GENESIS ENERGY LP

Previous wording

We reported Net Income from Continuing Operations of $10.0 million during the three months ended June 30, 2025 (the “2025 Quarter”) compared to Net Loss from Continuing Operations of $4.0 million during the three months ended June 30, 2024 (the “2024 Quarter”).

Current wording

We reported Net Income from Continuing Operations of $22.8 million during the three months ended September 30, 2025 (the “2025 Quarter”) compared to Net Loss from Continuing Operations of $4.6 million during the three months ended September 30, 2024 (the “2024 Quarter”).

Previous wording

Net Income from Continuing Operations in the 2025 Quarter was impacted by: (i) an increase in operating income from our operating segments (see “Results of Operations” below for additional details); (ii) a decrease in interest expense, net, of $3.8 million (see “Results of Operations” below for additional details); and (iii) a decrease in general and administrative expenses of $3.6 million (see “Results of Operations” below for additional details) relative to the 2024 Quarter. These were partially offset by an increase in depreciation and amortization of $4.7 million during the 2025 Quarter (see “Results of Operations” below for additional details) and an increase in other expense of $7.5 million primarily related to the premium associated with the redemption of our 2027 Notes in April 2025 (see “Liquidity and Capital Resources” below for additional details).

Current wording

Net Income from Continuing Operations in the 2025 Quarter was impacted by an increase in operating income from our operating segments, primarily from our offshore pipeline transportation operating segment (see “Results of Operations” below for additional details). This increase in operating income was partially offset by an increase in depreciation and amortization of $1.5 million during the 2025 Quarter (see “Results of Operations” below for additional details).

Previous wording

We reported Net Income from Discontinued Operations, net of tax of $2.6 million during the 2024 Quarter associated with the Alkali Business that was sold on February 28, 2025.

Current wording

We reported Net Loss from Discontinued Operations, net of tax of $4.7 million during the 2024 Quarter associated with the Alkali Business that was sold on February 28, 2025.

Previous wording

Cash flow from operating activities was $47.0 million for the 2025 Quarter compared to $104.7 million for the 2024 Quarter. The decrease in cash flow from operating activities is primarily attributable to negative changes in working capital in the 2025 Quarter compared to the 2024 Quarter. In addition, cash flows provided by operating activities for the 2025 Quarter did not include activity from the Alkali Business, as it was sold on February 28, 2025, whereas the 2024 Quarter included a full quarter of activity from the Alkali Business.

Current wording

Cash flow from operating activities was $70.3 million for the 2025 Quarter compared to $87.3 million for the 2024 Quarter. The decrease in cash flow from operating activities is primarily attributable to negative changes in working capital in the 2025 Quarter compared to the 2024 Quarter. In addition, cash flows provided by operating activities for the 2025 Quarter did not include activity from the Alkali Business, as it was sold on February 28, 2025, whereas the 2024 Quarter included a full quarter of activity from the Alkali Business. Partially offsetting these decreases in cash flow from operating activities was an increase in segment margin in the 2025 Quarter compared to the 2024 Quarter (as discussed further below).

Previous wording

Available Cash before Reserves (as defined below in “Non-GAAP Financial Measures”) to our common unitholders was $32.2 million for the 2025 Quarter, a decrease of $5.4 million, or 14%, from the 2024 Quarter primarily as a result of: (i) a decrease in Segment Margin of $2.0 million, which is discussed in more detail below; and (ii) the 2025 Quarter not including activity from the Alkali Business, as it was sold on February 28, 2025, whereas the 2024 Quarter included a full quarter of activity from the Alkali Business.

Current wording

Available Cash before Reserves (as defined below in “Non-GAAP Financial Measures”) to our common unitholders was $35.5 million for the 2025 Quarter, an increase of $11.0 million, or 45%, from the 2024 Quarter primarily as a result of: (i) an increase in Segment Margin of $24.6 million, which is discussed in more detail below; and (ii) a decrease in accumulated distributions to our Class A Convertible Preferred unitholders of $7.0 million. Partially offsetting these increases was the exclusion of activity in the 2025 Quarter from the Alkali Business, as it was sold on February 28, 2025, whereas the 2024 Quarter included a full quarter of activity from the Alkali Business.

Previous wording

Segment Margin (as defined below in “Non-GAAP Financial Measures”) was $135.9 million for the 2025 Quarter, a decrease of $2.0 million, or 1%, from the 2024 Quarter. A more detailed discussion of our segment results and other costs are included below in “Results of Operations.” See “Non-GAAP Financial Measures” below for additional information on Segment Margin.

Current wording

Segment Margin (as defined below in “Non-GAAP Financial Measures”) was $146.6 million for the 2025 Quarter, an increase of $24.6 million, or 20%, from the 2024 Quarter. A more detailed discussion of our segment results and other costs are included below in “Results of Operations.” See “Non-GAAP Financial Measures” below for additional information on Segment Margin.

Previous wording

Our revenues for the 2025 Quarter decreased $52.8 million, or 12%, from the 2024 Quarter and our total costs and expenses decreased $70.8 million between the two periods with an overall net increase to operating income of $18.0 million as presented on the Unaudited Condensed Consolidated Statements of Operations. The increase in our operating income during the 2025 Quarter is primarily due to: (i) an increase in operating income from our offshore pipeline transportation segment due to the contractual minimum volume commitments (“MVC’s”) on our 100% owned SYNC Pipeline and 64% owned CHOPS Pipeline associated with the Shenandoah deepwater development and an increase in volumes on our CHOPS Pipeline primarily related to production from the Warrior and Winterfell projects, which produced first oil in late June 2024 and early July 2024, respectively; and (ii) a decrease in general and administrative expenses of $3.6 million (see further discussion below). These were partially offset by an increase in depreciation and amortization of $4.7 million during the 2025 Quarter (see further discussion below).

Current wording

Our revenues for the 2025 Quarter increased $16.7 million, or 4%, from the 2024 Quarter and our total costs and expenses decreased $13.3 million , or 4%, between the two periods with an overall net increase to operating income of $30.0 million as presented on the Unaudited Condensed Consolidated Statements of Operations. The increase in our operating income during the 2025 Quarter is primarily due to: (i) our offshore pipeline transportation segment as a result of the contractual minimum volume commitments (“MVC’s”) on our 100% owned SYNC Pipeline and 64% owned CHOPS Pipeline associated with the Shenandoah deepwater development that began in June 2025 and an increase in volumes on our CHOPS Pipeline (see further discussion below). These were partially offset by: (i) an increase in depreciation and amortization of $1.5 million during the 2025 Quarter (see further discussion below); and (ii) an increase in general and administrative expenses of $0.5 million during the 2025 Quarter (see further discussion below).

Previous wording

A substantial portion of our revenues and costs are derived from our onshore transportation and services segment, which includes the purchase and sale of crude oil in our crude oil marketing business as well as our other refinery-centric onshore operations. Additionally, our revenues and costs are derived from the operations within our offshore pipeline transportation segment and our marine transportation segment. We describe, in more detail below, the impact on revenues and costs for each of our businesses.

Current wording

A substantial portion of our revenues and costs are derived from our onshore transportation and services segment, which includes the purchase and sale of crude oil in our crude oil marketing business as well as our other refinery-centric onshore operations. Additionally, our revenues and costs are derived from the operations within our offshore pipeline transportation segment and our marine transportation segment. We describe the impact on revenues and costs for each of our businesses in more detail below.

Previous wording

As it relates to our crude oil marketing business, the average closing price for West Texas Intermediate crude oil on the New York Mercantile Exchange (“NYMEX”) decreased to $64.57 per barrel in the 2025 Quarter, as compared to $81.81 per barrel in the 2024 Quarter. We expect changes in crude oil prices to continue to proportionately affect our revenues and costs attributable to our purchase and sale of crude oil, resulting in a minimal direct impact on Net income (loss), Segment Margin and Available Cash before Reserves. We have limited our direct commodity price exposure in our crude oil operations through the broad use of fee-based service contracts, back-to-back purchase and sale arrangements and hedges. As a result, changes in the price of crude oil would proportionately impact both our revenues and our costs, with a disproportionately smaller impact on Net income (loss), Segment Margin and Available Cash before Reserves. However, we do have some indirect exposure to certain changes in prices for crude oil, particularly if they are significant and extended. We tend to experience more demand for certain of our services when prices increase significantly over extended periods of time, and we tend to experience less demand for certain of our services when prices decrease significantly over extended periods of time. For additional information regarding certain of our indirect exposure to commodity prices, see our segment-by-segment analysis below and the section of our Annual Report entitled “ Risks Related to Our Business.”

Current wording

As it relates to our crude oil marketing business, the average closing price for West Texas Intermediate crude oil on the New York Mercantile Exchange (“NYMEX”) decreased to $65.78 per barrel in the 2025 Quarter, as compared to $76.43 per barrel in the 2024 Quarter. We expect changes in crude oil prices to continue to proportionately affect our revenues and costs attributable to our purchase and sale of crude oil, resulting in a minimal direct impact on Net income (loss), Segment Margin and Available Cash before Reserves. We have limited our direct commodity price exposure in our crude oil operations through the broad use of fee-based service contracts, back-to-back purchase and sale arrangements and hedges. As a result, changes in the price of crude oil would proportionately impact both our revenues and our costs, with a disproportionately smaller impact on Net income (loss), Segment Margin and Available Cash before Reserves. However, we do have some indirect exposure to certain changes in prices for crude oil, particularly if they are significant and extended. We tend to experience more demand for certain of our services when prices increase significantly over extended periods of time, and we tend to experience less demand for certain of our services when prices decrease significantly over extended periods of time. For additional information regarding certain of our indirect exposure to commodity prices, see our segment-by-segment analysis below and the section of our Annual Report entitled “ Risks Related to Our Business.”

Previous wording

Refiners are the shippers of a majorityof the volumes transported on our onshore crude oil pipelines, and refiners contracted for approximately 80% of the revenues from our marine transportation segment during the 2025 Quarter, which are used primarily to transport intermediate refined products (not crude oil) betweenref ining complexes. Given these facts, we do not expect changes in commodity prices to impact our Net income (loss), Segment Margin or Available Cash before Reserves derived from our offshore crude oil and natural gas pipeline transportation and handling operations in the same manner in which they impact our revenues and costs derived from the purchase and sale of crude oil.

Current wording

Refiners are the shippers of a majorityof the volumes transported on our onshore crude oil pipelines, and refiners contracted forapproximately 90% of the revenues from our marine transportation segment during the 2025 Quarter, which are used primarily to transport intermediate refined products (not crude oil) betweenref ining complexes. Given these facts, we do not expect changes in commodity prices to impact our Net income (loss), Segment Margin or Available Cash before Reserves derived from our offshore crude oil and natural gas pipeline transportation and handling operations in the same manner in which they impact our revenues and costs derived from the purchase and sale of crude oil.

Previous wording

(1)Offshore pipeline transportation Segment Margin includes distributions received from our offshore pipeline joint ventures accounted for under the equity method of accounting for the three and six months ended June 30, 2025 and 2024.

Current wording

(1)Offshore pipeline transportation Segment Margin includes distributions received from our offshore pipeline joint ventures accounted for under the equity method of accounting for the three and nine months ended September 30, 2025 and 2024.

Previous wording

Offshore pipeline transportation Segment Margin for the 2025 Quarter increased $1.5 million, or 2%, from the 2024 Quarter primarily due to several factors including: (i) the commencement of contractual MVC’s on our 100% owned SYNC Pipeline and 64% owned CHOPS Pipeline associated with the deepwater Shenandoah development that began in June 2025 and contributed to our reported Segment Margin; and (ii) an increase in volumes on our CHOPS Pipeline primarily related to production from the Warrior and Winterfell projects, which produced first oil in late June 2024 and early July 2024, respectively. Production volumes from the Shenandoah floating production system (“FPS”) are life-of-lease dedicated to our 100% owned SYNC Pipeline and further downstream to our 64% owned CHOPS Pipeline. The Shenandoah FPS achieved first oil production in late July 2025, but we were able to recognize our MVC’s that began in the 2025 Quarter in Segment Margin. We expect the Shenandoah FPS to ramp up to its design capacity over the remainder of the year as the operator brings additional wells on-line.

Current wording

Offshore pipeline transportation Segment Margin for the 2025 Quarter increased $29.2 million, or 40%, from the 2024 Quarter primarily due to: (i) the contractual MVCs on our 100% owned SYNC Pipeline and 64% owned CHOPS Pipeline associated with the deepwater Shenandoah development that began in June 2025 and contributed to our reported Segment Margin; (ii) an increase to other MVCs on our 64% owned CHOPS Pipeline during the 2025 Quarter, including those related to the Warrior and Winterfell projects; and (iii) an increase in volumes in the 2025 Quarter as a result of the remediation of certain wells that previously encountered sub-sea operational and technical issues during the 2024 Quarter. Production volumes from the Shenandoah floating production system (“FPS”) are life-of-lease dedicated to our 100% owned SYNC Pipeline and further downstream to our 64% owned CHOPS Pipeline. The Shenandoah FPS achieved first oil production in late July 2025, but we were able to recognize the contractual MVC’s for the entire 2025 Quarter in Segment Margin. We have seen a ramp up in volumes from the Shenandoah FPS to approximately 90,000 barrels of oil per day as we exited the 2025 Quarter and expect the Shenandoah FPS to ramp up to its design capacity over the remainder of the year as the operator brings additional wells on-line.

Previous wording

These increases to Segment Margin in the 2025 Quarter were partially offset by: (i) an economic step-down in the rate on a certain existing life-of-lease transportation dedication; (ii) producer underperformance at several of the major fields attached to our pipeline infrastructure; and (iii) an increase in our operating costs. At the beginning of the third quarter of 2024, we reached the 10-year anniversary of a certain existing life-of-lease transportation dedication, which resulted in the contractual economic step-down of the associated transportation rate. In addition, there was an increase in producer downtime in the 2025 Quarter relative to the 2024 Quarter as a result of several wells being shut in due to certain sub-sea operational and technical challenges. The production from these wells impacted our results as they are molecules that we touch multiple times throughout our oil and natural gas pipeline infrastructure. Based on discussions with the producers from these impacted fields, the remediation work is nearing completion, and we expect production rates from these fields to, for the most part, return to more normalized rates by the end of the third quarter of 2025. Outside of these issues, activity in and around our Gulf of America asset base continues to be robust, including incremental in-field drilling at existing fields that tie into our infrastructure, and first oil from the Salamanca development, which is expected by the end of the third quarter of 2025.

Current wording

Activity in and around our Gulf of America asset base continues to be robust, including incremental in-field drilling at existing fields that tie into our infrastructure, and first oil from the Salamanca development, which occurred near the end of the 2025 Quarter. While contribution from the Salamanca development was minimal to our Segment Margin in the 2025 Quarter, we expect higher contribution in future periods as the volumes from the Salamanca development are life-of-lease dedicated to our 100% owned SEKCO lateral pipeline and further downstream to our 64% owned Poseidon Pipeline.

Previous wording

These decreases to Segment Margin in the first six months of 2025 compared to the first six months of 2024 were partially offset by: (i) the commencement of contractual MVC’s on our 100% owned SYNC Pipeline and 64% owned CHOPS Pipeline associated with the deepwater Shenandoah development that began in June 2025 and contributed to our reported Segment Margin; and (ii) an increase in volumes on our CHOPS Pipeline primarily related to production from the Warrior and Winterfell projects, which produced first oil in late June 2024 and early July 2024, respectively.

Current wording

Offshore pipeline transportation Segment Margin for the first nine months of 2025 increased $9.4 million, or 4%, from the first nine months of 2024 primarily due to: (i) the contractual MVC’s on our 100% owned SYNC Pipeline and 64% owned CHOPS Pipeline associated with the deepwater Shenandoah development that began in June 2025 and contributed to our reported Segment Margin; and (ii) an increase to other MVCs on our 64% owned CHOPS Pipeline during the first nine months of 2025 including those related to the Warrior and Winterfell projects.

Previous wording

Offshore pipeline transportation Segment Margin for the first six months of 2025 decreased $19.8 million, or 11%, from the first six months of 2024 primarily due to: (i) an economic step-down in the rate on a certain existing life-of-lease transportation dedication; (ii) producer underperformance at several of the major fields attached to our pipeline infrastructure; and (iii) an increase in our operating costs. At the beginning of the third quarter of 2024, we reached the 10-year anniversary of a certain existing life-of-lease transportation dedication, which resulted in the contractual economic step-down of the associated transportation rate. In addition, there was an increase in producer downtime in the first six months of 2025 relative to the first six months of 2024 as a result of several wells being shut in due to certain sub-sea operational and technical challenges. The production from these wells impacted our results as they are molecules that we touch multiple times throughout our oil and natural gas pipeline infrastructure. Based on discussions with the producers from these impacted fields, the remediation work is nearing completion, and we expect a return to more normalized production rates from these fields in the third quarter of 2025.

Current wording

These increases to Segment Margin in the first nine months of 2025 compared to the first nine months of 2024 were partially offset by: (i) an economic step-down in the rate on a certain existing life-of-lease transportation dedication; (ii) producer underperformance at several of the major fields attached to our pipeline infrastructure; and (iii) an increase in our operating costs. At the beginning of the 2024 Quarter, we reached the 10-year anniversary of a certain existing life-of-lease transportation dedication, which resulted in the contractual economic step-down of the associated transportation rate. In addition, there was an increase in producer downtime in the first nine months of 2025 relative to the first nine months of 2024 as a result of several wells being shut in due to certain sub-sea operational and technical challenges. The production from these wells impacted our results as they are molecules that we touch multiple times throughout our oil and natural gas pipeline infrastructure. Based on discussions with the producers from these impacted fields, the remediation work has been completed on a majority of the impacted wells during the 2025 Quarter, while intervention work is ongoing on the remaining shut-in wells in an attempt to return total production to previously experienced levels.

Previous wording

Marine transportation Segment Margin for the 2025 Quarter decreased $1.7 million, or 5%, from the 2024 Quarter. We experienced slightly lower utilization rates during the 2025 Quarter in our inland barge services primarily due to a slight decline in Midwest refinery demand for black oil equipment as a result of changing crude slates. This was partially offset by fewer dry-docking days in our offshore fleet during the 2025 Quarter and a higher contractual rate on our M/T American Phoenix in the 2025 Quarter as compared to the 2024 Quarter. Our offshore bluewater business began to experience pressure on day rates during the 2025 Quarter and as we entered the third quarter as certain third-party vessels were relocated to the East and Gulf coasts from the West Coast markets. While we did see some market challenges in the period, we still believe the fundamentals of our inland and offshore barge services are expected to remain strong through at least the remainder of the year.

Current wording

Marine transportation Segment Margin for the 2025 Quarter decreased $5.5 million, or 18%, from the 2024 Quarter. We experienced slightly lower utilization rates during the 2025 Quarter in our inland business primarily due to a decline in Midwest refinery demand for black oil equipment as a result of changing crude slates to lighter oil. In addition, we experienced a slight decline in utilization rates during the 2025 Quarter in our offshore business as certain third-party vessels were relocated to the East and Gulf coasts from the West Coast markets near the beginning of the 2025 Quarter, which caused disruption in the spot market. This decrease in Segment Margin was partially offset by fewer dry-docking days in our offshore fleet during the 2025 Quarter compared to the 2024 Quarter. While we did see some transitory market challenges in the period, we exited the 2025 Quarter with an uptick in demand for our inland fleet as we began to see a decrease in the lighter crude slates. In addition, we were able to secure term contracts on a majority of our offshore fleet, limiting any potential exposure to the currently volatile spot market.

Previous wording

Marine transportation Segment Margin for the first six months of 2025 decreased $3.1 million, or 5% from the first six months of 2024. We experienced slightly lower utilization rates during the first six months of 2025 in our inland barge services primarily due to a temporary decline in refinery utilization during the first quarter of 2025 and a slight decline in Midwest refinery demand for black oil equipment as a result of changing crude slates in the 2025 Quarter. This slight decline in Segment Margin was partially offset by fewer dry-docking days in our offshore fleet during the first six months of 2025 and a contractual rate increase on our M/T American Phoenix in the first six months of 2025 compared to the first six months of 2024. Our offshore bluewater business began to experience day rate pressure during the 2025 Quarter and as we entered the third quarter as certain third-party vessels were relocated to the East and Gulf coasts from the West Coast markets. While we did see some market challenges in the period, we still believe the fundamentals of our inland and offshore barge services are expected to remain strong through at least the remainder of the year.

Current wording

Marine transportation Segment Margin for the first nine months of 2025 decreased $8.6 million, or 9% from the first nine months of 2024. We experienced slightly lower utilization rates during the first nine months of 2025 in our inland business primarily due to a temporary decline in refinery utilization during the first quarter of 2025 and a decline in Midwest refinery demand for black oil equipment as a result of changing crude slates in the 2025 Quarter. In addition, our offshore business experienced a slight decline in utilization rates during the first nine months of 2025 as certain third-party vessels were relocated to the East and Gulf coasts from the West Coast markets near the beginning of the 2025 Quarter, which caused disruption in the spot market. This decrease in Segment Margin was partially offset by fewer dry-docking days in our offshore fleet and a contractual rate increase on our M/T American Phoenix during the first nine months of 2025 compared to the first nine months of 2024.

Previous wording

(1)Total daily volumes for the three months ended June 30, 2025 and June 30, 2024 include 16,403 and 19,356 Bbls/day, respectively, of intermediate refined petroleum products and 31,775 and 36,269 Bbls/day, respectively, of crude oil associated with our Port of Baton Rouge Terminal pipelines. Total daily volumes for the six months ended June 30, 2025 and June 30, 2024 include 17,500 and 24,766 Bbls/day, respectively, of intermediate refined petroleum products and 25,703 and 39,059 Bbls/day, respectively, of crude oil associated with our Port of Baton Rouge Terminal pipelines.

Current wording

(1)Total daily volumes for the three months ended September 30, 2025 and September 30, 2024 include 23,532 and 22,959 Bbls/day, respectively, of intermediate refined petroleum products and 36,414 and 37,296 Bbls/day, respectively, of crude oil associated with our Port of Baton Rouge Terminal pipelines. Total daily volumes for the nine months ended September 30, 2025 and September 30, 2024 include 19,533 and 24,159 Bbls/day, respectively, of intermediate refined petroleum products and 29,313 and 38,467 Bbls/day, respectively, of crude oil associated with our Port of Baton Rouge Terminal pipelines.

Previous wording

Onshore transportation and services Segment Margin for the 2025 Quarter decreased $1.8 million, or 9%, from the 2024 Quarter primarily due to lower NaHS and caustic soda sales volumes. This decrease was partially offset by an increase in rail unload volumes at our Scenic Station facility and an overall increase in volumes on our onshore crude oil pipeline systems, principally driven by an increase in volumes on our Texas pipeline system, which is a key destination point for various grades of crude oil produced in the Gulf of America including those transported on our 64% owned CHOPS Pipeline.

Current wording

Onshore transportation and services Segment Margin for the 2025 Quarter increased $0.9 million, or 5%, from the 2024 Quarter primarily due to an increase in rail unload volumes at our Scenic Station facility and an overall increase in volumes on our onshore crude oil pipeline systems, principally driven by an increase in volumes on our Texas pipeline system, which is a key destination point for various grades of crude oil produced in the Gulf of America including those transported on our 64% owned CHOPS Pipeline. This increase was partially offset by a decrease in Segment Margin from our crude oil marketing business and lower NaHS and caustic soda sales volumes.

Previous wording

Onshore transportation and services Segment Margin for the first six months of 2025 decreased $5.1 million, or 13%, from the first six months of 2024 primarily due to an overall decrease in volumes on our onshore crude oil pipeline systems and lower NaHS and caustic soda sales volumes. These decreases were partially offset by an increase in rail unload volumes at our Scenic Station facility.

Current wording

Onshore transportation and services Segment Margin for the first nine months of 2025 decreased $4.2 million, or 7%, from the first nine months of 2024 primarily due to a decrease in Segment Margin from our crude oil marketing business and decrease in NaHS and caustic soda sales volumes. These decreases were partially offset by an increase in rail unload volumes at our Scenic Station facility.

Previous wording

Total general and administrative expenses for the 2025 Quarter decreased by $3.6 million from the 2024 Quarter primarily due to the 2024 Quarter experiencing higher corporate general and administrative costs as a result of us conforming our short-term cash incentive programs to industry standards at that time.

Current wording

Total general and administrative expenses for the 2025 Quarter increased by $0.5 million from the 2024 Quarter primarily due to an increase in expenses related to our long-term incentive compensation plan as a result of the assumptions used to value the outstanding awards under our long-term incentive compensation plan. This increase was partially offset by a decrease in corporate general and administrative costs as the 2024 Quarter experiencing higher corporate general and administrative costs as a result of us conforming our short-term cash incentive programs to industry standards at that time.

Previous wording

Total general and administrative expenses for the first six months of 2025 increased by $22.4 million from the first six months of 2024. This increase is primarily due to the increase in third party costs related to business development activities and growth projects in the first quarter of 2025 as a result of the transaction costs incurred associated with the sale of the Alkali Business on February 28, 2025. This increase was partially offset due to the 2024 Quarter experiencing higher corporate general and administrative costs as a result of us conforming our short-term cash incentive programs to industry standards at that time.

Current wording

Total general and administrative expenses for the first nine months of 2025 increased by $22.9 million from the first nine months of 2024. This increase is primarily due to the increase in third party costs related to business development activities and growth projects in the first quarter of 2025 as a result of the transaction costs incurred associated with the sale of the Alkali Business on February 28, 2025. This increase was partially offset due to the first nine months of 2024 experiencing higher corporate general and administrative costs as a result of us conforming our short-term cash incentive programs to industry standards at that time.

Previous wording

Total depreciation and amortization expense for the 2025 Quarter increased by $4.7 million from the 2024 Quarter. This increase is primarily attributable to our continued growth and maintenance capital expenditures and placing new assets into service, including our CHOPS expansion project, subsequent to the period ended June 30, 2024.

Current wording

Total depreciation and amortization expense for the 2025 Quarter increased by $1.5 million from the 2024 Quarter. This increase is primarily attributable to our continued growth and maintenance capital expenditures and placing new assets into service, including assets associated with our CHOPS expansion project and SYNC Pipeline, subsequent to the period ended September 30, 2024.

Previous wording

Total depreciation and amortization expense for the first six months of 2025 increased by $11.5 million from the first six months of 2024. This increase is primarily attributable to our continued growth and maintenance capital expenditures and placing new assets into service, including our CHOPS expansion project, subsequent to the period ended June 30, 2024.

Current wording

Total depreciation and amortization expense for the first nine months of 2025 increased by $13.0 million from the first nine months of 2024. This increase is primarily attributable to our continued growth and maintenance capital expenditures and placing new assets into service, including assets associated with our CHOPS expansion project and SYNC Pipeline, subsequent to the period ended September 30, 2024.

Previous wording

These decreases were partially offset by a decrease in capitalized interest in the 2025 Quarter, which is primarily attributable to the completion of the CHOPS expansion project subsequent to the 2024 Quarter.

Current wording

Interest expense, net for the 2025 Quarter increased by $0.7 million from the 2024 Quarter primarily due to a decrease in capitalized interest in the 2025 Quarter, which is primarily attributable to the completion of the CHOPS expansion project and the SYNC Pipeline subsequent to the 2024 Quarter.

Previous wording

Interest expense, net for the 2025 Quarter decreased by $3.8 million from the 2024 Quarter primarily due to a decrease in interest expense on our senior unsecured notes and a decrease in interest expense, net associated with our senior secured credit facility. The decrease in interest expense associated with our senior unsecured notes was primarily related to the redemption of our 2027 Notes on April 3, 2025. The decrease in interest expense, net associated with our senior secured credit facility during the 2025 Quarter was primarily a result of a reduction in the average borrowings outstanding during the period as a result of the proceeds received from the sale of the Alkali Business on February 28, 2025 and the immediate pay-down of the outstanding borrowings on our senior secured credit facility at that time.

Current wording

This increase in interest expense, net was partially offset by a decrease in interest expense associated with our senior unsecured notes and a decrease in interest expense, net associated with our senior secured credit facility. The decrease in interest expense associated with our senior unsecured notes was primarily related to the redemption of our 2027 Notes on April 3, 2025. The decrease in interest expense, net associated with our senior secured credit facility during the 2025 Quarter was primarily a result of a reduction in the average borrowings outstanding during the period.

Previous wording

These increases were partially offset by lower interest expense on our senior secured credit facility during the first six months of 2025 as a result of a reduction in the average borrowings outstanding during the period as a result of the proceeds received from the sale of the Alkali Business on February 28, 2025 and the immediate pay-down of the outstanding borrowings on our senior secured credit facility at that time.

Current wording

This increase in interest expense, net was partially offset by lower interest expense, net on our senior secured credit facility during the first nine months of 2025 as a result of a reduction in the average borrowings outstanding during the period primarily as a result of the proceeds received from the sale of the Alkali Business on February 28, 2025 and the immediate pay-down of the outstanding borrowings on our senior secured credit facility at that time.

Previous wording

On July 19, 2024, we entered into the Seventh Amended and Restated Credit Agreement (the “credit agreement”) to replace our Sixth Amended and Restated Credit Agreement. The credit agreement provides for a $900 million senior secured revolving credit facility that matures on September 1, 2028, subject to extension at our request for one additional year on up to two occasions and subject to certain conditions, provided that if more than $150 million of our 2028 Notes remain outstanding as of November 2, 2027, the credit agreement matures on such date.

Current wording

On July 19, 2024, we entered into the Seventh Amended and Restated Credit Agreement (the “credit agreement”) to replace our Sixth Amended and Restated Credit Agreement. The credit agreement provided for a $900 million senior secured revolving credit facility that matures on September 1, 2028, subject to extension at our request for one additional year on up to two occasions and subject to certain conditions, provided that if more than $150 million of our 2028 Notes remain outstanding as of November 2, 2027, the credit agreement matures on such date.

Previous wording

At June 30, 2025, the principal amount of long-term debt outstanding totaled approximately $3.2 billion, consisting of $71.6 million borrowed under our senior secured credit facility and $3.1 billion related to our senior unsecured notes. Our senior unsecured notes balance is comprised of $679.4 million of our 2028 Notes, $600.0 million of our 8.250% senior unsecured notes due January 15, 2029 (the “2029 Notes”), $500.0 million of our 8.875% senior unsecured notes due April 15, 2030 (the “2030 Notes”), $700.0 million of our 2032 Notes and $600.0 million of our 2033 Notes.

Current wording

At September 30, 2025, the principal amount of long-term debt outstanding totaled approximately $3.1 billion, consisting of $58.6 million borrowed under our senior secured credit facility and $3.1 billion related to our senior unsecured notes. Our senior unsecured notes balance is comprised of $679.4 million of our 2028 Notes, $600.0 million of our 8.250% senior unsecured notes due January 15, 2029 (the “2029 Notes”), $500.0 million of our 8.875% senior unsecured notes due April 15, 2030 (the “2030 Notes”), $700.0 million of our 2032 Notes and $600.0 million of our 2033 Notes.

Previous wording

The available borrowing capacity under our senior secured credit facility at June 30, 2025 is $723.9 million, subject to compliance with covenants. Our inventory financing sublimit as of June 30, 2025 was $36.0 million of the maximum allowed of $200.0 million. Our credit agreement does not include a “borrowing base” limitation except with respect to our inventory loans.

Current wording

The available borrowing capacity under our senior secured credit facility at September 30, 2025 is $736.9 million, subject to compliance with covenants. Our inventory financing sublimit as of September 30, 2025 was $28.0 million of the maximum allowed of $200.0 million. Our credit agreement does not include a “borrowing base” limitation except with respect to our inventory loans.

Previous wording

See Note 15 in our Unaudited Condensed Consolidated Financial Statements for information regarding changes in components of operating assets and liabilities during the first six months of 2025 and the first six months of 2024.

Current wording

See Note 15 in our Unaudited Condensed Consolidated Financial Statements for information regarding changes in components of operating assets and liabilities during the first nine months of 2025 and the first nine months of 2024.

Previous wording

Net cash flows provided by our operating activities for the six months ended June 30, 2025 were $71.8 million compared to $230.6 million for the six months ended June 30, 2024. The decrease in cash flows from operating activities is primarily attributable to a decrease in our reported Segment Margin and negative changes in working capital in the first six months of 2025 relative to the first six months of 2024. In addition, cash flows provided by operating activities for the first six months of 2025 only included activity from the Alkali Business prior to the sale on February 28, 2025, whereas the first six months of 2024 included a full period of activity from the Alkali Business.

Current wording

Net cash flows provided by our operating activities for the nine months ended September 30, 2025 were $142.0 million compared to $318.0 million for the nine months ended September 30, 2024. The decrease in cash flows from operating activities is primarily attributable to negative changes in working capital in the first nine months of 2025 relative to the first nine months of 2024. In addition, cash flows provided by operating activities for the first nine months of 2025 only included activity from the Alkali Business prior to the sale on February 28, 2025, whereas the first nine months of 2024 included a full period of activity from the Alkali Business.

Previous wording

(2)Excluded from the table above were total capital expenditures of $6.4 million and $36.1 million for the six months ended June 30, 2025 and 2024, respectively, associated with the Alkali Business that was sold on February 28, 2025.

Current wording

(2)Excluded from the table above were total capital expenditures of $6.4 million and $66.4 million for the nine months ended September 30, 2025 and 2024, respectively, associated with the Alkali Business that was sold on February 28, 2025.

Previous wording

The CHOPS expansion includes a complete overhaul of the GB-72 topside facilities, reconnection of the CHOPS Pipeline to the GB-72 platform, and the addition of pumps at both the HI-A5 and GB-72 platforms to upgrade processing capabilities and increase throughput. During the fourth quarter of 2024, we completed the overhaul of the GB-72 topside facilities and reconnected the CHOPS Pipeline to the GB-72 platform and during the 2025 Quarter we completed the installation of the additional pumps at the HI-A5 and GB-72 platforms.

Current wording

The CHOPS expansion includes a complete overhaul of the GB-72 topside facilities, reconnection of the CHOPS Pipeline to the GB-72 platform, and the addition of pumps at both the HI-A5 and GB-72 platforms to upgrade processing capabilities and increase throughput. During the fourth quarter of 2024, we completed the overhaul of the GB-72 topside facilities and reconnected the CHOPS Pipeline to the GB-72 platform and during the second quarter of 2025 we completed the installation of the additional pumps at the HI-A5 and GB-72 platforms.

Previous wording

Maintenance capital expenditures incurred during the first six months of 2025 and 2024 from our continuing operations primarily related to expenditures in our marine transportation segment to replace and upgrade certain equipment associated with our barge and fleet vessels during our dry-docks. Additionally, our offshore transportation assets require maintenance capital expenditures to replace, maintain and upgrade equipment at certain of our offshore platforms and pipelines that we operate. See further discussion under “Available Cash before Reserves” for how such maintenance capital utilization is reflected in our calculation of Available Cash before Reserves.

Current wording

Maintenance capital expenditures incurred during the first nine months of 2025 and 2024 from our continuing operations primarily related to expenditures in our marine transportation segment to replace and upgrade certain equipment associated with our barge and fleet vessels during our dry-docks. Additionally, our offshore transportation assets require maintenance capital expenditures to replace, maintain and upgrade equipment at certain of our offshore platforms and pipelines that we operate. See further discussion under “Available Cash before Reserves” for how such maintenance capital utilization is reflected in our calculation of Available Cash before Reserves.

Previous wording

In April 2025, we declared our quarterly distribution to our common unitholders of $0.165 per unit related to the first quarter of 2025. With respect to our Class A Convertible Preferred Units, we declared a quarterly cash distribution of $0.9473 per Class A Convertible Preferred Unit (or $3.7892 on an annualized basis) for each Class A Convertible Preferred Unit held of record. These distributions were paid on May 15, 2025 to unitholders of record at the close of business on April 30, 2025.

Current wording

In July 2025, we declared our quarterly distribution to our common unitholders of $0.165 per unit related to the second quarter of 2025. With respect to our Class A Convertible Preferred Units, we declared a quarterly cash distribution of $0.9473 per Class A Convertible Preferred Unit (or $3.7892 on an annualized basis) for each Class A Convertible Preferred Unit held of record. These distributions were paid on August 14, 2025 to unitholders of record at the close of business on July 31, 2025.

Previous wording

Our $3.1 billion aggregate principal amount of senior unsecured notes co-issued by Genesis Energy, L.P. and Genesis Energy Finance Corporation are fully and unconditionally guaranteed jointly and severally by the Guarantor Subsidiaries, except for certain immaterial subsidiaries. The non-Guarantor Subsidiaries are indirectly owned by Genesis Crude Oil, L.P., a Guarantor Subsidiary. The Guarantor Subsidiaries largely own the assets that we use to operate our business. See Note 10 in our Unaudited Condensed Consolidated Financial Statements for additional information regarding our consolidated debt obligations.

Current wording

Our $3.1 billion aggregate principal amount of senior unsecured notes co-issued by Genesis Energy, L.P. and Genesis Energy Finance Corporation are fully and unconditionally guaranteed jointly and severally by the Guarantor Subsidiaries, except for certain immaterial subsidiaries. The immaterial non-Guarantor Subsidiaries are indirectly owned by Genesis Crude Oil, L.P., a Guarantor Subsidiary. The Guarantor Subsidiaries largely own the assets that we use to operate our business. See Note 10 in our Unaudited Condensed Consolidated Financial Statements for additional information regarding our consolidated debt obligations.

Previous wording

(1)Excluded from assets in the table above are net intercompany receivables of $96.7 million that are owed to Genesis Energy, L.P. and the Guarantor Subsidiaries from the non-Guarantor Subsidiaries as of June 30, 2025.

Current wording

(1)Excluded from assets in the table above are net intercompany receivables of $57.2 million that are owed to Genesis Energy, L.P. and the Guarantor Subsidiaries from the non-Guarantor Subsidiaries as of September 30, 2025.

Previous wording

(3)Excluded from revenues in the table above are $1.3 million of sales from Guarantor Subsidiaries to non-Guarantor Subsidiaries for the six months ended June 30, 2025.

Current wording

(3)Excluded from revenues in the table above are $2.0 million of sales from Guarantor Subsidiaries to non-Guarantor Subsidiaries for the nine months ended September 30, 2025.

Previous wording

(1)For a description of the term “maintenance capital utilized,” please see the definition of the term “Available Cash before Reserves” discussed below. Maintenance capital expenditures in the 2025 Quarter and 2024 Quarter were $16.8 million and $29.4 million, respectively, which excludes maintenance capital expenditures of $17.7 million in the 2024 Quarter associated with the Alkali Business that was sold on February 28, 2025.

Current wording

(1)For a description of the term “maintenance capital utilized,” please see the definition of the term “Available Cash before Reserves” discussed below. Maintenance capital expenditures in the 2025 Quarter and 2024 Quarter were $14.5 million and $29.2 million, respectively, which excludes maintenance capital expenditures of $25.8 million in the 2024 Quarter associated with the Alkali Business that was sold on February 28, 2025.