NGL Energy Partners LP Announces Closing of Retail Propane Sale for $900 Million

NGL Energy Partners LP (NYSE:NGL) (“Partnership”) today announced that
it has closed the previously announced transaction to sell the remainder
of its Retail Propane business to Superior Plus Corp. (“Superior”)
(TSX:SPB) for $900 million in cash proceeds, adjusted for working
capital.

In May 2018, NGL announced its strategic decision to completely exit the
Retail Propane business and re-deploy capital at a comparatively higher
rate of return in its Water Solutions and Crude Logistics businesses. In
total, the Partnership generated over $1.1 billion of gross cash
proceeds on the sale of its retail propane assets. NGL plans to
immediately repay indebtedness under its Credit Facility using the
proceeds from the sale, which can subsequently be re-borrowed for other
debt repayment and to fund growth capital expenditures.

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 four primary
businesses: water solutions, crude oil logistics, NGL logistics and
refined products/renewables. For further information, visit the
Partnership’s website at www.nglenergypartners.com.

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