GENESIS ENERGY LP
For the period ended Dec 31, 2025. Filed Feb 18, 2026.
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FY2025 · Filed Feb 18, 2026
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8. Fixed Assetsand Asset Retirement Obligations
- Fixed Assets and Asset Retirement Obligations
Fixed Assets
Fixed assets consisted of the following:
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Crude oil and natural gas pipelines and related assets | $3,845,631 | $3,367,908 |
| Onshore facilities, machinery, and equipment | 291,896 | 293,436 |
| Transportation equipment | 24,026 | 22,976 |
| Marine vessels | 1,073,262 | 1,062,720 |
| Land, buildings and improvements | 88,629 | 88,545 |
| Office equipment, furniture and fixtures | 10,317 | 10,101 |
| Construction in progress | 13,634 | 408,509 |
| Other | 26,665 | 26,665 |
| Fixed assets, at cost | 5,374,060 | 5,280,860 |
| Less: Accumulated depreciation | (1,908,737) | (1,740,974) |
| Net fixed assets | $3,465,323 | $3,539,886 |
Depreciation expense was $221.8 million, $196.2 million and $189.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Asset Retirement Obligations
We record AROs in connection with legal requirements to perform specified retirement activities under contractual arrangements and/or governmental regulations.
A reconciliation of our liability for asset retirement obligations is as follows:
| December 31, 2022 | $228,252 |
|---|---|
| Accretion expense | 12,023 |
| Revisions in timing and estimated costs of AROs | 3,185 |
| Settlements | (90) |
| December 31, 2023 | $243,370 |
| Accretion expense | 11,090 |
| Settlements | (406) |
| December 31, 2024 | $254,054 |
| Accretion expense | 11,311 |
| Revisions in timing and estimated costs of AROs | 2,581 |
| Settlements | (2,552) |
| New liabilities incurred | 954 |
| December 31, 2025 | $266,348 |
At December 31, 2025 and December 31, 2024, $24.3 million and $25.8 million are included as current in “Accrued liabilities” on our Consolidated Balance Sheets, respectively. The remainder of the ARO liability at each period is included in “Other long-term liabilities” on our Consolidated Balance Sheets. Revisions in timing and estimated costs during 2025 and 2023 are primarily attributable to the accelerated timing and updated costs associated with the abandonment of certain of our non-core offshore assets in the Gulf of America. Such revisions take into account several factors, including changes to legal or regulatory requirements, changes in our estimated useful lives of the associated asset, and the timing and method of abandonment. As there are significant judgments involved in deriving our estimates, actual costs, including the scope of work once it is approved by the relative regulatory agency or contracted party, may differ from our estimates.
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