NGL
NGL Energy Partners
Is NGL Halal?
Energy midstream partnership — high debt from energy operations.
What You Should Know
NGL operates energy infrastructure and logistics. Midstream services have environmental concerns. High debt structure. Its March 31, 2026 Form 10-K reports $4,175.539 million of assets, $3,234.583 million of interest-bearing debt, $8.505 million of cash, $661.470 million of receivables and $3,156.159 million of annual revenue. Debt/assets is 77.47%, liquidity/assets is 0.20%, and receivables-plus-cash/assets is 16.05%; interest income is not separately disclosed.
⚠️ Concerns
- •Oil/gas midstream concerns
- •Very high partnership debt
- •Water-disposal and environmental risk
- •Non-compliant income not separately disclosed
Current quantitative Sharia screen
Based on 10-K figures for the period ended 2026-03-31; calculated 2026-07-14.
3,234.583 / 4,175.539
8.505 / 4,175.539
669.975 / 4,175.539
- Financial
- Fails
- Overall
- Fails
Debt/assets is 77.47%, above the 33.333% limit; liquidity/assets is 0.20% and receivables-plus-cash/assets is 16.05%.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 77.47%, above the examined MSCI 33.33% limit; liquidity/assets is 0.20% and receivables-plus-cash/assets is 16.05%.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 77.47%, above the examined 33% limit; liquidity/assets is 0.20% and receivables-plus-cash/assets is 16.05%.
- Financial
- Not calculated
- Overall
- Incomplete
A properly licensed and reproducible historical market-cap series is not stored; filing-based asset ratios remain documented.
Business-activity disclosure
NGL operates water-management and energy logistics infrastructure. Water services can be viewed as permissible, while crude and liquids logistics, fossil-fuel dependence and customer end uses require qualitative review.
Limitation: The filing does not provide a universal prohibited-activity revenue numerator or separately disclosed non-compliant income amount.
Purification
Interest income and a complete prohibited-activity numerator are not separately disclosed in the examined filing, so purification cannot be quantified from this source.
Inputs, assumptions and primary sources
- Amounts are USD millions from NGL's March 31, 2026 Form 10-K.
- Interest-bearing debt combines current maturities of $11.457 million and long-term debt of $3,223.126 million; operating lease obligations are excluded.
- Cash and cash equivalents are $8.505 million and no interest-bearing securities line is reported.
- Accounts receivable of $661.157 million plus affiliate receivables of $0.313 million are used; annual revenue is $3,156.159 million.
- NGL provides water solutions, crude-oil logistics and liquids logistics; commodity exposure, environmental effects and financing require qualitative review.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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