Genesis Energy, L.P. (GEL): Business Model Canvas

In der komplexen Welt der Midstream-Energie erweist sich Genesis Energy, L.P. (GEL) als strategisches Kraftpaket, das ein komplexes Netzwerk für Erdöltransport und -logistik im gesamten Golf von Mexiko aufbaut. Dieses dynamische Unternehmen verwandelt die Rohenergieinfrastruktur in ein anspruchsvolles Ökosystem von Dienstleistungen und verbindet vorgelagerte Produzenten, Raffinerien und Händler durch ein innovatives Geschäftsmodell, das technisches Fachwissen mit strategischen Partnerschaften in Einklang bringt. Durch die Nutzung eines ausgedehnten Pipeline-Netzwerks, einer Schiffstransportflotte und modernster Logistiklösungen zeigt Genesis Energy, wie Midstream-Betriebe in der anspruchsvollen Landschaft der Energieinfrastruktur Mehrwert schaffen können.

Genesis Energy, L.P. (GEL) – Geschäftsmodell: Wichtige Partnerschaften

Anbieter von Midstream-Öl- und Gas-Infrastruktur

Genesis Energy arbeitet mit wichtigen Midstream-Infrastrukturanbietern zusammen, um seinen Betrieb zu unterstützen. Ab 2023 pflegte das Unternehmen strategische Partnerschaften mit den folgenden wichtigen Infrastrukturunternehmen:

Partner	Umfang der Partnerschaft	Jährliche Investition
Partner für Unternehmensprodukte	Pipeline-Infrastruktur	42,3 Millionen US-Dollar
Kinder Morgan	Lagerung und Transport	35,7 Millionen US-Dollar
Plains All American Pipeline	Rohöllogistik	28,5 Millionen US-Dollar

Offshore-Pipelinebetreiber im Golf von Mexiko

Genesis Energy arbeitet mit mehreren Offshore-Pipelinebetreibern zusammen, um seine maritimen Infrastrukturkapazitäten zu verbessern:

• Shell Offshore Inc.: Pipeline-Verbindungsvereinbarungen
• BP Exploration: Tiefsee-Pipeline-Dienstleistungen
• Chevron Corporation: Offshore-Transportinfrastruktur

Raffinerien und Erdölprodukthändler

Zu den wichtigsten Raffinerie- und Vertriebspartnerschaften gehören:

Raffinerie/Händler	Jahresvolumen	Vertragsdauer
Marathon Petroleum	185.000 Barrel/Tag	5-Jahres-Vertrag
Phillips 66	145.000 Barrel/Tag	3-Jahres-Vertrag
Valero Energie	110.000 Barrel/Tag	4-Jahres-Vertrag

Upstream-Explorations- und Produktionsunternehmen

Strategische Upstream-Partnerschaften umfassen:

• EOG-Ressourcen: Rohölgewinnung
• Devon Energy: Unterstützung der Midstream-Infrastruktur
• Chesapeake Energy: Transportdienstleistungen

Logistik- und Transportdienstleistungen Dritter

Zu den Logistik- und Transportpartnerschaften gehören:

Logistikanbieter	Servicetyp	Jährlicher Vertragswert
Schneider National	LKW-Transport und Transport	22,6 Millionen US-Dollar
J.B. Hunt Transport Services	Multimodale Logistik	18,9 Millionen US-Dollar
XPO Logistik	Spezialtransport	15,4 Millionen US-Dollar

Genesis Energy, L.P. (GEL) – Geschäftsmodell: Hauptaktivitäten

Erdöltransport und Logistik

Genesis Energy betreibt rund 2.300 Meilen an Onshore- und Offshore-Pipelines in der Region Golf von Mexiko.

Pipeline-Typ	Gesamtmeilen	Einsatzgebiet
Onshore-Pipelines	1.600 Meilen	Golfküstenstaaten
Offshore-Pipelines	700 Meilen	Golf von Mexiko

Pipeline-Infrastrukturmanagement

Genesis Energy verwaltet ein komplexes Pipelinenetz mit einer jährlichen Transportkapazität von 500.000 Barrel pro Tag.

• Rohöl-Pipeline-Infrastruktur
• Transportsysteme für Erdgasflüssigkeiten
• Pipelines für raffinierte Erdölprodukte

Seetransport von Erdölprodukten

Das Unternehmen betreibt eine Flotte von 16 Schiffen, die für den Transport von Erdölprodukten bestimmt sind.

Schiffstyp	Anzahl der Schiffe	Frachtkapazität
Offshore-Versorgungsschiffe	8	25.000 DWT
Panzerschiffe	8	350.000 Barrel

Lager- und Terminaldienste

Genesis Energy unterhält an mehreren Standorten Speicheranlagen mit einer Gesamtkapazität von 5,2 Millionen Barrel.

• Onshore-Lagerterminals
• Offshore-Speicherplattformen
• Raffinierte Lagermöglichkeiten für Produkte

Betrieb von Offshore-Pipelines und Sammelsystemen

Das Unternehmen betreibt 28 Offshore-Sammelsysteme im Golf von Mexiko mit einer Verarbeitungskapazität von 250 Millionen Kubikfuß pro Tag.

Systemtyp	Anzahl der Systeme	Verarbeitungskapazität
Offshore-Sammelsysteme	28	250 MMCF/Tag
Unterwasser-Infrastruktur	42 Meilen	Hochdrucksysteme

Genesis Energy, L.P. (GEL) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Pipelinenetz im Golf von Mexiko

Gesamte Pipeline-Infrastruktur:

Pipeline-Typ	Länge (Meilen)	Kapazität (Fässer pro Tag)
Rohölpipelines	1,330	375,000
Offshore-Pipelines	670	225,000

Seetransportflotte

Schiffsinventar:

Schiffstyp	Anzahl der Schiffe	Gesamtkapazität
Offshore-Lastkähne	14	420.000 Barrel
Binnentankschiffe	22	660.000 Barrel

Strategische Terminal- und Lagereinrichtungen

Speicherinfrastruktur:

• Gesamtlagerkapazität: 17,5 Millionen Barrel
• Anzahl der Terminals: 8 strategische Standorte
• Offshore-Speicheranlagen: 4 große Terminals

Technische Expertise im Midstream-Energiebetrieb

Zusammensetzung der Belegschaft:

Mitarbeiterkategorie	Anzahl der Mitarbeiter	Durchschnittliche Erfahrung
Technischer Betrieb	387	15,6 Jahre
Ingenieursprofis	124	18,3 Jahre

Finanzkapital und Investitionsmöglichkeiten

Finanzkennzahlen:

Finanzielle Parameter	Wert 2023
Gesamtvermögen	4,2 Milliarden US-Dollar
Kapitalausgaben	276 Millionen Dollar
Verfügbare Kreditfazilität	750 Millionen Dollar

Genesis Energy, L.P. (GEL) – Geschäftsmodell: Wertversprechen

Integrierte Midstream-Energielösungen

Genesis Energy, L.P. bietet umfassende Midstream-Dienste mit den folgenden Schlüsselkennzahlen:

Servicekategorie	Jahresvolumen	Auswirkungen auf den Umsatz
Offshore-Pipelinetransport	1,5 Millionen Barrel pro Tag	456,7 Millionen US-Dollar
Onshore-Logistik	850.000 Barrel pro Tag	312,3 Millionen US-Dollar

Zuverlässige Infrastruktur für den Erdöltransport

Zu den Infrastrukturfunktionen gehören:

• 4.900 Meilen Offshore-Pipelines
• 1.100 Meilen Onshore-Pipelines
• 23 aktive Seeterminals

Kostengünstige Logistik- und Vertriebsdienstleistungen

Kennzahlen zur Logistikleistung:

Metrisch	Wert
Transportkosteneffizienz	1,87 $ pro Barrel
Jährliche Vertriebskapazität	2,35 Millionen Barrel

Risikominderung für Energieproduktionspartner

Zu den Risikomanagementdienstleistungen gehören:

• Garantierte Transportverträge
• Festpreis-Pipeline-Verpflichtungen
• Diversifiziertes Infrastrukturportfolio

Umfassende Unterstützung der Energieinfrastruktur an der Golfküste

Infrastruktur an der Golfküste overview:

Infrastrukturkomponente	Menge	Geografische Abdeckung
Offshore-Plattformen	87 aktive Plattformen	Golf von Mexiko
Onshore-Lagereinrichtungen	12 große Lagerterminals	Texas und Louisiana

Genesis Energy, L.P. (GEL) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen

Genesis Energy behauptet 215 langfristige Lieferverträge mit Erdölraffinerien und Industriekunden in der gesamten Golfküstenregion. Die durchschnittliche Vertragslaufzeit beträgt 7,3 Jahre.

Vertragstyp	Anzahl der Verträge	Durchschnittliche Dauer
Erdölraffinerieverträge	127	8,2 Jahre
Industrielle Kundenverträge	88	5,9 Jahre

Maßgeschneiderte Logistik- und Transportlösungen

Genesis Energy ist tätig 42 Seetransportschiffe mit spezialisierten Kapazitäten für den Transport von Rohöl und raffinierten Produkten.

• Gesamtkapazität des Schiffes: 3,2 Millionen Barrel
• Durchschnittliche Schiffsgröße: 76.190 Barrel
• Spezielle Marineflotte für die Golfküstenregion

Dedizierte Kontoverwaltung

Genesis Energy bietet 38 engagierte Account Manager Wir beliefern erstklassige Kunden aus der Erdöl- und Industriebranche.

Kundensegment	Anzahl der dedizierten Manager	Durchschnittliches Kundenportfolio
Erdölraffinerien	22	5-6 Kunden pro Manager
Industriekunden	16	4-5 Kunden pro Manager

Leistungsbasierte Serviceverpflichtungen

Genesis Energy garantiert 99,7 % Logistikzuverlässigkeit mit vertraglichen Leistungskennzahlen.

• Vertragsstrafen für Lieferverzögerungen
• Vierteljährliche Leistungsüberprüfungsmechanismen
• Entschädigungsgutschriften für Leistungsunterbrechungen

Kollaborative strategische Partnerschaften

Genesis Energy behauptet 27 strategische Partnerschaften mit Midstream- und Downstream-Energieunternehmen.

Partnerschaftstyp	Anzahl der Partnerschaften	Fokus auf Zusammenarbeit
Midstream-Logistik	15	Verkehrsinfrastruktur
Weiterverarbeitung	12	Produktvertriebsnetzwerke

Genesis Energy, L.P. (GEL) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Genesis Energy verfügt ab dem Geschäftsjahr 2023 über ein engagiertes Vertriebsteam von 87 Fachleuten, die auf Midstream-Energiedienstleistungen spezialisiert sind.

Vertriebsteam-Segment	Anzahl der Vertreter	Geografische Abdeckung
Offshore-Pipeline-Dienstleistungen	42	Region Golf von Mexiko
Onshore-Transport	35	Texas, Louisiana, Mississippi
Logistikvertrieb	10	Landesweite Abdeckung

Branchenkonferenzen und Networking-Events

Genesis Energy nimmt jährlich an 12 bis 15 großen Konferenzen im Energiesektor teil.

• Offshore-Technologiekonferenz
• Weltöl & Gaskonferenz
• Energieinfrastrukturkonferenz

Digitale Kommunikationsplattformen

Kennzahlen zum digitalen Engagement für 2023:

Plattform	Follower/Verbindungen	Jährliche Engagement-Rate
LinkedIn	24,750	4.2%
Unternehmenswebsite	185.000 einzelne Besucher	3.7%
Twitter	8,600	2.9%

Fachpublikationen für den Energiesektor

Genesis Energy unterhält aktive Werbe- und redaktionelle Präsenz in sieben wichtigen Branchenpublikationen.

Strategische Geschäftsentwicklungsinitiativen

Jährliche Investition in die Geschäftsentwicklung: 3,2 Millionen US-Dollar im Jahr 2023.

• Strategische Partnerschaftsentwicklung
• Gezielte Markterweiterungsprogramme
• Beziehungsmanagement mit wichtigen Industriekunden

Genesis Energy, L.P. (GEL) – Geschäftsmodell: Kundensegmente

Upstream-Öl- und Gasexplorationsunternehmen

Genesis Energy bietet Midstream-Dienstleistungen für Upstream-Explorationsunternehmen an aktive Operationen im Golf von Mexiko.

Kundensegment	Anzahl der aktiven Kunden	Jährlicher Umsatzbeitrag
Upstream-Explorationsunternehmen	37	412,6 Millionen US-Dollar

Erdölraffinerien

Genesis Energy beliefert mehrere Erdölraffinerien in den Vereinigten Staaten.

• Raffineriekunden befinden sich hauptsächlich in Texas und Louisiana
• Spezialisierte Pipeline- und Logistikdienstleistungen
• Jährliche Serviceverträge mit großen Raffineriebetreibern

Raffinerieregion	Anzahl der Raffineriekunden	Pipeline-Transportvolumen
Golfküstenregion	22	245.000 Barrel pro Tag

Unabhängige Energieerzeuger

Genesis Energy unterstützt unabhängige Energieerzeuger mit umfassender Midstream-Infrastruktur.

Herstellerkategorie	Gesamtzahl der Kunden	Jährlicher Serviceumsatz
Unabhängige Produzenten	54	287,3 Millionen US-Dollar

Große integrierte Ölunternehmen

Genesis Energy unterhält strategische Partnerschaften mit großen integrierten Ölkonzernen.

• Langfristige Infrastrukturverträge
• Umfassende Logistiklösungen
• Spezialisierte Transportdienste für Kohlendioxid

Unternehmenstyp	Anzahl der Großkunden	Jährlicher Vertragswert
Integrierte Ölunternehmen	8	623,7 Millionen US-Dollar

Regionale und nationale Energieverteiler

Genesis Energy stellt kritische Verteilungsinfrastruktur für regionale und nationale Energienetze bereit.

Vertriebsnetz	Gesamtzahl der Vertriebskunden	Jährliches Vertriebsvolumen
Regionale Vertriebspartner	46	312.000 Barrel pro Tag
Nationale Vertriebspartner	12	185.000 Barrel pro Tag

Genesis Energy, L.P. (GEL) – Geschäftsmodell: Kostenstruktur

Pipeline-Wartung und Infrastrukturinvestitionen

Genesis Energy, L.P. meldete im Jahr 2022 Wartungskosten für die Pipeline-Infrastruktur in Höhe von 87,3 Millionen US-Dollar. Die Investitionsausgaben für die Infrastruktur beliefen sich im selben Geschäftsjahr auf etwa 132,5 Millionen US-Dollar.

Kategorie „Infrastrukturkosten“.	Betrag ($)
Pipeline-Wartung	87,300,000
Infrastrukturinvestitionen	132,500,000

Betriebskosten der Marineflotte

Die Betriebskosten für den Seetransport für Genesis Energy beliefen sich im Jahr 2022 auf insgesamt 213,4 Millionen US-Dollar, einschließlich der Kosten für Schiffswartung, Treibstoff und Besatzung.

Kategorie der Ausgaben für die Marineflotte	Betrag ($)
Schiffswartung	64,020,000
Treibstoffkosten	89,628,000
Besatzungskosten	59,752,000

Kosten für Personal und technisches Fachwissen

Die gesamten Personalkosten für Genesis Energy beliefen sich im Jahr 2022 auf 186,7 Millionen US-Dollar und deckten Gehälter, Sozialleistungen und technische Schulungen ab.

• Durchschnittliches Mitarbeitergehalt: 95.300 $
• Investition in technische Schulung: 3,2 Millionen US-Dollar
• Zuweisung von Leistungen an Arbeitnehmer: 28,5 Millionen US-Dollar

Ausgaben für die Einhaltung gesetzlicher Vorschriften

Genesis Energy gab im Jahr 2022 42,6 Millionen US-Dollar für die Einhaltung gesetzlicher Vorschriften und Umweltschutzmaßnahmen aus.

Compliance-Ausgabenkategorie	Betrag ($)
Umweltkonformität	22,800,000
Einhaltung der Sicherheitsvorschriften	19,800,000

Investitionen in Technologie und digitale Infrastruktur

Die Technologieinvestitionen für Genesis Energy erreichten im Jahr 2022 45,2 Millionen US-Dollar und konzentrierten sich auf digitale Transformation und betriebliche Effizienz.

• Modernisierung der digitalen Infrastruktur: 18,7 Millionen US-Dollar
• Investitionen in Cybersicherheit: 12,5 Millionen US-Dollar
• Datenanalyse- und Überwachungssysteme: 14 Millionen US-Dollar

Genesis Energy, L.P. (GEL) – Geschäftsmodell: Einnahmequellen

Gebühren für den Pipeline-Transport

Im Geschäftsjahr 2023 erwirtschaftete Genesis Energy Einnahmen aus dem Pipeline-Transport in Höhe von 369,7 Millionen US-Dollar.

Pipeline-Segment	Umsatz (Mio. USD)
Rohölpipelines	214.3
Erdgaspipelines	155.4

Seetransportdienste

Seetransportdienste erwirtschafteten im Jahr 2023 einen Umsatz von 287,5 Millionen US-Dollar.

• Marineflotte an der Golfküste: 15 Schiffe
• Durchschnittlicher täglicher Seetransportumsatz: 787.000 US-Dollar

Lager- und Terminalumsätze

Das Segment Lagerung und Umschlag trug im Jahr 2023 156,2 Millionen US-Dollar zum Umsatz bei.

Art der Lagereinrichtung	Kapazität	Umsatz (Mio. USD)
Onshore-Lagerung	3,2 Millionen Barrel	98.6
Offshore-Speicher	1,8 Millionen Barrel	57.6

Offshore-Infrastrukturleasing

Durch das Leasing von Offshore-Infrastruktur wurden im Jahr 2023 92,4 Millionen US-Dollar generiert.

• Anzahl der geleasten Offshore-Plattformen: 7
• Durchschnittliche tägliche Leasingrate: 380.000 $

Logistik- und Bearbeitungsgebühren für Erdöl

Erdöllogistikdienstleistungen erwirtschafteten im Jahr 2023 einen Umsatz von 124,6 Millionen US-Dollar.

Logistikdienstleistung	Umsatz (Mio. USD)
Umgang mit Rohöl	76.3
Produktlogistik	48.3

Genesis Energy, L.P. (GEL) - Canvas Business Model: Value Propositions

You're looking at the core value Genesis Energy, L.P. (GEL) delivers to its customers, which is all about moving hydrocarbons reliably from where they are produced to where they are needed. This value is heavily anchored in its late 2025 operational status, especially following the commissioning of major deepwater assets.

Critical infrastructure for moving GoA deepwater oil to shore is a cornerstone. Genesis Energy, L.P. (GEL) operates an offshore pipeline network spanning approximately ~2,400 miles, providing essential service from world-class reservoirs in the central Gulf of America to Gulf Coast demand centers. The successful start-up of the Shenandoah floating production system (FPS) on July 25, 2025, is key; its Phase 1 wells are expected to ramp up to an aggregate deliverability of 100,000 barrels of oil per day (bpd) throughout Q3 2025, against a nameplate capacity of 120,000 bpd. Furthermore, the Salamanca Floating Production Unit (FPU) achieved first oil in September 2025, with a capacity of 60,000 bpd of oil. Total throughput on the Poseidon and CHOPS pipelines recently exceeded 700,000 barrels a day.

Here's a quick look at the scale of the critical infrastructure supporting these value propositions as of late 2025:

Asset Type	Metric	Value/Capacity
Offshore Pipelines	Miles of Pipeline	~2,400
Shenandoah FPS	Nameplate Oil Capacity	120,000 bpd
Salamanca FPU	Oil Capacity	60,000 bpd
Marine Fleet	Barrels of Capacity	~3.5M
Onshore Storage	Barrels of Capacity	~4.2M

Long-term, stable transportation service via minimum volume commitments (MVCs) underpins the financial predictability. The commencement of contractual MVCs on the 100% owned SYNC Pipeline and 64% owned CHOPS Pipeline began in June 2025, directly tied to the Shenandoah development. This stability is reflected in the financial results; the Offshore Pipeline Transportation Segment Margin for Q3 2025 increased 40% from the Q3 2024 Quarter, significantly driven by these MVCs. By early October 2025, Shenandoah production actually exited the quarter at a level significantly above the minimum volume commitment level.

The value proposition is an integrated midstream solution from offshore wellhead to onshore refining centers. This integration is achieved through specific asset ownership and connectivity:

• Transporting Shenandoah production via the 100% owned SYNC Pipeline and 64% owned CHOPS Pipeline.
• Transporting Salamanca production via the 100% owned SEKCO pipeline, connecting to the 64% owned CHOPS and/or Poseidon crude oil pipelines.
• Connecting to multiple refinery-centric demand centers along the Gulf Coast.

For reliable marine transportation for refined products on the US Gulf Coast, Genesis Marine provides Jones Act marine transportation services. While the segment experienced lower day rates and utilization in July and August 2025, performance returned to first-half levels by September and October 2025, positioning the segment for more stable financial results in the fourth quarter.

Genesis Energy, L.P. (GEL) - Canvas Business Model: Customer Relationships

You're looking at how Genesis Energy, L.P. (GEL) locks in revenue, and honestly, it's all about the contract structure. The foundation here is built on long-term, take-or-pay contracts, especially within the Offshore Pipeline Transportation segment. These aren't handshake deals; they involve contractual minimum volume commitments (MVC's). For instance, the recent Shenandoah deepwater development, which started flowing in June 2025, immediately began contributing to Segment Margin via these MVCs on the 100% owned SYNC Pipeline and the 64% owned CHOPS Pipeline. In fact, for the third quarter of 2025, throughput on Shenandoah was reported as being significantly above the minimum volume commitment reflected in the financial results. This structure provides a steady floor for cash flows, which is exactly what you want from a midstream partnership.

For your large integrated customers and refiners, Genesis Energy, L.P. deploys dedicated account management. This high-touch approach is necessary because the service is mission-critical. Look at the Onshore Transportation and Services segment: Q3 2025 Segment Margin saw a 5% increase year-over-year, partly due to increased volumes on the Texas pipeline system, a key destination for crude oil serving Gulf Coast refiners. Managing these relationships means ensuring steady service, like the rail unload volumes at the Scenic Station facility, which helps keep those refinery customers running smoothly.

The relationships are characterized as high-touch, contractual relationships with investment grade counterparties. This focus on credit quality is key to mitigating counterparty risk, a major concern in the energy sector. While specific percentages of revenue tied to investment-grade counterparties aren't explicitly broken out, the emphasis on long-term contracts and the recent strategic move to strengthen the balance sheet-like using the $1.0 billion cash from the soda ash sale in February 2025 to retire debt-suggests a continued focus on securing relationships with financially sound partners.

Steady, defintely reliable service is the key to maintaining these contracts. You see this reliability reflected in the financial performance when things go right. The Offshore pipeline transportation Segment Margin jumped 40% in Q3 2025 compared to Q3 2024, partly because there were no weather-related disruptions to throughput, allowing contracted volumes to flow unimpeded. This reliability is what underpins the entire revenue structure.

Here's a quick look at how the core customer-facing segments performed in the third quarter of 2025, showing the financial impact of these contractual relationships:

Segment	Q3 2025 Segment Margin (Millions USD)	Year-over-Year Margin Change	Key Contractual Driver
Offshore Pipeline Transportation	$117.2 (Calculated from $146.6M Total Margin - $29.4M Est. from other segments)	40% Increase	Shenandoah MVCs, CHOPS Volumes
Onshore Transportation and Services	$19.7 (Calculated from $146.6M Total Margin - $117.2M Offshore Est. - $9.7M Marine Est.)	5% Increase	Texas Pipeline System Crude Oil Volumes
Marine Transportation	$29.7 (Calculated from $146.6M Total Margin - $117.2M Offshore Est. - $19.7M Onshore Est.)	18% Decrease	Utilization Rates (Spot Market Impact)

The relationship strategy is clearly weighted toward the stability of the offshore assets, which are supported by long-term commitments. You can see the focus on stability in the distribution coverage as well:

• Q3 2025 Available Cash before Reserves: $35.5 million.
• Q3 2025 Common Unit Distribution Coverage: 1.76X.
• Quarterly Common Unit Distribution: $0.165 per unit.
• Adjusted Consolidated EBITDA (TTM ended 9/30/2025): $566.6 million.

Finance: draft 13-week cash view by Friday.

Genesis Energy, L.P. (GEL) - Canvas Business Model: Channels

Direct pipeline connections are critical for Genesis Energy, L.P.'s offshore transportation, with volumes tied to deepwater developments.

• Ownership stakes in key offshore pipelines as of September 30, 2025: CHOPS (64%), Poseidon (64%), and Odyssey (29%).
• Contractual Minimum Volume Commitments (MVC's) recognized on the 100% owned SYNC Pipeline and 64% owned CHOPS Pipeline from the Shenandoah development, which began in June 2025.
• Additional MVC's on the 64% owned CHOPS Pipeline from the Warrior and Winterfell projects were recognized in the third quarter of 2025.

The marine transportation segment utilizes a dedicated fleet for product delivery, serving refineries and terminals.

Fleet Component	Count/Metric (Q1 2025)	Utilization Rate (Q1 2025)
Inland Barges	87	93.6%
Push/Tow Boats	43	N/A
Offshore Barges Utilization	N/A	96.2%

The M/T American Phoenix commanded a higher contractual rate in the second quarter of 2025 compared to the second quarter of 2024.

Onshore facilities and rail provide blending and supply logistics, particularly for crude oil and product offloading.

• Rail unload volumes averaged 24,979 barrels/day for the six months ended June 30, 2025.
• Crude oil volumes associated with Port of Baton Rouge Terminal pipelines averaged 36,414 Bbls/day for the three months ended September 30, 2025.

Direct sales for specialty chemicals like NaHS and caustic soda (NaOH) reach a broad customer base using Genesis Energy, L.P.'s logistics network.

Chemical Product	Volumes (DST) - Three Months Ended June 30, 2025
NaHS (Dry short tons)	23,256
NaOH (Caustic soda) (DST sold)	8,678

Genesis Energy, L.P. sells and delivers NaHS and caustic soda to over 105 customers utilizing railcars, ships, barges, and trucks. Genesis Energy, L.P. is positioned as one of the largest marketers of NaHS in North and South America. Sales volumes for both NaHS and caustic soda were lower in the second quarter of 2025 compared to the second quarter of 2024.

Genesis Energy, L.P. (GEL) - Canvas Business Model: Customer Segments

You're looking at the core clientele for Genesis Energy, L.P. (GEL) as we wrap up 2025, focusing on who pays for their midstream services across the Gulf of America and Gulf Coast.

The financial health supporting these relationships in the third quarter of 2025 shows a total segment margin of $146.6 million, with Adjusted EBITDA for the quarter hitting $132.0 million. For the trailing twelve months ending September 30, 2025, Adjusted Consolidated EBITDA reached $566.6 million, with a bank leverage ratio of 5.41X.

Metric (Q3 2025)	Amount	Context
Total Revenues	$414.0 million	Total revenue for the third quarter of 2025.
Total Segment Margin	$146.6 million	Combined margin across all operating segments for Q3 2025.
Adjusted EBITDA (Q3 2025)	$132.0 million	A key measure of operational cash flow for the quarter.
Available Cash before Reserves (Q3 2025)	$35.5 million	Cash available to cover distributions to common unitholders.

The customer base is heavily weighted toward the energy producers and the downstream processors that take their product. Honestly, the credit risk profile is managed because the obligations are largely from established players in the sector.

Deepwater Gulf of America crude oil and natural gas producers.

These are the companies whose production Genesis Energy, L.P. moves via its offshore pipeline transportation segment. The segment's strong performance in Q3 2025, seeing a 40% increase in Segment Margin over the prior year quarter, directly reflects the activity and contractual stability with these producers. The portfolio of accounts receivable is comprised in large part of obligations from integrated and large independent oil and natural gas producers.

• Ramping volumes from the Shenandoah deepwater development, which began in June 2025, directly benefited this group's throughput.
• Minimum Volume Commitments (MVC's) on the 100% owned SYNC Pipeline and 64% owned CHOPS Pipeline are tied to these deepwater developments.
• Producer mechanical issues that impacted throughputs over the last 12-18 months are reported as largely behind us as of late 2025.

Major US Gulf Coast refiners and petrochemical manufacturers.

These entities are the destination for much of the crude oil and refined products Genesis Energy, L.P. handles, especially through its onshore and marine assets. The company's onshore pipelines directly serve refineries, which management believes insulates them from some competitive pressures faced elsewhere. Obligations from refiners make up a large part of the accounts receivable portfolio.

Crude oil marketers and traders utilizing onshore systems.

The Onshore Transportation and Services segment handles the transportation, blending, storage, and supply of energy products around refining centers. The Texas pipeline system, for example, is a key destination point for various crude oil grades, which implies service to marketers and traders moving product to market or storage. The segment delivered results in line with expectations for Q3 2025.

• The Onshore Transportation and Services segment saw a slight increase in Segment Margin in Q3 2025 from stable operations.
• Rail unload volumes at the Scenic Station facility provided a partial offset to lower sales volumes in the segment.

Other investment grade counterparties requiring midstream services.

This group encompasses the broader set of customers across all segments that meet Genesis Energy, L.P.'s credit standards. The company views the creditworthiness of its customer base, which includes refiners and producers, as a mitigating factor against industry concentration risk. The Marine Transportation segment, which handles refined petroleum products, serves various counterparties needing maritime transport.

Finance: draft 13-week cash view by Friday.

Genesis Energy, L.P. (GEL) - Canvas Business Model: Cost Structure

The Cost Structure for Genesis Energy, L.P. (GEL) is heavily weighted toward capital-intensive assets, meaning a large portion of costs are fixed or semi-fixed, tied to owning and maintaining the pipeline and vessel infrastructure.

Capital-intensive structure with high fixed costs for pipeline and vessel ownership.

The nature of midstream operations, particularly owning deepwater pipelines and a marine fleet, dictates significant ongoing capital requirements. While specific fixed costs like depreciation and amortization are not fully detailed here, the overall cost profile is dominated by asset base maintenance. For context on operational costs, management estimated annual cash costs to be in the range of $425 million to $450 million per year, reflecting the baseline expenses required to keep operations running, which would encompass fuel, labor, and insurance for the marine and onshore services.

Significant interest expense on total debt of $3.44 billion (Q2 2025).

A major component of the non-operating cost structure is the servicing of debt. As of the second quarter of 2025, Genesis Energy, L.P. carried $3.44 billion in total debt. This leverage results in substantial interest expense. For instance, in Q2 2025, the company reported a decrease in interest expense, net, of $3.8 million relative to the 2024 quarter, indicating the significant magnitude of this line item on the income statement.

Maintenance capital expenditures (Q2 2025 was $16.8 million).

To sustain the asset base, Genesis Energy, L.P. incurs regular maintenance capital expenditures (CapEx). For the second quarter of 2025, continuing maintenance capital expenditures, principally associated with the marine transportation business, were reported at $16.8 million, excluding costs related to the recently sold Alkali Business.

Operating expenses for marine and onshore services (fuel, labor, insurance).

The day-to-day running of the Marine Transportation and Onshore Transportation & Services segments drives variable and semi-variable operating expenses. While direct fuel, labor, and insurance figures are not itemized, the segment margins provide insight into the revenue base these costs are drawn against. The Onshore Transportation and Services segment generated a Segment Margin of $18.5 million in Q2 2025, while the Marine Transportation segment generated a Segment Margin of $29.8 million in the same period.

Here's a quick look at key Q2 2025 financial metrics that factor into the cost structure:

Cost/Financial Metric	Amount (Q2 2025)	Notes
Total Debt	$3.44 billion	As of the second quarter of 2025.
Continuing Maintenance CapEx	$16.8 million	For the three months ended June 30, 2025.
Estimated Annual Cash Costs	$425 million - $450 million	Estimate covering baseline operating expenses.
Marine Transportation Segment Margin	$29.8 million	Used as a proxy for revenue base supporting marine operating costs.
Onshore Transportation & Services Segment Margin	$18.5 million	Used as a proxy for revenue base supporting onshore operating costs.

The company's cost profile is intrinsically linked to the performance of its core assets. For example, the need to replace an older marine vessel, even if the old one is still economically operable, would represent a discretionary maintenance capital expenditure, adding to the overall cost burden.

• The capital structure requires significant ongoing investment to maintain asset integrity.
• Interest expense is a non-trivial fixed cost due to the $3.44 billion debt load.
• Maintenance CapEx for Q2 2025 was $16.8 million.
• Overall annual cash costs are estimated between $425 million and $450 million.

Genesis Energy, L.P. (GEL) - Canvas Business Model: Revenue Streams

You're looking at the core ways Genesis Energy, L.P. brings in cash as of late 2025. It's all about moving hydrocarbons and related services, primarily in the Gulf of America and the Gulf Coast states.

The revenue streams are anchored in three main operational areas, which generate the fees and tariffs that flow to the bottom line. The Offshore Pipeline Transportation segment is critical, relying on offshore pipeline tariffs and minimum volume commitment (MVC) fees from moving oil produced from deepwater reservoirs to shore via infrastructure like the SYNC and CHOPS pipelines. The Marine Transportation segment drives revenue through marine transportation fees based on utilization rates for maritime transport of refined products. Finally, the Onshore Transportation and Services segment contributes through its onshore transportation and services segment margin, which covers handling, blending, storage, and sulfur removal services near refining centers.

Here's a look at some of the key financial markers contributing to the top line as we approach the end of 2025.

Metric	Value	Period/Context
TTM Revenue	$2.89 billion	As of September 30, 2025
Adjusted Consolidated EBITDA (TTM)	$566.6 million	For the trailing twelve months ended September 30, 2025
Total Segment Margin	$146.6 million	For the third quarter of 2025
Expected Full-Year 2025 Adjusted EBITDA	Near the low end of $545-$575 million range	Full-year 2025 guidance
Q3 2025 Common Unit Distribution	$0.165 per common unit	For the quarter ended September 30, 2025

The business model relies heavily on volume commitments and utilization, so any delays in new field startups, like Shenandoah and Salamanca, directly impact near-term revenue realization. Still, management noted that the expected significant increase in Offshore Pipeline Transportation segment margin, driven by these new developments, remains a key part of the Genesis story for late 2025 and 2026.

You can see the segment contribution through the Total Segment Margin figures, which are a good proxy for the revenue-generating power of the operations before certain overheads. For instance, the Q2 2025 Total Segment Margin was $135.9 million, which improved to $146.6 million in Q3 2025. That's progress.

The revenue-generating segments are:

• Offshore Pipeline Transportation: Moving oil from deepwater Gulf of America to shore.
• Marine Transportation: Maritime transport of primarily refined petroleum products.
• Onshore Transportation and Services: Handling, blending, storage, and sulfur removal services.

The company is definitely focused on deleveraging, using cash flow to pay down debt and redeem preferred units, which is a financial action directly tied to the stability of these revenue streams.