Genesis swings to $19.1M profit as offshore volumes surge and debt falls $300M

Filed May 7, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~2 min read

Key Changes

• high

  Net income swung to $19.1M from a $36.6M loss a year earlier, driven by 40% higher offshore pipeline margin as Shenandoah and Salamanca production came online mid-2025, plus $23M lower G&A after prior-year Alkali sale costs rolled off.

  MD&A: Net Income & Segment Margin verify on EDGAR →
• high

  Operating cash flow tripled to $81.7M from $24.8M, and Available Cash before Reserves more than doubled to $43.8M, supporting a 9% distribution increase to $0.18/unit for Q1 2026.

  MD&A: Cash Flow & Distribution verify on EDGAR →
• high

  Total debt principal fell $300M to $3.2B as the company redeemed the $406M 2027 Notes in April 2025 and the 2028 Notes in March 2026, reducing interest expense 3% despite a $3.5M one-time extinguishment charge.

  MD&A: Debt & Interest Expense verify on EDGAR →