GENESIS ENERGY LP

16. Supplemental Cash Flow Information

The following table provides information regarding the net changes in components of operating assets and liabilities:

Payments of interest and commitment fees were $282.4 million, $293.9 million and $251.3 million during the years ended December 31, 2025, 2024 and 2023, respectively. We capitalized interest of $16.7 million, $47.2 million and $43.2 million during the years ended December 31, 2025, 2024 and 2023, respectively.

For the years ended December 31, 2025, 2024 and 2023 we paid income taxes, net of refunds received, to the state of Texas of $0.8 million, $1.2 million and $0.9 million, respectively.

At December 31, 2025, 2024 and 2023, we had incurred liabilities for fixed and intangible asset additions associated with our continuing operations totaling $13.0 million, $43.3 million and $79.5 million, respectively, which had not been paid at the end of the year. Therefore, these amounts were not included in the caption “Payments to acquire fixed and intangible assets” under Cash Flows from Investing Activities in the Consolidated Statements of Cash Flows. The reduction observed for the years ending December 31, 2025, in comparison to the corresponding prior periods, can be attributed to the completion of our offshore pipeline transportation capital projects.

17. Equity-Based Compensation Plans

2010 Long Term Incentive Plan

In 2010, we adopted the 2010 Long-Term Incentive Plan (the “2010 LTIP”). The 2010 LTIP provides for the awards of phantom units and distribution equivalent rights to members of our board of directors and employees who provide services to us. Phantom units are notional units representing unfunded and unsecured promises to pay to the participant a specified amount of cash based on the market value of our common units should specified vesting requirements be met. Distribution equivalent rights (“DERs”) are tandem rights to receive on a quarterly basis a cash amount per phantom unit equal to the amount of cash distributions paid per common unit. The 2010 LTIP is administered by the Governance, Compensation and Business Development Committee (the “G&C Committee”) of our board of directors. The G&C Committee (at its discretion) designates participants in the 2010 LTIP, determines the types of awards to grant to participants, determines the number of units to be covered by any award, and determines the conditions and terms of any award including vesting, settlement and forfeiture conditions.

The compensation cost associated with the phantom units is re-measured each reporting period based on the market value of our common units, and is recognized over the vesting period. The liability recorded for the estimated amount to be paid to the participants under the 2010 LTIP is adjusted to recognize changes in the estimated compensation cost and vesting.

During 2025, we granted 67,342 phantom units with tandem DERs at a weighted average grant fair value of $14.44 per unit. During 2024, we granted 66,462 phantom units with tandem DERs at a weighted average grant date fair value of $12.79 per unit. During 2023, we granted 74,106 phantom units with tandem DERs at a weighted average grant date fair value of $10.26 per unit. The phantom units granted for 2025, 2024, and 2023 were made only to directors. Awards to management and other key employees during these periods were made under the 2018 LTIP plan and were not equity-based awards.

A summary of our phantom unit activity for our service-based awards to our directors is set forth below:

We recorded compensation expense of $1.4 million, $0.8 million, and $1.2 million for the years ended December 31, 2025, 2024 and 2023, respectively, included in “General and administrative expenses” on the Consolidated Statements of Operations. Our liability for these awards totaled $1.1 million and $0.7 million at December 31, 2025 and 2024, respectively, and is included within “Accrued liabilities” on the Consolidated Balance Sheets.