolute

basis

Reduced operating expense will offset

expected decline in skim oil %

– Skim oil % will decline as more

volumes are transported via piped

NGL is deploying additional cost

savings initiatives around Chemicals,

R&M, Labor, Supplies and Overhead

Costs

KBPD - Oil 2018 2019 2020 2021 2022

DJ 262 290 357 384 380

Eagle Ford 1,325 1,408 1,615 1,817 1,924

Permian 3,338 3,573 3,965 4,286 4,599

Total KBPD - Oil 4,925 5,271 5,937 6,487 6,904

Water to Oil Ratio 2018 2019 2020 2021 2022

DJ 1.0x 1.0x 1.0x 1.0x 1.0x

Eagle Ford 1.0x 1.0x 1.0x 1.0x 1.0x

Permian 3.5x 3.5x 3.5x 3.5x 3.5x

WAVG Water to Oil Ratio 2.7x 2.7x 2.7x 2.7x 2.7x

KBPD - Water 2018 2019 2020 2021 2022

DJ 262 290 357 384 380

Eagle Ford 1,325 1,408 1,615 1,817 1,924

Permian 11,683 12,505 13,876 15,001 16,098

Total KBPD - Water 13,270 14,203 15,848 17,202 18,402

19

Estimated Produced Water Volumes by Basin

Projections demonstrate the water disposal growth potential in the Permian basin

Note: forecasts are for conceptual illustration purposes

20

Example Inputs & Metrics Incremental EBITDA Sensitivty Matrrix

Incremental KBPD 100 15.0$ 50 100 150 200 250 300 350

Avg Disposal Fee 0.50$ 35$ 6.7$ 13.3$ 20.0$ 26.6$ 33.3$ 40.0$ 46.6$

40$ 6.9$ 13.9$ 20.8$ 27.7$ 34.7$ 41.6$ 48.5$

Avg Oil Skim % 0.30% 45$ 7.2$ 14.4$ 21.6$ 28.8$ 36.0$ 43.3$ 50.5$

Effective Oil Price 50$ 50$ 7.5$ 15.0$ 22.4$ 29.9$ 37.4$ 44.9$ 52.4$

Oil Revenue/BBL 0.15$ 55$ 7.8$ 15.5$ 23.3$ 31.0$ 38.8$ 46.5$ 54.3$

60$ 8.0$ 16.1$ 24.1$ 32.1$ 40.2$ 48.2$ 56.2$

Total Revenue/BBL 0.65$ 65$ 8.3$ 16.6$ 24.9$ 33.2$ 41.5$ 49.8$ 58.1$

Variable Opex/BBL 0.24$

EBITDA/BBL 0.41$

EBITDA/Yr in $MM's 15.0$

Incremental Volumes in KBPD

Effe

ctiv

e O

il P

rice

100 KBPD increase in utilization adds an estimated $15MM in incremental EBITDA

Assumes variable costs remain consistent with 1H-FY19 results and no incremental fixed costs are incurred

Incremental Capacity Utilization & EBITDA

Note: example inputs are for conceptual illustration purposes

Example Inputs & Metrics Incremental EBITDA Sensitivity Matrix

NGL’s Seismicity Management Program

• NGL Management is closely monitoring seismic activity and has been working with regulators in all

areas of operations (TX, NM, and CO) as well as in Oklahoma to better understand and minimize the

impact of water disposal on the environment

• Seismic monitors installed to monitor commercial injection wells

• Interpretation of seismic data conducted by qualified independent contractor

• Geologist on staff that monitors seismic and works with GeoEnergy Monitoring Systems, Inc. (and

others if applicable), has installed its own seismic stations as well as using public info (TexNet) to

monitor recent activity and comparisons to historical data.

21

Seismicity in Delaware Basin

Magnitude 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Total

2 4 7 7 11 8 5 42

2.1 5 1 9 12 7 8 14 17 73

2.2 3 2 2 9 9 12 10 6 53

2.3 1 1 2 2 4 6 9 10 35

2.4 1 1 2 4 5 2 4 19

2.5 1 1 2 4 4 3 10 1 26

2.6 2 4 2 2 10 6 3 29

2.7 1 4 3 2 7 2 19

2.8 2 1 1 1 2 7

2.9 1 1 1 1 3 7

3 1 1 2 3 7

3.1 1 1 1 3

Total 11 10 32 46 41 66 63 51 320

2017 2018

• 320 earthquakes over 2.0

magnitude in the focus area

since January 2017

• The vast majority of the activity

has centered near the town of

Pecos, TX

• No seismic activity noted in

southern New Mexico since

2012

Source: TexNet Earthquake Catalog 1/1/17 - 12/14/18; USGS 22

23

Pinedale Anticline (WY)

Anticline Analytics

Volume Trends (KBPD) Strategy

Selected Key Customers

September Volumes

1) Increased horizontal fracking will greatly extend

the life of the field

2) Acquired royalty free land and developing

additional disposal wells and pipeline assets

3) Continue to optimize and reduce cost structure

Gross Margin and Opex per BBL Trends(1)

(1) Gross Margin per BBL includes skim oil revenue. 24

$-

$2.00

$4.00

$6.00

2015 2016 2017 2018 2019 YTD

Gross Margin per BBL Operating Expense per BBL

25

DJ Basin (CO)

26

DJ Basin Operating Activity

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

0

100

200

300

400

500

600

700

800

900

20

12

Q1

20

12

Q2

20

12

Q3

20

12

Q4

20

13

Q1

20

13

Q2

20

13

Q3

20

13

Q4

20

14

Q1

20

14

Q2

20

14

Q3

20

14

Q4

20

15

Q1

20

15

Q2

20

15

Q3

20

15

Q4

20

16

Q1

20

16

Q2

20

16

Q3

20

16

Q4

20

17

Q1

20

17

Q2

20

17

Q3

20

17

Q4

20

18

Q1

20

18

Q2

WO

R, B

bl/B

bl

Mb

oe20/d

Basin Production WOR

Source: DrillingInfo and EIA.

DJ Basin Active Rigs

Lateral Footage and Production per Rig

0

200

400

600

800

1,000

1,200

1,400

1,600

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

20

12

Q1

20

12

Q2

20

12

Q3

20

12

Q4

20

13

Q1

20

13

Q2

20

13

Q3

20

13

Q4

20

14

Q1

20

14

Q2

20

14

Q3

20

14

Q4

20

15

Q1

20

15

Q2

20

15

Q3

20

15

Q4

20

16

Q1

20

16

Q2

20

16

Q3

20

16

Q4

20

17

Q1

20

17

Q2

20

17

Q3

20

17

Q4

20

18

Q1

20

18

Q2

Bo

e20/d

/rig

Late

ral

Fo

ota

ge

Gas Condensate Eastern Extension

Jubilee Hereford

North Volatile Oil Nunn Volatile Oil Wet Gas

CO

WY NE

UT

Highpoint (5) Bonanza Creek (2) Extraction (2) SRC (2)

Noble (2) PDC (3) EOG (2)

Anadarko (4) Crestone (2) Great Western (2) Others (3)

Daily Production and WOR

Basin Production Lat. Footage Drilled

27

Completed

In Development

DJ Basin Assets

HIGHPOINT

DJ Basin Analytics


Long-Term, High-Quality, Creditworthy Customers

September Volumes

1) Continue to develop new pipelines including a bi-

directional trunk line (produced water to the SWD

and treated water back to the central facility)

2) Increase pipeline volumes as a percentage of total

disposal volumes

3) Continue to increase long-term acreage dedication

commitments (currently ~90% of total volumes)

• Dedications range from 5 years to “life of

lease”

4) Reduce operating expenses through automation


$-

$0.60

$1.20

$1.80

2015 2016 2017 2018 2019 YTD


28 (1) Gross Margin per BBL includes skim oil revenue.

29

Eagle Ford Region (TX)

Eagle Ford Basin Operating Activity

Daily Production and WOR

Lateral Footage and Production per Rig

0

500

1,000

1,500

2,000

2,500

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000

20

12

Q1

20

12

Q2

20

12

Q3

20

12

Q4

20

13

Q1

20

13

Q2

20

13

Q3

20

13

Q4

20

14

Q1

20

14

Q2

20

14

Q3

20

14

Q4

20

15

Q1

20

15

Q2

20

15

Q3

20

15

Q4

20

16

Q1

20

16

Q2

20

16

Q3

20

16

Q4

20

17

Q1

20

17

Q2

20

17

Q3

20

17

Q4

20

18

Q1

20

18

Q2

Bo

e20/d

/rig

Late

ral

Fo

ota

ge

0.0

0.5

1.0

1.5

2.0

2.5

0

500

1,000

1,500

2,000

2,500

20

12

Q1

20

12

Q2

20

12

Q3

20

12

Q4

20

13

Q1

20

13

Q2

20

13

Q3

20

13

Q4

20

14

Q1

20

14

Q2

20

14

Q3

20

14

Q4

20

15

Q1

20

15

Q2

20

15

Q3

20

15

Q4

20

16

Q1

20

16

Q2

20

16

Q3

20

16

Q4

20

17

Q1

20

17

Q2

20

17

Q3

20

17

Q4

20

18

Q1

20

18

Q2

WO

R, B

bl/B

bl

Mb

oe20/d

Basin Production WOR

Volatile Oil

Oil

Gas Condensate

Gas

TX

NMOK AR

Eagle Ford Basin Active Rigs

Wildhorse (3) Marathon (4) Carrizo (4)

EOG (11) EP Energy (4) Hawkwood (4)

COP (7) Chesapeake (4) Sanchez (3)

Penn Virginia (3)

Others (48) Basin Production Lat. Footage Drilled

1

30

Source: DrillingInfo and EIA

31

Eagle Ford Basin Assets

Eagle Ford Basin Analytics



September Volumes

1) Develop new pipelines and increase pipeline %

of total volumes

2) Continue to increase commitments (added

substantial minimum volume commitments in

2018)

3) Growth via exclusive development on large West

Texas ranch



$-

$0.50

$1.00

$1.50

2015 2016 2017 2018 2019 YTD



33

Midland Basin (TX)

Overview (1)

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

5,000,000

Q1-1

6

Q2-1

6

Q3-1

6

Q4-1

6

Q1-1

7

Q2-1

7

Q3-1

7

Q4-1

7

Q1-1

8

Q2-1

8

LL (ft)

Midland Footage Drilled

Current Rig Activity

Parsley (12) Crownquest (9) Apache (6)

Pioneer (22) Concho (11) Endeavor (7) Others (88)

Surge (6) XTO (19) Diamondback (7)

Central Basin Platform

Delaware Basin

Midland Basin

0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

100

200

300

400

500

600

700

800

900

Q1 -

16

Q2 -

16

Q3 -

16

Q4 -

16

Q1 -

17

Q2 -

17

Q3 -

17

Q4 -

17

Q1 -

18

Q2 -

18

Q3 -

18

New well production per rig

Basin production

New well production per rig

Boe 20 / day

Basin production

Mboe 20 / day

Midland Basin Operating Activity

Source: DrillingInfo 1. Represents total oil and gas production in the Permian basin. 34

35

Midland Basin Assets

Midland Basin Analytics



September Volumes

1) Improve capacity utilization

2) Increase pipeline volumes

3) Add producer connected pipelines



$-

$0.40

$0.80

$1.20

2015 2016 2017 2018 2019 YTD



37

Delaware Basin (TX)

58 64 83

111

146

181 187 204

229 251 254 263

0%

5%

10%

15%

20%

25%

30%

0

50

100

150

200

250

300

Q1-1

6

Q2-1

6

Q3-1

6

Q4-1

6

Q1-1

7

Q2-1

7

Q3-1

7

Q4-1

7

Q1-1

8

Q2-1

8

Q3-1

8

Curr

ent

# of Rigs

Delaware Rigs % of Total U.S. Hz. Rigs

>25% of All US Rig Activity Occurs in the Delaware

NGL is strategically located within the core of the Delaware

Basin, which has emerged as North America’s premier basin

– Well results demonstrate great rock quality with large upside

potential given short laterals dominate historical activity

– Wolfcamp A section is thick, over-pressured and organic-rich,

which are the primary drivers for recent basin-leading well

results

Rig activity focused on longer laterals to drive capital efficiencies

– Translates into accelerated volume growth on the dedication

% of Total

TX

NM

Delaware

CBP

Midland

Permian Basin

Overview Current Rig Activity

CXO (17) Cimarex (12) Devon (9)

EOG (19) Oxy (13) Felix (9) Other (151)

Diamondback (8) XTO (14) Chevron (11)

Delaware rig activity continues to set records with 263 rigs running all focused on longer laterals to drive capital

efficiencies, which translates into accelerated growth across the basin

4

Strategically Located in the Prolific Delaware Basin

Source: DrillingInfo.

Overview

Delaware Basin Horizontal Rig Count

38

0

100

200

300

400

2010 2011 2012 2013 2014 2015 2016 2017 2018

Monthly Permits

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2010 2011 2012 2013 2014 2015 2016 2017 2018

Mbbl/d

39

Delaware Performance by county

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2010 2011 2012 2013 2014 2015 2016 2017 2018

Mbbl/d

Daily Water Rate vs. Time

Wells Spud Over Time

0

50

100

150

200

250

300

2010 2011 2012 2013 2014 2015 2016 2017 2018

Monthly Wells Spud

Daily Oil Rate vs. Time

County Name Daily Oil (1)

Reeves 320.9

Lea 221.5

Loving 210.2

Eddy 191.0

Ward 63.4

Culberson 50.0

Pecos 34.0

Winkler 14.2

Chaves 2.0

Permit Count Over Time

Source: DrillingInfo

1. Represents rate at the end of Q1 2018 based on latest available data.

Reeves Eddy Loving Lea Culberson Ward Pecos Winkler Chaves

County Name Daily Water (1)

Reeves 934.4

Eddy 632.7

Loving 581.0

Lea 488.6

Culberson 359.1

Ward 145.0

Pecos 63.8

Winkler 29.6

Chaves 4.2

39

40

Delaware Basin Geologic Overview

Source: DrillingInfo

Water-Oil-Ratio by Bench Delaware Basin

Delaware/Brushy Canyon

Avalon

1st Bone Spring

2nd Bone Spring

3rd Bone Spring

Wolfcamp A

Wolfcamp B

Wolfcamp C

Wolfcamp D

Cisco

Canyon

Strawn

Atoka

640 – 1,280 acre unit 1 mile

1-2 mile

Pen

n

Wo

lfcam

p

Leo

nard

```

Gu

ad

Wolfcamp XY

Primary Target Upside

Bone Spring (Full) Wolfcamp XY

Wolfcamp D Wolfcamp C Wolfcamp B

Wolfcamp A

6+

4

3

<1

WOR

Bone Spring

Analogous to Spraberry Shale in

Midland with great well results

2nd BS includes channel facies

flow units

3rd BS shows discrete shale

packages with frac isolation

conducive to multiple landing

zones

Wolfcamp X/Y

Sandstone and siltstone reservoir

with conventional reservoir flow

characteristics including higher

permeability

Along with the Wolfcamp A, the two

formations are one of the highest oil

producers in North America

Wolfcamp A

Primary target throughout the

Delaware basin

Thick, over-pressured, prolific,

organic rich source rock with

excellent repeatability

Wolfcamp B

Competitive returns to WCA, but with

slightly gassier fluid composition

Wolfcamp C/D

Expansion into the C, and D benches

is increasing

Wolfcamp C penetrations have been

focused on state-line area and in the

deep portion of basin

Wolfcamp D presents large over-

pressuring >0.8 psi/ft and high

condensate yields; continues to show

massive potential

6+

4

3

<1

WOR 6+

4

3

<1

WOR

6+

4

3

<1

WOR 6+

4

3

<1

WOR 6+

4

3

<1

WOR

DELAWARE BASIN

0

100

200

300

400

500

600

700

800

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Cum

ula

tive

Pro

du

ctio

n (M

Bb

l)

Dai

ly

Pro

du

ctio

n (

Bb

l/d

)

Months Online

Delaware Basin Water Type Curve

DID Daily RJ Modeled Daily DID Daily RJ Modeled Daily

2.3x

2.5x

2.8x

3.0x

3.3x

3.5x

3.8x

4.0x

0

100

200

300

400

500

600

700

800

900

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Tota

l P

rod

uct

ion

(M

bb

ls)

Months Online

Delaware Basin Cumulative Produced Oil + Water

Cumulative Oil Production (RJ Modeled) Cumulative Water Prouction (RJ Modeled) WOR

Water

Oil0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Dai

ly

Pro

du

ctio

n (

Bb

l/d

)

Months Online

Delaware Basin Oil + Water Decline Curves

DID Daily RJ Modeled Daily DID Daily RJ Modeled Daily

2.3x

2.5x

2.8x

3.0x

3.3x

3.5x

3.8x

4.0x

4.3x

4.5x

4.8x

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Avg

. W

ate

r-O

il R

atio

Months Online

Delaware Basin Water-to-Oil Ratio

DID Water-to-Oil Ratios RJ Modeled Water-to-Oil Ratio

Source: Raymond James and DrillingInfo

Delaware Basin Type Curves

41

42

NGL

North

Ranch

NGL

South

Ranch

New Mexico Sub-Region Assets

NGL’s strategy is to provide an integrated

service offering to our E&P customer base

spanning disposal, land use, freshwater, solids

and pipeline transportation

NGL’s sources of revenue on the ranches

include:

1) Fees for surface use and ROW/easements

2) Freshwater sales

3) Disposal income

4) Landfill income

5) Caliche/sand mining income

6) Pipeline fees

McCloy Ranch acquisition (NGL North Ranch)

– 87,000 acres in Eddy and Lea Counties

– 2 million barrels of annual water rights in Eddy

and Lea Counties, New Mexico

Beckham Ranch acquisition (NGL South Ranch)

– 36,000 acres in Lea County

– 9.6 million barrels of annual water rights in Lea

County, New Mexico

Total acquisition consideration = ~$93MM

Total Run Rate Adj. EBITDA = ~$18MM

– Run Rate Multiple = 5.2x excluding Growth

Projects

43

1

1 2

2

NGL’s McCloy and Beckham Ranch Acquisitions(1)

(1) E&P statistics are based on data from DrillingInfo as of 12/6/18

E&P activity on NGL’s McCloy and Beckham Ranches:

14 rigs

2,137 wells

2,043 permits

Ranch Acquisition Strategy

44

NGL Striker 2

NGL Striker 6

NGL Striker 5

Rigs & Active Permits Near NGL Ranches

45

NGL’s strategy is to provide an integrated

service offering to our E&P customer base

spanning disposal, land use, freshwater,

solids and pipeline transportation

NGL has capabilities to supply ~35 million

barrels per year of freshwater spanning the

Northern and Central areas of the Delaware

Basin

Beckham Ranch acquisition

– ~9.6 million barrels of annual water rights

in Lea County, New Mexico

McCloy Ranch acquisition

– ~2 million barrels of annual water rights in

Eddy and Lea Counties, New Mexico

Other acquisitions

– ~23 million barrels of annual water

production capacity in Reeves County,

Texas

Both lateral length and water used per later

foot are increasing in all of our key basins

A 10,000 feet lateral requires 500,000 barrels

of water based on a ratio of 50 barrels / LF

NGL’s Freshwater Assets(1)

Freshwater Strategy

46

NGL’s Beckham Ranch

has some of the best

hydrology in Lea County,

NM given its proximity to

the thick areas of the

Pecos Valley Aquifer

NGL’s freshwater assets in

Reeves county are well

positioned in the best part

of the aquifer

Hydrology Map of Pecos Valley Aquifer

Source: Meyer et al, 2012

47

Completed SWD

Approved Permit

Pending Permit

Orla Sub-Region Assets

48

Mentone Sub-Region Assets

Pecos Sub-Region Assets

49

Asset Map

REEVES COUNTY

WARD COUNTY

Ranger

Pecos 3

Highway 17S

Pecos

Central Reeves

PECOS

COUNTY

Barstow

Pyote

Toyah 8

Toyah 7

Pecos 2

Toyah 4

Toyah 6

Central Reeves 4 Central Reeves 3

Central Reeves 5

Legend

Approved Permit

In-Service

Pending Permit

Producer E to Pecos Pipeline

Central Reeves to Pecos Pipeline

Major Highways, Major Roads

County Line

Producer Pipeline

Pecos South

NGL owns and operates 9 saltwater disposal facilities in

Reeves and Ward counties near Pecos, Texas

Located in a high demand area with a substantial and

predominantly royalty-free land position

Total permitted capacity of 270,000 barrels per day

NGL also possesses a portfolio of well permits that will

further drive growth to meet demand

Newly built assets with significant pipeline infrastructure

2 company-owned pipelines; 7 of 9 facilities connected

via one or more pipelines

~75% of volumes are piped

Cash flow profile supported by multi-producer platform, fee-

based contracts with long-term customers, minimal

commodity price exposure, low maintenance capex, and

high operating margins

Asset Overview

Select Area Producers

Delaware Basin Analytics



September Volumes

1) Acquired ROW and building Western Express trunk line

system for transporting water across disposal network

2) Increase pipeline volumes (current piped water is 60% of

total in the Delaware)

3) Continue development of large multi-well assets with a

shared surface facility

4) Add to and extend our term contracts with key producers

5) Grow solids and freshwater volumes at our existing assets



$-

$0.40

$0.80

$1.20

2015 2016 2017 2018 2019 YTD



Investment Thesis &

Valuation Observations

51

NGL has transitioned to a fully integrated water platform across each of its operating areas

52

Business

Description

Asset

Characteristics

Cash Flow

Characteristics

Valuation

Metrics &

Other

Considerations

Provides short-term equipment rental

(pumps, lay-flat hoses, frac tanks etc.)

services on-demand to E&P operators

and water hauling (“OFS model”)

Low barriers to entry (capital &

regulatory)

Provides disposal services on-demand

Primarily trucked volumes

AR mainly with trucking companies

Medium barriers to entry (capital &

regulatory)

Provides disposal services in the G&P

model (i.e. pipeline gathering of

wastewater from E&P acreage to

centralized disposal assets)

Assets span multiple basins and services

(disposal, solids, fresh and treated)

Short-lived mobile assets

Useful life ~5 years

Requires frequent replacement of fleet

due to short asset life

Long-lived fixed assets


Long-lived fixed assets integrated with

pipelines


Use of automation and advanced

integration/monitoring

Primarily margin-based cash flow

High correlation to drilling activity

Short-term day-basis contracts for on-

demand services

High Maintenance Capex

Minimal fee-based cash flow

Medium correlation to drilling activity

Generally month-to-month contracts

70-80% fee-based cash flow based on

lower skim oil cuts from piped water

Less correlation to drilling activity given

contract structure (MVCs, cumulative

revenue/volume commitments,

facility/acreage dedications)

< 5.0x EV/EBITDA due to high cash flow

volatility and low barriers to entry

4.5-6.5x EV/EBITDA depending on

location and prospects for volume growth

Fragmented ownership is ripe for further

consolidation by larger players with scale

and inter-basin presence

8.5-10.5x EV/EBITDA depending on

contract profile, location and prospects

for volume growth and future pipeline

connections

Low Maintenance Capex

AR directly with large E&P operators

Water Midstream Value Chain

Wastewater Service

Companies

Traditional Disposal

Companies Integrated Water Platforms

NGL Operational Assumptions Significant Growth Opportunities

Margin Enhancement

Volume Growth

Technological

Innovation & Expertise

Consolidation

Continued reduction of operating expenses through expansion of pipeline infrastructure

Increased pipeline connectivity allows for each incremental BBL to contribute more margin

Can move produced water to multiple disposal facilities

Providing producers a menu of services

Continued effort to execute long-term contracts with the largest producers in area of operations

Delaware Basin produced water growth will continue to expand the third party disposal market rapidly

NGL is the largest third party disposal operator in the basin and has an opportunity to grow market share

Continued growth in pipeline connectivity allows NGL to maximize our utilization rates across our footprint

Delaware Basin fresh and produced water growth will continue to strain current infrastructure, this lends itself to the recycle and or reuse market

NGL able to clean produced water to drinking quality

NGL has been recycling water in the Anticline basin for over 15 years

Seismic expertise and monitoring

Recent activity in the space and interest implies the water disposal industry is at the very early stages of it’s life cycle

Fragmented third party disposal market with numerous acquisition opportunities

Producers have the largest portion of water disposal in the Delaware Basin

Producers expected to transfer the costs to third party disposal which will allow for further consolidation in the market

The NGL Water Solution

Continued focus on investing capital into NGL’s core basins and growing market share

Minimizing the cost of water disposal and recycle and or reuse to the producers in their operating areas allowing NGL to provide all post-frac water needs

Provide customers with critical water disposal redundancy

Provide NGL’s superior water knowledge to customers and help them reduce their break-evens on their acreage

53

Water Valuation Analysis

Historical Today & Going Forward Gathering & Processing

1) Trucks

2) Counterparty = Trucking Cos.

3) No Contracted Volumes

4) Direct commodity price exposure

(Skim oil drove returns)

5) Limited 3rd party market

6) Large expense to Producers

7) Very fragmented market

8) Water cannot be flared

9) Higher liability for producer with

water on trucks

1) Pipelines

2) Counterparty = Producers

3) Long-term Contracts (MVCs & ADs

>5 years)

4) Limited direct commodity price

exposure (disposal & pipeline fees

drive returns)

5) Growing 3rd party market

6) Value added (must dispose of water

to continue production & decrease

producer LOE)

7) Higher efficiencies of scale

8) Water cannot be flared

9) Reduction in liability for producer

with water via pipelines

1) Pipelines

2) Counterparty = Producers

3) Long-term Contracts (MVCs & ADs

>5 years)

4) Limited direct commodity price

exposure (% of proceeds & keep

whole contracts)

5) Growing 3rd party market

6) Value added (getting production to

market)

7) Higher efficiencies of scale

8) Gas can be flared

9) More dangerous and highly

regulated environment

Historical Valuation

>5.0x

Valuation Today

?-?x

Historical Valuation

10-12x

54

Select Precedent Water Transactions

55

Water Midstream Transactions Date Headline EBITDA EBITDA Multiple

Announced Buyer Seller Value ($mm) LTM FY1 LTM FY1 Location Description

12/11/2018 Hess Infrastructure Partners LP Hess Corporation $225 NA NA NA NA Bakken

11/12/2018 Tallgrass Energy LP NGL Energy Partners LP $91 NA NA NA NA Bakken

10/31/2018 WaterBridge Halcon $325NA $22 $33 14.5x 10.0x Delaware

2/7/2018 Tallgrass Energy Partners LP Buckhorn $140 NA $28 NA 5.0x Bakken

9/12/2017 Enable Midstream Partners LP Align Midstream $300 NA $30 NA 10.0x Ark - LA - TX

11/5/2015 Rice Midstream Partners LP Rice Energy $200 NA $38 NA 5.3x Appalachia

9/18/2015 Antero Midstream Partners LP Antero Resources $1,050 NA $120 NA 8.8x Marcellus / Utica

6/18/2015 American Water Works Rex Energy Corporation $130 $14 NA 9.0x NA Appalachia

2/23/2015 Cypress Energy Partners LP Cypress Energy Holdings $53 $8 NA 7.0x NA Bakken / Permian

Median $200 $14 $33 9.0x 8.8x

Mean $279 $15 $50 10.2x 7.8x

Min $53 $8 $28 7.0x 5.0x

Max $1,050 $22 $120 14.5x 10.0x

Water gathering assets and saltwater disposal services in ND;

150+ miles of pipelines capturing 24,000 BPD

5 saltwater disposal wells located in McKenzie and Dunn

Counties, ND

Water gathering lines, SWDs, freshwater wells, and water

recycling facilities in the Delaware; $200mm payable upon

closing plus $125mm earn-out over 5 year period

10 SWD's and 39 miles of water gathering infrastructure;

servicing 133K dedicated acres for multiple producers;

$95mm upfront plus $45mm of growth capex

Gas, crude, and water gathering pipelines, treating and gas

processing plants, and SWDs in the Cotton Valley and

Haynesville with long-term, fee-based contracts

Unowned 49.9% of Tulsa Inspection Resources; saltwater

disposal and other water and environmental services including

pipeline inspection services

Rex's 60% interest in Water Solutions Holdings; acquires,

manages, and operates water treatment, disposal, and

transportation facilities

Delivery business with rights to provide fresh water for AR's

operations in WV and OH and to construct AR's 60 MBPD

wastewater treatment facility

Distribution systems and related facilities with rights to provide

fresh water and collect, recycle or dispose of flowback and

produced water for Rice Energy

___________________________

Source: Public filings, earnings transcripts, and company press releases.

1. Transaction EBITDA and multiple figures based on the midpoint of the 14.0x – 15.0x all-in LTM EBITDA multiple range and 10x upfront payment referenced in Halcon’s earnings call.

2. Implied FY1 EBITDA based on 5.0x expected all-in cash flow multiple on total investment, once additional infrastructure is completed.

3. Implied FY1 EBITDA based on 10.0x EBITDA multiple referenced in Enable’s earnings call.

4. Implied FY1 EBITDA based on the midpoint of the 8.5x – 9.0x EBITDA multiple range stated in the Antero press release.

5. Implied LTM EBITDA based on 9.0x EBITDA multiple referenced in American Water Works earnings call.

6. Implied LTM EBITDA based on 7.0x EBITDA multiple stated in the Cypress press release.

(1)

(3)

(2)

(4)

(5)

(6)

Assets are strategically positioned across operating basin footprint

Most of the rig activity centers around NGL’s SWDs

Located along main development areas to facilitate pipeline buildout

Delaware basin holds the highest produced water to crude ratio and also the largest total water disposal market in the U.S.

Flowback water in Delaware basin is lowest % of total water disposal in the U.S.

NGL Assets are located in the basins with the highest Producer RoR

Less exposure to rig count and commodity price

Fee-based cash flows from contracts with long-term customers and minimal commodity price exposure

High operating margins and low maintenance capex per BBL

Located in high demand areas with a predominately royalty-free land foothold

Strong track record of historical volume and cash flow growth

Significant pipeline infrastructure increases customer “stickiness” and predictability of cash flows

Producer and NGL-owned pipelines represent ~50% of total delivered volumes

Assets located in a premier basin with attractive growth prospects

Significant upside as lateral lengths keep expanding and drilling days further compress, accelerating growth and increasing

SWD demand

Blue chip customer base reinforces growth story

Portfolio of additional valuable well permits that will further drive growth to meet demand

Includes a substantial royalty-free land position, supporting future development

Portfolio of newly built and high quality assets

Facilities utilize automated control systems to maximize uptime and efficiency

Commitment to safety on entire network with robust controls in place

Experienced operations team with successful track record optimizing SWD logistics

Key Investment Highlights

Strategically

Located Assets

Best-in-Class

Facilities and

Equipment

Backlog

of Growth

Opportunities

Stable Fee-

Based Cash

Flows

56

analyst day water solutions overview december 17, 2018 · 12/17/2018 · note: highlighted...

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