Core Points - Genesis Energy, L.P. announced a quarterly cash distribution for the quarter ended September 30, 2025 [1] - Common unit holders will receive a cash distribution of $0.165 per unit, equating to an annualized distribution of $0.66 per unit [1]

Core Insights - Graphano Energy Ltd. reported initial assay results from its September 2025 drilling program at the Black Pearl graphite project, indicating significant mineralization near the surface, with grades comparable to major graphite deposits in Quebec [1][3] - The Black Pearl property consists of 84 claims covering 4,149 hectares, with plans for an airborne geophysical survey to identify new targets and extensions to the discovery area [2] Drilling Results - The first drill program at Black Pearl confirmed strong graphite mineralization, with notable results including: - Drill Hole BP25-01 intersected 11.33% graphitic carbon (Cg) over 8.61 meters starting at a depth of 18.64 meters - Drill Hole ST25-02 showed two zones of 4.53% Cg over 5.50 meters and 7.95% Cg over 3.75 meters - Drill Hole ST25-03 revealed three zones of 7.37% Cg over 4.70 meters, 7.01% Cg over 3.14 meters, and 4.77% Cg over 6.50 meters [3][7][8] Exploration Strategy - The drilling program aimed to test multiple conductive trends identified in previous geophysical surveys, with objectives to expand known mineralization and evaluate the deposit's larger scale potential [3][8] - The mineralization has been traced from surface to a vertical depth of approximately 35 meters and remains open for further expansion [8] Future Plans - Graphano plans to release further assay results in the coming weeks and is focused on developing its graphite assets to meet the growing demand in technology minerals, particularly for applications in lithium batteries and energy storage [16]

Core Viewpoint - The article highlights two pipeline stocks, Energy Transfer and Genesis Energy, as having strong upside potential for investors, particularly in the current market environment where AI stocks are gaining attention. Group 1: Energy Transfer - Energy Transfer has established one of the largest midstream systems in the U.S., handling natural gas, crude oil, NGLs, and refined products, benefiting from volume movements and regional spreads [2] - The company plans to invest approximately $5 billion in growth capital expenditures this year, an increase from $3 billion the previous year, focusing on projects in the Permian Basin [3] - The Lake Charles LNG project is progressing, which could secure long-term cash flows as global LNG demand is projected to grow by 60% by 2040 [4] - Financially, Energy Transfer is in a strong position with low leverage, expecting 90% of 2025 EBITDA from fee-based contracts, and plans to increase its distribution by 3% to 5% annually [5] Group 2: Genesis Energy - Genesis Energy has improved its financial health by selling its soda ash business for $1.4 billion, using the proceeds to reduce debt and save approximately $84 million annually in interest [7] - The company is set to benefit from two major offshore projects, Shenandoah and Salamanca, which could add up to $150 million annually in operating profit once fully operational [8] - Shenandoah Phase One is expected to reach 100,000 barrels per day by the end of September, with plans to expand capacity to 140,000 barrels per day by 2026 [9] - Despite a challenging quarter for its marine transportation segment, Genesis anticipates generating free cash flow soon and aims to reduce its revolver balance by the end of 2025, potentially allowing for distribution increases [10] - While Genesis Energy carries more risk compared to Energy Transfer, it presents greater upside potential if its projects succeed [11]

Core Viewpoint - Graphano Energy Ltd. has commenced drilling at its 100% owned Black Pearl graphite project in Québec, aiming to expand known graphite mineralization and define the deposit's potential [1][2]. Company Overview - Graphano Energy Ltd. is focused on exploring and developing energy metals resources, transitioning from exploration to production [6]. - The company holds multiple projects, including the flagship Lac Aux Bouleaux property and the Standard Mine project, alongside the newly discovered Black Pearl project [7]. Project Highlights - The Black Pearl project was discovered in 2024 and has shown promising initial sampling results, including significant grades of graphite mineralization, such as 15.1% Cg over 14 metres and 17.9% Cg over 9 metres [9]. - The current drilling program will involve approximately 600 metres of diamond drilling targeting multiple high-priority areas identified through recent geophysical and geological work [2][9]. - Geological support for the drilling is provided by Mercator Geological Services Ltd., with local management from St-Pierre Exploration Enr. [4]. Industry Context - The demand for graphite is increasing, particularly for applications in lithium-ion batteries for electric vehicles and energy storage technologies, positioning Graphano to meet future critical mineral needs [8].

Core Viewpoint - Graphano Energy Ltd. supports the launch of Canada's Major Projects Office (MPO), which aims to expedite approval processes for major projects, particularly in critical minerals and energy sectors, reducing timelines from five years to two [1][2]. Group 1: Company Developments - Graphano's Lac Saguay graphite project has an initial mineral resource estimate of 1,640,000 tonnes at 7.00% graphitic carbon (Cg) and an inferred resource of 1,580,000 tonnes at 7.00% Cg [3][4]. - The company plans to engage with the MPO as its projects advance and is preparing to close a non-brokered private placement financing to fund upcoming programs [5][3]. - The graphite portfolio of Graphano is positioned to enhance the North American and European supply chain, especially as the U.S. faces high tariffs on Chinese graphite imports [2][3]. Group 2: Industry Context - The MPO's initiative is timely as it aligns with the growing demand for graphite, particularly for applications in lithium batteries and energy storage technologies [8]. - With China being the largest global producer of graphite, the need for reliable North American alternatives is increasing due to new U.S. tariffs of 163% on Chinese imports [2][8].

Group 1 - Samuel Smith has extensive experience in dividend stock research and investment, having served as lead analyst and Vice President at notable firms [1] - He is a Professional Engineer and Project Management Professional, holding degrees in Civil Engineering & Mathematics and a Master's in Engineering with a focus on applied mathematics and machine learning [1] - Samuel leads the High Yield Investor investing group, collaborating with Jussi Askola and Paul R. Drake to balance safety, growth, yield, and value in investment strategies [2] Group 2 - High Yield Investor provides real-money core, retirement, and international portfolios, along with regular trade alerts and educational content [2] - The service includes an active chat room for investors to share insights and strategies [2]

Core Points - Graphano Energy Ltd. has announced a forward split of its common shares, where one existing share will be split into five new shares [1][2] - The company currently has 17,188,268 common shares outstanding, which will increase to approximately 85,941,340 shares post-split [3] - The share split aims to enhance liquidity and broaden the investor base by making shares more accessible [6] Company Overview - Graphano Energy Ltd. is focused on exploring and developing energy metals resources, transitioning from exploration to production [7] - The company’s Lac Aux Bouleaux property is located near Canada’s only producing graphite mine, highlighting its strategic position in the graphite market [8] - The demand for graphite is increasing due to its essential role in technologies such as lithium batteries for electric vehicles and energy storage solutions [8]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the company's financial statements, including balance sheets, statements of operations, and detailed notes, reflecting the impact of the Alkali Business sale [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The financial statements for the period ended June 30, 2025, reflect significant changes primarily due to the sale of the Alkali Business, now reported as discontinued operations, leading to decreased assets and liabilities and a substantial net loss [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets significantly decreased to **$4.84 billion** from **$7.04 billion** at year-end 2024, primarily due to the Alkali Business sale, with total liabilities also decreasing to **$4.12 billion** from **$5.52 billion** - The significant reduction in assets and liabilities is primarily due to the sale of the Alkali Business, with assets and liabilities held for discontinued operations being zero at June 30, 2025, compared to **$1.84 billion** and **$530 million** respectively at December 31, 2024[10](index=10&type=chunk)[22](index=22&type=chunk) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $587,308 | $911,734 | | **Total assets** | **$4,838,538** | **$7,037,692** | | **Total current liabilities** | $621,905 | $858,755 | | **Senior Unsecured Notes, net** | $3,035,915 | $3,436,860 | | **Total liabilities** | **$4,121,134** | **$5,521,909** | | **Total partners' capital** | $164,881 | $702,194 | [Unaudited Condensed Consolidated Statements of Operations](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2025, Genesis Energy reported net income from continuing operations of **$10.0 million**, a shift from a **$4.0 million** net loss in Q2 2024, but a **$432.2 million** loss from discontinued operations led to a total net loss of **$450.3 million** for the six-month period Statement of Operations Highlights (in thousands) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total revenues** | $377,348 | $430,179 | $775,659 | $864,626 | | **Operating Income** | $67,715 | $49,779 | $89,688 | $107,834 | | **Net Income (Loss) from Continuing Operations** | $10,011 | $(3,965) | $(26,550) | $7,388 | | **Loss from disposal of discontinued operations** | — | — | $(432,193) | — | | **Net Income (Loss)** | $10,011 | $(1,387) | $(450,295) | $17,569 | | **Net Loss Attributable to Common Unitholders** | $(15,274) | $(30,638) | $(512,751) | $(41,179) | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the February 2025 sale of the Alkali Business for approximately **$1.425 billion**, its reclassification as a discontinued operation, and the subsequent reorganization of reporting segments and debt redemptions [Note 1: Organization and Basis of Presentation and Consolidation](index=9&type=section&id=1.%20Organization%20and%20Basis%20of%20Presentation%20and%20Consolidation) Genesis Energy, L.P. reorganized its reporting segments in Q1 2025 following the sale of its Alkali Business, now operating through Offshore Pipeline Transportation, Marine Transportation, and Onshore Transportation and Services - On February 28, 2025, the company sold its Alkali Business for a gross price of approximately **$1.425 billion**, now reported as a discontinued operation with prior periods adjusted accordingly[22](index=22&type=chunk) - The company reorganized its segments in Q1 2025 into Offshore pipeline transportation, Marine transportation, and Onshore transportation and services[20](index=20&type=chunk)[25](index=25&type=chunk) [Note 4: Discontinued Operations](index=13&type=section&id=4.%20Discontinued%20Operations) The Alkali Business sale completed on February 28, 2025, for a gross purchase price of **$1.425 billion**, yielded net proceeds of approximately **$1.0 billion** and resulted in a **$432.2 million** loss from disposal for the six months ended June 30, 2025 - The Alkali Business was sold for a gross price of **$1.425 billion**, resulting in net proceeds of approximately **$1.0 billion** after transaction costs, assumption of debt, and cash divested[37](index=37&type=chunk) Financial Impact of Discontinued Operations (Six Months Ended June 30, 2025, in thousands) | Line Item | Amount | | :--- | :--- | | Pretax income from discontinued operations | $8,464 | | Loss from the sale of the Alkali Business | $(432,193) | | **Total pretax loss from discontinued operations** | **$(423,729)** | [Note 10: Debt](index=17&type=section&id=10.%20Debt) Total long-term debt decreased to approximately **$3.1 billion** as of June 30, 2025, from **$3.7 billion** at year-end 2024, primarily due to the redemption of **$406.2 million** in senior unsecured notes using Alkali Business sale proceeds - On April 3, 2025, the company redeemed the remaining **$406.2 million** of its 8.000% senior unsecured notes due 2027, incurring a net loss of **$8.9 million** on the extinguishment[59](index=59&type=chunk) - Following the Alkali Business sale, the senior secured credit facility was amended to reduce total borrowing capacity to **$800 million** and modify leverage ratio calculation terms[57](index=57&type=chunk) Total Long-Term Debt (in thousands) | Date | Principal | Net Value | | :--- | :--- | :--- | | June 30, 2025 | $3,150,960 | $3,107,515 | | Dec 31, 2024 | $3,776,605 | $3,727,860 | [Note 11: Partners' Capital, Mezzanine Capital and Distributions](index=18&type=section&id=11.%20Partners'%20Capital%20(Deficit),%20Mezzanine%20Capital%20and%20Distributions) On March 6, 2025, the company repurchased **7,416,196** Class A Convertible Preferred Units at **$35.40** per unit and declared a quarterly cash distribution of **$0.165** per common unit for Q1 and Q2 2025 - On March 6, 2025, the company purchased **7,416,196** of its Class A Convertible Preferred Units at **$35.40** per unit[69](index=69&type=chunk) Common Unit Distributions per Unit | Quarter | Per Unit Amount | | :--- | :--- | | Q1 2025 | $0.165 | | Q2 2025 | $0.165 | [Note 13: Business Segment Information](index=21&type=section&id=13.%20Business%20Segment%20Information) Following a Q1 2025 reorganization, the company's operations are managed through three reportable segments, with total Segment Margin slightly decreasing to **$135.9 million** in Q2 2025 from **$137.9 million** in Q2 2024 - The company reorganized its operating segments in Q1 2025, with the sulfur services business now reported under the onshore transportation and services segment[78](index=78&type=chunk) Segment Margin (in thousands) | Segment | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Offshore pipeline transportation | $87,594 | $86,131 | | Marine transportation | $29,817 | $31,543 | | Onshore transportation and services | $18,458 | $20,242 | | **Total Segment Margin** | **$135,869** | **$137,916** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported a Net Income from Continuing Operations of **$10.0 million** for Q2 2025, driven by improved operating income and reduced expenses, while the Alkali Business sale significantly enhanced liquidity and reduced debt [Overview](index=29&type=section&id=Overview) In Q2 2025, Genesis reported **$10.0 million** in Net Income from Continuing Operations, reversing a **$4.0 million** loss in Q2 2024, despite a slight 1% decrease in Segment Margin to **$135.9 million** and reduced cash flow from operations Q2 2025 vs Q2 2024 Key Metrics | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Net Income from Continuing Ops | $10.0M | $(4.0)M | +$14.0M | | Segment Margin | $135.9M | $137.9M | -1% | | Available Cash before Reserves | $32.2M | $37.6M | -14% | [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Total operating income increased by **$18.0 million** in Q2 2025, primarily due to improved offshore pipeline transportation segment performance, while marine and onshore segments experienced margin declines [Offshore Pipeline Transportation Segment](index=33&type=section&id=Offshore%20Pipeline%20Transportation%20Segment) The Offshore Pipeline Transportation segment's margin increased by **$1.5 million** (2%) to **$87.6 million** in Q2 2025, driven by new minimum volume commitments from the Shenandoah development and increased volumes from other projects - Segment Margin increased due to new MVCs on the SYNC and CHOPS pipelines for the Shenandoah development, which began in June 2025[138](index=138&type=chunk) - Growth was partially offset by a contractual rate step-down on a 10-year-old transportation dedication and producer downtime at several fields, expected to return to normal rates by the end of Q3 2025[139](index=139&type=chunk) Offshore Segment Margin (in thousands) | Period | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Segment Margin | $87,594 | $86,131 | [Marine Transportation Segment](index=35&type=section&id=Marine%20Transportation%20Segment) The Marine Transportation segment's margin decreased by **$1.7 million** (5%) to **$29.8 million** in Q2 2025, mainly due to lower inland barge utilization from reduced Midwest refinery demand, partially offset by fewer dry-docking days - Inland barge utilization was slightly lower (**98.1%** vs **100.0%** in Q2 2024) due to a decline in Midwest refinery demand for black oil equipment[143](index=143&type=chunk)[145](index=145&type=chunk) - Performance was partially supported by fewer dry-docking days in the offshore fleet and a higher rate on the M/T American Phoenix[145](index=145&type=chunk) Marine Segment Margin (in thousands) | Period | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Segment Margin | $29,817 | $31,543 | [Onshore Transportation and Services Segment](index=36&type=section&id=Onshore%20Transportation%20and%20Services%20Segment) The Onshore Transportation and Services segment's margin decreased by **$1.8 million** (9%) to **$18.5 million** in Q2 2025, primarily due to lower NaHS and caustic soda sales volumes, partially offset by increased rail unload volumes - The decrease in segment margin was primarily due to lower NaHS and caustic soda sales volumes[152](index=152&type=chunk) - The decline was partly offset by an increase in rail unload volumes (**24,979 Bbls/day** vs **19,811 Bbls/day** in Q2 2024) and higher volumes on the Texas pipeline system[151](index=151&type=chunk)[152](index=152&type=chunk) Onshore Segment Margin (in thousands) | Period | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Segment Margin | $18,458 | $20,242 | [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity significantly improved following the Alkali Business sale, generating approximately **$1.0 billion** in cash proceeds used for debt reduction and preferred unit repurchases, with no major debt maturities until 2028 - Completed the sale of the Alkali Business for approximately **$1.425 billion** gross, receiving approximately **$1.0 billion** in cash proceeds[169](index=169&type=chunk) - Used proceeds to redeem the remaining **$406.2 million** of 2027 Notes and repurchase **7,416,196** Class A Convertible Preferred Units, lowering the overall cost of capital[171](index=171&type=chunk)[172](index=172&type=chunk) Capital Expenditures (in thousands) | Period | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | | Maintenance Capital | $39,411 | $44,503 | | Growth Capital | $54,406 | $136,372 | | **Total Capital Expenditures** | **$93,817** | **$181,160** | [Quantitative and Qualitative Disclosures about Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes have occurred regarding the company's market risk disclosures since the Annual Report, with continued exposure to commodity price changes managed through derivative instruments - No material changes have occurred that would affect the quantitative and qualitative disclosures about market risk provided in the company's Annual Report[224](index=224&type=chunk) [Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that disclosure controls and procedures were effective as of the end of the period covered by the report[225](index=225&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[227](index=227&type=chunk) [PART II. OTHER INFORMATION](index=51&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers other required disclosures, including legal proceedings, risk factors, equity sales, defaults, mine safety, and a list of exhibits [Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) There have been no material developments in legal proceedings since the filing of the company's Annual Report on Form 10-K, and no environmental proceedings requiring disclosure - No material developments in legal proceedings have occurred since the last Annual Report[229](index=229&type=chunk) [Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K - No material change in risk factors has been identified since the disclosure in the Annual Report[231](index=231&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no sales of unregistered equity securities during the second quarter of 2025 - There were no sales of unregistered equity securities during the 2025 Quarter[232](index=232&type=chunk) [Defaults upon Senior Securities](index=51&type=section&id=Item%203.%20Defaults%20upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - None[233](index=233&type=chunk) [Mine Safety Disclosures](index=51&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Following the sale of its mine in Green River, Wyoming, on February 28, 2025, the company is no longer required to provide mine safety disclosures - The company is no longer required to provide mine safety disclosures as it sold its mine on February 28, 2025[234](index=234&type=chunk) [Other Information](index=51&type=section&id=Item%205.%20Other%20Information) The company reported no other information for this item - None[235](index=235&type=chunk) [Exhibits](index=52&type=section&id=Item%206.%20Exhibits) The report lists several exhibits, including the Membership Interest Purchase Agreement for the Alkali Business sale, certificates of limited partnership, and CEO/CFO certifications, along with XBRL data files - Exhibits filed include the purchase agreement for the Alkali business sale, formation documents, and required CEO/CFO certifications[237](index=237&type=chunk)

Financial Data and Key Metrics Changes - The second quarter results were generally in line with expectations, with a focus on future growth opportunities [5] - The company expects to generate increasing amounts of free cash flow starting in the third quarter of 2025, providing financial flexibility for stakeholders [11][18] Business Segment Data and Key Metrics Changes - The offshore pipeline transportation segment saw a sequential increase in volumes as previously impacted offshore wells were brought back online [12] - The marine transportation segment performed in line with expectations, with strong demand fundamentals for the inland fleet, while the blue water fleet faced softer demand [13][15] - The onshore transportation and services segment also performed as expected, with strong volumes through Texas and Riceland terminals [16] Market Data and Key Metrics Changes - Demand for inland transportation equipment is expected to increase as refiners begin their turnaround season, which historically drives demand [14] - The marine transportation market is experiencing some short-term challenges, but long-term fundamentals remain constructive due to limited supply additions [15] Company Strategy and Development Direction - The company is focused on the successful commissioning of the Shenandoah production facility, which has a capacity of 120,000 barrels per day, and is expected to ramp up production significantly [5][7] - Future developments include the Shenandoah South discovery and the Monument discovery, which will further enhance the company's production capabilities [9][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the projected timeline for Salamanca's initial production by the end of the third quarter, despite potential weather disruptions [21] - The company remains committed to reducing leverage and improving the balance sheet while considering capital returns to unitholders starting in 2025 [25][36] Other Important Information - The company highlighted that delays in production will not significantly impact its ability to generate free cash flow or its outlook for 2026 and beyond [18] - Management emphasized the importance of maintaining financial flexibility to pursue strategic opportunities and enhance stakeholder value [18][19] Q&A Session Summary Question: Timing on Salamanca production - Management feels confident about the projected timeline for Salamanca's initial production by the end of the third quarter, with no significant weather disruptions expected [21] Question: Capital return timing - Management indicated that capital returns could potentially start in 2025, depending on the performance of new projects [25] Question: New commercial opportunities - Management stated there are no new commercial opportunities currently identified, focusing instead on ramping up existing offshore projects [26] Question: Portfolio satisfaction and divestiture candidates - Management expressed satisfaction with the current portfolio and indicated no plans for significant divestitures, focusing on existing business lines [27] Question: Monument development timeline - Management confirmed that Monument is expected to be the next significant development after Salamanca, with additional volumes anticipated in 2026 [28] Question: Marine transportation segment trends - Management noted that while the marine transportation segment faced some short-term challenges, utilization rates remain high, supporting future rate increases [32][34] Question: Leverage ratio timeline and balancing shareholder returns - Management indicated that discussions regarding leverage ratios and shareholder returns will be more defined as 2026 approaches, with potential distributions considered in the fourth quarter of 2025 [36][37] Question: Confidence in adjusted EBITDA guidance - Management expressed cautious optimism about meeting the low end of the adjusted EBITDA guidance, based on early production results [39]

Financial Performance - Genesis Energy reported Adjusted EBITDA of $1229 million in the second quarter[10] - The company's leverage ratio was 552x at the end of the second quarter[10, 14] - Available Cash Before Reserves was $32227 thousand in Q2 2025, with a Common Unit Distribution Coverage Ratio of 159x[18, 24] - Total Segment Margin for the second quarter was $135869 thousand[14, 22] Operational Highlights & Future Outlook - Shenandoah achieved first oil in late July, with production expected to ramp up to 90-100k/d[16] - Salamanca remains on track for first oil by the end of 3Q, expecting production to reach 40-50k/d[10, 16] - The company expects a notable step change in the financial contribution from its offshore pipeline transportation segment starting in 3Q 2025[10] - Genesis Energy has $800 million in credit facility commitments, providing adequate liquidity[7] Capital Allocation & Debt Management - The company aims to maintain a leverage ratio at or near 40x[10] - Genesis Energy repurchased $325 million of Class A convertible preferred securities and 114900 common units at an average price of $909 per unit[10]