Genesis Energy, L.P. has recently released its 10-Q report, detailing its operations in the crude oil and natural gas industry in the United States. The company operates through Offshore Pipeline Transportation, Soda and Sulfur Services, Marine Transportation, and Onshore Facilities and Transportation segments. It offers a range of midstream services, including offshore pipeline transportation, soda ash production, marine transportation of petroleum, and onshore facilities and transportation services to crude oil refineries and producers.
In the 10-Q report, Genesis Energy, L.P. reported a Net Loss Attributable to Genesis Energy, L.P. of $8.7 million during the three months ended June 30, 2024, compared to Net Income Attributable to Genesis Energy, L.P. of $49.3 million during the same period in 2023. Cash flow from operating activities was $104.7 million for the 2024 Quarter compared to $157.7 million for the 2023 Quarter. The company also paid a distribution of $0.15 per common unit related to the first quarter of 2024. Additionally, it declared a quarterly distribution to common unitholders of $0.15 per unit related to the 2024 Quarter.
The company's revenues for the 2024 Quarter decreased $48.4 million, or 6%, from the 2023 Quarter, and its total costs and expenses decreased $4.3 million, or 1%, between the two periods. The decrease in operating income during the 2024 Quarter is primarily due to lower export pricing in its Alkali Business and an increase in depreciation, depletion, and amortization, partially offset by higher day rates in its marine transportation segment. The company's revenues and costs are derived from its Alkali Business, which is included in its soda and sulfur services segment, and the purchase and sale of crude oil in its onshore facilities and transportation segment.
Genesis Energy, L.P. also provided an overview of its segment margins, reporting that the contribution of each of its segments to total Segment Margin was as follows for the three months ended June 30, 2024: Offshore pipeline transportation at $86,131, Soda and sulfur services at $41,611, Marine transportation at $31,543, and Onshore facilities and transportation at $9,028. Following these announcements, the company's shares moved -5.6%, and are now trading at a price of $13.16. For the full picture, make sure to review Genesis Energy, L.P.'s 10-Q report.
