GENESIS ENERGY LP
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 6, 2026
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7. Fixed Assets and Asset Retirement Obligations
- Fixed Assets and Asset Retirement Obligations
Fixed Assets
Fixed assets consisted of the following:
| June 30, 2026 | December 31, 2025 | |
|---|---|---|
| Crude oil and natural gas pipelines and related assets | $3,844,017 | $3,845,631 |
| Onshore facilities, machinery and equipment | 295,229 | 291,896 |
| Transportation equipment | 24,281 | 24,026 |
| Marine vessels | 1,076,826 | 1,073,262 |
| Land, buildings and improvements | 88,899 | 88,629 |
| Office equipment, furniture and fixtures | 12,471 | 10,317 |
| Construction in progress | 24,531 | 13,634 |
| Other | 25,897 | 26,665 |
| Fixed assets, at cost | 5,392,151 | 5,374,060 |
| Less: Accumulated depreciation | (1,990,293) | (1,908,737) |
| Net fixed assets | $3,401,858 | $3,465,323 |
Our depreciation expense for the periods presented was as follows:
| Three Months EndedJune 30, | Six Months EndedJune 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Depreciation expense | $60,644 | $53,347 | $117,022 | $106,947 |
Gain on Sale of Assets
In June 2026, we divested certain non-core natural gas pipeline and platform assets in our offshore pipeline transportation segment. As a result of this divestiture, we recognized a gain of $17.4 million that is recorded in “Gain on sale of assets” in our Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026.
Asset Retirement Obligations
We record asset retirement obligations (“AROs”) in connection with legal requirements to perform specified retirement activities under contractual arrangements and/or governmental regulations.
The following table presents information regarding our AROs since December 31, 2025:
| ARO liability balance, December 31, 2025 | $266,348 |
|---|---|
| Accretion expense | 4,443 |
| Revisions in timing and estimated costs of AROs | 654 |
| Divestitures(1) | (12,717) |
| Settlements | (2,335) |
| ARO liability balance, June 30, 2026 | $256,393 |
(1) In June 2026, we divested certain non-core natural gas pipeline and platform assets in our offshore pipeline transportation segment.
At June 30, 2026 and December 31, 2025, $24.6 million and $24.3 million, respectively, of our ARO liability balances are considered current and included in “Accrued liabilities” on our Unaudited Condensed Consolidated Balance Sheets. The remainder of the ARO liability balances as of June 30, 2026 and December 31, 2025 are included in “Other long-term liabilities” on our Unaudited Condensed Consolidated Balance Sheets.
Certain of our unconsolidated affiliates have AROs recorded at June 30, 2026 and December 31, 2025 relating to contractual agreements and regulatory requirements. In addition, certain entities that we consolidate have non-controlling interest owners that are responsible for their representative share of future costs of the related AROs. These amounts are immaterial to our Unaudited Condensed Consolidated Financial Statements.
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