Genesis Energy, L.P. (GEL): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde complexe de l'énergie médiane, Genesis Energy, L.P. (GEL) émerge comme une puissance stratégique, tissant un réseau complexe de transport et de logistique du pétrole dans le golfe du Mexique. Cette entreprise dynamique transforme l'infrastructure énergétique brute en un écosystème sophistiqué de services, connectant les producteurs en amont, les raffineries et les distributeurs grâce à un modèle commercial innovant qui équilibre l'expertise technique avec des partenariats stratégiques. En tirant parti d'un vaste réseau de pipelines, d'une flotte de transport marin et de solutions logistiques de pointe, Genesis Energy montre comment les opérations intermédiaires peuvent créer de la valeur dans le paysage difficile de l'infrastructure énergétique.

Genesis Energy, L.P. (GEL) - Modèle commercial: partenariats clés

Fournisseurs d'infrastructures pétrolières et gaziers intermédiaires

Genesis Energy s'associe à des fournisseurs d'infrastructures médianes critiques pour soutenir ses opérations. En 2023, la société a maintenu des partenariats stratégiques avec les entités d'infrastructure clés suivantes:

Partenaire	Portée du partenariat	Investissement annuel
Partners des produits d'entreprise	Infrastructure de pipeline	42,3 millions de dollars
Kinder Morgan	Stockage et transport	35,7 millions de dollars
Plaines All American Pipeline	Logistique du pétrole brut	28,5 millions de dollars

Opérateurs de pipeline offshore dans le golfe du Mexique

Genesis Energy collabore avec plusieurs opérateurs de pipelines offshore pour améliorer ses capacités d'infrastructure maritime:

• Shell Offshore Inc .: Accords d'interconnexion sur les pipelines
• BP Exploration: Deepwater Pipeline Services
• Chevron Corporation: Infrastructure de transport offshore

Distributeurs de produits de produits et de produits pétroliers

Les partenariats clés de la raffinerie et de la distribution comprennent:

Raffinerie / distributeur	Volume annuel	Durée du contrat
Marathon pétrole	185 000 barils / jour	Accord sur 5 ans
Phillips 66	145 000 barils / jour	Accord de 3 ans
Valero Energy	110 000 barils / jour	Accord de 4 ans

Sociétés d'exploration et de production en amont

Les partenariats stratégiques en amont impliquent:

• Ressources EOG: rassemblement de pétrole brut
• Devon Energy: support d'infrastructure intermédiaire
• Chesapeake Energy: Services de transport

Services de logistique et de transport tiers

Les partenariats de logistique et de transport comprennent:

Fournisseur de logistique	Type de service	Valeur du contrat annuel
Schneider National	Camionnage et transport	22,6 millions de dollars
J.B. Hunt Transport Services	Logistique multimodale	18,9 millions de dollars
Xpo logistique	Transport spécialisé	15,4 millions de dollars

Genesis Energy, L.P. (Gel) - Modèle d'entreprise: Activités clés

Transport et logistique du pétrole

Genesis Energy exploite environ 2 300 miles de pipelines terrestres et offshore dans la région du golfe du Mexique.

Type de pipeline	Kilomètres totaux	Région opérationnelle
Pipelines à terre	1 600 miles	États de la côte du golfe
Pipelines offshore	700 miles	Golfe du Mexique

Gestion des infrastructures de pipeline

Genesis Energy gère un réseau de pipelines complexe avec une capacité de transport annuelle de 500 000 barils par jour.

• Infrastructure de oléoduc brut
• Systèmes de transport de liquides de gaz naturel
• Pipelines de produits de pétrole raffiné

Transport marin de produits pétroliers

La société exploite une flotte marine composée de 16 navires marins dédiés au transport de produits pétroliers.

Type de navire	Nombre de navires	Capacité de chargement
Navires d'approvisionnement offshore	8	25 000 DWT
Barges du réservoir	8	350 000 barils

Services de stockage et de terminaison

Genesis Energy maintient des installations de stockage d'une capacité totale de 5,2 millions de barils sur plusieurs emplacements.

• Terminaux de stockage à terre
• Plates-formes de stockage offshore
• Installations de stockage de produits raffinés

Opérations de systèmes de pipeline offshore et de rassemblement

La société exploite 28 systèmes de rassemblement offshore dans le golfe du Mexique avec une capacité de transformation de 250 millions de pieds cubes par jour.

Type de système	Nombre de systèmes	Capacité de traitement
Systèmes de rassemblement offshore	28	250 mmcf / jour
Infrastructure sous-marine	42 miles	Systèmes à haute pression

Genesis Energy, L.P. (Gel) - Modèle d'entreprise: Ressources clés

Réseau de pipelines étendus dans le golfe du Mexique

Infrastructure totale de pipeline:

Type de pipeline	Longueur (miles)	Capacité (barils par jour)
Pilélines de pétrole brut	1,330	375,000
Pipelines offshore	670	225,000

Flotte de transport marin

Inventaire des navires:

Type de navire	Nombre de navires	Capacité totale
Barges offshore	14	420 000 barils
Barges de chars intérieures	22	660 000 barils

Terminal stratégique et installations de stockage

Infrastructure de stockage:

• Capacité de stockage totale: 17,5 millions de barils
• Nombre de terminaux: 8 emplacements stratégiques
• Installations de stockage offshore: 4 terminaux majeurs

Expertise technique dans les opérations énergétiques moyennes

Composition de la main-d'œuvre:

Catégorie des employés	Nombre d'employés	Expérience moyenne
Opérations techniques	387	15,6 ans
Professionnels de l'ingénierie	124	18,3 ans

Capacités de capital financier et d'investissement

Métriques financières:

Paramètre financier	Valeur 2023
Actif total	4,2 milliards de dollars
Dépenses en capital	276 millions de dollars
Facilité de crédit disponible	750 millions de dollars

Genesis Energy, L.P. (Gel) - Modèle d'entreprise: propositions de valeur

Solutions d'énergie intermédiaire intégrée

Genesis Energy, L.P. fournit des services complets en milieu médian avec les mesures clés suivantes:

Catégorie de service	Volume annuel	Impact sur les revenus
Transport du pipeline offshore	1,5 million de barils par jour	456,7 millions de dollars
Logistique à terre	850 000 barils par jour	312,3 millions de dollars

Infrastructure de transport pétrolière fiable

Les capacités d'infrastructure comprennent:

• 4 900 miles de pipelines offshore
• 1 100 miles de pipelines terrestres
• 23 terminaux marins actifs

Services de logistique et de distribution rentables

Métriques de performance logistique:

Métrique	Valeur
Gences de rentabilité du transport	1,87 $ le baril
Capacité de distribution annuelle	2,35 millions de barils

Atténuation des risques pour les partenaires de production d'énergie

Les services de gestion des risques comprennent:

• Contrats de transport garantis
• Engagements de pipeline à taux fixe
• Portefeuille d'infrastructures diversifiée

Support complet des infrastructures énergétiques de la côte du Golfe

Infrastructure de la côte du golfe overview:

Composant d'infrastructure	Quantité	Couverture géographique
Plates-formes offshore	87 plates-formes actives	Golfe du Mexique
Installations de stockage à terre	12 terminaux de stockage majeurs	Texas et Louisiane

Genesis Energy, L.P. (Gel) - Modèle d'entreprise: relations avec les clients

Accords contractuels à long terme

Genesis Energy maintient 215 contrats d'approvisionnement à long terme avec des raffineries de pétrole et des clients industriels dans la région de la côte du Golfe. La durée du contrat moyen est 7,3 ans.

Type de contrat	Nombre de contrats	Durée moyenne
Contrats de raffinerie de pétrole	127	8,2 ans
Contrats des clients industriels	88	5,9 ans

Solutions de logistique et de transport personnalisées

Genesis Energy fonctionne 42 navires de transport marin avec des capacités spécialisées pour le pétrole brut et le transport raffiné de produits.

• Capacité totale des navires: 3,2 millions de barils
• Taille moyenne des navires: 76 190 barils
• Flotte marine dédiée au service de la région de la côte du golfe

Gestion de compte dédiée

Genesis Energy fournit 38 gestionnaires de comptes dédiés Servant des clients de pétrole de haut niveau et industriels.

Segment client	Nombre de gestionnaires dédiés	Portefeuille de clients moyens
Raffineries de pétrole	22	5-6 clients par gestionnaire
Clients industriels	16	4-5 clients par gestionnaire

Engagements de service basés sur la performance

Genesis Energy Guarnees 99,7% de fiabilité logistique avec des mesures de performance contractuelles.

• Clauses de pénalité pour les retards de livraison
• Mécanismes de revue des performances trimestrielles
• Crédits de rémunération pour les interruptions de service

Partenariats stratégiques collaboratifs

Genesis Energy maintient 27 partenariats stratégiques avec des sociétés énergétiques intermédiaires et en aval.

Type de partenariat	Nombre de partenariats	Focus de la collaboration
Logistique intermédiaire	15	Infrastructure de transport
Traitement en aval	12	Réseaux de distribution de produits

Genesis Energy, L.P. (Gel) - Modèle d'entreprise: canaux

Équipe de vente directe

Genesis Energy maintient une force de vente dédiée de 87 professionnels spécialisés dans les services énergétiques intermédiaires à l'exercice 2023.

Segment de l'équipe de vente	Nombre de représentants	Couverture géographique
Services de pipeline offshore	42	Golfe du Mexique
Transport à terre	35	Texas, Louisiane, Mississippi
Ventes logistiques	10	Couverture nationale

Conférences de l'industrie et événements de réseautage

Genesis Energy participe à 12 à 15 conférences majeures du secteur de l'énergie chaque année.

• Conférence de technologie offshore
• Huile mondiale & Conférence
• Conférence d'infrastructure énergétique

Plateformes de communication numérique

Métriques d'engagement numérique pour 2023:

Plate-forme	Abonnés / connexions	Taux d'engagement annuel
Liendin	24,750	4.2%
Site Web de l'entreprise	185 000 visiteurs uniques	3.7%
Gazouillement	8,600	2.9%

Publications commerciales du secteur de l'énergie

Genesis Energy maintient la publicité active et la présence éditoriale dans 7 publications clés de l'industrie.

Initiatives stratégiques de développement commercial

Investissement annuel sur le développement des entreprises: 3,2 millions de dollars en 2023.

• Développement de partenariat stratégique
• Programmes d'expansion du marché ciblé
• Gestion des relations avec les principaux clients industriels

Genesis Energy, L.P. (Gel) - Modèle d'entreprise: segments de clientèle

Sociétés d'exploration de pétrole et de gaz en amont

Genesis Energy fournit des services intermédiaires aux entreprises d'exploration en amont avec Opérations actives dans le golfe du Mexique.

Segment de clientèle	Nombre de clients actifs	Contribution annuelle des revenus
Sociétés d'exploration en amont	37	412,6 millions de dollars

Raffineries de pétrole

Genesis Energy dessert plusieurs raffineries de pétrole aux États-Unis.

• Les clients de la raffinerie situés principalement au Texas et en Louisiane
• Pipeline spécialisée et services de logistique
• Contrats de services annuels avec les principaux opérateurs de raffinerie

Région de raffinerie	Nombre de clients de raffinerie	Volume de transport de pipeline
Région de la côte du golfe	22	245 000 barils par jour

Producteurs d'énergie indépendants

Genesis Energy soutient les producteurs d'énergie indépendants avec une infrastructure intermédiaire complète.

Catégorie des producteurs	Total des clients	Revenus de services annuels
Producteurs indépendants	54	287,3 millions de dollars

Grandes sociétés pétrolières intégrées

Genesis Energy maintient des partenariats stratégiques avec les grandes sociétés pétrolières intégrées.

• Accords d'infrastructure à long terme
• Solutions logistiques complètes
• Services de transport de dioxyde de carbone spécialisés

Type d'entreprise	Nombre de clients majeurs	Valeur du contrat annuel
Compagnies pétrolières intégrées	8	623,7 millions de dollars

Distributeurs d'énergie régionaux et nationaux

Genesis Energy fournit une infrastructure de distribution critique pour les réseaux énergétiques régionaux et nationaux.

Réseau de distribution	Total des clients de distributeurs	Volume de distribution annuel
Distributeurs régionaux	46	312 000 barils par jour
Distributeurs nationaux	12	185 000 barils par jour

Genesis Energy, L.P. (Gel) - Modèle d'entreprise: Structure des coûts

Entretien des pipelines et investissement des infrastructures

Genesis Energy, L.P., les coûts de maintenance des infrastructures de pipeline de 87,3 millions de dollars en 2022. Les dépenses en capital pour les infrastructures étaient d'environ 132,5 millions de dollars pour le même exercice.

Catégorie de coûts d'infrastructure	Montant ($)
Maintenance des pipelines	87,300,000
Dépenses en capital des infrastructures	132,500,000

Dépenses opérationnelles de la flotte marine

Les coûts opérationnels du transport marin pour Genesis Energy ont totalisé 213,4 millions de dollars en 2022, notamment l'entretien des navires, le carburant et les dépenses d'équipage.

Catégorie de dépenses de la flotte marine	Montant ($)
Entretien des navires	64,020,000
Coût de carburant	89,628,000
Dépenses de l'équipage	59,752,000

Coûts du personnel et de l'expertise technique

Les dépenses totales du personnel pour Genesis Energy en 2022 étaient de 186,7 millions de dollars, couvrant les salaires, les avantages sociaux et la formation technique.

• Salaire moyen des employés: 95 300 $
• Investissement de formation technique: 3,2 millions de dollars
• Attribution des avantages sociaux: 28,5 millions de dollars

Dépenses de conformité réglementaire

Genesis Energy a dépensé 42,6 millions de dollars pour les mesures de conformité réglementaire et de sécurité environnementale en 2022.

Catégorie de dépenses de conformité	Montant ($)
Conformité environnementale	22,800,000
Adhésion au règlement sur la sécurité	19,800,000

Investissements technologiques et infrastructures numériques

Les investissements technologiques pour Genesis Energy ont atteint 45,2 millions de dollars en 2022, en se concentrant sur la transformation numérique et l'efficacité opérationnelle.

• Mise à niveau des infrastructures numériques: 18,7 millions de dollars
• Investissements en cybersécurité: 12,5 millions de dollars
• Systèmes d'analyse et de surveillance des données: 14 millions de dollars

Genesis Energy, L.P. (GEL) - Modèle commercial: sources de revenus

Frais de transport de pipeline

Au cours de l'exercice 2023, Genesis Energy a généré 369,7 millions de dollars en revenus de transport de pipeline.

Segment de pipeline	Revenus ($ m)
Pilélines de pétrole brut	214.3
Pipelines de gaz naturel	155.4

Services de transport marin

Les services de transport marin ont généré 287,5 millions de dollars de revenus pour l'année 2023.

• Flotte marine de la côte du Golfe: 15 navires
• Revenus de transport marin quotidien moyen: 787 000 $

Revenus de stockage et de terminaison

Le segment de stockage et de terminale a contribué 156,2 millions de dollars en revenus pour 2023.

Type d'installation de stockage	Capacité	Revenus ($ m)
Stockage à terre	3,2 millions de barils	98.6
Stockage offshore	1,8 million de barils	57.6

Location d'infrastructure offshore

La location d'infrastructures offshore a généré 92,4 millions de dollars en 2023.

• Nombre de plates-formes offshore louées: 7
• Taux de location quotidien moyen: 380 000 $

Logistique pétrolière et frais de manipulation

Petroleum Logistics Services a produit 124,6 millions de dollars de revenus pour 2023.

Service logistique	Revenus ($ m)
Manipulation du pétrole brut	76.3
Logistique des produits	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.