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Genesis Energy
Genesis Energy (GEL) investor relations material
Genesis Energy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Fourth quarter 2025 results exceeded expectations, with net income attributable to unitholders of $19.9 million, reversing a prior year loss, and Adjusted EBITDA reaching $157.8 million for Q4 and $544.3 million for the year, driven by strong offshore pipeline growth and normalized marine transportation.
Offshore segment ramped up, with Shenandoah volumes exceeding commitments and Salamanca ramping toward targets, while onshore and marine transportation segments also contributed to growth.
Strategic actions in 2025, including the sale of the Alkali business for $1.0 billion and disciplined capital allocation, strengthened the balance sheet and focused operations on midstream assets.
Quarterly distribution to common unitholders increased to $0.18 per unit, up 9.1% year-over-year.
Management remains focused on long-term value creation, leveraging a differentiated asset footprint and deep customer relationships in the Gulf Coast region.
Financial highlights
Q4 2025 segment margin totaled $174.0 million, with total revenues of $440.8 million, and Adjusted EBITDA at $157.8 million; available cash before reserves for Q4 was $61.1 million, supporting distributions of $22.0 million.
Offshore pipeline transportation segment margin and volumes increased 19% and 16% sequentially from Q3, with a 57% segment margin increase and 28% volume growth year-over-year.
Adjusted Debt/Adjusted Consolidated EBITDA ratio was 5.12x at year-end 2025, with a common unit distribution coverage ratio of 2.77x.
Maintenance capital expenditures for 2025 were $61.5 million, with Q4 2025 at $17.6 million.
Exited 2025 with $6.4 million outstanding on the $800M credit facility and effectively zero net borrowings after cash.
Outlook and guidance
Management expects Adjusted EBITDA growth of 15–20% in 2026 over normalized 2025 levels of $500M–$510M, driven by continued offshore Gulf of America activity and new wells at Salamanca and Shenandoah.
Guidance incorporates conservative assumptions for hurricane downtime (10 days) and $5M–$10M margin impact from heavy marine maintenance.
No significant growth capital expenditures are planned for 2026; focus remains on debt reduction and opportunistic preferred unit redemptions.
Management expects to exceed the top end of guidance if producer schedules hold, with 2027 projected to be even stronger.
Board will continue to evaluate future distribution growth as Adjusted EBITDA increases and cash obligations decrease.
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Next Genesis Energy earnings date
Q1 20267 May, 2026
Genesis Energy
Next Genesis Energy earnings date
Q1 20267 May, 2026
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Frequently asked questions
Genesis Energy L.P. is a master limited partnership engaged in the transportation, storage, and processing of crude oil, refined products, and industrial chemicals. The company operates pipelines, marine vessels, and terminal facilities across the Gulf Coast region. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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