GENESIS ENERGY LP

For the period ended Dec 31, 2024. Filed Mar 3, 2025.

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FY2024 · Filed Mar 3, 2025

GEL$13.00+2.1%Stored close · as of Nov 10, 2026

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Contents

23. Income Taxes

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 2024, we paid federal and state income taxes on these operations.

Our income tax expense (benefit) is as follows:

	Year Ended December 31,
	2024	2023	2022
Current:
Federal	$279	$211	$—
State	1,021	836	815
Total current income tax expense	$1,300	$1,047	$815
Deferred:
Federal	$353	$248	$1,814
State	139	(1,314)	540
Total deferred income tax expense (benefit)	$492	$(1,066)	$2,354
Total income tax expense (benefit)	$1,792	$(19)	$3,169

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,
	2024	2023
Deferred tax assets:
Net operating loss carryforwards	$13,275	$13,631
Right of use liabilities	13,956	36,148
Other	5,806	4,823
Total long-term deferred tax asset	33,037	54,602
Valuation allowances	(4,938)	(3,802)
Total deferred tax assets	$28,099	$50,800
Deferred tax liabilities:
Long-term:
Fixed assets	$(2,426)	$(2,408)
Intangible assets	(29,552)	(29,635)
Right of use assets	(13,960)	(36,150)
Other	38	(117)
Total long-term liability	(45,900)	(68,310)
Total deferred tax liabilities	$(45,900)	$(68,310)
Total net deferred tax liability	$(17,801)	$(17,510)

We record a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets depends on the ability to generate sufficient taxable income of the appropriate character in the future and in the appropriate taxing jurisdictions.

The reconciliation between the partnership’s effective tax rate on income (loss) from operations and the statutory tax rate is as follows:

	Year Ended December 31,
	2024	2023	2022
Income (loss) from operations before income taxes	$(31,215)	$146,328	$132,304
Partnership income (loss) not subject to federal income tax	28,598	(135,349)	(126,403)
Income (loss) subject to federal income taxes	$(2,617)	$10,979	$5,901
Tax expense (benefit) at federal statutory rate	$(550)	$2,306	$1,239
State income taxes, net of federal tax	1,115	(467)	1,248
Return to provision, federal and state	309	(169)	44
Other	(123)	(2,077)	(18)
Valuation allowance	1,041	388	656
Income tax expense (benefit)	$1,792	$(19)	$3,169
Effective tax rate on income (loss) from operations before income taxes	(5.7)%	—%	2.4%

At December 31, 2024, 2023 and 2022, we hadno uncertain tax positions.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.