Scavenger compositions and methods for reducing the level of sulfide impurities present in a fluid stream. The method includes contacting the stream with a composition comprising the reaction product of an aldehyde and a aminoethylpiperazine (AEP) and a second aliphatic amine NHR1R2, wherein R1 or R2 can be hydrogen and wherein R1 and R2 contain a total of from 1 to about 6 crbons. It is possible to obtain a biphasic liquid spent scavenger. One amine-containing phase can be regenerated by addition of aldehyde for reuse as scavenger. Another sulfided product-containing phase can be used as a corrosion inhibitor. A preferred aldehyde is formaldehyde and a preferred second aliphatic amine is n-butyl amine.