Genesis Energy Q2 2025 Earnings Report

Genesis Energy EPS Results

• Actual EPS: -$0.12
• Consensus EPS: -$0.04
• Beat/Miss: Missed by -$0.08
• One Year Ago EPS: -$0.25

Genesis Energy Revenue Results

• Actual Revenue: $377.35 million
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: -12.30%

Genesis Energy Announcement Details

• Quarter: Q2 2025
• Date: 7/31/2025
• Time: Before Market Opens
• Conference Call Date: Thursday, July 31, 2025
• Conference Call Time: 10:00AM ET

Genesis Energy (NYSE:GEL) LP (NYSE: GEL) is a publicly traded master limited partnership headquartered in Houston, Texas, that owns and operates a diversified portfolio of energy infrastructure assets in the United States. The company’s primary focus is on the transportation, storage and delivery of refined petroleum products, serving major domestic markets across the Gulf Coast, Atlantic Seaboard and inland waterway systems.

Genesis Energy’s operations are organized into several key business segments. Its marine transportation unit provides coastwise barge services for gasoline, diesel and jet fuel. The pipeline and terminalling division manages over 600 miles of pipelines and 35 terminals, offering bulk storage, blending and product distribution solutions. Through its contract services arm, the company delivers turnkey power generation, cable-laying and specialty services to industrial and offshore energy customers.

Established in 2003 via a spin-off of Matson Navigation’s petroleum business, Genesis Energy has grown through strategic acquisitions and organic investment in infrastructure capacity. The partnership emphasizes operational safety, environmental compliance and reliability, aiming to meet the refined fuels logistics needs of refiners, marketers and retailers. Genesis Energy is governed by an experienced management team and overseen by an independent board of directors, each bringing deep sector expertise and a commitment to long-term value creation.

Genesis Energy Q2 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Genesis successfully commissioned the Shenandoah production facility with 120,000 bpd nameplate capacity and delivered first oil through its new pipeline lateral to onshore refineries.
• Positive Sentiment: Initial cleanup of Shenandoah’s first four wells suggests they will meet or exceed predrill expectations, targeting 100,000 bpd of production as early as September and paving the way for Phase 2 and Monument tie-backs.
• Positive Sentiment: The Salamanca Floating Production Unit remains on track for first oil by end-Q3, with an expected ramp to 40,000–50,000 bpd and long-term tie-backs to additional reserves.
• Negative Sentiment: Delays from producer mechanical outages and commissioning challenges pushed 2025 results to the low end of guidance and offset some free-cash-flow ramp, though management expects no material long-term impact.
• Neutral Sentiment: Marine transportation saw strong inland barge utilization but oversupply of larger vessels from West Coast relocations has tempered day-rate growth, with long-term fundamentals still supportive.

Presentation

[Operator]

Greetings and welcome to the Genesis Energy, L.P. Second Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Dwayne Morley, Vice President of IR.

[Dwayne Morley, VP of IR at Genesis Energy L.P.]

Good morning and welcome to the 2025 Second Quarter Conference Call for Genesis Energy. Genesis Energy has three business segments. The Offshore Pipeline Transportation segment is engaged in providing the critical infrastructure to move oil produced from the long-lived world-class reservoirs from the deepwater Gulf of America to onshore refining centers. The Marine Transportation segment is engaged in the maritime transportation of primarily refined petroleum products. The Onshore Transportation and Services segment is engaged in the transportation, handling, blending, storage, and supply of energy products including crude oil and refined products primarily around refining centers as well as the processing of sour gas streams to remove sulfur at refining operations. Genesis operations are primarily located in the Gulf Coast States and the Gulf of Mexico.

[Dwayne Morley, VP of IR at Genesis Energy L.P.]

During this conference call, management may be making forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. The law provides safe harbor protection to encourage companies to provide forward-looking information. Genesis intends to avail itself of those safe harbor provisions and directs you to its most recently filed and future filings with the Securities Exchange Commission. We also encourage you to visit our website at genesisenergy.com where a copy of the press release we issued this morning is located. The press release also presents a reconciliation of non-GAAP financial measures to the most comparable GAAP financial measures. At this time I would like to introduce Grant Sims, CEO of Genesis Energy, L.P. Mr. Sims will be joined by Kristen Jesulaitis, Chief Financial Officer, Chief Legal Officer, Ryan Sims, President and Chief Commercial Officer, and Louie Nicol, Chief Accounting Officer.

[Grant Sims, CEO at Genesis Energy L.P.]

Good morning to everyone and thanks for listening to the call. As we mentioned in our earnings release this morning, the second quarter was generally.

[Grant Sims, CEO at Genesis Energy L.P.]

In line with our expectations.

[Grant Sims, CEO at Genesis Energy L.P.]

What is much more important from our perspective is looking ahead, and along those lines, I'm extremely excited to report the successful commissioning and startup of the Shenandoah Production Facility and its 120,000 barrels per day of nameplate capacity, which just last week delivered first oil to our new SINK pipeline lateral and then onto shore through our newly expanded CHOPS pipeline. This is a tremendous milestone for our entire Genesis team. I want to publicly thank them for all the hard work and dedication over the last three plus years during the design and construction phase, as well as the countless hours, day and night, put in by our operations folks offshore too.

[Grant Sims, CEO at Genesis Energy L.P.]

Bring these exciting new projects into full service.

[Grant Sims, CEO at Genesis Energy L.P.]

Despite initial production from Shenandoah being delayed first by around six months because of an industrial mishap during construction in Korea, and then six weeks or so due to some commissioning challenges primarily driven by abnormal loop currents in the Gulf, the operator successfully cleaned up the first of its four pre-drilled and completed wells last week. On Tuesday of this week, the operator began a cleanup of the second. With such cleanup operations likely to continue through this weekend, the operator will then move to the third well and then onto the fourth well. Based upon initial results, it appears more likely than not that the initial wells will meet and/or exceed original pre-drill expectations.

[Grant Sims, CEO at Genesis Energy L.P.]

In fact, the operator and at least one of Shenandoah's non-operating working interest owners have publicly affirmed that the initial phase should achieve 100,000 barrels a day of oil production from just these four wells, conceivably as early as the end of September. With first production flows through SINK and CHOPS now underway, it is timely to discuss the tremendous potential in and around the Shenandoah Floating Production Unit or FPU and the currently identified and sanctioned developments which will exclusively flow through our SINK lateral and downstream on CHOPS, giving Genesis. decades worth of anticipated throughput.

[Grant Sims, CEO at Genesis Energy L.P.]

After the first four wells are brought into full production, the Shenandoah FPU is expected to be debottlenecked and its capacity expanded to notionally 140,000 barrels of oil per day, targeted to be completed in advance of a fifth Shenandoah phase I well that is slated for drilling and completion by mid-2026. Phase II of the Shenandoah development will add two additional wells and a subsea booster pump also in mid-2026. Beyond Shenandoah itself, the Monument discovery represents a further extension of the regional development and will entail two new producing wells developed by a 17-mile subsea tieback to the Shenandoah FPU slated for fourth quarter of 2026. In addition to announcing first production from Shenandoah phase I last week, the operator also confirmed the sanctioning of the Shenandoah South discovery located in Walker Ridge Block 95 and water depths ranging from 5,800 to 6,000 ft.

[Grant Sims, CEO at Genesis Energy L.P.]

Shenandoah South will be developed through a cost-efficient subsea tieback utilizing a three-mile flowline and a dedicated riser connection to the FPU. The project will include the drilling and completion of two wells with first production from the initial well targeted for the second quarter of 2028. This backlog of developments highlights Shenandoah's and our SINK and CHOPS pipelines' strategic role as a critical infrastructure that will facilitate the development of additional reserves within at least a 30-mile radius of the Shenandoah FPU for many, many years ahead. Just these currently identified and sanctioned development projects represent almost 600 million barrels of oil equivalent reserves that will all come through our 100% owned SINK pipeline for further transportation to shore through our 64% owned and operated CHOPS pipeline.

[Grant Sims, CEO at Genesis Energy L.P.]

I would remind everyone that the total current nameplate capacity of the Shenandoah FPU represents only about 50% of the capacity of SINK as well as only about half of the incremental capacity we have added on the CHOPS pipeline. The Salamanca development, which will flow exclusively through our 100% owned SACO pipeline for further transportation to shore through our 64% owned and operated Poseidon pipeline, remains on track to achieve first oil by the end of the third quarter. The operator, who has been largely dependent on some of the same support equipment and vessels that are currently working on Shenandoah, has been progressing through their well completions and through safety checks and other pre-commissioning activities, including their subsea connection to our SACO pipeline lateral in advance of first production.

[Grant Sims, CEO at Genesis Energy L.P.]

Like Shenandoah, we expect Salamanca's production to ramp relatively quickly over the subsequent few months after first production to its initial peak design of 40,000 to 50,000 barrels of oil per day. Additionally, just like Shenandoah, we expect the Salamanca FPU will facilitate the development of additional reserves within at least a 30.

[Grant Sims, CEO at Genesis Energy L.P.]

Mile radius of it for many, many years to come.

[Grant Sims, CEO at Genesis Energy L.P.]

These incremental volumes from Shenandoah and Salamanca are key to the Genesis story over the remainder of 2025 and certainly 2026 and beyond. This expected significant increase in our offshore pipeline transportation segment margin, driven initially by these new developments and sustained by the incremental identified and sanctioned opportunities I mentioned earlier, as well as expected future exploratory successes in proximity to this expanded infrastructure, is extraordinarily exciting for Genesis. Combined with the completion of our growth capital expenditures and the expected continued steady performance from our other businesses, we believe we are very well-positioned to generate increasing amounts of free cash flow in.

[Grant Sims, CEO at Genesis Energy L.P.]

Excess of the cash costs of running.

[Grant Sims, CEO at Genesis Energy L.P.]

Our businesses starting in this the third quarter and which should grow and ultimately give us tremendous financial flexibility to be opportunistic and create long-term value for all of our stakeholders in future periods. With that I'll go into a little more detail on each of our business segments. As mentioned in our earnings release, our offshore pipeline transportation segment saw a sequential increase in volumes as a couple of the previously impacted offshore wells that have been down due to producer mechanical issues were brought back online and are now flowing again on our pipelines. While we continue to have several high margin wells offline, we remain confident the producers are more incentive than us and that they are actively working to restore these outages in conjunction with drilling new development wells that will also be tied.

[Grant Sims, CEO at Genesis Energy L.P.]

Into these existing production facilities.

[Grant Sims, CEO at Genesis Energy L.P.]

The remediation efforts have obviously been frustrating and slower than what we had originally been told, but we believe there continues to be no lasting impact on the underlying reservoirs and regardless, we will ultimately transport every barrel produced from these fields on our offshore pipelines. Based upon what we have recently been told by the producers, we would reasonably expect the remaining wells will be fixed and back on production by and large by the end of the third quarter, which should come close to restoring our base volume, so to speak, and allow the ramping volumes from both Shenandoah and Salamanca to be mostly incremental. Our Marine Transportation segment performed in line with our expectations. Demand fundamentals for our inland or brown water fleet remain generally constructive.

[Grant Sims, CEO at Genesis Energy L.P.]

While the second quarter was a little sloppy as refinery crude slates, particularly in the Midwest, shifted and heavy to light differentials narrowed on the Gulf Coast, we have seen increased activity levels so far in the third quarter as refiners in the Gulf and Midwest begin their turnaround season, which has historically driven increased demand for our brown water equipment. It will be interesting to see if Gulf Coast refiners return to running Venezuelan heavies, as the administration has just authorized a partial return to importing such highly viscous crude. This could widen the heavy to light differential and ultimately yield more refining bottoms along the Gulf Coast. Both would be expected to push demand for internal heater barges such as ours.

[Grant Sims, CEO at Genesis Energy L.P.]

Meanwhile, demand conditions in our Blue Water fleet have softened a little bit in recent months as we saw weaker demand to move clean products from the Gulf Coast to the Mid-Atlantic and New England. At the same time, certain large operators have relocated marine equipment away from the West Coast and into the Gulf Coast, which has increased the available supply of larger equipment in the markets in which we operate. While utilization rates in our Blue Water fleet have remained steady, these current market fundamentals have somewhat limited our ability to continue to drive day rates higher, especially as term charters come up for renewal. Ultimately, this new incremental equipment will find a home in the Gulf and East Coast trade, and while it might cause some sloppy periods in the interim, we do not believe it will contribute to any lasting structural changes.

[Grant Sims, CEO at Genesis Energy L.P.]

The long-term fundamentals in the marine world remain constructive, driven by effectively zero net supply additions of our classes of Jones Act equipment and the significant cost and extended timeline needed to construct a new vessel. As we have consistently mentioned in the past, even if an operator were to embark on such a new construction program today, it would be years before any.

[Grant Sims, CEO at Genesis Energy L.P.]

New equipment was delivered.

[Grant Sims, CEO at Genesis Energy L.P.]

We, along with other industry participants, believe that day rates still need to rise another 20% to 30% plus and be expected to sustain at such higher levels for the next five to eight years before anyone will undertake a significant new build program. All of this is to say we continue to believe there remains structural support in the Jones Act world. Given our diversified and relatively young fleet, we continue to expect steady and likely growing financial contributions from our Marine Transportation segment for the foreseeable future. Switching briefly to our Onshore Transportation and Services segment, our OTS segment performed in line with our expectations as we saw strong volumes through both our Texas system and Raceland terminal.

[Grant Sims, CEO at Genesis Energy L.P.]

As refineries in both Texas City and South Louisiana increase their appetite for offshore barrels, we continue to believe we should see a modest increase in volume through both our Texas City and Raceland terminals as new production from Shenandoah and Salamanca comes online and quickly ramps in the.

[Grant Sims, CEO at Genesis Energy L.P.]

Back half of the year.

[Grant Sims, CEO at Genesis Energy L.P.]

Our legacy refinery services business also performed in line with our expectations. As we highlighted last quarter, the lower and upper values in the range of our adjusted EBITDA guidance for the full year of 2025 were mostly dependent upon the timing around the resolution of the producer-related mechanical issues at certain high-margin offshore fields and the timing of first oil, as well as the rate at which Shenandoah and Salamanca actually ramped to their anticipated initial production levels. As you can tell from our earnings release and our prepared remarks here today, the resolution of all of the producer mechanical issues has taken longer than we had previously been told, and first oil from Shenandoah and subsequently Salamanca has been delayed a month or so from what we previously had expected.

[Grant Sims, CEO at Genesis Energy L.P.]

As a result, for 2025, we expect to now come in at or near the low end of our previous guidance range. Having said that, the main takeaway from today is that none of the delays we have experienced in 2025, whether related to producer remediation efforts or the start of first production for both Shenandoah and Salamanca, will have any significant, much less material, impact on our ability to begin generating free cash flow, starting this quarter nor have they altered our outlook for 2026 and beyond whatsoever. We remain committed to using our increased financial flexibility and liquidity to first and foremost make progress in seeing our bank-calculated leverage ratio trend closer to our long-term targeted range of plus or minus four turns.

[Grant Sims, CEO at Genesis Energy L.P.]

In conjunction therewith, we remain committed to finding the highest and best use for future available dollars, whether that includes the further reduction of debt in absolute terms, the possible further redemption of our high-cost corporate preferred securities, and/or the potential for increased distributions to our common unitholders in future periods. At the same time, we will remain disciplined and balanced, preserving the ability to evaluate and pursue incremental commercial opportunities that align with our long-term strategic objectives. Finally, I would like to say that the management team and the Board of Directors remain steadfast in our commitment to building long-term value for all of our stakeholders. Regardless of where you are in the capital structure, we believe the decisions we are making reflect this commitment and our confidence in Genesis.

[Grant Sims, CEO at Genesis Energy L.P.]

Moving forward.

[Grant Sims, CEO at Genesis Energy L.P.]

I would once again like to recognize our entire workforce for their individual efforts and unwavering commitment to safe and responsible operations. I'm extremely proud to be associated with each and every one of you. With that, I'll turn it back to the moderator for questions.

[Operator]

We'll now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please, while we poll for questions. Our first question is from Michael Blum with Wells Fargo.

[Michael Blum, Managing Director at Wells Fargo]

Good morning everyone. I wanted to ask about the timing on Salamanca. I realize it's out of your control directly, but just want to get your confidence level in the latest timeline. Are there any other kind of variables that could shift that, or do you feel pretty good about the latest projection there?

[Grant Sims, CEO at Genesis Energy L.P.]

I think we, based upon our most recent conversations, we feel very good about the projected timeline, initial production certainly by the end of the third quarter. This is the, you know, kind of starting to get into the peak season for night storms that can cause interruptions. At least the long term, or at least the seven to 10 to 14 day forecast at this point is that there's no significant disruptive weather on the horizon. We feel very good about it. I think the operator feels very good about it, and we're looking forward to seeing that start.

[Michael Blum, Managing Director at Wells Fargo]

Great, thanks for that, Grant, and I appreciate all your comments on capital return and the different avenues and constituents there. Just wondering, given the delays and the ramp of these offshore projects, should we think about all this capital return really starting in 2026, or do you think possibly some of this could start in 2025?

[Michael Blum, Managing Director at Wells Fargo]

Thanks.

[Grant Sims, CEO at Genesis Energy L.P.]

As we said in our prepared remarks, our focus for the rest of this year as we hit our free cash flow numbers is to pay our revolving balance to zero by the end of the year. We think that is an achievable outcome. I would say that by the time we get to the fourth quarter and in the context of distribution for the fourth quarter, we would expect to have three to four plus months worth of operating.

[Grant Sims, CEO at Genesis Energy L.P.]

History under our belt, so to speak.

[Grant Sims, CEO at Genesis Energy L.P.]

For the two major fields that are coming on, we may have, at that point, a discussion and the flexibility to do something in 2025 as opposed to 2026.

[Operator]

Thank you.

[Operator]

Our next question is from Wade Suki with Capital.

[Wade Suki, Equity Analyst at Capital One]

Good morning everyone. Not sure if I got cut off or not, but I'll give it a try anyway just in case. I think I might have asked this on the last call, but just looking at new commercial opportunities. Anything out there on the horizon right now you can sort of discuss or opine on?

[Grant Sims, CEO at Genesis Energy L.P.]

No, we have nothing on the horizon other than, you know, to use. It's almost football season, so blocking and tackling for purposes of seeing the ramp in and fully placed into service, the significant offshore expansion projects at this point. No, there's nothing identified that we're working on in terms of additional capital expenditures. We are intent on getting into the free cash flow world and having the high class problem of being able to allocate that across everybody in the capital structure.

[Wade Suki, Equity Analyst at Capital One]

Thanks, Grant, I appreciate that. Love the analogy there. Just, I guess in terms of the portfolio kind of as it sits today, y'all pretty happy with where it is. Any inorganic opportunities or maybe even a divestiture candidate out there that might be material or meaningful?

[Grant Sims, CEO at Genesis Energy L.P.]

I think that we are, we think that you could tell from our prepared remarks that the underlying macro fundamentals for all of our businesses are as good as they've been in many, many, many years. We're very comfortable with where we are and we look forward to continuing to deliver increasing financial results in a positive macro backdrop for our businesses. The short answer is we like where we're at and we intend on harvesting cash from where we have and look forward to at some point in the future having the financial flexibility to be opportunistic. I don't see us stepping outside of our current lines of businesses whatsoever, just focusing on our preeminent positions that we've worked very hard to build.

[Wade Suki, Equity Analyst at Capital One]

Understood. I hear that loud and clear. Thank you. Just one more, if I could squeeze it in. Is Monument sort of the next chunky development coming online after Salamanca?

[Grant Sims, CEO at Genesis Energy L.P.]

Yeah, it's a combination of, as we said, you know, phase one of Shenandoah.

[Grant Sims, CEO at Genesis Energy L.P.]

Represented by the first four wells is.

[Grant Sims, CEO at Genesis Energy L.P.]

Anticipated to achieve about 100,000 barrels a day of oil flows with a debottlenecking both. Whether or not it's phase two or Monument, we would expect that we would see additional volumes come up through the expanded Shenandoah FPU in the back half of 2026, if not into early 2027. That should, again, cost us no money whatsoever. We look forward to their continued success in bringing the wells on, and as they tie in the incremental facilities or incremental reserves to the Shenandoah FPU, it is a great thing for us.

[Wade Suki, Equity Analyst at Capital One]

Fantastic. Thanks again. Appreciate it.

[Operator]

Our next question is from Elvira Scotto with RBC Capital Markets.

[Elvira Scotto, Managing Director at RBC Capital Markets]

Yeah, hi. Good morning, everyone. Can you talk a little bit or elaborate a little bit on some of these trends that you noted in the Marine Transportation segment and just the impact to, you know, your ability to raise day rates? What are your expectations here going forward? I think you mentioned it's going to be a little sloppy. What are we thinking here, like quarters into next year? Just any incremental details out there? Thanks.

[Grant Sims, CEO at Genesis Energy L.P.]

I think that the second quarter was a little sloppier than the.

[Grant Sims, CEO at Genesis Energy L.P.]

Third quarter, at least for the brown or inland barges. I mean, we still achieved the inland barge utilization rate for the quarter in excess of 98%. That's adjusted for scheduled dry dockings and other issues which wouldn't allow us to otherwise use the equipment. That's a pretty high utilization rate, but we anticipate that to be even higher in the third quarter. The sloppiness we saw in the inland side I think is behind us. What we're dealing with on the blue water side and the larger barges, ATBs and the wire line units, you're not sure where. We only have nine of those. We have seen some equipment that had previously been in the West Coast trade that due to some emission restrictions, new emission restrictions in the Republic of California primarily, they are leaving the West Coast trade and coming to the Gulf Coast.

[Grant Sims, CEO at Genesis Energy L.P.]

We've seen a little bit of that. Our utilization continues to be 97% which means we have a substantial amount under longer term contract and not so much in the spot business. As I said in the prepared remarks, we think that will ultimately find a home and everything will kind of settle down. Given those utilization rates that are in the high 90%, approaching 100%, that's the necessary condition for being able to ultimately raise rates. Some short-term speed bumps along the way have no significant impact on the long-term fundamentals in the Jones Act tonnage world from our perspective.

[Elvira Scotto, Managing Director at RBC Capital Markets]

Great, thanks. Can you just remind us of the timeline to reach that leverage ratio of four times, and how do you plan to balance shareholder returns with your focus on kind of reducing leverage and improving the balance sheet?

[Grant Sims, CEO at Genesis Energy L.P.]

I think again we'll probably get into a further discussion of 2026 later in the year and certainly the first part of 2026. Again, driven primarily just as our range for 2025 is driven by the performance of these two significant incremental economic opportunities for us, represented by Shenandoah South and Salamanca, that we'll have more clarity as we go through the year and enter 2026. We can give you a more concise answer on that. I think that the total distribution to common unitholders is order of magnitude, what, $78 million or.

[Grant Sims, CEO at Genesis Energy L.P.]

Something in that regard.

[Grant Sims, CEO at Genesis Energy L.P.]

You know, 10% increases in distribution is less than $8 million, and that's not a significant heroic cost of beginning a return to unitholders. That's something that we will consider as we move through the year. You know, given Michael's comments or question earlier, how I responded to that, that's something that I think that we can potentially consider beginning as early as the fourth quarter or as we progress through 2026.

[Elvira Scotto, Managing Director at RBC Capital Markets]

Great. Just my last one, given the timing of Salamanca and Shenandoah and some of the remediation work, you are now guiding to the low end of your previous adjusted EBITDA guidance. Do you think, given the line of sight that you have now and visibility, are you pretty confident that you can at the very least hit that low end?

[Grant Sims, CEO at Genesis Energy L.P.]

You know, you never say never.

[Grant Sims, CEO at Genesis Energy L.P.]

At this red hot moment we have two wells out of what are seven, eight pre-drilled and pre-completed wells on. As I said, based upon early analysis, it certainly appears to be meeting or exceeding our pre-drill expectations. Time will tell, but we're in the very early stages. We're very excited as you can tell from where we are at this point.

[Elvira Scotto, Managing Director at RBC Capital Markets]

Great, thank you very much.

[Grant Sims, CEO at Genesis Energy L.P.]

Thank you.

[Operator]

As a reminder, if you'd like to ask a question, please press star 1 on your telephone keypad.

[Operator]

Thank you.

[Operator]

This does conclude our question and answer session. If you'd like, I would now like to pass the floor back over to management for any closing comments.

[Grant Sims, CEO at Genesis Energy L.P.]

Okay, thanks, everyone, for listening to the call, and we look forward to discussing better things as we continue through 2025 and into 2026.

[Grant Sims, CEO at Genesis Energy L.P.]

Thanks very much.

Participants

Executives

• Dwayne Morley, VP of IR

Analysts

• Michael Blum, Managing Director at Wells Fargo
• Elvira Scotto, Managing Director at RBC Capital Markets
• Grant Sims, CEO at Genesis Energy L.P.
• Wade Suki, Equity Analyst at Capital One