Genesis Energy, L.p. · NYSE:GEL
Genesis Energy, L.p — Investor Presentation (December 2025)
27 slides from Genesis Energy, L.p's investor presentation, December 2025
Slide 1: Genesis Energy, L.P. Investor Presentation December 2025
Genesis Energy, L.P. Investor Presentation December 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: Key Takeaways
Key Takeaways Shenandoah & Salamanca On-Line; Long-Term Thesis Progressing • Long-term outlook and value proposition for Genesis remains in-tact – Reported Adjusted EBITDA(a) of $132.0 million in the third quarter – Have reached the inflection point where we have completed our major capital spending
Slide 5: Market Leading Businesses
Market Leading Businesses Genesis Total LTM Segment Margin $526 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 22% • 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 700 $120 • ~2,400 miles of pipelines and associated platforms primarily +99% located in the Central Gulf of America 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 June 2019 Argos / Mad Dog 2 achieved LLOG operated Buckskin first oil with 100% of volumes Late Sept. 2025 development on-line dedicated to CHOPS Salamanca achieved first oil Oct. 2010 - $33
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 ~99% 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 Phase 2 Beacon Mid-2026 Spruance Katmai / Bullwinkle Katmai West • Caicos Monument Beacon
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 $120 +19% – Integrated ons
Slide 17: Marine Transportation – Overview
Marine Transportation – Overview Structural Industry Tailwinds Driving Momentum • Modern efficient fleet that is well positioned to benefit from steady Inland Offshore American demand and continued net retirements of Jones Act equipment Fleet Fleet Phoenix – Demand primarily driven by refinery utili
Slide 18: Onshore Transportation & Services – Overview
Onshore Transportation & Services – Overview Integrated Asset Footprint with Exposure to Significant Refinery Demand Baton Rouge Complex Texas City Terminal Raceland Terminal Refinery Services (dba TDC) • Integral part of ExxonMobil’s Baton • Connection to Genesis owned • Connection to Genesis owned
Slide 19: Sulfur Services - Facilitating Lower Emissions
Sulfur Services - Facilitating Lower Emissions Market Leader of NaHS Production Helping Reduce Host Refinery Emissions Business Overview • What do we do: – Leading producer of sodium hydrosulfide (“NaHS”) via 11 “sour gas processing” units inside the refinery fence • Proprietary process includes rea
Slide 20: Appendix & Reconciliations
Appendix & Reconciliations
Slide 21: Corporate Information
Corporate Information Debt and Preferred Equity Profile & Corporate Structure Balance Sheet Overview Corporate Structure(a) • Committed to long-term leverage ratio(b) at or near 4.00x Series A Class A Class B Convertible • 3Q 2025 leverage ratio(b) of 5.41x Common Units Common Units Preferred Units
Slide 22: Sustainability at Genesis
Sustainability at Genesis Supporting Business Priorities & Our Investors Through Sustainability MSCI Ratings History • Genesis is committed to operating its business in a responsible and AAA sustainable manner • Released 2024 Sustainability Report on October 30, 2025 April 2023: Inaugural AA Report
Slide 23: Balance Sheet & Credit Profile
Balance Sheet & Credit Profile Leverage Ratio & Common Unit Distribution Coverage Ratio ($ in 000s) 9/30/2025 Senior secured credit facility $58,600 Senior unsecured notes, net of debt issuance costs and discount 3,038,162 Less: Outstanding inventory financing sublimit borrowings (28,000) Less: Cash
Slide 24: Reconciliation: Segment Margin
Reconciliation Segment Margin ($ in 000s) YTD 3/31/2025 6/30/2025 9/30/2025 2025 Income (loss) from continuing operations before income taxes ($36,417) $10,356 $23,029 ($3,032) Net income attributable to noncontrolling interests (8,769) (10,417) (13,569) (32,755) Corporate general and administrative
Slide 25: Reconciliation: Available Cash Before Reserves
Reconciliation Available Cash Before Reserves ($ in 000s) YTD 3/31/2025 6/30/2025 9/30/2025 2025 Net income (loss) attributable to Genesis Energy, L.P. ($469,075) ($406) $9,207 ($460,274) Interest expense, net 70,038 60,754 66,407 197,199 Income tax expense (benefit) 144 345 253 742 Depreciation, am
Slide 26: Reconciliation: Adjusted Debt & Adjusted Consolidated EBITDA
Reconciliation Adjusted Debt & Adjusted Consolidated EBITDA ($ in 000s) Long-term debt 9/30/2025 2024 2023 2022 2021 2020 Senior secured credit facility $58,600 $291,000 $298,300 $205,400 $49,000 $643,700 Senior unsecured notes, net of debt issuance costs, discount and premium 3,038,162 3,436,860 3,
Slide 27: Reconciliation: Select Items
Reconciliation Select Items ($ in 000s) YTD 3/31/2025 6/30/2025 9/30/2025 2025 Applicable to all Non-GAAP Measures Differences in timing of cash receipts for certain contractual arrangements (a) ($8,287) ($9,071) ($7,091) ($24,449) Unrealized gains on derivative transactions excluding fair value hed
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