Quarterly ResultMay 7, 2026, 08:56 AM
Genesis Energy Q1 Net Income $6.8M vs. $469.1M Loss YoY; Adj. EBITDA $140.9M
AI Summary
Genesis Energy, L.P. reported a net income of $6.8 million for Q1 2026, a significant improvement from a net loss of $469.1 million in Q1 2025. Cash flows from operating activities increased to $81.7 million, and Adjusted EBITDA rose to $140.9 million. The company also strengthened its balance sheet by repurchasing $135 million in preferred securities, issuing $750 million in new notes to redeem higher-cost debt, and extending its credit facility, expecting to reduce annual financing costs by $12 million. While Q1 results were slightly below internal expectations due to offshore pipeline transportation, the company maintains its full-year 2026 Adjusted EBITDA guidance.
Key Highlights
- Net Income attributable to Genesis Energy, L.P. was $6.8 million in Q1 2026, up from a $469.1 million loss in Q1 2025.
- Adjusted EBITDA increased 7% to $140.9 million in Q1 2026 from $131.7 million in Q1 2025.
- Cash Flows from Operating Activities rose to $81.7 million in Q1 2026, up from $24.8 million in Q1 2025.
- Available Cash before Reserves to common unitholders was $43.8 million, providing 1.99X distribution coverage.
- Offshore pipeline transportation Segment Margin increased 40% to $107.1 million.
- Onshore transportation and services Segment Margin increased 45% to $21.4 million.
- Repurchased $135 million of high-cost Series A preferred securities.
- Refinanced $679 million of 7.75% notes with $750 million of 6.75% notes and extended credit facility to $900 million, reducing annual financing costs by $12 million.