Genesis Energy, L.P. Upsizes and Prices Public Offering of Senior NotesFeb 18, 2026 8:53 PM Eastern Standard Time# Genesis Energy, L.P. Upsizes and Prices Public Offering of Senior NotesShare---HOUSTON-- ([BUSINESS WIRE])--Genesis Energy, L.P. (NYSE: GEL) today announced that it has priced a public offering of $750,000,000 in aggregate principal amount of 6.75% senior notes due 2034 (the "notes†). The offering of the notes was upsized from the previously announced $500,000,000 in aggregate principal amoun ...

Core Viewpoint - Genesis Energy, L.P. has increased its cash tender offer for its 7.750% Senior Notes due 2028 from a maximum of $490 million to any and all of the Notes, allowing for the purchase of all tendered Notes without proration [1] Group 1: Tender Offer Details - The maximum aggregate principal amount of Notes accepted for purchase has been increased to any and all of the Notes, eliminating the previous limit [1] - Notes tendered by the Early Tender Deadline will receive a purchase price of $1,001.25 per $1,000 principal amount, including an early tender payment of $30.00 [1] - Notes tendered after the Early Tender Deadline but before the Expiration Time will receive a purchase price of $971.25 per $1,000 principal amount [1] Group 2: Timeline and Conditions - The Early Tender Deadline is set for 5:00 p.m. on March 3, 2026, with settlement expected on March 5, 2026 [1] - The Expiration Time for the tender offer is 5:00 p.m. on March 18, 2026, with settlement expected on March 20, 2026 [1] - The tender offer is contingent upon the receipt of net proceeds from one or more offerings of senior notes sufficient to fund the purchase of all Notes accepted [1] Group 3: Redemption Plans - The company intends to call for redemption any outstanding Notes following the completion or termination of the tender offer [1] - The company reserves the right to purchase or redeem any remaining outstanding Notes at its discretion [1] Group 4: Company Overview - Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas, with operations primarily in the Gulf Coast region of the United States [2]

HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) today announced the commencement of a cash tender offer to purchase up to $490 million (the "Tender Cap†) of the outstanding aggregate principal amount of the 7.750% senior notes due 2028 (the "Notes†) that we co-issued with our subsidiary, Genesis Energy Finance Corporation (such transaction, the "Tender Offer†). As of February 18, 2026, $679,360,000 aggregate principal amount of the Notes were outstanding. The Tender Offer is being ma. ...

HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) today announced the commencement, subject to market and other conditions, of a registered, underwritten public offering of $500,000,000 in aggregate principal amount of senior notes due 2034 (the "notes†). The notes will be co-issued with our subsidiary, Genesis Energy Finance Corporation, and initially will be guaranteed by all of our subsidiaries, other than our unrestricted subsidiaries. We intend to use the net proceeds from this of. ...

Genesis Energy, L.P. Files Form 10-KFeb 18, 2026 7:20 AM Eastern Standard Time# Genesis Energy, L.P. Files Form 10-KShare---HOUSTON--([BUSINESS WIRE])--Genesis Energy, L.P. (NYSE: GEL) today announced that it has filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the Securities and Exchange Commission. A copy of this Form 10-K may be found on the Partnership's website at [https://www.genesisenergy.com/investors/sec-filings]. A hard copy of the Form 10-K may be requested fr ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-12295 GENESIS ENERGY, L.P. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 76-05130 ...

Core Insights - Genesis Energy reported fourth-quarter 2025 results that exceeded internal expectations, driven by growth in offshore volumes and a return to normalized performance in marine transportation [4] - The company anticipates a conservative outlook for 2026, factoring in expected offshore downtime and a heavier maintenance schedule for marine operations [6][8] Operational Performance - The Shenandoah floating production unit (FPU) operated at or near its target rate of 100,000 barrels per day from four phase one wells during the quarter [1] - The offshore pipeline transportation segment showed strong sequential growth, with segment margin and total volumes across the CHOPS and Poseidon systems increasing approximately 19% and 16%, respectively, compared to the previous quarter [2][3][7] Financial Highlights - Genesis exited 2025 with effectively zero revolver borrowings and raised the quarterly common distribution to $0.18, reflecting a 9.1% year-over-year increase [5][19] - The company repurchased $25 million of preferred units, demonstrating a disciplined approach to capital allocation [20] 2026 Guidance - Management expects 2026 adjusted EBITDA to be approximately ±15–20% versus a normalized range of $500–510 million, incorporating assumptions of 10 days of offshore downtime and a $5–10 million impact from marine dry-docking [6][9][10] - The company anticipates a stronger performance in 2027 based on current development plans [11] Offshore Projects and Development - At Salamanca, an additional well is scheduled for completion in Q2 2026, with total production expected to reach 50,000 to 60,000 barrels per day [12] - The Monument development at Shenandoah is expected to be completed by late 2026 or early 2027, potentially increasing total throughput to as much as 120,000 barrels per day [13] Market and Customer Dynamics - The Bureau of Ocean Energy Management's recent lease sale generated over $300 million in high bids for 181 tracts, with a significant portion located in the Central Gulf of Mexico, where Genesis has existing pipeline infrastructure [15] - The acquisition of LLOG by Harbour Energy is viewed positively, as Genesis moves approximately 70% of LLOG's operated production through its pipelines [22]

Financial Data and Key Metrics Changes - The fourth quarter results exceeded internal expectations, with strong growth in the offshore pipeline transportation segment driven by steady base volumes and contributions from new wells [5][10] - The company exited the year with effectively zero outstanding under its $800 million senior secured revolving credit facility, reflecting strong liquidity [6] - The quarterly common unit distribution was increased to $0.18 per unit, representing a 9.1% year-over-year increase [6] Business Segment Data and Key Metrics Changes - The offshore pipeline transportation segment saw a 19% increase in Segment Margin and a 16% increase in total volumes compared to the previous quarter, marking the third consecutive quarter of growth [10] - The marine transportation segment returned to normalized operating performance as refinery customers increased runs of heavy crude oil, leading to higher volumes of intermediate black oil for transport [5][16] - The onshore transportation and services segment performed in line with expectations, with increased throughput volumes across Texas and Raceland terminals [21] Market Data and Key Metrics Changes - The Gulf of America remains a world-class basin with strong long-term interest, as evidenced by the recent lease sale generating over $300 million in high bids for 181 tracts [14][15] - The market conditions for both brown water and blue water fleets stabilized, with increased demand for inland transportation due to refinery runs of heavy crudes [16][17] Company Strategy and Development Direction - The company is focused on deepwater Gulf of America growth, with expectations for increased production volumes and drilling schedules from offshore producer customers [7][9] - The management emphasized a disciplined approach to capital allocation, including debt reduction and evaluating future distribution increases [22][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged potential disruptions from hurricanes and higher marine maintenance in 2026, but remains optimistic about exceeding guidance based on customer feedback [29][30] - The company views the recent acquisition of LLOG by Harbour Energy as a positive development, with plans to double production from the acquired asset [46][47] Other Important Information - The company plans to maintain flexibility in evaluating future organic and inorganic opportunities while focusing on long-term value creation for stakeholders [22][23] - The marine transportation segment is expected to benefit from additional volumes produced in the Gulf of America and increased crude imports [16][17] Q&A Session Summary Question: Guidance for 2026 and EBITDA impact from disruptions - Management expects a $5 million-$10 million reduction in Segment Margin due to anticipated downtime and higher marine maintenance [29][30] Question: Capital allocation and leverage ratio targets - The long-term target for leverage ratio is around 4, with evaluations for distribution growth occurring quarterly [31][32] Question: Opportunities for acquiring remaining interests in offshore systems - Management expressed comfort with existing positions and potential for increased exposure without significant capital expenditure [39][40] Question: Impact of customer consolidation on long-term expectations - The acquisition of LLOG is seen as a positive, with expectations for increased production benefiting the company [46][47] Question: Details on offshore guidance for Salamanca and Shenandoah - Management is confident in achieving the 15%-20% guidance based on discussions with producer customers [52][53]

Financial Data and Key Metrics Changes - The fourth quarter results exceeded internal expectations, with strong growth in the offshore pipeline transportation segment driven by steady base volumes and contributions from new wells [5][10] - The quarterly common unit distribution was increased to $0.18 per unit, representing a 9.1% year-over-year increase [6] - The company exited the year with effectively zero outstanding under its $800 million senior secured revolving credit facility [6] Business Segment Data and Key Metrics Changes - The offshore pipeline transportation segment saw a 19% increase in segment margin and a 16% increase in total volumes compared to the previous quarter, marking the third consecutive quarter of sequential improvement [10] - The marine transportation segment returned to normalized operating performance, benefiting from increased refinery runs of heavy crude oil [5][16] - The onshore transportation and services segment performed in line with expectations, with increased throughput volumes across terminals and pipelines [21] Market Data and Key Metrics Changes - The Gulf of America remains a world-class basin with strong long-term interest, as evidenced by recent lease sales generating over $300 million in high bids [14][15] - The market for marine transportation is expected to remain structurally tight due to effectively zero new supply of Jones Act vessels [20] Company Strategy and Development Direction - The company is focused on deepwater Gulf of America growth, with ongoing discussions with offshore producer customers indicating expected production volumes and drilling schedules for 2026 and beyond [7][9] - The management emphasizes a disciplined approach to capital allocation, including debt reduction and evaluating future distribution increases [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding the top end of the 2026 EBITDA guidance range, despite potential disruptions from hurricanes and maintenance [30] - The company anticipates that the long-term fundamentals of the marine transportation sector remain strong, with increasing demand for heavy crude processing [18][21] Other Important Information - The company plans to complete additional wells at Salamanca and Shenandoah, which are expected to significantly increase production [11][12] - The management team remains committed to building long-term value for stakeholders and recognizes the importance of safe and responsible operations [23] Q&A Session Summary Question: Guidance for 2026 and EBITDA impact from disruptions - Management expects a $5 million-$10 million reduction in segment margin due to anticipated downtime and higher marine maintenance [29] Question: Capital allocation and leverage ratio targets - The long-term target leverage ratio is around 4, with the board evaluating distribution growth quarterly based on free cash flow and EBITDA performance [32][33] Question: Opportunities for acquiring remaining interests in offshore systems - Management is open to increasing exposure in existing offshore systems but emphasizes the substantial existing capacity already available [39][40] Question: Impact of customer consolidation on long-term expectations - The acquisition of LLOG by Harbour Energy is viewed positively, with expectations to double production, benefiting the company [47] Question: Specifics on offshore guidance for Salamanca and Shenandoah - Management is comfortable with achieving the 15%-20% guidance based on discussions with producer customers, emphasizing that any underperformance would be a timing issue [53][54] Question: Impact of dry docking on maintenance CapEx - An increase of $15 million-$20 million in maintenance capital expenditures is expected due to dry docking schedules [56] Question: Incremental inland barge utilization from heavier crude runs - High utilization rates are anticipated to drive up day rates as more heavy crude is processed [58]

Financial Data and Key Metrics Changes - The fourth quarter results exceeded internal expectations, with strong growth in the offshore pipeline transportation segment driven by steady base volumes and contributions from new wells [5][11] - The quarterly common unit distribution was increased to $0.18 per unit, representing a 9.1% year-over-year increase [6] - The company exited the year with effectively zero outstanding under its $800 million senior secured revolving credit facility [6] Business Segment Data and Key Metrics Changes - The offshore pipeline transportation segment saw a 19% increase in segment margin and a 16% increase in total volumes compared to the previous quarter, marking the third consecutive quarter of sequential improvement [11] - The marine transportation segment returned to normalized operating performance, benefiting from increased refinery runs of heavy crude oil [5][16] - The onshore transportation and services segment performed in line with expectations, with increased throughput volumes across Texas and Riceland terminals [20] Market Data and Key Metrics Changes - The recent BOEM lease sale generated over $300 million in high bids for 181 tracts, indicating strong long-term interest in the central Gulf of Mexico [14][15] - The market for marine transportation remains structurally tight due to effectively zero net new supply of Jones Act vessels [19] Company Strategy and Development Direction - The company is focused on deepwater Gulf of America growth, with ongoing discussions with offshore producer customers regarding expected production volumes and drilling schedules for 2026 and beyond [7][8] - The management emphasized a disciplined approach to capital allocation, including debt reduction and evaluating future distribution increases [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding the top end of the 2026 EBITDA guidance range, despite potential disruptions from hurricanes and maintenance [9][28] - The company views the recent acquisition of LLOG by Harbour Energy as a positive development, with plans to double production from the acquired asset by 2028 [46][47] Other Important Information - The company anticipates a heavier maintenance capital year due to dry dockings, with an expected increase in maintenance CapEx of $15 million to $20 million [55] - The management team remains committed to building long-term value for stakeholders and maintaining flexibility for future opportunities [22] Q&A Session Summary Question: Guidance for 2026 and EBITDA impact from disruptions - Management expects a $5 million to $10 million reduction in segment margin due to anticipated downtime and higher marine maintenance [26][27] Question: Capital allocation and leverage ratio targets - The long-term target leverage ratio is around 4, with the board evaluating distribution growth quarterly based on performance [30][31][32] Question: Opportunities for acquiring remaining interests in offshore systems - Management is open to increasing exposure in existing offshore systems but emphasized the substantial existing capacity already available [37][39] Question: Impact of customer consolidation on long-term expectations - The acquisition of LLOG by Harbour Energy is seen as a positive, with plans to double production benefiting the company [46][47] Question: Specifics on offshore guidance for Salamanca and Shenandoah - Management is comfortable with achieving the 15%-20% guidance based on discussions with producer customers [51][53]