1. Citi MLP Conference August 2014

2. Forward Looking Statements
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, 2014 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.

3. Senior Management Representatives
H. Michael Krimbill Chief Executive Officer – NGL
Atanas H. Atanasov Chief Financial Officer
James J. Burke
President 3 3

4. Overview of NGL Energy Partners
Section II
Overview of NGL Energy Partners 4

5. Adjusted EBITDA Growth Over Time
Overview of NGL
Business Description
Segment Contribution
NGL is a diversified midstream MLP that provides multiple services to producers and end-users
Transportation, storage and marketing of crude oil, NGLs and Refined Products / Renewables
Water Solutions
Vertical integration allows NGL to capture margins across the entire value chain
From crude oil wellhead to refinery
From wellhead to disposal, recycle or discharge water facility
From fractionator/refinery to propane, butane and commercial end-users
From refinery to pipeline and terminals to wholesalers / retailers
Geographic diversification
Most prolific producing regions/shale plays in the U.S.
Coast-to-coast Rail, Terminal and Retail operations
Mid Continent and Gulf Coast crude oil storage and barge assets
Mid Continent pipeline
Focused on generating stable and repeatable cash flows
$260
$178
Eagle Ford
Marcellus Shale
DJ Basin
Green River Basin
Bakken Shale
Mississippi Lime
Granite Wash
Permian Basin
$24
IPO (May
2013
FY2014E
Adjusted EBITDA Growth Over Time
2011)
Crude Barges
Water Treatment Services
Railcar NGL terminal
Refinery terminal
NGL proprietary terminal
Natural gas liquids segment
NGL leased storage
Assets and marketing presence
Pipeline
Crude oil segment
Crude barge terminal
NGL
Retail Propane > 10 mm gallons
Crude operational area
1,671% Increase
NGL
Water Solutions
Crude Logistics
Liquids
Retail Propane 5

6. NGL Energy Partners Business Strategy
Grow at attractive multiples through:
Organic projects
Acquisitions/Mergers
Emphasis on repeatable fee-based cash flows
Conservative capital structure with low leverage consistent with investment grade rating
Leverage at 2.75x – 3.25x
Strong common unit coverage ratio
Greater than 1.5x
Target asset ownership/infrastructure to capture opportunities
Growth centered on three segments going forward (i) Crude Logistics (ii) Water Solutions and (iii) Refined Products / Renewables
Steady and predictable distribution growth to maximize partnership’s access to equity 6

7. Key Investment Highlights
NGL Operational Assumptions
Successful Track
Record of Growth
1,671% EBITDA growth from EBITDA of $24 million at IPO to $425 million Fiscal 2015
74% distribution per unit increase since IPO
Growth has been combination of organic and acquisitions (more than 30 completed since IPO) for aggregate value over $3.2 billion
Diversified and
Attractive Asset Base
Multiple business segments reduce cash flow volatility and provides significant opportunities for growth in multiple regions and business segments
Presence in many of the most prolific, highest rate of return crude oil producing regions in North America
Line space on Colonial and Plantation pipelines, Glass Mountain pipeline, Cushing OK storage
Vertical Integration
Vertical integration allows for capture of margin across the value chain from wellhead to end-user
Emphasis on asset ownership drives ability to capitalize on multiple revenue/bolt-on opportunities
Stable Cash Flows
Focus is on repeatable fee-based cash flows
Combination of fee-based, take-or-pay, acreage dedication, margin-based and cost-plus revenue contracts
Geographic diversity
Strong Credit Profile and Liquidity
Conservative capital structure with low leverage (targeted leverage of 2.75X – 3.25X)
Revolver sized at $2.2 billion
Excess cash earned is reinvested in growth projects
Strong common unit coverage ratio
Experienced & Incentivized Management Team
Extensive industry and MLP experience with proven record of acquiring, integrating, operating and growing successful businesses (completed and integrated over 200 acquisitions in the past 20 years)
Senior management holds significant limited partner interests and GP stake, which strengthens alignment of incentives with lenders and public unitholders 7

8. NGL Has a Proven Track Record of Successful Growth
NGL has delivered a total return of 117% since IPO
Since NGL's IPO in May 2011, NGL has consumated and integrated more than 30 acquisitions totaling over $3.2 billion
Distribution growth of 18% in calendar 2014 and 10% plus thereafter
Key Growth Metrics and Performance
Distribution Per Unit ($)
Market Cap ($mm)
Excludes TransMontaigne
$3,796
163% Increase
(2)
Pro rated for a full quarter
$ unit price as of 7/31/14 8

9. Diversified Across Multiple Businesses and Producing Basins
NGL’s operations are geographically and operationally diversified
Significant presence in the most economic oil and natural gas shale plays in the country
Coast-to-coast terminals and Retail Propane locations
Eagle Ford
Marcellus Shale
DJ Basin
Pinedale Anticline
Jonah Field
Niobrara Shale
Green River Basin
Bakken Shale
Wattenberg Field
Mississippi Lime
Granite Wash
Permian Basin
Crude Barges
Water Services
Railcar NGL terminal
Refinery terminal
NGL proprietary terminal
Natural gas liquids segment
NGL leased storage
Assets and marketing presence
Common carrier pipeline
Crude oil segment
Crude barge terminal
NGL
Retail Propane
Crude operational area
NGL proprietary crude pipeline
NGL proprietary crude storage 9

10. Section II
TransMontaigne Inc. - Area of Operations 10

11. Integrated Midstream Solutions
Service a stable base of customers with integrated midstream services across the value chain
Crude Logistics
Pipeline
Storage
Terminal
Rail
Barge
LACT Units
Truck
Pipeline
Wellhead
Refiner
Water Solutions
SWD
Recycle
Discharge
Truck
Pipeline
Wellhead
Processing Plant
NGL Liquids
Terminal
Rail
Storage
Pipeline
Retail Propane
Refinery
Diluent
Petrochemical
Fractionator
Storage Hub
Refinery
Refined Products / Renewables
Pipeline Storage Terminal
Wholesale Marketing
Refiner 11

12. Significant Operational Diversity
NGL's Core Business Lines
Crude Logistics
Water Solutions
NGL Liquids
Retail
Refined Products/ Renewables
Description
Purchase and transport crude oil from wellhead to refinery
Own and operate storage, pipelines, terminals, barge, rail and truck logistics assets
Treatment of oil and gas wastewater
Water disposal, recycling and discharge
Innovative (patented technology)
Transport, handle, store NGLs
Own assets across value chain
Marketing / supply business allows NGL to capture opportunities with approximately 1,000 customers in 47 states
Distribute propane / distillates to residential, industrial, and commercial customers
Own assets
90% tank ownership
Purchase and transport refined products from refinery to rack
Own and operate pipelines and terminals
Marketing business with approx. 1,000 customers in 48 states
Region
Mid-continent
Eagle Ford / Permian
Rockies
Gulf Coast
Canada
Anticline (WY)
DJ Basin (CO)
Eagle Ford (TX)
Permian (TX)
Coast to Coast
Midwest
New England
Pacific Northwest
Cash Flow Characteristics
Fee-based pipeline, storage, terminals and assets
Margin-based logistics
Back-to-back contracts
Fee-based
Take-or-pay / acreage dedication contracts
Strong customer base
Fee-based / Cost Plus
Margin-based
Utility residential model
Weather-sensitive
Minimum throughput contracts
Fixed margin contract business
Strategic Focus
Expand operations in existing areas
Grow through acquisitions
Organic projects
Grow organically
Pursue strategic acquisitions
Integrate operations and capture full value chain opportunities
Grow / expand terminals segment
Focus on West Coast expansion
Blend-ins in current footprint 12

13. Section II
NGL Segments 13

14. Crude Logistics Segment Operations Area of Operation
Purchases and transports crude oil for resale to a pipeline injection point, storage terminal, barge loading facility, rail facility, refinery or trade hub
Strategically deployed railcar fleet, tows, barges and trucks provide access to multiple customers and markets, allowing NGL to bring the right crude oil to the right market
Maximizes value of crude oil gathered through proprietary linear programming model
Reduces exposure to price fluctuations by using back-to-back contractual agreements
Purchase from >7,500 active lease locations representing >750 producers
Current volumes of ~230,000 bbls/day
NGL
Crude operational area
Crude oil segment
Crude barge terminal
NGL proprietary crude storage
NGL proprietary crude pipeline
Crude Barges 14

15. Crude Logistics Asset Overview
7.7 MMbbls of storage in Cushing (3.6MMbbls leased)
5 Gulf Coast terminals with aggregate capacity of ~850 Mbbls
Port of Catoosa, Oklahoma - storage services; truck and rail trans-loading to barges with access to Gulf Coast; 140Mbbls storage capacity
7 truck terminals and 50+ LACT units
North Dakota rail terminal
Additional terminals pending or under development
Terminals
Rail
~1,150 GP railcars leased or owned
Railcars provide optionality to markets via company and third-party facilities
~30K bbls/day moved through manifest shipping and unit-train facilities
Barges
Own 8 tows, 19 barges, 20-25Mbbls per barge capacity
Lease additional 5 tows and 12 barges
Fee-based, day rate business
Pipelines
50% interest in Glass Mountain Pipeline; ~147MMbbls/d capacity
Ship on 18 common carrier pipelines
Utilize historical shipper space on 11 prorated pipelines
Speaker: David
Note: Okay to spend time on this slide
Mention that leverage reduces steadily through the projected period
Key point on minimum/measured commodity risk: we do not speculate, we do not want commodity price risk
Mention that we will keep a sharp eye on liquidity
>300 owned trucks and >300 trailers
Additional ~100 trucks on committed lease
Moving Company first-purchased barrels and fee-based hauling for third parties
~245Mbbls/day hauled/transported (~225Mbbls hauled for Company, ~20Mbbls for third parties)
Trucks 15
(1) Excluding one-time acquisition costs

16. Water Treatment and Processing Industry Overview
Oil and natural gas producers preserve cash for drilling by outsourcing the disposal and treatment of oilfield produced and flowback water (“waste water”)
Water quality is measured by amount of TDS (Total Dissolved Solids) which can include salts, boron, iron, calcium, strontium, magnesium, and barium (higher TDS equals harder to treat or dirtier water)
The water quality and the geology vary by region / area and dictate the feasibility, cost of disposal and treatment systems
Distance to disposal and treatment facilities, as well as the ability to handle large volumes of water, are key concerns for E&P companies
Produced water from the well that occurs over the life of the well, and water recovered from hydraulic fracturing activities (flowback water) requires different levels of water treatment
Waste water disposal and treatment provides fee-based revenue, with additional revenue generated from hydro-carbon recovery and recycled water sales
Speaker: David
Note: Okay to spend time on this slide
Mention that leverage reduces steadily through the projected period
Key point on minimum/measured commodity risk: we do not speculate, we do not want commodity price risk
Mention that we will keep a sharp eye on liquidity 16

17. Water Treatment and Processing Operational Model
Treatment and Disposal
Company-owned disposal facilities provide producers affordable well-disposal of wastewater generated from oil and natural gas production and drilling activities
Water treatment process separates solids and hydrocarbons from water prior to disposal
24 x 7 operations, truck bay loading/unloading
Certain facilities are pipeline connected, providing stronger customer relationship with the producers
Proprietary well maintenance programs enhance injection-rates and service lives of the wells
Recycle Operations
Provides higher quality of water treatment services where the clean water can be re-used by producers for fracking, well drilling, and completion projects
Offers producers an alternative to fresh water that minimizes the impact on aquifers, particularly in arid regions of the U.S.
Recycled ~33 million barrels (1.4 billion gallons) of water since 2008
Discharge Water
Multi-patented 14-step water treatment process
Cleans water to a better than drinking water quality
Returned over five million barrels (210 million gallons) back to New Fork River, Wyoming, a tributary of the Colorado River
Continued R&D investments to employ latest technologies in various basins
Speaker: David
Note: Okay to spend time on this slide
Mention that leverage reduces steadily through the projected period
Key point on minimum/measured commodity risk: we do not speculate, we do not want commodity price risk
Mention that we will keep a sharp eye on liquidity 17

18. Water Solutions Overview
Segment Operations
Area of Operation
Provides services for the treatment, processing, and disposal of wastewater generated from oil and natural gas production
Generates fee-based revenue from the disposal of wastewater, the sale of recycled wastewater, and recovered hydrocarbons
Multiple treatment, disposal, and recycling facilities located across the United States
Long-term, deliver-or-pay contracts and acreage dedication contracts reduce cash flow volatility
Provides high technology solution where necessary. Has highly advanced technology and commits $2.0-$3.0 million annually on R&D
Multi-patented 14-step water treatment process that cleans water to a better than drinking water quality 18

19. Market Profile / Asset Highlights
Water Solutions Regional Operations
Anticline
DJ Basin
Eagle Ford
Permian
Overview
Treatment of oil and gas waste-water for recycling, clean water discharge, or disposal using a multi-patented process technology
Leading provider of oil and gas waste-water disposal services
Recycling plants to sell water back to producers
Expansive footprint across the Eagle Ford
Treatment of oil and gas waste-water for disposal
Growing presence in one of the most active oil plays in the world
Market Profile / Asset Highlights
~1,675 wells in area
1 treatment & recycling plant
60 Mbbl/d capacity with recycling
~23,000 wells in area
7 water disposal facilities with 11deep injection wells
120 Mbbl/d capacity
2 recycling plants with 20 Mbbl/d capacity
274 Mbbl/d disposal capacity
16 SWD wells across the play
Some of the best production economics of all oil plays
Significant drilling activity as play continues to ramp up
147 Mbbl/d disposal capacity
4 SWD wells across the play
Revenue Profile
Fixed fee per bbl
Recycled water sales
Hydrocarbon recovery
Contractual Profile
90% “Take or Pay”
Multi-year contracts
Acreage dedications
Combination of multi-year contracts, company owned water hauling fleet and short-term arrangements
Short-term arrangements
Speaker: David
Note: Okay to spend time on this slide
Mention that leverage reduces steadily through the projected period
Key point on minimum/measured commodity risk: we do not speculate, we do not want commodity price risk
Mention that we will keep a sharp eye on liquidity 19

20. Liquids Overview
Area of Operation
PHILADELPHIA 20

21. Terminals and Wholesale Supply & Marketing Segment
Liquids
Automated truck loading and unloading facilities that operate 24 hours a day
16.5MM gallons above ground storage
Terminal throughput of 419MM gallons of propane projected in 2012 – 2013
18 proprietary terminals serving over 300 customers
10 terminals with rail loading capability
5 multi-product terminals
Railcar fleet of 580 pressure cars, growing to 855 by 4Q 2013, and 210 general purpose cars
Terminals and Wholesale Supply & Marketing Segment
Railcar Segment
22 terminals serving over 300 customers
17 terminals with rail loading capability
13 multi-product terminals
13 pipe-connected terminals
19 million gallons of above ground storage
> 3.8 million barrels of leased underground storage
Automated truck loading and unloading facilities operating 24 hours a day
Over 900 wholesale customers in 45 states
Approximately 85,000 Bbls/d of propane sold
~50% of which goes through proprietary terminals
Includes 200 million of pre-sold propane gallons at a fixed price with a locked-in margin
Rack sales through common carrier pipeline terminals
Transports and markets NGLs to and from refiners, gas processors, propane wholesalers, proprietary terminals, petrochemical plants, diluent markets and other merchant users of NGLs
Service offered in each of the lower 48 states and Canada
Utilizes terminal storage to take advantage of seasonal demand
Purchase-and-sale transactions are entered primarily on a back-to-back basis
Average volumes of ~50,000 Bbls/d from more than 100 customers
Majority of liquids sold are butane and propane
~ 3,550 leased high pressure railcars; ~700 GP railcars 21

22. Retail Propane Overview
Segment Operations
Area of Operation
Sell propane and petroleum distillates to end-users consisting of residential, agricultural, commercial and industrial customers
Geographic diversity mitigates weather risk
Less volatility from warm weather as margins increase when demand falls and vice versa
Liquids Logistics segment provides 75% of Retail Propane segment demand
Cost plus margins allow immediate pass- through of wholesale price increases
The Retail Propane business is seasonal
~70% of retail propane volume is sold during the peak heating season from October through March
Focus on residential customers, high tank ownership and customer retention 22

23. Retail Propane What Sets Us Apart
Operational focus on regions with the highest number of degree days – North East, Upper Midwest and Pacific NW
In warmer weather, gross margins temporarily expand to recoup a portion of revenues lost to volume declines
Retain and grow customer base by pricing product competitive with other regional retailers
Acquisition model assumes independent / “mom-and-pop” margins continue
Retain local brand - no change to uniforms, invoices, signs or trucks
Ownership change is seamless to customers while simultaneously saving on capital expenditures and expenses
Decisions regarding pricing, advertising, vehicles and other expenses are made at the regional and district levels
Fosters swift decision making by leadership attuned to the local or regional market
Daily price changes at supply points are communicated to local management
Efforts are made to retain employees of acquired businesses
Aides in preservation of customer relationships, safeguarding knowledge of local market dynamics, and prevents the creation of ex-employees investing in competitive propane assets
History of successful acquisitions with demonstrated track record of improving profitability through operational efficiencies, not margin enhancement
Improved vehicle routing, consolidated back office functions, less expensive insurance, etc.
Geographic Focus
Customer Base Retention
Leverage Acquisition Brand Names
Empower Local Management
Speaker: David
Note: Okay to spend time on this slide
Mention that leverage reduces steadily through the projected period
Key point on minimum/measured commodity risk: we do not speculate, we do not want commodity price risk
Mention that we will keep a sharp eye on liquidity
Employee Retention
Quickly Implement Operational Improvements 23
(1) Excluding one-time acquisition costs

24. Refined Products / Renewables
Section II
Refined Products / Renewables 24

25. Refined Products
Automated truck loading and unloading facilities that operate 24 hours a day
16.5MM gallons above ground storage
Terminal throughput of 419MM gallons of propane projected in 2012 – 2013
18 proprietary terminals serving over 300 customers
10 terminals with rail loading capability
5 multi-product terminals
Railcar fleet of 580 pressure cars, growing to 855 by 4Q 2013, and 210 general purpose cars
Refined Product - Rack
Refined Product - Bulk
Market refined products at the rack to wholesale resellers and end users in the spot market
188 terminals with sales in 37 states
7.35 million gallons of leased above ground storage
Automated truck loading and unloading facilities operating 24 hours a day
Approximately 500 customers
Approximately 75,000 Bbls/d of distillates and gasoline sales
Rack sales through common carrier pipeline terminals
Market refined products at the rack to contracted customers
47 terminals with sales in 11 states
3 water borne terminals in FL
Approx. 890 million gallons of above ground storage
Automated truck loading and unloading facilities operating 24 hours a day
Approximately 500 customers
Approximately 116,000 Bbls/d of distillates and gasoline sales
80% of volumes are contracted 25

26. Renewables
Automated truck loading and unloading facilities that operate 24 hours a day
16.5MM gallons above ground storage
Terminal throughput of 419MM gallons of propane projected in 2012 – 2013
18 proprietary terminals serving over 300 customers
10 terminals with rail loading capability
5 multi-product terminals
Railcar fleet of 580 pressure cars, growing to 855 by 4Q 2013, and 210 general purpose cars
Ethanol
BioDiesel
Sell ethanol on a back-to-back basis and transports purchased volumes to leased and customer terminals
Average volumes of 32,000 bbls/d with 275 customers in 48 states; 25% of that volume is used in proprietary blending
Fee-based marketing and logistics service
Marketing agreements with two largest customers for combined 142 MM/gal year; 25% of volumes is contracted > 2 years
Storage locations in Chicago, Houston, Mason City, IA
Utilize a fleet of 350 GP railcars
NGL generates profits thru a mix of fee based income with our TransMontaigne assets and supply chain management with our legacy Gavilon business
Legacy Gavilon Biodiesel Assets:
Caljet Terminal in Phoenix, AZ
22 rail spots
Approx. 42,000 bbl tank capacity
Exclusive marketing agreement at the terminal
Blends Biodiesel
Terminal in Deerfield, TX
2 tanks with 30,000 bbl capacity each
Break Bulk shipments into truck
TransMontaigne Biodiesel Assets:
Griffin, Ga
15,000 bbl tank capacity
Injects Biodiesel at 5% blend ratios
Port Everglades, Fl
50,000 bbl tank capacity
Blends Biodiesel with Clear ULSD at the truck rack into 2%-20% biodiesel blends
Utilizes 200 GP railcars
Marketing Agreements
Storage 26

27. TransMontaigne Inc. Transaction Overview
Purchased TMI from Morgan Stanley for $200 million plus inventory of $346 million
NGL received:
3,171,161 TLP Common Units
100% of TLP General Partner
130,000 bbl/d of combined shipper history on Colonial and Plantation pipelines
116,000 bbl/d of marketing agreements, 80% of volumes contracted
Projected TransMontaigne EBITDA of $35 million year 1 , $55 million year 2 , $70 million year 3
Opportunities
Butane Blending
Increased throughput volumes through terminals
Brownsville Terminal 27

28. Section II
TransMontaigne Inc. - Area of Operations 28

29. Simplified TransMontaigne Ownership Structure
Public Unitholders
NGL Energy Partners L.P.
100% Interest
TransMontaigne Inc.
80% Interest (Limited Partner)
100% Interest
TransMontaigne Product Services Inc.
17% Interest (Limited Partner)
100% Interest
2% Interest (General Partner)
TransMontaigne GP L.L.C.
TransMontaigne Partners L.P.
3% Interest (Limited Partner)
100% Interest
Operating Subsidiaries

30. Conclusion and Key Takeaways
Compelling investment opportunity with attractive combination of yield and growth
Distribution growth of 18% for calendar 2014 and 10% plus thereafter
74% distribution per unit increase since IPO
NGL total return 117% since IPO
Multiple growth platforms
Brings strategic acquisitions that are accretive
Completed over $3.2 billion of acquisitions in last 3 years
Substantial organic growth projects, currently $500 million
Diverse geographic and operational footprint reduces risk
Strong credit profile and sufficient liquidity to run business and execute growth objectives
High common unit coverage provides cash to finance growth and maintain distribution growth profile
Experienced, management team with substantial equity ownership