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Jun 30
Genesis Energy Q2 2025 Earnings Report
Genesis Energy reported a slight net loss in Q2 2025 with improved offshore activity and steady performance across segments.
Key Takeaways
Genesis Energy delivered stable operational performance in Q2 2025 with a reduced net loss and consistent adjusted EBITDA, aided by offshore pipeline contributions and disciplined capital allocation.
Net loss attributable to common unitholders was $15.3 million, improving from a $30.6 million loss a year ago.
Adjusted EBITDA for the quarter was $122.9 million, reflecting steady operational execution.
Available Cash before Reserves reached $32.2 million, covering the quarterly distribution by 1.59x.
Shenandoah development began contributing volumes via minimum volume commitments.
Genesis Energy
Genesis Energy
Genesis Energy Revenue by Segment
Genesis Energy Revenue by Geographic Location
Revenue by Segment
Offshore pipeline trans. Revenue
CapyFin.comMarine transportation Revenue
CapyFin.comOnshore trans. & svc. Revenue
CapyFin.comRevenue by Geographic Location
Texas Revenue
CapyFin.comMississippi Revenue
CapyFin.comLouisiana Revenue
CapyFin.com Forward Guidance
Genesis expects improved free cash flow and leverage ratios as Shenandoah and Salamanca ramp up, despite delays in first oil timing.
Positive Outlook
- Shenandoah production began and is expected to ramp to peak in H2 2025
- Salamanca development remains on track for first oil in Q3
- Improved base volumes from previously shut-in wells
- No expected lasting impacts from delays or outages
- Free cash flow expected to improve from Q3 onward
Challenges Ahead
- Delays in Shenandoah and Salamanca first oil pushed EBITDA toward low end of guidance
- High working capital needs led to increased revolver balance in Q2
- Marine transportation facing blue water day rate pressure
- Sulfur services impacted by unplanned turnaround at Westlake
- Cash flows from operations down YoY due to lower segment margin and higher operating costs