NGL Energy Partners LP reported its fourth quarter of fiscal 2024 with revenue of $1.6296 billion and a net loss of $236.8 million, or $1.79 per unit, reflecting ongoing leverage and segment mix headwinds even as the company advanced a significant capital-structure transformation. Water Solutions stood out, delivering a fourth-quarter adjusted EBITDA of $123.4 million and a full-year record of $508.3 million, +10% year over year, driven by higher disposal volumes and disciplined cost management. The company’s broader midstream franchise remains exposed to commodity and rate volatility, but the proactive refinancing and preferred arrearage curing completed in early 2024 have materially de-risked near-term maturities and provided greater balance-sheet flexibility. Management outlined a clear set of catalysts for 2025: (i) Water Solutions' 8-10% EBITDA growth, aided by the LEX II expansion (200,000 barrels per day, expandable to 500,000 bpd) with in-service targeted for October 2024; (ii) Grand Mesa Pipeline volume recovery, with exit-2024 volumes guided towards 110,000–115,000 bpd over the next 6–12 months; (iii) a disciplined CapEx plan of roughly $210 million for fiscal 2025, with around 60% tied to LEX II; (iv) a common unit repurchase program of up to $50 million to optimize capital structure. While the 2025 EBITDA target of $665 million implies ~9% growth, the company remains priced with meaningful leverage, potential working-capital relief from asset divestitures, and sensitivity to propane demand and crude differentials. The near-term investment thesis centers on execution of the LEX II ramp, selective disposition opportunities in Liquids Logistics, and continued deleveraging by capital-allocation flexibility, balanced against commodity exposure and a still-levered balance sheet.