Genesis Energy: 2Q26 Results In Line; Formally Guiding to Lower-End of Guidance Range

研报英文原文证据摘录

J P M O R G A N

North America Credit Research

06 August 2026

Neutral

Genesis Energy

2Q26 Results In Line; Formally Guiding to Lower-End of

Guidance Range

GEL

Moody's:

S&P:

B1

B+

Outlook:

The above agency ratings are at the corporate level

High Yield Energy

Table 1: GEL 2Q26 Earnings Summary

Tarek Hamid AC

2Q26

(1-212) 834-5468

Actual

JPMe

Consensus

1Q26

Q/Q % Change

Revenue

$532

$465

$422

$447

19%

EBITDA

$172

$143

$144

$141

22%

Aaron Rosenthal, CFA

Total Debt (incl. preferreds)

$3,575

$3,674

$3,636

-2%

(1-212) 270-4584

Liquidity

$937

$810

$825

14%

Total Net Leverage

5.9x

6.3x

6.6x

-11%

Offshore Pipeline Transport.

$116

$113

$111

$107

8%

Elle Boyd

Onshore Transport. & Services

$28

$22

$21

32%

Marine Transport.

$26

$27

$28

-8%

(1-212) 270-7283

J.P. Morgan Securities LLC

Segment Margin

Source: Company reports, J.P. Morgan estimates, Bloomberg Finance L.P.

SUMMARY:

2Q26 results in line, lowering EBITDA guidance, and balance sheet

improvements. GEL’s 2Q26 EBITDA was relatively in line with expectations

and the company lowered its EBITDA guidance to the low-end of its prior

guidance range. Genesis also completed a non-core asset sale and established

a AR securitization facility and used the proceeds to repurchase $83 million of

its Series A preferreds, repay the remaining revolver balance, and repurchase

~$4 million of common units.

POSITIVES:

Relatively in-line 2Q26 results. GEL delivered solid overall 2Q26 results,

with adjusted EBITDA of $172 million, just modestly above our $143 million

forecast after adjusting for a $17 million gain on asset sales. Offshore volumes

were relatively in line with our more moderate estimates, resulting in $116

million of segment margin (v. JPMe $113 million). The Onshore & Services

segment performed well during the quarter with $28 million of segment margin

(v. JPMe $22 million) as the company highlighted the capture of certain nonrecurring margin opportunities amid the conflict in Iran.

Progress on preff. Genesis completed a divestiture of non-core offshore

natural gas assets for $95 million and also established a $99.5 million nonrecourse AR securitization facility. The company used the majority of the

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