Genesis Energy LP (GEL) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Genesis Energy LP first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Genesis Energy LP 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。

It is now my pleasure to introduce your host, Dwayne Morley, Vice President of Investor Relations. Thank you. Please go ahead.

現在很榮幸為各位介紹本次會議主持人：投資人關係副總裁 Dwayne Morley。謝謝。請開始。

Thanks, Donna. Good morning, and welcome to the 2026 first quarter conference call for Genesis Energy. Genesis Energy has three business segments. The Offshore Pipeline Transportation segment is engaged in providing the critical infrastructure to move oil produced from our long-lived, world-class reservoirs from the deepwater Gulf of America to onshore refining centers. The Marine Transportation segment is engaged in the maritime transportation of primarily refined petroleum products.

謝謝你，Donna。各位早安，歡迎參加 Genesis Energy 2026 年第一季電話會議。Genesis Energy 有三個業務部門。離岸管線運輸部門致力於提供關鍵基礎設施，將我們壽命長、世界級油藏在美國灣深水區所生產的原油運送至陸上煉油中心。海運運輸部門主要從事成品油等精煉石油產品的海上運輸。

The Onshore Transportation and Services segment is engaged in the transportation, handling, blending, storage and supply of energy products, including crude oil and refined products primarily around refining centers as well as the processing of sour gas streams to remove sulfur at refining operations. Genesis' operations are primarily located in the Gulf Coast states and the Gulf of America.

陸上運輸與服務部門從事能源產品的運輸、處理、調和、儲存與供應，包括原油與成品油，主要圍繞煉油中心；同時也在煉油作業中對含硫天然氣氣流進行處理以去除硫。Genesis 的營運主要位於墨西哥灣沿岸各州以及美國灣。

During this conference call, management may be making forward-looking statements within the meanings of the Securities Act of 1933 and the Securities Exchange Act of 1934. It provides safe harbor protection to encourage companies to provide forward-looking information. Genesis intends to avail itself of those safe harbor provisions and directs you to its most recently filed and future filings with the Securities and Exchange Commission.

在本次電話會議中，管理層可能會在《1933 年證券法》與《1934 年證券交易法》的意義下作出前瞻性陳述。相關法規提供「安全港」保護，以鼓勵公司提供前瞻性資訊。Genesis 擬依據該等安全港條款行事，並請各位參閱我們最近已提交及未來將提交給美國證券交易委員會的文件。

We also encourage you to visit our website at genesisenergy.com, where a copy of the press release we issued this morning is located. The press release also presents a reconciliation of non-GAAP financial measures to the most comparable GAAP financial measures. At this time, I'd like to introduce Grant Sims, CEO of Genesis Energy LP. Mr. Sims is joined by Kristen Jesulaitis, Chief Financial Officer and Chief Legal Officer; Ryan Sims, President and Chief Commercial Officer; and Louie Nicol, Chief Accounting Officer.

我們也鼓勵各位造訪我們的網站 genesisenergy.com，我們今早發布的新聞稿副本已置於該處。新聞稿亦提供非 GAAP 財務衡量指標與最可比 GAAP 財務衡量指標之調節表。此刻，我想介紹 Genesis Energy LP 執行長 Grant Sims。Sims 先生與會者還包括：財務長兼法務長 Kristen Jesulaitis；總裁兼商務長 Ryan Sims；以及會計長 Louie Nicol。

With that, I'll now turn the call over to Grant.

接下來，我把電話交給 Grant。

Good morning, and thanks for joining us today. As noted in our earnings release this morning, when we step back and look at the first quarter in totality, results came in a touch below where we had envisioned, driven primarily by the confluence of factors we had flagged and largely anticipated heading into the year. Our Offshore Pipeline Transportation segment, while up 40% year-over-year, came in short of our near-term expectations for a reason I'll walk through in a moment. The rest of our businesses, for the most part, performed right in line with where we expected them to be.

各位早安，感謝今天加入我們。如同我們今早的財報新聞稿所述，當我們退一步從整體來看第一季，業績略低於我們原先的想定，主要是受到我們在年初前已提示且大致預期的多項因素同時發生所致。我們的離岸管線運輸部門雖然年增 40%，但短期表現仍低於我們的預期，原因我稍後會說明。其餘業務大多數的表現基本符合我們的預期。

None of what we experienced in the quarter changes our view of the underlying businesses. This is a year that was always going to be shaped by the cadence of producer activity and turnarounds in the deepwater Gulf of Mexico as well as the impact of a heavier-than-usual dry docking calendar on our marine fleet. And the first quarter reflects exactly that.

本季所經歷的一切都不會改變我們對基礎業務的看法。今年本來就會受到墨西哥灣深水區生產商活動節奏與歲修（turnarounds）的影響，以及我們海運船隊較往常更密集的進塢（dry docking）排程所影響。而第一季正好反映了這些因素。

At the same time, the world around us continues to evolve in ways that could work to our benefit. The current geopolitical backdrop is creating disruptions to traditional hydrocarbon trade flows. And to the extent these dislocations persist or there's a protracted period to return to normal, we have seen and we have taken advantage of opportunities to capture incremental volumes and margin that were not necessarily contemplated in our original plan. Against that backdrop, we expect to deliver 2026 adjusted EBITDA at or near the midpoint of the range we outlined in February, which called for plus or minus 15% to 20% growth over our normalized 2025 baseline of approximately $500 million to $510 million.

同時，我們周遭的世界仍在以可能對我們有利的方式演變。當前地緣政治背景正在擾亂傳統的碳氫化合物貿易流向。若這些錯位持續存在，或回歸常態需要較長時間，我們已看到並把握了一些機會，得以取得原先計畫未必納入的額外運量與利潤。在此背景下，我們預期 2026 年調整後 EBITDA 將落在或接近我們 2 月所提出區間的中點；該區間係以我們約 5.00 億至 5.10 億美元的常態化 2025 年基準為基礎，對應約正負 15% 至 20% 的成長。

Beyond the operating results, the quarter was also very productive on the balance sheet front. We were active and opportunistic, completing a series of transactions that we believe meaningfully improve our financial profile, extended our maturity runway and reduced the cost to finance the business on a go-forward basis. I'll walk through those actions in more detail later in the call, but the net result is a reduction in the annual financing cost of approximately $12 million and a capital structure that is simpler, leaner and more flexible than it was just 90 days ago.

除了營運成果之外，本季在資產負債表方面也非常有成效。我們積極且把握時機，完成了一系列交易；我們相信這些交易能顯著改善我們的財務體質、延長到期結構的緩衝期，並在未來降低為業務融資的成本。我稍後會在電話會議中更詳細說明這些行動，但整體結果是年度融資成本約降低 1,200 萬美元，且資本結構比 90 天前更簡化、更精實，也更具彈性。

With that, I'll go into a little bit more detail on each of our business segments. Let me start with offshore, and to set the stage what happened in the first quarter, something we largely telegraphed on our year-end call. We knew going into the quarter that several of our producer customers had scheduled turnarounds at key production hubs tied directly into our pipeline systems. And we told you that those events would weigh on sequential results.

接下來，我將更詳細說明各業務部門。先從離岸業務開始，並為第一季發生的情況鋪陳背景；這些我們在年終電話會議上大致已經預告。我們在進入本季前就知道，數家生產商客戶已在與我們管線系統直接相連的關鍵生產樞紐安排了歲修。我們也告訴各位，這些事件將對季比表現造成壓力。

One of those turnarounds did come to pass in the first quarter and frankly, ran a bit longer than anyone had originally expected. Separately, we also saw a sequential reduction in throughput from the Shenandoah FPU which began producing last year and came out of the gate with impressively high initial flow rates, rates that actually were above and beyond our predrill expectations. A step back from those early peaks is, in our experience, a fairly normal part of how these deepwater reservoirs behave, and it does not change our fundamental view of what Shenandoah represents for Genesis over time.

其中一項歲修確實在第一季發生，而且坦白說，時間比任何人原先預期的都更長。此外，我們也看到 Shenandoah FPU 的輸送量較前一季下降；該設施於去年開始投產，初期流量表現令人印象深刻，甚至高於我們鑽前的預期。依我們的經驗，從早期高峰回落是這類深水油藏常見的正常現象，並不會改變我們對 Shenandoah 長期對 Genesis 意義的基本看法。

That said, having now run the production from four wells through the system for almost nine months and based upon what we are being told by the operator, we have revised our expectations for Shenandoah volumes for the rest of the year. The net effect to us is roughly $12 million to $15 million less segment margin from that field in 2026 versus what we had embedded in our original guidance for the year. But just to reiterate, we believe we have other positives that will keep us on track to achieve the midpoint of our original guidance we outlined in February.

不過，基於目前四口井的產量已透過系統運行近九個月，並根據營運商向我們提供的資訊，我們已調整對 Shenandoah 今年剩餘期間的運量預期。對我們的淨影響是：2026 年該油田帶來的部門毛利（segment margin）將較我們原先年度指引所內含的假設少約 1,200 萬至 1,500 萬美元。但再次強調，我們相信仍有其他正面因素可使我們維持達成 2 月所提出原始指引中點的目標。

I want to spend a little more time on the subsurface picture at Shenandoah because I think that will provide genuinely important context for how we should think about this field and deepwater conventional reservoirs in general over the longer term. The operator has recently shared their analysis with us, which is based upon the production history from the four Phase 1 wells drilled and producing to date. And I can share that what they are seeing is encouraging. Their conclusions regarding the aerial extent and connectivity of the hydrocarbon-bearing sands have led to upward revisions in their estimates of total original oil in place.

我想花更多時間談談 Shenandoah 的地下地質（subsurface）情況，因為我認為這能為我們如何在較長期看待該油田，以及一般深水常規油藏，提供真正重要的脈絡。營運商近期與我們分享了其分析，該分析係基於目前已鑽探並投產的第一期（Phase 1）四口井的生產歷史。我可以分享的是，他們所看到的情況令人鼓舞。他們對含油砂層的平面延伸範圍與連通性的結論，使其對原始地層總含油量（total original oil in place）的估計上修。

Additionally, bottom hole pressures are starting to stabilize across the wells, and they have concluded through observed pressure measurements that the field is ideally positioned and connected to a very large and strong associated aquifer that, in essence, acts like a natural waterflood, a mechanism that when present in a reservoir like this tends to significantly improve cumulative recovery of the original oil in place. While there is still inherent risk in subsurface analysis, the combination of more calculated oil and a higher recovery of that original oil in place over time is very encouraging relative to original expectations for the 20- to 30-year productive life of the Shenandoah Monument and Shenandoah South fields.

此外，各井的井底壓力（bottom hole pressures）開始趨於穩定；他們也根據觀測到的壓力測量結果判定，該油田在位置與連通性上，與一個非常龐大且能量強的伴生含水層（associated aquifer）理想相連。從本質上看，這個含水層就像天然水驅（natural waterflood）；在此類油藏中，若存在這種機制，通常能顯著提高對原始地層含油量的累積採收率。雖然地下分析仍存在固有風險，但「可計算的含油量增加」與「隨時間推移對原始含油量的採收率提高」兩者的結合，相較於對 Shenandoah Monument 與 Shenandoah South 油田 20 至 30 年生產壽命的原始預期，是非常令人鼓舞的。

The important nuance worth pointing out is that wells in these strong water drive reservoirs need to be produced at rates calculated to ensure the water does not, in essence, get produced in lieu of the more viscous oil and before the aquifer serves its purpose to push the oil in place to the perforations in the producing wells. Managing that process carefully is how you maximize what ultimately comes out of the ground. So while we might see slightly lower volumes in the near term, we believe there is an increasing chance that volumes will be stronger for longer versus what we originally anticipated, and that is, in fact, a very good thing.

值得指出的一個重要細節是：在這些強水驅油藏中，井的生產速率必須經過計算，以確保水不會在含水層發揮其推動地層原油向生產井射孔段（perforations）移動的作用之前，就在本質上取代較黏稠的原油而被先行產出。謹慎管理這個過程，才能最大化最終從地層中採出的量。因此，雖然短期內我們可能看到略低的運量，但我們認為，相較於原先預期，運量「更強且維持更久」的可能性正在提高，而這其實是一件非常好的事。

Looking at near-term activity around the Shenandoah FPU, the current -- the operator currently has a rig on location working in the Monument field, which is a 2-well 17-mile subsea tieback development sanctioned to produce across the Shenandoah FPU. The first of those Monument wells is expected to be brought online before year-end, ahead of our original expectations with the second well following in very early 2027.

就 Shenandoah FPU 周邊的近期活動而言，目前——營運商目前已在現場部署鑽機，正在 Monument 油田作業；該項開發為 2 口井、17 英里海底回接（subsea tieback）專案，已獲核准（sanctioned）並將透過 Shenandoah FPU 進行生產。其中第一口 Monument 井預計將在年底前投產，早於我們原先的預期；第二口井則將在 2027 年初期投產。

After Monument, the plan is to keep that rig in the vicinity, drilling and completing two more Shenandoah wells through the balance of 2027. Layered on top of that, a subsea pumping system is being planned for installation in early 2028 to expand and extend total production across both the existing and future well inventory at Shenandoah proper.

在 Monument 之後，計畫是讓該鑽機留在附近，於 2027 年底前再鑽探並完井兩口 Shenandoah 井。在此基礎上，亦規劃於 2028 年初安裝海底增壓泵送系統，以擴大並延長 Shenandoah 本體現有及未來井庫的總產量。

Simultaneously, the Shenandoah South partnership is well into execution of their subsea development project with production from the first well in that adjacent field expected to cross the Shenandoah FPU in the first half of 2028. To accommodate all of this near-term activity, the Shenandoah FPU operator is actively working to expand the facility's crude oil handling capacity to 140,000 barrels per day. That kind of proactive investment speaks to the confidence the operator has in the development program ahead.

同時，Shenandoah South 合作夥伴正深入推進其海底開發專案，該相鄰油田第一口井的產量預計將於 2028 年上半年跨接至 Shenandoah FPU。為因應這些近期活動，Shenandoah FPU 的營運商正積極推動將設施原油處理能力擴增至每日 140,000 桶。這種前瞻性的投資，反映出營運商對未來開發計畫的信心。

While 2026 may reflect a more measured year from Shenandoah than we initially projected, the trajectory from here is one we find genuinely exciting. Every barrel that flows from the Shenandoah FPU as well as from the future tiebacks and subsea developments in the area moves exclusively through our 100% owned sink lateral and onto shore through our 64% owned CHOPS pipeline. Our position is durable. It is competitively and contractually protected and the runway in front of it is long.

儘管 2026 年 Shenandoah 的表現可能較我們最初預期更為審慎，但從現在起的發展軌跡令我們確實感到振奮。每一桶自 Shenandoah FPU 流出的原油，以及未來該區域的回接（tieback）與海底開發所帶來的產量，都將專屬地經由我們 100% 持有的 sink lateral，並透過我們持有 64% 的 CHOPS 管線輸送上岸。我們的地位穩固，並在競爭與合約層面受到保護，且前方跑道很長。

Elsewhere in the portfolio, Salamanca continues to progress. The fourth well at that facility was brought online during the quarter, ahead of schedule, lifting total production from the Salamanca FPU to just over 40,000 barrels per day. A fifth well remains on the schedule for later this year. We also expect the fifth well at Buckskin to come on production here in the second quarter, adding yet another layer of incremental throughput across our systems.

在投資組合的其他部分，Salamanca 持續推進。該設施的第四口井已於本季提前於原定時程上線，使 Salamanca FPU 的總產量提升至略高於每日 40,000 桶。第五口井仍排定於今年稍晚投產。我們也預期 Buckskin 的第五口井將於第二季投產，為我們的系統再增添一層增量輸送量。

Importantly, we are also seeing the broader LLOG-operated development program continue to accelerate. Harbour Energy, through their acquisition of LLOG has contracted a second rig in pursuit of their stated goal of doubling their production in the Gulf of Mexico by the end of 2027 with 20% compounded annual growth rate through 2030, a majority of which will flow through us.

同樣重要的是，我們也看到由 LLOG 營運的整體開發計畫持續加速。Harbour Energy 透過收購 LLOG，已簽約第二座鑽機，以追求其既定目標：在 2027 年底前將其墨西哥灣產量翻倍，並於 2030 年前維持 20% 的年複合成長率，其中多數產量將經由我們的系統輸送。

Beyond the near-term activity I just described, we could reasonably expect to see two, three or maybe even four additional wells drilled and completed by the end of 2027 or early 2028 at LLOG-operated fields contractually dedicated to us, the production from which would flow exclusively through our existing infrastructure. That kind of development cadence with a second rig now in the mix speaks to the conviction our producer customers have in the opportunity set in the Gulf of America and gives us increasing confidence in the volume trajectory across our systems as we move into 2027 and beyond and none of which requires any of our capital.

除我剛描述的近期活動外，我們合理預期在 2027 年底或 2028 年初前，於合約上已專屬承諾給我們的 LLOG 營運油田，可能還會再鑽探並完井 2 口、3 口，甚至 4 口額外井，其產量將專屬地透過我們既有基礎設施輸送。如今第二座鑽機加入後，這樣的開發節奏顯示我們的生產商客戶對「美國灣」（Gulf of America）機會組合的信念，也讓我們對 2027 年及其後我們系統的量能走勢更具信心，而且這一切都不需要我們投入任何資本。

More broadly, the pace of sanctioning and exploration activity around our infrastructure in the deepwater Gulf of America continues to underscore the long-term vitality of the basin in which we operate. Just recently, Kosmos Energy and Occidental announced final investment decision on the Tiberius development in Keathley Canyon, a subsea tieback project in the outboard Wilcox trend, targeting first oil in the second half of 2028.

更廣泛而言，在「美國灣」深水區、我們基礎設施周邊的核准投資（sanctioning）與勘探活動節奏，持續凸顯我們所營運盆地的長期生命力。就在近期，Kosmos Energy 與 Occidental 宣布對 Keathley Canyon 的 Tiberius 開發案做出最終投資決定（FID）。該案為外側 Wilcox 趨勢帶的海底回接專案，目標於 2028 年下半年實現首油。

Importantly, for Genesis, Tiberius is being tied back to the Lucius platform. And from Lucius, production will flow directly into our 100% owned SEKCO Pipeline and downstream through our 64% owned Poseidon Pipeline. In other words, every barrel from Tiberius will move exclusively through Genesis-owned infrastructure, adding yet another tranche of dedicated volumes to our system when the field comes online in 2028, again, requiring no capital from Genesis.

對 Genesis 而言，Tiberius 將回接至 Lucius 平台，這點至關重要。而從 Lucius 出來的產量將直接進入我們 100% 持有的 SEKCO 管線，並在下游透過我們持有 64% 的 Poseidon 管線輸送。換言之，Tiberius 的每一桶產量都將專屬地經由 Genesis 持有的基礎設施運輸，待該油田於 2028 年投產時，將為我們系統再增加一批專屬量，同樣不需要 Genesis 投入任何資本。

Separately, the Bandit prospect located in Green Canyon Block 680 in the Deepwater Gulf of America, recently announced and highlighted by Occidental, Woodside and Chevron is yet another encouraging data point with an announced new discovery in the Central Gulf of America. The interesting thing about the Bandit discovery is that it is on acreage that has been dedicated to our 100% owned Anaconda-associated gas gathering system, our 100% owned Constitution oil gathering system and our 64% owned Cameron Highway Pipeline since 2004.

另外，位於「美國灣」深水區 Green Canyon 第 680 區塊的 Bandit 勘探標的，近期由 Occidental、Woodside 與 Chevron 公布並重點提及，這也是「美國灣」中部宣布新發現的另一項令人鼓舞的數據點。Bandit 發現的有趣之處在於，其所在礦區自 2004 年起即已專屬承諾給我們 100% 持有的 Anaconda 相關天然氣集輸系統、我們 100% 持有的 Constitution 原油集輸系統，以及我們持有 64% 的 Cameron Highway 管線。

This is a concrete example of something we have reiterated numerous times in the past. We believe we have decades and decades of future production inventory in place from contractually dedicated leases in the Gulf of America, the production from which will require zero additional capital expenditures from us.

這是一個具體例子，印證了我們過去多次重申的觀點：我們相信在「美國灣」中，透過合約專屬承諾的租約（leases），我們已擁有未來數十年、數十年的可開發產量庫存，而其產量不需要我們額外投入任何資本支出。

Stepping back, the setup for the remainder of 2026 in our Offshore Pipeline Transportation segment is solid. The commodity prices with where they are, our producer customers have every incentive to push for maximum uptime and throughput, and we are seeing that discipline reflected in how they are running their operation.

退一步看，我們離岸管線運輸（Offshore Pipeline Transportation）業務在 2026 年剩餘期間的布局相當穩健。在目前的商品價格水準下，我們的生產商客戶有充分誘因追求最高的開機率（uptime）與輸送量（throughput），而我們也看到他們在營運方式上展現出這種紀律。

The broader cadence of additional activity remains on track with multiple wells anticipated to come online over the next several quarters, which provides us with a good line of sight into strong volumes not only over the remainder of the year, but for many years to come. Putting aside the near-term noise of turnarounds in Shenandoah current production rates, the longer-term story in our Offshore Pipeline segment remains intact.

更廣泛的新增活動節奏仍按計畫推進，預期未來數季將有多口井陸續投產，讓我們不僅對今年剩餘期間的強勁量能有清晰能見度，也對未來多年保持信心。撇開 Shenandoah 目前產量因歲修（turnarounds）造成的短期雜訊，我們離岸管線業務的長期故事依然完好。

Our Marine Transportation segment delivered results largely in line with our expectations. Underlying market fundamentals across both our brown water and blue water fleet remains stable with supply and demand dynamics appearing well balanced.

我們的海運（Marine Transportation）業務表現大致符合預期。我們的內河（brown water）與外海（blue water）船隊之整體市場基本面仍然穩定，供需動態看起來相當均衡。

We expect this equilibrium to persist for the remainder of the year, supported by steady demand and minimal net supply additions of new Jones Act tonnage. The 60-day Jones Act waiver issued in March and the 90-day extension issued at the end of April has had zero practical effect on the markets we serve, where a significant amount of the foreign flagged activity associated with the waiver appears to have been concentrated on the movement of clean products from the Gulf Coast to the West Coast, well outside our operating lanes.

我們預期這種均衡將在今年剩餘期間持續，並由穩定需求與新增《瓊斯法案》（Jones Act）船舶淨供給極少所支撐。3 月核發的 60 天《瓊斯法案》豁免，以及 4 月底核發的 90 天延長，對我們所服務的市場並無任何實質影響；與豁免相關的大量外籍船旗活動似乎集中於將潔淨油品自墨西哥灣沿岸運往西岸，遠在我們的營運航線之外。

Operationally, we continue to run at or near 100% of available capacity across all vessel classes and remain well positioned to capture incremental demand and potentially higher inland day rates should additional heavy crude imports flow into the Gulf Coast refineries and drive more intermediate product movements through our heater barge fleet.

在營運面，我們持續在各船型上以接近或達到可用運能的 100% 運行，並維持良好態勢以掌握增量需求；若額外的重質原油進口流入墨西哥灣沿岸煉廠，並帶動更多中間產品透過我們的加熱駁船（heater barge）船隊運輸，則我們亦有機會取得更高的內河日租金（day rates）。

On the dry docking front, two of our four blue water vessels completed their required regulatory yard periods during the first quarter. A third, one of our two largest vessels entered the shipyard in early March and expected back in service toward the end of May. And the fourth is scheduled to enter in early June and exit around mid-third quarter. Collectively, this activity reduced total available operating days in our blue water fleet by approximately 16% in the first quarter. And the second quarter will see a comparable reduction with some residual effect potentially carrying over into the third quarter.

在進塢維修（dry docking）方面，我們四艘外海船舶中的兩艘已於第一季完成法規要求的船廠檢修期。第三艘（我們兩艘最大船舶之一）於 3 月初進入船廠，預計 5 月底前後恢復營運。第四艘則排定於 6 月初進廠，並於第三季中左右出廠。整體而言，這些活動使我們外海船隊第一季的可用營運天數約減少 16%。第二季將出現相近幅度的減少，且部分殘餘影響可能延續至第三季。

Despite these temporary periods off the water, we remain confident that these blue water vessels will recontract into a stable, if not improving rate environment when they return to service. Looking ahead to 2027, our remaining five blue water vessels are scheduled to complete their regulatory dry dockings over the course of that year, and we are actively evaluating whether to shift one of those into late '26 or alternatively into early 2028 to better balance fleet availability and earnings potential across the next several years.

儘管這些暫時性的停航期存在，我們仍有信心，這些外海船舶在恢復營運後，將能在穩定、甚至可能改善的費率環境中重新簽約。展望 2027 年，我們其餘五艘外海船舶預計將在該年度內完成法規要求的進塢檢修；我們也正積極評估是否將其中一艘調整至 2026 年底，或改至 2028 年初，以更好地平衡未來數年的船隊可用性與獲利潛力。

Taken together, we continue to believe our Marine Transportation segment remains well positioned over the medium to long term to benefit from broader structural momentum in the Jones Act market, supported by steady utilization, the ongoing retirement of older tonnage and a substantial lack of new construction comparable Jones Act vessels.

綜合來看，我們仍相信海運業務在中長期具備良好定位，可受惠於《瓊斯法案》市場更廣泛的結構性動能；其支撐因素包括穩定的使用率、老舊船舶持續退役，以及缺乏足以相比的新造《瓊斯法案》船舶。

Our Onshore Transportation & Services segment had a quiet quarter. This part of the business does what it's supposed to do, moving molecules reliably for a broad base of upstream and downstream customers who depend on us for access to Gulf Coast refinery markets and the flow assurance and market optionality comes with it. During the quarter, volumes did just that and moved through both our Texas and Raceland terminal and pipeline systems at healthy levels, benefiting from the continued ramp of offshore production finding its way to shore. Our Baton Rouge terminal also saw good activity with a steady flow of intermediate products through the facility to ExxonMobil, our main refinery customer.

我們的陸上運輸與服務（Onshore Transportation & Services）業務本季相對平淡。這部分業務如其所應，為廣泛的上游與下游客戶可靠地輸送分子（molecules）；這些客戶仰賴我們取得墨西哥灣沿岸煉廠市場的通路，以及隨之而來的流量保障與市場選擇權。本季，輸送量確實如此運作，並以健康水準流經我們在德州與 Raceland 的終端與管線系統，受惠於離岸產量持續爬升並逐步上岸。我們的巴吞魯日（Baton Rouge）終端亦呈現良好活動量，中間產品穩定流經該設施供應給 ExxonMobil（我們的主要煉廠客戶）。

Our Sulfur Services business had a more challenging quarter, and the primary culprit was operational disruptions at our largest host refinery, which also happens to be our lowest cost production facility. When that refinery runs below capacity, our NaSH production drops accordingly and our cost increase, and that is what played out in the first quarter. We expect that refinery in our NaSH facility to return to more normalized operations. And as it does, production volumes and the associated segment margin should recover.

我們的硫磺服務（Sulfur Services）業務本季面臨較多挑戰，主要原因是我們最大的一座寄主煉油廠出現營運中斷，而該煉油廠同時也是我們成本最低的生產設施。當該煉油廠低於產能運轉時，我們的 NaSH 產量會相應下降、成本也會上升，而這正是第一季所發生的情況。我們預期位於該煉油廠的 NaSH 設施將回到較正常的營運狀態。隨著其恢復，產量以及相關的分部利潤率應可回升。

The one ongoing headwind I would flag is the competitive pressure we are seeing from sulfur-related products -- product imports originating in China and moving into South American markets. That situation has not resolved itself and with sulfur prices moving higher recently is something we are watching carefully.

我想特別指出的一項持續逆風，是我們在硫相關產品上看到的競爭壓力——來自中國的產品進口並流入南美市場。這個情況尚未解決，而近期硫價走高，我們也正密切關注。

As I mentioned earlier, I want to take a moment to highlight the meaningful steps we took during the quarter to further strengthen our balance sheet and materially lower our cost of financing this business. During the first quarter, we completed a series of transactions, a new $750 million senior unsecured notes offering with a coupon of 6.75%, the tender and full redemption of our higher cost 7.75% senior unsecured notes due 2028, and upsized and extended revolving credit facility as well as the opportunistic repurchase of $135 million in the aggregate of our high-cost Series A corporate preferred securities that together are expected to reduce our annual financing cost by approximately $12 million per year on a run rate basis.

如我先前提到的，我想花一點時間強調我們在本季採取的重大措施，以進一步強化資產負債表並大幅降低本業務的融資成本。第一季我們完成了一系列交易：發行 7.5 億美元新的高級無擔保票據（senior unsecured notes），票面利率 6.75%；對我們成本較高、2028 年到期的 7.75% 高級無擔保票據進行要約收購並全數贖回；擴大並延長循環信用額度（revolving credit facility）；以及機會性回購合計 1.35 億美元的高成本 A 系列公司優先證券（Series A corporate preferred securities）。上述措施合計預期可在年化運行率（run rate）基礎上，將我們的年度融資成本降低約 1,200 萬美元。

To put this in context, after all this activity, the remaining face value of our Series A corporate preferred stands at approximately $394 million. If we can refinance and ultimately retire this in one form or another over the next couple of years, we can further reduce the cash cost of supporting our business by close to $20 million a year in the case of refinancing and $45 million or so in the case of fully redeeming and extinguishing it.

為了提供背景，在完成上述活動後，我們 A 系列公司優先證券的剩餘面額約為 3.94 億美元。若我們能在未來幾年以某種方式為其再融資並最終退場/除役（retire），則可進一步降低支撐本業務的現金成本：若採再融資，年節省接近 2,000 萬美元；若完全贖回並註銷（fully redeeming and extinguishing），則年節省約 4,500 萬美元左右。

Additionally, if we are able to refinance our other senior unsecured bonds, the nearest tranche of which matures in January 2029 at the same coupon that we just printed on our longest-dated bonds, we could realize roughly another $35 million a year in reduced financing costs to support our business. So while it's obviously important to focus on our business performance, we should not lose sight that we have the opportunity to drive additional value as much as $80 million a year or perhaps more as we continue to rightsize and optimize our capital structure.

此外，若我們能為其他高級無擔保債券再融資，其中最近一期將於 2029 年 1 月到期，且票面利率與我們剛發行的最長天期債券相同，我們大約還可再實現每年約 3,500 萬美元的融資成本降低，以支撐本業務。因此，雖然聚焦營運表現顯然很重要，但我們也不應忽視：隨著我們持續調整規模並優化資本結構，我們有機會每年創造高達 8,000 萬美元、甚至可能更多的額外價值。

In closing, I want to be clear that our first quarter results, while slightly below our internal expectations in the aggregate, do not change our conviction in the Genesis story or our confidence in the longer term. The fundamental drivers of our business remain intact. The activity in the Gulf of America continues to be strong, and the balance sheet actions we have taken this quarter have lowered our cost of capital and materially improved our financial flexibility going forward, and we still have lots of additional optimization to look forward to.

最後我想明確表示：我們第一季的結果雖然整體略低於內部預期，但並不改變我們對 Genesis 故事的信念，也不影響我們對長期前景的信心。我們業務的基本驅動因素仍然完好無損。美洲灣（Gulf of America）的活動仍然強勁，而我們本季採取的資產負債表行動已降低資本成本並在未來大幅提升財務彈性，我們也仍有許多進一步優化可期待。

As our operational and financial performance continues to strengthen over the coming years, and we generate increasing amounts of free cash flow, we will continue to redeem the remaining balance of our high-cost Series A corporate preferred securities, reduce debt in absolute terms and work our way toward our target leverage ratio of approximately 4 times, all of which we should create the room to thoughtfully grow distributions to our common unitholders over time while maintaining the flexibility to evaluate future organic and inorganic opportunities as they may arise.

隨著未來幾年我們的營運與財務表現持續改善，並產生愈來愈多的自由現金流，我們將持續贖回剩餘的高成本 A 系列公司優先證券、在絕對金額上降低負債，並朝約 4 倍的目標槓桿比率邁進。透過上述作為，我們應能創造空間，隨時間審慎提高對普通單位持有人（common unitholders）的分配，同時維持彈性以評估未來可能出現的內生成長與外延併購（organic and inorganic）機會。

Finally, I would like to say that the management team and the Board of Directors remain steadfast in our commitment to building long-term value for all of our stakeholders, regardless of where you are in the capital structure. We believe the decisions we are making reflect this commitment and our confidence in Genesis moving forward. I would once again like to recognize our entire workforce for their individual efforts and unwavering commitment to safe and responsible operations. I'm extremely proud to be associated with each and every one of you.

最後，我想說管理團隊與董事會對於為所有利害關係人建立長期價值的承諾始終堅定不移，無論您位於資本結構的哪一層。我們相信我們所做的決策反映了這項承諾，以及我們對 Genesis 未來發展的信心。我也要再次肯定全體員工的個別努力，以及對安全且負責任營運的堅定投入。我非常自豪能與各位每一位共事。

With that, I'll turn it back to the moderator for questions.

接下來，我把時間交回主持人進行提問。

(Operator Instructions) Michael Blum, Wells Fargo.

（接線員指示）Michael Blum，富國銀行（Wells Fargo）。

I wanted to ask a little bit about the Sulfur Services business. Obviously, you had a little bit of an operational issue in the first quarter, but more wanted to ask about the Chinese competition coming into the market. Is that something new that's developed recently? Or has that been something that's been ongoing? And how do you see that sort of normalizing over time?

我想稍微問一下硫磺服務業務。顯然第一季你們有一些營運問題，但我更想問的是中國競爭者進入市場的情況。這是最近才出現的新發展嗎？還是一直以來就存在？你們如何看待這種情況隨時間推移而回歸正常？

It is -- we've talked about it on previous calls that we have seen over the last several years, the introduction of what we call Chinese flake, which is dehydrated sodium hydrosulfide, which comes from China, then it is rehydrated in a rehydration facility in South America and distributed to the mining operations that historically, we have shipped sodium hydrosulfide in solution form from the Gulf Coast, primarily a terminal in Lake Charles through the Panama Canal to the western side of South America. So it's something that we have been dealing with for quite some time.

是的——我們在先前的電話會議中談過，過去幾年我們看到所謂的「中國片狀產品（Chinese flake）」被引入市場，也就是脫水的氫硫化鈉（sodium hydrosulfide）。它從中國運出，之後在南美的復水設施（rehydration facility）中再復水，並配送到採礦作業。過去我們則是以溶液形式，從墨西哥灣沿岸（Gulf Coast）——主要是萊克查爾斯（Lake Charles）的終端——經巴拿馬運河運至南美西岸。因此，這是我們已經應對相當長一段時間的事情。

I never thought that we'd have to talk about China once we exited the soda ash business again, but we are seeing increasing amounts at noneconomic prices show up. And given where sulfur prices were $650 a ton or so accelerating as a result of the dislocations occurring in large part in the Middle East, the prices at which this competitive flake mash, so to speak, are being offered are completely uneconomic from a capitalistic economic-animal point of view. So it's something that we have to keep an eye on.

我原本以為在我們再次退出純鹼（soda ash）業務後，就不必再談中國了，但我們確實看到以不具經濟性的價格出現的數量正在增加。考量到硫價約在每噸 650 美元左右，且因中東地區在很大程度上出現的供需錯位而加速上漲，這些競爭性的片狀「糊狀物」（flake mash，姑且這麼說）所報出的價格，從資本主義的經濟理性角度來看完全不具經濟性。因此，這是我們必須持續留意的事情。

Our sales over the last several years because we've been supply constrained have actually diminished into South America, into the mines in South America because we have had this competitive pressure, but we've also had some supply constraints. We are evaluating that as a potential future market, but concentrating on new market applications and higher-value markets in North America and elsewhere.

過去幾年，由於我們受到供應限制，我們在南美、南美礦區的銷售其實已經減少，原因一方面是這種競爭壓力，另一方面也有我們自身的供應受限。我們正在評估南美作為未來的潛在市場，但目前更專注於北美及其他地區的新市場應用與更高價值的市場。

And then I just wanted to ask your comments about the cost savings you could realize from retiring the preferreds and some of the other high-cost debt. Would you say that the plan is sort of steady as she goes as you've been doing sort of opportunistically reducing those various tranches as you can? Or is there any possibility that you could do something sort of larger and eliminate some of that high-cost paper more quickly?

另外我也想請教你對於透過退場優先股以及其他高成本債務所能實現的成本節省的看法。你會說目前的計畫是維持既有節奏、像你們一直以來那樣在有機會時逐步降低各期別部位嗎？還是有可能採取更大規模的作法，更快地消除部分高成本融資工具？

Yes. I think that because our covenant under our senior secured facility gives 100% equity treatment, which we think is appropriate to the convertible preferred. We're kind of somewhat limited in terms of taking it out in one fell swoop while we try to manage the headline number of our bank calculated leverage ratio. But -- so I think it's kind of a chipping away, but as we, a, chip away at debt at the numerator and EBITDA continues to grow that at some point, we would have the flexibility to opportunistically potentially take it out in a big chunk and still have plenty of runway and room under our debt covenants. So -- but I think for the remainder of '26, again, it's opportunistically chipping away at it.

是的。我認為，由於我們在高級擔保融資（senior secured facility）下的契約條款（covenant）對可轉換優先股給予 100% 的權益（equity）認列，我們認為這是合理的，因此在我們試圖管理銀行計算的槓桿比率（bank calculated leverage ratio）的表面數字時，要一次性大幅處理掉它在某種程度上會受到限制。不過——所以我認為會是逐步「削減」的方式；但當我們一方面在分子端逐步降低債務、同時 EBITDA 持續成長時，到了某個時間點，我們就會有彈性在機會合適時可能一次處理掉一大部分，同時在債務契約限制下仍保有充足的緩衝與空間。所以——但我認為在 2026 年剩餘時間，仍會是機會性地逐步削減。

(Operator Instructions) We're showing no additional questions in queue at this time. I'd like to turn the floor back over to Mr. Sims for closing comments.

（接線員指示）目前我們顯示佇列中沒有其他提問。我想把時間交回 Sims 先生作結語。

Again, we appreciate everybody's interest in dialing in, and we look forward to having a positive discussion with you in 90 days. So thanks very much.

再次感謝各位撥冗參與，我們期待在 90 天後與各位進行一場正面的交流討論。非常感謝。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time, and enjoy the rest of your day.

各位女士、先生，今天的活動到此結束。您現在可以掛斷電話或登出網路直播，祝您今天剩餘時間愉快。