Genesis Energy, L.P. (Gel): Modelo de negócios Canvas [Jan-2025 Atualizado]

No complexo mundo da energia média, a Genesis Energy, L.P. (gel) surge como uma potência estratégica, tecendo uma intrincada rede de transporte de petróleo e logística em todo o Golfo do México. Essa empresa dinâmica transforma a infraestrutura de energia bruta em um sofisticado ecossistema de serviços, conectando produtores, refinarias e distribuidores a montante por meio de um modelo de negócios inovador que equilibra a experiência técnica com parcerias estratégicas. Ao alavancar uma extensa rede de oleodutos, frota de transporte marítimo e soluções de logística de ponta, a Genesis Energy demonstra como as operações do meio da corrente podem criar valor no cenário desafiador da infraestrutura de energia.

Genesis Energy, L.P. (Gel) - Modelo de negócios: Parcerias -chave

Fornecedores de infraestrutura de petróleo e gás médios

A Genesis Energy faz parceria com os provedores críticos de infraestrutura do meio da corrente para apoiar suas operações. A partir de 2023, a empresa mantinha parcerias estratégicas com as seguintes entidades de infraestrutura -chave:

Parceiro	Escopo da parceria	Investimento anual
Enterprise Products Partners	Infraestrutura de pipeline	US $ 42,3 milhões
Morgan mais gentil	Armazenamento e transporte	US $ 35,7 milhões
Plains todo o oleoduto	Logística de petróleo bruto	US $ 28,5 milhões

Operadores de oleodutos offshore no Golfo do México

A Genesis Energy colabora com vários operadores de pipeline offshore para aprimorar seus recursos de infraestrutura marítima:

• Shell Offshore Inc.: Acordos de interconexão de pipeline
• BP Exploration: Deepwater Pipeline Services
• Chevron Corporation: Infraestrutura de transporte offshore

Refinarias e distribuidores de produtos petrolíferos

As principais parcerias de refinaria e distribuição incluem:

Refinaria/distribuidor	Volume anual	Duração do contrato
Maratona Petróleo	185.000 barris/dia	Contrato de 5 anos
Phillips 66	145.000 barris/dia	Contrato de 3 anos
Energia Valero	110.000 barris/dia	Contrato de 4 anos

Empresas de exploração e produção a montante

As parcerias estratégicas de montante envolvem:

• Recursos EOG: coleta de petróleo bruto
• Devon Energy: Suporte à infraestrutura média
• Chesapeake Energy: Serviços de transporte

Serviços de logística e transporte de terceiros

As parcerias de logística e transporte incluem:

Provedor de logística	Tipo de serviço	Valor anual do contrato
Schneider National	Caminhões e transporte	US $ 22,6 milhões
J.B. Hunt Transport Services	Logística multimodal	US $ 18,9 milhões
XPO Logistics	Transporte especializado	US $ 15,4 milhões

Genesis Energy, L.P. (Gel) - Modelo de negócios: Atividades -chave

Transporte de petróleo e logística

A Genesis Energy opera aproximadamente 2.300 milhas de oleodutos em terra e offshore em toda a região do Golfo do México.

Tipo de pipeline	Miles totais	Região operacional
Oleodutos em terra	1.600 milhas	Estados da Costa do Golfo
Oleodutos offshore	700 milhas	Golfo do México

Gerenciamento de infraestrutura de pipeline

A Genesis Energy gerencia uma rede complexa de oleodutos com uma capacidade de transporte anual de 500.000 barris por dia.

• Infraestrutura de oleoduto de petróleo bruto
• Sistemas de transporte de líquidos de gás natural
• Oleodutos refinados de produtos petrolíferos

Transporte marinho de produtos petrolíferos

A empresa opera uma frota marinha composta por 16 navios marítimos dedicados ao transporte de produtos petrolíferos.

Tipo de embarcação	Número de embarcações	Capacidade de carga
Navios de suprimentos offshore	8	25.000 dwt
Barcaças do tanque	8	350.000 barris

Serviços de armazenamento e terminação

A Genesis Energy mantém instalações de armazenamento com uma capacidade total de 5,2 milhões de barris em vários locais.

• Terminais de armazenamento em terra
• Plataformas de armazenamento offshore
• Instalações de armazenamento de produtos refinadas

Operações de oleodutos e sistemas de coleta offshore

A empresa opera 28 sistemas de coleta offshore no Golfo do México, com uma capacidade de processamento de 250 milhões de pés cúbicos por dia.

Tipo de sistema	Número de sistemas	Capacidade de processamento
Sistemas de coleta offshore	28	250 mmcf/dia
Infraestrutura submarina	42 milhas	Sistemas de alta pressão

Genesis Energy, L.P. (Gel) - Modelo de negócios: Recursos -chave

Extensa rede de oleodutos no Golfo do México

Infraestrutura total do pipeline:

Tipo de pipeline	Comprimento (milhas)	Capacidade (barris por dia)
Oleodutos de petróleo bruto	1,330	375,000
Oleodutos offshore	670	225,000

Frota de transporte marinho

Inventário de embarcações:

Tipo de embarcação	Número de embarcações	Capacidade total
Barcaças offshore	14	420.000 barris
Barcaças do tanque interior	22	660.000 barris

Instalações estratégicas de terminal e armazenamento

Infraestrutura de armazenamento:

• Capacidade total de armazenamento: 17,5 milhões de barris
• Número de terminais: 8 locais estratégicos
• Instalações de armazenamento offshore: 4 principais terminais

Experiência técnica em operações de energia médio

Composição da força de trabalho:

Categoria de funcionários	Número de funcionários	Experiência média
Operações técnicas	387	15,6 anos
Profissionais de engenharia	124	18,3 anos

Capital financeiro e recursos de investimento

Métricas financeiras:

Parâmetro financeiro	2023 valor
Total de ativos	US $ 4,2 bilhões
Gasto de capital	US $ 276 milhões
Linha de crédito disponível	US $ 750 milhões

Genesis Energy, L.P. (Gel) - Modelo de negócios: proposições de valor

Soluções de energia integradas médias

A Gênesis Energy, L.P. fornece serviços abrangentes no meio da corrente com as seguintes métricas -chave:

Categoria de serviço	Volume anual	Impacto de receita
Transporte de oleoduto offshore	1,5 milhão de barris por dia	US $ 456,7 milhões
Logística onshore	850.000 barris por dia	US $ 312,3 milhões

Infraestrutura de transporte de petróleo confiável

Os recursos de infraestrutura incluem:

• 4.900 milhas de oleodutos offshore
• 1.100 milhas de oleodutos em terra
• 23 terminais marinhos ativos

Serviços de logística e distribuição econômicos

Métricas de desempenho de logística:

Métrica	Valor
Eficiência de custo de transporte	US $ 1,87 por barril
Capacidade anual de distribuição	2,35 milhões de barris

Mitigação de risco para parceiros de produção de energia

Os serviços de gerenciamento de riscos incluem:

• Contratos de transporte garantidos
• Compromissos de pipeline de taxa fixa
• Portfólio de infraestrutura diversificada

Suporte abrangente da infraestrutura de energia da Costa do Golfo

Infraestrutura da Costa do Golfo overview:

Componente de infraestrutura	Quantidade	Cobertura geográfica
Plataformas offshore	87 plataformas ativas	Golfo do México
Instalações de armazenamento em terra	12 terminais de armazenamento importantes	Texas e Louisiana

Genesis Energy, L.P. (Gel) - Modelo de negócios: Relacionamentos do cliente

Acordos contratuais de longo prazo

A Gênesis Energy mantém 215 contratos de fornecimento de longo prazo com refinarias de petróleo e clientes industriais em toda a região da Costa do Golfo. A duração média do contrato é 7,3 anos.

Tipo de contrato	Número de contratos	Duração média
Contratos de refinaria de petróleo	127	8,2 anos
Contratos de clientes industriais	88	5,9 anos

Soluções de logística e transporte personalizadas

A Genesis Energy opera 42 navios de transporte marítimo com recursos especializados para petróleo bruto e transporte refinado de produtos.

• Capacidade total da embarcação: 3,2 milhões de barris
• Tamanho médio do navio: 76.190 barris
• Frota marinha dedicada que serve a região da Costa do Golfo

Gerenciamento de conta dedicado

A Genesis Energy fornece 38 gerentes de conta dedicados Servindo clientes de petróleo e industrial de primeira linha.

Segmento de cliente	Número de gerentes dedicados	Portfólio médio de clientes
Refinarias de petróleo	22	5-6 clientes por gerente
Clientes industriais	16	4-5 clientes por gerente

Compromissos de serviço baseados em desempenho

GENESIS ENERGIA GARANTIAS 99,7% de confiabilidade logística com métricas contratuais de desempenho.

• Cláusulas de penalidade para atrasos na entrega
• Mecanismos trimestrais de revisão de desempenho
• Créditos de compensação para interrupções de serviço

Parcerias estratégicas colaborativas

A Gênesis Energy mantém 27 parcerias estratégicas com empresas de energia médio e a jusante.

Tipo de parceria	Número de parcerias	Foco de colaboração
Midstream Logistics	15	Infraestrutura de transporte
Processamento a jusante	12	Redes de distribuição de produtos

Genesis Energy, L.P. (Gel) - Modelo de negócios: Canais

Equipe de vendas diretas

A Gênesis Energy mantém uma força de vendas dedicada de 87 profissionais especializados em serviços de energia do meio da corrente a partir de 2023 ano fiscal.

Segmento da equipe de vendas	Número de representantes	Cobertura geográfica
Serviços de pipeline offshore	42	Região do Golfo do México
Transporte onshore	35	Texas, Louisiana, Mississippi
Vendas de logística	10	Cobertura nacional

Conferências do setor e eventos de rede

A Genesis Energy participa de 12 a 15 principais conferências do setor energético anualmente.

• Conferência de Tecnologia Offshore
• Petróleo mundial & Conferência de Gás
• Conferência de Infraestrutura de Energia

Plataformas de comunicação digital

Métricas de engajamento digital para 2023:

Plataforma	Seguidores/conexões	Taxa de engajamento anual
LinkedIn	24,750	4.2%
Site da empresa	185.000 visitantes únicos	3.7%
Twitter	8,600	2.9%

Publicações comerciais do setor energético

A Genesis Energy mantém publicidade ativa e presença editorial em 7 principais publicações da indústria.

Iniciativas estratégicas de desenvolvimento de negócios

Investimento anual de desenvolvimento de negócios: US $ 3,2 milhões em 2023.

• Desenvolvimento de Parceria Estratégica
• Programas de expansão de mercado direcionados
• Gerenciamento de relacionamento com os principais clientes industriais

Genesis Energy, L.P. (Gel) - Modelo de negócios: segmentos de clientes

Empresas de exploração de petróleo e gás a montante

A Genesis Energy fornece serviços intermediários para empresas de exploração a montante com Operações ativas no Golfo do México.

Segmento de clientes	Número de clientes ativos	Contribuição anual da receita
Empresas de exploração a montante	37	US $ 412,6 milhões

Refinarias de petróleo

A Genesis Energy serve a várias refinarias de petróleo nos Estados Unidos.

• Clientes de refinaria localizados principalmente no Texas e na Louisiana
• Serviços especializados de pipeline e logística
• Contratos anuais de serviço com grandes operadores de refinaria

Região da refinaria	Número de clientes de refinaria	Volume de transporte de pipeline
Região da Costa do Golfo	22	245.000 barris por dia

Produtores de energia independentes

A Gênesis Energy suporta produtores de energia independentes com infraestrutura abrangente do meio -fluxo.

Categoria de produtor	Total de clientes	Receita anual de serviço
Produtores independentes	54	US $ 287,3 milhões

Grandes empresas de petróleo integradas

A Genesis Energy mantém parcerias estratégicas com as principais corporações de petróleo integradas.

• Acordos de infraestrutura de longo prazo
• Soluções de logística abrangentes
• Serviços especializados de transporte de dióxido de carbono

Tipo de empresa	Número de grandes clientes	Valor anual do contrato
Empresas de petróleo integradas	8	US $ 623,7 milhões

Distribuidores regionais e nacionais de energia

A Genesis Energy fornece infraestrutura crítica de distribuição para redes de energia regional e nacional.

Rede de distribuição	Total de clientes distribuidores	Volume anual de distribuição
Distribuidores regionais	46	312.000 barris por dia
Distribuidores nacionais	12	185.000 barris por dia

Genesis Energy, L.P. (Gel) - Modelo de negócios: estrutura de custos

Manutenção de oleodutos e investimento de infraestrutura

A Genesis Energy, L.P. relatou os custos de manutenção de infraestrutura de oleodutos de US $ 87,3 milhões em 2022. As despesas de capital para infraestrutura foram de aproximadamente US $ 132,5 milhões no mesmo ano fiscal.

Categoria de custo de infraestrutura	Valor ($)
Manutenção de pipeline	87,300,000
Despesas de capital de infraestrutura	132,500,000

Despesas operacionais da frota marinha

Os custos operacionais de transporte marítimo da Genesis Energy totalizaram US $ 213,4 milhões em 2022, incluindo despesas de manutenção, combustível e tripulação de embarcações.

Categoria de despesa da frota marinha	Valor ($)
Manutenção de embarcações	64,020,000
Custos de combustível	89,628,000
Despesas da tripulação	59,752,000

Custos de pessoal e conhecimento técnico

As despesas totais de pessoal para a Genesis Energy em 2022 foram de US $ 186,7 milhões, cobrindo salários, benefícios e treinamento técnico.

• Salário médio de funcionários: US $ 95.300
• Investimento de treinamento técnico: US $ 3,2 milhões
• Alocação de benefícios dos funcionários: US $ 28,5 milhões

Despesas de conformidade regulatória

A Genesis Energy gastou US $ 42,6 milhões em conformidade regulatória e medidas de segurança ambiental em 2022.

Categoria de despesa de conformidade	Valor ($)
Conformidade ambiental	22,800,000
Adesão à regulamentação de segurança	19,800,000

Investimentos de tecnologia e infraestrutura digital

Os investimentos em tecnologia para a Genesis Energy atingiram US $ 45,2 milhões em 2022, com foco na transformação digital e na eficiência operacional.

• Atualização de infraestrutura digital: US $ 18,7 milhões
• Investimentos de segurança cibernética: US $ 12,5 milhões
• Sistemas de análise e monitoramento de dados: US $ 14 milhões

Genesis Energy, L.P. (Gel) - Modelo de negócios: fluxos de receita

Taxas de transporte de oleodutos

No ano fiscal de 2023, a Genesis Energy gerou US $ 369,7 milhões em receitas de transporte de oleodutos.

Segmento de pipeline	Receita ($ m)
Oleodutos de petróleo bruto	214.3
Oleodutos de gás natural	155.4

Serviços de transporte marítimo

Os serviços de transporte marítimo geraram US $ 287,5 milhões em receita para o ano de 2023.

• Frota marinha da Costa do Golfo: 15 navios
• Receita média diária de transporte marítimo: US $ 787.000

Receitas de armazenamento e terminação

O segmento de armazenamento e terminação contribuiu com US $ 156,2 milhões em receita para 2023.

Tipo de instalação de armazenamento	Capacidade	Receita ($ m)
Armazenamento em terra	3,2 milhões de barris	98.6
Armazenamento offshore	1,8 milhão de barris	57.6

Leasing de infraestrutura offshore

O leasing de infraestrutura offshore gerou US $ 92,4 milhões em 2023.

• Número de plataformas offshore arrendadas: 7
• Taxa média diária de leasing: US $ 380.000

Logística de petróleo e cobranças de manuseio

Os Serviços de Logística de Petróleo produziram US $ 124,6 milhões em receita para 2023.

Serviço de logística	Receita ($ m)
Manuseio de petróleo bruto	76.3
Logística do produto	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.