GENESIS ENERGY LP

18. Major Customers and Credit Risk

Due to the nature of our onshore transportation and services operations, a disproportionate percentage of our trade receivables constitute obligations of refiners, large crude oil producers and integrated oil companies. This industry concentration has the potential to impact our overall exposure to credit risk, either positively or negatively, in that our customers could be affected by similar changes in economic, industry or other conditions. However, we believe that the credit risk posed by this industry concentration is offset by the creditworthiness of our customer base. Our portfolio of accounts receivable in this operation (as well as in our offshore pipeline transportation, marine transportation, and sulfur services businesses) is comprised in large part of accounts owed by integrated and large independent energy companies with stable payment histories. The credit risk related to contracts which are exchange-traded is limited due to daily margin requirements of the exchange. A change in supply and/or demand could adversely affect our operating results.

We have established various procedures to manage our credit exposure, including initial credit approvals, credit limits, collateral requirements and rights of offset. Letters of credit, prepayments and guarantees are also utilized to limit credit risk to ensure that our established credit criteria are met.

No single customer exceeded 10% of total consolidated revenues during 2025. During 2024 and 2023, our largest customer was Shell, which accounted for approximately 11% and 13%, respectively, of total consolidated revenues.