Financial Analysis

Commitments and Contingencies Commitments and Guarantees We are subject to various environmental laws and regulations. Policies and procedures are in place to monitor compliance and to detect and address any releases of crude oil from our pipelines or other facilities; however no assurance can be made that such environmental releases may not substantially affect our business. Other Matters Our facilities and operations may experience damage as a result of an accident or natural disaster. These hazards can cause personal injury or loss of life, severe damage to and destruction of property and equipment, pollution or environmental damage and suspension of operations. We maintain insurance that we consider adequate to cover our operations and properties, in amounts we consider reasonable. Our insurance does not cover every potential risk associated with operating our facilities, including the potential loss of significant revenues. The occurrence of a significant event that is not fully-insured could materially and adversely affect our results of operations. We believe we are adequately insured for public liability and property damage to others and that our coverage is similar to other companies with operations similar to ours. No assurance can be made that we will be able to maintain adequate insurance in the future at premium rates that we consider reasonable. We are subject to lawsuits in the normal course of business and examination by tax and other regulatory authorities. W …

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Equity-Based Compensation Plans 2010 Long Term Incentive Plan In 2010, we adopted the 2010 Long-Term Incentive Plan (the 2010 LTIP). The 2010 LTIP provides for the awards of phantom units and distribution equivalent rights to members of our board of directors and employees who provide services to us. Phantom units are notional units representing unfunded and unsecured promises to pay to the participant a specified amount of cash based on the market value of our common units should specified vesting requirements be met. Distribution equivalent rights (DERs) are tandem rights to receive on a quarterly basis a cash amount per phantom unit equal to the amount of cash distributions paid per common unit. The 2010 LTIP is administered by the Governance, Compensation and Business Development Committee (the G&C Committee) of our board of directors. The G&C Committee (at its discretion) designates participants in the 2010 LTIP, determines the types of awards to grant to participants, determines the number of units to be covered by any award, and determines the conditions and terms of any award including vesting, settlement and forfeiture conditions. The compensation cost associated with the phantom units is re-measured each reporting period based on the market value of our common units, and is recognized over the vesting period. The liability recorded for the estimated amount to be paid to the participants under the 2010 LTIP is adjusted to recognize changes in the estimated co …

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Debt At December 31, 2025 and 2024, our obligations under debt arrangements consisted of the following: December 31, 2025 December 31, 2024 Principal Unamortized Discount and Debt Issuance Costs Net Value Principal Unamortized Premium, Discount and Debt Issuance Costs Net Value Senior secured credit facility (1) $ 6,400 $ $ 6,400 $ 291,000 $ $ 291,000 8.000% senior unsecured notes due 2027 406,245 933 405,312 7.750% senior unsecured notes due 2028 679,360 3,123 676,237 679,360 4,622 674,738 8.250% senior unsecured notes due 2029 600,000 10,690 589,310 600,000 13,993 586,007 8.875% senior unsecured notes due 2030 500,000 5,690 494,310 500,000 7,015 492,985 7.875% senior unsecured notes due 2032 700,000 9,919 690,081 700,000 11,476 688,524 8.000% senior unsecured notes due 2033 600,000 9,523 590,477 600,000 10,706 589,294 Total long-term debt $ 3,085,760 $ 38,945 $ 3,046,815 $ 3,776,605 $ 48,745 $ 3,727,860 (1) Unamortized debt issuance costs associated with our senior secured credit facility (included in Other Assets, net of amortization on the Consolidated Balance Sheets) were $5.4 million and $7.9 million as of December 31, 2025 and 2024, respectively. Senior Secured Credit Facility On July 19, 2024, we entered into the Seventh Amended and Restated Credit Agreement (our credit agreement) to replace our Sixth Amended and Restated Credit Agreement, which provided for a $900 million senior secured revolving credit facility that matures on September 1, 2028, subject to extension …

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The following tables reflects the disaggregation of our revenues by major category for the years ended December 31, 2025, 2024 and 2023, respectively: Year Ended December 31, 2025 Offshore Pipeline Transportation Marine Transportation Onshore Transportation and Services Consolidated Fee-based revenues $ 531,898 $ 319,498 $ 70,517 $ 921,913 Product Sales 634,149 634,149 Sulfur Services 74,353 74,353 $ 531,898 $ 319,498 $ 779,019 $ 1,630,415 Year Ended December 31, 2024 Offshore Pipeline Transportation Marine Transportation Onshore Transportation and Services Consolidated Fee-based revenues $ 404,919 $ 321,616 $ 58,298 $ 784,833 Product Sales 796,637 796,637 Sulfur Services 79,364 79,364 $ 404,919 $ 321,616 $ 934,299 $ 1,660,834 Year Ended December 31, 2023 Offshore Pipeline Transportation Marine Transportation Onshore Transportation and Services Consolidated Fee-based revenues $ 382,154 $ 327,464 $ 45,704 $ 755,322 Product Sales 870,948 870,948 Sulfur Services 95,053 95,053 $ 382,154 $ 327,464 $ 1,011,705 $ 1,721,323 …

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Fair-Value Measurements We classify financial assets and liabilities into the following three levels based on the inputs used to measure fair value: (1) Level 1 fair values are based on observable inputs such as quoted prices in active markets for identical assets and liabilities; (2) Level 2 fair values are based on pricing inputs other than quoted prices in active markets for identical assets and liabilities and are either directly or indirectly observable as of the measurement date; and (3) Level 3 fair values are based on unobservable inputs in which little or no market data exists. As required by fair value accounting guidance, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value requires judgment and may affect the placement of assets and liabilities within the fair value hierarchy levels. The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2025 and 2024. December 31, 2025 December 31, 2024 Recurring Fair Value Measures Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Commodity derivatives: Assets $ 164 $ 51 $ $ 190 $ $ Liabilities $ (19) $ $ $ (819) $ $ Our commodity derivatives include exchange-traded futures and exchange-traded options contracts. The fair value of …

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Intangible Assets, Goodwill and Other Assets Intangible Assets The following table reflects the components of intangible assets being amortized at December 31, 2025 and 2024: December 31, 2025 December 31, 2024 Weighted Amortization Period in Years Gross Carrying Amount Accumulated Amortization Carrying Value Gross Carrying Amount Accumulated Amortization Carrying Value Offshore pipeline contract intangible 19 $ 158,101 $ 86,678 $ 71,423 $ 158,101 $ 78,357 $ 79,744 Other 8 23,160 18,977 4,183 22,633 17,090 5,543 Total $ 181,261 $ 105,655 $ 75,606 $ 180,734 $ 95,447 $ 85,287 The offshore pipeline contract intangible relates to customer contracts surrounding certain transportation agreements with producers in the Lucius production area in Southeast Keathley Canyon, which support our SEKCO Pipeline. We record amortization of our intangible assets based on the period over which the asset is expected to contribute to our future cash flows. All of our current intangible assets are being amortized on a straight-line basis. Amortization expense on intangible assets was $10.3 million, $10.4 million and $10.1 million for the years ended December 31, 2025, 2024 and 2023, respectively. In the fourth quarter of 2024, we terminated an on-going project related to the integration of certain of our enterprise resource planning systems and we impaired the costs incurred to date. As a result, we recognized an impairment charge of $43.0 million for the year ended December 31, 2024 included withi …

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Income Taxes We are not a taxable entity for federal income tax purposes. As such, we do not directly pay federal income taxes. Other than with respect to our corporate subsidiaries and the Texas Margin Tax, our taxable income or loss is includible in the federal income tax returns of each of our partners. A few of our operations are owned by wholly-owned corporate subsidiaries that are taxable as corporations. During 2025, we paid state income taxes on these operations. Our income tax expense is as follows: Year Ended December 31, 2025 2024 2023 Current: State 176 965 784 Foreign 57 56 52 Total current income tax expense $ 233 $ 1,021 $ 836 Deferred: Federal $ 467 $ 610 $ 248 State 106 139 (628) Total deferred income tax expense (benefit) $ 573 $ 749 $ (380) Total income tax expense $ 806 $ 1,770 $ 456 Deferred income taxes relate to temporary differences based on tax laws and statutory rates that were enacted at the balance sheet date. Deferred tax assets and liabilities consist of the following: December 31, 2025 2024 Deferred tax assets: Net operating loss carryforwards - Federal $ 9,746 $ 10,695 Net operating loss carryforwards - State 2,443 2,580 Other 4,949 3,882 Total long-term deferred tax asset 17,138 17,157 Valuation allowances (5,731) (4,938) Total deferred tax assets $ 11,407 $ 12,219 Deferred tax liabilities: Long-term: Fixed assets $ (1,652) $ (1,799) Intangible assets (27,033) (27,033) Other (127) 38 Total long-term liability (28,812) (28,794) Total deferred t …

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Recent Accounting Pronouncements We have adopted guidance under ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09) for the year ended December 31, 2025, and applied the new disclosure requirements retrospectively. ASU 2023-09 enhanced the transparency and decision usefulness of income tax disclosures primarily through requiring the disclosure of specific categories in the rate reconciliation as well as disclosure of income taxes paid disaggregated by jurisdiction. The adoption of ASU 2023-09 did not have a material impact on our disclosures. Refer to Note 16 and Note 2 2 for details. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures, (ASU 2024-03), which requires additional disclosures of the specific types of expenses included in the expense captions presented on the face of the income statement. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. The requirements will be applied prospectively, with the option for retrospective application. Early adoption is permitted. We are currently evaluating the impact of this standard on our disclosures. All other new accounting pronouncements that have been issued, but not yet effective, are currently being evaluated and, at this time, are not expected to have a material impact on our …

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Transactions with Related Parties Transactions with related parties were as follows: Year Ended December 31, 2025 2024 2023 Revenues: Revenues from services and fees to Poseidon Oil Pipeline Company, LLC (1) $ 19,258 $ 19,795 $ 18,713 Expenses: Amounts paid to our CEO in connection with the use of his aircraft $ 660 $ 660 $ 660 Charges for products purchased from Poseidon Oil Pipeline Company, LLC (1) 1,073 1,136 9,124 (1) We own a 64% interest in Poseidon Oil Pipeline Company, LLC. Our CEO, Mr. Grant E. Sims, owns an aircraft which is used by us for business purposes in the course of operations. We pay Mr. Grant E. Sims a fixed monthly fee and reimburse the aircraft management company for costs related to our usage of the aircraft, including fuel and the actual out-of-pocket costs. Based on current market rates for chartering of private aircraft under long-term, priority arrangements with industry recognized chartering companies, we believe that the terms of this arrangement reflect what we would expect to obtain in an arms-length transaction. Transactions with Unconsolidated Affiliates Poseidon We provide management, administrative and pipeline operator services to Poseidon under an Operation and Management Agreement. Currently, that agreement automatically renews annually unless terminated by either party (as defined in the agreement). Our revenues for the years ended December 31, 2025, 2024 and 2023 include $10.6 million, $10.3 million and $10.0 million, respectively, of …

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Revenue Recognition Revenue from Contracts with Customers The following tables reflects the disaggregation of our revenues by major category for the years ended December 31, 2025, 2024 and 2023, respectively: Year Ended December 31, 2025 Offshore Pipeline Transportation Marine Transportation Onshore Transportation and Services Consolidated Fee-based revenues $ 531,898 $ 319,498 $ 70,517 $ 921,913 Product Sales 634,149 634,149 Sulfur Services 74,353 74,353 $ 531,898 $ 319,498 $ 779,019 $ 1,630,415 Year Ended December 31, 2024 Offshore Pipeline Transportation Marine Transportation Onshore Transportation and Services Consolidated Fee-based revenues $ 404,919 $ 321,616 $ 58,298 $ 784,833 Product Sales 796,637 796,637 Sulfur Services 79,364 79,364 $ 404,919 $ 321,616 $ 934,299 $ 1,660,834 Year Ended December 31, 2023 Offshore Pipeline Transportation Marine Transportation Onshore Transportation and Services Consolidated Fee-based revenues $ 382,154 $ 327,464 $ 45,704 $ 755,322 Product Sales 870,948 870,948 Sulfur Services 95,053 95,053 $ 382,154 $ 327,464 $ 1,011,705 $ 1,721,323 The Company recognizes revenue upon the satisfaction of its performance obligations under its contracts and generally recognizes revenue either over time as services are being performed or at a point in time for product sales. The timing of our revenue recognition varies between the revenue streams and is described in more detail below. Fee-based Revenues We provide a variety of fee-based transportation and …

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Business Segment Information In the first quarter of 2025, we reorganized our operating segments as a result of the way our CODM evaluates the performance of operations, develops strategy and allocates resources, including capital. Our sulfur services business, formerly reported under our soda and sulfur services reporting segment with our previously owned Alkali Business (see Note 4 ), is now reported under our onshore transportation and services reporting segment. As a result of this change, we now manage our businesses through three divisions that constitute our reportable segments. Our reportable segments are primarily organized around the different products and services we provide to our customers and include the following: (i) offshore pipeline transportation; (ii) marine transportation; and (iii) onshore transportation and services. Our offshore pipeline transportation segment consists of our offshore transportation of crude oil and natural gas in the Gulf of America, which focuses on providing a suite of services to integrated and large independent energy companies. Our marine transportation segment provides waterborne transportation of petroleum products (primarily fuel oil, asphalt and other heavy refined products) and crude oil throughout North America primarily to customers such as refiners and large energy companies. Our onshore transportation and services segment provides services through a combination of purchasing, marketing, storing, and blending crude oil an …

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Summary of Significant Accounting Policies Basis of Consolidation and Presentation The accompanying financial statements and related notes present our consolidated financial position as of December 31, 2025 and 2024 and our results of operations, statements of comprehensive income (loss), changes in partners capital and cash flows for the years ended December 31, 2025, 2024 and 2023. All intercompany balances and transactions have been eliminated. The accompanying Consolidated Financial Statements include Genesis Energy, L.P. and its subsidiaries. On February 28, 2025, we completed the sale of the Alkali Business. We determined that the exit of the Alkali Business and its operations in Wyoming represented a strategic and geographic shift that met the criteria for discontinued operations (see Note 4 for further discussion). Accordingly, we have separately reported the operations from the Alkali Business in the Consolidated Statements of Operations and the related assets and liabilities of the Alkali Business in the Consolidated Balance Sheets as discontinued operations. These changes have been applied retrospectively to all periods presented. The disclosures included within the accompanying notes to the Consolidated Financial Statements are representative of our continuing operations. Except per unit amounts, or as noted within the context of each footnote disclosure, the dollar amounts presented in the tabular data within these footnote disclosures are stated in thousands of …

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Subsequent Events On February 3, 2026, we entered into a purchase agreement with one of our Class A Convertible Preferred unitholders whereby we purchased 741,620 Class A Convertible Preferred Units at a purchase price of $33.71 per unit (the 2026 Purchased Units). In addition, we paid a distribution of $0.3 million (or $0.3473 per 2026 Purc hased Unit), which represented distributions that accrued on the 2026 Purchased Units from January 1, 2026 through February 2, 2026. …

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