GENESIS ENERGY LP
For the period ended Mar 31, 2025. Filed May 8, 2025.
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Mar 31, 2025 · Filed May 8, 2025
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4. Discontinued Operations
- Discontinued Operations
On February 28, 2025, we completed the sale of our Alkali Business to an indirect affiliate of WE Soda Ltd for a gross purchase price of $1.425 billion. The sale generated proceeds of approximately $1.0 billion, which reflects the net proceeds after the payment of transaction costs and expenses, the assumption of $413.4 million of our then outstanding 5.875% senior secured notes due 2042 (the “Alkali senior secured notes”) by an indirect affiliate of WE Soda Ltd, and cash divested.
A reconciliation of the line items constituting pretax income from discontinued operations to net income (loss) from discontinued operations, net of tax is as follows:
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Major classes of line items constituting income (loss) from discontinued operations: | ||
| Revenues | $200,532 | $335,658 |
| Operating costs | (168,871) | (296,966) |
| General and administrative | (156) | (309) |
| Depreciation, depletion and amortization | (18,862) | (24,380) |
| Interest expense, net | (4,179) | (6,400) |
| Pretax income of discontinued operations | 8,464 | 7,603 |
| Loss from the sale of the Alkali Business | (432,193) | — |
| Total pretax income (loss) from discontinued operations | (423,729) | 7,603 |
| Income tax expense | (16) | — |
| Net income (loss) from discontinued operations, net of tax | $(423,745) | $7,603 |
A summary of our cash flows associated with our discontinued operations is as follows:
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Net cash flows provided by operating activities | $31,453 | $62,007 |
| Net cash flows used in investing activities | (11,666) | (58,715) |
| Net cash flows used in financing activities | — | (2,976) |
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