GENESIS ENERGY (GEL) Company Report

Genesis Energy, L.P. announced the pricing of a public offering of $750,000,000 in aggregate principal amount of 6.75% senior notes due 2034, which was upsized from the previously announced $500,000,000.
The notes, co-issued with Genesis Energy Finance Corporation, are expected to settle on March 4, 2026, at 100% of the principal amount.
The company intends to use the net proceeds, estimated at approximately $737.0 million, to purchase or redeem outstanding 7.75% senior notes due 2028 and for general partnership purposes, including repaying a portion of revolving borrowings under its senior secured credit facility.

4 days ago

8-K

Genesis Energy Upsizes and Prices Senior Notes Offering

GEL

Debt Issuance

Genesis Energy, L.P. priced a public offering of $750,000,000 in aggregate principal amount of 6.75% senior notes due 2034.
The offering was upsized from the previously announced $500,000,000.
The net proceeds will be used to purchase or redeem outstanding 7.75% senior notes due 2028 and for general partnership purposes, including repaying revolving borrowings under their senior secured credit facility.
The offering is expected to settle on March 4, 2026.

Feb 19, 2026, 1:53 AM

Press Release

Genesis Energy Announces Public Offering of Senior Notes

GEL

Debt Issuance

Genesis Energy, L.P. announced a public offering of $500,000,000 in aggregate principal amount of senior notes due 2034.
The company plans to use the net proceeds to purchase or redeem up to $490 million of its outstanding 7.75% senior notes due 2028 and for general partnership purposes, including repaying revolving borrowings.
BofA Securities is leading the offering.

Feb 18, 2026, 1:11 PM

Press Release

Genesis Energy L.P. Files 2025 10-K, Reports Revenue Decline and Net Income

GEL

Earnings

M&A

Genesis Energy L.P. (GEL) filed its Form 10-K for the fiscal year ended December 31, 2025, on February 18, 2026.
For 2025, the company reported revenue of approximately $1.381 billion, a decrease of about 2%, and net income of $30.5 million, an improvement from a prior-year net loss.
Operating income improved to $127.0 million for 2025, attributed to better performance in the offshore pipeline transportation segment.
The sale of the Alkali Business resulted in a $432.2 million loss and a loss on disposal of discontinued operations of $(440.4) million, which reduced distributable cash to $149.1 million.

Feb 18, 2026, 12:31 PM

Morningstar

Genesis Energy Reports Strong Q4 2025 Results, Raises Distribution, and Provides 2026 Outlook

GEL

Earnings

Guidance Update

Dividends

Genesis Energy's fourth quarter 2025 results came in slightly ahead of internal expectations, driven by strong growth in the offshore pipeline transportation segment due to steady base volumes and ramping volumes from Shenandoah and Salamanca.
The company increased its quarterly common unit distribution to $0.18 per unit, representing a 9.1% increase year-over-year, and opportunistically purchased an additional $25 million of corporate preferred units.
Genesis Energy exited 2025 with effectively zero outstanding under its $800 million senior secured revolving credit facility and aims for a long-term leverage target in the neighborhood of 4x, down from 5.12x at December 31, 2025.
For 2026, the company provided an Adjusted EBITDA outlook of $500 million-$510 million, noting potential impacts from planned marine maintenance, which could result in a $5 million-$10 million reduction on the Segment Margin line, and an anticipated $15 million-$20 million increase in maintenance capital expenditures.
The recent acquisition of LLOG by Harbour Energy is viewed as an "extreme positive," as Harbour intends to double LLOG's production by the end of 2028, with Genesis moving 70% of LLOG's operated production through its pipelines.

Feb 12, 2026, 3:00 PM

Transcript

Genesis Energy Reports Strong Q4 2025 Results and Provides 2026 Outlook

GEL

Earnings

Guidance Update

Dividends

Genesis Energy's fourth quarter 2025 results came in slightly ahead of internal expectations, driven by strong growth in the offshore pipeline transportation segment and a return to normalized operating performance in the marine transportation segment.
The company increased its quarterly common unit distribution to $0.18 per unit, representing a 9.1% increase year-over-year, and opportunistically purchased an additional $25 million of corporate preferred units.
For 2026, Genesis Energy expects Adjusted EBITDA to be 15%-20% higher than its normalized 2025 Adjusted EBITDA of approximately $500 million-$510 million. This outlook incorporates an estimated $5 million-$10 million reduction in Segment Margin due to a heavy dry docking schedule for the marine fleet and an expected $15 million-$20 million increase in maintenance capital expenditures.
The company exited 2025 with effectively zero outstanding on its $800 million senior secured revolving credit facility and aims for a long-term leverage ratio in the 4x neighborhood.
Significant offshore growth is anticipated from projects like Shenandoah and Salamanca, with Shenandoah FPU operating near 100,000 barrels per day and Salamanca expected to reach 50,000-60,000 barrels per day. The acquisition of LLOG by Harbour Energy, a key customer, is also viewed as a positive, with plans to double production by the end of 2028.

Feb 12, 2026, 3:00 PM

Transcript

Genesis Energy Reports Strong Q4 2025 Results and Provides 2026 Outlook

GEL

Earnings

Guidance Update

Dividends

Genesis Energy's Q4 2025 results exceeded internal expectations, driven by strong growth in its offshore pipeline transportation segment and a return to normalized operating performance in its marine transportation segment.
The company announced a 9.1% increase in its quarterly common unit distribution to $0.18 per unit and opportunistically purchased an additional $25 million of corporate preferred units.
For 2026, Genesis Energy anticipates Adjusted EBITDA to be plus or minus 15%-20% over its normalized 2025 Adjusted EBITDA of approximately $500 million-$510 million, factoring in potential hurricane disruptions and higher marine maintenance.
Management aims for a long-term leverage target around 4.0x and views recent customer M&A, specifically Harbour Energy's acquisition of LLOG, as an extreme positive due to plans to double production from acquired assets by 2028.

Feb 12, 2026, 3:00 PM

Transcript

Genesis Energy Announces Q4 2025 Results and 2026 Outlook

GEL

Earnings

Guidance Update

Dividends

Genesis Energy reported Adjusted EBITDA of $157.8 million for Q4 2025 and $544.3 million for the full year 2025.
The company expects sequential growth in Adjusted EBITDA of plus or minus 15%-20% in 2026 over its normalized 2025 Adjusted EBITDA of $500 - $510 million.
Genesis Energy exited Q4 2025 with a leverage ratio of 5.12x and aims to maintain it at or near 4.0x.
The quarterly distribution was increased to $0.18 per common unit in January 2026, representing a 9.1% increase over the distribution paid in Q4 2024.
The company repurchased $25 million of Class A convertible preferred securities in early February 2026 at par, contributing to a total of $350 million repurchased to date.

Feb 12, 2026, 3:00 PM

Presentation

Genesis Energy, L.P. Reports Fourth Quarter 2025 Results and Positive 2026 Outlook

GEL

Earnings

Guidance Update

Dividends

Genesis Energy, L.P. reported Net Income Attributable to Genesis Energy, L.P. of $19.9 million for the fourth quarter of 2025, a significant improvement from a net loss of $49.4 million in the same period of 2024.
The company's Cash Flows from Operating Activities increased to $110.8 million for the fourth quarter of 2025, up from $74.0 million in the prior year period.
In 2025, Genesis Energy completed the sale of its Alkali business for approximately $1.0 billion, which substantially strengthened its balance sheet and reduced outstanding borrowings under its senior secured revolving credit facility to approximately $6.4 million at year-end.
Management projects Adjusted EBITDA growth of plus or minus 15% to 20% in 2026 over normalized 2025 Adjusted EBITDA, with no significant planned growth capital expenditures for the year.
The company increased its quarterly distribution to common unitholders to $0.18 per common unit for the fourth quarter of 2025, representing an approximate 9.1% increase over the prior year's quarter.

Feb 12, 2026, 1:52 PM

8-K

Genesis Energy Reports Strong Q4, Raises Distribution, and Projects Offshore-Led Growth

GEL

Earnings

Dividends

Guidance Update

Genesis Energy reported strong Q4 results, highlighting offshore-led volume growth with CHOPS volumes up approximately 19% and Poseidon up approximately 16% sequentially.
The company projects adjusted EBITDA growth of roughly 15–20% over a normalized 2025 adjusted EBITDA of $500–$510 million, driven by projects like Shenandoah and Salamanca.
Financially, Genesis exited the year with effectively zero drawn on its $800 million revolver, and the board raised the quarterly common unit distribution by 9.1% to $0.18.
Management also opportunistically repurchased $25 million of preferred units, and analysts have responded with upward target revisions.