Genesis Energy, L.P. (NYSE:GEL) Q3 2021 Earnings Conference Call November 4, 2021 10:00 AM ET Company Participants Dwayne Morley - Vice President, Investor Relations Grant Sims - Chief Executive Officer Conference Call Participants Shneur Gershuni - UBS Theresa Chen - Barclays Michael Blum - Wells Fargo Operator Greetings, welcome to the Genesis Energy LP 3Q 2021 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your host ...

Genesis Energy, L.P. (NYSE:GEL) Q2 2021 Earnings Conference Call August 4, 2021 10:15 AM ET Company Participants Dwayne Morley - Vice President of Business Development & Investor Relations Grant Sims - Chief Executive Officer Conference Call Participants Kyle May - Capital One Securities Shneur Gershuni - UBS T.J. Schultz - RBC Capital Markets Operator Greetings. Welcome to the Genesis Energy 2Q 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer se ...

Financial Data and Key Metrics Changes - The first quarter of 2021 demonstrated financial results that were consistent with, if not slightly ahead of internal expectations, indicating resilience in market-leading businesses [8] - The company expects full-year adjusted consolidated EBITDA to be in the range of $630 million to $660 million, including approximately $30 million to $40 million of pro forma adjustments [40] - Free cash flow after all cash obligations is anticipated to be in the range of $80 million to $110 million for 2021 [41] Business Segment Data and Key Metrics Changes - The Offshore Pipeline Transportation segment achieved a more normalized earnings run rate during the first quarter, with an expected quarterly Segment Margin of around $80 million for the second quarter [11][12] - The Sodium Minerals and Sulfur Services segment is recovering as demand for soda ash increases, with a tightening global supply and demand dynamic [20][24] - The legacy refinery services business performed in line with expectations, benefiting from strong demand from copper mining customers [31] Market Data and Key Metrics Changes - Global soda ash demand is steadily increasing as economies reopen, with all-natural producers reportedly sold out globally for 2021 [20] - Exports out of China were down about 10% year-over-year in the first quarter of 2021 due to environmental restrictions affecting synthetic production [48] - The demand for copper is driven by renewable initiatives, with copper prices at near decade-high levels [32] Company Strategy and Development Direction - The company is focused on long-term success with a recovery in the soda ash business and significant free cash flow from contracted projects in the Gulf of Mexico [10] - The Granger soda ash expansion project is expected to come online by late 2023, positioning the company favorably in the market [29] - The company is exploring new standalone deepwater production hubs, with anticipated first oils starting in the late-2024 to 2025 timeframe [14][76] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improving macroeconomic conditions providing significant operating leverage to the upside [8] - The company remains committed to achieving a long-term target leverage ratio of 4.0 times [42] - Management highlighted the importance of low carbon intensity barrels from the Gulf of Mexico in supporting future carbon-neutral initiatives [18][19] Other Important Information - The company successfully refinanced its senior secured credit facility, receiving $950 million in total commitments [36] - A tack-on offering of additional senior notes due 2027 was priced at a premium, generating net proceeds of approximately $256 million [37] - The company has maintained COVID-19 safety protocols with limited confirmed cases among employees [43] Q&A Session Summary Question: Impact of environmental restrictions on synthetic soda ash production in China - Management indicated that environmental discharges associated with synthetic production have led to some production being offline, with total exports from China down about 10% year-over-year [47][48] Question: Exposure to soda ash pricing and contract structure - Approximately half of the company's sales are fixed for 2021, with only 25% of total sales subject to price increases, primarily from exports to Asia [49][50] Question: Pricing recovery expectations for 2022 - Management noted that while the recovery timeline is uncertain, there is potential for prices to recover to 2019 levels by 2023, with incremental segment margin contributions expected from the Granger expansion [57][58] Question: Marine transportation segment performance - The marine transportation segment is expected to see improvements in utilization and pricing, particularly following the American Phoenix contract [59][61] Question: Acceleration of Granger expansion timeline - Management stated that the Granger expansion could potentially be accelerated if market conditions warrant, with increased demand from lithium producers and solar panel manufacturing [66][68] Question: Impact of crude liquidation on leverage and earnings - The liquidation of crude generated a leverage benefit but did not impact earnings for the first quarter, as cash proceeds were received post-quarter [70][71] Question: Future discussions on new deepwater hubs - Management confirmed ongoing discussions regarding new standalone deepwater production hubs, with potential incremental production of 200,000 to 220,000 barrels a day [75][76]

Genesis Energy, L.P. (NYSE:GEL) Q4 2020 Earnings Conference Call February 18, 2021 9:30 AM ET Corporate Participants Karen Pape - Senior Vice President, Controller Grant Sims - Chief Executive Officer Conference Call Participants Shneur Gershuni - UBS Theresa Chen - Barclays Kyle May - Capital One Securities Operator Greetings and welcome to the Genesis Energy Fourth Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this c ...

2020 Wells Fargo Virtual Midstream and Utility Symposium December 2020 Disclosures & Company Information | --- | --- | --- | |-------------------------------------|-------------------|-----------------------------------------------------| | Genesis Energy, L.P. | NYSE: GEL | Investor Relations Contact | | Common Unit Market Value | ~$0.9 billion (a) | InvestorRelations@genlp.com | | Convertible Preferred Equity | ~$0.9 billion (a) | (713) 860-2500 | | Enterprise Value | ~$5.2 billion (a) | Corporate Headqua ...

Genesis Energy, L.P. (NYSE:GEL) Q3 2020 Earnings Conference Call November 5, 2020 9:30 AM ET Company Participants Grant Sims – Chief Executive Officer Bob Deere – Chief Financial Officer Ryan Sims – Senior Vice President, Finance and Corporate Development Conference Call Participants Theresa Chen – Barclays Shneur Gershuni – UBS T. J. Schultz – RBC Capital Markets Operator Welcome to the 2020 Third Quarter Conference Call for Genesis Energy. Genesis has four business segments. The offshore pipeline transpor ...

Genesis Energy, L.P. (NYSE:GEL) Q2 2020 Earnings Conference Call August 5, 2020 9:30 AM ET Company Participants Karen Pape - Senior Vice President & Controller Grant Sims - Chief Executive Officer Conference Call Participants Kyle May - Capital One Securities Shneur Gershuni - UBS Karen Pape Welcome to the 2020 Second Quarter Conference Call for Genesis Energy. Genesis has four business segments. The Offshore Pipeline Transportation segment is engaged in providing critical infrastructure to move oil produce ...

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, 2020 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 ...

Genesis Energy, L.P. (NYSE:GEL) Q1 2020 Results Conference Call May 6, 2020 10:00 AM ET Company Participants Grant Sims - CEO Bob Deere - CFO Conference Call Participants TJ Schultz - RBC Shneur Gershuni - UBS Kyle May - Capital One Securities Operator Good morning. Welcome to the 2020 First Quarter Conference Call for Genesis Energy. Genesis has four business segments. The Offshore Pipeline Transportation segment is engaged in providing critical infrastructure to move oil produced from the long-lived, worl ...

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents Genesis Energy, L.P.'s unaudited condensed consolidated financial statements for Q1 2020, showing increased net income despite lower revenues [Unaudited Condensed Consolidated Balance Sheets](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of March 31, 2020, shows a slight decrease in total assets to **$6.43 billion** from **$6.60 billion** at year-end 2019, primarily due to reduced current assets Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Total current assets** | $496,880 | $593,074 | | **Net fixed assets** | $4,256,491 | $4,294,475 | | **TOTAL ASSETS** | **$6,434,458** | **$6,597,641** | | **Total current liabilities** | $324,809 | $415,495 | | **Total liabilities** | $4,143,786 | $4,251,222 | | **Total partners' capital** | $1,371,338 | $1,431,171 | | **TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS' CAPITAL** | **$6,434,458** | **$6,597,641** | [Unaudited Condensed Consolidated Statements of Operations](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2020, total revenues decreased to **$539.9 million** from **$620.0 million** in Q1 2019, yet net income significantly increased to **$29.0 million** from **$15.9 million** Condensed Consolidated Statements of Operations Highlights (in thousands, except per unit amounts) | Metric | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | | :--- | :--- | :--- | | **Total revenues** | $539,923 | $620,009 | | **Operating Income** | $59,162 | $62,029 | | **Net Income** | $28,979 | $15,947 | | **Net Income (Loss) Available to Common Unitholders** | $6,225 | $(2,461) | | **Basic and Diluted EPS** | $0.05 | $(0.02) | [Unaudited Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities decreased to **$89.6 million** in Q1 2020 from **$114.0 million** in Q1 2019, with **$41.5 million** in cash at period-end Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $89,552 | $114,021 | | **Net cash used in investing activities** | $(30,880) | $(23,829) | | **Net cash used in financing activities** | $(73,568) | $(89,288) | | **Net increase (decrease) in cash** | $(14,896) | $904 | | **Cash, restricted cash and cash equivalents at end of period** | $41,509 | $11,204 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's four business segments, revenue recognition, debt structure changes, reduced common unit distribution, and derivative impacts, with no material COVID-19 effects on Q1 2020 results - The company operates through four reportable segments: Offshore pipeline transportation, Sodium minerals and sulfur services, Onshore facilities and transportation, and Marine transportation[22](index=22&type=chunk)[26](index=26&type=chunk) - In January 2020, the company issued **$750.0 million** of 7.75% senior unsecured notes due 2028 and redeemed its 6.75% senior unsecured notes due 2022, resulting in a loss on extinguishment of approximately **$23.5 million**[59](index=59&type=chunk) - The quarterly distribution for common unitholders was reduced to **$0.15 per unit** for Q1 2020, down from **$0.55** in the preceding quarters[61](index=61&type=chunk) Segment Margin by Business (in thousands) | Segment | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | | :--- | :--- | :--- | | Offshore Pipeline Transportation | $85,246 | $76,390 | | Sodium Minerals & Sulfur Services | $36,941 | $58,639 | | Onshore Facilities & Transportation | $28,099 | $25,603 | | Marine Transportation | $19,002 | $12,932 | | **Total Segment Margin** | **$169,288** | **$173,564** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2020 financial results, highlighting increased net income due to an unrealized gain, segment performance, COVID-19 impact, reduced common unit distribution, and strong liquidity - Net Income Attributable to Genesis Energy, L.P. for Q1 2020 was **$24.9 million**, compared to **$16.0 million** in Q1 2019, primarily driven by a **$32.5 million** unrealized gain from an embedded derivative, offset by a **$23.5 million** loss on debt extinguishment[120](index=120&type=chunk) - Total Segment Margin for Q1 2020 was **$169.3 million**, a **2% decrease** from **$173.6 million** in Q1 2019[123](index=123&type=chunk)[136](index=136&type=chunk) - The quarterly distribution to common unitholders was reduced to **$0.15 per unit** for Q1 2020 to focus on de-leveraging the balance sheet in the current industry environment[124](index=124&type=chunk)[129](index=129&type=chunk) - As of March 31, 2020, the company had a strong liquidity position with **$721.5 million** of borrowing capacity under its senior secured revolving credit facility[162](index=162&type=chunk) [Results of Operations](index=37&type=section&id=Results%20of%20Operations) This section analyzes operating results by segment, noting increased margin in Offshore Pipeline and Marine Transportation, offset by a decline in Sodium Minerals and Sulfur Services - **Offshore Pipeline Transportation:** Segment Margin increased by **$8.9 million (12%)** YoY, driven by higher volumes from new production fields (Buckskin, Hadrian North) dedicated to the company's systems[141](index=141&type=chunk) - **Sodium Minerals and Sulfur Services:** Segment Margin decreased by **$21.7 million (37%)** YoY, primarily due to lower export pricing and sales volumes for soda ash, coupled with lower demand for NaHS[146](index=146&type=chunk) - **Onshore Facilities and Transportation:** Segment Margin increased by **$2.5 million (10%)** YoY, due to increased volumes on Texas and Louisiana crude oil pipeline systems[154](index=154&type=chunk) - **Marine Transportation:** Segment Margin increased by **$6.1 million (47%)** YoY, benefiting from improving rates in spot and short-term markets and high offshore barge utilization of **99.4%**[156](index=156&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity with **$721.5 million** available under its credit facility, with Q1 2020 capital expenditures totaling **$32.6 million**, including funding for the Granger Optimization Project - As of March 31, 2020, the company had **$721.5 million** of available borrowing capacity under its **$1.7 billion** credit facility[162](index=162&type=chunk) Capital Expenditures (in thousands) | Category | Three Months Ended March 31, 2020 | | :--- | :--- | | Maintenance capital expenditures | $20,558 | | Growth capital expenditures | $12,086 | | **Total capital expenditures** | **$32,644** | - The Granger Optimization Project's construction timeline was extended by one year to mid-to-late 2023, with funding secured through preferred units issued to GSO[165](index=165&type=chunk)[179](index=179&type=chunk) [Non-GAAP Financial Measures](index=50&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles non-GAAP measures like Available Cash before Reserves and Segment Margin, with Available Cash before Reserves decreasing to **$81.8 million** in Q1 2020 Available Cash before Reserves Reconciliation (in thousands) | Metric | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | | :--- | :--- | :--- | | Net income attributable to Genesis Energy, L.P. | $24,909 | $15,954 | | Depreciation, depletion, amortization and accretion | $75,978 | $79,937 | | Plus (minus) Select Items, net | $4,806 | $12,016 | | Maintenance capital utilized | $(8,800) | $(6,125) | | Distributions to preferred unitholders | $(18,684) | $(6,138) | | **Available Cash before Reserves** | **$81,780** | **$95,896** | [Quantitative and Qualitative Disclosures about Market Risk](index=55&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company reports no material changes to its market risk disclosures since its last Annual Report, referring readers to Note 15 for derivative information - There have been no material changes affecting the quantitative and qualitative disclosures about market risk provided in the company's Annual Report[218](index=218&type=chunk) [Controls and Procedures](index=55&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2020, with no material changes to internal control over financial reporting identified - The company's CEO and CFO concluded that disclosure controls and procedures were effective as of the end of the period covered by the report[219](index=219&type=chunk) - No changes occurred during the first quarter of 2020 that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[220](index=220&type=chunk) [PART II. OTHER INFORMATION](index=56&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=56&type=section&id=Item%201.%20Legal%20Proceedings) No material developments in legal proceedings have occurred since the filing of the company's last Annual Report on Form 10-K - No material developments in legal proceedings have occurred since the last annual report filing[223](index=223&type=chunk) [Risk Factors](index=56&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor was added to address the potential material adverse effects of the COVID-19 pandemic on the company's business, operations, and financial performance - A new risk factor was added to address the potential material adverse effects of the COVID-19 pandemic on the company's business, operations, and financial performance[227](index=227&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=56&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no sales of unregistered equity securities during the first quarter of 2020 - There were no sales of unregistered equity securities during the quarter ended March 31, 2020[228](index=228&type=chunk) [Defaults Upon Senior Securities](index=56&type=section&id=Item%203.%20Defaults%20upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[229](index=229&type=chunk) [Mine Safety Disclosures](index=56&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Information regarding mine safety for the company's mines in Green River and Granger, Wyoming is provided in Exhibit 95 of this Form 10-Q - Mine safety disclosures are included in Exhibit 95 to the Form 10-Q[230](index=230&type=chunk) [Other Information](index=56&type=section&id=Item%205.%20Other%20Information) The company reported no other information for this item - None[231](index=231&type=chunk) [Exhibits](index=57&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including corporate governance documents, debt agreements, and certifications - Lists exhibits filed with the report, such as the Tenth Amendment to the Credit Agreement and CEO/CFO certifications[233](index=233&type=chunk)