Eos Energy stock falls after Fuzzy Panda issues short report
HOUSTON - On Thursday, Genesis Energy, L.P. (NYSE:GEL) reported third quarter 2025 net loss attributable to common unitholders of $0.05 per unit, missing analyst estimates of $0.13 per unit. Revenue for the quarter came in at $414 million.
The company’s stock remained essentially flat, dipping just 0.06% in pre-market trading following the announcement.
The company’s offshore pipeline transportation segment was the standout performer, with Segment Margin increasing 40% to $101.3 million compared to the same period last year. This growth was primarily driven by contractual minimum volume commitments associated with the deepwater Shenandoah development that began in June 2025, along with increased volumes from remediated wells that had previously encountered operational issues.
"Our reported results for the third quarter were broadly in-line with our internal expectations. We were particularly pleased with the performance of our offshore pipeline transportation segment," said Grant Sims, CEO of Genesis Energy. "This overperformance was partially offset by weakness in our marine transportation segment, where the marine market was somewhat challenged in July and the early part of August."
The marine transportation segment saw an 18% decline in Segment Margin to $25.6 million, due to lower utilization rates in both inland and offshore businesses. However, management indicated these headwinds have largely passed, with September and October showing improved performance.
Genesis Energy generated Adjusted EBITDA of $132 million for the quarter and Available Cash before Reserves of $35.5 million, providing 1.76X coverage for the quarterly distribution of $0.165 per common unit.
Looking ahead, the company expects full-year 2025 Adjusted EBITDA to be slightly below its previously communicated guidance range of $545 to $575 million, citing extended producer mechanical issues in the first half of the year and timing delays in receiving first oil from both Shenandoah and Salamanca developments.
"We have hit that inflection point that we have been talking about for the last several years," Sims added. "We generated excess cash in the third quarter from which we were able to reduce outstanding borrowings under our senior secured revolving credit facility, and we fully expect to continue to do so in the fourth quarter."
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