GENESIS ENERGY LP

3. Revenue Recognition

Revenue from Contracts with Customers

The following tables reflect the disaggregation of our revenues by major category for the three months ended June 30, 2026 and 2025, respectively:

The following tables reflect the disaggregation of our revenues by major category for the six months ended June 30, 2026 and 2025, respectively:

We recognize revenue upon the satisfaction of the performance obligations per our contracts. The timing of revenue recognition varies for our different revenue streams. In general, the timing includes recognition of revenue over time as services are being performed as well as recognition of revenue at a point in time for delivery of products.

Contract Assets and Liabilities

The table below depicts our contract asset and liability balances at June 30, 2026 and December 31, 2025:

During June 2026, we divested certain of our non-core natural gas pipeline and platform assets in our offshore pipeline transportation segment. As a part of this divestiture, we entered into a long-term agreement with the purchaser whereby we will continue to perform operation and maintenance services related to the divested assets. We received total consideration for our future services upon the execution of the agreement and we will recognize revenue associated with the contract over time as services are rendered.

For the six months ended June 30, 2026 and 2025, we recognized revenue of $13.0 million and $21.4 million, respectively, that was included in contract liabilities at the beginning of the period.

Transaction Price Allocations to Remaining Performance Obligations

We are required to disclose the aggregate amount of our transaction prices that are allocated to unsatisfied performance obligations as of June 30, 2026. However, ASC 606 provides the following optional exemptions that we have utilized:

1)Performance obligations that are part of a contract with an expected duration of one year or less;

2)Revenue recognized from the satisfaction of performance obligations where we have a right to consideration in an amount that corresponds directly with the value provided to customers; and

3)Contracts that contain variable consideration, such as index-based pricing or variable volumes, that is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that is part of a series.

The majority of our contracts qualify for at least one of these exemptions and we apply the exemption(s) accordingly. For contracts that do not qualify for at least one of the aforementioned exemptions, which are those that involve revenue recognition over a long-term period and include long-term fixed consideration (adjusted for indexing as required), we determined the allocation of transaction price that relates to unsatisfied performance obligations. As it relates to our tiered pricing offshore transportation contracts, we provide firm capacity for both fixed and variable consideration over a long-term period. In our onshore transportation and services segment, we have certain contractual arrangements in which we receive fixed minimum payments for our obligation to provide minimum capacity on our pipelines and related assets. Therefore, we have allocated the remaining contract value (as estimated and discussed above) to future periods for these contracts.

The following chart summarizes how we expect to recognize revenue for future periods related to these contracts: