ADDED
On February 18, 2026, the Registrant had 122,424,321 Class A Common Units and 39,997 Class B Common Units outstanding.
Form 10-K Summary 101 2 Table o f Contents Definitions Unless the context otherwise requires, references in this annual report to Genesis Energy, L.P., Genesis, we, our, us, the Company or like terms refer to Genesis Energy, L.P.
In particular, statements, expressed or implied, concerning future actions, conditions or events (including production rates and other conditions and events), future operating results, the ability to generate sales, income or cash flow, the timing and anticipated benefits of our development projects and the expected performance of our offshore assets and other projects and business segments, the ability to simplify our capital structure and lower our cost of capital, and the availability of borrowing capacity to fund our growth capital expenditures are forward-looking statements.
These risks may also be specifically described in our Quarterly Reports on Form 10-Q, Current Reports on Form 8-K (or any amendments to those reports) and other documents that we may file from time to time with the SEC.
Business General We are a growth-oriented master limited partnership ( MLP ) formed in Delaware in 1996 focused on the midstream segment of the crude oil and natural gas industry.
We provide an integrated suite of services (including transportation, storage, sulfur removal, blending, terminaling and processing) to crude oil and natural gas producers, refiners, and industrial and commercial enterprises.
Our operations are primarily located in the Gulf of America and in the Gulf Coast region of the United States.
We have a diverse portfolio of assets, including pipelines, offshore hub and junction platforms, refinery-related plants, storage tanks, terminals, railcars, rail unloading facilities, barges and other vessels, and trucks.
In the first quarter of 2025, we sold the Alkali Business and, as a result, re-organized our operating segments to represent how our chief operating decision maker, who is our Chief Executive Officer (our CODM ), evaluates the performance of operations, develops strategy and allocates resources, including capital.
Our sulfur services business, formerly reported under our soda and sulfur services reporting segment along with our Alkali Business, is now reported under our onshore transportation and services reporting segment along with those businesses that were included within our previously reported onshore facilities and transportation segment.
REMOVED
On February 28, 2025, the Registrant had 122,424,321 Class A Common Units and 39,997 Class B Common Units outstanding.
In particular, statements, expressed or implied, concerning future actions, conditions or events or future operating results or the ability to generate sales, income or cash flow are forward-looking statements.
These risks may also be specifically described in our Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Form 8-K/A and other documents that we may file from time to time with the SEC.
Business General We are a growth-oriented master limited partnership ( MLP ) formed in Delaware in 1996 focused on the midstream segment of the crude oil and natural gas industry as well as, prior to February 28, 2025 (see Recent Developments for further discussion of our recent sale of our Alkali Business as defined below), the production of natural soda ash.
We are a provider of an integrated suite of midstream services (including transportation, storage, sulfur removal, blending, terminaling and processing) for a large area of the Gulf of America and the Gulf Coast region of the crude oil and natural gas industry.
We provide an integrated suite of services to crude oil and natural gas producers, refiners, and industrial and commercial enterprises and have a diverse portfolio of assets, including pipelines, offshore hub and junction platforms, refinery-related plants, storage tanks and terminals, railcars, rail unloading facilities, barges and other vessels, and trucks.
Our Alkali Business mines and processes trona from which it produces natural soda ash, also known as sodium carbonate (Na2CO3), a basic building block for a number of ubiquitous products, including flat glass, container glass, dry detergent, lithium hydroxide and lithium carbonate (which are key inputs in the production of lithium batteries) and a variety of chemicals and other industrial products.
We believe the following are critical to meet our objectives: New and increased volumes on our existing offshore assets in the Gulf of America through long-term contracted commercial opportunities that require minimal to no additional investment from us, including continued in-field and sub-sea tieback opportunities as a result of the continued investment by the offshore producing community.
New incremental volumes from long-term contracted offshore commercial opportunities in the Gulf of America, including the Shenandoah development, which will tie into our SYNC Pipeline (defined and discussed further below under Recent Developments ) and further downstream to our Cameron Highway oil pipeline system ( CHOPS Pipeline ), and the Salamanca Floating Production System ( FPS ), which will tie into our existing Southeast Keathly Canyon pipeline system ( SEKCO Pipeline ) for further transportation downstream to our Poseidon oil pipeline system ( Poseidon Pipeline ).
These developments and their associated volumes are expected to come online in the first half of 2025.