NGL operates as a produced water infrastructure company, primarily serving oil and gas producers in the Delaware Basin of New Mexico and Texas. The core business involves transporting, treating, recycling, and disposing of produced water generated during energy extraction. NGL utilizes a network of over 840 miles of pipelines connected to saltwater disposal facilities and injection wells to move water efficiently. The business model relies on a fee-per-barrel structure supported by long-term, fixed-fee contracts that often include minimum volume commitments and acreage dedications. These contractual terms provide revenue predictability, with committed volumes carrying an average remaining term of nearly 9 years. While NGL also maintains crude oil and liquids logistics segments, the company is shifting toward a pure-play water infrastructure focus. Strategy centers on expanding pipeline capacity through projects like the Lea County Express and developing dedicated pore space for long-term underground injection. NGL also generates ancillary revenue by recovering skim oil during water processing and selling recycled water to producers for fracking activities. The company serves large energy firms that require reliable, large-scale takeaway and disposal of water waste to maintain production activity.