NYSE: GEL GENESIS ENERGY LP 8-K

Genesis Energy reports Q1 2026 net income of $6.8M, completes $750M debt refinancing

Filed May 7, 2026 · Period ending May 7, 2026 · ~1 min read

Key Changes

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Net income of $6.8M vs. $469M loss in Q1 2025; Adjusted EBITDA of $140.9M; operating cash flow increased to $81.7M from $24.8M year-over-year; distribution coverage of 1.99x on $0.18 per unit quarterly payout.

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Issued $750M of 6.75% senior notes due 2034 to redeem $679M of 7.75% notes due 2028; amended credit facility to increase capacity from $800M to $900M with maturity extended to March 2031; repurchased $135M of high-cost preferred securities, reducing annual financing costs by approximately $12M.

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Offshore pipeline transportation Segment Margin increased 40% to $107.1M, driven by new production from Shenandoah and Salamanca floating production units that began operating in July and September 2025.

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Bank-calculated leverage ratio of 5.38x as of March 31, 2026, based on trailing twelve-month Adjusted Consolidated EBITDA of $587.0M; management's long-term target is approximately 4.0x.

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Summary

Genesis Energy reported a strong turnaround in Q1 2026, posting net income of $6.8 million compared to a $469 million loss in the prior-year quarter. The partnership generated $140.9 million in Adjusted EBITDA and $81.7 million in operating cash flow, providing nearly 2x coverage for its quarterly distribution.

The offshore pipeline transportation segment drove results with 40% Segment Margin growth, benefiting from new production volumes flowing through Genesis's pipeline systems from the Shenandoah and Salamanca deepwater projects that came online in mid-2025. The partnership executed a comprehensive balance sheet restructuring during the quarter.

Management issued $750 million in new 6.75% senior notes to refinance higher-cost 7.75% debt due 2028, extended and upsized the revolving credit facility to $900 million, and repurchased $135 million of expensive preferred securities. These actions eliminate near-term refinancing risk and reduce annual financing costs by approximately $12 million. However, Genesis disclosed that Shenandoah production volumes declined in Q1 after unexpectedly high initial rates, leading to a $12-15 million reduction in expected 2026 Segment Margin from that asset. Management maintains they can still reach the midpoint of full-year guidance and notes the operator's analysis shows increased total oil in place estimates over the field's 20-30 year life. With leverage at 5.38x versus a 4.0x target, continued deleveraging through preferred redemptions remains a priority.

Section-by-Section Diff

Event · Item 2.02 — Results of Operations and Financial Condition

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Genesis Energy LP disclosed Q1 2026 financial results via press release and scheduled earnings conference call for May 7, 2026.

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Added Q1 2026 earnings release medium

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We issued a press release on May 7, 2026 regarding our financial results for the quarter ended March 31, 2026, and will hold a webcast conference call discussing those results on May 7, 2026 at 9:00 a.m. Central time (10:00 a.m. Eastern time).

Genesis Energy LP announced its first quarter 2026 financial results through a press release issued May 7, 2026, covering the period ended March 31, 2026. The company scheduled an earnings conference call for the same day at 9:00 a.m. Central time, with a webcast replay available on the company website for 30 days.

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Added Non-GAAP measures disclosure low

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This press release and the accompanying schedules include non-generally accepted accounting principle (non-GAAP) financial measures of Adjusted EBITDA and total Available Cash before Reserves.

The earnings release includes non-GAAP financial measures, specifically Adjusted EBITDA and Available Cash before Reserves (also called distributable cash flow). These metrics are used by management, lenders, and analysts to assess the partnership's operating performance, cash generation capability, and ability to make distributions to unitholders. The filing provides detailed definitions and reconciliations to GAAP measures.

Event · Exhibit 99.1

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Genesis Energy reported Q1 2026 earnings with net income of $6.8M, Adjusted EBITDA of $140.9M, and completed $750M debt refinancing to reduce financing costs.

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Added Debt refinancing and preferred unit repurchases high

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In February, we utilized some excess liquidity to repurchase $25 million of our high-cost Series A corporate preferred securities. Then, in early March, we completed a $750 million issuance of 6.75% senior unsecured notes due 2034. We used the net proceeds to fully tender and redeem the $679 million of 7.75% senior unsecured notes due 2028 which extended our debt maturity profile, eliminated any near-term re-financing risk and reduced our cost of capital. Additionally, in March, we successfully amended and extended our senior secured revolving credit facility, increasing the borrowing capacity from $800 million to $900 million and extending the maturity date to March of 2031. ... We subsequently utilized the remaining proceeds from our senior unsecured notes offering, along with free cash flow we generated during the quarter and our enhanced liquidity, to opportunistically repurchase an additional $110 million of our high-cost Series A corporate preferred securities, reducing the outstanding face value to approximately $394 million at the end of the first quarter. The combination of all these efforts is expected to lower our annual financing costs by approximately $12 million

Genesis completed a comprehensive refinancing in Q1 2026, issuing $750 million of 6.75% senior notes due 2034 to redeem $679 million of 7.75% notes due 2028. The partnership also amended and extended its revolving credit facility, increasing capacity from $800 million to $900 million and extending maturity to March 2031. Additionally, Genesis repurchased $135 million of high-cost Series A preferred securities ($25 million in February and $110 million later in the quarter), reducing the outstanding balance to approximately $394 million. These actions are expected to reduce annual financing costs by approximately $12 million.

Added Offshore pipeline transportation segment performance medium

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Offshore pipeline transportation Segment Margin for the 2026 Quarter increased $30.5 million, or 40%, from the 2025 Quarter primarily due to: (i) production volumes associated with the deepwater Shenandoah FPU, which ties into our 100% owned SYNC Pipeline for further transportation downstream to our 64% owned CHOPS Pipeline, that began producing in July 2025; and (ii) production volumes from the Salamanca FPU, which ties into our existing 100% owned SEKCO Pipeline for further transportation downstream on our 64% owned Poseidon Pipeline, that began producing in September 2025.

The offshore pipeline transportation segment delivered Segment Margin of $107.1 million in Q1 2026, up 40% from $76.5 million in Q1 2025. The increase was driven by new production from the Shenandoah floating production unit (which began producing in July 2025 and flows through Genesis's 100% owned SYNC Pipeline to its 64% owned CHOPS Pipeline) and the Salamanca FPU (which began producing in September 2025 and flows through Genesis's SEKCO Pipeline to its Poseidon Pipeline). These gains were partially offset by a scheduled turnaround at a key third-party production platform completed in early April.