Core Points - Genesis Energy, L.P. will host investor meetings at two upcoming conferences in December 2025 [1] Group 1: Conference Details - The first conference is the BofA Securities 2025 Leveraged Finance Conference, scheduled for December 2-3, 2025, in Boca Raton, FL [1] - The second conference is the 2025 Wells Fargo 24th Annual Energy and Power Symposium, taking place on December 9-10, 2025, in New York City, NY [1] Group 2: Presentation Materials - The latest presentation materials from the Partnership are available for download on their website under the "Presentations" section [1]

Core Points - The article emphasizes the importance of enabling Javascript and cookies in browsers to prevent access issues [1] - It highlights that users with ad-blockers may face restrictions when trying to access content [1] Summary by Categories Technical Requirements - Users are advised to enable Javascript and cookies in their browsers to ensure proper functionality [1] - The presence of ad-blockers can lead to blocked access, necessitating their temporary disablement [1]

Financial Performance - Net Income from Continuing Operations for the 2025 Quarter was $22.8 million, a significant improvement from a Net Loss of $4.6 million in the 2024 Quarter, representing a turnaround of $27.4 million [116]. - Revenues for the 2025 Quarter increased by $16.7 million, or 4%, while total costs and expenses decreased by $13.3 million, also a 4% reduction, resulting in a net increase to operating income of $30.0 million [125]. - The net loss attributable to Genesis Energy, L.P. for the same period was $514,434,000, reflecting a significant decline in profitability [202]. - The company reported a loss from continuing operations of $94,893,000 for the nine months ended September 30, 2025 [202]. Cash Flow and Liquidity - Cash flow from operating activities decreased to $70.3 million in the 2025 Quarter from $87.3 million in the 2024 Quarter, primarily due to negative changes in working capital [119]. - Net cash flows from operating activities for the nine months ended September 30, 2025 were $142.0 million, a decrease from $318.0 million for the same period in 2024 [186]. - The company’s primary sources of liquidity include cash flows from operations, proceeds from asset sales, and borrowing availability under the senior secured credit facility [174]. - Available Cash before Reserves increased by $11.0 million, or 45%, to $35.5 million in the 2025 Quarter, driven by a $24.6 million increase in Segment Margin [120]. Segment Performance - Segment Margin for the 2025 Quarter was $146.6 million, an increase of $24.6 million, or 20%, compared to the 2024 Quarter [121]. - Offshore pipeline transportation segment contributed $101.3 million to Segment Margin in the 2025 Quarter, up from $72.1 million in the 2024 Quarter [132]. - Marine transportation segment revenues were $25.6 million in the 2025 Quarter, down from $31.1 million in the 2024 Quarter [132]. - Onshore transportation and services segment reported a Segment Margin of $19.7 million in the 2025 Quarter, slightly up from $18.8 million in the 2024 Quarter [132]. Capital Expenditures and Investments - Total capital expenditures for fixed and intangible assets for the nine months ended September 30, 2025 were $122.4 million, down from $292.5 million in 2024 [188]. - Growth capital expenditures in 2025 included significant projects such as the completion of the CHOPS Pipeline and the SYNC Pipeline, with minimal future growth capital projects anticipated [193]. - The company completed the sale of the Alkali Business for a gross purchase price of $1.425 billion, receiving approximately $1.0 billion in cash after transaction costs [169]. - The company redeemed $406.2 million of principal outstanding on the 2027 Notes using cash proceeds from the sale of the Alkali Business [172]. Debt and Financing - As of September 30, 2025, the company had approximately $3.1 billion in long-term debt, including $58.6 million borrowed under the senior secured credit facility [177]. - The available borrowing capacity under the senior secured credit facility was $736.9 million as of September 30, 2025 [178]. - Following the sale of the Alkali Business, the company reduced its senior secured credit facility borrowing capacity from $900 million to $800 million [170]. Operational Challenges and Risks - The company acknowledges potential service interruptions in pipeline transportation systems due to adverse weather events [223]. - Key factors affecting future results include demand and supply for crude oil and natural gas, influenced by economic activity and geopolitical tensions [223]. - Changes in laws and regulations, including tax and environmental laws, could impact the company's operations and financial performance [223]. - The company emphasizes that forward-looking statements are not guarantees of performance and involve risks and uncertainties [223]. Strategic Focus - The company continues to focus on deleveraging its balance sheet amid uncertainties in market conditions and potential economic impacts from international conflicts [124]. - Strategic acquisitions are a focus, with the company seeking to identify and close deals on acceptable terms [223]. - The ability to simplify capital structure and lower the cost of capital is a key strategic goal for the company [223]. - The company does not intend to update forward-looking statements unless required by applicable securities laws [224].

Financial Data and Key Metrics Changes - The third quarter results were broadly in line with expectations despite some fluctuations across business segments [7] - The company generated excess cash in Q3, allowing for further reduction of outstanding borrowings under the senior secured revolving credit facility [13] - A clear trajectory of significant improvement in the leverage ratio is expected throughout 2026 [13] Business Segment Data and Key Metrics Changes - The Offshore Pipeline Transportation segment saw a sequential improvement in both volumes and segment margin, benefiting from the absence of weather-related disruptions and resolution of mechanical issues [7][12] - The Marine Transportation segment faced temporary challenges in July and early August due to market conditions affecting day rates and utilization, but financial results improved in September and October [9][22] - The Onshore Facilities and Transportation segment performed as expected, with increasing volumes through Texas and Raceland terminals and pipelines [27] Market Data and Key Metrics Changes - Demand for the inland fleet was modestly impacted as Gulf Coast refiners maximized runs of light crude oil, reducing the supply of intermediate black oil [22] - The transition back to heavier crude slates is anticipated, which should increase demand for inland heater barges [23][24] Company Strategy and Development Direction - The company is focused on generating increasing amounts of free cash flow, simplifying the balance sheet, and returning capital to unitholders [33][28] - There is a strategic emphasis on being positioned for future growth opportunities while maintaining financial flexibility [28][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the successful startup and ramp-up of the Shenandoah and Salamanca Floating Production Units, which are expected to significantly enhance future financial performance [12][20] - The company views the offshore business as a self-regenerating annuity, with expectations of maintaining throughput with minimal capital expenditure [35] Other Important Information - The company remains the only truly independent third-party provider of crude oil pipeline logistics in the central Gulf of Mexico, positioning it for continued growth [22] - The management team and Board of Directors are committed to building long-term value for all stakeholders [28] Q&A Session Summary Question: Future growth capital direction - Future growth capital is expected to be in the $10 million to $15 million range, focusing on operational support rather than large projects [31][32] Question: Wells needed to offset declines - The company views the offshore business as self-regenerating, needing approximately 11 additional wells per year to maintain throughput [34][35] Question: Offshore segment margin with full utilization - If producers meet their forecasts, an incremental segment margin of approximately $160 million per year is expected, with significant upside potential without additional spending [39][40]

Core Insights - The company has commenced production from the Salamanca FPU and plans to ramp up to 40,000 barrels per day, with expectations to reach 50,000 barrels per day in the first half of next year [1][11][12] - The marine transportation segment faced temporary challenges but has shown improvement in September and October, indicating a positive outlook for the fourth quarter [2][3][21] - The successful ramp-up of the Shenandoah FPU has exceeded expectations, reaching a cumulative target rate of 100,000 barrels per day [5][8][12] Offshore Pipeline Transportation Segment - The offshore pipeline transportation segment has benefited from the absence of weather-related disruptions and the resolution of mechanical issues, leading to improved financial performance [3][7] - Total throughput on the CHOPS and Poseidon pipelines has recently exceeded 700,000 barrels per day, with expectations to surpass this level as projects reach full potential [13][12] - The company anticipates that the addition of new volumes from Shenandoah and Salamanca will significantly enhance future financial performance [6][12] Future Production and Capacity - The Salamanca FPU is expected to handle up to 60,000 barrels of oil, with plans for a fourth well to be drilled in 2026 [11][12] - The company estimates that 11 new wells per year are needed to maintain production levels and replace reserves, ensuring a self-regenerating business model [14][33] - The potential for additional discoveries in the Gulf of America presents a multi-decade opportunity for growth, leveraging existing pipeline infrastructure [16][17] Marine Transportation Segment - The marine transportation segment experienced temporary market conditions affecting day rates and utilization but is expected to recover in the fourth quarter [2][21][23] - Demand for inland transportation is anticipated to increase as Gulf Coast refiners shift back to heavier crude slates, generating more refinery bottoms [20][21] - The market for blue water vessels remains structurally tight, with limited new supply expected, supporting stable to modest growth in the marine transportation segment [22][23] Capital Allocation and Financial Outlook - The company is focused on generating free cash flow, reducing debt, and returning capital to unitholders, with growth capital expected to be modest in the near term [30][25] - The management emphasizes a disciplined approach to capital allocation, prioritizing debt reduction and evaluating future distribution increases [25][30] - The company remains committed to building long-term value for stakeholders, with a focus on operational efficiency and financial flexibility [25][26]

Financial Performance - The company reported Adjusted EBITDA of $1320 million in the third quarter[10] - Total Segment Margin was $146576 thousand in the third quarter[13, 21] - Available Cash Before Reserves was $35482 thousand in Q3 2025, with a Common Unit Distribution Coverage Ratio of 176x[17, 23] - The company exited the third quarter with a leverage ratio of 541x, aiming to improve the balance sheet and maintain the ratio near 40x[10] Operational Highlights - Shenandoah achieved first oil in late July and ramped up to a targeted rate of 100 kbd in early October[15] - Salamanca achieved first oil at the end of September, expecting production from the first 3 wells to approach 40 kbd, with a fourth well planned for 2Q 2026 potentially reaching 50 kbd[15] - Marine Transportation segment experienced challenging conditions in July and August but rebounded in September and October[15] Liquidity and Capital Allocation - The company has a credit facility with $800 million in commitments[8] - The current quarterly distribution remains $0165 per common unit[8] - To date, the company has repurchased $325 million of Class A convertible preferred securities and 114900 common units at an average price of $909 per unit[10]

Financial Performance - Net Income attributable to Genesis Energy, L.P. for Q3 2025 was $9.2 million, a significant improvement from a Net Loss of $17.2 million in Q3 2024[4] - Revenues for the three months ended September 30, 2025, were $414,001,000, an increase from $397,291,000 in the same period of 2024, representing a growth of approximately 1.8%[29] - Operating income for the three months ended September 30, 2025, was $78,591,000, compared to $48,577,000 in 2024, reflecting a significant increase of 62%[29] - Net income attributable to Genesis Energy, L.P. for the three months ended September 30, 2025, was $9,207,000, a recovery from a net loss of $17,177,000 in the same period of 2024[29] - Total segment margin for the three months ended September 30, 2025, was $146,576,000, an increase from $121,979,000 in the same period of 2024, representing a growth of 20.1%[33] Cash Flow and Debt Management - Cash Flows from Operating Activities for Q3 2025 were $70.3 million, down from $87.3 million in Q3 2024[4] - Total cash flows from operating activities for Q3 2025 were $70.252 million, down from $87.324 million in Q3 2024, a decline of 19.5%[37] - Available Cash before Reserves for Q3 2025 was $35.482 million, an increase of 44.7% from $24.490 million in Q3 2024[35] - Adjusted Debt as of September 30, 2025, was $3.064 billion, with an Adjusted Debt-to-Adjusted Consolidated EBITDA ratio of 5.41X[41] - The company is focused on reducing debt and evaluating increases in quarterly distributions to common unitholders as financial flexibility improves[7] Segment Performance - Total Segment Margin for Q3 2025 was $146.6 million, compared to $121.98 million in Q3 2024, reflecting a 20% year-over-year increase[20] - Offshore pipeline transportation Segment Margin increased by $29.2 million, or 40%, from Q3 2024, driven by minimum volume commitments and increased throughput[20] - The marine transportation segment experienced a decrease in Segment Margin of $5.5 million, or 18%, due to lower utilization rates and market disruptions[22] - Onshore transportation and services Segment Margin increased by $0.9 million, or 5%, primarily due to higher throughput volumes in Texas[23] Production and Operational Metrics - The Shenandoah floating production system achieved a targeted production rate of 100 kbd within 75 days of startup, with Salamanca expected to ramp up to approximately 40 kbd[3] - Average barrels per day for the CHOPS pipeline increased to 360,925 in Q3 2025 from 304,198 in Q3 2024, marking a growth of 18.6%[31] - The average utilization percentage for inland barges was 91.2% in Q3 2025, down from 99.4% in Q3 2024, indicating a decrease in operational efficiency[31] - The average daily volumes for crude oil product sales decreased to 18,327 barrels in Q3 2025 from 18,978 barrels in Q3 2024, a decline of 3.4%[31] Capital Expenditures and Maintenance - Maintenance capital utilized in Q3 2025 was $14.900 million, compared to $18.000 million in Q3 2024, reflecting a decrease of 17.7%[36] - Maintenance capital expenditures have shifted from being primarily non-discretionary and related to pipeline assets to being more discretionary and potentially material, particularly for marine vessels and trucks[53] - The company has developed a maintenance capital utilized measure to better assess Available Cash before Reserves, reflecting expenditures incurred since December 31, 2013[55] Future Outlook and Risks - Genesis Energy expects full-year 2025 Adjusted EBITDA to be slightly below the previously communicated guidance range of $545 to $575 million[16] - Future outlook includes potential impacts from geopolitical tensions and market conditions affecting demand and pricing for services[43] Adjusted EBITDA and Financial Definitions - Adjusted EBITDA for Q3 2025 was $132.0 million, with a trailing twelve-month Adjusted Consolidated EBITDA of $566.6 million[4] - Adjusted EBITDA is defined as net income before interest, taxes, depreciation, and certain non-cash items, providing insight into core operating results[57] - Consolidated EBITDA for the last twelve months (LTM) as of September 30, 2025, was $566.625 million[41] Discontinued Operations - The company reported a net loss from discontinued operations of $4,715,000 for the three months ended September 30, 2025[29] - The company reported a loss from disposal of discontinued operations amounting to $432.193 million for the nine months ended September 30, 2025[35] Interest Expense - Interest expense for Q3 2025 was $66.407 million, slightly up from $65.662 million in Q3 2024[35]

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]