10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

Form 10-Q 

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-12295

GENESIS ENERGY, L.P.

(Exact name of registrant as specified in its charter)

Delaware					76-0513049
(State or other jurisdiction of incorporation or organization)					(I.R.S. Employer Identification No.)
811 Louisiana, Suite 1200,
	Houston	,	TX		77002
(Address of principal executive offices)					(Zip code)
Registrant’s telephone number, including area code:				(713)	860-2500

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common units	GEL	NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. There were 122,424,321 Class A Common Units and 39,997 Class B Common Units outstanding as of May 1, 2024.

GENESIS ENERGY, L.P.

TABLE OF CONTENTS

		Page
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	3
	Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023	3
	Unaudited Condensed Consolidated Statements of Operations	4
	Unaudited Condensed Consolidated Statements of Comprehensive Income	5
	Unaudited Condensed Consolidated Statements of Partners’ Capital	6
	Unaudited Condensed Consolidated Statements of Cash Flows	7
	Notes to Unaudited Condensed Consolidated Financial Statements	8
	1. Organization and Basis of Presentation and Consolidation	8
	2. Recent Accounting Developments	8
	3. Revenue Recognition	9
	4. Business Consolidation	10
	5. Lease Accounting	11
	6. Inventories	12
	7. Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations	13
	8. Equity Investees	14
	9. Intangible Assets	14
	10. Debt	15
	11. Partners’ Capital, Mezzanine Capital and Distributions	16
	12. Net Income (Loss) Per Common Unit	18
	13. Business Segment Information	19
	14. Transactions with Related Parties	20
	15. Supplemental Cash Flow Information	21
	16. Derivatives	21
	17. Fair-Value Measurements	25
	18. Commitments and Contingencies	26
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	48
Item 4.	Controls and Procedures	48
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	49
Item 1A.	Risk Factors	49
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	49
Item 3.	Defaults upon Senior Securities	49
Item 4.	Mine Safety Disclosures	49
Item 5.	Other Information	49
Item 6.	Exhibits	50
SIGNATURES		51

2

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

GENESIS ENERGY, L.P.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except units)

	March 31, 2024		December 31, 2023
	(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	7,047	$	9,234
Restricted cash	27,804		18,804
Accounts receivable - trade, net	668,744		759,547
Inventories	126,645		135,231
Other	49,612		41,234
Total current assets	879,852		964,050
FIXED ASSETS, at cost	6,581,652		6,500,897
Less: Accumulated depreciation	(2,034,076)		(1,972,596)
Net fixed assets	4,547,576		4,528,301
MINERAL LEASEHOLDS, net of accumulated depletion	539,374		540,520
EQUITY INVESTEES	257,021		263,829
INTANGIBLE ASSETS, net of amortization	141,617		141,537
GOODWILL	301,959		301,959
RIGHT OF USE ASSETS, net	238,513		240,341
OTHER ASSETS, net of amortization	39,346		38,241
TOTAL ASSETS	$	6,945,258	$	7,018,778
LIABILITIES AND CAPITAL
CURRENT LIABILITIES:
Accounts payable - trade	$	473,263	$	588,924
Accrued liabilities	361,818		378,523
Total current liabilities	835,081		967,447
SENIOR SECURED CREDIT FACILITY	383,200		298,300
SENIOR UNSECURED NOTES, net of debt issuance costs, discount and premium	3,064,971		3,062,955
ALKALI SENIOR SECURED NOTES, net of debt issuance costs and discount	388,451		391,592
DEFERRED TAX LIABILITIES	18,019		17,510
OTHER LONG-TERM LIABILITIES	567,094		570,197
Total liabilities	5,256,816		5,308,001
MEZZANINE CAPITAL:
Class A Convertible Preferred Units, 23,111,918 issued and outstanding at March 31, 2024 and December 31, 2023, respectively	813,589		813,589
PARTNERS’ CAPITAL:
Common unitholders, 122,464,318 units issued and outstanding at March 31, 2024 and December 31, 2023, respectively	490,787		519,698
Accumulated other comprehensive income	8,120		8,040
Noncontrolling interests	375,946		369,450
Total partners’ capital	874,853		897,188
TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS’ CAPITAL	$	6,945,258	$	7,018,778

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

3

GENESIS ENERGY, L.P.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands)

	Three Months Ended March 31,
	2024		2023
REVENUES:
Offshore pipeline transportation	$	101,990	$	91,395
Soda and sulfur services	400,948		444,648
Marine transportation	83,574		83,226
Onshore facilities and transportation	183,593		171,343
Total revenues	770,105		790,612
COSTS AND EXPENSES:
Offshore pipeline transportation operating costs	27,818		23,125
Soda and sulfur services operating costs	351,366		406,222
Marine transportation operating costs	52,408		57,736
Onshore facilities and transportation product costs	160,388		149,056
Onshore facilities and transportation operating costs	17,287		17,380
General and administrative	15,009		14,552
Depreciation, depletion and amortization	73,771		73,160
Total costs and expenses	698,047		741,231
OPERATING INCOME	72,058		49,381
Equity in earnings of equity investees	16,441		17,553
Interest expense, net	(68,734)		(60,854)
Other expense	—		(1,808)
Income from operations before income taxes	19,765		4,272
Income tax expense	(809)		(884)
NET INCOME	18,956		3,388
Net income attributable to noncontrolling interests	(7,603)		(5,032)
NET INCOME (LOSS) ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	11,353	$	(1,644)
Less: Accumulated distributions attributable to Class A Convertible Preferred Units	(21,894)		(24,002)
NET LOSS ATTRIBUTABLE TO COMMON UNITHOLDERS	$	(10,541)	$	(25,646)
NET LOSS PER COMMON UNIT (Note 12):
Basic and Diluted	$	(0.09)	$	(0.21)
WEIGHTED AVERAGE OUTSTANDING COMMON UNITS:
Basic and Diluted	122,464		122,579

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

4

GENESIS ENERGY, L.P.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

	Three Months Ended March 31,
	2024		2023
Net income	$	18,956	$	3,388
Other comprehensive income:
Decrease in benefit plan liability	80		122
Total Comprehensive income	19,036		3,510
Comprehensive income attributable to noncontrolling interests	(7,603)		(5,032)
Comprehensive income attributable to Genesis Energy, L.P.	$	11,433	$	(1,522)

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

5

GENESIS ENERGY, L.P.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

(In thousands)

	Number of Common Units	Partners’ Capital		Noncontrolling Interests		Accumulated Other Comprehensive Income		Total
Partners’ capital, December 31, 2023	122,464	$	519,698	$	369,450	$	8,040	$	897,188
Net income	—	11,353		7,603		—		18,956
Cash distributions to partners	—	(18,370)		—		—		(18,370)
Cash distributions to noncontrolling interests	—	—		(10,107)		—		(10,107)
Cash contributions from noncontrolling interests	—	—		9,000		—		9,000
Other comprehensive income	—	—		—		80		80
Distributions to Class A Convertible Preferred unitholders	—	(21,894)		—		—		(21,894)
Partners’ capital, March 31, 2024	122,464	$	490,787	$	375,946	$	8,120	$	874,853
	Number of Common Units	Partners’ Capital		Noncontrolling Interests		Accumulated Other Comprehensive Income		Total
Partners’ capital, December 31, 2022	122,579	$	567,277	$	310,162	$	6,114	$	883,553
Net income (loss)	—	(1,644)		5,032		—		3,388
Cash distributions to partners	—	(18,387)		—		—		(18,387)
Cash distributions to noncontrolling interests	—	—		(15,005)		—		(15,005)
Cash contributions from noncontrolling interests	—	—		19,080		—		19,080
Other comprehensive income	—	—		—		122		122
Distributions to Class A Convertible Preferred unitholders	—	(24,002)		—		—		(24,002)
Partners’ capital, March 31, 2023	122,579	$	523,244	$	319,269	$	6,236	$	848,749

`

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

6

GENESIS ENERGY, L.P.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Three Months Ended March 31,
	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	18,956	$	3,388
Adjustments to reconcile net income to net cash provided by operating activities -
Depreciation, depletion and amortization	73,771		73,160
Amortization and write-off of debt issuance costs, premium and discount	2,884		3,534
Equity in earnings of investments in equity investees	(16,441)		(17,553)
Cash distributions of earnings of equity investees	15,569		17,328
Non-cash effect of long-term incentive compensation plans	4,315		4,630
Deferred and other tax liabilities	509		420
Unrealized losses (gains) on derivative transactions	(5,081)		27,127
Other, net	2,966		3,271
Net changes in components of operating assets and liabilities (Note 15)	28,473		(17,648)
Net cash provided by operating activities	125,921		97,657
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	(174,173)		(131,625)
Cash distributions received from equity investees - return of investment	7,546		6,601
Investments in equity investees	(285)		(1,190)
Proceeds from asset sales	204		22
Other, net	—		4,332
Net cash used in investing activities	(166,708)		(121,860)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	364,300		269,376
Repayments on senior secured credit facility	(279,400)		(350,376)
Proceeds from issuance of 2030 Notes (Note 10)	—		500,000
Repayment of senior unsecured notes (Note 10)	—		(341,135)
Repayment of Alkali senior secured notes (Note 10)	(2,976)		—
Debt issuance costs	(1,082)		(12,944)
Contributions from noncontrolling interests	9,000		19,080
Distributions to noncontrolling interests	(10,107)		(15,005)
Distributions to common unitholders	(18,370)		(18,387)
Distributions to Class A Convertible Preferred unitholders	(21,894)		(24,002)
Other, net	8,129		7,835
Net cash provided by financing activities	47,600		34,442
Net increase in cash, cash equivalents and restricted cash	6,813		10,239
Cash, cash equivalents and restricted cash at beginning of period	28,038		26,567
Cash, cash equivalents and restricted cash at end of period	$	34,851	$	36,806

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

7

GENESIS ENERGY, L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Organization and Basis of Presentation and Consolidation

Organization

We are a growth-oriented master limited partnership founded in Delaware in 1996 and focused on the midstream segment of the crude oil and natural gas industry as well as the production of natural soda ash. Our operations are primarily located in the Gulf of Mexico, Wyoming and in the Gulf Coast region of the United States. We provide an integrated suite of services to refiners, crude oil and natural gas producers and industrial and commercial enterprises. We have a diverse portfolio of assets, including pipelines, offshore hub and junction platforms, our trona and trona-based exploring, mining, processing, producing, marketing, logistics and selling business based in Wyoming (our “Alkali Business”), refinery-related plants, storage tanks and terminals, railcars, barges and other vessels and trucks. We are owned 100% by our limited partners. Genesis Energy, LLC, our general partner, is a wholly-owned subsidiary. Our general partner has sole responsibility for conducting our business and managing our operations. We conduct our operations and own our operating assets through our subsidiaries and joint ventures.

We currently manage our businesses through the following four divisions that constitute our reportable segments:

•Offshore pipeline transportation, which includes the transportation and processing of crude oil and natural gas in the Gulf of Mexico;

•Soda and sulfur services involving trona and trona-based exploring, mining, processing, soda ash production, marketing, logistics and selling activities, as well as processing of high sulfur (or “sour”) gas streams for refineries to remove the sulfur, and selling the related by-product, sodium hydrosulfide (or “NaHS,” commonly pronounced “nash”);

•Marine transportation to provide waterborne transportation of petroleum products (primarily fuel oil, asphalt and other heavy refined products) and crude oil throughout North America; and

•Onshore facilities and transportation, which includes terminaling, blending, storing, marketing, and transporting crude oil and petroleum products.

Basis of Presentation and Consolidation

The accompanying Unaudited Condensed Consolidated Financial Statements include Genesis Energy, L.P. and its subsidiaries.

Our results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the fiscal year. The Unaudited Condensed Consolidated Financial Statements included herein have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they reflect all adjustments (which consist solely of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial results for interim periods. Certain information and notes normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. However, we believe that the disclosures are adequate to make the information presented not misleading when read in conjunction with the information contained in the periodic reports we file with the SEC pursuant to the Securities Exchange Act of 1934, including the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 (our “Annual Report”).

Except per unit amounts, or as noted within the context of each footnote disclosure, the dollar amounts presented in the tabular data within these footnote disclosures are stated in thousands of dollars.

2. Recent Accounting Developments

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which is intended to enhance the transparency and usefulness of income tax disclosures. The amendments in ASU 2023-09 provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective prospectively to all annual periods beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of this standard on our disclosures.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which enhances the disclosures required for operating segments in our annual and interim Consolidated Financial Statements. ASU 2023-07 is effective retrospectively for fiscal years beginning after December

8

GENESIS ENERGY, L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of this standard on our disclosures.

All other new accounting pronouncements that have been issued, but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations.

3. Revenue Recognition

Revenue from Contracts with Customers

The following tables reflect the disaggregation of our revenues by major category for the three months ended March 31, 2024 and 2023, respectively:

	Three Months Ended March 31, 2024
	Offshore Pipeline Transportation		Soda and Sulfur Services		Marine Transportation		Onshore Facilities and Transportation		Consolidated
Fee-based revenues	$	101,990	$	—	$	83,574	$	15,293	$	200,857
Product Sales	—		378,061		—		168,300		546,361
Refinery Services	—		22,887		—		—		22,887
	$	101,990	$	400,948	$	83,574	$	183,593	$	770,105

	Three Months Ended March 31, 2023
	Offshore Pipeline Transportation		Soda and Sulfur Services		Marine Transportation		Onshore Facilities & Transportation		Consolidated
Fee-based revenues	$	91,395	$	—	$	83,226	$	14,184	$	188,805
Product Sales	—		422,824		—		157,159		579,983
Refinery Services	—		21,824		—		—		21,824
	$	91,395	$	444,648	$	83,226	$	171,343	$	790,612

The Company recognizes revenue upon the satisfaction of its performance obligations under its contracts. The timing of revenue recognition varies for our different revenue streams. In general, the timing includes recognition of revenue over time as services are being performed as well as recognition of revenue at a point in time for delivery of products.

Contract Assets and Liabilities

The table below depicts our contract asset and liability balances at December 31, 2023 and March 31, 2024:

	Contract Assets		Contract Liabilities
	Other Assets, net of amortization		Accrued Liabilities		Other Long-Term Liabilities
Balance at December 31, 2023	$	859	$	11,460	$	112,734
Balance at March 31, 2024	1,288		20,920		110,719

9

GENESIS ENERGY, L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Transaction Price Allocations to Remaining Performance Obligations

We are required to disclose the aggregate amount of our transaction prices that are allocated to unsatisfied performance obligations as of March 31, 2024. However, we are permitted to utilize the following exemptions:

1)Performance obligations that are part of a contract with an expected duration of one year or less;

2)Revenue recognized from the satisfaction of performance obligations where we have a right to consideration in an amount that corresponds directly with the value provided to customers; and

3)Contracts that contain variable consideration, such as index-based pricing or variable volumes, that is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that is part of a series.

The majority of our contracts qualify for one of these exemptions. For the remaining contract types that involve revenue recognition over a long-term period and include long-term fixed consideration (adjusted for indexing as required), we determined our allocations of transaction price that relate to unsatisfied performance obligations. For our tiered pricing offshore transportation contracts, we provide firm capacity for both fixed and variable consideration over a long-term period. Therefore, we have allocated the remaining contract value to future periods.

The following chart depicts how we expect to recognize revenues for future periods related to these contracts:

	Offshore Pipeline Transportation		Onshore Facilities and Transportation
Remainder of 2024	$	92,864	$	19,325
2025	136,326		25,853
2026	110,428		26,170
2027	66,828		14,026
2028	45,453		10,000
Thereafter	124,184		2,500
Total	$	576,083	$	97,874

4. Business Consolidation

American Natural Soda Ash Corporation (“ANSAC”)

ANSAC is an organization whose purpose is to promote and market the use and sale of domestically produced natural soda ash in specified countries outside of the United States. Prior to 2023, our Alkali Business and another domestic soda ash producer were the two members of ANSAC. On January 1, 2023, we became the sole member of ANSAC and assumed 100% of the voting rights of the entity, and it became a wholly owned subsidiary of Genesis.

10

The allocation of the purchase price, as presented within our Condensed Consolidated Balance Sheet as of December 31, 2023, is summarized as follows:

Cash and cash equivalents	$	4,332
Accounts receivable - trade, net	231,797
Inventories	19,522
Other current assets	14,203
Fixed assets, at cost	4,000
Right of use assets, net	93,208
Intangible assets, net of amortization	14,992
Other Assets, net of amortization	400
Accounts payable - trade(1)	(228,106)
Accrued liabilities	(75,224)
Deferred tax liabilities	(1,482)
Other long-term liabilities	(77,642)
Net Assets	$	—

(1)The “Accounts payable - trade” balance above includes $133.4 million of payables to Genesis at December 31, 2022 that eliminated upon consolidation in our Consolidated Balance Sheet.

Inventories principally relate to finished goods (soda ash) that have been supplied by current or former members of ANSAC. “Fixed assets, at cost” relate to leasehold improvements, and “Intangible assets, net of amortization” relate to the assets supporting our logistical and marketing footprint, and both have an estimated useful life of ten years, which is consistent with the term of our primary lease facilitating our logistics operations. Right of use assets, net and our corresponding lease liabilities, which are recorded within “Accrued liabilities” and “Other long-term liabilities,” are associated with our right to use certain assets to store and load finished goods, the vessels we utilize to ship finished goods to distributors and end users, as well as office space.

We have reflected the financial results of ANSAC within our soda and sulfur services segment from the date of acquisition, January 1, 2023. The following financial information was prepared from our historical financial statements that have been adjusted to give the effect of the consolidation of ANSAC, and was was prepared using financial data of ANSAC. Net loss attributable to common unitholders includes the effects of distributions attributable to our Class A Convertible Preferred Units. The dilutive effect of our Class A Convertible Preferred Units is calculated using the if-converted method.

	Three Months Ended March 31, 2023
Consolidated financial operating results:
Revenues	$	790,612
Net Loss Attributable to Genesis Energy, L.P.	(1,644)
Net Loss Attributable to Common Unitholders	(25,646)
Basic and diluted loss per common unit:
As reported net loss per common unit	$	(0.21)
Pro forma net loss per common unit	$	(0.21)

5. Lease Accounting

Lessee Arrangements

We lease a variety of transportation equipment (primarily railcars and vessels), terminals, land and facilities, and office space and equipment. Lease terms vary and can range from short term (not greater than 12 months) to long term (greater than 12 months). Certain of our leases contain options to extend the life of the lease at our sole discretion and we considered these options when determining the lease terms used to derive our right of use assets and associated lease liabilities. Leases with a term of 12 months or fewer are not recorded on our Unaudited Condensed Consolidated Balance Sheets and we recognize lease expense for these leases on a straight-line basis over the lease term.

11

Our “Right of Use Assets, net” balance includes our unamortized initial direct costs associated with certain of our transportation equipment, office space and equipment, and facilities and equipment leases. Additionally, it includes our unamortized prepaid rents and our deferred rents. Current and non-current lease liabilities are recorded within “Accrued liabilities” and “Other long-term liabilities,” respectively, on our Unaudited Condensed Consolidated Balance Sheets.

Lessor Arrangements

We have certain contracts discussed below in which we act as a lessor. We also, from time to time, sublease certain of our transportation and facilities equipment to third parties.

Operating Leases

During the three months ended March 31, 2024 and 2023, we acted as a lessor in a revenue contract associated with our 330,000 barrel-capacity ocean gong tanker, the M/T American Phoenix, included in our marine transportation segment. Our lease revenues for this arrangement were $6.8 million and $5.8 million for the three months ended March 31, 2024 and 2023, respectively.

The M/T American Phoenix is under contract through mid-2027. For the remainder of 2024, 2025, 2026, and through the expiration of the contract in 2027, we expect to receive undiscounted cash flows from lease payments of $21.5 million, $29.6 million, $30.7 million and $15.2 million, respectively. Our agreements generally contain clauses that may limit the use of the asset or require certain actions be taken by the lessee to maintain the asset for future performance.

6. Inventories

The major components of inventories were as follows:

	March 31, 2024		December 31, 2023
Crude oil	30,078		22,320
Caustic soda	8,202		9,150
NaHS	15,850		17,605
Raw materials - Alkali Business	8,075		8,355
Work-in-process - Alkali Business	5,717		11,404
Finished goods, net - Alkali Business	40,054		48,706
Materials and supplies, net - Alkali Business	18,669		17,691
Total	$	126,645	$	135,231

Inventories are valued at the lower of cost or net realizable value. As of March 31, 2024 , the net realizable value of our inventories was greater than the respective cost. At December 31, 2023, the net realizable value of our inventories was less than the respective cost by $0.2 million, which triggered a reduction of the value of inventory in our Consolidated Financial Statements by this amount.

Materials and supplies include chemicals, maintenance supplies and spare parts which will be consumed in the mining of trona ore and production of soda ash processes.

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7. Fixed Assets, Mineral Leaseholds and Asset Retirement Obligations

Fixed Assets

Fixed assets consisted of the following: 

	March 31, 2024		December 31, 2023
Crude oil and natural gas pipelines and related assets	$	2,950,573	$	2,945,215
Alkali facilities, machinery and equipment	1,150,287		1,147,291
Onshore facilities, machinery and equipment	288,704		271,271
Transportation equipment	26,673		24,913
Marine vessels	1,023,993		1,021,080
Land, buildings and improvements	294,852		293,733
Office equipment, furniture and fixtures	25,227		25,029
Construction in progress(1)	792,032		731,197
Other	29,311		41,168
Fixed assets, at cost	6,581,652		6,500,897
Less: Accumulated depreciation	(2,034,076)		(1,972,596)
Net fixed assets	$	4,547,576	$	4,528,301

(1)Construction in progress primarily relates to our ongoing offshore growth capital projects, which are expected to be completed in 2024 and 2025, and represents 100% of the costs incurred, including those funded by our noncontrolling interest holder.

Mineral Leaseholds

Our Mineral Leaseholds, relating to our Alkali Business, consist of the following:

	March 31, 2024		December 31, 2023
Mineral leaseholds	$	566,019	$	566,019
Less: Accumulated depletion	(26,645)		(25,499)
Mineral leaseholds, net of accumulated depletion	$	539,374	$	540,520

Our depreciation and depletion expense for the periods presented were as follows:

	Three Months Ended March 31,
	2024		2023
Depreciation expense	$	69,685	$	69,573
Depletion expense	1,146		881

Asset Retirement Obligations

We record asset retirement obligations (“AROs”) in connection with legal requirements to perform specified retirement activities under contractual arrangements and/or governmental regulations.

The following table presents information regarding our AROs since December 31, 2023:

ARO liability balance, December 31, 2023	$	243,708
Accretion expense	2,777
Settlements	(60)
ARO liability balance, March 31, 2024	$	246,425

At March 31, 2024 and December 31, 2023, $26.1 million is included as current in “Accrued liabilities” on our Unaudited Condensed Consolidated Balance Sheets. The remainder of the ARO liability as of March 31, 2024 and December 31, 2023 is included in “Other long-term liabilities” on our Unaudited Condensed Consolidated Balance Sheets.

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Certain of our unconsolidated affiliates have AROs recorded at March 31, 2024 and December 31, 2023 relating to contractual agreements and regulatory requirements. In addition, certain entities that we consolidate have non-controlling interest owners that are responsible for their representative share of future costs of the related ARO liability. These amounts are immaterial to our Unaudited Condensed Consolidated Financial Statements.

8. Equity Investees

We account for our ownership in certain of our joint ventures under the equity method of accounting. The price we pay to acquire an ownership interest in a company may exceed or be less than the underlying book value of the capital accounts we acquire. Such excess cost amounts are included within the carrying values of our equity investees. At March 31, 2024 and December 31, 2023, the unamortized excess cost amounts totaled $287.8 million and $291.4 million, respectively. We amortize the differences in carrying value as changes in equity earnings.

The following table presents information included in our Unaudited Condensed Consolidated Financial Statements related to our equity investees:

	Three Months Ended March 31,
	2024		2023
Genesis’ share of operating earnings	$	20,007	$	21,119
Amortization of differences attributable to Genesis’ carrying value of equity investments	(3,566)		(3,566)
Equity in earnings of equity investees	$	16,441	$	17,553
Distributions received(1)	$	23,249	$	23,834

(1) Distributions attributable to the respective period and received within 15 days subsequent to the respective period end.

Poseidon’s Revolving Credit Facility

Poseidon Oil Pipeline Company, LLC (“Poseidon”) has a revolving credit facility, which was amended and restated on June 1, 2023 (the “June 2023 credit facility”). Borrowings under Poseidon’s revolving credit facility are primarily used to fund spending on capital projects. The June 2023 credit facility, which matures on June 1, 2027, is non-recourse to Poseidon’s owners and secured by its assets. The June 2023 credit facility contains customary covenants such as restrictions on debt levels, liens, guarantees, mergers, sale of assets and distributions to owners. A breach of any of these covenants could result in acceleration of the maturity date of Poseidon’s debt. Poseidon was in compliance with the terms of its credit agreement for all periods presented in these Unaudited Condensed Consolidated Financial Statements.

9. Intangible Assets

The following table summarizes the components of our intangible assets at the dates indicated:

	March 31, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Carrying Value		Gross Carrying Amount		Accumulated Amortization		Carrying Value
Offshore pipeline contract intangibles	158,101		72,116		85,985		158,101		70,036		88,065
Other	73,888		18,256		55,632		70,974		17,502		53,472
Total	$	231,989	$	90,372	$	141,617	$	229,075	$	87,538	$	141,537

Our amortization of intangible assets for the periods presented was as follows:

	Three Months Ended March 31,
	2024		2023
Amortization of intangible assets	$	2,834	$	2,705

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We estimate that our amortization expense for the next five years will be as follows:

Remainder of	2024	$	11,315
	2025	14,856
	2026	14,544
	2027	14,097
	2028	13,848

10. Debt

Our obligations under debt arrangements consisted of the following:

	March 31, 2024						December 31, 2023
	Principal		Unamortized Premium, Discount and Debt Issuance Costs		Net Value		Principal		Unamortized Premium, Discount and Debt Issuance Costs		Net Value
Senior secured credit facility(1)	$	383,200	$	—	$	383,200	$	298,300	$	—	$	298,300
6.250% senior unsecured notes due 2026	339,310		1,562		337,748		339,310		1,746		337,564
8.000% senior unsecured notes due 2027	981,245		3,215		978,030		981,245		3,549		977,696
7.750% senior unsecured notes due 2028	679,360		5,747		673,613		679,360		6,121		673,239
8.250% senior unsecured notes due 2029	600,000		16,410		583,590		600,000		17,202		582,798
8.875% senior unsecured notes due 2030	500,000		8,010		491,990		500,000		8,342		491,658
5.875% Alkali senior secured notes due 2042(2)	422,024		21,593		400,431		425,000		21,791		403,209
Total long-term debt	$	3,905,139	$	56,537	$	3,848,602	$	3,823,215	$	58,751	$	3,764,464

(1)Unamortized debt issuance costs associated with our senior secured credit facility (included in “Other Assets, net of amortization” on the Unaudited Condensed Consolidated Balance Sheets), were $5.0 million and $5.7 million as of March 31, 2024 and December 31, 2023, respectively.

(2)As of March 31, 2024 and December 31, 2023, $12.0 million and $11.6 million, respectively, of the principal balance is considered current and included within “Accrued liabilities” on the Unaudited Condensed Consolidated Balance Sheets.

Senior Secured Credit Facility

On February 17, 2023, we entered into the Sixth Amended and Restated Credit Agreement (our “credit agreement”) to replace our Fifth Amended and Restated Credit Agreement. Our credit agreement provides for a $850 million senior secured revolving credit facility. The credit agreement matures on February 13, 2026, subject to extension at our request for one additional year on up to two occasions and subject to certain conditions.

At March 31, 2024, the key terms for rates under our senior secured credit facility (which are dependent on our leverage ratio as defined in the credit agreement) are as follows:

•The interest rate on borrowings may be based on an alternate base rate or Term Secured Overnight Financing Rate (“SOFR”), at our option. Interest on alternate base rate loans is equal to the sum of (a) the highest of (i) the prime rate in effect on such day, (ii) the federal funds effective rate in effect on such day plus 0.5% and (iii) the Adjusted Term SOFR (as defined in our credit agreement) for a one-month tenor in effect on such day plus 1% and (b) the applicable margin. The Adjusted Term SOFR is equal to the sum of (a) the Term SOFR rate (as defined in our credit agreement) for such period plus (b) the Term SOFR Adjustment of 0.1% plus (c) the applicable margin. The applicable margin varies from 2.25% to 3.50% on Term SOFR borrowings and from 1.25% to 2.50% on alternate base rate borrowings, depending on our leverage ratio. Our leverage ratio is recalculated quarterly and in connection with each material acquisition. At March 31, 2024, the applicable margins on our borrowings were 1.75% for alternate base rate borrowings and 2.75% for Term SOFR borrowings based on our leverage ratio.

•Letter of credit fee rates range from 2.25% to 3.50% based on our leverage ratio as computed under the credit agreement and can fluctuate quarterly. At March 31, 2024, our letter of credit rate was 2.75%.

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•We pay a commitment fee on the unused portion of the senior secured revolving credit facility. The commitment fee rates on the unused committed amount will range from 0.30% to 0.50% per annum depending on our leverage ratio. At March 31, 2024, our commitment fee rate on the unused committed amount was 0.50%.

•We have the ability to increase the aggregate size of the senior secured credit facility by an additional $200 million, subject to lender consent and certain other customary conditions.

At March 31, 2024, we had $383.2 million borrowed under our senior secured credit facility, with $23.9 million of the borrowed amount designated as a loan under the inventory sublimit. Our credit agreement allows up to $100 million of the capacity to be used for letters of credit, of which $4.5 million was outstanding at March 31, 2024. Due to the revolving nature of loans under our senior secured credit facility, additional borrowings, periodic repayments and re-borrowings may be made until the maturity date. The total amount available for borrowings under our senior secured credit facility at March 31, 2024 was $462.3 million, subject to compliance with covenants. Our credit agreement does not include a “borrowing base” limitation except with respect to our inventory loans.

Alkali Senior Secured Notes Issuance and Related Transactions

On May 17, 2022, Genesis Energy, L.P., through its newly created wholly-owned unrestricted subsidiary, GA ORRI, LLC (“GA ORRI”), issued $425 million principal amount of our 5.875% senior secured notes due 2042 (the “Alkali senior secured notes”) to certain institutional investors (the “Notes Offering”), secured by GA ORRI’s fifty-year limited term 10% overriding royalty interest in substantially all of the Alkali Business’ trona mineral leases (the “ORRI Interests”). The issuance generated net proceeds of $408 million, net of the issuance discount of $17 million. Interest payments are due on the last day of each quarter. The agreement governing the Alkali senior secured notes also requires principal repayments on the last day of each quarter commencing with the quarter ended March 31, 2024, in which we made a principal repayment of $3.0 million. As of March 31, 2024, principal repayments totaling $70.5 million are due within the next five years, with the remaining quarterly principal repayments due thereafter through March 31, 2042. As of March 31, 2024, $12.0 million of the principal balance is considered current and included within “Accrued liabilities” on the Unaudited Condensed Consolidated Balance Sheet. We are required to maintain a certain level of cash in a liquidity reserve account (owned by GA ORRI) to be held as collateral for future interest and principal payments as calculated and described in the agreement governing the Alkali senior secured notes. As of March 31, 2024, our liquidity reserve account had a balance of $18.8 million, which is classified as “Restricted cash” on the Unaudited Condensed Consolidated Balance Sheet.

Senior Unsecured Note Transactions

On January 25, 2023, we issued $500.0 million in aggregate principal amount of 8.875% senior unsecured notes due April 15, 2030 (the “2030 Notes”). Interest payments are due April 15 and October 15 of each year with the initial interest payment due on October 15, 2023. The net proceeds were used to purchase $316.3 million of our existing 2024 Notes, including the related accrued interest and tender premium and fees on those notes that were tendered in the tender offer that ended January 24, 2023. The remaining proceeds at that time were used to repay a portion of the borrowings outstanding under our senior secured credit facility and for general partnership purposes. On January 26, 2023, we issued a notice of redemption for the remaining principal of $24.8 million of our 2024 Notes and discharged the indebtedness with respect to the 2024 Notes on February 14, 2023. We incurred a loss of $1.8 million on the tender and redemption of the 2024 Notes, inclusive of our transactions costs and write-off of the related unamortized debt issuance costs, which is recorded as “Other expense” in our Unaudited Condensed Consolidated Statement of Operations for the three months ended March 31, 2023.

Our $3.1 billion aggregate principal amount of senior unsecured notes co-issued by Genesis Energy, L.P. and Genesis Energy Finance Corporation are fully and unconditionally guaranteed jointly and severally by all of Genesis Energy, L.P.’s current and future 100% owned domestic subsidiaries (the “Guarantor Subsidiaries”), except GA ORRI and GA ORRI Holdings, LLC (“GA ORRI Holdings”), and certain other subsidiaries. The non-guarantor subsidiaries are indirectly owned by Genesis Crude Oil, L.P., a Guarantor Subsidiary. The Guarantor Subsidiaries largely own the assets, other than the ORRI Interests, that we use to operate our business. As a general rule, the assets and credit of our unrestricted subsidiaries are not available to satisfy the debts of Genesis Energy, L.P., Genesis Energy Finance Corporation or the Guarantor Subsidiaries, and the liabilities of our unrestricted subsidiaries do not constitute obligations of Genesis Energy, L.P., Genesis Energy Finance Corporation or the Guarantor Subsidiaries.

11. Partners’ Capital, Mezzanine Capital and Distributions

At March 31, 2024, our outstanding common units consisted of 122,424,321 Class A Common Units and 39,997 Class B Common Units. The Class A Common Units are traditional common units in us. The Class B Common Units are identical to the Class A Common Units and, accordingly, have voting and distribution rights equivalent to those of the Class A Common Units, and, in addition, the Class B Common Units have the right to elect all of our board of directors and are convertible into

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Class A Common Units under certain circumstances, subject to certain exceptions. At March 31, 2024, we had 23,111,918 Class A Convertible Preferred Units outstanding, which are discussed below in further detail.     

In an effort to return capital to our investors, we announced a common equity repurchase program (the “Repurchase Program”) on August 8, 2023. The Repurchase Program authorizes the repurchase from time to time of up to 10% of our then outstanding Class A Common Units, or 12,253,922 units, via open market purchases or negotiated transactions conducted in accordance with applicable regulatory requirements. These repurchases may be made pursuant to a repurchase plan or plans that comply with Rule 10b5-1 under the Securities Exchange Act of 1934. The Repurchase Program will be reviewed no later than December 31, 2024 and may be suspended or discontinued at any time prior thereto. The Repurchase Program does not create an obligation for us to acquire a particular number of Class A Common Units and any Class A Common Units repurchased will be canceled. During 2023, we repurchased and cancelled a total of 114,900 Class A Common Units at an average price of approximately $9.09 per unit for a total purchase price of $1.0 million, including commissions. We did not repurchase any Class A Common Units during the three months ended March 31, 2024.

Distributions

We paid, or will pay, the following cash distributions to our common unitholders in 2023 and 2024:

Distribution For	Date Paid	Per Unit Amount		Total Amount
2023
1st Quarter	May 15, 2023	$	0.15	$	18,387
2nd Quarter	August 14, 2023	$	0.15	$	18,387
3rd Quarter	November 14, 2023	$	0.15	$	18,370
4th Quarter	February 14, 2024	$	0.15	$	18,370
2024
1st Quarter(1)	May 15, 2024	$	0.15	$	18,370

(1)This distribution was declared in April 2024 and will be paid to unitholders of record as of April 30, 2024.

Class A Convertible Preferred Units

Our Class A Convertible Preferred Units rank senior to all of our currently outstanding classes or series of limited partner interests with respect to distribution and/or liquidation rights. Holders of our Class A Convertible Preferred Units vote on an as-converted basis with holders of our common units and have certain class voting rights, including with respect to any amendment to the partnership agreement that would adversely affect the rights, preferences or privileges, or otherwise modify the terms, of those Class A Convertible Preferred Units.    

Accounting for the Class A Convertible Preferred Units

Our Class A Convertible Preferred Units are considered redeemable securities under GAAP due to the existence of redemption provisions upon a deemed liquidation event that is outside of our control. Therefore, we present them as temporary equity in the mezzanine section of the Unaudited Condensed Consolidated Balance Sheets. We initially recognized our Class A Convertible Preferred Units at their issuance date fair value, net of issuance costs, as they were not redeemable and we did not have plans or expect any events that constitute a change of control in our partnership agreement.

Net Income (Loss) Attributable to Genesis Energy, L.P. is adjusted for distributions attributable to the Class A Convertible Preferred Units that accumulate in the period. Net Income (Loss) Attributable to Genesis Energy, L.P. was reduced by $21.9 million and $24.0 million for the three months ending March 31, 2024 and 2023, respectively, due to Class A Convertible Preferred Unit distributions paid in the period (Class A Convertible Preferred Unit distributions are summarized in the table below).

As of March 31, 2024, we will not be required to further adjust the carrying amount of our Class A Convertible Preferred Units until it becomes probable that they would become redeemable. Once redemption becomes probable, we would adjust the carrying amount of our Class A Convertible Preferred Units to the redemption value over a period of time comprising the date redemption first becomes probable and the date the units can first be redeemed.

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We paid, or will pay, by the dates noted below, the following cash distributions to our Class A Convertible Preferred unitholders in 2023 and 2024:

Distribution For	Date Paid	Per Unit Amount		Total Amount
2023
1st Quarter	May 15, 2023	$	0.9473	$	24,002
2nd Quarter	August 14, 2023	$	0.9473	$	23,314
3rd Quarter	November 14, 2023	$	0.9473	$	22,612
4th Quarter	February 14, 2024	$	0.9473	$	21,894
2024
1st Quarter(1)	May 15, 2024	$	0.9473	$	21,894

(1)This distribution was declared in April 2024 and will be paid to unitholders of record as of April 30, 2024

Noncontrolling Interests

We own a 64% membership interests in Cameron Highway Oil Pipeline Co. (“CHOPS”) and are the operator of its pipeline and associated assets (the “CHOPS pipeline”). We also own an 80% membership interest in Independence Hub, LLC. For financial reporting purposes, the assets and liabilities of these entities are consolidated with those of our own, with any third party or affiliate interest in our Unaudited Condensed Consolidated Balance Sheets amounts shown as noncontrolling interests in equity.

In the first quarter of 2024 we received a $9.0 million contribution from our noncontrolling interest holder of CHOPS, of which we are required to use for completing the ongoing offshore growth capital project related to CHOPS. As of March 31, 2024, this amount is included within “Restricted cash” on the Unaudited Condensed Consolidated Balance Sheet and is expected to be spent on the associated project in the second quarter of 2024.

12. Net Income (Loss) Per Common Unit

Basic net income (loss) per common unit is computed by dividing net income (loss) attributable to Genesis Energy, L.P., after considering distributions attributable to our Class A preferred unitholders, by the weighted average number of common units outstanding.

The dilutive effect of our Class A Convertible Preferred Units is calculated using the if-converted method. Under the if-converted method, the Class A Convertible Preferred Units are assumed to be converted at the beginning of the period (beginning with their respective issuance date), and the resulting common units are included in the denominator of the diluted net income (loss) per common unit calculation for the period being presented. The numerator is adjusted for distributions declared in the period, undeclared distributions that accumulated during the period, and any returns that accumulated in the period. For the three months ended March 31, 2024 and 2023, the effect of the assumed conversion of all the outstanding Class A Convertible Preferred Units was anti-dilutive and was not included in the computation of diluted earnings per unit.

The following table reconciles net income (loss) attributable to Genesis Energy, L.P. and weighted average units used in computing basic and diluted net loss per common unit (in thousands):

	Three Months Ended March 31,
	2024		2023
Net income (loss) attributable to Genesis Energy, L.P.	$	11,353	$	(1,644)
Less: Accumulated distributions attributable to Class A Convertible Preferred Units	(21,894)		(24,002)
Net loss attributable to common unitholders	$	(10,541)	$	(25,646)
Weighted average outstanding units	122,464		122,579
Basic and diluted net loss per common unit	$	(0.09)	$	(0.21)

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13. Business Segment Information

We currently manage our businesses through four divisions that constitute our reportable segments:

•Offshore pipeline transportation, which includes the transportation and processing of crude oil and natural gas in the Gulf of Mexico;

•Soda and sulfur services involving trona and trona-based exploring, mining, processing, soda ash production, marketing, logistics and selling activities, as well as processing of high sulfur (or “sour”) gas streams for refineries to remove the sulfur, and selling the related by-product, sodium hydrosulfide (or “NaHS,” commonly pronounced “nash”);

•Marine transportation to provide waterborne transportation of petroleum products (primarily fuel oil, asphalt and other heavy refined products) and crude oil throughout North America; and

•Onshore facilities and transportation, which includes terminaling, blending, storing, marketing, and transporting crude oil and petroleum products.

Substantially all of our revenues are derived from, and substantially all of our assets are located in, the United States.

We define Segment Margin as revenues less product costs, operating expenses (excluding non-cash gains and charges, such as depreciation, depletion, amortization and accretion) and segment general and administrative expenses, net of the effects of our noncontrolling interests, plus our equity in distributable cash generated by our equity investees and unrestricted subsidiaries. In addition, our Segment Margin definition excludes the non-cash effects of our long-term incentive compensation plan.

Our chief operating decision maker (our Chief Executive Officer) evaluates segment performance based on a variety of measures including Segment Margin, segment volumes, where relevant, and capital investment. 

Segment information for the periods presented below was as follows:

	Offshore Pipeline Transportation		Soda and Sulfur Services		Marine Transportation		Onshore Facilities and Transportation		Total
Three Months Ended March 31, 2024
Segment Margin(1)	$	97,806	$	45,382	$	31,363	$	6,547	$	181,098
Capital expenditures(2)	$	63,626	$	18,600	$	12,310	$	6,521	$	101,057
Revenues:
External customers	$	101,990	$	402,954	$	83,574	$	181,587	$	770,105
Intersegment(3)	—		(2,006)		—		2,006		—
Total revenues of reportable segments	$	101,990	$	400,948	$	83,574	$	183,593	$	770,105
Three Months Ended March 31, 2023
Segment Margin(1)	$	97,938	$	66,107	$	25,694	$	5,390	$	195,129
Capital expenditures(2)	$	52,053	$	19,985	$	9,057	$	1,930	$	83,025
Revenues:
External customers	$	91,395	$	446,906	$	83,226	$	169,085	$	790,612
Intersegment(3)	—		(2,258)		—		2,258		—
Total revenues of reportable segments	$	91,395	$	444,648	$	83,226	$	171,343	$	790,612

(1)A reconciliation of Net income (loss) attributable to Genesis Energy, L.P. to total Segment Margin for the periods is presented below.

(2)Capital expenditures include maintenance and growth capital expenditures, such as fixed asset additions (including enhancements to existing facilities and construction of growth projects) as well as contributions to equity investees, if any.

(3)Intersegment sales were conducted under terms that we believe were no more or less favorable than then-existing market conditions.

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Total assets by reportable segment were as follows:

	March 31, 2024		December 31, 2023
Offshore pipeline transportation	$	2,626,821	$	2,580,032
Soda and sulfur services	2,637,632		2,705,350
Marine transportation	640,032		645,020
Onshore facilities and transportation	963,604		1,019,113
Other assets	77,169		69,263
Total consolidated assets	$	6,945,258	$	7,018,778

Reconciliation of Net income (loss) attributable to Genesis Energy, L.P. to total Segment Margin:

	Three Months Ended March 31,
	2024		2023
Net income (loss) attributable to Genesis Energy, L.P.	$	11,353	$	(1,644)
Corporate general and administrative expenses	16,049		15,764
Depreciation, depletion, amortization and accretion	76,543		75,935
Interest expense, net	68,734		60,854
Adjustment to include distributable cash generated by equity investees not included in income and exclude equity in investees net income(1)	6,808		6,281
Unrealized losses (gains) on derivative transactions excluding fair value hedges, net of changes in inventory value	(5,081)		27,132
Other non-cash items	(2,189)		(2,461)
Loss on extinguishment of debt(2)	—		1,809
Differences in timing of cash receipts for certain contractual arrangements(3)	8,072		10,575
Income tax expense	809		884
Total Segment Margin	$	181,098	$	195,129

(1)Includes distributions attributable to the quarter and received during or promptly following such quarter.

(2)The 2023 Quarter includes the transaction costs associated with the tender and redemption of our 2024 Notes, as well as the write-off of the unamortized issuance costs associated with these notes.

(3)Includes the difference in timing of cash receipts from customers during the period and the revenue we recognize in accordance with GAAP on our related contracts.

14. Transactions with Related Parties

The transactions with related parties were as follows:

	Three Months Ended March 31,
	2024		2023
Revenues:
Revenues from services and fees to Poseidon(1)	$	4,983	$	3,592
Costs and expenses:
Amounts paid to our CEO in connection with the use of his aircraft	$	165	$	165
Charges for products purchased from Poseidon(1)	286		282

(1)We own a 64% interest in Poseidon.

Our CEO, Mr. Grant E. Sims, owns an aircraft which is used by us for business purposes in the course of operations. We pay Mr. Sims a fixed monthly fee and reimburse the aircraft management company for costs related to our usage of the aircraft, including fuel and the actual out-of-pocket costs. Based on current market rates for chartering of private aircraft under long-term, priority arrangements with industry recognized chartering companies, we believe that the terms of this arrangement reflect what we would expect to obtain in an arms-length transaction.

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Transactions with Unconsolidated Affiliates

Poseidon

We provide management, administrative and pipeline operator services to Poseidon under an Operation and Management Agreement. Currently, that agreement automatically renews annually unless terminated by either party (as defined in the agreement). Our revenues for the three months ended March 31, 2024 and 2023 include $2.6 million and $2.5 million, respectively, of fees we earned through the provision of services under that agreement. At March 31, 2024 and December 31, 2023, Poseidon owed us $1.9 million for services rendered.

15. Supplemental Cash Flow Information

The following table provides information regarding the net changes in components of operating assets and liabilities.

	Three Months Ended March 31,
	2024		2023
(Increase) decrease in:
Accounts receivable	$	92,696	$	180,813
Inventories	20,443		(23,663)
Deferred charges	6,503		11,461
Other current assets	(4,929)		(11,365)
Increase (decrease) in:
Accounts payable	(74,093)		(126,440)
Accrued liabilities	(12,147)		(48,454)
Net changes in components of operating assets and liabilities	$	28,473	$	(17,648)

Payments of interest and commitment fees were $79.7 million and $79.0 million for the three months ended March 31, 2024 and March 31, 2023, respectively.

We capitalized interest of $11.3 million and $8.5 million during the three months ended March 31, 2024 and March 31, 2023, respectively.

At March 31, 2024 and March 31, 2023, we had incurred liabilities for fixed and intangible asset additions totaling $102.2 million and $46.4 million, respectively, that had not been paid at the end of the quarter. Therefore, these amounts were not included in the caption “Payments to acquire fixed and intangible assets” under Cash Flows from Investing Activities in the Unaudited Condensed Consolidated Statements of Cash Flows. The amounts as of March 31, 2024 primarily relate to the capital expenditures associated with our offshore growth capital projects and our Granger Optimization Project.

16. Derivatives

Crude Oil and Petroleum Products Hedges

We have exposure to commodity price changes related to our petroleum inventory and purchase commitments. We utilize derivative instruments (exchange-traded futures, options and swap contracts) to hedge our exposure to crude oil, fuel oil and other petroleum products. Our decision as to whether to designate derivative instruments as fair value hedges for accounting purposes relates to our expectations of the length of time we expect to have the commodity price exposure and our expectations as to whether the derivative contract will qualify as highly effective under accounting guidance in limiting our exposure to commodity price risk. We recognize any changes in the fair value of our derivative contracts as increases or decreases in “Onshore facilities and transportation product costs” in the Unaudited Condensed Consolidated Statements of Operations. The recognition of changes in fair value of the derivative contracts not designated as hedges for accounting purposes can occur in reporting periods that do not coincide with the recognition of gain or loss on the actual transaction being hedged. Therefore, we will, on occasion, report gains or losses in one period that will be partially offset by gains or losses in a future period when the hedged transaction is completed.

We have designated certain crude oil futures contracts as hedges of crude oil inventory due to our expectation that these contracts will be highly effective in hedging our exposure to fluctuations in crude oil prices during the period that we expect to hold that inventory. We account for these derivative instruments as fair value hedges under the accounting guidance. Changes in the fair value of these derivative instruments designated as fair value hedges are used to offset related changes in the fair value of the hedged crude oil inventory. Any hedge ineffectiveness in these fair value hedges and any amounts excluded

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from effectiveness testing are recorded as a gain or loss within “Onshore facilities and transportation product costs” in the Unaudited Condensed Consolidated Statements of Operations.

Natural Gas Hedges

Our Alkali Business relies on natural gas to generate heat and electricity for operations. We use a combination of commodity price swap contracts, future purchase contracts, and option contracts to manage our exposure to fluctuations in natural gas prices. The swap contracts are used to fix the basis differential between NYMEX Henry Hub and NW Rocky Mountain posted prices. We do not designate these contracts as hedges for accounting purposes. We recognize any changes in fair value of natural gas derivative contracts as increases or decreases within “Soda and sulfur services operating costs” in the Unaudited Condensed Consolidated Statements of Operations.

Forward Freight Hedges

ANSAC is exposed to fluctuations in freight rates for vessels used to transport soda ash to our international customers. We use exchange-traded or over-the-counter futures, swaps and options to hedge future freight rates for forecasted shipments. We do not designate these contracts as hedges for accounting purposes. We recognize any changes in fair value of forward freight contracts as increases or decreases within “Soda and sulfur services operating costs” in the Unaudited Condensed Consolidated Statements of Operations.

Bunker Fuel Hedges

ANSAC is exposed to fluctuations in the price of bunker fuel consumed by vessels used to transport soda ash to our international customers. We use exchange-traded or over-the-counter futures, swaps and options to hedge bunker fuel prices for forecasted shipments. We do not designate these contracts as hedges for accounting purposes. We recognize any changes in fair value of bunker fuel contracts as increases or decreases within “Soda and sulfur services operating costs” in the Unaudited Condensed Consolidated Statements of Operations.

Rail Fuel Surcharge Hedges

ANSAC enters into rail transport agreements that require us to pay rail fuel surcharges based on changes in the U.S. On-Highway Diesel Fuel Price published by the U.S. Department of Energy (“DOE”). We use exchange-traded or over-the-counter futures, swaps and options to hedge fluctuations in the fuel price. We do not designate these contracts as hedges for accounting purposes. We recognize any changes in fair value of bunker fuel contracts as increases or decreases within “Soda and sulfur services operating costs” in the Unaudited Condensed Consolidated Statements of Operations.

Balance Sheet Netting and Broker Margin Accounts

Our accounting policy is to offset derivative assets and liabilities executed with the same counterparty when a master netting arrangement exists. Accordingly, we also offset fair value amounts recorded for our exchange-traded derivative contracts against required margin funding in “Current Assets - Other” in our Unaudited Condensed Consolidated Balance Sheets. Our exchange-traded derivatives are transacted through brokerage accounts and are subject to margin requirements as established by the respective exchange. Margin requirements are intended to mitigate a party’s exposure to market volatility and counterparty credit risk. On a daily basis, our account equity (consisting of the sum of our cash margin balance and the fair value of our open derivatives) is compared to our initial margin requirement resulting in the payment or return of variation margin.

As of March 31, 2024, we had a net broker receivable of approximately $15.0 million (consisting of initial margin of $5.7 million increased by $9.3 million variation margin). As of December 31, 2023, we had a net broker receivable of approximately $10.9 million (consisting of initial margin of $5.7 million increased by $5.2 million of variation margin).  At March 31, 2024 and December 31, 2023, none of our outstanding derivatives contained credit-risk related contingent features that would result in a material adverse impact to us upon any change in our credit ratings. 

Financial Statement Impacts

Unrealized gains are subtracted from net income (loss) and unrealized losses are added to net income (loss) in determining cash flows from operating activities. To the extent that we have fair value hedges outstanding, the offsetting change recorded in the fair value of inventory is also eliminated from net income (loss) in determining cash flows from operating activities. Changes in the cash margin balance required to maintain our exchange-traded derivative contracts also affect cash flows from operating activities.

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Outstanding Derivatives

At March 31, 2024, we had the following outstanding derivative contracts that were entered into to economically hedge inventory, fixed price purchase commitments or forecasted purchases.

	Sell (Short) Contracts		Buy (Long) Contracts
Designated as hedges under accounting rules:
Crude oil futures:
Contract volumes (1,000 Bbls)	437		175
Weighted average contract price per Bbl	$	78.74	$	80.03
Not qualifying or not designated as hedges under accounting rules:
Crude oil futures:
Contract volumes (1,000 Bbls)	149		104
Weighted average contract price per Bbl	$	79.99	$	80.82
Natural gas swaps:
Contract volumes (10,000 MMBtu)	—		1,074
Weighted average price differential per MMBtu	$	—	$	0.54
Natural gas futures:
Contract volumes (10,000 MMBtu)	114		1,184
Weighted average contract price per MMBtu	$	1.77	$	3.47
Natural gas options:
Contract volumes (10,000 MMBtu)	17		—
Weighted average premium received/paid	$	0.31	$	—
Bunker fuel futures:
Contract volumes (metric tons “MT”)	—		54,500
Weighted average price per MT	$	—	$	538.17
Bunker fuel swaps:
Contract volumes (metric tons “MT”)	—		4,500
Weighted average price per MT	$	—	$	547.22
DOE diesel options:
Contract volumes (1,000 Gal)	—		2,750
Weighted average premium received/paid	$	—	$	0.35

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Fair Value of Derivative Assets and Liabilities

The following tables reflect the estimated fair value position of our derivatives at March 31, 2024 and December 31, 2023:

	Unaudited Condensed Consolidated Balance Sheets Location	Fair Value
		March 31, 2024		December 31, 2023
Asset Derivatives:
Natural Gas Swap (undesignated hedge)	Current Assets - Accounts receivable - trade, net	$	4,957	$	3,710
Commodity derivatives - futures and put and call options (undesignated hedges):
Gross amount of recognized assets	Current Assets - Other(1)	$	4,073	$	1,235
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	(4,073)		(1,235)
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets		$	—	$	—
Commodity derivatives - futures (designated hedges):
Gross amount of recognized assets	Current Assets - Other(1)	$	529	$	716
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	(529)		(716)
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets		$	—	$	—
Liability Derivatives:
Natural Gas Swap (undesignated hedge)	Current Liabilities -Accrued liabilities	$	(5,152)	$	(5,536)
Commodity derivatives - futures and put and call options (undesignated hedges):
Gross amount of recognized liabilities	Current Assets - Other(1)	$	(11,762)	$	(12,384)
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	11,762		12,384
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets		$	—	$	—
Commodity derivatives - futures (designated hedges):
Gross amount of recognized liabilities	Current Assets - Other(1)	$	(1,856)	$	(120)
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	1,856		120
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets		$	—	$	—

(1)As noted above, our exchange-traded derivatives are transacted through brokerage accounts and subject to margin requirements. We offset fair value amounts recorded for our exchange-traded derivative contracts against required margin deposits recorded in our Unaudited Condensed Consolidated Balance Sheets under “Current Assets - Other”.

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Effect on Operating Results 

		Amount of Gain (Loss) Recognized in Income
	Unaudited Condensed Consolidated Statements of Operations Location	Three Months Ended March 31,
		2024		2023
Commodity derivatives - futures and call options:
Contracts designated as hedges under accounting guidance	Onshore facilities and transportation product costs	$	(2,918)	$	967
Contracts not considered hedges under accounting guidance	Onshore facilities and transportation product costs, Soda and sulfur services operating costs	888		(10,153)
Total commodity derivatives		$	(2,030)	$	(9,186)
Natural Gas Swap	Soda and sulfur services operating costs	$	3,010	$	14,085

17. Fair-Value Measurements

We classify financial assets and liabilities into the following three levels based on the inputs used to measure fair value:

(1)Level 1 fair values are based on observable inputs such as quoted prices in active markets for identical assets and liabilities;

(2)Level 2 fair values are based on pricing inputs other than quoted prices in active markets for identical assets and liabilities and are either directly or indirectly observable as of the measurement date; and

(3)Level 3 fair values are based on unobservable inputs in which little or no market data exists.

As required by fair value accounting guidance, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

Our assessment of the significance of a particular input to the fair value requires judgment and may affect the placement of assets and liabilities within the fair value hierarchy levels.

The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2024 and December 31, 2023. 

	March 31, 2024						December 31, 2023
Recurring Fair Value Measures	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Commodity derivatives:
Assets	$	4,602	$	4,957	$	—	$	1,951	$	3,710	$	—
Liabilities	$	(13,618)	$	(5,152)	$	—	$	(12,504)	$	(5,536)	$	—

Our commodity and fuel derivatives include exchange-traded futures and exchange-traded options contracts. The fair value of these exchange-traded derivative contracts is based on unadjusted quoted prices in active markets and is, therefore, included in Level 1 of the fair value hierarchy. The fair value of the swaps contracts was determined using market price quotations and a pricing model. The swap contracts were considered a level 2 input in the fair value hierarchy at March 31, 2024.

See Note 16 for additional information on our derivative instruments.

Other Fair Value Measurements

We believe the debt outstanding under our senior secured credit facility approximates fair value as the stated rate of interest approximates current market rates of interest for similar instruments with comparable maturities. At March 31, 2024 and December 31, 2023, our senior unsecured notes had a carrying value of approximately $3.1 billion and a fair value of approximately $3.2 billion. The fair value of the senior unsecured notes is determined based on trade information in the financial markets of our public debt and is considered a Level 2 fair value measurement. At March 31, 2024 and December 31, 2023, our Alkali senior secured notes had a carrying value and fair value of approximately $0.4 billion. The fair value of the

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Alkali senior secured notes is determined based on trade information in the financial market of securities with similar features and is considered a Level 2 fair value measurement.

18. Commitments and Contingencies

We are subject to various environmental laws and regulations. Policies and procedures are in place to aid in monitoring compliance and detecting and addressing releases of crude oil from our pipelines or other facilities and from our mining operations relating to our Alkali Business; however, no assurance can be made that such environmental releases may not substantially affect our business.

We are subject to lawsuits in the normal course of business and examination by tax and other regulatory authorities. We do not expect such matters presently pending to have a material effect on our financial position, results of operations, or cash flows.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following information should be read in conjunction with our Unaudited Condensed Consolidated Financial Statements and accompanying notes included in this Quarterly Report on Form 10-Q. The following information and such Unaudited Condensed Consolidated Financial Statements should also be read in conjunction with the audited financial statements and related notes, together with our discussion and analysis of financial position and results of operations, included in our Annual Report.

Included in Management’s Discussion and Analysis of Financial Condition and Results of Operations are the following sections:

•Overview

•Results of Operations

•Liquidity and Capital Resources

•Guarantor Summarized Financial Information

•Non-GAAP Financial Measures

•Forward Looking Statements

Overview

We reported Net Income Attributable to Genesis Energy, L.P. of $11.4 million during the three months ended March 31, 2024 (the “2024 Quarter”) compared to Net Loss Attributable to Genesis Energy, L.P. of $1.6 million during the three months ended March 31, 2023 (the “2023 Quarter”).

Net Income Attributable to Genesis Energy, L.P. in the 2024 Quarter was primarily impacted by $5.1 million in unrealized gains associated with the valuation of our commodity derivative transactions compared to unrealized losses of $27.1 million during the 2023 Quarter associated with the valuation of our commodity derivative transactions. This increase in net income was partially offset by a decrease in Segment Margin of $14.0 million (see “Results of Operations” below for additional details on the results of our operating segments), and an increase in interest expense, net of $7.9 million during the 2024 Quarter (see “Results of Operations” below for additional details).

Cash flow from operating activities was $125.9 million for the 2024 Quarter compared to $97.7 million for the 2023 Quarter. The increase in cash flow from operating activities is primarily attributable to positive changes in working capital during the 2024 Quarter, which was offset partially by a decrease in our reported Segment Margin (as discussed further below).

Available Cash before Reserves (as defined below in “Non-GAAP Financial Measures”) to our common unitholders was $54.0 million for the 2024 Quarter, a decrease of $23.6 million, or 30%, from the 2023 Quarter primarily as a result of: (i) a decrease in Segment Margin of $14.0 million , which is discussed in more detail below; (ii) an increase in interest expense of $7.9 million (see “Results of Operations” below for additional details); and (iii) an increase in maintenance capital utilized of $2.0 million.

Segment Margin (as defined below in “Non-GAAP Financial Measures”) was $181.1 million for the 2024 Quarter, a decrease of $14.0 million, or 7%, from the 2023 Quarter. A more detailed discussion of our segment results and other costs are included below in “Results of Operations”. See “Non-GAAP Financial Measures” below for additional information on Segment Margin.

Distribution to Unitholders

On February 14, 2024, we paid a distribution of $0.15 per common unit related to the fourth quarter of 2023. With respect to our Class A Convertible Preferred Units, we declared a quarterly cash distribution of $0.9473 per preferred unit (or $3.7892 on an annualized basis) for each preferred unit held of record. These distributions were paid on February 14, 2024 to unitholders holders of record at the close of business January 31, 2024.

In April 2024, we declared our quarterly distribution to our common unitholders of $0.15 per unit related to the 2024 Quarter. With respect to our Class A Convertible Preferred Units, we declared a quarterly cash distribution of $0.9473 per Class A Convertible Preferred Unit (or $3.7892 on an annualized basis) for each Class A Convertible Preferred Unit held of record. These distributions will be payable May 15, 2024 to unitholders of record at the close of business on April 30, 2024.

International Conflicts and Market Update

Management’s estimates are based on numerous assumptions about future operations and market conditions, which we believe to be reasonable, but are inherently uncertain. The uncertainties underlying our assumptions could cause our estimates to differ significantly from actual results, including with respect to the duration and severity of the lasting impacts of international conflicts and the result of any economic recession or depression that has occurred or may occur in the future as a result of or as it

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relates to changes in governmental policies aimed at addressing inflation, which could cause fluctuations in global economic conditions, including capital and credit markets. We will continue to monitor the current market environment and to the extent conditions deteriorate, we may identify triggering events that may require future evaluations of the recoverability of the carrying value of our long-lived assets, intangible assets and goodwill, which could result in impairment charges that could be material to our results of operations.

Although the ultimate impacts of these international conflicts, and fluctuations in global economic conditions, including capital and credit markets, are still unknown at this time, we believe the fundamentals of our core businesses continue to remain strong and, given the current industry environment and capital market behavior, we have continued our focus on deleveraging our balance sheet as further explained in “Liquidity and Capital Resources”.

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Results of Operations

Revenues and Costs and Expenses

Our revenues for the 2024 Quarter decreased $20.5 million, or 3%, from the 2023 Quarter and our total costs and expenses decreased $43.2 million, or 6%, between the two periods with an overall net increase to operating income of $22.7 million as presented on the Unaudited Condensed Consolidated Statements of Operations. The increase in our operating income during the 2024 Quarter is primarily due to $5.1 million in unrealized gains associated with the valuation of our commodity derivative transactions compared to unrealized losses of $27.1 million during the 2023 Quarter. This increase to our operating income was partially offset by lower Segment Margin during the 2024 Quarter of $14.0 million, which was primarily a result of lower export pricing in our Alkali Business. See further discussion below under “Segment Margin” regarding the activity in our individual operating segments.

A substantial portion of our revenues and costs are derived from our Alkali Business, which is included in our soda and sulfur services segment, and the purchase and sale of crude oil in our crude oil marketing business, which is included in our onshore facilities and transportation segment. We describe, in more detail, the impact on revenues and costs for each of our businesses below.

As it relates to our Alkali Business, our revenues are derived from the extraction of trona, as well as the activities surrounding the processing and sale of natural soda ash and other alkali specialty products, including sodium sesquicarbonate (S-Carb) and sodium bicarbonate (Bicarb), and are a function of our selling prices and volumes sold. We sell our products to an industry-diverse and worldwide customer base. Our sales prices are contracted at various times throughout the year and for different durations. Our sales prices for volumes sold internationally are contracted for the current year either annually in the prior year or periodically throughout the current year (often quarterly), and our volumes priced and sold domestically are contracted at various times and can be of varying durations, often multi-year terms. The majority of our volumes sold internationally are sold through the American Natural Soda Ash Corporation (“ANSAC”), which became a wholly owned subsidiary of our Alkali Business on January 1, 2023 as we became the sole member of it at that time. ANSAC promotes export sales of U.S. produced soda ash utilizing its logistical asset and marketing capabilities. During the three months ended March 31, 2024, in addition to the volumes supplied by our operations and sold by ANSAC, ANSAC continued to receive a level of soda ash supply from certain former members to sell internationally, which is expected to continue in some capacity for at least the next several years. As a result of consolidating the results of ANSAC beginning on January 1, 2023, the sale of the soda ash volumes by ANSAC that were supplied by non-members are included in our consolidated results and have a proportionate effect to our revenues and costs, with little to no direct impact to our reported Net income (loss), Segment Margin and Available Cash before Reserves. We will continue to report the sales volumes of soda ash included in the operating results table for our soda and sulfur services segment shown below as we have historically reported them for comparability purposes and due to the minimal impact these incremental sales volumes from ANSAC have on our reported Net income (loss), Segment Margin and Available Cash before Reserves. Our sales volumes and prices can fluctuate from period to period and are dependent upon many factors, of which the main drivers are the global market and supply, customer demand, economic growth, and our ability to produce soda ash. Positive or negative changes to our revenue, through fluctuations in sales volumes or sales prices, can have a direct impact to Net income (loss), Segment Margin and Available Cash before Reserves as these fluctuations have a lesser impact to operating costs due to the fact that a portion of our costs are fixed in nature. Our costs, some of which are variable in nature and others are fixed in nature, relate primarily to the processing and producing of soda ash (and other alkali specialty products) and marketing and selling activities. In addition, costs include activities associated with mining and extracting trona ore, including energy costs and employee compensation. In our Alkali Business, during the 2024 Quarter, we had negative effects to our revenues (with a lesser impact to costs) relative to the 2023 Quarter due to lower pricing on our export tons. For additional information, see our segment-by-segment analysis below.

As it relates to our crude oil marketing business, the average closing prices for West Texas Intermediate crude oil on the New York Mercantile Exchange (“NYMEX”) increased to $77.50 per barrel in the 2024 Quarter, as compared to $75.93 per barrel in the 2023 Quarter. We would expect changes in crude oil prices to continue to proportionately affect our revenues and costs attributable to our purchase and sale of crude oil and petroleum products, producing minimal direct impact on Segment Margin, Net income (loss) and Available Cash before Reserves. We have limited our direct commodity price exposure related to crude oil and petroleum products through the broad use of fee-based service contracts, back-to-back purchase and sale arrangements and hedges. As a result, changes in the price of crude oil would proportionately impact both our revenues and our costs, with a disproportionately smaller net impact on our Segment Margin. However, we do have some indirect exposure to certain changes in prices for oil and petroleum products, particularly if they are significant and extended. We tend to experience more demand for certain of our services when prices increase significantly over extended periods of time, and we tend to experience less demand for certain of our services when prices decrease significantly over extended periods of time. For additional information regarding certain of our indirect exposure to commodity prices, see our segment-by-segment analysis below and the section of our Annual Report entitled “ Risks Related to Our Business.”

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In addition to our Alkali Business and our crude oil marketing business discussed above, we continue to operate in our other core businesses including: (i) our offshore Gulf of Mexico crude oil and natural gas pipeline transportation and handling operations, focusing on providing a suite of services primarily to integrated and large independent energy companies who make intensive capital investments (often in excess of a billion dollars) to develop large reservoir, long-lived crude oil and natural gas properties; (ii) our sulfur services business, which we believe is one of the largest producers and marketers (based on tons produced) of NaHS in North and South America; and (iii) our onshore-based refinery-centric operations located primarily in the Gulf Coast region of the U.S., which focus on providing a suite of services primarily to refiners. Refiners are the shippers of a majority of the volumes transported on our onshore crude pipelines, and refiners contracted for approximately 90% of the revenues from our marine transportation segment during the 2024 Quarter, which are used primarily to transport intermediate refined products (not crude oil) between refining complexes. The shippers on our offshore pipelines are mostly integrated and large independent energy companies whose production is ideally suited for the vast majority of refineries along the Gulf Coast. Their large-reservoir properties and the related pipelines and other infrastructure needed to develop them are capital intensive and yet, we believe, economically viable, in most cases, even in volatile commodity price environments. Given these facts, we do not expect changes in commodity prices to impact our Net income (loss), Segment Margin or Available Cash before Reserves derived from our offshore Gulf of Mexico crude oil and natural gas pipeline transportation and handling operations in the same manner in which they impact our revenues and costs derived from the purchase and sale of crude oil and petroleum products.

In our sulfur services business, our revenues and costs can be affected by the price movements in both caustic soda and NaHS. Average index prices for caustic soda decreased to $485 per DST during the 2024 Quarter compared to $1,177 per DST during the 2023 Quarter primarily due to a downward non-market adjustment of $425 per DST to previously posted US Caustic Soda Index prices. Typically, changes in caustic soda prices do not materially affect Net income (loss), Segment Margin, or Available Cash before Reserves as the pricing in many of our sales contracts for NaHS typically includes adjustments for fluctuations in commodity benchmarks (primarily caustic soda), freight, labor, energy costs and government indexes. The frequency at which those adjustments are applied varies by contract, geographic region and supply point. The mix of NaHS sales volumes to which we are able to apply such adjustments may vary due to timing or other factors such as competitive pressures. To the extent we are unable to pass these caustic soda price changes onto our customers, our results may be impacted.

Additionally, changes in certain of our operating costs between the respective quarters, such as those associated with our soda and sulfur services, offshore pipeline and marine transportation segments, are not correlated with crude oil prices. We discuss certain of those costs in further detail below in our segment-by-segment analysis.

Segment Margin

The contribution of each of our segments to total Segment Margin was as follows:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Offshore pipeline transportation	$	97,806	$	97,938
Soda and sulfur services	45,382		66,107
Marine transportation	31,363		25,694
Onshore facilities and transportation	6,547		5,390
Total Segment Margin	$	181,098	$	195,129

We define Segment Margin as revenues less product costs, operating expenses and segment general and administrative expenses (all of which are net of the effects of our noncontrolling interest holders), plus or minus applicable Select Items (defined below). Although we do not necessarily consider all of our Select Items to be non-recurring, infrequent or unusual, we believe that an understanding of these Select Items is important to the evaluation of our core operating results. See “Non-GAAP Financial Measures” for further discussion surrounding total Segment Margin.

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A reconciliation of Net Income (Loss) Attributable to Genesis Energy, L.P. to total Segment Margin for the periods presented is as follows:

	Three Months Ended March 31,
	2024		2023
Net Income (Loss) Attributable to Genesis Energy, L.P.	$	11,353	$	(1,644)
Corporate general and administrative expenses	16,049		15,764
Depreciation, depletion, amortization and accretion	76,543		75,935
Interest expense, net	68,734		60,854
Adjustment to include distributable cash generated by equity investees not included in income and exclude equity in investees net income(1)	6,808		6,281
Unrealized losses (gains) on derivative transactions excluding fair value hedges, net of changes in inventory value	(5,081)		27,132
Other non-cash items	(2,189)		(2,461)
Loss on debt extinguishment(2)	—		1,809
Differences in timing of cash receipts for certain contractual arrangements(3)	8,072		10,575
Income tax expense	809		884
Total Segment Margin	$	181,098	$	195,129

(1)Includes distributions attributable to the quarter and received during or promptly following such quarter.

(2)The 2023 Quarter includes the transaction costs associated with the tender and redemption of our 2024 Notes, as well as the write-off of the unamortized issuance costs associated with these notes.

(3)Includes the difference in timing of cash receipts from or billings to customers during the period and the revenue we recognize in accordance with GAAP on our related contracts. For purposes of our Non-GAAP measures, we add those amounts in the period of payment and deduct them in the period in which GAAP recognizes them.

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Offshore Pipeline Transportation Segment

Operating results and volumetric data for our offshore pipeline transportation segment are presented below: 

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Offshore crude oil pipeline revenue, net to our ownership interest and excluding non-cash revenues	$	81,405	$	78,015
Offshore natural gas pipeline revenue, excluding non-cash revenues	14,330		14,056
Offshore pipeline operating costs, net to our ownership interest and excluding non-cash expenses	(20,758)		(17,542)
Distributions from equity investments(1)	22,829		23,409
Offshore pipeline transportation Segment Margin	$	97,806	$	97,938
Volumetric Data 100% basis:
Crude oil pipelines (average Bbls/day unless otherwise noted):
CHOPS	298,313		234,136
Poseidon	291,922		315,160
Odyssey	63,697		65,655
GOPL(2)	2,358		1,988
Total crude oil offshore pipelines	656,290		616,939
Natural gas transportation volumes (MMBtus/day)	407,556		387,197
Volumetric Data net to our ownership interest(3):
Crude oil pipelines (average Bbls/day unless otherwise noted):
CHOPS	190,920		149,847
Poseidon	186,830		201,702
Odyssey	18,472		19,040
GOPL(2)	2,358		1,988
Total crude oil offshore pipelines	398,580		372,577
Natural gas transportation volumes (MMBtus/day)	117,179		106,951

(1)Offshore pipeline transportation Segment Margin includes distributions received from our offshore pipeline joint ventures accounted for under the equity method of accounting in 2024 and 2023, respectively.     

(2)One of our wholly-owned subsidiaries (GEL Offshore Pipeline, LLC, or “GOPL”) owns our undivided interest in the Eugene Island pipeline system.

(3)Volumes are the product of our effective ownership interest throughout the year multiplied by the relevant throughput over the given year.

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Three Months Ended March 31, 2024 Compared with Three Months Ended March 31, 2023

Offshore pipeline transportation Segment Margin for the 2024 Quarter decreased $0.1 million, or 0.1%, from the 2023 Quarter primarily due to an increase in producer downtime and an increase in our operating costs during the period. The increase in producer downtime was primarily due to a planned equipment overhaul at one of our producer’s platforms that required approximately ten days of outage and a producer well at one of our major host fields that was unexpectedly out of service for approximately two months. As of March 31, 2024, both of these producer maintenance items were completed and back in service. These decreases were mostly offset by an increase in our volumes during the 2024 Quarter primarily as a result of the Argos Floating Production System, which supports BP’s operated Mad Dog 2 field development and began producing in the second quarter of 2023 and has since ramped up production levels and achieved production levels in excess of 120,000 barrels of oil per day in the 2024 Quarter, with 100% of the volumes flowing through our 64% owned and operated CHOPS pipeline for ultimate delivery to shore. In addition to these developments, activity in and around our Gulf of Mexico asset base continues to be robust, including incremental in-field drilling at existing fields that tie into our infrastructure.

Soda and Sulfur Services Segment

Operating results for our soda and sulfur services segment were as follows:

	Three Months Ended March 31,
	2024		2023
Volumes sold:
Soda Ash volumes (short tons sold)	954,228		704,812
NaHS volumes (Dry short tons “DST”)	29,037		28,090
NaOH (caustic soda) volumes (DST)	20,750		20,176
Revenues (in thousands):
Revenues associated with Alkali Business(1)	$	330,818	$	362,939
NaHS revenues, excluding non-cash revenues	34,915		42,197
NaOH (caustic soda) revenues	12,913		18,461
Other revenues	1,421		1,485
Total external segment revenues, excluding non-cash revenues	$	380,067	$	425,082
Segment Margin (in thousands)	$	45,382	$	66,107

(1)See discussion above in “Results of Operations — Revenues and Costs and Expenses” regarding revenues associated with our Alkali Business.

Three Months Ended March 31, 2024 Compared with Three Months Ended March 31, 2023

Soda and sulfur services Segment Margin for the 2024 Quarter decreased $20.7 million, or 31%, from the 2023 Quarter primarily due to lower export pricing in our Alkali Business and lower NaHS and caustic soda sales pricing during the 2024 Quarter, which was partially offset by higher soda ash sales volumes in the period. The 2024 Quarter was impacted by a decline in export pricing as compared to the 2023 Quarter as global supply has continued to outpace demand in most markets. We expect this volatility and supply and demand dynamic to continue into the second quarter of 2024, but would anticipate that any demand uptick (from growing lithium and solar panel manufacturers) or a supply disruption could shift the market back into a balance that could yield a positive price movement in the second half of the year. Additionally, the 2024 Quarter was negatively impacted by temporary operational issues that led to lower production volumes and reduced operating efficiencies. These were offset partially by: (i) higher soda ash sales volumes in the 2024 Quarter as production from our expanded Granger facility came online in the fourth quarter of 2023; and (ii) the 2023 Quarter experienced extreme winter weather conditions that impacted our operations and certain supply chain functions, most notably the rail service in and out of the Green River Basin.

In our sulfur services business, we experienced a decrease in Segment Margin primarily due to a decrease in NaHS and caustic soda pricing as a result of continued pressures on demand in South America.

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Marine Transportation Segment

Within our marine transportation segment, we own a fleet of 91 barges (82 inland and 9 offshore) with a combined transportation capacity of 3.2 million barrels, 42 push/tow boats (33 inland and 9 offshore), and a 330,000 barrel capacity ocean going tanker, the M/T American Phoenix. Operating results for our marine transportation segment were as follows:

	Three Months Ended March 31,
	2024			2023
Revenues (in thousands):
Inland freight revenues	$	35,497		$	31,203
Offshore freight revenues	27,296			27,006
Other rebill revenues(1)	20,781			25,017
Total segment revenues	$	83,574		$	83,226
Operating costs, excluding non-cash expenses (in thousands)	$	52,211		$	57,532
Segment Margin (in thousands)	$	31,363		$	25,694
Fleet Utilization:(2)
Inland Barge Utilization	100.0		%	100.0		%
Offshore Barge Utilization	99.2		%	99.5		%

(1)Under certain of our marine contracts, we “rebill” our customers for a portion of our operating costs.

(2)Utilization rates are based on a 365-day year, as adjusted for planned downtime and dry-docking.

Three Months Ended March 31, 2024 Compared with Three Months Ended March 31, 2023

Marine transportation Segment Margin for the 2024 Quarter increased $5.7 million, or 22%, from the 2023 Quarter primarily due to higher day rates in our inland and offshore businesses, including the M/T American Phoenix, during the 2024 Quarter. This increase more than offset the increased number of planned regulatory dry-docking days in our offshore fleet during the 2024 Quarter. Demand for our barge services to move intermediate and refined products remained high during the 2024 Quarter due to the continued strength of refinery utilization rates as well as the lack of new supply of similar type vessels (primarily due to higher construction costs and long lead times for construction) as well as the retirement of older vessels in the market. We expect this favorable demand and supply balance to continue throughout the rest of 2024. The M/T American Phoenix started a new three-and-a-half-year contract in January 2024 with a credit-worthy counterparty at the highest day rate we have received since we first purchased the vessel in 2014.

Onshore Facilities and Transportation Segment

Our onshore facilities and transportation segment utilizes an integrated set of pipelines and terminals, trucks and barges to facilitate the movement of crude oil and refined products on behalf of producers, refiners and other customers. This segment includes crude oil and refined products pipelines, terminals and rail unloading facilities operating primarily within the U.S. Gulf Coast crude oil market. In addition, we utilize our trucking fleet that supports the purchase and sale of gathered and bulk purchased crude oil. Through these assets we offer our customers a full suite of services, including the following as of March 31, 2024:

•facilitating the transportation of crude oil from producers to refineries and from our terminals, as well as those owned by third parties, to refiners via pipelines;

•shipping crude oil and refined products to and from producers and refiners via trucks and pipelines;

•storing and blending of crude oil and intermediate and finished refined products;

•purchasing/selling and/or transporting crude oil from the wellhead to markets for ultimate use in refining;

•purchasing products from refiners, transporting those products to one of our terminals and blending those products to a quality that meets the requirements of our customers and selling those products (primarily fuel oil, asphalt and other heavy refined products) to wholesale markets; and

•unloading railcars at our crude-by-rail terminals.

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We also may use our terminal facilities to take advantage of contango market conditions for crude oil gathering and marketing and to capitalize on regional opportunities which arise from time to time for both crude oil and petroleum products.

Despite crude oil being considered a somewhat homogeneous commodity, many refiners are very particular about the quality of crude oil feedstock they process. Many U.S. refineries have distinct configurations and product slates that require crude oil with specific characteristics, such as gravity, sulfur content and metals content. The refineries evaluate the costs to obtain, transport and process their preferred feedstocks. That particularity provides us with opportunities to help the refineries in our areas of operation identify crude oil sources and transport crude oil meeting their requirements. The imbalances and inefficiencies relative to meeting the refiners’ requirements may also provide opportunities for us to utilize our purchasing and logistical skills to meet their demands. The pricing in the majority of our crude oil purchase contracts contains a market price component and a deduction to cover the cost of transportation and to provide us with a margin. Contracts sometimes contain a grade differential which considers the chemical composition of the crude oil and its appeal to different customers. Typically, the pricing in a contract to sell crude oil will consist of the market price components and the grade differentials. The margin on individual transactions is then dependent on our ability to manage our transportation costs and to capitalize on grade differentials.

Operating results from our onshore facilities and transportation segment were as follows:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Gathering, marketing, and logistics revenue	$	175,363	$	164,020
Crude oil pipeline tariffs and revenues	7,098		6,086
Crude oil and products costs, excluding unrealized gains and losses from derivative transactions	(160,141)		(148,933)
Operating costs, excluding non-cash expenses	(16,923)		(17,043)
Other	1,150		1,260
Segment Margin	$	6,547	$	5,390
Volumetric Data (average barrels per day unless otherwise noted):
Onshore crude oil pipelines:
Texas	84,617		64,037
Jay	5,461		5,004
Mississippi	2,812		5,009
Louisiana(1)	72,856		80,960
Onshore crude oil pipelines total	165,746		155,010
Crude oil and petroleum products sales	23,437		22,271
Rail unload volumes	1,240		—

(1)Total daily volumes for the three months ended March 31, 2024 and March 31, 2023 include 30,176 and 31,525 Bbls/day, respectively, of intermediate refined products and 41,849 and 48,914 Bbls/day, respectively, of crude oil associated with our Port of Baton Rouge Terminal pipelines.

Three Months Ended March 31, 2024 Compared with Three Months Ended March 31, 2023

Onshore facilities and transportation Segment Margin for the 2024 Quarter increased $1.2 million, or 21%, from the 2023 Quarter primarily due to an increase in volumes on our Texas pipeline system, which is a key destination point for various grades of crude oil produced in the Gulf of Mexico including those transported on our 64% owned CHOPS pipeline.

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Other Costs, Interest and Income Taxes

General and administrative expenses

	Three Months Ended March 31,
	2024		2023
	(in thousands)
General and administrative expenses not separately identified below:
Corporate	$	11,814	$	9,227
Segment	955		953
Long-term incentive compensation expense	2,217		4,338
Third party costs related to business development activities and growth projects	23		34
Total general and administrative expenses	$	15,009	$	14,552

Three Months Ended March 31, 2024 Compared with Three Months Ended March 31, 2023

Total general and administrative expenses for the 2024 Quarter increased by $0.5 million from the 2023 Quarter primarily due to higher corporate general and administrative expenses as a result of us conforming our short-term cash incentive programs to industry standards. This increase was partially offset by a decrease in our long-term incentive compensation expense during the 2024 Quarter as a result of the assumptions used to value our outstanding awards.

Depreciation, depletion and amortization expense

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Depreciation and depletion expense	$	70,831	$	70,454
Amortization expense	2,940		2,706
Total depreciation, depletion and amortization expense	$	73,771	$	73,160

Three Months Ended March 31, 2024 Compared with Three Months Ended March 31, 2023

Total depreciation, depletion and amortization expense for the 2024 Quarter increased by $0.6 million from the 2023 Quarter. This increase is primarily attributable to our continued growth and maintenance capital expenditures and placing new assets into service throughout the period and subsequent to the period ended March 31, 2023.

Interest expense, net

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Interest expense, senior secured credit facility (including commitment fees)	$	9,361	$	4,396
Interest expense, Alkali senior secured notes	6,242		6,356
Interest expense, senior unsecured notes	61,581		56,198
Amortization of debt issuance costs, premium and discount	2,884		2,361
Capitalized interest	(11,334)		(8,457)
Interest expense, net	$	68,734	$	60,854

Three Months Ended March 31, 2024 Compared with Three Months Ended March 31, 2023

“Interest expense, net” for the 2024 Quarter increased by $7.9 million primarily due to an increase in interest on our senior secured credit facility and an increase in interest on our senior unsecured notes. The increase in interest expense associated with our senior secured credit facility is primarily due to an increase in the SOFR rate, which is one of the main components of our interest rate, compared to the 2023 Quarter, and a higher average outstanding indebtedness during the 2024 Quarter. The increase in interest expense associated with our senior unsecured notes was primarily related to the issuance of our 8.25% senior unsecured notes due January 15, 2029 (the “2029 Notes”) in December 2023, which have a higher principal and

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interest rate as compared to our 6.50% senior unsecured notes due October 1, 2025 (the “2025 Notes”) that were partially tendered in December 2023 and ultimately redeemed in January 2024.

These increases were partially offset by higher capitalized interest during the 2024 Quarter as a result of our increased capital expenditures associated with our offshore growth capital construction projects.

Income tax expense

A portion of our operations are owned by wholly-owned corporate subsidiaries that are taxable as corporations. As a result, a substantial portion of the income tax expense we record relates to the operations of those corporations, and will vary from period to period as a percentage of our income before taxes based on the percentage of our income or loss that is derived from those corporations. The balance of the income tax expense we record relates to state taxes imposed on our operations that are treated as income taxes under generally accepted accounting principles and foreign income taxes.

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Liquidity and Capital Resources

General

On January 25, 2023, we issued $500.0 million in aggregate principal amount of 8.875% senior unsecured notes due April 15, 2030 (the “2030 Notes”). Interest payments are due April 15 and October 15 of each year with the initial interest payment due on October 15, 2023. The net proceeds were used to purchase approximately $316 million of our existing 5.625% senior unsecured notes due June 15, 2024 (the “2024 Notes”), including the related accrued interest and tender premium and fees on those notes that were tendered in the tender offer that ended January 24, 2023. The remaining proceeds at that time were used to repay a portion of the borrowings outstanding under our senior secured credit facility and for general partnership purposes. On January 26, 2023, we issued notice of redemption for the remaining principal of approximately $25 million of our 2024 Notes, and discharged the indebtedness with respect to the 2024 Notes on February 14, 2023.

On February 17, 2023, we entered into the Sixth Amended and Restated Credit Agreement (our “credit agreement”) to replace our Fifth Amended and Restated Credit Agreement. Our credit agreement provides for an $850 million senior secured revolving credit facility that matures on February 13, 2026, subject to extension at our request for one additional year on up to two occasions and subject to certain conditions.

On April 3, 2023, July 3, 2023 and October 2, 2023, we entered into purchase agreements with the Class A Convertible Preferred unitholders whereby we redeemed a total of 2,224,860 Class A Convertible Preferred Units at an average purchase price of $33.71 per unit. The redemption of these Class A Convertible Preferred Units, which carried an annual coupon rate of 11.24%, has allowed us to lower our overall cost of capital.

In an effort to return capital to our investors, we announced the Repurchase Program on August 8, 2023. The Repurchase Program authorizes the repurchase from time to time of up to 10% of our then outstanding Class A Common Units, or 12,253,922 units, via open market purchases or negotiated transactions conducted in accordance with applicable regulatory requirements. These repurchases may be made pursuant to a repurchase plan or plans that comply with Rule 10b5-1 under the Securities Exchange Act of 1934. The Repurchase Program will be reviewed no later than December 31, 2024 and may be suspended or discontinued at any time prior thereto. The Repurchase Program does not create an obligation for us to acquire a particular number of Class A Common Units and any Class A Common Units repurchased will be canceled. During 2023, we repurchased and cancelled a total of 114,900 Class A Common Units at an average price of approximately $9.09 per unit for a total purchase price of $1.0 million, including commissions, which is reflected as a reduction to the carrying value of our “Partners’ Capital - Common unitholders” on our Unaudited Condensed Consolidated Balance Sheet. We anticipate funding any future repurchase activity with a portion of our cash flows from operations and liquidity available under our senior secured credit facility.

On December 7, 2023, we issued $600.0 million in aggregate principal amount of the 2029 Notes. Interest payments are due January 15 and July 15 of each year with the initial interest payment due on July 15, 2024. The issuance of our 2029 Notes generated net proceeds of approximately $583 million, after deducting the underwriters’ discount and payment of offering expenses. The net proceeds were used to purchase approximately $514 million of the 2025 Notes and pay the related accrued interest and tender premium and fees on those notes that were tendered in the tender offer that ended December 6, 2023. On December 8, 2023, we issued a notice of redemption for the remaining principal of approximately $21 million of our 2025 Notes, and discharged the indebtedness with respect to the 2025 Notes on December 28, 2023 by depositing the redemption amount with the trustee of the 2025 Notes for redemption of the 2025 Notes, all in accordance with the terms and conditions of the indenture governing the 2025 Notes.

The successful completion of the above events has resulted in no scheduled maturities of our senior unsecured notes until 2026, and we expect that it will provide us an ample amount of available borrowing capacity under our senior secured credit facility, subject to compliance with covenants in the credit agreement, to, amongst other things, utilize for funding the remaining growth capital expenditures estimated to be associated with our offshore growth projects discussed below under “Growth Capital Expenditures”. The available borrowing capacity under our senior secured credit facility at March 31, 2024 is $462.3 million, subject to compliance with covenants. Our credit agreement does not include a “borrowing base” limitation except with respect to our inventory loans.

We anticipate that our future internally-generated funds and the funds available under our senior secured credit facility will allow us to meet our ordinary course capital needs. Our primary sources of liquidity have been cash flows from operations, borrowing availability under our senior secured credit facility, proceeds from the sale of non-core assets, the creation of strategic arrangements to share capital costs through joint ventures or strategic alliances and the proceeds from issuances of equity (common and preferred) and senior unsecured or secured notes.

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Our primary cash requirements consist of:

•working capital, primarily inventories and trade receivables and payables;

•routine operating expenses;

•capital growth (as discussed in more detail below) and maintenance projects;

•interest payments related to outstanding debt;

•asset retirement obligations;

•quarterly cash distributions to our preferred and common unitholders; and

•acquisitions of assets or businesses.

Capital Resources

Our ability to satisfy future capital needs will depend on our ability to raise substantial amounts of additional capital from time to time, including through equity and debt offerings (public and private), borrowings under our senior secured credit facility and other financing transactions, and to implement our growth strategy successfully. No assurance can be made that we will be able to raise necessary funds on satisfactory terms.

At March 31, 2024, our debt totaled approximately $3.9 billion, consisting of $383.2 million outstanding under our senior secured credit facility (including $23.9 million borrowed under the inventory sublimit tranche), $3.1 billion of senior unsecured notes and $422.0 million of Alkali senior secured notes, net, which are secured by the ORRI Interests. Our senior unsecured notes balance is comprised of $339.3 million of our 2026 Notes, $981.2 million of our 2027 Notes, $679.4 million of our 2028 Notes, $600.0 million of our 2029 Notes, and $500.0 million of our 2030 Notes.

Shelf Registration Statement

We have the ability to issue additional equity and debt securities in the future to assist us in meeting our future liquidity requirements, particularly those related to opportunistically acquiring assets and businesses and constructing new facilities and refinancing outstanding debt.

We have a universal shelf registration statement (our “2024 Shelf”) on file with the SEC which we filed on April 16, 2024 to replace our existing universal shelf registration statement that expired on April 19, 2024. Our 2024 Shelf allows us to issue an unlimited amount of equity and debt securities in connection with certain types of public offerings. However, the receptiveness of the capital markets to an offering of equity and/or debt securities cannot be assured and may be negatively impacted by, among other things, our long-term business prospects and other factors beyond our control, including market conditions. Our 2024 Shelf is set to expire in April 2027.

Cash Flows from Operations

We generally utilize the cash flows we generate from our operations to fund our common and preferred distributions and working capital needs. Excess funds that are generated are used to repay borrowings under our senior secured credit facility and/or to fund a portion of our capital expenditures. Our operating cash flows can be impacted by changes in items of working capital, primarily variances in the carrying amount of inventory and the timing of payment of accounts payable and accrued liabilities related to capital expenditures and interest charges, and the timing of accounts receivable collections from our customers.

We typically sell our crude oil in the same month in which we purchase it, so we do not need to rely on borrowings under our senior secured credit facility to pay for such crude oil purchases, other than inventory. During such periods, our accounts receivable and accounts payable generally move in tandem as we make payments and receive payments for the purchase and sale of crude oil.

In our Alkali Business, we typically extract trona from our mining facilities, process it into soda ash and other alkali products, and deliver and sell the products to our customers domestically and internationally. When we experience any differences in timing between the extraction, processing and sales of this trona or Alkali products, including the logistics and transportation to our customers, this could impact the cash requirements for these activities.

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The storage of our inventory of crude oil, petroleum products and alkali products can have a material impact on our cash flows from operating activities. In the month we pay for the stored crude oil or petroleum products (or pay for extraction and processing activities in the case of alkali products), we borrow under our senior secured credit facility (or use cash on hand) to pay for the crude oil or petroleum products (or extraction/processing of alkali products), utilizing a portion of our operating cash flows. Conversely, cash flow from operating activities increases during the period in which we collect the cash from the sale of the stored crude oil, petroleum products or alkali products. Additionally, for our exchange-traded derivatives, we may be required to deposit margin funds with the respective exchange when commodity prices increase as the value of the derivatives utilized to hedge the price risk in our inventory fluctuates. These deposits also impact our operating cash flows as we borrow under our senior secured credit facility or use cash on hand to fund the deposits.

See Note 15 in our Unaudited Condensed Consolidated Financial Statements for information regarding changes in components of operating assets and liabilities during the 2023 Quarter and 2022 Quarter.

Net cash flows provided by our operating activities for the three months ended March 31, 2024 were $125.9 million compared to $97.7 million for the three months ended March 31, 2023. The increase in cash flows from operating activities is primarily attributable to positive changes in working capital between the two periods, which was offset partially by a decrease in our reported Segment Margin in the 2024 Quarter relative to Segment Margin in the 2023 Quarter.

Capital Expenditures and Distributions Paid to Our Unitholders

We use cash primarily for our operating expenses, working capital needs, debt service, acquisition activities, internal growth projects and distributions we pay to our common and preferred unitholders. We finance maintenance capital expenditures and smaller internal growth projects and distributions primarily with cash generated by our operations. We have historically funded material growth capital projects (including acquisitions and internal growth projects) with borrowings under our senior secured credit facility, equity issuances (common and preferred units), the issuance of senior unsecured or secured notes, and/or the creation of strategic arrangements to share capital costs through joint ventures or strategic alliances.

Capital Expenditures for Fixed and Intangible Assets and Equity Investees

The following table summarizes our expenditures for fixed and intangible assets and equity investees in the periods indicated:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Capital expenditures for fixed and intangible assets:
Maintenance capital expenditures:
Offshore pipeline transportation assets	$	2,080	$	1,124
Soda and sulfur services assets	11,424		11,991
Marine transportation assets	12,044		9,057
Onshore facilities and transportation assets	426		1,605
Information technology systems and corporate assets	505		220
Total maintenance capital expenditures	26,479		23,997
Growth capital expenditures:
Offshore pipeline transportation assets(1)	61,261		50,064
Soda and sulfur services assets	7,176		7,994
Marine transportation assets	266		—
Onshore facilities and transportation assets	6,095		—
Information technology systems and corporate assets	2,472		2,440
Total growth capital expenditures	77,270		60,498
Total capital expenditures for fixed and intangible assets	103,749		84,495
Capital expenditures related to equity investees	285		1,190
Total capital expenditures	$	104,034	$	85,685

(1)Growth capital expenditures in our offshore pipeline transportation segment for 2024 and 2023 represent 100% of the costs incurred, including those funded by our noncontrolling interest holder (see further discussion below in “Growth Capital Expenditures”).

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Growth Capital Expenditures

On September 23, 2019, we announced the Granger Optimization Project (“GOP”). We reached substantial completion and achieved first production from the GOP during the fourth quarter of 2023 and expect production to ramp up to its incremental design capacity of 750,000 on an annual basis in 2024.

During 2022, we entered into definitive agreements to provide transportation services for 100% of the crude oil production associated with two separate standalone deepwater developments that have a combined production capacity of approximately 160,000 barrels per day. In conjunction with these agreements, we are expanding the current capacity of our 64% owned CHOPS pipeline and constructing a new 100% owned, approximately 105 mile, 20” diameter crude oil pipeline, the SYNC pipeline, to connect one of the developments to our existing asset footprint in the Gulf of Mexico. We plan to complete the construction in line with the producers’ plan for first oil achievement, which is currently expected in late 2024 or 2025. Additionally, in 2023, we entered into several additional definitive agreements with existing producers to further commit additional volumes transported on our CHOPS pipeline. The producer agreements include long term take-or-pay arrangements and, accordingly, we are able to receive a project completion credit for purposes of calculating the leverage ratio under our credit agreement throughout the construction period.

We plan to fund our estimated growth capital expenditures utilizing the available borrowing capacity under our senior secured credit facility and our recurring cash flows generated from operations.

Maintenance Capital Expenditures

Maintenance capital expenditures incurred during the first quarter of 2024 and 2023 primarily related to expenditures in our marine transportation segment to replace and upgrade certain equipment associated with our barge and fleet vessels during our planned and unplanned dry-docks and in our Alkali Business due to the costs to maintain our related equipment and facilities. Additionally, our offshore transportation assets incur maintenance capital expenditures to replace, maintain and upgrade equipment at certain of our offshore platforms and pipelines that we operate. See further discussion under “Available Cash before Reserves” for how such maintenance capital utilization is reflected in our calculation of Available Cash before Reserves.

Distributions to Unitholders

On February 14, 2024, we paid a distribution to our common unitholders of $0.15 per common unit related to the fourth quarter of 2023. With respect to our Class A Convertible Preferred Units, we declared a quarterly cash distribution of $0.9473 per preferred unit (or $3.7892 on an annualized basis) for each preferred unit held of record. These distributions were paid on February 14, 2024 to unitholders holders of record at the close of business January 31, 2024.

In April 2024, we declared our quarterly distribution to our common unitholders of $0.15 per common unit totaling $18.4 million with respect to the 2024 Quarter and a distribution of $0.9473 per Class A Convertible Preferred Unit (or $3.7892 on an annualized basis) for each Class A Convertible Preferred Unit held of record. These distributions will be payable on May 15, 2024 to unitholders of record at the close of business on April 30, 2024.

Guarantor Summarized Financial Information

Our $3.1 billion aggregate principal amount of senior unsecured notes co-issued by Genesis Energy, L.P. and Genesis Energy Finance Corporation are fully and unconditionally guaranteed jointly and severally by all of Genesis Energy, L.P.’s current and future 100% owned domestic subsidiaries (the “Guarantor Subsidiaries”), except GA ORRI and GA ORRI Holdings and certain other subsidiaries. The remaining non-guarantor subsidiaries are indirectly owned by Genesis Crude Oil, L.P., a Guarantor Subsidiary. The Guarantor Subsidiaries largely own the assets that we use to operate our business. As a general rule, the assets and credit of our unrestricted subsidiaries are not available to satisfy the debts of Genesis Energy, L.P., Genesis Energy Finance Corporation or the Guarantor Subsidiaries, and the liabilities of our unrestricted subsidiaries do not constitute obligations of Genesis Energy, L.P., Genesis Energy Finance Corporation or the Guarantor Subsidiaries. See Note 10 in our Unaudited Condensed Consolidated Financial Statements for additional information regarding our consolidated debt obligations.

The guarantees are senior unsecured obligations of each Guarantor Subsidiary and rank equally in right of payment with other existing and future senior indebtedness of such Guarantor Subsidiary, and senior in right of payment to all existing and future subordinated indebtedness of such Guarantor Subsidiary. The guarantee of our senior unsecured notes by each Guarantor Subsidiary is subject to certain automatic customary releases, including in connection with the sale, disposition or transfer of all of the capital stock, or of all or substantially all of the assets, of such Guarantor Subsidiary to one or more persons that are not us or a restricted subsidiary, the exercise of legal defeasance or covenant defeasance options, the satisfaction and discharge of the indentures governing our senior unsecured notes, the designation of such Guarantor Subsidiary as a non-Guarantor Subsidiary or as an unrestricted subsidiary in accordance with the indentures governing our senior unsecured notes, the release of such Guarantor Subsidiary from its guarantee under our senior secured credit facility, or liquidation or dissolution

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of such Guarantor Subsidiary (collectively, the “Releases”). The obligations of each Guarantor Subsidiary under its note guarantee are limited as necessary to prevent such note guarantee from constituting a fraudulent conveyance under applicable law. We are not restricted from making investments in the Guarantor Subsidiaries and there are no significant restrictions on the ability of the Guarantor Subsidiaries to make distributions to Genesis Energy, L.P.

The rights of holders of our senior unsecured notes against the Guarantor Subsidiaries may be limited under the U.S. Bankruptcy Code or state fraudulent transfer or conveyance law.

The following is the summarized financial information for Genesis Energy, L.P. and the Guarantor Subsidiaries on a combined basis after elimination of intercompany transactions among the Guarantor Subsidiaries (which includes related receivable and payable balances) and the investment in and equity earnings from the non-Guarantor Subsidiaries.

Balance Sheets	Genesis Energy, L.P. and Guarantor Subsidiaries
	March 31, 2024
	(in thousands)
ASSETS(1):
Current assets	$	843,132
Fixed assets and mineral leaseholds, net	3,841,162
Non-current assets	973,905
LIABILITIES AND CAPITAL:(2)
Current liabilities	780,800
Non-current liabilities	4,007,766
Class A Convertible Preferred Units	813,589

Statement of Operations	Genesis Energy, L.P. and Guarantor Subsidiaries
	Three Months Ended March 31, 2024
	(in thousands)
Revenues(3)	$	729,487
Operating costs	678,566
Operating income	50,920
Income before income taxes	5,065
Net income(2)	4,256
Less: Accumulated distributions attributable to Class A Convertible Preferred Units	(21,894)
Net loss attributable to common unitholders	$	(17,638)

(1)Excluded from assets in the table above are net intercompany receivables of $125.9 million that are owed to Genesis Energy, L.P. and the Guarantor Subsidiaries from the non-Guarantor Subsidiaries as of March 31, 2024.

(2)There are no noncontrolling interests held at the Issuer or Guarantor Subsidiaries for the period presented.

(3)Excluded from revenues in the table above are $0.9 million of sales from Guarantor Subsidiaries to non-Guarantor Subsidiaries for the three months ended March 31, 2024.

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Non-GAAP Financial Measure Reconciliations

For definitions and discussion of our Non-GAAP financial measures refer to the “Non-GAAP Financial Measures” as later discussed and defined.

Available Cash before Reserves for the periods presented below was as follows:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Net income (loss) attributable to Genesis Energy, L.P.	$	11,353	$	(1,644)
Income tax expense	809		884
Depreciation, depletion, amortization and accretion	76,543		75,935
Plus (minus) Select Items, net	5,637		43,063
Maintenance capital utilized(1)	(18,100)		(16,100)
Cash tax expense	(300)		(464)
Distributions to preferred unitholders	(21,894)		(24,002)
Available Cash before Reserves	$	54,048	$	77,672

(1)For a description of the term “maintenance capital utilized”, please see the definition of the term “Available Cash before Reserves” discussed below. Maintenance capital expenditures in the 2024 Quarter and 2023 Quarter were $26.5 million and $24.0 million, respectively.

We define Available Cash before Reserves (“Available Cash before Reserves”) as Net income (loss) attributable to Genesis Energy, L.P. before interest, taxes, depreciation, depletion and amortization (including impairment, write-offs, accretion and similar items) after eliminating other non-cash revenues, expenses, gains, losses and charges (including any loss on asset dispositions), plus or minus certain other select items that we view as not indicative of our core operating results (collectively, “Select Items”), as adjusted for certain items, the most significant of which in the relevant reporting periods have been the sum of maintenance capital utilized, net interest expense, cash tax expense and cash distributions paid to our Class A convertible preferred unitholders. Although we do not necessarily consider all of our Select Items to be non-recurring, infrequent or unusual, we believe that an understanding of these Select Items is important to the evaluation of our core operating results. The most significant Select Items in the relevant reporting periods are set forth below.

		Three Months Ended March 31,
		2024		2023
		(in thousands)
I.	Applicable to all Non-GAAP Measures
	Differences in timing of cash receipts for certain contractual arrangements(1)	$	8,072	$	10,575
	Certain non-cash items:
	Unrealized losses (gains) on derivative transactions excluding fair value hedges, net of changes in inventory value	(5,081)		27,132
	Loss on debt extinguishment	—		1,809
	Adjustment regarding equity investees(2)	6,808		6,281
	Other	(2,189)		(2,461)
	Sub-total Select Items, net	7,610		43,336
II.	Applicable only to Available Cash before Reserves
	Certain transaction costs	23		34
	Other	(1,996)		(307)
	Total Select Items, net(3)	$	5,637	$	43,063

(1)Includes the difference in timing of cash receipts from or billings to customers during the period and the revenue we recognize in accordance with GAAP on our related contracts. For purposes of our Non-GAAP measures, we add those amounts in the period of payment and deduct them in the period in which GAAP recognizes them.

(2)Represents the net effect of adding distributions from equity investees and deducting earnings of equity investees net to us.

(3)Represents Select Items applicable to Adjusted EBITDA and Available Cash before Reserves.

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Non-GAAP Financial Measures

General

To help evaluate our business, this Quarterly Report on Form 10-Q includes the non-generally accepted accounting principle (“non-GAAP”) financial measure of Available Cash before Reserves. We also present total Segment Margin as if it were a non-GAAP measure. Our non-GAAP measures may not be comparable to similarly titled measures of other companies because such measures may include or exclude other specified items. The schedules above provide reconciliations of Available Cash before Reserves to its most directly comparable financial measures calculated in accordance with generally accepted accounting principles in the United States of America (GAAP). A reconciliation of Net Income attributable Genesis Energy, L.P. to total Segment Margin is also included in our segment disclosure in Note 13 to our Unaudited Condensed Consolidated Financial Statements. Our non-GAAP financial measures should not be considered (i) as alternatives to GAAP measures of liquidity or financial performance or (ii) as being singularly important in any particular context; they should be considered in a broad context with other quantitative and qualitative information. Our Available Cash before Reserves and total Segment Margin measures are just two of the relevant data points considered from time to time.

When evaluating our performance and making decisions regarding our future direction and actions (including making discretionary payments, such as quarterly distributions) our board of directors and management team have access to a wide range of historical and forecasted qualitative and quantitative information, such as our financial statements; operational information; various non-GAAP measures; internal forecasts; credit metrics; analyst opinions; performance; liquidity and similar measures; income; cash flow expectations for us; and certain information regarding some of our peers. Additionally, our board of directors and management team analyze, and place different weight on, various factors from time to time. We believe that investors benefit from having access to the same financial measures being utilized by management, lenders, analysts and other market participants. We attempt to provide adequate information to allow each individual investor and other external user to reach her/his own conclusions regarding our actions without providing so much information as to overwhelm or confuse such investor or other external user.

Segment Margin

We define Segment Margin as revenues less product costs, operating expenses, and segment general and administrative expenses (all of which are net of the effects of our noncontrolling interest holders), plus or minus applicable Select Items (defined below). Although we do not necessarily consider all of our Select Items to be non-recurring, infrequent or unusual, we believe that an understanding of these Select Items is important to the evaluation of our core operating results. Our chief operating decision maker (our Chief Executive Officer) evaluates segment performance based on a variety of measures including Segment Margin, segment volumes where relevant and capital investment.

A reconciliation of Net income (loss) attributable to Genesis Energy, L.P. to total Segment Margin is included in our segment disclosure in Note 13 to our Unaudited Condensed Consolidated Financial Statements, as well as previously in this Item 2.

Available Cash before Reserves

Purposes, Uses and Definition

Available Cash before Reserves, often referred to by others as distributable cash flow, is a quantitative standard used throughout the investment community with respect to publicly traded partnerships and is commonly used as a supplemental financial measure by management and by external users of financial statements such as investors, commercial banks, research analysts and rating agencies, to aid in assessing, among other things:

(1)    the financial performance of our assets;

(2)    our operating performance;

(3)    the viability of potential projects, including our cash and overall return on alternative capital investments as compared to those of other companies in the midstream energy industry;

(4)    the ability of our assets to generate cash sufficient to satisfy certain non-discretionary cash requirements, including interest payments and certain maintenance capital requirements; and

(5)    our ability to make certain discretionary payments, such as distributions on our preferred and common units, growth capital expenditures, certain maintenance capital expenditures and early payments of indebtedness.

44

Disclosure Format Relating to Maintenance Capital

We use a modified format relating to maintenance capital requirements because our maintenance capital expenditures vary materially in nature (discretionary vs. non-discretionary), timing and amount from time to time. We believe that, without such modified disclosure, such changes in our maintenance capital expenditures could be confusing and potentially misleading to users of our financial information, particularly in the context of the nature and purposes of our Available Cash before Reserves measure. Our modified disclosure format provides those users with information in the form of our maintenance capital utilized measure (which we deduct to arrive at Available Cash before Reserves). Our maintenance capital utilized measure constitutes a proxy for non-discretionary maintenance capital expenditures and it takes into consideration the relationship among maintenance capital expenditures, operating expenses and depreciation from period to period.

Maintenance Capital Requirements

Maintenance capital expenditures are capitalized costs that are necessary to maintain the service capability of our existing assets, including the replacement of any system component or equipment which is worn out or obsolete. Maintenance capital expenditures can be discretionary or non-discretionary, depending on the facts and circumstances.

Prior to 2014, substantially all of our maintenance capital expenditures were (a) related to our pipeline assets and similar infrastructure, (b) non-discretionary in nature and (c) immaterial in amount as compared to our Available Cash before Reserves measure. Those historical expenditures were non-discretionary (or mandatory) in nature because we had very little (if any) discretion as to whether or when we incurred them. We had to incur them in order to continue to operate the related pipelines in a safe and reliable manner and consistently with past practices. If we had not made those expenditures, we would not have been able to continue to operate all or portions of those pipelines, which would not have been economically feasible. An example of a non-discretionary (or mandatory) maintenance capital expenditure would be replacing a segment of an old pipeline because one can no longer operate that pipeline safely, legally and/or economically in the absence of such replacement.

Beginning with 2014, we believe a substantial amount of our maintenance capital expenditures from time to time have been and will continue to be (a) related to our assets other than pipelines, such as our marine vessels, trucks and similar assets, (b) discretionary in nature and (c) potentially material in amount as compared to our Available Cash before Reserves measure. Those expenditures will be discretionary (or non-mandatory) in nature because we will have significant discretion as to whether or when we incur them. We will not be forced to incur them in order to continue to operate the related assets in a safe and reliable manner. If we chose not to make those expenditures, we would be able to continue to operate those assets economically, although in lieu of maintenance capital expenditures, we would incur increased operating expenses, including maintenance expenses. An example of a discretionary (or non-mandatory) maintenance capital expenditure would be replacing an older marine vessel with a new marine vessel with substantially similar specifications, even though one could continue to economically operate the older vessel in spite of its increasing maintenance and other operating expenses.

In summary, as we continue to expand certain non-pipeline portions of our business, we are experiencing changes in the nature (discretionary vs. non-discretionary), timing and amount of our maintenance capital expenditures that merit a more detailed review and analysis than was required historically. Management’s increasing ability to determine if and when to incur certain maintenance capital expenditures is relevant to the manner in which we analyze aspects of our business relating to discretionary and non-discretionary expenditures. We believe it would be inappropriate to derive our Available Cash before Reserves measure by deducting discretionary maintenance capital expenditures, which we believe are similar in nature in this context to certain other discretionary expenditures, such as growth capital expenditures, distributions/dividends and equity buybacks. Unfortunately, not all maintenance capital expenditures are clearly discretionary or non-discretionary in nature. Therefore, we developed a measure, maintenance capital utilized, that we believe is more useful in the determination of Available Cash before Reserves.

Maintenance Capital Utilized

We believe our maintenance capital utilized measure is the most useful quarterly maintenance capital requirements measure to use to derive our Available Cash before Reserves measure. We define our maintenance capital utilized measure as that portion of the amount of previously incurred maintenance capital expenditures that we utilize during the relevant quarter, which would be equal to the sum of the maintenance capital expenditures we have incurred for each project/component in prior quarters allocated ratably over the useful lives of those projects/components.

Our maintenance capital utilized measure constitutes a proxy for non-discretionary maintenance capital expenditures and it takes into consideration the relationship among maintenance capital expenditures, operating expenses and depreciation from period to period. Because we did not initially use our maintenance capital utilized measure before 2014, our maintenance capital utilized calculations will reflect the utilization of solely those maintenance capital expenditures incurred since December 31, 2013.

45

Critical Accounting Estimates

There have been no new or material changes to the critical accounting estimates discussed in our Annual Report that are of significance, or potential significance, to the Company.

Forward Looking Statements

The statements in this Quarterly Report on Form 10-Q that are not historical information may be “forward looking statements” as defined under federal law. All statements, other than historical facts, included in this document that address activities, events or developments that we expect or anticipate will or may occur in the future, including things such as plans for growth of the business, future capital expenditures, competitive strengths, goals, references to future goals or intentions, estimated or projected future financial performance, and other such references are forward-looking statements, and historical performance is not necessarily indicative of future performance. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. They use words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “could,” “plan,” “position,” “projection,” “strategy,” “should” or “will,” or the negative of those terms or other variations of them or by comparable terminology. In particular, statements, expressed or implied, concerning future actions, conditions or events or future operating results or the ability to generate sales, income or cash flow are forward-looking statements. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future actions, conditions or events and future results of operations may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results are beyond our ability or the ability of our affiliates to control or predict. Specific factors that could cause actual results to differ from those in the forward-looking statements include, among others:

•demand for, the supply of, our assumptions about, changes in forecast data for, and price trends related to crude oil, liquid petroleum, natural gas, NaHS, soda ash, and caustic soda, all of which may be affected by economic activity, capital expenditures by energy producers, weather, alternative energy sources, international conflicts and international events (including the war in Ukraine and the Israel and Hamas war), global pandemics, inflation, the actions of OPEC and other oil exporting nations, conservation and technological advances;

•our ability to successfully execute our business and financial strategies;

•our ability to continue to realize cost savings from our cost saving measures;

•throughput levels and rates;

•changes in, or challenges to, our tariff rates;

•our ability to successfully identify and close strategic acquisitions on acceptable terms (including obtaining third-party consents and waivers of preferential rights), develop or construct infrastructure assets, make cost saving changes in operations and integrate acquired assets or businesses into our existing operations;

•service interruptions in our pipeline transportation systems, processing operations, or mining facilities, including due to adverse weather events;

•shutdowns or cutbacks at refineries, petrochemical plants, utilities, individual plants, or other businesses for which we transport crude oil, petroleum, natural gas or other products or to whom we sell soda ash, petroleum, or other products;

•risks inherent in marine transportation and vessel operation, including accidents and discharge of pollutants;

•changes in laws and regulations to which we are subject, including tax withholding issues, regulations regarding qualifying income, accounting pronouncements, and safety, environmental and employment laws and regulations;

•the effects of production declines resulting from a suspension of drilling in the Gulf of Mexico or otherwise;

•the effects of future laws and regulations;

•planned capital expenditures and availability of capital resources to fund capital expenditures, and our ability to access the credit and capital markets to obtain financing on terms we deem acceptable;

•our inability to borrow or otherwise access funds needed for operations, expansions or capital expenditures as a result of our credit agreement and the indentures governing our notes, which contain various affirmative and negative covenants;

•loss of key personnel;

46

•cash from operations that we generate could decrease or fail to meet expectations, either of which could reduce our ability to pay quarterly cash distributions (common and preferred) at the current level or to increase quarterly cash distributions in the future;

•an increase in the competition that our operations encounter;

•cost and availability of insurance;

•hazards and operating risks that may not be covered fully by insurance;

•our financial and commodity hedging arrangements, which may reduce our earnings, profitability and cash flow;

•changes in global economic conditions, including capital and credit markets conditions, inflation and interest rates, including the result of any economic recession or depression that has occurred or may occur in the future;

•the impact of natural disasters, international military conflicts (such as the war in Ukraine and the Israel and Hamas war), global pandemics, epidemics, accidents or terrorism, and actions taken by governmental authorities and other third parties in response thereto, on our business financial condition and results of operations;

•reduction in demand for our services resulting in impairments of our assets;

•changes in the financial condition of customers or counterparties;

•adverse rulings, judgments, or settlements in litigation or other legal or tax matters;

•the treatment of us as a corporation for federal income tax purposes or if we become subject to entity-level taxation for state tax purposes;

•the potential that our internal controls may not be adequate, weaknesses may be discovered or remediation of any identified weaknesses may not be successful and the impact these could have on our unit price; and

•a cyberattack involving our information systems and related infrastructure, or that of our business associates.

You should not put undue reliance on any forward-looking statements. When considering forward-looking statements, please review the risk factors described under “Risk Factors” discussed in Item 1A of our Annual Report . These risks may also be specifically described in our Quarterly Reports on Form 10-Q, Current Reports on Form 8-K (or any amendments to those reports) and other documents that we may file from time to time with the SEC. New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time to time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. Except as required by applicable securities laws, we do not intend to update these forward-looking statements and information.

47

Item 3. Quantitative and Qualitative Disclosures about Market Risk

The following should be read in conjunction with Quantitative and Qualitative Disclosures About Market Risk included under Item 7A in our Annual Report. There have been no material changes that would affect the quantitative and qualitative disclosures provided therein. Also, see Note 16 to our Unaudited Condensed Consolidated Financial Statements for additional discussion related to derivative instruments and hedging activities.

Item 4. Controls and Procedures

We maintain disclosure controls and procedures and internal controls designed to ensure that information required to be disclosed in our filings under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Our chief executive officer and chief financial officer, with the participation of our management, have evaluated our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q and have determined that such disclosure controls and procedures are effective in ensuring that material information required to be disclosed in this Quarterly Report on Form 10-Q is accumulated and communicated to them and our management to allow timely decisions regarding required disclosures.

There were no changes during the 2024 Quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

48

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Information with respect to this item has been incorporated by reference from our Annual Report on Form 10-K for the year ended December 31, 2023 (the “Annual Report”). There have been no material developments in legal proceedings since the filing of such Form 10-K.

Item 103 of SEC Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that we reasonably believe will exceed a specified threshold. Pursuant to recent SEC amendments to this item, we will be using a threshold of $1 million for such proceedings. We believe that such threshold is reasonably designed to result in disclosure of environmental proceedings that are material to our business or financial condition. Applying this threshold, there are no environmental matters to disclose for this period.

Item 1A. Risk Factors

There has been no material change in our risk factors as previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

For additional information about our risk factors, see Item 1A of our Annual Report, as well as any other risk factors contained in other filings with the SEC, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Form 8-K/A and other documents that we may file from time to time with the SEC.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

There were no sales of unregistered equity securities during the 2024 Quarter.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Information regarding mine safety and other regulatory action at our mines in Green River and Granger, Wyoming is included in Exhibit 95 to this Form 10-Q.

Item 5. Other Information

None.

49

Item 6. Exhibits.

(a) Exhibits

	3.1	Certificate of Limited Partnership of Genesis Energy, L.P. (incorporated by reference to Exhibit 3.1 to Amendment No. 2 of the Registration Statement on Form S-1 filed on November 15, 1996, File No. 333-11545).
	3.2	Amendment to the Certificate of Limited Partnership of Genesis Energy, L.P. (incorporated by reference to Exhibit 3.2 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2011, File No. 001-12295).
	3.3	Certificate of Conversion of Genesis Energy, Inc. a Delaware corporation, into Genesis Energy, LLC, a Delaware limited liability company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated January 7, 2009, File No. 001-12295).
	3.4	Certificate of Formation of Genesis Energy, LLC (formerly Genesis Energy, Inc.) (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K dated January 7, 2009, File No. 001-12295).
	3.5	Second Amended and Restated Limited Liability Company Agreement of Genesis Energy, LLC dated December 28, 2010 (incorporated by reference to Exhibit 5.2 to the Company’s Current Report on Form 8-K dated January 3, 2011, File No. 001-12295).
	3.6	Certificate of Incorporation of Genesis Energy Finance Corporation, dated as of November 26, 2006 (incorporated by reference to Exhibit 3.7 to Registration Statement on Form S-4 filed on September 26, 2011, File No. 333-177012).
	3.7	Bylaws of Genesis Energy Finance Corporation (incorporated by reference to Exhibit 3.8 to Registration Statement on Form S-4 filed on September 26, 2011, File No. 333-177012).
	4.1	Form of Unit Certificate of Genesis Energy, L.P. (incorporated by reference to Exhibit 4.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2007, File No. 001-12295).
	22.1	List of Issuers and Guarantor Subsidiaries (incorporated by reference to Exhibit 22.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, File No. 001-12295).
*	31.1	Certification by Chief Executive Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934.
*	31.2	Certification by Chief Financial Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934.
*	32	Certification by Chief Executive Officer and Chief Financial Officer Pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934.
*	95	Mine Safety Disclosures.
	101.INS	XBRL Instance Document- the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
	101.SCH	XBRL Schema Document.
	101.CAL	XBRL Calculation Linkbase Document.
	101.LAB	XBRL Label Linkbase Document.
	101.PRE	XBRL Presentation Linkbase Document.
	101.DEF	XBRL Definition Linkbase Document.
	104	Cover Page Interactive Data File (formatted as Inline XBRL).

* Filed herewith

50

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	GENESIS ENERGY, L.P. (A Delaware Limited Partnership)
By:	GENESIS ENERGY, LLC, as General Partner

Date:	May 2, 2024	By:	/s/ KRISTEN O. JESULAITIS
			Kristen O. Jesulaitis
			Chief Financial Officer
			(Duly Authorized Officer)

51

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Grant E. Sims, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Genesis Energy, L.P.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 2, 2024	/s/ Grant E. Sims
		Grant E. Sims
		Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Kristen O. Jesulaitis, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Genesis Energy, L.P.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 2, 2024	/s/ Kristen O. Jesulaitis
		Kristen O. Jesulaitis
		Chief Financial Officer

EX-32

Exhibit 32

CERTIFICATION BY CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Genesis Energy, L.P. (the “Partnership”) for the period ended March 31, 2024 (the “Report”) filed with the Securities and Exchange Commission on the date hereof, the undersigned, Grant E. Sims, Chief Executive Officer and Kristen O. Jesulaitis, Chief Financial Officer of Genesis Energy, LLC, the general partner of the Partnership, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) the Partnership’s Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 as amended; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

May 2, 2024	/s/ Grant E. Sims
	Grant E. Sims
	Chief Executive Officer,
	Genesis Energy, LLC
May 2, 2024	/s/ Kristen O. Jesulaitis
	Kristen O. Jesulaitis
	Chief Financial Officer,
	Genesis Energy, LLC

EX-95

Exhibit 95

MINE SAFETY DISCLOSURES

Section 1503 of the Dodd-Frank Act contains reporting requirements regarding coal or other mine safety. In conjunction with our acquisition of Tronox Limited’s (“Tronox”) (NYSE:TROX) trona and trona-based exploring, mining, processing, producing, marketing and selling business (the “Alkali Business”) on September 1, 2017, we acquired and now operate a mine at the Green River, Wyoming facility. Our mine is subject to regulation by the Mine Safety and Health Administration (“MSHA”) under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”), and is therefore subject to these reporting requirements. Presented in the table below is information regarding certain mining safety and health citations which MSHA has issued with respect to our operation as required by the Dodd-Frank Act. In evaluating this information, consideration should be given to the fact that citations and orders can be contested and appealed, and in that process, may be reduced in severity, penalty amount or sometimes dismissed (vacated) altogether.

The letters used as column headings in the table below correspond to the explanations provided underneath the table as to the information set forth in each column with respect to the numbers of violations, orders, citations or dollar amounts, as the case may be, during the first quarter 2024 unless otherwise indicated.

(A)

(B)

(C)

(D)

(E)

(F)

(G)

(H)

(I)

(J)

(K)

(L)

Mine or Operating Name/ MSHA Identification Number

Section 104 S&S Citations (#)

Section 104(b) Orders (#)

Section 104(d) Citations and Orders (#)

Section 110(b)(2) Violations (#)

Section 107(a) Orders (#)

Total Dollar Value of MSHA Assessment Proposed ($)

Total Number of Mining Related Fatalities (#)

Received Notice of Pattern of Violations Under Section 104(e) (yes/no)

Received Notice of Potential to Have Pattern Under Section 104(e) (yes/no)

Legal Actions Pending as of Last Day of Period (#)

Legal Actions Initiated During Period (#)

Legal Actions Resolved During Period (#)

Genesis-Alkali at Westvaco MSHA I.D. No.: 48-00152

45

0

4

0

0

$27,799

0

No

No

40

4

0

(A)The total number of violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a coal or other mine safety and health hazard under section 104 of the Mine Act for which the operator received a citation from MSHA.

(B)The total number of orders issued under section 104(b) of the Mine Act.

(C)The total number of citations and orders for unwarrantable failure of the operator to comply with mandatory health or safety standards under section 104(d) of the Mine Act.

(D)The total number of flagrant violations under section 110(b)(2) of the Mine Act.

(E)The total number of imminent danger orders issued under section 107(a) of the Mine Act.

(F)The total dollar value of proposed assessments from the MSHA under the Mine Act. Only includes assessments proposed for citations issued in the first quarter 2024.

(G)The total number of mining related fatalities.

(H)During the quarter ending March 31, 2024, the mine did not receive Notice of Pattern of Violations under Section 104(e)

(I)During the quarter ending March 31, 2024, the mine did not receive Notice of a Potential to have a Pattern of Violations Under Section 104(e).

(J)Includes all legal actions before the Federal Mine Safety and Review Commission, together with the Administrative Law Judges thereof, for our operations.

(K)The total number of legal actions were initiated by us to contest citations, orders or proposed assessments issued by the federal Mine Safety and Health Administration during the first quarter 2024.

(L)Previously initiated legal action to contest citations, orders or proposed assessments issued by the federal Mine Safety and Health Administration, which if successful, could result in the reduction or dismissal of those citations, orders or assessments, resolved during the period.

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Cover - shares	3 Months Ended
	Mar. 31, 2024	May 01, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-12295
Entity Registrant Name	GENESIS ENERGY LP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	76-0513049
Entity Address, Address Line One	811 Louisiana, Suite 1200,
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	(713)
Local Phone Number	860-2500
Title of 12(b) Security	Common units
Trading Symbol	GEL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001022321
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Units
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		122,424,321
Class B Common Units
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		39,997

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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 7,047	$ 9,234
Restricted cash	27,804	18,804
Accounts receivable - trade, net	668,744	759,547
Inventories	126,645	135,231
Other	49,612	41,234
Total current assets	879,852	964,050
FIXED ASSETS, at cost	6,581,652	6,500,897
Less: Accumulated depreciation	(2,034,076)	(1,972,596)
Net fixed assets	4,547,576	4,528,301
MINERAL LEASEHOLDS, net of accumulated depletion	539,374	540,520
EQUITY INVESTEES	257,021	263,829
INTANGIBLE ASSETS, net of amortization	141,617	141,537
GOODWILL	301,959	301,959
RIGHT OF USE ASSETS, net	238,513	240,341
OTHER ASSETS, net of amortization	39,346	38,241
TOTAL ASSETS	6,945,258	7,018,778
CURRENT LIABILITIES:
Accounts payable - trade	473,263	588,924
Accrued liabilities	361,818	378,523
Total current liabilities	835,081	967,447
SENIOR SECURED CREDIT FACILITY	383,200	298,300
SENIOR UNSECURED NOTES, net of debt issuance costs, discount and premium	3,064,971	3,062,955
DEFERRED TAX LIABILITIES	18,019	17,510
OTHER LONG-TERM LIABILITIES	567,094	570,197
Total liabilities	5,256,816	5,308,001
MEZZANINE CAPITAL:
Class A Convertible Preferred Units, 23,111,918 issued and outstanding at March 31, 2024 and December 31, 2023, respectively	$ 813,589	$ 813,589
Common units outstanding (in units)	122,464,318	122,464,318
PARTNERS’ CAPITAL:
Common unitholders, 122,464,318 units issued and outstanding at March 31, 2024 and December 31, 2023, respectively	$ 490,787	$ 519,698
Accumulated other comprehensive income	8,120	8,040
Noncontrolling interests	375,946	369,450
Total partners’ capital	874,853	897,188
TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS’ CAPITAL	$ 6,945,258	$ 7,018,778
Common units issued (in units)	122,464,318	122,464,318
Class A Convertible Preferred Stock Units
PARTNERS’ CAPITAL:
Number preferred units issued (in units)	23,111,918	23,111,918
5.875% Alkali senior secured notes due 2042(2)
CURRENT LIABILITIES:
SENIOR SECURED CREDIT FACILITY	$ 388,451	$ 391,592

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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Mar. 31, 2024	Dec. 31, 2023
Common units issued (in units)	122,464,318	122,464,318
Common units outstanding (in units)	122,464,318	122,464,318
Class A Convertible Preferred Stock Units
Number preferred units issued (in units)	23,111,918	23,111,918

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUES:
Total revenues	$ 770,105	$ 790,612
COSTS AND EXPENSES:
General and administrative	15,009	14,552
Depreciation, depletion and amortization	73,771	73,160
Total costs and expenses	698,047	741,231
OPERATING INCOME	72,058	49,381
Equity in earnings of equity investees	16,441	17,553
Interest expense, net	(68,734)	(60,854)
Other expense	0	(1,808)
Income from operations before income taxes	19,765	4,272
Income tax expense	(809)	(884)
NET INCOME	18,956	3,388
Net income attributable to noncontrolling interests	(7,603)	(5,032)
NET INCOME (LOSS) ATTRIBUTABLE TO GENESIS ENERGY, L.P.	11,353	(1,644)
Less: Accumulated distributions attributable to Class A Convertible Preferred Units	(21,894)	(24,002)
NET LOSS ATTRIBUTABLE TO COMMON UNITHOLDERS-BASIC	(10,541)	(25,646)
NET LOSS ATTRIBUTABLE TO COMMON UNITHOLDERS-DILUTED	$ (10,541)	$ (25,646)
Net Income (Loss), Per Outstanding Limited Partnership Unit, Basic, Net of Tax [Abstract]
Basic (in dollars per unit)	$ (0.09)	$ (0.21)
Diluted (in dollars per unit)	$ (0.09)	$ (0.21)
Earnings Per Unit [Abstract]
Basic (in units)	122,464	122,579
Diluted (in units)	122,464	122,579
Offshore pipeline transportation
REVENUES:
Total revenues	$ 101,990	$ 91,395
Offshore pipeline transportation | Offshore Pipeline Transportation Revenue
REVENUES:
Total revenues	101,990	91,395
COSTS AND EXPENSES:
Cost of products and services sold	27,818	23,125
Soda and sulfur services
REVENUES:
Total revenues	400,948	444,648
Soda and sulfur services | Sodium Minerals and Sulfur Services Revenue
REVENUES:
Total revenues	400,948	444,648
COSTS AND EXPENSES:
Cost of products and services sold	351,366	406,222
Marine transportation
REVENUES:
Total revenues	83,574	83,226
Marine transportation | Marine Transportation Revenue
REVENUES:
Total revenues	83,574	83,226
COSTS AND EXPENSES:
Cost of products and services sold	52,408	57,736
Onshore facilities and transportation
REVENUES:
Total revenues	183,593	171,343
Onshore facilities and transportation | Onshore Facilities and Transportation Revenue
REVENUES:
Total revenues	183,593	171,343
Onshore facilities and transportation | Onshore Facilities and Transportation Product
COSTS AND EXPENSES:
Cost of products and services sold	160,388	149,056
Onshore facilities and transportation | Onshore Facilities and Transportation Services
COSTS AND EXPENSES:
Cost of products and services sold	$ 17,287	$ 17,380

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ 18,956	$ 3,388
Other comprehensive income:
Decrease in benefit plan liability	80	122
Total Comprehensive income	19,036	3,510
Comprehensive income attributable to noncontrolling interests	(7,603)	(5,032)
Comprehensive income attributable to Genesis Energy, L.P.	$ 11,433	$ (1,522)

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL - USD ($) shares in Thousands, $ in Thousands	Total	Limited Partner [Member]	Limited Partner [Member] Common Units	Noncontrolling Interest [Member]	AOCI Attributable to Parent [Member]
Partners' capital, beginning balance (in shares) at Dec. 31, 2022			122,579
Partners' capital, beginning balance at Dec. 31, 2022	$ 883,553	$ 567,277		$ 310,162	$ 6,114
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	3,388	(1,644)		5,032
Cash distributions to partners	(18,387)	(18,387)
Cash distributions to noncontrolling interests	(15,005)			(15,005)
Cash contributions from noncontrolling interests	19,080			19,080
Other comprehensive income	122				122
Distributions to Class A Convertible Preferred unitholders	(24,002)	(24,002)
Partners' capital, ending balance (in shares) at Mar. 31, 2023			122,579
Partners' capital, ending balance at Mar. 31, 2023	848,749	523,244		319,269	6,236
Partners' capital, beginning balance (in shares) at Dec. 31, 2023			122,464
Partners' capital, beginning balance at Dec. 31, 2023	897,188	519,698		369,450	8,040
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	18,956	11,353		7,603
Cash distributions to partners	(18,370)	(18,370)
Cash distributions to noncontrolling interests	(10,107)			(10,107)
Cash contributions from noncontrolling interests	9,000			9,000
Other comprehensive income	80				80
Distributions to Class A Convertible Preferred unitholders	(21,894)	(21,894)
Partners' capital, ending balance (in shares) at Mar. 31, 2024			122,464
Partners' capital, ending balance at Mar. 31, 2024	$ 874,853	$ 490,787		$ 375,946	$ 8,120

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 18,956	$ 3,388
Adjustments to reconcile net income to net cash provided by operating activities -
Depreciation, depletion and amortization	73,771	73,160
Amortization and write-off of debt issuance costs, premium and discount	2,884	3,534
Equity in earnings of investments in equity investees	(16,441)	(17,553)
Cash distributions of earnings of equity investees	15,569	17,328
Non-cash effect of long-term incentive compensation plans	4,315	4,630
Deferred and other tax liabilities	509	420
Unrealized losses (gains) on derivative transactions	(5,081)	27,127
Other, net	2,966	3,271
Net changes in components of operating assets and liabilities (Note 15)	28,473	(17,648)
Net cash provided by operating activities	125,921	97,657
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	(174,173)	(131,625)
Cash distributions received from equity investees - return of investment	7,546	6,601
Investments in equity investees	(285)	(1,190)
Proceeds from asset sales	204	22
Payments for (Proceeds from) Other Investing Activities	0	4,332
Net cash used in investing activities	(166,708)	(121,860)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	364,300	269,376
Repayments on senior secured credit facility	279,400	350,376
Proceeds from issuance of 2030 Notes (Note 10)	0	500,000
Repayment of senior unsecured notes (Note 10)	0	(341,135)
Repayment of Alkali senior secured notes (Note 10)	2,976	0
Debt issuance costs	(1,082)	(12,944)
Contributions from noncontrolling interests	9,000	19,080
Distributions to noncontrolling interests	(10,107)	(15,005)
Distributions to common unitholders	(18,370)	(18,387)
Distributions to Class A Convertible Preferred unitholders	(21,894)	(24,002)
Other, net	8,129	7,835
Net cash provided by financing activities	47,600	34,442
Net increase in cash, cash equivalents and restricted cash	6,813	10,239
Cash, cash equivalents and restricted cash at beginning of period	28,038	26,567
Cash, cash equivalents and restricted cash at end of period	$ 34,851	$ 36,806

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Organization and Basis of Presentation and Consolidation

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation and Consolidation

Organization and Basis of Presentation and Consolidation

Organization

We are a growth-oriented master limited partnership founded in Delaware in 1996 and focused on the midstream segment of the crude oil and natural gas industry as well as the production of natural soda ash. Our operations are primarily located in the Gulf of Mexico, Wyoming and in the Gulf Coast region of the United States. We provide an integrated suite of services to refiners, crude oil and natural gas producers and industrial and commercial enterprises. We have a diverse portfolio of assets, including pipelines, offshore hub and junction platforms, our trona and trona-based exploring, mining, processing, producing, marketing, logistics and selling business based in Wyoming (our “Alkali Business”), refinery-related plants, storage tanks and terminals, railcars, barges and other vessels and trucks. We are owned 100% by our limited partners. Genesis Energy, LLC, our general partner, is a wholly-owned subsidiary. Our general partner has sole responsibility for conducting our business and managing our operations. We conduct our operations and own our operating assets through our subsidiaries and joint ventures.

We currently manage our businesses through the following four divisions that constitute our reportable segments:

•Offshore pipeline transportation, which includes the transportation and processing of crude oil and natural gas in the Gulf of Mexico;

•Soda and sulfur services involving trona and trona-based exploring, mining, processing, soda ash production, marketing, logistics and selling activities, as well as processing of high sulfur (or “sour”) gas streams for refineries to remove the sulfur, and selling the related by-product, sodium hydrosulfide (or “NaHS,” commonly pronounced “nash”);

•Marine transportation to provide waterborne transportation of petroleum products (primarily fuel oil, asphalt and other heavy refined products) and crude oil throughout North America; and

•Onshore facilities and transportation, which includes terminaling, blending, storing, marketing, and transporting crude oil and petroleum products.

Basis of Presentation and Consolidation

The accompanying Unaudited Condensed Consolidated Financial Statements include Genesis Energy, L.P. and its subsidiaries.

Our results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the fiscal year. The Unaudited Condensed Consolidated Financial Statements included herein have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they reflect all adjustments (which consist solely of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial results for interim periods. Certain information and notes normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. However, we believe that the disclosures are adequate to make the information presented not misleading when read in conjunction with the information contained in the periodic reports we file with the SEC pursuant to the Securities Exchange Act of 1934, including the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 (our “Annual Report”).

Except per unit amounts, or as noted within the context of each footnote disclosure, the dollar amounts presented in the tabular data within these footnote disclosures are stated in thousands of dollars.

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Recent Accounting Developments

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Recent Accounting Developments

Recent Accounting Developments

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which is intended to enhance the transparency and usefulness of income tax disclosures. The amendments in ASU 2023-09 provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective prospectively to all annual periods beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of this standard on our disclosures.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which enhances the disclosures required for operating segments in our annual and interim Consolidated Financial Statements. ASU 2023-07 is effective retrospectively for fiscal years beginning after December

15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of this standard on our disclosures.

All other new accounting pronouncements that have been issued, but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations.

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Revenue Recognition

3 Months Ended

Mar. 31, 2024

Revenue Recognition [Abstract]

Revenue Recognition

Revenue Recognition

Revenue from Contracts with Customers

The following tables reflect the disaggregation of our revenues by major category for the three months ended March 31, 2024 and 2023, respectively:

	Three Months Ended March 31, 2024
	Offshore Pipeline Transportation		Soda and Sulfur Services		Marine Transportation		Onshore Facilities and Transportation		Consolidated
Fee-based revenues	$	101,990	$	—	$	83,574	$	15,293	$	200,857
Product Sales	—		378,061		—		168,300		546,361
Refinery Services	—		22,887		—		—		22,887
	$	101,990	$	400,948	$	83,574	$	183,593	$	770,105

	Three Months Ended March 31, 2023
	Offshore Pipeline Transportation		Soda and Sulfur Services		Marine Transportation		Onshore Facilities & Transportation		Consolidated
Fee-based revenues	$	91,395	$	—	$	83,226	$	14,184	$	188,805
Product Sales	—		422,824		—		157,159		579,983
Refinery Services	—		21,824		—		—		21,824
	$	91,395	$	444,648	$	83,226	$	171,343	$	790,612

The Company recognizes revenue upon the satisfaction of its performance obligations under its contracts. The timing of revenue recognition varies for our different revenue streams. In general, the timing includes recognition of revenue over time as services are being performed as well as recognition of revenue at a point in time for delivery of products.

Contract Assets and Liabilities

The table below depicts our contract asset and liability balances at December 31, 2023 and March 31, 2024:

	Contract Assets		Contract Liabilities
	Other Assets, net of amortization		Accrued Liabilities		Other Long-Term Liabilities
Balance at December 31, 2023	$	859	$	11,460	$	112,734
Balance at March 31, 2024	1,288		20,920		110,719

Transaction Price Allocations to Remaining Performance Obligations

We are required to disclose the aggregate amount of our transaction prices that are allocated to unsatisfied performance obligations as of March 31, 2024. However, we are permitted to utilize the following exemptions:

1)Performance obligations that are part of a contract with an expected duration of one year or less;

2)Revenue recognized from the satisfaction of performance obligations where we have a right to consideration in an amount that corresponds directly with the value provided to customers; and

3)Contracts that contain variable consideration, such as index-based pricing or variable volumes, that is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that is part of a series.

The majority of our contracts qualify for one of these exemptions. For the remaining contract types that involve revenue recognition over a long-term period and include long-term fixed consideration (adjusted for indexing as required), we determined our allocations of transaction price that relate to unsatisfied performance obligations. For our tiered pricing offshore transportation contracts, we provide firm capacity for both fixed and variable consideration over a long-term period. Therefore, we have allocated the remaining contract value to future periods.

The following chart depicts how we expect to recognize revenues for future periods related to these contracts:

	Offshore Pipeline Transportation		Onshore Facilities and Transportation
Remainder of 2024	$	92,864	$	19,325
2025	136,326		25,853
2026	110,428		26,170
2027	66,828		14,026
2028	45,453		10,000
Thereafter	124,184		2,500
Total	$	576,083	$	97,874

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Business Consolidation

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Business Consolidation

Business Consolidation

American Natural Soda Ash Corporation (“ANSAC”)

ANSAC is an organization whose purpose is to promote and market the use and sale of domestically produced natural soda ash in specified countries outside of the United States. Prior to 2023, our Alkali Business and another domestic soda ash producer were the two members of ANSAC. On January 1, 2023, we became the sole member of ANSAC and assumed 100% of the voting rights of the entity, and it became a wholly owned subsidiary of Genesis.

The allocation of the purchase price, as presented within our Condensed Consolidated Balance Sheet as of December 31, 2023, is summarized as follows:

Cash and cash equivalents	$	4,332
Accounts receivable - trade, net	231,797
Inventories	19,522
Other current assets	14,203
Fixed assets, at cost	4,000
Right of use assets, net	93,208
Intangible assets, net of amortization	14,992
Other Assets, net of amortization	400
Accounts payable - trade(1)	(228,106)
Accrued liabilities	(75,224)
Deferred tax liabilities	(1,482)
Other long-term liabilities	(77,642)
Net Assets	$	—

(1)The “Accounts payable - trade” balance above includes $133.4 million of payables to Genesis at December 31, 2022 that eliminated upon consolidation in our Consolidated Balance Sheet.

Inventories principally relate to finished goods (soda ash) that have been supplied by current or former members of ANSAC. “Fixed assets, at cost” relate to leasehold improvements, and “Intangible assets, net of amortization” relate to the assets supporting our logistical and marketing footprint, and both have an estimated useful life of ten years, which is consistent with the term of our primary lease facilitating our logistics operations. Right of use assets, net and our corresponding lease liabilities, which are recorded within “Accrued liabilities” and “Other long-term liabilities,” are associated with our right to use certain assets to store and load finished goods, the vessels we utilize to ship finished goods to distributors and end users, as well as office space.

We have reflected the financial results of ANSAC within our soda and sulfur services segment from the date of acquisition, January 1, 2023. The following financial information was prepared from our historical financial statements that have been adjusted to give the effect of the consolidation of ANSAC, and was was prepared using financial data of ANSAC. Net loss attributable to common unitholders includes the effects of distributions attributable to our Class A Convertible Preferred Units. The dilutive effect of our Class A Convertible Preferred Units is calculated using the if-converted method.

	Three Months Ended March 31, 2023
Consolidated financial operating results:
Revenues	$	790,612
Net Loss Attributable to Genesis Energy, L.P.	(1,644)
Net Loss Attributable to Common Unitholders	(25,646)
Basic and diluted loss per common unit:
As reported net loss per common unit	$	(0.21)
Pro forma net loss per common unit	$	(0.21)

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Lease Accounting

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Lease Accounting

Lease Accounting

Lessee Arrangements

We lease a variety of transportation equipment (primarily railcars and vessels), terminals, land and facilities, and office space and equipment. Lease terms vary and can range from short term (not greater than 12 months) to long term (greater than 12 months). Certain of our leases contain options to extend the life of the lease at our sole discretion and we considered these options when determining the lease terms used to derive our right of use assets and associated lease liabilities. Leases with a term of 12 months or fewer are not recorded on our Unaudited Condensed Consolidated Balance Sheets and we recognize lease expense for these leases on a straight-line basis over the lease term.

Our “Right of Use Assets, net” balance includes our unamortized initial direct costs associated with certain of our transportation equipment, office space and equipment, and facilities and equipment leases. Additionally, it includes our unamortized prepaid rents and our deferred rents. Current and non-current lease liabilities are recorded within “Accrued liabilities” and “Other long-term liabilities,” respectively, on our Unaudited Condensed Consolidated Balance Sheets.

Lessor Arrangements

We have certain contracts discussed below in which we act as a lessor. We also, from time to time, sublease certain of our transportation and facilities equipment to third parties.

Operating Leases

During the three months ended March 31, 2024 and 2023, we acted as a lessor in a revenue contract associated with our 330,000 barrel-capacity ocean gong tanker, the M/T American Phoenix, included in our marine transportation segment. Our lease revenues for this arrangement were $6.8 million and $5.8 million for the three months ended March 31, 2024 and 2023, respectively.

The M/T American Phoenix is under contract through mid-2027. For the remainder of 2024, 2025, 2026, and through the expiration of the contract in 2027, we expect to receive undiscounted cash flows from lease payments of $21.5 million, $29.6 million, $30.7 million and $15.2 million, respectively.

Lease Accounting

Lease Accounting

Lessee Arrangements

We lease a variety of transportation equipment (primarily railcars and vessels), terminals, land and facilities, and office space and equipment. Lease terms vary and can range from short term (not greater than 12 months) to long term (greater than 12 months). Certain of our leases contain options to extend the life of the lease at our sole discretion and we considered these options when determining the lease terms used to derive our right of use assets and associated lease liabilities. Leases with a term of 12 months or fewer are not recorded on our Unaudited Condensed Consolidated Balance Sheets and we recognize lease expense for these leases on a straight-line basis over the lease term.

Our “Right of Use Assets, net” balance includes our unamortized initial direct costs associated with certain of our transportation equipment, office space and equipment, and facilities and equipment leases. Additionally, it includes our unamortized prepaid rents and our deferred rents. Current and non-current lease liabilities are recorded within “Accrued liabilities” and “Other long-term liabilities,” respectively, on our Unaudited Condensed Consolidated Balance Sheets.

Lessor Arrangements

We have certain contracts discussed below in which we act as a lessor. We also, from time to time, sublease certain of our transportation and facilities equipment to third parties.

Operating Leases

During the three months ended March 31, 2024 and 2023, we acted as a lessor in a revenue contract associated with our 330,000 barrel-capacity ocean gong tanker, the M/T American Phoenix, included in our marine transportation segment. Our lease revenues for this arrangement were $6.8 million and $5.8 million for the three months ended March 31, 2024 and 2023, respectively.

The M/T American Phoenix is under contract through mid-2027. For the remainder of 2024, 2025, 2026, and through the expiration of the contract in 2027, we expect to receive undiscounted cash flows from lease payments of $21.5 million, $29.6 million, $30.7 million and $15.2 million, respectively.

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Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories

The major components of inventories were as follows:

	March 31, 2024		December 31, 2023
Crude oil	30,078		22,320
Caustic soda	8,202		9,150
NaHS	15,850		17,605
Raw materials - Alkali Business	8,075		8,355
Work-in-process - Alkali Business	5,717		11,404
Finished goods, net - Alkali Business	40,054		48,706
Materials and supplies, net - Alkali Business	18,669		17,691
Total	$	126,645	$	135,231

Inventories are valued at the lower of cost or net realizable value. As of March 31, 2024 , the net realizable value of our inventories was greater than the respective cost. At December 31, 2023, the net realizable value of our inventories was less than the respective cost by $0.2 million, which triggered a reduction of the value of inventory in our Consolidated Financial Statements by this amount.

Materials and supplies include chemicals, maintenance supplies and spare parts which will be consumed in the mining of trona ore and production of soda ash processes.

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Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations

3 Months Ended

Mar. 31, 2024

Fixed Assets And Asset Retirement Obligations [Abstract]

Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations

Fixed Assets, Mineral Leaseholds and Asset Retirement Obligations

Fixed Assets

Fixed assets consisted of the following: 

	March 31, 2024		December 31, 2023
Crude oil and natural gas pipelines and related assets	$	2,950,573	$	2,945,215
Alkali facilities, machinery and equipment	1,150,287		1,147,291
Onshore facilities, machinery and equipment	288,704		271,271
Transportation equipment	26,673		24,913
Marine vessels	1,023,993		1,021,080
Land, buildings and improvements	294,852		293,733
Office equipment, furniture and fixtures	25,227		25,029
Construction in progress(1)	792,032		731,197
Other	29,311		41,168
Fixed assets, at cost	6,581,652		6,500,897
Less: Accumulated depreciation	(2,034,076)		(1,972,596)
Net fixed assets	$	4,547,576	$	4,528,301

(1)Construction in progress primarily relates to our ongoing offshore growth capital projects, which are expected to be completed in 2024 and 2025, and represents 100% of the costs incurred, including those funded by our noncontrolling interest holder.

Mineral Leaseholds

Our Mineral Leaseholds, relating to our Alkali Business, consist of the following:

	March 31, 2024		December 31, 2023
Mineral leaseholds	$	566,019	$	566,019
Less: Accumulated depletion	(26,645)		(25,499)
Mineral leaseholds, net of accumulated depletion	$	539,374	$	540,520

Our depreciation and depletion expense for the periods presented were as follows:

	Three Months Ended March 31,
	2024		2023
Depreciation expense	$	69,685	$	69,573
Depletion expense	1,146		881

Asset Retirement Obligations

We record asset retirement obligations (“AROs”) in connection with legal requirements to perform specified retirement activities under contractual arrangements and/or governmental regulations.

The following table presents information regarding our AROs since December 31, 2023:

ARO liability balance, December 31, 2023	$	243,708
Accretion expense	2,777
Settlements	(60)
ARO liability balance, March 31, 2024	$	246,425

At March 31, 2024 and December 31, 2023, $26.1 million is included as current in “Accrued liabilities” on our Unaudited Condensed Consolidated Balance Sheets. The remainder of the ARO liability as of March 31, 2024 and December 31, 2023 is included in “Other long-term liabilities” on our Unaudited Condensed Consolidated Balance Sheets.

Certain of our unconsolidated affiliates have AROs recorded at March 31, 2024 and December 31, 2023 relating to contractual agreements and regulatory requirements. In addition, certain entities that we consolidate have non-controlling interest owners that are responsible for their representative share of future costs of the related ARO liability. These amounts are immaterial to our Unaudited Condensed Consolidated Financial Statements.

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Equity Investees

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Equity Investees

Equity Investees

We account for our ownership in certain of our joint ventures under the equity method of accounting. The price we pay to acquire an ownership interest in a company may exceed or be less than the underlying book value of the capital accounts we acquire. Such excess cost amounts are included within the carrying values of our equity investees. At March 31, 2024 and December 31, 2023, the unamortized excess cost amounts totaled $287.8 million and $291.4 million, respectively. We amortize the differences in carrying value as changes in equity earnings.

The following table presents information included in our Unaudited Condensed Consolidated Financial Statements related to our equity investees:

	Three Months Ended March 31,
	2024		2023
Genesis’ share of operating earnings	$	20,007	$	21,119
Amortization of differences attributable to Genesis’ carrying value of equity investments	(3,566)		(3,566)
Equity in earnings of equity investees	$	16,441	$	17,553
Distributions received(1)	$	23,249	$	23,834

(1) Distributions attributable to the respective period and received within 15 days subsequent to the respective period end.

Poseidon’s Revolving Credit Facility

Poseidon Oil Pipeline Company, LLC (“Poseidon”) has a revolving credit facility, which was amended and restated on June 1, 2023 (the “June 2023 credit facility”). Borrowings under Poseidon’s revolving credit facility are primarily used to fund spending on capital projects. The June 2023 credit facility, which matures on June 1, 2027, is non-recourse to Poseidon’s owners and secured by its assets. The June 2023 credit facility contains customary covenants such as restrictions on debt levels, liens, guarantees, mergers, sale of assets and distributions to owners. A breach of any of these covenants could result in acceleration of the maturity date of Poseidon’s debt. Poseidon was in compliance with the terms of its credit agreement for all periods presented in these Unaudited Condensed Consolidated Financial Statements.

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Intangible Assets

3 Months Ended

Mar. 31, 2024

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets

Intangible Assets

The following table summarizes the components of our intangible assets at the dates indicated:

	March 31, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Carrying Value		Gross Carrying Amount		Accumulated Amortization		Carrying Value
Offshore pipeline contract intangibles	158,101		72,116		85,985		158,101		70,036		88,065
Other	73,888		18,256		55,632		70,974		17,502		53,472
Total	$	231,989	$	90,372	$	141,617	$	229,075	$	87,538	$	141,537

Our amortization of intangible assets for the periods presented was as follows:

	Three Months Ended March 31,
	2024		2023
Amortization of intangible assets	$	2,834	$	2,705

We estimate that our amortization expense for the next five years will be as follows:

Remainder of	2024	$	11,315
	2025	14,856
	2026	14,544
	2027	14,097
	2028	13,848

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Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

Debt

Our obligations under debt arrangements consisted of the following:

	March 31, 2024						December 31, 2023
	Principal		Unamortized Premium, Discount and Debt Issuance Costs		Net Value		Principal		Unamortized Premium, Discount and Debt Issuance Costs		Net Value
Senior secured credit facility(1)	$	383,200	$	—	$	383,200	$	298,300	$	—	$	298,300
6.250% senior unsecured notes due 2026	339,310		1,562		337,748		339,310		1,746		337,564
8.000% senior unsecured notes due 2027	981,245		3,215		978,030		981,245		3,549		977,696
7.750% senior unsecured notes due 2028	679,360		5,747		673,613		679,360		6,121		673,239
8.250% senior unsecured notes due 2029	600,000		16,410		583,590		600,000		17,202		582,798
8.875% senior unsecured notes due 2030	500,000		8,010		491,990		500,000		8,342		491,658
5.875% Alkali senior secured notes due 2042(2)	422,024		21,593		400,431		425,000		21,791		403,209
Total long-term debt	$	3,905,139	$	56,537	$	3,848,602	$	3,823,215	$	58,751	$	3,764,464

(1)Unamortized debt issuance costs associated with our senior secured credit facility (included in “Other Assets, net of amortization” on the Unaudited Condensed Consolidated Balance Sheets), were $5.0 million and $5.7 million as of March 31, 2024 and December 31, 2023, respectively.

(2)As of March 31, 2024 and December 31, 2023, $12.0 million and $11.6 million, respectively, of the principal balance is considered current and included within “Accrued liabilities” on the Unaudited Condensed Consolidated Balance Sheets.

Senior Secured Credit Facility

On February 17, 2023, we entered into the Sixth Amended and Restated Credit Agreement (our “credit agreement”) to replace our Fifth Amended and Restated Credit Agreement. Our credit agreement provides for a $850 million senior secured revolving credit facility. The credit agreement matures on February 13, 2026, subject to extension at our request for one additional year on up to two occasions and subject to certain conditions.

At March 31, 2024, the key terms for rates under our senior secured credit facility (which are dependent on our leverage ratio as defined in the credit agreement) are as follows:

•The interest rate on borrowings may be based on an alternate base rate or Term Secured Overnight Financing Rate (“SOFR”), at our option. Interest on alternate base rate loans is equal to the sum of (a) the highest of (i) the prime rate in effect on such day, (ii) the federal funds effective rate in effect on such day plus 0.5% and (iii) the Adjusted Term SOFR (as defined in our credit agreement) for a one-month tenor in effect on such day plus 1% and (b) the applicable margin. The Adjusted Term SOFR is equal to the sum of (a) the Term SOFR rate (as defined in our credit agreement) for such period plus (b) the Term SOFR Adjustment of 0.1% plus (c) the applicable margin. The applicable margin varies from 2.25% to 3.50% on Term SOFR borrowings and from 1.25% to 2.50% on alternate base rate borrowings, depending on our leverage ratio. Our leverage ratio is recalculated quarterly and in connection with each material acquisition. At March 31, 2024, the applicable margins on our borrowings were 1.75% for alternate base rate borrowings and 2.75% for Term SOFR borrowings based on our leverage ratio.

•Letter of credit fee rates range from 2.25% to 3.50% based on our leverage ratio as computed under the credit agreement and can fluctuate quarterly. At March 31, 2024, our letter of credit rate was 2.75%.

•We pay a commitment fee on the unused portion of the senior secured revolving credit facility. The commitment fee rates on the unused committed amount will range from 0.30% to 0.50% per annum depending on our leverage ratio. At March 31, 2024, our commitment fee rate on the unused committed amount was 0.50%.

•We have the ability to increase the aggregate size of the senior secured credit facility by an additional $200 million, subject to lender consent and certain other customary conditions.

At March 31, 2024, we had $383.2 million borrowed under our senior secured credit facility, with $23.9 million of the borrowed amount designated as a loan under the inventory sublimit. Our credit agreement allows up to $100 million of the capacity to be used for letters of credit, of which $4.5 million was outstanding at March 31, 2024. Due to the revolving nature of loans under our senior secured credit facility, additional borrowings, periodic repayments and re-borrowings may be made until the maturity date. The total amount available for borrowings under our senior secured credit facility at March 31, 2024 was $462.3 million, subject to compliance with covenants. Our credit agreement does not include a “borrowing base” limitation except with respect to our inventory loans.

Alkali Senior Secured Notes Issuance and Related Transactions

On May 17, 2022, Genesis Energy, L.P., through its newly created wholly-owned unrestricted subsidiary, GA ORRI, LLC (“GA ORRI”), issued $425 million principal amount of our 5.875% senior secured notes due 2042 (the “Alkali senior secured notes”) to certain institutional investors (the “Notes Offering”), secured by GA ORRI’s fifty-year limited term 10% overriding royalty interest in substantially all of the Alkali Business’ trona mineral leases (the “ORRI Interests”). The issuance generated net proceeds of $408 million, net of the issuance discount of $17 million. Interest payments are due on the last day of each quarter. The agreement governing the Alkali senior secured notes also requires principal repayments on the last day of each quarter commencing with the quarter ended March 31, 2024, in which we made a principal repayment of $3.0 million. As of March 31, 2024, principal repayments totaling $70.5 million are due within the next five years, with the remaining quarterly principal repayments due thereafter through March 31, 2042. As of March 31, 2024, $12.0 million of the principal balance is considered current and included within “Accrued liabilities” on the Unaudited Condensed Consolidated Balance Sheet. We are required to maintain a certain level of cash in a liquidity reserve account (owned by GA ORRI) to be held as collateral for future interest and principal payments as calculated and described in the agreement governing the Alkali senior secured notes. As of March 31, 2024, our liquidity reserve account had a balance of $18.8 million, which is classified as “Restricted cash” on the Unaudited Condensed Consolidated Balance Sheet.

Senior Unsecured Note Transactions

On January 25, 2023, we issued $500.0 million in aggregate principal amount of 8.875% senior unsecured notes due April 15, 2030 (the “2030 Notes”). Interest payments are due April 15 and October 15 of each year with the initial interest payment due on October 15, 2023. The net proceeds were used to purchase $316.3 million of our existing 2024 Notes, including the related accrued interest and tender premium and fees on those notes that were tendered in the tender offer that ended January 24, 2023. The remaining proceeds at that time were used to repay a portion of the borrowings outstanding under our senior secured credit facility and for general partnership purposes. On January 26, 2023, we issued a notice of redemption for the remaining principal of $24.8 million of our 2024 Notes and discharged the indebtedness with respect to the 2024 Notes on February 14, 2023. We incurred a loss of $1.8 million on the tender and redemption of the 2024 Notes, inclusive of our transactions costs and write-off of the related unamortized debt issuance costs, which is recorded as “Other expense” in our Unaudited Condensed Consolidated Statement of Operations for the three months ended March 31, 2023.

Our $3.1 billion aggregate principal amount of senior unsecured notes co-issued by Genesis Energy, L.P. and Genesis Energy Finance Corporation are fully and unconditionally guaranteed jointly and severally by all of Genesis Energy, L.P.’s current and future 100% owned domestic subsidiaries (the “Guarantor Subsidiaries”), except GA ORRI and GA ORRI Holdings, LLC (“GA ORRI Holdings”), and certain other subsidiaries. The non-guarantor subsidiaries are indirectly owned by Genesis Crude Oil, L.P., a Guarantor Subsidiary. The Guarantor Subsidiaries largely own the assets, other than the ORRI Interests, that we use to operate our business. As a general rule, the assets and credit of our unrestricted subsidiaries are not available to satisfy the debts of Genesis Energy, L.P., Genesis Energy Finance Corporation or the Guarantor Subsidiaries, and the liabilities of our unrestricted subsidiaries do not constitute obligations of Genesis Energy, L.P., Genesis Energy Finance Corporation or the Guarantor Subsidiaries.

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Partners' Capital, Mezzanine Capital and Distributions

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Partners' Capital, Mezzanine Capital and Distributions

Partners’ Capital, Mezzanine Capital and Distributions

At March 31, 2024, our outstanding common units consisted of 122,424,321 Class A Common Units and 39,997 Class B Common Units. The Class A Common Units are traditional common units in us. The Class B Common Units are identical to the Class A Common Units and, accordingly, have voting and distribution rights equivalent to those of the Class A Common Units, and, in addition, the Class B Common Units have the right to elect all of our board of directors and are convertible into

Class A Common Units under certain circumstances, subject to certain exceptions. At March 31, 2024, we had 23,111,918 Class A Convertible Preferred Units outstanding, which are discussed below in further detail.     

In an effort to return capital to our investors, we announced a common equity repurchase program (the “Repurchase Program”) on August 8, 2023. The Repurchase Program authorizes the repurchase from time to time of up to 10% of our then outstanding Class A Common Units, or 12,253,922 units, via open market purchases or negotiated transactions conducted in accordance with applicable regulatory requirements. These repurchases may be made pursuant to a repurchase plan or plans that comply with Rule 10b5-1 under the Securities Exchange Act of 1934. The Repurchase Program will be reviewed no later than December 31, 2024 and may be suspended or discontinued at any time prior thereto. The Repurchase Program does not create an obligation for us to acquire a particular number of Class A Common Units and any Class A Common Units repurchased will be canceled. During 2023, we repurchased and cancelled a total of 114,900 Class A Common Units at an average price of approximately $9.09 per unit for a total purchase price of $1.0 million, including commissions. We did not repurchase any Class A Common Units during the three months ended March 31, 2024.

Distributions

We paid, or will pay, the following cash distributions to our common unitholders in 2023 and 2024:

Distribution For	Date Paid	Per Unit Amount		Total Amount
2023
1st Quarter	May 15, 2023	$	0.15	$	18,387
2nd Quarter	August 14, 2023	$	0.15	$	18,387
3rd Quarter	November 14, 2023	$	0.15	$	18,370
4th Quarter	February 14, 2024	$	0.15	$	18,370
2024
1st Quarter(1)	May 15, 2024	$	0.15	$	18,370

(1)This distribution was declared in April 2024 and will be paid to unitholders of record as of April 30, 2024.

Class A Convertible Preferred Units

Our Class A Convertible Preferred Units rank senior to all of our currently outstanding classes or series of limited partner interests with respect to distribution and/or liquidation rights. Holders of our Class A Convertible Preferred Units vote on an as-converted basis with holders of our common units and have certain class voting rights, including with respect to any amendment to the partnership agreement that would adversely affect the rights, preferences or privileges, or otherwise modify the terms, of those Class A Convertible Preferred Units.    

Accounting for the Class A Convertible Preferred Units

Our Class A Convertible Preferred Units are considered redeemable securities under GAAP due to the existence of redemption provisions upon a deemed liquidation event that is outside of our control. Therefore, we present them as temporary equity in the mezzanine section of the Unaudited Condensed Consolidated Balance Sheets. We initially recognized our Class A Convertible Preferred Units at their issuance date fair value, net of issuance costs, as they were not redeemable and we did not have plans or expect any events that constitute a change of control in our partnership agreement.

Net Income (Loss) Attributable to Genesis Energy, L.P. is adjusted for distributions attributable to the Class A Convertible Preferred Units that accumulate in the period. Net Income (Loss) Attributable to Genesis Energy, L.P. was reduced by $21.9 million and $24.0 million for the three months ending March 31, 2024 and 2023, respectively, due to Class A Convertible Preferred Unit distributions paid in the period (Class A Convertible Preferred Unit distributions are summarized in the table below).

As of March 31, 2024, we will not be required to further adjust the carrying amount of our Class A Convertible Preferred Units until it becomes probable that they would become redeemable. Once redemption becomes probable, we would adjust the carrying amount of our Class A Convertible Preferred Units to the redemption value over a period of time comprising the date redemption first becomes probable and the date the units can first be redeemed.

We paid, or will pay, by the dates noted below, the following cash distributions to our Class A Convertible Preferred unitholders in 2023 and 2024:

Distribution For	Date Paid	Per Unit Amount		Total Amount
2023
1st Quarter	May 15, 2023	$	0.9473	$	24,002
2nd Quarter	August 14, 2023	$	0.9473	$	23,314
3rd Quarter	November 14, 2023	$	0.9473	$	22,612
4th Quarter	February 14, 2024	$	0.9473	$	21,894
2024
1st Quarter(1)	May 15, 2024	$	0.9473	$	21,894

(1)This distribution was declared in April 2024 and will be paid to unitholders of record as of April 30, 2024

Noncontrolling Interests

We own a 64% membership interests in Cameron Highway Oil Pipeline Co. (“CHOPS”) and are the operator of its pipeline and associated assets (the “CHOPS pipeline”). We also own an 80% membership interest in Independence Hub, LLC. For financial reporting purposes, the assets and liabilities of these entities are consolidated with those of our own, with any third party or affiliate interest in our Unaudited Condensed Consolidated Balance Sheets amounts shown as noncontrolling interests in equity.

In the first quarter of 2024 we received a $9.0 million contribution from our noncontrolling interest holder of CHOPS, of which we are required to use for completing the ongoing offshore growth capital project related to CHOPS. As of March 31, 2024, this amount is included within “Restricted cash” on the Unaudited Condensed Consolidated Balance Sheet and is expected to be spent on the associated project in the second quarter of 2024.

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Net Loss Per Common Unit

3 Months Ended

Mar. 31, 2024

Net Income per Common Unit [Abstract]

Net Loss Per Common Unit

Net Income (Loss) Per Common Unit

Basic net income (loss) per common unit is computed by dividing net income (loss) attributable to Genesis Energy, L.P., after considering distributions attributable to our Class A preferred unitholders, by the weighted average number of common units outstanding.

The dilutive effect of our Class A Convertible Preferred Units is calculated using the if-converted method. Under the if-converted method, the Class A Convertible Preferred Units are assumed to be converted at the beginning of the period (beginning with their respective issuance date), and the resulting common units are included in the denominator of the diluted net income (loss) per common unit calculation for the period being presented. The numerator is adjusted for distributions declared in the period, undeclared distributions that accumulated during the period, and any returns that accumulated in the period. For the three months ended March 31, 2024 and 2023, the effect of the assumed conversion of all the outstanding Class A Convertible Preferred Units was anti-dilutive and was not included in the computation of diluted earnings per unit.

The following table reconciles net income (loss) attributable to Genesis Energy, L.P. and weighted average units used in computing basic and diluted net loss per common unit (in thousands):

	Three Months Ended March 31,
	2024		2023
Net income (loss) attributable to Genesis Energy, L.P.	$	11,353	$	(1,644)
Less: Accumulated distributions attributable to Class A Convertible Preferred Units	(21,894)		(24,002)
Net loss attributable to common unitholders	$	(10,541)	$	(25,646)
Weighted average outstanding units	122,464		122,579
Basic and diluted net loss per common unit	$	(0.09)	$	(0.21)

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Business Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

We currently manage our businesses through four divisions that constitute our reportable segments:

•Offshore pipeline transportation, which includes the transportation and processing of crude oil and natural gas in the Gulf of Mexico;

•Soda and sulfur services involving trona and trona-based exploring, mining, processing, soda ash production, marketing, logistics and selling activities, as well as processing of high sulfur (or “sour”) gas streams for refineries to remove the sulfur, and selling the related by-product, sodium hydrosulfide (or “NaHS,” commonly pronounced “nash”);

•Marine transportation to provide waterborne transportation of petroleum products (primarily fuel oil, asphalt and other heavy refined products) and crude oil throughout North America; and

•Onshore facilities and transportation, which includes terminaling, blending, storing, marketing, and transporting crude oil and petroleum products.

Substantially all of our revenues are derived from, and substantially all of our assets are located in, the United States.

We define Segment Margin as revenues less product costs, operating expenses (excluding non-cash gains and charges, such as depreciation, depletion, amortization and accretion) and segment general and administrative expenses, net of the effects of our noncontrolling interests, plus our equity in distributable cash generated by our equity investees and unrestricted subsidiaries. In addition, our Segment Margin definition excludes the non-cash effects of our long-term incentive compensation plan.

Our chief operating decision maker (our Chief Executive Officer) evaluates segment performance based on a variety of measures including Segment Margin, segment volumes, where relevant, and capital investment.

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Transactions with Related Parties

3 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

Transactions with Related Parties

Transactions with Related Parties

The transactions with related parties were as follows:

	Three Months Ended March 31,
	2024		2023
Revenues:
Revenues from services and fees to Poseidon(1)	$	4,983	$	3,592
Costs and expenses:
Amounts paid to our CEO in connection with the use of his aircraft	$	165	$	165
Charges for products purchased from Poseidon(1)	286		282

(1)We own a 64% interest in Poseidon.

Our CEO, Mr. Grant E. Sims, owns an aircraft which is used by us for business purposes in the course of operations. We pay Mr. Sims a fixed monthly fee and reimburse the aircraft management company for costs related to our usage of the aircraft, including fuel and the actual out-of-pocket costs. Based on current market rates for chartering of private aircraft under long-term, priority arrangements with industry recognized chartering companies, we believe that the terms of this arrangement reflect what we would expect to obtain in an arms-length transaction.

Transactions with Unconsolidated Affiliates

Poseidon

We provide management, administrative and pipeline operator services to Poseidon under an Operation and Management Agreement. Currently, that agreement automatically renews annually unless terminated by either party (as defined in the agreement). Our revenues for the three months ended March 31, 2024 and 2023 include $2.6 million and $2.5 million, respectively, of fees we earned through the provision of services under that agreement. At March 31, 2024 and December 31, 2023, Poseidon owed us $1.9 million for services rendered.

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Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

Supplemental Cash Flow Information

The following table provides information regarding the net changes in components of operating assets and liabilities.

	Three Months Ended March 31,
	2024		2023
(Increase) decrease in:
Accounts receivable	$	92,696	$	180,813
Inventories	20,443		(23,663)
Deferred charges	6,503		11,461
Other current assets	(4,929)		(11,365)
Increase (decrease) in:
Accounts payable	(74,093)		(126,440)
Accrued liabilities	(12,147)		(48,454)
Net changes in components of operating assets and liabilities	$	28,473	$	(17,648)

Payments of interest and commitment fees were $79.7 million and $79.0 million for the three months ended March 31, 2024 and March 31, 2023, respectively.

We capitalized interest of $11.3 million and $8.5 million during the three months ended March 31, 2024 and March 31, 2023, respectively.

At March 31, 2024 and March 31, 2023, we had incurred liabilities for fixed and intangible asset additions totaling $102.2 million and $46.4 million, respectively, that had not been paid at the end of the quarter. Therefore, these amounts were not included in the caption “Payments to acquire fixed and intangible assets” under Cash Flows from Investing Activities in the Unaudited Condensed Consolidated Statements of Cash Flows. The amounts as of March 31, 2024 primarily relate to the capital expenditures associated with our offshore growth capital projects and our Granger Optimization Project.

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Derivatives

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Derivatives

Crude Oil and Petroleum Products Hedges

We have exposure to commodity price changes related to our petroleum inventory and purchase commitments. We utilize derivative instruments (exchange-traded futures, options and swap contracts) to hedge our exposure to crude oil, fuel oil and other petroleum products. Our decision as to whether to designate derivative instruments as fair value hedges for accounting purposes relates to our expectations of the length of time we expect to have the commodity price exposure and our expectations as to whether the derivative contract will qualify as highly effective under accounting guidance in limiting our exposure to commodity price risk. We recognize any changes in the fair value of our derivative contracts as increases or decreases in “Onshore facilities and transportation product costs” in the Unaudited Condensed Consolidated Statements of Operations. The recognition of changes in fair value of the derivative contracts not designated as hedges for accounting purposes can occur in reporting periods that do not coincide with the recognition of gain or loss on the actual transaction being hedged. Therefore, we will, on occasion, report gains or losses in one period that will be partially offset by gains or losses in a future period when the hedged transaction is completed.

We have designated certain crude oil futures contracts as hedges of crude oil inventory due to our expectation that these contracts will be highly effective in hedging our exposure to fluctuations in crude oil prices during the period that we expect to hold that inventory. We account for these derivative instruments as fair value hedges under the accounting guidance. Changes in the fair value of these derivative instruments designated as fair value hedges are used to offset related changes in the fair value of the hedged crude oil inventory. Any hedge ineffectiveness in these fair value hedges and any amounts excluded

from effectiveness testing are recorded as a gain or loss within “Onshore facilities and transportation product costs” in the Unaudited Condensed Consolidated Statements of Operations.

Natural Gas Hedges

Our Alkali Business relies on natural gas to generate heat and electricity for operations. We use a combination of commodity price swap contracts, future purchase contracts, and option contracts to manage our exposure to fluctuations in natural gas prices. The swap contracts are used to fix the basis differential between NYMEX Henry Hub and NW Rocky Mountain posted prices. We do not designate these contracts as hedges for accounting purposes. We recognize any changes in fair value of natural gas derivative contracts as increases or decreases within “Soda and sulfur services operating costs” in the Unaudited Condensed Consolidated Statements of Operations.

Forward Freight Hedges

ANSAC is exposed to fluctuations in freight rates for vessels used to transport soda ash to our international customers. We use exchange-traded or over-the-counter futures, swaps and options to hedge future freight rates for forecasted shipments. We do not designate these contracts as hedges for accounting purposes. We recognize any changes in fair value of forward freight contracts as increases or decreases within “Soda and sulfur services operating costs” in the Unaudited Condensed Consolidated Statements of Operations.

Bunker Fuel Hedges

ANSAC is exposed to fluctuations in the price of bunker fuel consumed by vessels used to transport soda ash to our international customers. We use exchange-traded or over-the-counter futures, swaps and options to hedge bunker fuel prices for forecasted shipments. We do not designate these contracts as hedges for accounting purposes. We recognize any changes in fair value of bunker fuel contracts as increases or decreases within “Soda and sulfur services operating costs” in the Unaudited Condensed Consolidated Statements of Operations.

Rail Fuel Surcharge Hedges

ANSAC enters into rail transport agreements that require us to pay rail fuel surcharges based on changes in the U.S. On-Highway Diesel Fuel Price published by the U.S. Department of Energy (“DOE”). We use exchange-traded or over-the-counter futures, swaps and options to hedge fluctuations in the fuel price. We do not designate these contracts as hedges for accounting purposes. We recognize any changes in fair value of bunker fuel contracts as increases or decreases within “Soda and sulfur services operating costs” in the Unaudited Condensed Consolidated Statements of Operations.

Balance Sheet Netting and Broker Margin Accounts

Our accounting policy is to offset derivative assets and liabilities executed with the same counterparty when a master netting arrangement exists. Accordingly, we also offset fair value amounts recorded for our exchange-traded derivative contracts against required margin funding in “Current Assets - Other” in our Unaudited Condensed Consolidated Balance Sheets. Our exchange-traded derivatives are transacted through brokerage accounts and are subject to margin requirements as established by the respective exchange. Margin requirements are intended to mitigate a party’s exposure to market volatility and counterparty credit risk. On a daily basis, our account equity (consisting of the sum of our cash margin balance and the fair value of our open derivatives) is compared to our initial margin requirement resulting in the payment or return of variation margin.

As of March 31, 2024, we had a net broker receivable of approximately $15.0 million (consisting of initial margin of $5.7 million increased by $9.3 million variation margin). As of December 31, 2023, we had a net broker receivable of approximately $10.9 million (consisting of initial margin of $5.7 million increased by $5.2 million of variation margin).  At March 31, 2024 and December 31, 2023, none of our outstanding derivatives contained credit-risk related contingent features that would result in a material adverse impact to us upon any change in our credit ratings. 

Financial Statement Impacts

Unrealized gains are subtracted from net income (loss) and unrealized losses are added to net income (loss) in determining cash flows from operating activities. To the extent that we have fair value hedges outstanding, the offsetting change recorded in the fair value of inventory is also eliminated from net income (loss) in determining cash flows from operating activities. Changes in the cash margin balance required to maintain our exchange-traded derivative contracts also affect cash flows from operating activities.

Outstanding Derivatives

At March 31, 2024, we had the following outstanding derivative contracts that were entered into to economically hedge inventory, fixed price purchase commitments or forecasted purchases.

	Sell (Short) Contracts		Buy (Long) Contracts
Designated as hedges under accounting rules:
Crude oil futures:
Contract volumes (1,000 Bbls)	437		175
Weighted average contract price per Bbl	$	78.74	$	80.03
Not qualifying or not designated as hedges under accounting rules:
Crude oil futures:
Contract volumes (1,000 Bbls)	149		104
Weighted average contract price per Bbl	$	79.99	$	80.82
Natural gas swaps:
Contract volumes (10,000 MMBtu)	—		1,074
Weighted average price differential per MMBtu	$	—	$	0.54
Natural gas futures:
Contract volumes (10,000 MMBtu)	114		1,184
Weighted average contract price per MMBtu	$	1.77	$	3.47
Natural gas options:
Contract volumes (10,000 MMBtu)	17		—
Weighted average premium received/paid	$	0.31	$	—
Bunker fuel futures:
Contract volumes (metric tons “MT”)	—		54,500
Weighted average price per MT	$	—	$	538.17
Bunker fuel swaps:
Contract volumes (metric tons “MT”)	—		4,500
Weighted average price per MT	$	—	$	547.22
DOE diesel options:
Contract volumes (1,000 Gal)	—		2,750
Weighted average premium received/paid	$	—	$	0.35

Fair Value of Derivative Assets and Liabilities

The following tables reflect the estimated fair value position of our derivatives at March 31, 2024 and December 31, 2023:

	Unaudited Condensed Consolidated Balance Sheets Location	Fair Value
		March 31, 2024		December 31, 2023
Asset Derivatives:
Natural Gas Swap (undesignated hedge)	Current Assets - Accounts receivable - trade, net	$	4,957	$	3,710
Commodity derivatives - futures and put and call options (undesignated hedges):
Gross amount of recognized assets	Current Assets - Other(1)	$	4,073	$	1,235
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	(4,073)		(1,235)
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets		$	—	$	—
Commodity derivatives - futures (designated hedges):
Gross amount of recognized assets	Current Assets - Other(1)	$	529	$	716
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	(529)		(716)
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets		$	—	$	—
Liability Derivatives:
Natural Gas Swap (undesignated hedge)	Current Liabilities -Accrued liabilities	$	(5,152)	$	(5,536)
Commodity derivatives - futures and put and call options (undesignated hedges):
Gross amount of recognized liabilities	Current Assets - Other(1)	$	(11,762)	$	(12,384)
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	11,762		12,384
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets		$	—	$	—
Commodity derivatives - futures (designated hedges):
Gross amount of recognized liabilities	Current Assets - Other(1)	$	(1,856)	$	(120)
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	1,856		120
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets		$	—	$	—

(1)As noted above, our exchange-traded derivatives are transacted through brokerage accounts and subject to margin requirements. We offset fair value amounts recorded for our exchange-traded derivative contracts against required margin deposits recorded in our Unaudited Condensed Consolidated Balance Sheets under “Current Assets - Other”.

Effect on Operating Results 

		Amount of Gain (Loss) Recognized in Income
	Unaudited Condensed Consolidated Statements of Operations Location	Three Months Ended March 31,
		2024		2023
Commodity derivatives - futures and call options:
Contracts designated as hedges under accounting guidance	Onshore facilities and transportation product costs	$	(2,918)	$	967
Contracts not considered hedges under accounting guidance	Onshore facilities and transportation product costs, Soda and sulfur services operating costs	888		(10,153)
Total commodity derivatives		$	(2,030)	$	(9,186)
Natural Gas Swap	Soda and sulfur services operating costs	$	3,010	$	14,085

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Fair-Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair-Value Measurements

Fair-Value Measurements

We classify financial assets and liabilities into the following three levels based on the inputs used to measure fair value:

(1)Level 1 fair values are based on observable inputs such as quoted prices in active markets for identical assets and liabilities;

(2)Level 2 fair values are based on pricing inputs other than quoted prices in active markets for identical assets and liabilities and are either directly or indirectly observable as of the measurement date; and

(3)Level 3 fair values are based on unobservable inputs in which little or no market data exists.

As required by fair value accounting guidance, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

Our assessment of the significance of a particular input to the fair value requires judgment and may affect the placement of assets and liabilities within the fair value hierarchy levels.

The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2024 and December 31, 2023. 

	March 31, 2024						December 31, 2023
Recurring Fair Value Measures	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Commodity derivatives:
Assets	$	4,602	$	4,957	$	—	$	1,951	$	3,710	$	—
Liabilities	$	(13,618)	$	(5,152)	$	—	$	(12,504)	$	(5,536)	$	—

Our commodity and fuel derivatives include exchange-traded futures and exchange-traded options contracts. The fair value of these exchange-traded derivative contracts is based on unadjusted quoted prices in active markets and is, therefore, included in Level 1 of the fair value hierarchy. The fair value of the swaps contracts was determined using market price quotations and a pricing model. The swap contracts were considered a level 2 input in the fair value hierarchy at March 31, 2024.

See Note 16 for additional information on our derivative instruments.

Other Fair Value Measurements

We believe the debt outstanding under our senior secured credit facility approximates fair value as the stated rate of interest approximates current market rates of interest for similar instruments with comparable maturities. At March 31, 2024 and December 31, 2023, our senior unsecured notes had a carrying value of approximately $3.1 billion and a fair value of approximately $3.2 billion. The fair value of the senior unsecured notes is determined based on trade information in the financial markets of our public debt and is considered a Level 2 fair value measurement. At March 31, 2024 and December 31, 2023, our Alkali senior secured notes had a carrying value and fair value of approximately $0.4 billion. The fair value of the

Alkali senior secured notes is determined based on trade information in the financial market of securities with similar features and is considered a Level 2 fair value measurement.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

We are subject to various environmental laws and regulations. Policies and procedures are in place to aid in monitoring compliance and detecting and addressing releases of crude oil from our pipelines or other facilities and from our mining operations relating to our Alkali Business; however, no assurance can be made that such environmental releases may not substantially affect our business.

We are subject to lawsuits in the normal course of business and examination by tax and other regulatory authorities. We do not expect such matters presently pending to have a material effect on our financial position, results of operations, or cash flows.

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Recent Accounting Developments (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation and Consolidation

Basis of Presentation and Consolidation

The accompanying Unaudited Condensed Consolidated Financial Statements include Genesis Energy, L.P. and its subsidiaries.

Our results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the fiscal year. The Unaudited Condensed Consolidated Financial Statements included herein have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they reflect all adjustments (which consist solely of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial results for interim periods. Certain information and notes normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. However, we believe that the disclosures are adequate to make the information presented not misleading when read in conjunction with the information contained in the periodic reports we file with the SEC pursuant to the Securities Exchange Act of 1934, including the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 (our “Annual Report”).

Except per unit amounts, or as noted within the context of each footnote disclosure, the dollar amounts presented in the tabular data within these footnote disclosures are stated in thousands of dollars.

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Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2024

Revenue Recognition [Abstract]

Schedule of Disaggregation of Revenue

The following tables reflect the disaggregation of our revenues by major category for the three months ended March 31, 2024 and 2023, respectively:

	Three Months Ended March 31, 2024
	Offshore Pipeline Transportation		Soda and Sulfur Services		Marine Transportation		Onshore Facilities and Transportation		Consolidated
Fee-based revenues	$	101,990	$	—	$	83,574	$	15,293	$	200,857
Product Sales	—		378,061		—		168,300		546,361
Refinery Services	—		22,887		—		—		22,887
	$	101,990	$	400,948	$	83,574	$	183,593	$	770,105

	Three Months Ended March 31, 2023
	Offshore Pipeline Transportation		Soda and Sulfur Services		Marine Transportation		Onshore Facilities & Transportation		Consolidated
Fee-based revenues	$	91,395	$	—	$	83,226	$	14,184	$	188,805
Product Sales	—		422,824		—		157,159		579,983
Refinery Services	—		21,824		—		—		21,824
	$	91,395	$	444,648	$	83,226	$	171,343	$	790,612

Schedule of Contract Asset and Liabilities Balances Activity

The table below depicts our contract asset and liability balances at December 31, 2023 and March 31, 2024:

	Contract Assets		Contract Liabilities
	Other Assets, net of amortization		Accrued Liabilities		Other Long-Term Liabilities
Balance at December 31, 2023	$	859	$	11,460	$	112,734
Balance at March 31, 2024	1,288		20,920		110,719

Schedule of Revenue Expected to be Recognized in Future Periods

The following chart depicts how we expect to recognize revenues for future periods related to these contracts:

	Offshore Pipeline Transportation		Onshore Facilities and Transportation
Remainder of 2024	$	92,864	$	19,325
2025	136,326		25,853
2026	110,428		26,170
2027	66,828		14,026
2028	45,453		10,000
Thereafter	124,184		2,500
Total	$	576,083	$	97,874

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Business Consolidation (Tables)

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Summary of Unaudited Consolidated Balance Sheet and Statements of Operations

The allocation of the purchase price, as presented within our Condensed Consolidated Balance Sheet as of December 31, 2023, is summarized as follows:

Cash and cash equivalents	$	4,332
Accounts receivable - trade, net	231,797
Inventories	19,522
Other current assets	14,203
Fixed assets, at cost	4,000
Right of use assets, net	93,208
Intangible assets, net of amortization	14,992
Other Assets, net of amortization	400
Accounts payable - trade(1)	(228,106)
Accrued liabilities	(75,224)
Deferred tax liabilities	(1,482)
Other long-term liabilities	(77,642)
Net Assets	$	—

(1)The “Accounts payable - trade” balance above includes $133.4 million of payables to Genesis at December 31, 2022 that eliminated upon consolidation in our Consolidated Balance Sheet.

Schedule of Pro Forma Financial Information

The dilutive effect of our Class A Convertible Preferred Units is calculated using the if-converted method.

	Three Months Ended March 31, 2023
Consolidated financial operating results:
Revenues	$	790,612
Net Loss Attributable to Genesis Energy, L.P.	(1,644)
Net Loss Attributable to Common Unitholders	(25,646)
Basic and diluted loss per common unit:
As reported net loss per common unit	$	(0.21)
Pro forma net loss per common unit	$	(0.21)

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Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Major Components of Inventories

The major components of inventories were as follows:

	March 31, 2024		December 31, 2023
Crude oil	30,078		22,320
Caustic soda	8,202		9,150
NaHS	15,850		17,605
Raw materials - Alkali Business	8,075		8,355
Work-in-process - Alkali Business	5,717		11,404
Finished goods, net - Alkali Business	40,054		48,706
Materials and supplies, net - Alkali Business	18,669		17,691
Total	$	126,645	$	135,231

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Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Tables)

3 Months Ended

Mar. 31, 2024

Fixed Assets And Asset Retirement Obligations [Abstract]

Schedule of Fixed Assets

Fixed assets consisted of the following: 

	March 31, 2024		December 31, 2023
Crude oil and natural gas pipelines and related assets	$	2,950,573	$	2,945,215
Alkali facilities, machinery and equipment	1,150,287		1,147,291
Onshore facilities, machinery and equipment	288,704		271,271
Transportation equipment	26,673		24,913
Marine vessels	1,023,993		1,021,080
Land, buildings and improvements	294,852		293,733
Office equipment, furniture and fixtures	25,227		25,029
Construction in progress(1)	792,032		731,197
Other	29,311		41,168
Fixed assets, at cost	6,581,652		6,500,897
Less: Accumulated depreciation	(2,034,076)		(1,972,596)
Net fixed assets	$	4,547,576	$	4,528,301

Schedule of Mineral Leaseholds

Our Mineral Leaseholds, relating to our Alkali Business, consist of the following:

	March 31, 2024		December 31, 2023
Mineral leaseholds	$	566,019	$	566,019
Less: Accumulated depletion	(26,645)		(25,499)
Mineral leaseholds, net of accumulated depletion	$	539,374	$	540,520

Schedule of Depreciation and Depletion Expense

Our depreciation and depletion expense for the periods presented were as follows:

	Three Months Ended March 31,
	2024		2023
Depreciation expense	$	69,685	$	69,573
Depletion expense	1,146		881

Schedule of Change in Asset Retirement Obligation

The following table presents information regarding our AROs since December 31, 2023:

ARO liability balance, December 31, 2023	$	243,708
Accretion expense	2,777
Settlements	(60)
ARO liability balance, March 31, 2024	$	246,425

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Equity Investees (Tables)

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Consolidated Financial Statements Related to Equity Investees

The following table presents information included in our Unaudited Condensed Consolidated Financial Statements related to our equity investees:

	Three Months Ended March 31,
	2024		2023
Genesis’ share of operating earnings	$	20,007	$	21,119
Amortization of differences attributable to Genesis’ carrying value of equity investments	(3,566)		(3,566)
Equity in earnings of equity investees	$	16,441	$	17,553
Distributions received(1)	$	23,249	$	23,834

(1) Distributions attributable to the respective period and received within 15 days subsequent to the respective period end.

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Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of Components of Intangible Assets

The following table summarizes the components of our intangible assets at the dates indicated:

	March 31, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Carrying Value		Gross Carrying Amount		Accumulated Amortization		Carrying Value
Offshore pipeline contract intangibles	158,101		72,116		85,985		158,101		70,036		88,065
Other	73,888		18,256		55,632		70,974		17,502		53,472
Total	$	231,989	$	90,372	$	141,617	$	229,075	$	87,538	$	141,537

Schedule of Amortization Expense

Our amortization of intangible assets for the periods presented was as follows:

	Three Months Ended March 31,
	2024		2023
Amortization of intangible assets	$	2,834	$	2,705

Schedule of Expected Amortization Expense

We estimate that our amortization expense for the next five years will be as follows:

Remainder of	2024	$	11,315
	2025	14,856
	2026	14,544
	2027	14,097
	2028	13,848

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Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Our obligations under debt arrangements consisted of the following:

	March 31, 2024						December 31, 2023
	Principal		Unamortized Premium, Discount and Debt Issuance Costs		Net Value		Principal		Unamortized Premium, Discount and Debt Issuance Costs		Net Value
Senior secured credit facility(1)	$	383,200	$	—	$	383,200	$	298,300	$	—	$	298,300
6.250% senior unsecured notes due 2026	339,310		1,562		337,748		339,310		1,746		337,564
8.000% senior unsecured notes due 2027	981,245		3,215		978,030		981,245		3,549		977,696
7.750% senior unsecured notes due 2028	679,360		5,747		673,613		679,360		6,121		673,239
8.250% senior unsecured notes due 2029	600,000		16,410		583,590		600,000		17,202		582,798
8.875% senior unsecured notes due 2030	500,000		8,010		491,990		500,000		8,342		491,658
5.875% Alkali senior secured notes due 2042(2)	422,024		21,593		400,431		425,000		21,791		403,209
Total long-term debt	$	3,905,139	$	56,537	$	3,848,602	$	3,823,215	$	58,751	$	3,764,464

(1)Unamortized debt issuance costs associated with our senior secured credit facility (included in “Other Assets, net of amortization” on the Unaudited Condensed Consolidated Balance Sheets), were $5.0 million and $5.7 million as of March 31, 2024 and December 31, 2023, respectively.

(2)As of March 31, 2024 and December 31, 2023, $12.0 million and $11.6 million, respectively, of the principal balance is considered current and included within “Accrued liabilities” on the Unaudited Condensed Consolidated Balance Sheets.

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Partners' Capital, Mezzanine Capital and Distributions (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Paid Distributions

We paid, or will pay, the following cash distributions to our common unitholders in 2023 and 2024:

Distribution For	Date Paid	Per Unit Amount		Total Amount
2023
1st Quarter	May 15, 2023	$	0.15	$	18,387
2nd Quarter	August 14, 2023	$	0.15	$	18,387
3rd Quarter	November 14, 2023	$	0.15	$	18,370
4th Quarter	February 14, 2024	$	0.15	$	18,370
2024
1st Quarter(1)	May 15, 2024	$	0.15	$	18,370

(1)This distribution was declared in April 2024 and will be paid to unitholders of record as of April 30, 2024.

We paid, or will pay, by the dates noted below, the following cash distributions to our Class A Convertible Preferred unitholders in 2023 and 2024:

Distribution For	Date Paid	Per Unit Amount		Total Amount
2023
1st Quarter	May 15, 2023	$	0.9473	$	24,002
2nd Quarter	August 14, 2023	$	0.9473	$	23,314
3rd Quarter	November 14, 2023	$	0.9473	$	22,612
4th Quarter	February 14, 2024	$	0.9473	$	21,894
2024
1st Quarter(1)	May 15, 2024	$	0.9473	$	21,894

(1)This distribution was declared in April 2024 and will be paid to unitholders of record as of April 30, 2024

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Net Loss Per Common Unit (Tables)

3 Months Ended

Mar. 31, 2024

Net Income per Common Unit [Abstract]

Schedule of Computation of Earnings Per Share, Basic and Diluted

The following table reconciles net income (loss) attributable to Genesis Energy, L.P. and weighted average units used in computing basic and diluted net loss per common unit (in thousands):

	Three Months Ended March 31,
	2024		2023
Net income (loss) attributable to Genesis Energy, L.P.	$	11,353	$	(1,644)
Less: Accumulated distributions attributable to Class A Convertible Preferred Units	(21,894)		(24,002)
Net loss attributable to common unitholders	$	(10,541)	$	(25,646)
Weighted average outstanding units	122,464		122,579
Basic and diluted net loss per common unit	$	(0.09)	$	(0.21)

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Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Segment information for the periods presented below was as follows:

	Offshore Pipeline Transportation		Soda and Sulfur Services		Marine Transportation		Onshore Facilities and Transportation		Total
Three Months Ended March 31, 2024
Segment Margin(1)	$	97,806	$	45,382	$	31,363	$	6,547	$	181,098
Capital expenditures(2)	$	63,626	$	18,600	$	12,310	$	6,521	$	101,057
Revenues:
External customers	$	101,990	$	402,954	$	83,574	$	181,587	$	770,105
Intersegment(3)	—		(2,006)		—		2,006		—
Total revenues of reportable segments	$	101,990	$	400,948	$	83,574	$	183,593	$	770,105
Three Months Ended March 31, 2023
Segment Margin(1)	$	97,938	$	66,107	$	25,694	$	5,390	$	195,129
Capital expenditures(2)	$	52,053	$	19,985	$	9,057	$	1,930	$	83,025
Revenues:
External customers	$	91,395	$	446,906	$	83,226	$	169,085	$	790,612
Intersegment(3)	—		(2,258)		—		2,258		—
Total revenues of reportable segments	$	91,395	$	444,648	$	83,226	$	171,343	$	790,612

(1)A reconciliation of Net income (loss) attributable to Genesis Energy, L.P. to total Segment Margin for the periods is presented below.

(2)Capital expenditures include maintenance and growth capital expenditures, such as fixed asset additions (including enhancements to existing facilities and construction of growth projects) as well as contributions to equity investees, if any.

(3)Intersegment sales were conducted under terms that we believe were no more or less favorable than then-existing market conditions.

Total assets by reportable segment were as follows:

	March 31, 2024		December 31, 2023
Offshore pipeline transportation	$	2,626,821	$	2,580,032
Soda and sulfur services	2,637,632		2,705,350
Marine transportation	640,032		645,020
Onshore facilities and transportation	963,604		1,019,113
Other assets	77,169		69,263
Total consolidated assets	$	6,945,258	$	7,018,778

Reconciliation of Segment Margin to (Loss) Income from Continuing Operations

Reconciliation of Net income (loss) attributable to Genesis Energy, L.P. to total Segment Margin:

	Three Months Ended March 31,
	2024		2023
Net income (loss) attributable to Genesis Energy, L.P.	$	11,353	$	(1,644)
Corporate general and administrative expenses	16,049		15,764
Depreciation, depletion, amortization and accretion	76,543		75,935
Interest expense, net	68,734		60,854
Adjustment to include distributable cash generated by equity investees not included in income and exclude equity in investees net income(1)	6,808		6,281
Unrealized losses (gains) on derivative transactions excluding fair value hedges, net of changes in inventory value	(5,081)		27,132
Other non-cash items	(2,189)		(2,461)
Loss on extinguishment of debt(2)	—		1,809
Differences in timing of cash receipts for certain contractual arrangements(3)	8,072		10,575
Income tax expense	809		884
Total Segment Margin	$	181,098	$	195,129

(1)Includes distributions attributable to the quarter and received during or promptly following such quarter.

(2)The 2023 Quarter includes the transaction costs associated with the tender and redemption of our 2024 Notes, as well as the write-off of the unamortized issuance costs associated with these notes.

(3)Includes the difference in timing of cash receipts from customers during the period and the revenue we recognize in accordance with GAAP on our related contracts.

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Transactions with Related Parties (Tables)

3 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

Schedule Of Transactions with Related Parties

The transactions with related parties were as follows:

	Three Months Ended March 31,
	2024		2023
Revenues:
Revenues from services and fees to Poseidon(1)	$	4,983	$	3,592
Costs and expenses:
Amounts paid to our CEO in connection with the use of his aircraft	$	165	$	165
Charges for products purchased from Poseidon(1)	286		282

(1)We own a 64% interest in Poseidon.

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Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Net Changes In Components of Operating Assets and Liabilities

The following table provides information regarding the net changes in components of operating assets and liabilities.

	Three Months Ended March 31,
	2024		2023
(Increase) decrease in:
Accounts receivable	$	92,696	$	180,813
Inventories	20,443		(23,663)
Deferred charges	6,503		11,461
Other current assets	(4,929)		(11,365)
Increase (decrease) in:
Accounts payable	(74,093)		(126,440)
Accrued liabilities	(12,147)		(48,454)
Net changes in components of operating assets and liabilities	$	28,473	$	(17,648)

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Derivatives (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Derivatives Entered Into to Hedge Inventory or Fixed Price Purchase Commitments

At March 31, 2024, we had the following outstanding derivative contracts that were entered into to economically hedge inventory, fixed price purchase commitments or forecasted purchases.

	Sell (Short) Contracts		Buy (Long) Contracts
Designated as hedges under accounting rules:
Crude oil futures:
Contract volumes (1,000 Bbls)	437		175
Weighted average contract price per Bbl	$	78.74	$	80.03
Not qualifying or not designated as hedges under accounting rules:
Crude oil futures:
Contract volumes (1,000 Bbls)	149		104
Weighted average contract price per Bbl	$	79.99	$	80.82
Natural gas swaps:
Contract volumes (10,000 MMBtu)	—		1,074
Weighted average price differential per MMBtu	$	—	$	0.54
Natural gas futures:
Contract volumes (10,000 MMBtu)	114		1,184
Weighted average contract price per MMBtu	$	1.77	$	3.47
Natural gas options:
Contract volumes (10,000 MMBtu)	17		—
Weighted average premium received/paid	$	0.31	$	—
Bunker fuel futures:
Contract volumes (metric tons “MT”)	—		54,500
Weighted average price per MT	$	—	$	538.17
Bunker fuel swaps:
Contract volumes (metric tons “MT”)	—		4,500
Weighted average price per MT	$	—	$	547.22
DOE diesel options:
Contract volumes (1,000 Gal)	—		2,750
Weighted average premium received/paid	$	—	$	0.35

Schedule of Fair Value of Derivative Assets and Liabilities

The following tables reflect the estimated fair value position of our derivatives at March 31, 2024 and December 31, 2023:

	Unaudited Condensed Consolidated Balance Sheets Location	Fair Value
		March 31, 2024		December 31, 2023
Asset Derivatives:
Natural Gas Swap (undesignated hedge)	Current Assets - Accounts receivable - trade, net	$	4,957	$	3,710
Commodity derivatives - futures and put and call options (undesignated hedges):
Gross amount of recognized assets	Current Assets - Other(1)	$	4,073	$	1,235
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	(4,073)		(1,235)
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets		$	—	$	—
Commodity derivatives - futures (designated hedges):
Gross amount of recognized assets	Current Assets - Other(1)	$	529	$	716
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	(529)		(716)
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets		$	—	$	—
Liability Derivatives:
Natural Gas Swap (undesignated hedge)	Current Liabilities -Accrued liabilities	$	(5,152)	$	(5,536)
Commodity derivatives - futures and put and call options (undesignated hedges):
Gross amount of recognized liabilities	Current Assets - Other(1)	$	(11,762)	$	(12,384)
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	11,762		12,384
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets		$	—	$	—
Commodity derivatives - futures (designated hedges):
Gross amount of recognized liabilities	Current Assets - Other(1)	$	(1,856)	$	(120)
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	1,856		120
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets		$	—	$	—

(1)As noted above, our exchange-traded derivatives are transacted through brokerage accounts and subject to margin requirements. We offset fair value amounts recorded for our exchange-traded derivative contracts against required margin deposits recorded in our Unaudited Condensed Consolidated Balance Sheets under “Current Assets - Other”.

Schedule of Effect on Operating Results

Effect on Operating Results 

		Amount of Gain (Loss) Recognized in Income
	Unaudited Condensed Consolidated Statements of Operations Location	Three Months Ended March 31,
		2024		2023
Commodity derivatives - futures and call options:
Contracts designated as hedges under accounting guidance	Onshore facilities and transportation product costs	$	(2,918)	$	967
Contracts not considered hedges under accounting guidance	Onshore facilities and transportation product costs, Soda and sulfur services operating costs	888		(10,153)
Total commodity derivatives		$	(2,030)	$	(9,186)
Natural Gas Swap	Soda and sulfur services operating costs	$	3,010	$	14,085

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Fair-Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Placement of Assets and Liabilities Within the Fair Value Hierarchy Levels

The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2024 and December 31, 2023. 

	March 31, 2024						December 31, 2023
Recurring Fair Value Measures	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Commodity derivatives:
Assets	$	4,602	$	4,957	$	—	$	1,951	$	3,710	$	—
Liabilities	$	(13,618)	$	(5,152)	$	—	$	(12,504)	$	(5,536)	$	—

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Organization and Basis of Presentation and Consolidation (Details)	3 Months Ended
	Mar. 31, 2024 segment
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of reportable segments	4
Genesis Energy, LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage	100.00%

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Revenue Recognition (Disaggregated Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 770,105	$ 790,612
Fee-based Revenues [Member]
Disaggregation of Revenue [Line Items]
Total revenues	200,857	188,805
Product Sales [Member]
Disaggregation of Revenue [Line Items]
Total revenues	546,361	579,983
Refinery Services [Member]
Disaggregation of Revenue [Line Items]
Total revenues	22,887	21,824
Offshore Pipeline Transportation [Member]
Disaggregation of Revenue [Line Items]
Total revenues	101,990	91,395
Offshore Pipeline Transportation [Member] | Fee-based Revenues [Member]
Disaggregation of Revenue [Line Items]
Total revenues	101,990	91,395
Offshore Pipeline Transportation [Member] | Product Sales [Member]
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Offshore Pipeline Transportation [Member] | Refinery Services [Member]
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Soda and sulfur services
Disaggregation of Revenue [Line Items]
Total revenues	400,948	444,648
Soda and sulfur services | Fee-based Revenues [Member]
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Soda and sulfur services | Product Sales [Member]
Disaggregation of Revenue [Line Items]
Total revenues	378,061	422,824
Soda and sulfur services | Refinery Services [Member]
Disaggregation of Revenue [Line Items]
Total revenues	22,887	21,824
Marine Transportation [Member]
Disaggregation of Revenue [Line Items]
Total revenues	83,574	83,226
Marine Transportation [Member] | Fee-based Revenues [Member]
Disaggregation of Revenue [Line Items]
Total revenues	83,574	83,226
Marine Transportation [Member] | Product Sales [Member]
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Marine Transportation [Member] | Refinery Services [Member]
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Onshore facilities and transportation
Disaggregation of Revenue [Line Items]
Total revenues	183,593	171,343
Onshore facilities and transportation | Fee-based Revenues [Member]
Disaggregation of Revenue [Line Items]
Total revenues	15,293	14,184
Onshore facilities and transportation | Product Sales [Member]
Disaggregation of Revenue [Line Items]
Total revenues	168,300	157,159
Onshore facilities and transportation | Refinery Services [Member]
Disaggregation of Revenue [Line Items]
Total revenues	$ 0	$ 0

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Revenue Recognition (Contract Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Other Assets, net of amortization	$ 1,288	$ 859
Accrued Liabilities	20,920	11,460
Other Long-Term Liabilities	$ 110,719	$ 112,734

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Revenue Recognition (Revenue Expected to be Recognized in Future Periods) (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Offshore Pipeline Transportation [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized in future periods	$ 576,083
Onshore facilities and transportation
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized in future periods	97,874
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Offshore Pipeline Transportation [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized in future periods	$ 92,864
Revenue expected timing of satisfaction period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Onshore facilities and transportation
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized in future periods	$ 19,325
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Offshore Pipeline Transportation [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized in future periods	$ 136,326
Revenue expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Onshore facilities and transportation
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized in future periods	$ 25,853
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Offshore Pipeline Transportation [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized in future periods	$ 110,428
Revenue expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Onshore facilities and transportation
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized in future periods	$ 26,170
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Offshore Pipeline Transportation [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized in future periods	$ 66,828
Revenue expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Onshore facilities and transportation
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized in future periods	$ 14,026
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Offshore Pipeline Transportation [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized in future periods	$ 45,453
Revenue expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Onshore facilities and transportation
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized in future periods	$ 10,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Offshore Pipeline Transportation [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized in future periods	$ 124,184
Revenue expected timing of satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Onshore facilities and transportation
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized in future periods	$ 2,500

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Business Consolidation - Narrative (Details)	Jan. 01, 2023
Leaseholds and Leasehold Improvements
Business Acquisition [Line Items]
Acquired fixed assets, useful life	10 years
American Natural Soda Ash Corp. (ANSAC)
Business Acquisition [Line Items]
Voting interests acquired	100.00%

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Business Consolidation - Unaudited Consolidated Balance Sheet and Statements of Operations (Details) - American Natural Soda Ash Corp. (ANSAC) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Cash and cash equivalents	$ 4,332
Accounts receivable - trade, net	231,797
Inventories	19,522
Other current assets	14,203
Fixed assets, at cost	4,000
Right of use assets, net	93,208
Intangible assets, net of amortization	14,992
Other Assets, net of amortization	400
Accounts payable - trade(1)	(228,106)
Accrued liabilities	(75,224)
Deferred tax liabilities	1,482
Other long-term liabilities	(77,642)
Net Assets	$ 0
Consolidation, Eliminations [Member]
Business Acquisition [Line Items]
Accounts receivable - trade, net		$ 133,400

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Business Consolidations - Schedule of Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Consolidated financial operating results:
Revenues		$ 790,612
Net Loss Attributable to Genesis Energy, L.P.		(1,644)
Net Loss Attributable to Common Unitholders, Basic (in dollars per unit)		(25,646)
Net Loss Attributable to Common Unitholders, Diluted (in dollars per unit)		$ (25,646)
Basic and diluted loss per common unit:
Basic Net Loss per Common Unit (in dollars per unit)	$ (0.09)	$ (0.21)
Dilutive Net Loss per common unit (in dollars per unit)	$ (0.09)	(0.21)
Pro Forma net loss per common unit, basic (in dollars per unit)		(0.21)
Pro forma net loss per common unit, diluted (in dollars per unit)		$ (0.21)

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Lease Accounting (Details) - Marine Transportation [Member] - M/T American Phoenix [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lessor, Lease, Description [Line Items]
Operating lease income	$ 6,800	$ 5,800
Lease payments, remainder of 2023	21,500
Lease payments, year one	29,600
Lease payments, year two	30,700
Lease payments, year three	$ 15,200

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Inventories (Major Components of Inventories) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Crude oil	$ 30,078	$ 22,320
Caustic soda	8,202	9,150
NaHS	15,850	17,605
Raw materials - Alkali Business	8,075	8,355
Work-in-process - Alkali Business	5,717	11,404
Finished goods, net - Alkali Business	40,054	48,706
Materials and supplies, net - Alkali Business	18,669	17,691
Total	$ 126,645	$ 135,231

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Inventories (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Inventory Disclosure [Abstract]
Inventory write-down	$ 200

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Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Fixed Assets, Net) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	$ 6,581,652	$ 6,500,897
Less: Accumulated depreciation	(2,034,076)	(1,972,596)
Net fixed assets	4,547,576	4,528,301
Settlements	(60)
Asset retirement obligation balance	246,425	243,708
Accretion expense	2,777
Crude oil and natural gas pipelines and related assets
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	2,950,573	2,945,215
Onshore facilities, machinery and equipment
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	288,704	271,271
Onshore facilities, machinery and equipment | Alkali Business
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	1,150,287	1,147,291
Transportation equipment
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	26,673	24,913
Marine vessels
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	1,023,993	1,021,080
Land, buildings and improvements
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	294,852	293,733
Office equipment, furniture and fixtures
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	25,227	25,029
Construction in progress(1)
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	792,032	731,197
Other
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	$ 29,311	$ 41,168

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Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Mineral Leaseholds) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fixed Assets And Asset Retirement Obligations [Abstract]
Mineral leaseholds	$ 566,019	$ 566,019
Less: Accumulated depletion	(26,645)	(25,499)
Mineral leaseholds, net of accumulated depletion	$ 539,374	$ 540,520

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Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Depreciation and Depletion Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fixed Assets And Asset Retirement Obligations [Abstract]
Depreciation expense	$ 69,685	$ 69,573
Depletion expense	$ 1,146	$ 881

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Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Asset Retirement Obligation Rollforward) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
ARO liability balance, December 31, 2023	$ 243,708
Accretion expense	2,777
Settlements	(60)
ARO liability balance, March 31, 2024	$ 246,425

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Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Asset Retirement Obligations Details [Line Items]
Asset retirement obligation balance	$ 246,425	$ 243,708
Accrued Liabilities
Asset Retirement Obligations Details [Line Items]
Asset retirement obligation balance	$ 26,100

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Equity Investees (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Unamortized excess cost amount	$ 287.8	$ 291.4

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Equity Investees (Consolidated Financial Statements Related to Equity Investees) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Amortization of differences attributable to Genesis’ carrying value of equity investments	$ (3,566)	$ (3,566)
Distributions received	23,249	23,834
Equity in earnings of equity investees	16,441	17,553
Genesis’ share of operating earnings	$ 20,007	$ 21,119

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Intangible Assets (Schedule of Components of Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 231,989	$ 229,075
Accumulated Amortization	90,372	87,538
Carrying Value	141,617	141,537
Contract intangibles | Offshore pipeline transportation
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	158,101	158,101
Accumulated Amortization	72,116	70,036
Carrying Value	85,985	88,065
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	73,888	70,974
Accumulated Amortization	18,256	17,502
Carrying Value	$ 55,632	$ 53,472

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Intangible Assets - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 2,834	$ 2,705

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Intangible Assets (Schedule of Current and Future Amortization Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Remainder of 2021	$ 11,315
2025	14,856
2026	14,544
2027	14,097
2028	13,848
Amortization of intangible assets	$ 2,834	$ 2,705

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Debt (Schedule of Obligations Under Debt Arrangements) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Jan. 25, 2023	May 17, 2022
Debt Instrument [Line Items]
Principal	$ 3,905,139	$ 3,823,215
Unamortized Premium, Discount and Debt Issuance Costs	56,537	58,751
Net Value	3,848,602	3,764,464
5.875% Alkali senior secured notes due 2042(2)
Debt Instrument [Line Items]
Principal	400,000
Credit Facility | Revolving Credit Facility | Revolving Loan
Debt Instrument [Line Items]
Principal	383,200	298,300
Unamortized Premium, Discount and Debt Issuance Costs	0	0
Net Value	383,200	298,300
Unamortized debt issuance costs	5,000	5,700
Senior Notes | 6.250% senior unsecured notes due 2026
Debt Instrument [Line Items]
Principal	339,310	339,310
Unamortized Premium, Discount and Debt Issuance Costs	1,562	1,746
Net Value	$ 337,748	337,564
Interest rate	6.25%
Senior Notes | 8.000% senior unsecured notes due 2027
Debt Instrument [Line Items]
Principal	$ 981,245	981,245
Unamortized Premium, Discount and Debt Issuance Costs	3,215	3,549
Net Value	$ 978,030	977,696
Interest rate	8.00%
Senior Notes | 7.750% senior unsecured notes due 2028
Debt Instrument [Line Items]
Principal	$ 679,360	679,360
Unamortized Premium, Discount and Debt Issuance Costs	5,747	6,121
Net Value	$ 673,613	673,239
Interest rate	7.75%
Senior Notes | 5.875% Alkali senior secured notes due 2042(2)
Debt Instrument [Line Items]
Principal	$ 422,024	425,000		$ 425,000
Unamortized Premium, Discount and Debt Issuance Costs	21,593	21,791
Net Value	$ 400,431	403,209
Interest rate	5.875%			5.875%
Debt Instrument, Interest Rate, Limited Term Percentage				0.10
Senior Notes | 8.250% Senior Unsecured Notes Due 2029
Debt Instrument [Line Items]
Principal	$ 600,000	600,000
Unamortized Premium, Discount and Debt Issuance Costs	16,410	17,202
Net Value	$ 583,590	582,798
Interest rate	8.25%
2030 Notes | Senior Notes
Debt Instrument [Line Items]
Principal	$ 500,000	500,000
Unamortized Premium, Discount and Debt Issuance Costs	8,010	8,342
Net Value	$ 491,990	$ 491,658
Interest rate	8.875%		8.875%

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Debt (Narrative) (Details)				1 Months Ended	3 Months Ended
	Sep. 30, 2023 USD ($)	Feb. 17, 2023 USD ($) extension	May 17, 2022 USD ($)	Dec. 31, 2021	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jan. 25, 2023 USD ($)
Debt Instrument [Line Items]
Repayment of senior unsecured notes					$ 0	$ 341,135,000
Loss on extinguishment of debt(2)					0	$ (1,809,000)
Principal					3,905,139,000		$ 3,823,215,000
Restricted cash					$ 27,804,000		18,804,000
Cameron Highway Oil Pipeline | Affiliated Entity
Debt Instrument [Line Items]
Percentage of ownership after transaction				64.00%
Senior Notes | Guarantor Subsidiary | Genesis Energy, LLC | Genesis Finance Corporation
Debt Instrument [Line Items]
Percentage of equity interest					100.00%
Senior Notes | 2030 Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount								$ 500,000,000
Interest rate					8.875%			8.875%
Principal					$ 500,000,000		500,000,000
Senior Secured Credit Facility | Credit Facility
Debt Instrument [Line Items]
Credit facility extension period		1 year
Credit facility, number of extensions | extension		2
Senior Secured Credit Facility | Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Letter of credit, fee percentage	2.75%
Senior Secured Credit Facility | Credit Facility | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Letter of credit, fee percentage					3.50%
Senior Secured Credit Facility | Credit Facility | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Letter of credit, fee percentage					2.25%
Revolving Loan | Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 850,000,000
Line of credit, unused capacity commitment fee percentage	0.50%
Credit facility, additional borrowing capacity					$ 200,000,000
Credit facility, amount borrowed					383,200,000
Letters of credit, outstanding amount					4,500,000
Line of Credit Facility, Remaining Borrowing Capacity					462,300,000
Principal					383,200,000		298,300,000
Revolving Loan | Credit Facility | Revolving Credit Facility | Petroleum Products
Debt Instrument [Line Items]
Credit facility, amount borrowed					$ 23,900,000
Revolving Loan | Credit Facility | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Line of credit, unused capacity commitment fee percentage					0.50%
Letters of credit, outstanding amount					$ 100,000,000
Revolving Loan | Credit Facility | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Line of credit, unused capacity commitment fee percentage					0.30%
Revolving Loan | Credit Facility | Revolving Credit Facility | Federal Funds Effective Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					0.50%
Revolving Loan | Credit Facility | Revolving Credit Facility | Alternate Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	175.00%
Revolving Loan | Credit Facility | Revolving Credit Facility | Alternate Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					2.50%
Revolving Loan | Credit Facility | Revolving Credit Facility | Alternate Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					1.25%
Revolving Loan | Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	275.00%
Revolving Loan | Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					3.50%
Revolving Loan | Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | One-month Tenor
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					1.00%
Revolving Loan | Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | Term SOFR Adjustment
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					0.10%
Revolving Loan | Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					2.25%
8.000% senior unsecured notes due 2027 | Senior Notes
Debt Instrument [Line Items]
Interest rate					8.00%
Principal					$ 981,245,000		981,245,000
5.875% Alkali senior secured notes due 2042(2)
Debt Instrument [Line Items]
Principal					$ 400,000,000
5.875% Alkali senior secured notes due 2042(2) | Senior Notes
Debt Instrument [Line Items]
Interest rate			5.875%		5.875%
Accrued Liabilities					$ 12,000,000		11,600,000
Proceeds from issuance of debt			$ 408,000,000
Principal			425,000,000		422,024,000		425,000,000
Debt Issuance Costs, Gross			$ 17,000,000
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five	$ 70,500,000
Restricted cash					$ 18,800,000
6.250% senior unsecured notes due 2026 | Senior Notes
Debt Instrument [Line Items]
Interest rate					6.25%
Principal					$ 339,310,000		339,310,000
7.750% senior unsecured notes due 2028 | Senior Notes
Debt Instrument [Line Items]
Interest rate					7.75%
Principal					$ 679,360,000		$ 679,360,000

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Partners' Capital, Mezzanine Capital and Distributions (Common Cash Distributions Paid) (Details) - Common Unitholders - USD ($) $ / shares in Units, $ in Thousands	May 15, 2024	Feb. 14, 2024	Nov. 14, 2023	Aug. 14, 2023	May 15, 2023
Partners Capital And Distributions [Line Items]
Date Paid		Feb. 14, 2024	Nov. 14, 2023	Aug. 14, 2023	May 15, 2023
Per Unit Amount (in dollars per unit)		$ 0.15	$ 0.15	$ 0.15	$ 0.15
Total Amount		$ 18,370	$ 18,370	$ 18,387	$ 18,387
Subsequent Event
Partners Capital And Distributions [Line Items]
Date Paid	May 15, 2024
Per Unit Amount (in dollars per unit)	$ 0.15
Total Amount	$ 18,370

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Partners' Capital, Mezzanine Capital and Distributions (Narrative) (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended
	Sep. 23, 2019	Dec. 31, 2021	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 shares	Aug. 08, 2023 shares
Partners Capital And Distributions [Line Items]
Common units outstanding (in units)			122,464,318		122,464,318
Less: Accumulated distributions attributable to Class A Convertible Preferred Units | $			$ (21,894)	$ (24,002)
Proceeds from Noncontrolling Interests | $			$ 9,000	19,080
Cameron Highway Oil Pipeline | Affiliated Entity
Partners Capital And Distributions [Line Items]
Percentage of ownership after transaction		64.00%
Independence Hub, LLC | Affiliated Entity | Genesis Energy, LLC
Partners Capital And Distributions [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent			80.00%
Subsidiary | Alkali Holdings
Partners Capital And Distributions [Line Items]
Period for occurrence of triggering events	6 years 6 months
Class A Common Units | 2023 Repurchase Program
Partners Capital And Distributions [Line Items]
Percentage of shares authorized for repurchase						0.10
Shares authorized to be repurchased (in shares)						12,253,922
Stock repurchased and cancelled (in shares)			114,900
Shares purchased (in shares) | $ / shares			$ 9.09
Purchase price | $			$ 1,000
Class A Convertible Preferred Stock Units
Partners Capital And Distributions [Line Items]
Less: Accumulated distributions attributable to Class A Convertible Preferred Units | $			$ (21,900)	$ (24,000)
Limited Partner [Member] | Class A Common Units
Partners Capital And Distributions [Line Items]
Common units outstanding (in units)			122,424,321
Limited Partner [Member] | Class B Common Units
Partners Capital And Distributions [Line Items]
Common units outstanding (in units)			39,997
Limited Partner [Member] | Preferred Class A
Partners Capital And Distributions [Line Items]
Common units outstanding (in units)			23,111,918

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Partners' Capital, Mezzanine Capital and Distributions (Preferred Cash Distributions Paid) (Details) - USD ($)	May 15, 2024	Feb. 14, 2024	Nov. 14, 2023	Aug. 14, 2023	May 15, 2023
Preferred Unitholders | Class A Convertible Preferred Stock Units
Temporary Equity [Line Items]
Per Unit Amount (in dollars per unit)		$ 0.9473	$ 0.9473	$ 0.9473	$ 0.9473
Total Amount		$ 21,894,000	$ 22,612,000	$ 23,314,000	$ 24,002,000
Preferred Unitholders | Class A Convertible Preferred Stock Units | Subsequent Event
Temporary Equity [Line Items]
Per Unit Amount (in dollars per unit)	$ 0.9473
Total Amount	$ 21,894,000
Common Unitholders
Temporary Equity [Line Items]
Date Paid		Feb. 14, 2024	Nov. 14, 2023	Aug. 14, 2023	May 15, 2023
Per Unit Amount (in dollars per unit)		$ 0.15	$ 0.15	$ 0.15	$ 0.15
Total Amount		$ 18,370,000	$ 18,370,000	$ 18,387,000	$ 18,387,000
Common Unitholders | Subsequent Event
Temporary Equity [Line Items]
Date Paid	May 15, 2024
Per Unit Amount (in dollars per unit)	$ 0.15
Total Amount	$ 18,370,000

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Net Loss Per Common Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Income per Common Unit [Abstract]
Net income (loss) attributable to Genesis Energy, L.P.	$ 11,353	$ (1,644)
Less: Accumulated distributions attributable to Class A Convertible Preferred Units	(21,894)	(24,002)
NET LOSS ATTRIBUTABLE TO COMMON UNITHOLDERS-BASIC	(10,541)	(25,646)
NET LOSS ATTRIBUTABLE TO COMMON UNITHOLDERS-DILUTED	$ (10,541)	$ (25,646)
Dilutive Weighted Average Outstanding Units (in units)	122,464	122,579
Basic Net Loss per Common Unit (in dollars per unit)	$ (0.09)	$ (0.21)
Dilutive Net Loss per common unit (in dollars per unit)	$ (0.09)	$ (0.21)

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Business Segment Information (Narrative) (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	4

XML

Business Segment Information (Schedule of Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total Segment Margin	$ 181,098	$ 195,129
Revenues	770,105	790,612
Offshore pipeline transportation
Segment Reporting Information [Line Items]
Revenues	101,990	91,395
Soda and sulfur services
Segment Reporting Information [Line Items]
Revenues	400,948	444,648
Onshore facilities and transportation
Segment Reporting Information [Line Items]
Revenues	183,593	171,343
Marine transportation
Segment Reporting Information [Line Items]
Revenues	83,574	83,226
Operating Segments
Segment Reporting Information [Line Items]
Total Segment Margin	181,098	195,129
Capital expenditures	101,057	83,025
Revenues	770,105	790,612
Operating Segments | Offshore pipeline transportation
Segment Reporting Information [Line Items]
Total Segment Margin	97,806	97,938
Capital expenditures	63,626	52,053
Revenues	101,990	91,395
Operating Segments | Soda and sulfur services
Segment Reporting Information [Line Items]
Total Segment Margin	45,382	66,107
Capital expenditures	18,600	19,985
Revenues	402,954	446,906
Operating Segments | Onshore facilities and transportation
Segment Reporting Information [Line Items]
Total Segment Margin	6,547	5,390
Capital expenditures	6,521	1,930
Revenues	181,587	169,085
Operating Segments | Marine transportation
Segment Reporting Information [Line Items]
Total Segment Margin	31,363	25,694
Capital expenditures	12,310	9,057
Revenues	83,574	83,226
Intersegment
Segment Reporting Information [Line Items]
Revenues	0	0
Intersegment | Offshore pipeline transportation
Segment Reporting Information [Line Items]
Revenues	0	0
Intersegment | Soda and sulfur services
Segment Reporting Information [Line Items]
Revenues	(2,006)	(2,258)
Intersegment | Onshore facilities and transportation
Segment Reporting Information [Line Items]
Revenues	2,006	2,258
Intersegment | Marine transportation
Segment Reporting Information [Line Items]
Revenues	$ 0	$ 0

XML

Business Segment Information (Schedule of Total Assets by Reportable Segment) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total consolidated assets	$ 6,945,258	$ 7,018,778
Operating Segments | Offshore pipeline transportation
Segment Reporting Information [Line Items]
Total consolidated assets	2,626,821	2,580,032
Operating Segments | Soda and sulfur services
Segment Reporting Information [Line Items]
Total consolidated assets	2,637,632	2,705,350
Operating Segments | Marine transportation
Segment Reporting Information [Line Items]
Total consolidated assets	640,032	645,020
Operating Segments | Onshore facilities and transportation
Segment Reporting Information [Line Items]
Total consolidated assets	963,604	1,019,113
Other assets
Segment Reporting Information [Line Items]
Total consolidated assets	$ 77,169	$ 69,263

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Business Segment Information (Reconciliation of Segment Margin to (Loss) Income from Continuing Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income (loss) attributable to Genesis Energy, L.P.	$ 11,353	$ (1,644)
Corporate general and administrative expenses	16,049	15,764
Depreciation, depletion, amortization and accretion	76,543	75,935
Interest expense, net	68,734	60,854
Adjustment to include distributable cash generated by equity investees not included in income and exclude equity in investees net income(1)	6,808	6,281
Unrealized losses (gains) on derivative transactions excluding fair value hedges, net of changes in inventory value	(5,081)	27,132
Other non-cash items	(2,189)	(2,461)
Loss on extinguishment of debt(2)	0	(1,809)
Differences in timing of cash receipts for certain contractual arrangements(3)	8,072	10,575
Income tax expense	809	884
Total Segment Margin	181,098	195,129
Unrealized (losses) gains from valuation of embedded derivatives	$ 5,081	$ (27,127)
Genesis Energy, LLC | Affiliated Entity | Independence Hub, LLC
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	80.00%

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Transactions with Related Parties (Schedule of Transactions with Related Parties) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Revenues	$ 770,105	$ 790,612
Poseidon
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	64.00%
CEO
Related Party Transaction [Line Items]
Cost and expenses	$ 165	165
Equity Method Investee
Related Party Transaction [Line Items]
Revenues	4,983	3,592
Cost and expenses	286	282
Other receivables	1,900
Equity Method Investee | Fees
Related Party Transaction [Line Items]
Revenues	$ 2,600	$ 2,500

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Supplemental Cash Flow Information (Net Changes in Components of Operating Assets and Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
(Increase) decrease in:
Accounts receivable	$ 92,696	$ 180,813
Inventories	20,443	(23,663)
Deferred charges	6,503	11,461
Other current assets	(4,929)	(11,365)
Increase (decrease) in:
Accounts payable	(74,093)	(126,440)
Accrued liabilities	(12,147)	(48,454)
Net changes in components of operating assets and liabilities	$ 28,473	$ (17,648)

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Supplemental Cash Flow Information (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Payments of interest and commitment fees	$ 79.7	$ 79.0
Interest paid, capitalized	11.3	8.5
Incurred liabilities for fixed and intangible asset additions	$ 102.2	$ 46.4

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Derivatives (Schedule of Outstanding Derivatives Entered Into to Hedge Inventory or Fixed Price Purchase Commitments) (Details) - 3 months ended Mar. 31, 2024 gal in Thousands, bbl in Thousands, T in Thousands, MMBTU in Thousands	bbl	$ / bbl	MMBTU	$ / MMBTU	T	$ / T	gal	$ / gal
Designated as hedges under accounting rules | Sell (Short) Contracts | Future | Crude Oil
Derivative [Line Items]
Contract volumes (bbls)	437
Weighted average contract price | $ / bbl		78.74
Designated as hedges under accounting rules | Buy (Long) Contracts | Future | Crude Oil
Derivative [Line Items]
Contract volumes (bbls)	175
Weighted average contract price | $ / bbl		80.03
Not qualifying or not designated as hedges under accounting rules | Sell (Short) Contracts | Future | Crude Oil
Derivative [Line Items]
Contract volumes (bbls)	149
Weighted average contract price | $ / bbl		79.99
Not qualifying or not designated as hedges under accounting rules | Sell (Short) Contracts | Future | Natural Gas
Derivative [Line Items]
Contract volumes (bbls)	17
Contract volume (MMBTU) | MMBTU			114
Weighted average contract price		0.31		1.77
Not qualifying or not designated as hedges under accounting rules | Sell (Short) Contracts | Future | Fuel Oil
Derivative [Line Items]
Contract volumes (MT) | T					0
Weighted average contract price (MT) | $ / T						0
Not qualifying or not designated as hedges under accounting rules | Sell (Short) Contracts | Swaps | Natural Gas
Derivative [Line Items]
Contract volume (MMBTU) | MMBTU			0
Weighted average contract price | $ / MMBTU				0
Not qualifying or not designated as hedges under accounting rules | Sell (Short) Contracts | Swaps | Fuel Oil
Derivative [Line Items]
Contract volumes (MT) | T					0
Weighted average contract price (MT) | $ / T						0
Not qualifying or not designated as hedges under accounting rules | Sell (Short) Contracts | Commodity Option | Natural Gas and Natural Gas Liquids
Derivative [Line Items]
Contract volumes (bbls) | gal							0
Weighted average contract price | $ / gal								0
Not qualifying or not designated as hedges under accounting rules | Buy (Long) Contracts | Future | Crude Oil
Derivative [Line Items]
Contract volumes (bbls)	104
Weighted average contract price | $ / bbl		80.82
Not qualifying or not designated as hedges under accounting rules | Buy (Long) Contracts | Future | Natural Gas
Derivative [Line Items]
Contract volumes (bbls)	0
Contract volume (MMBTU) | MMBTU			1,184
Weighted average contract price		0		3.47
Not qualifying or not designated as hedges under accounting rules | Buy (Long) Contracts | Future | Fuel Oil
Derivative [Line Items]
Contract volumes (MT) | T					54,500
Weighted average contract price (MT) | $ / T						538.17
Not qualifying or not designated as hedges under accounting rules | Buy (Long) Contracts | Swaps | Natural Gas
Derivative [Line Items]
Contract volume (MMBTU) | MMBTU			1,074
Weighted average contract price | $ / MMBTU				0.54
Not qualifying or not designated as hedges under accounting rules | Buy (Long) Contracts | Swaps | Fuel Oil
Derivative [Line Items]
Contract volumes (MT) | T					4,500
Weighted average contract price (MT) | $ / T						547.22
Not qualifying or not designated as hedges under accounting rules | Buy (Long) Contracts | Commodity Option | Natural Gas and Natural Gas Liquids
Derivative [Line Items]
Contract volumes (bbls) | gal							2,750
Weighted average contract price | $ / gal								0.35

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Derivatives (Schedule of Fair Value of Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
SENIOR UNSECURED NOTES, net of debt issuance costs, discount and premium	$ 3,064,971	$ 3,062,955
Not qualifying or not designated as hedges under accounting rules | Commodity Derivatives
Derivatives, Fair Value [Line Items]
Asset Derivatives	0	0
Liability Derivatives	0	0
Not qualifying or not designated as hedges under accounting rules | Commodity Derivatives | Current Assets - Other(1)
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	4,073	1,235
Derivative Asset, Fair Value, Gross Liability	(4,073)	(1,235)
Derivative Liability, Fair Value, Gross Liability	(11,762)	(12,384)
Derivative Liability, Fair Value, Gross Asset	11,762	12,384
Not qualifying or not designated as hedges under accounting rules | Swaps | Current Assets - Other(1)
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	4,957	3,710
Not qualifying or not designated as hedges under accounting rules | Swaps | Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	(5,152)	(5,536)
Designated as hedges under accounting rules | Commodity Derivatives
Derivatives, Fair Value [Line Items]
Asset Derivatives	0	0
Liability Derivatives	0	0
Designated as hedges under accounting rules | Commodity Derivatives | Current Assets - Other(1)
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	529	716
Derivative Asset, Fair Value, Gross Liability	(529)	(716)
Derivative Liability, Fair Value, Gross Liability	(1,856)	(120)
Derivative Liability, Fair Value, Gross Asset	$ 1,856	$ 120

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Derivatives (Narrative) (Details) - USD ($)			3 Months Ended	6 Months Ended
	Jan. 26, 2023	Jan. 25, 2023	Mar. 31, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Net broker receivable			$ 15,000,000		$ 10,900,000
Initial margin			5,700,000		$ 5,700,000
Variation margin			$ 9,300,000	$ 5,200,000
Senior Notes | 5.625% senior unsecured notes due 2024
Derivatives, Fair Value [Line Items]
Repayments of long term debt	$ 24,800,000	$ 316,300,000

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Derivatives (Schedule of Effect on Operating Results) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commodity derivatives - futures and call options
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income	$ (2,030)	$ (9,186)
Natural Gas Swap | Soda and sulfur services operating costs
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income	3,010
Contracts designated as hedges under accounting guidance | Commodity derivatives - futures and call options | Onshore facilities and transportation product costs
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income	(2,918)	967
Contracts not considered hedges under accounting guidance | Commodity derivatives - futures and call options | Onshore facilities and transportation product costs, Soda and sulfur services operating costs
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income	$ 888	(10,153)
Contracts not considered hedges under accounting guidance | Natural Gas Swap | Soda and sulfur services operating costs
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income		$ 14,085

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Fair-Value Measurements (Placement of Assets and Liabilities Within the Fair Value Hierarchy Levels) (Details) - Recurring Fair Value Measures - Commodity Derivatives - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Fair Value	$ 4,602	$ 1,951
Liabilities Fair Value	(13,618)	(12,504)
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Fair Value	4,957	3,710
Liabilities Fair Value	(5,152)	(5,536)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Fair Value	0	0
Liabilities Fair Value	$ 0	$ 0

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Fair-Value Measurements (Narrative) (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of senior unsecured notes	$ 3,064,971,000	$ 3,062,955,000
Fair value of senior unsecured notes	3,200,000,000
Principal	3,905,139,000	$ 3,823,215,000
5.875% Alkali senior secured notes due 2042(2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal	$ 400,000,000