$GEL

GENESIS ENERGY LP

CIK:0001022321|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES:
Total revenues	$ 531,995,000	$ 377,348,000	$ 978,550,000	$ 775,659,000
COSTS AND EXPENSES:
General and administrative	19,447,000	14,744,000	36,971,000	55,386,000
Depreciation and amortization	63,133,000	55,905,000	122,042,000	112,076,000
Gain on sale of assets	(17,436,000)	0	(17,436,000)	0
Total costs and expenses	426,559,000	309,633,000	796,501,000	685,971,000
OPERATING INCOME	105,436,000	67,715,000	182,049,000	89,688,000
Equity in earnings of equity investees	18,360,000	12,330,000	32,522,000	24,822,000
Interest expense, net	(66,954,000)	(60,754,000)	(134,932,000)	(130,792,000)
Other expense	(30,000)	(8,935,000)	(3,570,000)	(9,779,000)
Income (loss) from continuing operations before income taxes	56,812,000	10,356,000	76,069,000	(26,061,000)
Income tax expense	(209,000)	(345,000)	(321,000)	(489,000)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS	56,603,000	10,011,000	75,748,000	(26,550,000)
DISCONTINUED OPERATIONS (Note 4):
Income from discontinued operations, net of tax	0	0	0	8,448,000
Loss from disposal of discontinued operations	0	0	0	(432,193,000)
NET LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX	0	0	0	(423,745,000)
NET INCOME (LOSS)	56,603,000	10,011,000	75,748,000	(450,295,000)
Net income attributable to noncontrolling interests	(13,746,000)	(10,417,000)	(26,091,000)	(19,186,000)
NET INCOME (LOSS) ATTRIBUTABLE TO GENESIS ENERGY, L.P.	42,857,000	(406,000)	49,657,000	(469,481,000)
Less: Accumulated distributions and returns attributable to Class A Convertible Preferred Units	(10,830,000)	(14,868,000)	(24,413,000)	(43,270,000)
NET LOSS ATTRIBUTABLE TO COMMON UNITHOLDERS-BASIC	32,027,000	(15,274,000)	25,244,000	(512,751,000)
NET LOSS ATTRIBUTABLE TO COMMON UNITHOLDERS-DILUTED	$ 32,027,000	$ (15,274,000)	$ 25,244,000	$ (512,751,000)
Net loss from continuing operations per common unit, diluted (in dollars per unit)	$ 0.26	$ (0.12)	$ 0.21	$ (0.73)
Net loss from continuing operations per common unit, basic (in dollars per unit)	0.26	(0.12)	0.21	(0.73)
Net loss per common unit, basic (in dollars per unit)	0.26	(0.12)	0.21	(4.19)
Net loss per common unit, diluted (in dollars per unit)	$ 0.26	$ (0.12)	$ 0.21	$ (4.19)
WEIGHTED AVERAGE OUTSTANDING COMMON UNITS:
Weighted average outstanding units, basic (in units)	122,428,000	122,464,000	122,446,000	122,464,000
Weighted average outstanding units, diluted (in units)	122,428,000	122,464,000	122,446,000	122,464,000
Offshore pipeline transportation
COSTS AND EXPENSES:
Cost of products and services sold	$ 41,904,000	$ 35,979,000	$ 85,074,000	$ 68,915,000
Marine transportation
COSTS AND EXPENSES:
Cost of products and services sold	55,499,000	49,977,000	107,620,000	100,866,000
Onshore transportation and services product costs
COSTS AND EXPENSES:
Cost of products and services sold	198,716,000	92,479,000	338,809,000	220,170,000
Onshore transportation and services operating costs
COSTS AND EXPENSES:
Cost of products and services sold	65,296,000	60,549,000	123,421,000	128,558,000
Offshore pipeline transportation
REVENUES:
Total revenues	160,147,000	125,370,000	307,428,000	234,257,000
Offshore pipeline transportation \| Offshore pipeline transportation
REVENUES:
Total revenues	160,147,000	125,370,000	307,428,000	234,257,000
Marine transportation
REVENUES:
Total revenues	80,943,000	79,617,000	160,988,000	160,261,000
Marine transportation \| Marine transportation
REVENUES:
Total revenues	80,943,000	79,617,000	160,988,000	160,261,000
Onshore transportation and services
REVENUES:
Total revenues	290,905,000	172,361,000	510,134,000	381,141,000
Onshore transportation and services \| Onshore transportation and services
REVENUES:
Total revenues	$ 290,905,000	$ 172,361,000	$ 510,134,000	$ 381,141,000

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 75,748,000	$ (450,295,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities -
Depreciation and amortization	122,042,000	130,938,000
Gain on sale of assets	(17,436,000)	0
Amortization and write-off of debt issuance costs, premium and discount	8,535,000	7,406,000
Loss from disposal of discontinued operations	0	432,193,000
Equity in earnings of investments in equity investees	(32,522,000)	(24,822,000)
Cash distributions of earnings of equity investees	32,225,000	24,560,000
Non-cash effect of long-term incentive compensation plans	2,772,000	5,638,000
Deferred and other tax liabilities	(279,000)	(68,000)
Unrealized losses (gains) on derivative transactions	45,000	(238,000)
Other, net	6,827,000	16,539,000
Net changes in components of operating assets and liabilities (Note 15)	64,527,000	(70,059,000)
Net cash provided by operating activities	262,484,000	71,792,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	(53,134,000)	(136,142,000)
Proceeds from disposal of discontinued operations, net of cash divested	0	996,642,000
Cash distributions received from equity investees - return of investment	8,286,000	11,949,000
Investments in equity investees	(9,176,000)	0
Proceeds from asset sales	8,901,000	692,000
Net cash provided by (used in) investing activities	(45,123,000)	873,141,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	707,100,000	494,900,000
Repayments on senior secured credit facility	(713,500,000)	(714,300,000)
Borrowings on accounts receivable securitization credit facility (Note 10)	99,500,000	0
Proceeds from issuance of senior unsecured notes (Note 10)	750,000,000	0
Repayment of senior unsecured notes	(679,933,000)	(414,370,000)
Debt issuance costs	(18,313,000)	(1,482,000)
Contributions from noncontrolling interests	2,340,000	30,389,000
Distributions to noncontrolling interests	(33,822,000)	(24,237,000)
Distributions to common unitholders	(44,088,000)	(40,414,000)
Distributions to Class A Convertible Preferred unitholders (Note 11)	(30,197,000)	(41,836,000)
Redemption of Class A Convertible Preferred Units (Note 11)	(221,594,000)	(262,500,000)
Repurchase of Class A Common Units (Note 11)	(3,646,000)	0
Other, net	6,591,000	3,817,000
Net cash used in financing activities	(179,562,000)	(970,033,000)
Net increase (decrease) in cash, cash equivalents and restricted cash	37,799,000	(25,100,000)
Cash, cash equivalents and restricted cash at beginning of period	44,236,000	4,452,000
Cash, cash equivalents, and restricted cash at beginning of period: discontinued operations	0	22,200,000
Cash and cash equivalents at beginning of period: continuing operations	6,437,000	7,352,000
Cash, cash equivalents and restricted cash at end of period	$ 44,236,000	$ 4,452,000

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 39,261,000	$ 6,437,000
Restricted cash	4,975,000	0
Accounts receivable - trade, net	1,189,516,000	608,221,000
Inventories	38,589,000	55,366,000
Other	27,050,000	17,442,000
Total current assets	1,299,391,000	687,466,000
FIXED ASSETS, at cost	5,392,151,000	5,374,060,000
Less: Accumulated depreciation	(1,990,293,000)	(1,908,737,000)
Net fixed assets	3,401,858,000	3,465,323,000
EQUITY INVESTEES	219,542,000	218,631,000
INTANGIBLE ASSETS, net of amortization	70,975,000	75,606,000
GOODWILL	301,959,000	301,959,000
RIGHT OF USE ASSETS, net	59,963,000	57,670,000
OTHER ASSETS, net of amortization	59,069,000	54,048,000
TOTAL ASSETS	5,412,757,000	4,860,703,000
CURRENT LIABILITIES:
Accounts payable - trade	1,096,530,000	490,712,000
Accrued liabilities	203,003,000	208,980,000
Accounts receivable securitization credit facility	99,500,000	0
Total current liabilities	1,399,033,000	699,692,000
SENIOR SECURED CREDIT FACILITY	0	6,400,000
SENIOR UNSECURED NOTES, net of debt issuance costs and discount	3,104,316,000	3,040,415,000
DEFERRED TAX LIABILITIES	17,126,000	17,405,000
OTHER LONG-TERM LIABILITIES	439,456,000	388,707,000
Total liabilities	4,959,931,000	4,152,619,000
MEZZANINE CAPITAL:
Class A Convertible Preferred Units, 9,236,530 and 15,695,722 issued and outstanding at June 30, 2026 and December 31, 2025, respectively	325,146,000	552,523,000
PARTNERS’ CAPITAL (DEFICIT):
Common unitholders, 122,214,318 and 122,464,318 units issued and outstanding at June 30, 2026 and December 31, 2025, respectively	(336,836,000)	(314,346,000)
Noncontrolling interests	464,516,000	469,907,000
Total partners’ capital	127,680,000	155,561,000
TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS’ CAPITAL	$ 5,412,757,000	$ 4,860,703,000