GEL
Genesis Energy, L.P.15.30
-0.34-2.17%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A details guidance headwinds, growth confidence
Q&A quantified 2026 EBITDA guidance headwinds, baking in 10 days of offshore hurricane downtime and $5-10M marine segment margin hit from heavy dry dockings, plus $15-20M higher maintenance capex—yet management stressed comfort exceeding the 15-20% growth target over 2025's $500-510M normalized baseline, viewing misses as mere timing slips. They affirmed a ~4x leverage target with clear visibility via debt paydown and EBITDA gains. Distribution hikes get quarterly Board scrutiny sans fixed cadence. Customer consolidation shone positive: Harbor's LLOG buy signals doubled production by 2028, with 70% flowing through Genesis pipes. Guidance embeds conservatism. Investors will eye offshore execution amid turnarounds.
Key Stats
Market Cap
1.87BP/E (TTM)
-Basic EPS (TTM)
-1.31Dividend Yield
0.04%Recent Filings
8-K
New $900M credit facility
Genesis Energy entered a $900 million senior secured revolving credit facility on March 4, 2026, expandable to $1.3 billion, maturing March 4, 2031—unless senior notes trigger earlier dates. It replaces the prior agreement, with borrowings at Term SOFR plus 2.25-3.50% tied to leverage. Lenders hold sway over acceleration. Flexibility boosted.
8-K
Closes $750M notes offering
8-K
Prices $750M notes offering
Genesis Energy entered an underwriting agreement on February 18, 2026, to issue $750 million of 6.750% senior unsecured notes due 2034, upsized from $500 million. Net proceeds of ~$737 million will redeem all 7.75% notes due 2028 and repay revolver borrowings. Settlement expected March 4. Closing hinges on customary conditions.
10-K
FY2025 results
Genesis Energy wrapped FY2025 with offshore pipeline transportation surging on Shenandoah volumes exceeding MVCs in Q4 at over 90 MBbls/day (100% basis), while Salamanca ramped to 30+ MBbls/day, driving 16% Segment Margin growth to $386M annually. Q4 momentum accelerated sequentially from Q3 first production, with CHOPS throughput hitting 357k Bbls/day (y/y +25% derived). Marine margins dipped 7% on softer inland utilization, yet onshore pipelines gained from Texas system volumes doubling to 99k Bbls/day. Alkali sale unlocked $1B net proceeds, slashing debt to $3.1B and boosting revolver availability to $789M; no maturities until 2028. Q4 distributions rose 9% to common unitholders. Pipeline interruptions from sub-sea issues risk Q1 momentum.
8-K
Q4 profit on offshore surge
Genesis Energy swung to $19.9M net income for Q4 2025 from a $49.4M loss last year, fueled by 57% offshore pipeline margin growth to $120.2M on Shenandoah and Salamanca ramps. Available Cash before Reserves hit $61.1M, covering the $0.18 common distribution 2.77X; debt slashed post-$1.0B Alkali sale. Eyes 15-20% Adjusted EBITDA growth in 2026. Leverage sits at 5.12X.
IPO
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