Genesis Energy(US:GEL)2025-10-30 14:00Financial 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]