Genesis Energy, L.P. (GEL): Modelo de Negocio Canvas [Actualizado en Ene-2025]

En el complejo mundo de la energía media, Genesis Energy, L.P. (Gel) surge como una potencia estratégica, tejiendo una intrincada red de transporte y logística de petróleo en todo el Golfo de México. Esta empresa dinámica transforma la infraestructura energética en bruto en un sofisticado ecosistema de servicios, conectando productores aguas arriba, refinerías y distribuidores a través de un modelo de negocio innovador que equilibra la experiencia técnica con asociaciones estratégicas. Al aprovechar una extensa red de tuberías, la flota de transporte marino y las soluciones logísticas de vanguardia, Genesis Energy demuestra cómo las operaciones de Midstream pueden crear valor en el desafiante panorama de la infraestructura energética.

Genesis Energy, L.P. (GEL) - Modelo de negocios: asociaciones clave

Proveedores de infraestructura de petróleo y gas de la corriente intermedia

Genesis Energy se asocia con proveedores críticos de infraestructura de Midstream para apoyar sus operaciones. A partir de 2023, la compañía mantuvo asociaciones estratégicas con las siguientes entidades clave de infraestructura:

Pareja	Alcance de la asociación	Inversión anual
Socios de productos empresariales	Infraestructura de tuberías	$ 42.3 millones
Kinder Morgan	Almacenamiento y transporte	$ 35.7 millones
Plains All American Pipeline	Logística de petróleo crudo	$ 28.5 millones

Operadores de tuberías en alta mar en el Golfo de México

Genesis Energy colabora con múltiples operadores de tuberías en alta mar para mejorar sus capacidades de infraestructura marítima:

• Shell Offshore Inc.: Acuerdos de interconexión de tuberías
• Exploración de BP: Servicios de tuberías de Deepwater
• Chevron Corporation: infraestructura de transporte en alta mar

Refinerías y distribuidores de productos de petróleo

Las asociaciones clave de refinería y distribución incluyen:

Refinería/distribuidor	Volumen anual	Duración del contrato
Petróleo de maratón	185,000 barriles/día	Acuerdo a 5 años
Phillips 66	145,000 barriles/día	Acuerdo de 3 años
Energía de Valero	110,000 barriles/día	Acuerdo de 4 años

Compañías de exploración y producción aguas arriba

Las asociaciones estratégicas aguas arriba implican:

• Recursos de EOG: recolección de petróleo crudo
• Devon Energy: soporte de infraestructura de la corriente intermedia
• Chesapeake Energy: Servicios de transporte

Servicios de logística y transporte de terceros

Las asociaciones de logística y transporte incluyen:

Proveedor de logística	Tipo de servicio	Valor anual del contrato
Schneider National	Transporte y transporte	$ 22.6 millones
Servicios de transporte de J.B. Hunt	Logística multimodal	$ 18.9 millones
Logística XPO	Transporte especializado	$ 15.4 millones

Genesis Energy, L.P. (Gel) - Modelo de negocio: actividades clave

Transporte y logística del petróleo

Genesis Energy opera aproximadamente 2,300 millas de tuberías en tierra y en alta mar en la región del Golfo de México.

Tipo de tubería	Total de millas	Región operativa
Tuberías en tierra	1.600 millas	Estados de la costa del Golfo
Tuberías en alta mar	700 millas	Golfo de México

Gestión de infraestructura de tuberías

Genesis Energy administra una red de tuberías compleja con una capacidad de transporte anual de 500,000 barriles por día.

• Infraestructura de tuberías de petróleo crudo
• Sistemas de transporte de líquidos de gas natural
• Tuberías de productos de petróleo refinados

Transporte marino de productos petroleros

La compañía opera una flota marina que consta de 16 embarcaciones marinas dedicadas al transporte de productos petroleros.

Tipo de vaso	Número de embarcaciones	Capacidad de carga
Buques de suministro en alta mar	8	25,000 DWT
Barcazas de tanque	8	350,000 barriles

Servicios de almacenamiento y terminales

Genesis Energy mantiene instalaciones de almacenamiento con una capacidad total de 5.2 millones de barriles en múltiples ubicaciones.

• Terminales de almacenamiento en tierra
• Plataformas de almacenamiento en alta mar
• Instalaciones de almacenamiento de productos refinados

Operaciones de sistemas de tuberías y recopilización en alta mar

La compañía opera 28 sistemas de reunión en alta mar en el Golfo de México con una capacidad de procesamiento de 250 millones de pies cúbicos por día.

Tipo de sistema	Número de sistemas	Capacidad de procesamiento
Sistemas de reunión en alta mar	28	250 mmcf/día
Infraestructura submarina	42 millas	Sistemas de alta presión

Genesis Energy, L.P. (GEL) - Modelo de negocio: recursos clave

Extensa red de tuberías en el Golfo de México

Infraestructura total de tuberías:

Tipo de tubería	Longitud (millas)	Capacidad (barriles por día)
Tuberías de petróleo crudo	1,330	375,000
Tuberías en alta mar	670	225,000

Flota de transporte marino

Inventario de embarcaciones:

Tipo de vaso	Número de embarcaciones	Capacidad total
Barcazas en alta mar	14	420,000 barriles
Barcazas de tanque interior	22	660,000 barriles

Terminal estratégico y instalaciones de almacenamiento

Infraestructura de almacenamiento:

• Capacidad de almacenamiento total: 17.5 millones de barriles
• Número de terminales: 8 ubicaciones estratégicas
• Instalaciones de almacenamiento en alta mar: 4 terminales principales

Experiencia técnica en operaciones energéticas de la corriente intermedia

Composición de la fuerza laboral:

Categoría de empleado	Número de empleados	Experiencia promedio
Operaciones técnicas	387	15.6 años
Profesionales de ingeniería	124	18.3 años

Capacidades de capital financiero y de inversión

Métricas financieras:

Parámetro financiero	Valor 2023
Activos totales	$ 4.2 mil millones
Gasto de capital	$ 276 millones
Facilidad de crédito disponible	$ 750 millones

Genesis Energy, L.P. (GEL) - Modelo de negocio: propuestas de valor

Soluciones integradas de energía midstream

Genesis Energy, L.P. proporciona servicios integrales de Midstream con las siguientes métricas clave:

Categoría de servicio	Volumen anual	Impacto de ingresos
Transporte de tuberías en alta mar	1,5 millones de barriles por día	$ 456.7 millones
Logística en tierra	850,000 barriles por día	$ 312.3 millones

Infraestructura de transporte petrolero confiable

Las capacidades de infraestructura incluyen:

• 4.900 millas de tuberías en alta mar
• 1.100 millas de tuberías en tierra
• 23 terminales marinas activas

Servicios de logística y distribución rentables

Métricas de rendimiento de logística:

Métrico	Valor
Eficiencia de rentabilidad del transporte	$ 1.87 por barril
Capacidad de distribución anual	2.35 millones de barriles

Mitigación de riesgos para socios de producción de energía

Los servicios de gestión de riesgos incluyen:

• Contratos de transporte garantizados
• Compromisos de tuberías de tasa fija
• Cartera de infraestructura diversificada

Soporte integral de infraestructura energética de la costa del Golfo

Infraestructura de la costa del Golfo overview:

Componente de infraestructura	Cantidad	Cobertura geográfica
Plataformas en alta mar	87 plataformas activas	Golfo de México
Instalaciones de almacenamiento en tierra	12 terminales de almacenamiento importantes	Texas y Louisiana

Genesis Energy, L.P. (GEL) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo

Genesis Energy mantiene 215 contratos de suministro a largo plazo con refinerías de petróleo y clientes industriales en toda la región de la costa del Golfo. La duración promedio del contrato es 7.3 años.

Tipo de contrato	Número de contratos	Duración promedio
Contratos de refinería de petróleo	127	8.2 años
Contratos de clientes industriales	88	5.9 años

Logística personalizada y soluciones de transporte

Genesis Energy opera 42 buques de transporte marino con capacidades especializadas para el petróleo crudo y el transporte de productos refinados.

• Capacidad total del recipiente: 3.2 millones de barriles
• Tamaño promedio de la embarcación: 76,190 barriles
• Flota Marina dedicada que sirve región de la costa del Golfo

Gestión de cuentas dedicada

Genesis Energy proporciona 38 gerentes de cuentas dedicados Sirviendo a clientes de petróleo e industriales de primer nivel.

Segmento de clientes	Número de gerentes dedicados	Cartera promedio de clientes
Refinerías de petróleo	22	5-6 clientes por gerente
Clientes industriales	16	4-5 clientes por gerente

Compromisos de servicio basados ​​en el rendimiento

Génesis Garantas de energía 99.7% de confiabilidad logística con métricas de rendimiento contractual.

• Cláusulas de penalización para retrasos en la entrega
• Mecanismos de revisión del rendimiento trimestral
• Créditos de compensación por interrupciones del servicio

Asociaciones estratégicas colaborativas

Genesis Energy mantiene 27 asociaciones estratégicas con compañías de energía Midstream y aguas abajo.

Tipo de asociación	Número de asociaciones	Enfoque de colaboración
Logística de la corriente intermedia	15	Infraestructura de transporte
Procesamiento aguas abajo	12	Redes de distribución de productos

Genesis Energy, L.P. (Gel) - Modelo de negocio: canales

Equipo de ventas directas

Genesis Energy mantiene una fuerza de ventas dedicada de 87 profesionales que se especializan en servicios de energía mediana a partir del año fiscal 2023.

Segmento del equipo de ventas	Número de representantes	Cobertura geográfica
Servicios de tuberías en alta mar	42	Región del Golfo de México
Transporte en tierra	35	Texas, Louisiana, Mississippi
Ventas de logística	10	Cobertura nacional

Conferencias de la industria y eventos de redes

Genesis Energy participa en 12-15 conferencias principales del sector energético anualmente.

• Conferencia de tecnología en alta mar
• Aceite mundial & Conferencia de gas
• Conferencia de infraestructura energética

Plataformas de comunicación digital

Métricas de compromiso digital para 2023:

Plataforma	Seguidores/conexiones	Tasa de compromiso anual
LinkedIn	24,750	4.2%
Sitio web de la empresa	185,000 visitantes únicos	3.7%
Gorjeo	8,600	2.9%

Publicaciones comerciales del sector energético

Genesis Energy mantiene publicidad activa y presencia editorial en 7 publicaciones clave de la industria.

Iniciativas estratégicas de desarrollo empresarial

Inversión anual de desarrollo comercial: $ 3.2 millones en 2023.

• Desarrollo de asociación estratégica
• Programas de expansión del mercado objetivo
• Gestión de relaciones con clientes industriales clave

Genesis Energy, L.P. (GEL) - Modelo de negocio: segmentos de clientes

Empresas de exploración de petróleo y gas aguas arriba

Genesis Energy proporciona servicios de Midstream a empresas de exploración aguas arriba con Operaciones activas en el Golfo de México.

Segmento de clientes	Número de clientes activos	Contribución anual de ingresos
Empresas de exploración aguas arriba	37	$ 412.6 millones

Refinerías de petróleo

Genesis Energy sirve múltiples refinerías de petróleo en los Estados Unidos.

• Clientes de refinería ubicados principalmente en Texas y Louisiana
• Servicios especializados de tuberías y logística
• Contratos de servicio anuales con los principales operadores de refinería

Región de refinería	Número de clientes de refinería	Volumen de transporte de tuberías
Región de la Costa del Golfo	22	245,000 barriles por día

Productores de energía independientes

Genesis Energy apoya a los productores de energía independientes con una infraestructura integral de la corriente media.

Categoría de productor	Total de clientes	Ingresos de servicio anuales
Productores independientes	54	$ 287.3 millones

Grandes compañías petroleras integradas

Genesis Energy mantiene asociaciones estratégicas con grandes corporaciones petroleras integradas.

• Acuerdos de infraestructura a largo plazo
• Soluciones logísticas integrales
• Servicios de transporte de dióxido de carbono especializados

Tipo de empresa	Número de clientes importantes	Valor anual del contrato
Compañías petroleras integradas	8	$ 623.7 millones

Distribuidores de energía regionales y nacionales

Genesis Energy proporciona infraestructura de distribución crítica para las redes energéticas regionales y nacionales.

Red de distribución	Clientes de distribuidores totales	Volumen de distribución anual
Distribuidores regionales	46	312,000 barriles por día
Distribuidores nacionales	12	185,000 barriles por día

Genesis Energy, L.P. (Gel) - Modelo de negocio: Estructura de costos

Mantenimiento de tuberías e inversión de infraestructura

Genesis Energy, L.P. informó que los costos de mantenimiento de la infraestructura de tuberías de $ 87.3 millones en 2022. Los gastos de capital por infraestructura fueron de aproximadamente $ 132.5 millones para el mismo año fiscal.

Categoría de costos de infraestructura	Monto ($)
Mantenimiento de la tubería	87,300,000
Gastos de capital de infraestructura	132,500,000

Gastos operativos de la flota marina

Los costos operativos de transporte marino para Genesis Energy totalizaron $ 213.4 millones en 2022, incluido el mantenimiento del barco, el combustible y los gastos de la tripulación.

Categoría de gastos de la flota marina	Monto ($)
Mantenimiento del recipiente	64,020,000
Costos de combustible	89,628,000
Gastos de la tripulación	59,752,000

Costos de personal y experiencia técnica

Los gastos totales de personal para Genesis Energy en 2022 fueron de $ 186.7 millones, que cubren los salarios, los beneficios y la capacitación técnica.

• Salario promedio de empleados: $ 95,300
• Inversión de capacitación técnica: $ 3.2 millones
• Asignación de beneficios para empleados: $ 28.5 millones

Gastos de cumplimiento regulatorio

Genesis Energy gastó $ 42.6 millones en cumplimiento regulatorio y medidas de seguridad ambiental en 2022.

Categoría de gastos de cumplimiento	Monto ($)
Cumplimiento ambiental	22,800,000
Adherencia de regulación de seguridad	19,800,000

Tecnología e inversiones en infraestructura digital

Las inversiones tecnológicas para Genesis Energy alcanzaron los $ 45.2 millones en 2022, centrándose en la transformación digital y la eficiencia operativa.

• Actualización de infraestructura digital: $ 18.7 millones
• Inversiones de ciberseguridad: $ 12.5 millones
• Análisis de datos y sistemas de monitoreo: $ 14 millones

Genesis Energy, L.P. (GEL) - Modelo de negocios: flujos de ingresos

Tarifas de transporte de tuberías

En el año fiscal 2023, Genesis Energy generó $ 369.7 millones en ingresos de transporte de tuberías.

Segmento de tuberías	Ingresos ($ M)
Tuberías de petróleo crudo	214.3
Tuberías de gas natural	155.4

Servicios de transporte marino

Los servicios de transporte marino generaron $ 287.5 millones en ingresos para el año 2023.

• Flota Marina de la Costa del Golfo: 15 embarcaciones
• Ingresos promedio de transporte marino diario: $ 787,000

Almacenamiento y terminaciones de ingresos

El segmento de almacenamiento y terminalidad contribuyó con $ 156.2 millones en ingresos para 2023.

Tipo de instalación de almacenamiento	Capacidad	Ingresos ($ M)
Almacenamiento en tierra	3.2 millones de barriles	98.6
Almacenamiento en alta mar	1.8 millones de barriles	57.6

Arrendamiento de infraestructura en alta mar

El arrendamiento de infraestructura en alta mar generó $ 92.4 millones en 2023.

• Número de plataformas en alta mar arrendadas: 7
• Tasa de arrendamiento diario promedio: $ 380,000

Logística de petróleo y cargos de manejo

Los servicios de logística petrolera produjeron $ 124.6 millones en ingresos para 2023.

Servicio logístico	Ingresos ($ M)
Manejo de petróleo crudo	76.3
Logística del producto	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.