Core Viewpoint - Midstream energy stocks are currently attractive for investment due to their stable cash flows, high yields, and growth opportunities, trading below historical valuations despite improved financial conditions [1]. Group 1: Energy Transfer - Energy Transfer is highlighted as a compelling investment with a high yield, improving financial profile, and solid growth opportunities, trading at low valuations [2][6]. - The company has improved its balance sheet over recent years, reducing debt and increasing free cash flow, allowing it to enter a growth phase [3]. - Approximately 90% of Energy Transfer's EBITDA is fee-based, providing a stable revenue stream insulated from commodity price fluctuations, with a distributable cash flow covering distributions by over 2x [4]. - The company plans to spend $5 billion on growth projects this year, focusing on natural gas supply for AI data centers and LNG exports [5]. - The stock trades at a forward enterprise value-to-EBITDA multiple of 8, indicating it is undervalued given its financial strength and 7.5% yield [6]. Group 2: Enterprise Products Partners - Enterprise Products Partners is characterized as a stable investment with a long history of distribution growth and a conservative balance sheet [7]. - The company has increased its distribution for 26 consecutive years, currently yielding around 6.9%, with expectations for continued growth [8]. - About 85% of Enterprise's cash flow is derived from fee-based contracts, ensuring consistent revenue even in volatile markets [9]. - The company is a major player in natural gas liquids, operating across the entire value chain, with growing global demand [10]. - Enterprise maintains a conservative leverage ratio of just over 3x, with a distribution coverage ratio of 1.7x, allowing it to self-fund growth [11]. Group 3: Genesis Energy - Genesis Energy is undergoing a strategic shift that could unlock significant value, appealing to investors willing to accept higher risk [13]. - The company sold its soda ash business for $1.4 billion, using the proceeds to reduce high-cost debt, which is expected to save $84 million annually in interest expenses [14]. - Focus is shifting to offshore pipeline assets, with two large deepwater projects expected to generate up to $150 million in annual operating profit [15]. - The stock currently yields around 3.9%, with potential for significant distribution increases as new projects come online [16].

Core Viewpoint - The pipeline sector is positioned to offer high yields, predictable cash flows, and solid growth, particularly due to increasing natural gas demand from LNG exports and AI data centers. Company Summaries 1. Energy Transfer - Operates one of the largest midstream networks in the U.S. and is entering a growth phase with a capital expenditure budget increase from $3 billion to $5 billion focused on natural gas infrastructure in the Permian Basin [3][4] - Approximately 90% of EBITDA is tied to fee-based contracts, supporting a distribution yield of 7.2% with a target of 3% to 5% annual growth [5] 2. Enterprise Products Partners - Known for reliability, having raised distributions for 26 consecutive years, with 85% of revenue being fee-based and many contracts having take-or-pay terms [6][7] - Currently has $7.6 billion in projects under construction, with $6 billion expected to come online this year, focusing on high-return expansions in the NGL value chain [7] 3. Western Midstream - Offers a high yield of 9.5% with strong revenue visibility due to cost-of-service protections and minimum volume commitments in contracts [9][10] - Maintains conservative financial management with leverage below 3x and is investing in solid return projects like the $450 million Pathfinder produced-water pipeline [10][11] 4. Williams Companies - Yield is around 3.2%, but it has significant growth potential, particularly through its Transco pipeline system, which connects natural gas fields to growing markets [12][13] - Engaged in multiple expansion projects and a $1.6 billion investment in the Socrates project to serve data center demand [14] 5. Genesis Energy - Represents a turnaround story, having sold its soda ash business for $1.4 billion to reduce debt and improve cash flow [15][17] - Focused on growing its offshore pipeline system, with significant growth expected from upcoming deepwater projects and a marine segment on track for record earnings [18][19]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-12295 GENESIS ENERGY, L.P. (Exact name of registrant as specified in its charter) Delaware 76-0513049 (State or other jurisdiction of incorporation or organi ...

Financial Data and Key Metrics Changes - The first quarter was described as a transformational quarter for the company, successfully exiting the soda ash business and simplifying the balance sheet, which is expected to significantly reduce future cash costs [6][10] - The anticipated annual cash costs of running and sustaining the business have been reduced to approximately $425 million to $450 million [19][20] Business Segment Data and Key Metrics Changes - The offshore pipeline transportation segment is expected to see a significant increase in financial contribution due to new production facilities, Shenandoah and Salamanca, which will add nearly 200,000 barrels of oil per day of incremental production capacity [9][10] - The Marine Transportation segment is on pace to post record earnings in 2025, supported by steady demand and limited new construction in the market [16][18] - The Onshore Transportation and Services segment has seen steady volumes and is expected to increase as new offshore projects commence production [19] Market Data and Key Metrics Changes - Gulf Coast refinery utilization has recovered from approximately 80% in January to roughly 94% in late April, supporting the need for transportation of heavy and intermediate products [17][18] - The demand for moving petroleum products from the Gulf Coast to East and Mid-Atlantic markets remains steady due to inadequate regional refining capacity [18] Company Strategy and Development Direction - The company plans to implement a capital allocation strategy focusing on redeeming high-cost preferred units, paying down debt, and returning capital to unitholders [20] - The management is optimistic about the long-term value creation potential from the offshore expansion projects and the overall midstream energy space [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resolution of mechanical issues affecting production, expecting volume levels to return to normalized levels by the end of the second quarter or third quarter [11][40] - The company believes that deepwater projects are more resilient during low price environments compared to onshore shale plays, with significant capital already invested [14][40] Other Important Information - The Department of Interior's new permitting procedures are expected to expedite the development of domestic energy resources, potentially bringing forward opportunities that were previously slated for later [15] - Ten of the 22 active deepwater drilling rigs in the Gulf of America are working on leases dedicated to the company's pipeline infrastructure [16] Q&A Session Summary Question: Thoughts on capital allocation and distribution - Management indicated a likely flat distribution for the second quarter, with potential adjustments in the third quarter based on project timelines and mechanical issue resolutions [23] Question: Quantifying additional infield and subsea opportunities - Management noted that there are seven active rigs drilling for potential production increases, with typical wells expected to produce 7,000 to 10,000 barrels per day [26][31] Question: Segment margin guidance for offshore segment - Management anticipates that the offshore segment will contribute significantly to annual EBITDA guidance, with OTS and marine segments expected to remain consistent with the first quarter [30] Question: Confidence in resolution of producer issues - Management expressed confidence based on real-time data from producers and noted that producers are incentivized to resolve issues quickly [40] Question: Target leverage ratio and distribution coverage ratio - The long-term target leverage ratio is around four times, with expectations to reach this ratio rapidly as segment margins increase [42]

Financial Data and Key Metrics Changes - The first quarter was described as a transformational quarter for the company, successfully exiting the soda ash business and simplifying the balance sheet, which is expected to significantly reduce future cash costs [5][6] - The anticipated annual cash costs of running and sustaining the business have been reduced to approximately $425 million to $450 million [18][20] Business Segment Data and Key Metrics Changes - The offshore pipeline transportation segment is expected to see a significant increase in financial contribution due to new production facilities, Shenandoah and Salamanca, which will add nearly 200,000 barrels of oil per day of incremental production capacity [8][9] - The Marine Transportation segment is on pace to post record earnings in 2025, supported by steady demand and limited new construction in the market [15][17] - The Onshore Transportation and Services segment has seen steady volumes and is expected to increase as new offshore projects commence production [18] Market Data and Key Metrics Changes - Gulf Coast refinery utilization has recovered from approximately 80% in January to roughly 94% in late April, supporting the need for transportation of heavy and intermediate products [16][17] - The demand for moving petroleum products from the Gulf Coast to East and Mid-Atlantic markets remains steady due to inadequate regional refining capacity [17] Company Strategy and Development Direction - The company is focused on generating excess cash flow and plans to implement a capital allocation strategy that includes redeeming high-cost preferred units, paying down debt, and returning capital to unitholders [19][20] - The management is optimistic about the long-term value creation potential from the offshore expansion projects and the overall midstream energy space [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resolution of mechanical issues affecting production, with expectations for volume levels to return to normal by the end of the second quarter or third quarter [10][39] - The company believes that deepwater projects are more resilient during periods of low commodity prices compared to onshore shale plays, with significant capital already invested [12][13] Other Important Information - The Department of Interior's new permitting procedures are expected to expedite the development of domestic energy resources, potentially bringing forward opportunities that were previously slated for later [14] - Ten of the 22 active deepwater drilling rigs in the Gulf of America are working on leases dedicated to the company's pipeline infrastructure, indicating a strong strategic position [15] Q&A Session Summary Question: Thoughts on capital allocation and distribution - Management indicated that they are likely to maintain a flat distribution for the second quarter but will consider movements in the quarterly distribution for the third quarter and beyond [23] Question: Quantifying additional infield and subsea opportunities - Management noted that there are several active rigs drilling in fields dedicated to the company, with expectations for additional production in the range of 7,000 to 10,000 barrels per day from new wells [25][26] Question: Segment margin guidance for offshore segment - Management stated that while they do not provide segment guidance, they anticipate that the offshore segment will contribute significantly to overall EBITDA, especially as new projects come online [30] Question: Crude oil price impact on producer activity - Management expressed confidence that producers are incentivized to maintain production despite price fluctuations, citing low marginal lifting costs in the Gulf [40] Question: Target leverage ratio and distribution coverage ratio - The long-term target leverage ratio is around four times, with management confident in reaching this target rapidly as segment margins increase [41][42] Question: Marine segment day rates and new construction - Management indicated that day rates need to increase by 30% to 40% and be sustained for several years to incentivize new construction in the Marine segment [43]

Genesis Energy, L.P. 1Q 2025 Earnings Supplement May 8, 2025 Forward-Looking Statements Strategic Decisions & New Offshore Developments Reinforcing Long-Term Thesis This presentation includes forward-looking statements as defined under federal law. Although we believe that our expectations are based upon reasonable assumptions, we can give no assurance that our goals will be achieved. Actual results may vary materially. All statements, other than statements of historical facts, included in this press releas ...

FOR IMMEDIATE RELEASE May 8, 2025 Genesis Energy, L.P. Reports First Quarter 2025 Results HOUSTON – (BUSINESS WIRE) – Genesis Energy, L.P. (NYSE: GEL) today announced its first quarter results. We generated the following financial results for the first quarter of 2025: Grant Sims, CEO of Genesis Energy, said, "The first quarter of 2025 was indeed a busy and successful quarter for Genesis as we exited our soda ash business and used the net proceeds from the sale to simplify our balance sheet and significantl ...

Graphano Engages Mercator for NI 43-101 Resource Estimate and Launches Exploration at Black Pearl ProjectMay 06, 2025 12:15 AM EDT | Source: Graphano Energy Ltd.Vancouver, British Columbia--(Newsfile Corp. - May 6, 2025) - Graphano Energy Ltd. (TSXV: GEL) (OTC Pink: GELEF) (FSE: 97G0) ("Graphano" or the "Company")  is pleased to announce that it has engaged Mercator Geological Services Limited ("Mercator"), an independent geological consulting firm based in Dartmouth, Nova Scotia, to prepare a ...

Genesis Energy, L.P. (NYSE: GEL ) is on the verge of a powerful turning point, driven by powerful secular tailwinds in its core businesses and the completion of major growth projects. After the company invested over $1 Bn inAt Henriot Capital, we live by the principle that simplicity and common sense drive success. I’m passionate about building a hedge fund with a clear purpose, disciplined focus, and consistent alpha. Our approach is fully quant-driven—our model gives us the tickers, and we act on its reco ...

Core Viewpoint - Graphano Energy Ltd. has received the necessary "Autorisation de Travaux à Impact" (ATI) for its exploration properties in Québec, allowing the company to advance its exploration initiatives and capitalize on its graphite assets [1][2]. Government Authorizations for Exploration - In May 2024, Québec implemented new exploration permitting requirements aimed at enhancing transparency and incorporating community feedback into mineral exploration activities. Companies must obtain ATI from the Ministère des Ressources naturelles et des Forêts (MRNF) before conducting exploration activities that may impact the land [3]. 2025 Exploration Program - Graphano is set to begin its exploration campaigns this quarter, focusing on trenching, targeted sampling, and drilling to further delineate graphite mineralization across its properties. The company emphasizes responsible operations and ongoing engagement with local communities and stakeholders [4]. About Graphano Energy - Graphano Energy Ltd. is dedicated to evaluating, acquiring, and developing energy metals resources, transitioning from exploration to production [5]. Industry Context - Graphite is increasingly in demand as a critical mineral for green technologies, particularly in lithium batteries for electric vehicles and energy storage solutions. The Lac Aux Bouleaux property is strategically located near Canada's only producing graphite mine, highlighting its potential in meeting future graphite demands [6].