FOR IMMEDIATE RELEASE May 2, 2024 Genesis Energy, L.P. Reports First Quarter 2024 Results HOUSTON – (BUSINESS WIRE) – Genesis Energy, L.P. (NYSE: GEL) today announced its first quarter results. We generated the following financial results for the first quarter of 2024: Grant Sims, CEO of Genesis Energy, said, "We are pleased with the financial performance of our businesses for the quarter, as our reported Adjusted EBITDA of $163.1 million was generally in-line with our internal expectations. As we look out ...

HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) today provided an update on the expected availability of the partnership’s 2023 Investor Tax Packages, including Schedule K-1 for its common unitholders. Historically, Genesis’ Investor Tax Packages have been available by early March for the preceding tax year. However, the timing of the availability of Genesis’ 2023 Investor Tax Packages is dependent upon actions of the U.S. Congress and the Biden administration with regard to the passage, or not, ...

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, 2023 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 ...

Genesis Energy, L.P. 4Q 2023 Earnings Supplement February 15, 2024 This presentation includes forward-looking statements as defined under federal law. Although we believe that our expectations are based upon reasonable assumptions, we can give no assurance that our goals will be achieved. Actual results may vary materially. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or ma ...

Financial Performance & Guidance - Genesis Energy reaffirmed its Adjusted EBITDA guidance range for 2023 at $725 million to $745 million[4] - The company is on track to deliver record Adjusted EBITDA for 2023[4] - Genesis Energy exited the third quarter with a leverage ratio of 3.92x and expects to exit the year at or near 40x[4,7] - The company expects growth CapEx of $350 million to $400 million in 2023 and $150 million to $200 million in 2024[13] Segment Performance & Outlook - Offshore Pipeline Transportation reported a segment margin of $109267 thousand in 3Q 2023[7] - Soda & Sulfur Services reported a segment margin of $61957 thousand in 3Q 2023[7] - Marine Transportation reported a segment margin of $27126 thousand in 3Q 2023[7] - Onshore Facilities & Transportation reported a segment margin of $9547 thousand in 3Q 2023[7] - The company expects a step change in offshore volumes and segment margin contribution in 2025 when Shenandoah and Salamanca come on-line, with a combined 160kb/d production handling capacity[13] Capital Allocation & Strategy - Genesis Energy repurchased a total of $75 million of Series A corporate preferred at a discount to call premium and 114900 units at an average price of $909 per unit[4] - The company expects to generate roughly $200 million – $300 million per year of cash flow starting in 2025[13]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Genesis Energy, L.P. as of September 30, 2023, and for the three and nine months then ended [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (unaudited) | (In thousands) | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $1,091,545 | $853,047 | | **Net fixed assets** | $4,322,632 | $4,096,573 | | **TOTAL ASSETS** | **$6,938,442** | **$6,365,992** | | **Total current liabilities** | $1,023,713 | $709,107 | | **Total long-term debt** | $3,604,106 | $3,464,154 | | **Total liabilities** | $5,186,769 | $4,590,530 | | **Total partners' capital** | $911,978 | $883,553 | | **TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS' CAPITAL** | **$6,938,442** | **$6,365,992** | [Unaudited Condensed Consolidated Statements of Operations](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Statements of Operations Highlights (unaudited) | (In thousands) | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Total revenues** | $807,618 | $721,248 | $2,402,892 | $2,074,920 | | **Operating income** | $111,694 | $75,095 | $263,859 | $223,351 | | **Net income** | $66,782 | $8,573 | $125,848 | $82,537 | | **Net income attributable to Genesis Energy, L.P.** | $58,070 | $3,385 | $105,770 | $33,482 | | **Net income (loss) per common unit (Basic and Diluted)** | $0.29 | $(0.12) | $0.30 | $(0.18) | [Unaudited Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Statements of Cash Flows Highlights (unaudited) | (In thousands) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $396,364 | $252,595 | | **Net cash used in investing activities** | $(375,992) | $(254,212) | | **Net cash provided by (used in) financing activities** | $(7,034) | $1,110 | | **Net increase (decrease) in cash** | $13,338 | $(507) | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's organization, accounting policies, and specific financial items, including business consolidation, debt structure, and a new common unit repurchase program - The company operates through four reportable segments: Offshore pipeline transportation, Soda and sulfur services, Onshore facilities and transportation, and Marine transportation[21](index=21&type=chunk)[24](index=24&type=chunk) - On January 1, 2023, Genesis became the sole member of American Natural Soda Ash Corporation (ANSAC), which is now a wholly-owned subsidiary[29](index=29&type=chunk)[30](index=30&type=chunk) - In January 2023, the company issued **$500 million** of **8.875%** senior unsecured **notes due 2030** and used the proceeds to repurchase its existing **2024 notes** and repay borrowings under its credit facility[59](index=59&type=chunk) - In February 2023, the company entered into a new Sixth Amended and Restated Credit Agreement, providing for an **$850 million** senior secured revolving credit facility **maturing in February 2026**[55](index=55&type=chunk) - A common equity repurchase program was announced on August 8, 2023, authorizing the repurchase of up to **10%** of outstanding Class A Common Units; during Q3 2023, **114,900 units** were repurchased for **$1.0 million**[63](index=63&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion provides an overview of Q3 2023 financial results, detailing segment performance, liquidity, capital resources, and non-GAAP measures [Overview](index=33&type=section&id=Overview) Q3 2023 vs Q3 2022 Financial Highlights | Metric | Q3 2023 | Q3 2022 | Change | | :--- | :--- | :--- | :--- | | **Net Income Attributable to Genesis Energy, L.P.** | $58.1 million | $3.4 million | +$54.7 million | | **Segment Margin** | $207.9 million | $196.2 million | +$11.7 million (6%) | | **Cash flow from operating activities** | $141.0 million | $94.3 million | +$46.7 million | - The increase in Net Income was driven by higher Segment Margin, a decrease in depreciation expense, and **$12.3 million** in unrealized gains on commodity derivatives, compared to unrealized losses in the prior-year quarter[131](index=131&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) The company's operating income increased in Q3 2023 due to strong performance in Offshore Pipeline and Marine Transportation, partially offset by a decline in Soda and Sulfur Services Segment Margin by Segment (in thousands) | Segment | Q3 2023 | Q3 2022 | Change (%) | | :--- | :--- | :--- | :--- | | **Offshore pipeline transportation** | $109,267 | $91,402 | +20% | | **Soda and sulfur services** | $61,957 | $80,067 | -23% | | **Onshore facilities and transportation** | $9,547 | $9,442 | +1% | | **Marine transportation** | $27,126 | $15,279 | +78% | | **Total Segment Margin** | **$207,897** | **$196,190** | **+6%** | - Offshore segment margin increased by **$17.9 million (20%)** due to higher volumes from the King's Quay and Argos Floating Production Systems[152](index=152&type=chunk) - Soda and sulfur services segment margin decreased by **$18.1 million (23%)** primarily due to lower export pricing in the Alkali Business and reduced NaHS sales volumes and pricing[156](index=156&type=chunk) - Marine transportation segment margin increased by **$11.8 million (78%)** due to higher day rates for both inland and offshore vessels, including a new favorable contract for the M/T American Phoenix[168](index=168&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) The company strengthened its liquidity through refinancing activities and a new credit agreement, with capital expenditures focused on key growth projects - Entered into a new **$850 million** senior secured revolving credit facility, **maturing in February 2026**[181](index=181&type=chunk) - Issued **$500 million** of **8.875%** senior unsecured **notes due 2030** to refinance existing **2024 notes**[180](index=180&type=chunk) - Available borrowing capacity under the senior secured credit facility was **$642.1 million** as of September 30, 2023[185](index=185&type=chunk) - Key growth projects include the Granger Optimization Project (GOP), expected to **complete in Q4 2023**, and two deepwater developments requiring approximately **$550 million** in net capital expenditures for pipeline construction and expansion, expected to be **completed in late 2024 or 2025**[199](index=199&type=chunk)[200](index=200&type=chunk) [Non-GAAP Financial Measures](index=51&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles the non-GAAP financial measures of 'Available Cash before Reserves' and 'Segment Margin' Available Cash before Reserves Reconciliation (in thousands) | | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Net income attributable to Genesis Energy, L.P.** | $58,070 | $3,385 | | Income tax expense | $574 | $660 | | Depreciation, depletion, amortization and accretion | $71,099 | $76,301 | | Plus (minus) Select Items, net | $(767) | $45,583 | | Maintenance capital utilized | $(17,200) | $(14,400) | | Cash tax expense | $(200) | $(250) | | Distributions to preferred unitholders | $(22,612) | $(18,684) | | **Available Cash before Reserves** | **$88,964** | **$92,595** | - The company defines Segment Margin as revenues less product costs, operating expenses, and segment G&A, adjusted for certain select items[220](index=220&type=chunk) - Available Cash before Reserves is presented as a supplemental measure to assess financial performance, operating performance, and the ability to make discretionary payments like distributions[222](index=222&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=56&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company states that there have been no material changes to the quantitative and qualitative disclosures about market risk since its last Annual Report - There have been no material changes to the market risk disclosures provided in the company's Annual Report[238](index=238&type=chunk) [Item 4. Controls and Procedures](index=56&type=section&id=Item%204.%20Controls%20and%20Procedures) Management evaluated the company's disclosure controls and procedures, concluding they were effective with no material changes to internal control over financial reporting - The CEO and CFO have determined that the company's disclosure controls and procedures are effective as of September 30, 2023[239](index=239&type=chunk) - No changes occurred during the third quarter of 2023 that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[240](index=240&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=57&type=section&id=Item%201.%20Legal%20Proceedings) There have been no material developments in legal proceedings since the company's last Annual Report - No material developments in legal proceedings have occurred since the filing of the Annual Report on Form 10-K for the year ended December 31, 2022[243](index=243&type=chunk) [Item 1A. Risk Factors](index=57&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes to its risk factors as previously disclosed in its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 - There has been no material change in the company's risk factors from those disclosed in the 2022 Annual Report on Form 10-K[245](index=245&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=57&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered equity securities were sold during Q3 2023, and the company repurchased **114,900** Class A Common Units under its new program Class A Common Unit Repurchases (Q3 2023) | Period | Total units repurchased | Average price per unit | | :--- | :--- | :--- | | August 2023 | 104,900 | $8.96 | | September 2023 | 10,000 | $10.15 | | **Total** | **114,900** | | [Item 3. Defaults upon Senior Securities](index=57&type=section&id=Item%203.%20Defaults%20upon%20Senior%20Securities) The company reports no defaults upon senior securities [Item 4. Mine Safety Disclosures](index=57&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Information regarding mine safety at the company's Wyoming mines is included in Exhibit 95 of the Form 10-Q [Item 5. Other Information](index=57&type=section&id=Item%205.%20Other%20Information) The company reports no other information for this item [Item 6. Exhibits](index=58&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, credit agreements, and certifications by the CEO and CFO

Genesis Energy, L.P. (NYSE:GEL) Q2 2023 Earnings Conference Call August 3, 2023 9:00 AM ET Company Participants Dwayne Morley - Vice President-Investor Relations Grant Sims - Chief Executive Officer Ryan Sims - President & Chief Commercial Officer Conference Call Participants TJ Schultz - RBC Michael Blum – Wells Fargo Operator Good morning, ladies and gentlemen, and welcome to the Genesis Energy Second Quarter 2023 Earnings Conference Call. After the prepared remarks, there will be an opportunity to ask qu ...

Financial Performance & Guidance - The company is revising its Adjusted EBITDA guidance range for 2023[1] - The revised Adjusted EBITDA guidance is between $725 million and $745 million[33], which at its midpoint, represents an 8%-10% increase over 2022 results, excluding ~$41 million of non-recurring income recognized in 2022[8, 32] - The company's Adjusted EBITDA for the year 2023 is $377062 thousand[2], compared to $717071 thousand in 2022[2] - The company's net income attributable to Genesis Energy, L.P. for 2023 is $47700 thousand[2], compared to $75457 thousand in 2022[2] - The company's available cash before reserves for 2023 is $173946 thousand[2], compared to $352648 thousand in 2022[2] Debt & Leverage - As of June 30, 2023, the company's Adjusted Debt is $3116069 thousand[4, 10] - The Adjusted Consolidated EBITDA is $778670 thousand[4, 11] - The Adjusted Debt / Adjusted Consolidated EBITDA ratio is 400x[4, 13] - The company expects to exit 2023 with a leverage ratio at or near 400x[32, 39] Capital Expenditures & Projects - Total growth capital expenditures for 2023 are expected to be between $400 million and $450 million[33] - The company is focused on two major projects: completing the Granger expansion (approximately $75-$100 million) and the SYNC lateral and CHOPS expansion (approximately $300-$350 million)[32] Segment Performance - In Q2 2023, Offshore Pipeline Transportation generated $93300 thousand in segment margin[27] - Soda & Sulfur Services generated $89255 thousand, Marine Transportation generated $25758 thousand, and Onshore Facilities & Transportation generated $6305 thousand in segment margin[27] - Total Segment Margin for Q2 2023 was $214618 thousand[27]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 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) Delaware 76-0513049 (State or other jurisdiction of incorporation or organiz ...

Financial Data and Key Metrics Changes - The financial results for the first quarter were generally in line with annual guidance but fell below internal expectations due to external factors, particularly a significant impact from the coldest first quarter in 23 years in southwest Wyoming, affecting production and sales volumes [5][6] - The company reaffirmed its adjusted EBITDA guidance range for the full year at $780 million to $810 million, expecting to exit the year with a leverage ratio below four times [45][46] Business Segment Data and Key Metrics Changes - The Offshore Pipeline Transportation segment performed in line with expectations, showing a normalized level of activity and earnings capability, with strong performance driven by new production facilities [8][20] - The Soda and Sulfur Services segment experienced a softening macro environment, transitioning from an extremely tight market to a more balanced one, with a noted slowdown in demand from export markets [11][25] - The Marine Transportation segment continued to exceed expectations, maintaining near 100% utilization across all vessel classes, with day rates reaching their highest levels in a decade [53][54] Market Data and Key Metrics Changes - The soda ash market is expected to see a structural shortage due to production curtailments, with an estimated 300,000 tons not produced in the first quarter, which may lead to tighter supplies in the coming quarters [12][41] - The reopening of China's economy is anticipated to positively impact global supply-demand balances and soda ash prices, with projected demand growth driven by solar glass production [25][51] Company Strategy and Development Direction - The company is focused on completing growth capital expenditures between $400 million and $450 million for projects including the Granger soda ash expansion and offshore growth projects, while maintaining financial flexibility [56] - The management emphasized the long-term value creation strategy, with confidence in the fundamentals of their businesses and the macro environment supporting future growth [21][69] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in the first quarter due to weather and third-party service issues but expressed optimism about the fundamentals across business segments remaining strong [20][45] - The company is well-positioned for increasing free cash flow and financial flexibility, despite potential economic slowdowns [21][69] Other Important Information - The company published its inaugural ESG report, providing additional disclosures requested by stakeholders, and plans to release its 2022 report later in the year [57] - The recent lease sale in the Gulf of Mexico raised approximately $264 million, indicating continued interest in the region, which aligns with the company's existing pipeline infrastructure [49] Q&A Session Summary Question: Railroad issues and mitigation strategies - Management indicated that there is limited recourse regarding the railroad issues experienced in the first quarter, but they are working with the railroads and regulatory agencies to improve service levels [33][34] Question: Soda ash market demand and pricing outlook - Management noted that there is a slowdown in demand primarily in export markets, which is bringing the market back into balance, and they have 90% of pricing locked in for the year [36][50] Question: Potential asset sales and current asset mix - Management expressed comfort with the current asset mix and financial flexibility, indicating that while they are open to opportunities, they do not feel a pressing need to accelerate asset sales [66][69]