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GEL

Genesis Energy, L.P.

GEL

Genesis Energy, L.P. • NYSE
$15.59 ▲ 1.17% (+0.18)
Market Cap $1.91 B
52w High $17.77
52w Low $9.86
Dividend Yield 0.66%
P/E -11.9
Volume 544.68K
Outstanding Shares 122.42M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $414.001M ▲ $14.959M ▲ $9.207M ▲ 2.224% ▲ $-0.046 ▲ $149.182M ▲
Q2-2025 $377.348M ▼ $14.744M ▼ $-406K ▲ -0.108% ▲ $-0.12 ▲ $125.637M ▲
Q1-2025 $398.311M ▼ $40.642M ▼ $-469.075M ▼ -117.766% ▼ $-4.06 ▼ $80.985M ▼
Q4-2024 $725.553M ▲ $53.838M ▲ $-49.379M ▼ -6.806% ▼ $-0.58 ▼ $113.128M ▼
Q3-2024 $714.297M $15.042M $-17.177M -2.405% $-0.32 $140.74M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.915M ▲ $4.87B ▲ $4.162B ▲ $253.381M ▼
Q2-2025 $4.452M ▼ $4.839B ▼ $4.121B ▼ $279.249M ▼
Q1-2025 $377.36M ▲ $5.212B ▼ $4.472B ▼ $314.73M ▼
Q4-2024 $10.748M ▼ $7.038B ▼ $5.522B ▲ $1.103B ▼
Q3-2024 $12.964M $7.059B $5.464B $1.193B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $450.295M ▲ $70.252M ▲ $-21.29M ▲ $-48.499M ▲ $463K ▲ $70.252M ▲
Q2-2025 $10.011M ▲ $46.987M ▲ $-48.202M ▼ $-371.693M ▲ $-372.908M ▼ $-7.588M ▲
Q1-2025 $-460.306M ▼ $24.805M ▼ $921.343M ▲ $-598.34M ▼ $347.808M ▲ $-56.762M ▼
Q4-2024 $-41.289M ▼ $73.968M ▼ $-115.778M ▼ $39.594M ▲ $-2.216M ▼ $-47.089M ▼
Q3-2024 $-9.287M $87.324M $-112.341M $24.286M $-731K $-32.321M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product Sales
Product Sales
 $510.00M ▲$170.00M ▼$140.00M ▼$160.00M ▲
Refinery Services
Refinery Services
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Genesis Energy’s revenue has generally trended upward over the past few years, helped by stronger activity in its core businesses. Profitability has improved from the deep losses seen earlier in the decade, with healthier operating earnings and better margins, but results are still somewhat uneven. After two years of positive net income, the partnership slipped back into a small loss most recently, which suggests that higher interest costs, depreciation, or one‑off items are weighing on the bottom line. Overall, the business is much stronger than it was in the downturn years, yet earnings quality and consistency remain key areas to watch.

Balance Sheet

Balance Sheet The balance sheet shows a large, capital‑intensive asset base funded heavily with debt. Leverage remains high relative to the partnership’s equity, even though equity has recovered from being negative a few years ago to positive today. Cash on hand is very small, so the business relies on ongoing cash generation and access to financing rather than a large cash cushion. The trend toward rebuilding equity is encouraging, but the combination of substantial debt and modest equity leaves the capital structure still quite stretched and sensitive to shocks.

Cash Flow

Cash Flow Genesis generates solid cash from its underlying operations, which has been fairly steady and sufficient to support the business day to day. However, the partnership has been spending heavily on capital projects, causing free cash flow to be negative in recent years after being positive earlier in the period. This pattern indicates a deliberate choice to reinvest heavily in growth and strategic assets rather than to conserve cash. The key question going forward is whether these investments, once completed and fully ramped up, translate into meaningfully stronger and more stable cash flows that comfortably support both debt and investor distributions.

Competitive Edge

Competitive Edge Genesis holds a distinctive position in the midstream space, anchored by a large, strategically located offshore pipeline network in the deepwater Gulf of Mexico. High costs, technical complexity, and long project timelines create meaningful barriers for new entrants, giving its existing infrastructure a durable advantage. Long‑term, largely fee‑based contracts help mute direct exposure to commodity price swings and provide more predictable revenue. Its sulfur services business and Jones Act marine fleet add specialized capabilities that are not easily replicated, though the business is still highly tied to the health of Gulf of Mexico production, regulatory conditions, and broader energy demand.

Innovation and R&D

Innovation and R&D While Genesis is not a traditional high‑R&D company, it shows meaningful innovation in applied engineering and environmental solutions. Its expertise in high‑pressure, high‑temperature deepwater systems and the creative reuse of existing platforms demonstrate technical depth and cost‑conscious project design. The closed‑loop sulfur removal technology converts a pollution problem into a saleable product, aligning with tightening environmental rules and customer needs. The partnership is also positioning its deepwater and sulfur operations as relatively lower‑emission parts of the oil and gas chain, and its sustainability reporting suggests growing attention to energy‑transition opportunities, even if these are still at an early stage for the business.

Summary

Genesis Energy has transformed from a period of weak results and balance‑sheet strain into a more stable midstream operator with clearer strengths and a sharper focus on key franchises. Financially, operating performance and margins have improved, but earnings can still be lumpy, leverage remains high, and heavy capital spending keeps free cash flow under pressure in the near term. Strategically, the partnership benefits from hard‑to‑replicate assets in the deepwater Gulf of Mexico, specialized sulfur services, and a Jones Act marine fleet, all underpinned by long‑term contracts that support cash flow visibility. The main opportunities lie in fully ramping recent deepwater projects, capturing additional volumes over its network, and leveraging its environmental capabilities, while the main risks center on high debt, execution of large projects, regulatory and environmental pressures, and the pace of change in the global energy transition.

NEWS

October 30, 2025 · 6:00 AM UTC

Genesis Energy, L.P. Reports Third Quarter 2025 Results

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October 14, 2025 · 3:01 AM UTC

Graphano Expands Graphite Zones at the Black Pearl Graphite Project

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October 8, 2025 · 6:00 AM UTC

Genesis Energy, L.P. Declares Quarterly Distribution

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October 7, 2025 · 3:01 AM UTC

Graphano Reports 8.61 Metres Grading 11.33% Cg from Drilling Program at the Black Pearl Graphite Project

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September 16, 2025 · 3:00 AM UTC

Graphano Commences Drilling Program at Black Pearl Graphite Project

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