Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-12295 GENESIS ENERGY, L.P. (Exact name of registrant as specified in its charter) Delaware 76-0513049 (State or other jurisdiction of incorporation or organi ...

Genesis Energy (GEL) Q1 2025 Earnings Call May 08, 2025 10:00 AM ET Speaker0 Greetings, and welcome to Genesis Energy L. P. First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce Duane Morley. Thank you, Duane. You may begin. Speaker1 Good morning, and welcome to the twenty twenty five first quart ...

Genesis Energy, L.P. 1Q 2025 Earnings Supplement May 8, 2025 Forward-Looking Statements Strategic Decisions & New Offshore Developments Reinforcing Long-Term Thesis This presentation includes forward-looking statements as defined under federal law. Although we believe that our expectations are based upon reasonable assumptions, we can give no assurance that our goals will be achieved. Actual results may vary materially. All statements, other than statements of historical facts, included in this press releas ...

FOR IMMEDIATE RELEASE May 8, 2025 Genesis Energy, L.P. Reports First Quarter 2025 Results HOUSTON – (BUSINESS WIRE) – Genesis Energy, L.P. (NYSE: GEL) today announced its first quarter results. We generated the following financial results for the first quarter of 2025: Grant Sims, CEO of Genesis Energy, said, "The first quarter of 2025 was indeed a busy and successful quarter for Genesis as we exited our soda ash business and used the net proceeds from the sale to simplify our balance sheet and significantl ...

Graphano Engages Mercator for NI 43-101 Resource Estimate and Launches Exploration at Black Pearl ProjectMay 06, 2025 12:15 AM EDT | Source: Graphano Energy Ltd.Vancouver, British Columbia--(Newsfile Corp. - May 6, 2025) - Graphano Energy Ltd. (TSXV: GEL) (OTC Pink: GELEF) (FSE: 97G0) ("Graphano" or the "Company")  is pleased to announce that it has engaged Mercator Geological Services Limited ("Mercator"), an independent geological consulting firm based in Dartmouth, Nova Scotia, to prepare a ...

Genesis Energy, L.P. (NYSE: GEL ) is on the verge of a powerful turning point, driven by powerful secular tailwinds in its core businesses and the completion of major growth projects. After the company invested over $1 Bn inAt Henriot Capital, we live by the principle that simplicity and common sense drive success. I’m passionate about building a hedge fund with a clear purpose, disciplined focus, and consistent alpha. Our approach is fully quant-driven—our model gives us the tickers, and we act on its reco ...

Core Viewpoint - Graphano Energy Ltd. has received the necessary "Autorisation de Travaux à Impact" (ATI) for its exploration properties in Québec, allowing the company to advance its exploration initiatives and capitalize on its graphite assets [1][2]. Government Authorizations for Exploration - In May 2024, Québec implemented new exploration permitting requirements aimed at enhancing transparency and incorporating community feedback into mineral exploration activities. Companies must obtain ATI from the Ministère des Ressources naturelles et des Forêts (MRNF) before conducting exploration activities that may impact the land [3]. 2025 Exploration Program - Graphano is set to begin its exploration campaigns this quarter, focusing on trenching, targeted sampling, and drilling to further delineate graphite mineralization across its properties. The company emphasizes responsible operations and ongoing engagement with local communities and stakeholders [4]. About Graphano Energy - Graphano Energy Ltd. is dedicated to evaluating, acquiring, and developing energy metals resources, transitioning from exploration to production [5]. Industry Context - Graphite is increasingly in demand as a critical mineral for green technologies, particularly in lithium batteries for electric vehicles and energy storage solutions. The Lac Aux Bouleaux property is strategically located near Canada's only producing graphite mine, highlighting its potential in meeting future graphite demands [6].

Company Overview - Graphano Energy Ltd. is an exploration and development company focused on evaluating, acquiring, and developing energy metals resources from exploration to production [4] - The company is involved in the graphite sector, which is essential for green and sustainable technologies, particularly in lithium batteries for electric vehicles and energy storage [5] Warrant Extension Announcement - Graphano Energy intends to extend the expiry date of 12,607,317 common share purchase warrants by an additional 12 months to August 27, 2026 [1] - The warrants were originally issued during private placements that closed on December 22, 2020, and April 19, 2021, and were set to expire on August 27, 2023, before being extended to August 27, 2025 [2] - This extension will bring the warrants to the maximum five-year term permitted under TSX Venture Exchange policies, with all other terms, including the exercise price of $0.52 per share, remaining unchanged [3]

Mineral Resources and Reserves - As of December 31, 2024, the company holds mineral leases covering a total area of 87,637 acres across 23 townships, primarily in the "Westvaco" and "Granger" blocks[289]. - The U.S. Geological Survey estimates that the trona deposits in the Green River Basin contain a cumulative resource of over 100 billion tons of trona[287]. - The company’s trona mining operations exploit three trona beds, with reserves contained in four trona beds[287]. - The mineral resources and reserves are classified according to subpart 1300 of Regulation S-K, which requires disclosure of both mineral resources and mineral reserves[279]. - The company’s mineral resources do not have demonstrated economic value unless classified as mineral reserves[280]. - The company has not filed a new technical report summary as there was no material change in mineral reserves or resources since the last report[281]. - Total measured and indicated mineral resources for the Granger Contiguous Leases remained stable at 762 million short tons with a grade of 85% trona as of December 31, 2024[317]. - Total measured and indicated mineral resources for the Westvaco Contiguous Leases also remained stable at 1,225 million short tons with a grade of 87% trona as of December 31, 2024[317]. - Total trona reserves decreased by approximately 7 million short tons, or 0.8%, from 865 million short tons in 2023 to 858 million short tons in 2024[321]. - Dry mining reserves at year-end 2024 were approximately 4 million short tons lower than 2023 due to extraction activities[321]. - Brine mining reserves at year-end 2024 decreased by approximately 3 million short tons, or 0.7%, compared to 2023[322]. Mining Operations and Facilities - The Westvaco site has been in continuous operation since 1947, initially established by Westvaco Chemical Corporation[297]. - The Westvaco facility has a processing capacity of 300,000 tons per year for refined soda ash, utilizing a sesquicarbonate process[297]. - The Granger site transitioned from underground mining to brine (solution) mining in 2005, enhancing operational efficiency[301]. - The Granger facility has been operational for over 35 years, with well-developed infrastructure including rail loadout and product storage facilities[302]. - The Westvaco site is strategically located 18 miles west of Green River, Wyoming, with access to Interstate 80 and the Union Pacific Railroad[296]. - The Granger site is accessible via a spur line connecting to the Union Pacific Railroad, facilitating transportation logistics[300]. - The area surrounding both sites provides a sufficient talent pool for staffing and management needs[296][300]. - The Westvaco site includes comprehensive infrastructure such as electrical generation, natural gas pipelines, and water distribution facilities[298]. - The Granger site has ample buildings for offices, labs, and maintenance shops, supporting operational needs[302]. - The acquisition of both facilities by Genesis Alkali Wyoming, LP occurred in September 2017, following their previous ownership by Tronox Alkali[297][301]. Production and Financial Performance - The total production from the trona property for the fiscal year ended December 31, 2024, was 4,405,000 tons, an increase of approximately 13.2% from 3,889,000 tons in 2023[316]. - The Granger Optimization Project achieved first production in Q4 2023, with an estimated incremental annual production capacity of 750,000 tons in 2024[316]. - The total book value of the Westvaco and Granger sites as of December 31, 2024, was approximately $1,657 million, down from $1,668 million in 2023[315]. - The Westvaco site has been profitably mining and processing trona ore for over 75 years, with ongoing capital expenditures to sustain operations[311]. - The Granger site has been profitably mining and processing trona ore for over 35 years, with capital expenditures focused on sustaining production and completing the Granger Optimization Project[314]. Financial Management and Risk - The company’s senior secured credit facility is guaranteed by substantially all restricted subsidiaries and secured by liens on a significant portion of its assets, including trona leases[290]. - As of December 31, 2024, the company had $291.0 million of debt outstanding under its senior secured credit facility, with a 10% change in the Term SOFR rate resulting in an immaterial impact on net loss[503]. - The economic analysis of mineral reserves is based on 2022 dollars with an annual inflation rate of 2.5% applied to revenue, operating costs, and capital spending[326]. - Cash production costs encompass dry mining, brine mining, processing, royalties, production taxes, insurance, and administrative costs, with historical averages used for operating costs[326]. - Capital expenditures are primarily for sustaining production, assumed to be similar to recent history with inflation aligned to product pricing escalation[326]. - The company utilizes various derivative instruments to manage commodity price risk, including crude oil, natural gas, and freight rates[497]. - The company has entered into derivative instruments that will settle between January 2025 and June 2025, related to its Alkali Business sold on February 28, 2025[497]. - The company manages risks of volatility in NaOH prices by indexing prices for NaHS sales to the market price for NaOH in most contracts[501]. Regulatory and Operational Compliance - Royalty payments for mineral leases range from 2% to 8% of the sales value of soda ash products[289]. - All leases and permits remain valid throughout the life of the operation, with new permits to be obtained for reserves outside current mining permit areas[326]. - The production schedule for mining and processing remaining reserves is based on existing production capacity[326]. - Future secondary brine mining recoveries are expected to be similar to those demonstrated in certain areas of the Westvaco mine[326].

Core Viewpoint - Genesis Energy (NYSE: GEL) is focused on long-term growth by building necessary midstream infrastructure, although the stock has remained relatively flat since the last analysis [1]. Company Analysis - The management of Genesis Energy is strategically investing in infrastructure to support several years of growth [1]. - The stock performance has been stable, indicating a potential opportunity for investors looking for long-term value [1]. Investment Perspective - The article reflects an investment philosophy that emphasizes finding bargains in various markets, particularly in emerging markets [1]. - The author expresses admiration for renowned investors and adopts an owner-mindset, focusing on individual company performance rather than macroeconomic factors [1].