Thu, May 8, 6:44 PM (14 days ago)
**Genesis Energy, L.P. (GEL) Q1 2025 Financial Summary** **Financial Health and Performance:** - **Revenue:** $398.3 million, down 8% from $434.4 million in Q1 2024. - **Net Loss:** $460.3 million, compared to a net income of $18.9 million in Q1 2024. - **Operating Income:** $21.9 million, down from $58.1 million in Q1 2024. - **Cash Flow from Operations:** $24.8 million, down from $125.9 million in Q1 2024. **Profit Margins:** - **Operating Margin:** Decreased due to higher costs and expenses. - **Net Margin:** Significantly negative due to the loss from discontinued operations. **Cash Flow:** - **Operating Cash Flow:** $24.8 million, down from $125.9 million in Q1 2024. - **Investing Cash Flow:** Positive due to proceeds from the sale of the Alkali Business. - **Financing Cash Flow:** Negative due to debt repayments and distributions. **Earnings Changes:** - **Earnings per Unit:** Basic and diluted net loss per common unit was $4.06, compared to a loss of $0.09 in Q1 2024. **Segment Performance:** - **Offshore Pipeline Transportation:** Segment Margin decreased by 22%. - **Marine Transportation:** Segment Margin decreased by 4%. - **Onshore Transportation and Services:** Segment Margin decreased by 18%. **Trends and Uncertainties:** - **Market Update:** Uncertainties due to international conflicts and economic conditions. - **Future Operations:** Focus on deleveraging and simplifying the capital structure. **Notable Events:** - **Sale of Alkali Business:** Completed on February 28, 2025, generating proceeds of approximately $1.0 billion. - **Debt Redemption:** Redeemed the remaining $406.2 million of the 2027 Notes on April 3, 2025. - **Capital Structure:** Simplification and reduction of overall cost of capital. **Liquidity and Capital Resources:** - **Credit Facility:** $795.5 million available, subject to compliance with covenants. - **Debt Obligations:** $3.5 billion in senior unsecured notes outstanding. **Future Outlook:** - **Growth Capital Expenditures:** To be funded using available borrowing capacity and recurring cash flows. - **Distributions:** Continued distributions to common and preferred unitholders. **Non-GAAP Measures:** - **Segment Margin:** Decreased by 18% to $121.4 million. - **Available Cash before Reserves:** $20.3 million, down from $54.0 million in Q1 2024. **Forward-Looking Statements:** - **Risks:** Include market conditions, regulatory changes, and operational risks. - **Strategies:** Focus on cost savings, strategic acquisitions, and capital expenditures.