Total Revenues

Dropped approximately 48% from $770,105K in Q1 2024 to $398,311K in Q1 2025

Total Revenues declined sharply likely due to a significant reduction in business activity or customer demand compared to Q1 2024. This decrease may have been influenced by strategic divestitures or loss of key contracts that sharply curtailed revenue generation. " "

Operating Income

Fell about 70% from $72,058K in Q1 2024 to $21,973K in Q1 2025

Operating Income experienced a steep decline driven by lower revenues coupled with pressure from higher operating expenses. This deterioration reflects the challenging cost structure and reduced margins compared to the prior period. " "

Net Income

Swung from a profit of $18,956K in Q1 2024 to a loss of –$460,306K in Q1 2025

Net Income reversed dramatically as diminished operating performance, potential one-time or extraordinary charges, and an intensifying expense profile led to a substantial loss relative to the positive results seen in Q1 2024. " "

Basic and Diluted Net Income Per Common Unit

Deteriorated from –$0.09 in Q1 2024 to –$4.06 in Q1 2025

Per-unit earnings worsened significantly largely due to the drastic decline in net income, with no offsetting dilution in the number of outstanding units. This near 45-fold drop underscores how the adverse net income results directly impacted earnings per share compared to Q1 2024. " "

Cash and Cash Equivalents

Increased dramatically from $10,748K in Q4 2024 to $377,360K in Q1 2025

Cash reserves surged considerably likely as a result of one-time proceeds from asset sales, divestitures, or improved financing activities that boosted liquidity relative to Q4 2024. " "

Total Assets

Declined by about 26%, from $7,037,692K in Q4 2024 to $5,211,859K in Q1 2025

Total Assets contracted significantly, suggesting a strategic reduction of the asset base, possibly through asset sales or write-downs. The 26% drop indicates a notable shift in the company's capital allocation strategy compared to the previous quarter. " "

Cash Flow from Operations

Dropped nearly 66% from $73,968K in Q4 2024 to $24,805K in Q1 2025

Operating cash flows fell sharply due to lower revenue generation and adverse changes in working capital, reflecting deteriorating operational efficiency. This substantial decline, despite the net increase in cash, indicates the core business performance was far weaker in Q1 2025 relative to Q4 2024. " "

Adjusted EBITDA

FY 2025

$700 million "

no guidance in Q1 2025 "

no current guidance

Adjusted EBITDA

FY 2026

$800 million "

no guidance in Q1 2025 "

no current guidance

Cash Cost of Running and Sustaining the Business

FY 2025 (assumed)

$600 million to $625 million per year "

no guidance in Q1 2025 "

no current guidance

Offshore Pipeline Transportation Segment

FY 2025

“20+% sequential growth in segment margin” "

no guidance in Q1 2025 "

no current guidance

Marine Transportation Segment

FY 2025

“record results driven by increased utilization and improving day rates” "

no guidance in Q1 2025 "

no current guidance

Soda Ash Business

FY 2025

Flat segment margin relative to FY 2024 " , "

no guidance in Q1 2025 "

no current guidance

Soda Ash Business

FY 2026

Potential margin improvement as prices recover " , "

no guidance in Q1 2025 "

no current guidance

Capital Spending

(Assumed annual)

“Not pursuing any capital-intensive projects” "

no guidance in Q1 2025 "

no current guidance

Marine Transportation Day Rates and New Build Incentives

Q4 2024, Q3 2024, and Q2 2024 calls discussed steady day rate improvements and the need for a 20–30% increase (and even an additional 30% in Q3) to support new builds. " " "

Q1 2025 emphasized that day rates must increase by 30–40% and be sustained over 5+ years to incentivize new construction. "

Consistent focus but with more demanding targets in Q1 2025.

Soda Ash Market Dynamics and Price Recovery

Q4, Q3, and Q2 2024 earnings calls provided detailed commentary on oversupply, supply reductions, export dynamics, and expectations of marginal to significant price recovery. " " " " " " " "

Q1 2025 did not mention soda ash market dynamics because the company exited the soda ash business. "

Topic effectively dropped in the current period due to strategic exit.

Offshore Production Recovery and Operational Challenges

Prior periods (Q4, Q3, Q2 2024) noted mechanical issues, weather delays, and technical challenges along with cautious recovery timelines and expectations for ramp-up (e.g., new FPUs and tiebacks). " " " " " " "

Q1 2025 discussed ongoing mechanical repairs, progress on new subsea developments, and pipeline commissioning, with an optimistic outlook for normalization by Q2/Q3 2025. " " "

Consistent emphasis with a more positive recovery outlook in Q1 2025.

Capital Allocation, Leverage, and Distribution Uncertainty

Q4 2024 and Q2 2024 highlighted the balanced capital allocation strategy, targeting a 4x leverage ratio, and outlined redemption of high-cost securities along with distribution uncertainties. " " " "

Q1 2025 reiterated plans to deploy excess cash flow, achieve a near 4x leverage ratio swiftly, and consider maintaining a flat distribution in Q2 with potential adjustments later. " " "

The narrative remains consistent, with added near-term clarity.

New Projects and Incremental Growth Opportunities

Q4, Q3, and Q2 2024 earnings calls detailed new offshore developments, subsea tieback opportunities, and incremental production capacity increases (e.g., FPUs like Shenandoah and Salamanca, and fields such as Monument). " " " " "

Q1 2025 focused on near-complete offshore expansion projects, new subsea developments, and additional tieback wells that require no extra CAPEX, expecting almost 200,000 barrels per day of new handling capacity by end-2025. " "

Optimistic and consistent, with renewed emphasis on growth without significant new spending.

Asset Value Appreciation of Marine Assets

Q3 2024 mentioned a roughly 20% year-over-year appreciation in marine asset values. "

Q1 2025 highlighted that an inland heater barge originally built for $3.5 million now costs approximately $6–6.5 million, reinforcing strong asset appreciation. "

Reinforced narrative with specific cost examples, showing a positive trend in asset value.

Competitive Fleet Quality

No mentions in prior periods.

No mention in Q1 2025.

Topic remains unaddressed across periods.

Operational Improvements and Cost Reductions in Soda Ash Facilities

Q4 2024 and Q3 2024 discussed initiatives to reduce fixed/marginal costs in soda ash facilities and optimize operations as the market rebalances. " " "

Q1 2025 did not discuss this topic because the soda ash business has been exited. "

Topic dropped in Q1 2025 following the strategic exit from soda ash operations.