Genesis Energy, L.P. reported a Net Loss Attributable to Genesis Energy, L.P. of $469.1 million for the first quarter of 2025, a significant decline from Net Income of $11.4 million in Q1 2024. Sales decreased to $398.31 million from $434.45 million year-over-year.
Cash Flows from Operating Activities also saw a substantial decrease to $24.8 million, down from $125.9 million in the prior year period. The offshore pipeline transportation segment margin decreased by $21.3 million, or 22%, primarily due to a contractual rate step-down and producer underperformance.
Management revised its full-year 2025 Adjusted EBITDA guidance to a range of $545 - $575 million, a notable reduction from previous projections. Despite the financial setbacks, the Shenandoah production facility was moored in April, with SYNC pipeline commissioning expected by late May and first oil in June, while Salamanca is anticipated to achieve first oil in Q3.
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