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NGL Energy Partners LP Announces Redemption of Its 10.75% Class A Convertible Preferred Units

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NGL Energy Partners LP (NYSE:NGL) (the "Partnership" or "NGL") announced
today that it has redeemed all 12,473,191 of the remaining issued and
outstanding 10.75% Class A Convertible Preferred Units ("Class A
Preferred Units") for a total redemption price of $13.2385 per unit,
calculated as 110% of $12.035 per unit (the Class A Preferred Unit
Price), or $165.1 million in total, plus all accrued but unpaid
and accumulated distributions to, but not including, the redemption date
of May 11, 2019. The redemption was funded through borrowings on the
Partnership's revolving credit facility, resulting in expected
annualized cost of capital savings based on current borrowing rates of
approximately $9 million.

"NGL is pleased to have partnered with Oaktree over the past three
years, including the participation of Jared Parker on our Board of
Directors," stated Mike Krimbill, NGL's CEO. "The original equity
contribution from funds managed by Oaktree Capital Management, L.P.
("Oaktree") in 2016 helped provide the capital required to complete our
Grand Mesa Pipeline and manage a very challenging industry cycle. We
appreciate the partnership with the Oaktree team and look forward to
future opportunities for our firms to work together."

"Mike, Trey and the entire NGL team have done a terrific job growing
value for NGL's unit holders through a particularly challenging market,"
stated Jared Parker, co-portfolio manager of Oaktree's Infrastructure
Investing strategy. "We are pleased to have contributed to the company's
success. We value our partnership with NGL and look forward to
continuing to work together on new opportunities."

As a result of the full redemption of the Class A Preferred Units,
Oaktree will no longer hold Board representation rights and NGL has
accepted Mr. Parker's resignation from the Board of Directors of the
Partnership's General Partner. The information in this press release
shall not constitute a notice of redemption of any of the Partnership's
securities.

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.

About Oaktree

Oaktree is a leader among global investment managers specializing in
alternative investments, with $119 billion in assets under management as
of March 31, 2019. The firm emphasizes an opportunistic, value-oriented
and risk-controlled approach to investments in credit, private equity,
real assets and listed equities. The firm has over 950 employees and
offices in 18 cities worldwide. For additional information, please visit
Oaktree's website at http://www.oaktreecapital.com/.

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