Genesis Energy, L.p. · NYSE:GEL
Genesis Energy, L.p — Citi's 2025 Natural Resources Conference
27 slides from Genesis Energy, L.p's conference presentation, August 2025
Slide 1: Genesis Energy, L.P.
Genesis Energy, L.P. Citi’s 2025 Natural Resources Conference August 2025
Slide 2: Disclosures & Company Information
Disclosures & Company Information Investor Relations Contact InvestorRelations@genlp.com (713) 860-2500 Corporate Headquarters 811 Louisiana, Suite 1200 Houston, TX 77002 Forward-Looking Statements This presentation includes forward-looking statements as defined under federal law. Although we believ
Slide 3: Investment Rationale
Investment Rationale Cash Flow Profile Poised to Deliver Increasing Returns to Stakeholders Diverse Portfolio of Long-Lived, Market Leading Businesses with High Barriers to Entry and Significant Operating Leverage Ample Liquidity Provides Significant Financial Flexibility Expected Growth in Adjusted
Slide 4: Corporate Overview
Corporate Overview Shenandoah On-Line w/ Salamanca Up Next; Long-Term Thesis In-Tact • Long-term outlook and value proposition for Genesis remains in-tact and on schedule – Have reached the inflection point where we have completed our major capital spending program and expect to see a notable step c
Slide 5: Market Leading Businesses
Market Leading Businesses Genesis Total LTM Segment Margin $501 MM (a) Offshore Pipeline Transportation • Practically irreplaceable integrated asset footprint focused on transporting crude oil produced from the deepwater Central Gulf of America to multiple onshore markets 24% • Contracts structured
Slide 6: Offshore Pipeline Transportation
Offshore Pipeline Transportation Overview
Slide 7: Offshore Pipeline Transportation – Overview
Offshore Pipeline Transportation – Overview World Class Footprint in Leading North American Basin Long-Term Value Creation CHOPS & Poseidon Volumes • ~2,400 miles of pipelines and associated platforms primarily 700 $120 located in the Central Gulf of America +86% 600 $100 • Leading independent midst
Slide 8: Track Record of Success in the Gulf of America
Track Record of Success in the Gulf of America Driven by Strategic Acquisitions and Organic Growth April 2023 Argos / Mad Dog 2 achieved first oil with 100% of volumes Oct. 2010 - $330 mm dedicated to CHOPS June 2019 (140k/d production capacity) Genesis Acquires LLOG operated Buckskin 50% interest i
Slide 9: Offshore Expansion – Project Overview
Offshore Expansion – Project Overview Expanding Basin Critical Infrastructure in the Gulf of America • On May 4th, 2022 Genesis announced it would expand its existing CHOPS system and construct a new 100% owned “SYNC” pipeline to support additional volumes in the central deepwater Gulf of America –
Slide 10: Offshore Expansion – New GB-72 Platform
Offshore Expansion – New GB-72 Platform Cornerstone of the CHOPS Expansion & SYNC Pipeline New GB-72 Platform • Genesis recently completed the construction of its new GB-72 platform in the Gulf of America – Serves as an integral booster station on the CHOPS pipeline to increase throughput capacity –
Slide 11: Offshore Expansion – Commercial Support
Offshore Expansion – Commercial Support Supported by Credit Worthy Take-or-Pay Agreements and Life of Lease Dedications • Genesis entered into definitive agreements to provide downstream New Dedicated Deepwater Developments transportation services for two separate standalone deepwater upstream devel
Slide 12: Gulf of America Crude Oil Production
Gulf of America Crude Oil Production Continued Growth in the Deepwater Gulf of America Crude Oil Production(a) • Deepwater Gulf of America crude oil production is projected to increase by ~86% from 2013 – 2026E Non-Deepwater Deepwater (>1,000 ft.) Avg. Crude Price (WTI) 2,500 $120 • Production incre
Slide 13: Active Federal Leases in Gulf of America
Active Federal Leases in Gulf of America Proximity to Existing Leases Creates Stability and Opportunity • In April 2025, the Department of Interior and Bureau of Ocean Energy Management (BOEM) announced plans to develop the 11 th National Outer Continental Shelf Oil and Gas leasing program – Will se
Slide 14: Central Gulf of America Overview
Central Gulf of America Overview Robust Inventory of Future Growth Ram Powell Petronius Stonefly Delta House Nearly Headless Nick Selected Recent Developments / FIDs Field Producer First Oil Lobster Shenandoah Beacon July-2025 Spruance Katmai / Bullwinkle Katmai West • Caicos Salamanca (Leon/Castile
Slide 15: Gulf of America – Lower Carbon Intensity
Gulf of America – Lower Carbon Intensity Regulatory Oversight Helps Drive Lower Carbon Footprint Gulf of America Plays Leading Role(a) Significant Regulatory Oversight(b) • Barrels produced from the Gulf of America are the least • The leasing and operations activities in the GOM are subject emission
Slide 16: Case Study: Poseidon Oil Pipeline
Case Study: Poseidon Oil Pipeline Irreplaceable Crude Oil Pipeline in the Central Gulf of America • Poseidon Oil Pipeline is a basin critical pipeline that transports Steady Volumes Through Commodity Cycles central Gulf of America production to key markets in Louisiana 350 +18% $120 – Integrated ons
Slide 17: Marine Transportation – Overview
Marine Transportation – Overview Structural Industry Tailwinds Driving Momentum • Modern efficient fleet that is well positioned to benefit from steady Inland Offshore American demand and continued net retirements of Jones Act equipment Fleet Fleet Phoenix – Demand primarily driven by refinery utili
Slide 18: Onshore Transportation & Services – Overview
Onshore Transportation & Services – Overview Integrated Asset Footprint with Exposure to Significant Refinery Demand Baton Rouge Complex Texas City Terminal Raceland Terminal Refinery Services (dba TDC) • Integral part of ExxonMobil’s Baton • Connection to Genesis owned • Connection to Genesis owned
Slide 19: Sulfur Services - Facilitating Lower Emissions
Sulfur Services - Facilitating Lower Emissions Market Leader of NaHS Production Helping Reduce Host Refinery Emissions Business Overview • What do we do: – Leading producer of sodium hydrosulfide (“NaHS”) via 11 “sour gas processing” units inside the refinery fence • Proprietary process includes rea
Slide 20: Appendix & Reconciliations
Appendix & Reconciliations
Slide 21: Corporate Information
Corporate Information Debt and Preferred Equity Profile & Corporate Structure Balance Sheet Overview Corporate Structure(a) • Committed to long-term leverage ratio(b) at or near 4.00x Series A Class A Class B Convertible • 2Q 2025 leverage ratio(b) of 5.52x Common Units Common Units Preferred Units
Slide 22: Sustainability at Genesis
Sustainability at Genesis Supporting Business Priorities & Our Investors Through Sustainability MSCI Ratings History • Genesis is committed to operating its business in a responsible and AAA sustainable manner April 2023: Inaugural • Sale of soda ash business in March 2025 will significantly reduce
Slide 23: Balance Sheet & Credit Profile
Balance Sheet & Credit Profile Leverage Ratio & Common Unit Distribution Coverage Ratio (a) We define Adjusted Debt as the amounts outstanding under our senior secured credit facility and senior unsecured notes (including any unamortized discounts or issuance costs) less the amount outstanding under
Slide 24: Reconciliation
Reconciliation Segment Margin ($ in 000s) YTD 3/31/2025 6/30/2025 2025 Income (loss) from continuing operations before income taxes ($36,417) $10,356 ($26,061) Net income attributable to noncontrolling interests (8,769) (10,417) (19,186) Corporate general and administrative expenses 41,676 15,068 56
Slide 25: Reconciliation
Reconciliation Available Cash Before Reserves ($ in 000s) YTD 3/31/2025 6/30/2025 2025 Net income (loss) attributable to Genesis Energy, L.P. ($469,075) ($406) ($469,481) Interest expense, net 70,038 60,754 130,792 Income tax expense (benefit) 144 345 489 Depreciation, amortization and accretion 59,
Slide 26: Reconciliation
Reconciliation Adjusted Debt & Adjusted Consolidated EBITDA ($ in 000s) Long-term debt 6/30/2025 2024 2023 2022 2021 2020 Senior secured credit facility $71,600 $291,000 $298,300 $205,400 $49,000 $643,700 Senior unsecured notes, net of debt issuance costs, discount and premium 3,035,915 3,436,860 3,
Slide 27: Reconciliation
Reconciliation Select Items ($ in 000s) YTD 3/31/2025 6/30/2025 2025 Applicable to all Non-GAAP Measures Differences in timing of cash receipts for certain contractual arrangements (a) ($8,287) ($9,071) ($17,358) Unrealized gains on derivative transactions excluding fair value hedges, net of changes
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