Summary of Significant Accounting Policies (Policies)	12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Consolidation and Presentation	Basis of Consolidation and Presentation The accompanying financial statements and related notes present our consolidated financial position as of December 31, 2025 and 2024 and our results of operations, statements of comprehensive income (loss), changes in partners’ capital and cash flows for the years ended December 31, 2025, 2024 and 2023. All intercompany balances and transactions have been eliminated. The accompanying Consolidated Financial Statements include Genesis Energy, L.P. and its subsidiaries. On February 28, 2025, we completed the sale of the Alkali Business. We determined that the exit of the Alkali Business and its operations in Wyoming represented a strategic and geographic shift that met the criteria for discontinued operations (see Note 4 for further discussion). Accordingly, we have separately reported the operations from the Alkali Business in the Consolidated Statements of Operations and the related assets and liabilities of the Alkali Business in the Consolidated Balance Sheets as discontinued operations. These changes have been applied retrospectively to all periods presented. The disclosures included within the accompanying notes to the Consolidated Financial Statements are representative of our continuing operations. 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.
Joint Ventures	Joint Ventures We participate in several joint ventures, including, in our offshore pipeline transportation segment, a 64% interest in Poseidon Oil Pipeline Company, L.L.C. (“Poseidon”), a 29% interest in Odyssey Pipeline L.L.C. (“Odyssey”), a 26.8% interest in Paloma Pipeline Company (“Paloma”), and a 25.7% interest in Neptune Pipeline Company, LLC, (“Neptune”). We account for our investments in these joint ventures by the equity method of accounting. See Note 9. Noncontrolling interests Noncontrolling interests represent any third party or affiliate interest in non-wholly owned entities that we consolidate. 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 Consolidated Balance Sheets amounts shown as noncontrolling interests in partners’ capital. See Note 12 for additional discussion regarding our noncontrolling interests.
Use of Estimates	Use of Estimates The preparation of our Consolidated Financial Statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. We based these estimates and assumptions on historical experience and other information that we believed to be reasonable under the circumstances. Significant estimates that we make include: (1) estimated useful lives of our fixed and intangible assets for the use in calculating depreciation and amortization of long-lived assets and intangible assets, (2) estimates of future net cash flows from assets for purposes of determining whether impairment of our long-lived assets, intangible assets and goodwill has occurred, (3) estimates of variable consideration for revenue recognition, (4) liability and contingency accruals, including the estimates of future asset retirement obligations, and (5) estimated fair value of assets and liabilities acquired and identification of associated goodwill and intangible assets. While we believe these estimates are reasonable, actual results could differ from these estimates. Changes in facts and circumstances may result in revised estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of all demand deposits and funds invested in highly liquid instruments with original maturities of three months or less. We periodically assess the financial condition of the institutions where these funds are held and believe that our credit risk is minimal.
Accounts Receivable	Accounts Receivable - trade, net We review our outstanding accounts receivable balances on a regular basis and estimate an allowance for amounts that we expect will not be fully recovered. An allowance for credit losses is determined based upon historical collectability trends, recoveries, historical write-offs, and current market data for the partnership’s customers in order to estimate projected losses. Actual balances are not applied against the reserve until substantially all collection efforts have been exhausted.
Inventories	Inventories Our inventories are valued at the lower of cost and net realizable value.
Fixed Assets and Mineral Leaseholds	Fixed Assets Property and equipment are carried at cost. Depreciation of property and equipment is provided using the straight-line method over the respective estimated useful lives of the assets. Asset lives are primarily estimated to be 5 to 40 years for pipelines and related assets, 20 to 30 years for marine vessels, 3 to 30 years for machinery and equipment, 3 to 7 years for transportation equipment, and 3 to 25 years for buildings and improvements, office equipment, furniture and fixtures and other equipment. Interest is capitalized in connection with the construction of major facilities. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Maintenance and repair costs are charged to expense as incurred. Costs incurred for major replacements and upgrades are capitalized and depreciated over the remaining useful life of the asset. Certain volumes of crude oil and refined products are classified in fixed assets, as they are necessary to ensure efficient and uninterrupted operations of our gathering businesses. These crude oil and refined products volumes are carried at their weighted average cost. Long-lived assets are reviewed for impairment. An asset is tested for impairment when events or circumstances indicate that its carrying value may not be recoverable. The carrying value of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to be generated from the use and ultimate disposal of the asset. If the carrying value is determined to not be recoverable under this method, an impairment charge equal to the amount the carrying value exceeds the fair value is recognized. Fair value is generally determined from estimated discounted future net cash flows.
Deferred Charges on Marine Transportation Assets	Deferred Charges on Marine Transportation Assets Our marine vessels are required by US Coast Guard regulations to be re-certified after a certain period of time, usually every five years. The US Coast Guard states that vessels must meet specified “seaworthiness” standards to maintain required operating certificates. To meet such standards, vessels must undergo regular inspection, monitoring, and maintenance, referred to as “dry-docking.” Typical dry-docking costs include costs incurred to comply with regulatory and vessel classification inspection requirements, blasting and steel coating, and steel replacement. We defer these inspection costs to “Other assets, net of amortization” and amortize these costs to “Marine transportation operating costs” over the length of time that the certification is expected to last.
Asset Retirement Obligations	Asset Retirement Obligations Some of our assets have contractual or regulatory obligations to perform dismantlement and removal activities, and in some instances remediation, when the assets are abandoned. In general, our asset retirement obligations (“AROs”) relate to future costs associated with the disconnecting or removing of our crude oil and natural gas pipelines (or at times, abandonment in place) and platforms, barge decommissioning, removal of equipment and facilities from leased acreage and land restoration. The estimated fair value of an ARO is recorded in the period in which it is incurred, discounted to its present value using our credit adjusted risk-free interest rate, and a corresponding amount is capitalized by increasing the carrying amount of the related long-lived asset. The capitalized cost is depreciated over the useful life of the related asset. An ongoing expense is recognized for changes in fair value of the liability as a result of the passage of time, which is recorded as accretion expense and included within operating costs in the Consolidated Statements of Operations.
Leases, lessee	Lease Accounting We enter into operating lease contracts for the right to use certain transportation equipment, facilities and equipment, and office space. For contracts that contain a lease and extend for a period greater than 12 months, we recognize a right of use asset and a corresponding lease liability on our Consolidated Balance Sheets. The present value of each lease is based on the future minimum lease payments in accordance with ASC 842 and is determined by discounting these payments using an incremental borrowing rate. From time to time, we enter into agreements in which we are lessors of our property or equipment. For operating leases, revenue is recognized upon the satisfaction of the respective performance obligation.
Leases, lessor	Lease Accounting We enter into operating lease contracts for the right to use certain transportation equipment, facilities and equipment, and office space. For contracts that contain a lease and extend for a period greater than 12 months, we recognize a right of use asset and a corresponding lease liability on our Consolidated Balance Sheets. The present value of each lease is based on the future minimum lease payments in accordance with ASC 842 and is determined by discounting these payments using an incremental borrowing rate. From time to time, we enter into agreements in which we are lessors of our property or equipment. For operating leases, revenue is recognized upon the satisfaction of the respective performance obligation.
Intangible and Other Assets	Intangible and Other Assets Intangible assets with finite useful lives are amortized over their respective estimated useful lives on a straight-line basis. If an intangible asset has a finite useful life, but the precise length of that life is not known, that intangible asset shall be amortized over the best estimate of its useful life. At a minimum, we will assess the useful lives and residual values of all intangible assets on an annual basis to determine if adjustments are required. We test intangible assets periodically to determine if impairment has occurred. An impairment loss is recognized for intangibles if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. Refer to Note 10 for additional information. Costs incurred in connection with our credit facility have historically been capitalized and amortized using the straight-line method over the term of the related debt. Use of the straight-line method does not differ materially from the “effective interest” method of amortization.
Goodwill	Goodwill Goodwill represents the excess of purchase price over fair value of net assets acquired. We evaluate, and test if necessary, goodwill for impairment annually at October 1, and more frequently if indicators of impairment are present. During the evaluation, we may perform a qualitative assessment of relevant events and circumstances to determine the likelihood of goodwill impairment. If it is deemed more likely than not that the fair value of the reporting unit is less than its carrying amount, we calculate the fair value of the reporting unit. Otherwise, further testing is not necessary. We may also elect to exercise our unconditional option to bypass this qualitative assessment, in which case we would also calculate the fair value of the reporting unit. If the calculated fair value of the reporting unit exceeds its carrying value including associated goodwill amounts, no impairment charge is required. If the fair value of the reporting unit is less than its carrying value including associated goodwill amounts, the goodwill of that reporting unit is considered to be impaired and a charge to earnings must be recorded. The impact to earnings is the excess amount of carrying value over fair value, however the charge is not to exceed the total amount of goodwill allocated to the reporting unit under evaluation.
Environmental Liabilities	Environmental Liabilities We provide for the estimated costs of environmental contingencies when liabilities are probable to occur and a reasonable estimate of the associated costs can be made. Ongoing environmental compliance costs, including maintenance and monitoring costs, are charged to expense as incurred.
Equity-Based Compensation	Equity-Based Compensation The phantom units issued under our 2010 and 2018 Long-Term Incentive Plans result in the payment of cash to our non-employee directors of our general partner upon exercise or vesting of the related award. The fair value of our phantom units is equal to the market price of our common units.
Revenue Recognition	Revenue Recognition We recognize revenue across our operating segments upon the satisfaction of their respective performance obligations. The Company recognizes revenue upon the satisfaction of its performance obligations under its contracts and generally recognizes revenue either over time as services are being performed or at a point in time for product sales. The timing of our revenue recognition varies between the revenue streams and is described in more detail below. Fee-based Revenues We provide a variety of fee-based transportation and logistics services to our customers across several of our reportable segments as outlined below. Service contracts generally contain a series of distinct services that are substantially the same and have the same pattern of transfer to the customer over the contract period, and therefore, qualify as a single performance obligation that is satisfied over time. The customer receives and consumes the benefit of our services simultaneously with the provision of those services. Offshore Pipeline Transportation Revenue from contracts in our offshore pipeline transportation segment is generally based upon a fixed fee per unit of volume (typically per barrel of crude oil or per Mcf of natural gas) gathered, transported or processed for each volume delivered. Fees are based either on contractual arrangements or tariffs regulated by the FERC. Certain of our contracts include a single performance obligation to stand ready, on a monthly basis, to provide capacity on our assets. Revenue associated with these fee-based services is recognized as volumes are delivered over the performance obligation period. We also have certain contracts with customers in which we earn either demand-type fees or firm capacity-reservation fees. These fees are charged to a customer regardless of the volume the customer actually delivers to the platform or through the pipeline. Certain of our customer contracts in our offshore pipeline transportation segment include a transportation fee that has a tiered pricing structure based on cumulative milestones of throughput on the related pipeline asset and contract, or on a specified date. Our performance obligation for these contracts is to transport, gather or process commodity volumes for the customer based on firm (stand ready) service or from monthly nominations made by our customers, which can also be on an interruptible basis. While our transportation fees change when milestones are achieved for certain cumulative throughput, our performance obligation remains unchanged throughout the duration of the contract. Therefore, we recognize revenue using an average rate throughout the duration of the contract. We have estimated the total consideration we expect to receive under the contract beginning at the contract inception date based on the estimated volumes (including certain minimum volumes we are required to stand ready for), price indexing, estimated production or contracted volumes, and the contract period. We have constrained the estimates of variable consideration such that it is probable that a significant reversal of previously-recognized revenue will not occur throughout the life of the contract. These estimates are re-assessed at each reporting period as required. We bill our customers based on the rates specified in the contract. Any cumulative differences between the amounts we have billed our customers and the revenue recognized per contract results in the recognition of a contract asset or liability. In circumstances where the estimated average contract rate is less than the billed current price tier in the contract, we will recognize a contract liability or unwind an existing contract asset. In circumstances where the estimated average contract rate is higher than the billed current price tier in the contract, we will recognize a contract asset or unwind an existing contract liability. Marine Transportation Our marine transportation business consists of revenues from the inland and offshore marine transportation of heavy-refined petroleum products, asphalt and crude oil, using our barges or vessels. We recognize revenue over time, on a contract-by-contract basis, as individual trips are completed. Revenue from these contracts is typically based on a set day-rate or a set fee per cargo movement. The cost of fuel and certain other operational costs may be directly reimbursed by the customer, if stipulated in the contract. Our performance obligation is to provide transportation services using our barges or vessels either under a term or spot based contract. The transaction price is typically fixed either as a day rate or as a lump sum to be allocated over the days required to complete the service. We recognize revenue as we provide the transportation services because the customer simultaneously receives and consumes the benefits of such services. If provided in the contract, certain items such as fuel or operational costs can be rebilled to the customer in the same period in which the costs are incurred. In the event the timing of a trip to provide our services crosses a reporting period under a lump sum fee contract, the revenue earned is accrued based on the progress completed in the current period on the related performance obligation as we are entitled to payment for each day. Customer invoicing occurs at the completion of a trip, or earlier at the customer’s request. Onshore Transportation and Services Within our onshore transportation and services segment, we provide our customers with pipeline transportation services, terminaling services and rail unloading services, among others, primarily on a per barrel fee basis. Revenues from contracts for the transportation of crude oil by our pipelines are based on actual volumes at a published tariff. We recognize revenue for transportation and other services over the performance obligation period, which is the contract term. Revenues for both firm and interruptible transportation and other services are recognized over time as the product is delivered to the agreed upon delivery point or at the point of receipt because they specifically relate to our efforts to transfer the distinct services. Pricing for our services is determined through a variety of mechanisms, including specified contract pricing or regulated tariff pricing. The consideration we receive under these contracts is variable, as the total volume of the commodity to be transported is unknown at contract inception. At the end of a day or month (as specified in the contract), both the price and volume are known (or “fixed”) in order to allow us to accurately calculate the amount of consideration we are entitled to invoice. The measurement of these services and invoicing occurs on a monthly basis. Pipeline Loss Allowances To compensate us for bearing the risk of volumetric losses of crude oil in transit in our pipelines (for our onshore and offshore pipelines) due to temperature, crude quality, and the inherent difficulties of measuring liquids in a pipeline, our tariffs and agreements allow for us to make volumetric deductions for quality and volumetric fluctuations. We refer to these deductions as pipeline loss allowances (“PLA”). We compare these allowances to the actual volumetric gains and losses of the pipeline and the net gain or loss is recorded as revenue or a reduction of revenue. As the allowance is related to our pipeline transportation services, we have a single performance obligation to transport and deliver the barrels. When net gains occur, we have crude oil inventory. When net losses occur, we reduce any recorded inventory on hand and record a liability for the purchase of additional crude oil required to replace the lost volumes. Under ASC 606, we record excess oil as non-cash consideration in the transaction price on a net basis. The net oil recorded is valued at the lower of cost or net realizable value using the market price of crude oil during the month the product was transported. The crude oil in inventory can then be sold at current market prices, resulting in additional revenue if the sales price exceeds the inventory value when control transfers to the customer. Product Sales Within our onshore transportation and services division, the main sources of product sales are crude oil, NaHS and caustic soda. In evaluating revenue recognition, we concluded that these agreements consist of one distinct performance obligation, which is delivering the product to the customer at the specified point of sale. In transactions involving NaHS and caustic soda, contracts may stipulate that customers assume control of the goods at the shipping location, although we must still coordinate the transportation as specified by the customer. According to our policy and the guidance in ASC 606, these shipping services are considered fulfillment costs, not separate performance obligations. In transactions involving the sale of crude oil, we may enter into term contracts, which are settled on a monthly basis, or spot contracts, which are settled at a specific point in time. For every product sale, the transaction price is determined based on the contract and is generally set at a fixed amount or tied to a market-based or indexed rate. This established pricing is considered “fixed” when revenue is recognized. Invoicing and payment arrangements follow either industry standards or the stipulations outlined in the contract. We allocate the entire transaction price to a single performance obligation and revenue is recognized at a specific point in time, therefore, we do not allocate any of the transaction price to future performance obligations. Sulfur Services Through our sulfur services business, we primarily provide sulfur removal services to refiners’ high sulfur (or “sour”) gas streams generated from crude oil processing operations. Our process includes the use of our proprietary technology, which uses caustic soda to act as a scrubbing agent at a prescribed temperature and pressure to remove sulfur. The technology returns a clean (sulfur-free) hydrocarbon stream to the refinery for further processing into refined products and simultaneously produces NaHS. Units of NaHS are produced ratably as a gas stream is processed. We obtain control and ownership of the NaHS immediately upon production, which constitutes the sole consideration that we receive for our sulfur removal services. We then market the NaHS we receive to third parties as part of our product sales, as described above. Some of our arrangements require that we pay a refinery access fee (“RSA fee”) for any benefits received by virtue of our plant’s proximity to the customer’s refinery. Our RSA fee is recorded as a reduction of revenue. The sole performance obligation under our refinery service contracts is to deliver sulfur removal services. As our customers simultaneously receive and consume the benefits of service, control is transferred and revenue is recognized over time based on the extent of progress towards completion of the performance obligation. We use units of NaHS produced during a period to measure progress as the amount we receive corresponds directly with the efforts to provide our services completed to date. The transaction price for each performance obligation is determined using the fair value of a unit of NaHS on the contract inception date for each sulfur services agreement. Accordingly, we record the value of NaHS received as non-cash consideration in inventory until it is subsequently sold to our customers (see “Product Sales,” above). Transaction Price Allocations to Remaining Performance Obligations We are required to disclose the amount of our transaction prices that are allocated to unsatisfied performance obligations as of December 31, 2025. However, ASC 606 provides the following optional exemptions that we have utilized: 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 at least one of these exemptions and we apply the exemption(s) accordingly. For contracts that do no qualify for a at least one of the aforementioned exemptions, which are those that involve revenue recognition over a long-term period and include long term fixed consideration (adjusted for indexing as required), we determined the allocation of transaction price that relate to unsatisfied performance obligations. As it relates to our tiered pricing offshore transportation contracts, we provide firm capacity for both fixed and variable consideration over a long-term period. In our onshore transportation and services segment, we have certain contractual arrangements in which we receive fixed minimum payments for our obligation to provide minimum capacity on our pipelines and related assets. Therefore, we have allocated the remaining contract value (as estimated and discussed above) to future periods for these contracts.
Cost of Sales and Operating Expenses	Cost of Sales and Operating Expenses Offshore pipeline transportation operating costs consist primarily of power costs to operate pumping and platform equipment, personnel costs to operate the pipelines and platforms, insurance costs and costs associated with maintaining the integrity of our pipelines. Marine operating costs consist primarily of employee and related costs to man the boats, barges, and vessels, maintenance and supply costs related to general upkeep of the boats, barges, and vessels, and fuel costs which are often rebillable and passed through to the customer. Onshore transportation and services product and operating costs include the cost to acquire the product and the associated costs to transport it to our terminal facilities, including storing, or to a customer for sale. Other than the cost of the products, the most significant costs we incur relate to transportation utilizing our fleet of trucks, barges and other vessels, including personnel costs, fuel and maintenance of our equipment or third-party owned equipment as well as costs to operate NaHS processing plants located at various refineries, cost associated with caustic soda used in the process of processing the refiner’s sour gas, and the cost to transport and market the NaHS and caustic soda. Additionally, costs to operate and maintain the integrity of our onshore pipelines are included herein. When we enter into buy/sell arrangements concurrently or in contemplation of one another with a single counterparty, we reflect the amounts of revenues and purchases for these transactions on a net basis in our Consolidated Statements of Operations as onshore transportation and services revenues.
Income Taxes	Income Taxes We are a limited partnership, organized as a pass-through entity for federal income tax purposes. As such, we do not directly pay federal income tax. Our taxable income or loss, which may vary substantially from the net income or net loss we report in our Consolidated Statements of Operations, is included in the federal income tax returns of each partner. Some of our corporate subsidiaries pay U.S. federal, state, and foreign income taxes. Deferred income tax assets and liabilities for certain operations conducted through corporations are recognized for temporary differences between the assets and liabilities for financial reporting and tax purposes. Changes in tax legislation are included in the relevant computations in the period in which such changes are effective. Deferred tax assets are reduced by a valuation allowance for the amount of any tax benefit not expected to be realized. Penalties and interest related to income taxes will be included in income tax expense in the Consolidated Statements of Operations.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities We use derivative instruments to hedge exposure to commodity price volatility. Derivative transactions, which can include exchange-traded futures, option contracts, basis differentials and commodity price swap contracts, are recorded in the Consolidated Balance Sheets as assets and liabilities based on the derivative’s fair value. Changes in the fair value of derivative contracts are recognized currently in earnings unless specific hedge accounting criteria are met. We must formally designate the derivative as a hedge and document and assess the effectiveness of derivatives associated with transactions that receive hedge accounting. Accordingly, changes in the fair value of derivatives are included in earnings in the current period for (i) derivatives accounted for as fair value hedges; (ii) derivatives that do not qualify for hedge accounting and (iii) the portion of cash flow hedges that is not highly effective in offsetting changes in cash flows of hedged items. Changes in the fair value of cash flow hedges are deferred in Accumulated Other Comprehensive Income (“AOCI”) and reclassified into earnings when the underlying position affects earnings. As of December 31, 2025, 2024 and 2023, we did not have any cash flow hedges. Gains and losses included in earnings associated with derivative transactions are presented as a component of cash flows from operating activities in the Consolidated Statements of Cash Flows.
Fair Value of Current Assets and Current Liabilities	Fair Value of Current Assets and Current Liabilities The carrying amount of other current assets and other current liabilities approximates their fair value due to their short-term nature.
Business Acquisitions	Business Acquisitions For acquired businesses, we apply the acquisition method and generally recognize the identifiable assets acquired, the liabilities assumed and any noncontrolling interest in the acquiree at their estimated fair values on the date of acquisition. The fair value of the assets acquired, liabilities assumed, or noncontrolling interest in the acquiree may be adjusted during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available.
Recent and Proposed Accounting Pronouncements	Recent Accounting Pronouncements We have adopted guidance under ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”) for the year ended December 31, 2025, and applied the new disclosure requirements retrospectively. ASU 2023-09 enhanced the transparency and decision usefulness of income tax disclosures primarily through requiring the disclosure of specific categories in the rate reconciliation as well as disclosure of income taxes paid disaggregated by jurisdiction. The adoption of ASU 2023-09 did not have a material impact on our disclosures. Refer to Note 16 and Note 2 2 for details. In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures,” (“ASU 2024-03”), which requires additional disclosures of the specific types of expenses included in the expense captions presented on the face of the income statement. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. The requirements will be applied prospectively, with the option for retrospective application. 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.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

The accompanying financial statements and related notes present our consolidated financial position as of December 31, 2025 and 2024 and our results of operations, statements of comprehensive income (loss), changes in partners’ capital and cash flows for the years ended December 31, 2025, 2024 and 2023. All intercompany balances and transactions have been eliminated. The accompanying Consolidated Financial Statements include Genesis Energy, L.P. and its subsidiaries.

On February 28, 2025, we completed the sale of the Alkali Business. We determined that the exit of the Alkali Business and its operations in Wyoming represented a strategic and geographic shift that met the criteria for discontinued operations (see Note 4 for further discussion). Accordingly, we have separately reported the operations from the Alkali Business in the Consolidated Statements of Operations and the related assets and liabilities of the Alkali Business in the Consolidated Balance Sheets as discontinued operations. These changes have been applied retrospectively to all periods presented. The disclosures included within the accompanying notes to the Consolidated Financial Statements are representative of our continuing operations.

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.

Joint Ventures

We participate in several joint ventures, including, in our offshore pipeline transportation segment, a 64% interest in Poseidon Oil Pipeline Company, L.L.C. (“Poseidon”), a 29% interest in Odyssey Pipeline L.L.C. (“Odyssey”), a 26.8% interest in Paloma Pipeline Company (“Paloma”), and a 25.7% interest in Neptune Pipeline Company, LLC, (“Neptune”). We account for our investments in these joint ventures by the equity method of accounting. See Note 9.

Noncontrolling interests

Noncontrolling interests represent any third party or affiliate interest in non-wholly owned entities that we consolidate. 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 Consolidated Balance Sheets amounts shown as noncontrolling interests in partners’ capital. See Note 12 for additional discussion regarding our noncontrolling interests.

Use of Estimates

The preparation of our Consolidated Financial Statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. We based these estimates and assumptions on historical experience and other information that we believed to be reasonable under the circumstances. Significant estimates that we make include: (1) estimated useful lives of our fixed and intangible assets for the use in calculating depreciation and amortization of long-lived assets and intangible assets, (2) estimates of future net cash flows from assets for purposes of determining whether impairment of our long-lived assets, intangible assets and goodwill has occurred, (3) estimates of variable consideration for revenue recognition, (4) liability and contingency accruals, including the estimates of future asset retirement obligations, and (5) estimated fair value of assets and liabilities acquired and identification of associated goodwill and intangible assets. While we believe these estimates are reasonable, actual results could differ from these estimates. Changes in facts and circumstances may result in revised estimates.

Cash and Cash Equivalents

Cash and cash equivalents consist of all demand deposits and funds invested in highly liquid instruments with original maturities of three months or less. We periodically assess the financial condition of the institutions where these funds are held and believe that our credit risk is minimal.

Accounts Receivable

Accounts Receivable - trade, net

We review our outstanding accounts receivable balances on a regular basis and estimate an allowance for amounts that we expect will not be fully recovered. An allowance for credit losses is determined based upon historical collectability trends, recoveries, historical write-offs, and current market data for the partnership’s customers in order to estimate projected losses. Actual balances are not applied against the reserve until substantially all collection efforts have been exhausted.

Inventories

Our inventories are valued at the lower of cost and net realizable value.

Fixed Assets and Mineral Leaseholds

Fixed Assets

Property and equipment are carried at cost. Depreciation of property and equipment is provided using the straight-line method over the respective estimated useful lives of the assets. Asset lives are primarily estimated to be 5 to 40 years for pipelines and related assets, 20 to 30 years for marine vessels, 3 to 30 years for machinery and equipment, 3 to 7 years for transportation equipment, and 3 to 25 years for buildings and improvements, office equipment, furniture and fixtures and other equipment.

Interest is capitalized in connection with the construction of major facilities. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life.

Maintenance and repair costs are charged to expense as incurred. Costs incurred for major replacements and upgrades are capitalized and depreciated over the remaining useful life of the asset. Certain volumes of crude oil and refined products are classified in fixed assets, as they are necessary to ensure efficient and uninterrupted operations of our gathering businesses. These crude oil and refined products volumes are carried at their weighted average cost.

Long-lived assets are reviewed for impairment. An asset is tested for impairment when events or circumstances indicate that its carrying value may not be recoverable. The carrying value of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to be generated from the use and ultimate disposal of the asset. If the carrying value is determined to not be recoverable under this method, an impairment charge equal to the amount the carrying value exceeds the fair value is recognized. Fair value is generally determined from estimated discounted future net cash flows.

Deferred Charges on Marine Transportation Assets

Our marine vessels are required by US Coast Guard regulations to be re-certified after a certain period of time, usually every five years. The US Coast Guard states that vessels must meet specified “seaworthiness” standards to maintain required operating certificates. To meet such standards, vessels must undergo regular inspection, monitoring, and maintenance, referred to as “dry-docking.” Typical dry-docking costs include costs incurred to comply with regulatory and vessel classification inspection requirements, blasting and steel coating, and steel replacement. We defer these inspection costs to “Other assets, net of amortization” and amortize these costs to “Marine transportation operating costs” over the length of time that the certification is expected to last.

Asset Retirement Obligations

Some of our assets have contractual or regulatory obligations to perform dismantlement and removal activities, and in some instances remediation, when the assets are abandoned. In general, our asset retirement obligations (“AROs”) relate to future costs associated with the disconnecting or removing of our crude oil and natural gas pipelines (or at times, abandonment in place) and platforms, barge decommissioning, removal of equipment and facilities from leased acreage and land restoration. The estimated fair value of an ARO is recorded in the period in which it is incurred, discounted to its present value using our credit adjusted risk-free interest rate, and a corresponding amount is capitalized by increasing the carrying amount of the related long-lived asset. The capitalized cost is depreciated over the useful life of the related asset. An ongoing expense is recognized for changes in fair value of the liability as a result of the passage of time, which is recorded as accretion expense and included within operating costs in the Consolidated Statements of Operations.

Leases, lessee

Lease Accounting

We enter into operating lease contracts for the right to use certain transportation equipment, facilities and equipment, and office space. For contracts that contain a lease and extend for a period greater than 12 months, we recognize a right of use asset and a corresponding lease liability on our Consolidated Balance Sheets. The present value of each lease is based on the future minimum lease payments in accordance with ASC 842 and is determined by discounting these payments using an incremental borrowing rate. From time to time, we enter into agreements in which we are lessors of our property or equipment. For operating leases, revenue is recognized upon the satisfaction of the respective performance obligation.

Leases, lessor

Lease Accounting

Intangible and Other Assets

Intangible assets with finite useful lives are amortized over their respective estimated useful lives on a straight-line basis. If an intangible asset has a finite useful life, but the precise length of that life is not known, that intangible asset shall be amortized over the best estimate of its useful life. At a minimum, we will assess the useful lives and residual values of all intangible assets on an annual basis to determine if adjustments are required.

We test intangible assets periodically to determine if impairment has occurred. An impairment loss is recognized for intangibles if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. Refer to Note 10 for additional information.

Costs incurred in connection with our credit facility have historically been capitalized and amortized using the straight-line method over the term of the related debt. Use of the straight-line method does not differ materially from the “effective interest” method of amortization.

Goodwill

Goodwill represents the excess of purchase price over fair value of net assets acquired. We evaluate, and test if necessary, goodwill for impairment annually at October 1, and more frequently if indicators of impairment are present. During the evaluation, we may perform a qualitative assessment of relevant events and circumstances to determine the likelihood of goodwill impairment. If it is deemed more likely than not that the fair value of the reporting unit is less than its carrying amount, we calculate the fair value of the reporting unit. Otherwise, further testing is not necessary. We may also elect to exercise our unconditional option to bypass this qualitative assessment, in which case we would also calculate the fair value of the reporting unit. If the calculated fair value of the reporting unit exceeds its carrying value including associated goodwill amounts, no impairment charge is required. If the fair value of the reporting unit is less than its carrying value including associated goodwill amounts, the goodwill of that reporting unit is considered to be impaired and a charge to earnings must be recorded. The impact to earnings is the excess amount of carrying value over fair value, however the charge is not to exceed the total amount of goodwill allocated to the reporting unit under evaluation.

Environmental Liabilities

We provide for the estimated costs of environmental contingencies when liabilities are probable to occur and a reasonable estimate of the associated costs can be made. Ongoing environmental compliance costs, including maintenance and monitoring costs, are charged to expense as incurred.

Equity-Based Compensation

The phantom units issued under our 2010 and 2018 Long-Term Incentive Plans result in the payment of cash to our non-employee directors of our general partner upon exercise or vesting of the related award. The fair value of our phantom units is equal to the market price of our common units.

Revenue Recognition

We recognize revenue across our operating segments upon the satisfaction of their respective performance obligations.

The Company recognizes revenue upon the satisfaction of its performance obligations under its contracts and generally recognizes revenue either over time as services are being performed or at a point in time for product sales. The timing of our revenue recognition varies between the revenue streams and is described in more detail below.

Fee-based Revenues

We provide a variety of fee-based transportation and logistics services to our customers across several of our reportable segments as outlined below.

Service contracts generally contain a series of distinct services that are substantially the same and have the same pattern of transfer to the customer over the contract period, and therefore, qualify as a single performance obligation that is satisfied over time. The customer receives and consumes the benefit of our services simultaneously with the provision of those services.

Offshore Pipeline Transportation

Revenue from contracts in our offshore pipeline transportation segment is generally based upon a fixed fee per unit of volume (typically per barrel of crude oil or per Mcf of natural gas) gathered, transported or processed for each volume delivered. Fees are based either on contractual arrangements or tariffs regulated by the FERC. Certain of our contracts include a single performance obligation to stand ready, on a monthly basis, to provide capacity on our assets. Revenue associated with these fee-based services is recognized as volumes are delivered over the performance obligation period.

We also have certain contracts with customers in which we earn either demand-type fees or firm capacity-reservation fees. These fees are charged to a customer regardless of the volume the customer actually delivers to the platform or through the pipeline.

Certain of our customer contracts in our offshore pipeline transportation segment include a transportation fee that has a tiered pricing structure based on cumulative milestones of throughput on the related pipeline asset and contract, or on a specified date. Our performance obligation for these contracts is to transport, gather or process commodity volumes for the customer based on firm (stand ready) service or from monthly nominations made by our customers, which can also be on an interruptible basis. While our transportation fees change when milestones are achieved for certain cumulative throughput, our performance obligation remains unchanged throughout the duration of the contract. Therefore, we recognize revenue using an average rate throughout the duration of the contract. We have estimated the total consideration we expect to receive under the contract beginning at the contract inception date based on the estimated volumes (including certain minimum volumes we are required to stand ready for), price indexing, estimated production or contracted volumes, and the contract period. We have constrained the estimates of variable consideration such that it is probable that a significant reversal of previously-recognized revenue will not occur throughout the life of the contract. These estimates are re-assessed at each reporting period as required. We bill our customers based on the rates specified in the contract. Any cumulative differences between the amounts we have billed our customers and the revenue recognized per contract results in the recognition of a contract asset or liability. In circumstances where the estimated average contract rate is less than the billed current price tier in the contract, we will recognize a contract liability or unwind an existing contract asset. In circumstances where the estimated average contract rate is higher than the billed current price tier in the contract, we will recognize a contract asset or unwind an existing contract liability.

Marine Transportation

Our marine transportation business consists of revenues from the inland and offshore marine transportation of heavy-refined petroleum products, asphalt and crude oil, using our barges or vessels. We recognize revenue over time, on a contract-by-contract basis, as individual trips are completed. Revenue from these contracts is typically based on a set day-rate or a set fee per cargo movement. The cost of fuel and certain other operational costs may be directly reimbursed by the customer, if stipulated in the contract.

Our performance obligation is to provide transportation services using our barges or vessels either under a term or spot based contract. The transaction price is typically fixed either as a day rate or as a lump sum to be allocated over the days required to complete the service. We recognize revenue as we provide the transportation services because the customer simultaneously receives and consumes the benefits of such services. If provided in the contract, certain items such as fuel or operational costs can be rebilled to the customer in the same period in which the costs are incurred. In the event the timing of a trip to provide our services crosses a reporting period under a lump sum fee contract, the revenue earned is accrued based on the progress completed in the current period on the related performance obligation as we are entitled to payment for each day. Customer invoicing occurs at the completion of a trip, or earlier at the customer’s request.

Onshore Transportation and Services

Within our onshore transportation and services segment, we provide our customers with pipeline transportation services, terminaling services and rail unloading services, among others, primarily on a per barrel fee basis.

Revenues from contracts for the transportation of crude oil by our pipelines are based on actual volumes at a published tariff. We recognize revenue for transportation and other services over the performance obligation period, which is the contract term. Revenues for both firm and interruptible transportation and other services are recognized over time as the product is delivered to the agreed upon delivery point or at the point of receipt because they specifically relate to our efforts to transfer the distinct services.

Pricing for our services is determined through a variety of mechanisms, including specified contract pricing or regulated tariff pricing. The consideration we receive under these contracts is variable, as the total volume of the commodity to be transported is unknown at contract inception. At the end of a day or month (as specified in the contract), both the price and volume are known (or “fixed”) in order to allow us to accurately calculate the amount of consideration we are entitled to invoice. The measurement of these services and invoicing occurs on a monthly basis.

Pipeline Loss Allowances

To compensate us for bearing the risk of volumetric losses of crude oil in transit in our pipelines (for our onshore and offshore pipelines) due to temperature, crude quality, and the inherent difficulties of measuring liquids in a pipeline, our tariffs and agreements allow for us to make volumetric deductions for quality and volumetric fluctuations. We refer to these deductions as pipeline loss allowances (“PLA”). We compare these allowances to the actual volumetric gains and losses of the pipeline and the net gain or loss is recorded as revenue or a reduction of revenue. As the allowance is related to our pipeline transportation services, we have a single performance obligation to transport and deliver the barrels.

When net gains occur, we have crude oil inventory. When net losses occur, we reduce any recorded inventory on hand and record a liability for the purchase of additional crude oil required to replace the lost volumes. Under ASC 606, we record excess oil as non-cash consideration in the transaction price on a net basis. The net oil recorded is valued at the lower of cost or net realizable value using the market price of crude oil during the month the product was transported. The crude oil in inventory can then be sold at current market prices, resulting in additional revenue if the sales price exceeds the inventory value when control transfers to the customer.

Product Sales

Within our onshore transportation and services division, the main sources of product sales are crude oil, NaHS and caustic soda. In evaluating revenue recognition, we concluded that these agreements consist of one distinct performance obligation, which is delivering the product to the customer at the specified point of sale.

In transactions involving NaHS and caustic soda, contracts may stipulate that customers assume control of the goods at the shipping location, although we must still coordinate the transportation as specified by the customer. According to our policy and the guidance in ASC 606, these shipping services are considered fulfillment costs, not separate performance obligations.

In transactions involving the sale of crude oil, we may enter into term contracts, which are settled on a monthly basis, or spot contracts, which are settled at a specific point in time.

For every product sale, the transaction price is determined based on the contract and is generally set at a fixed amount or tied to a market-based or indexed rate. This established pricing is considered “fixed” when revenue is recognized. Invoicing and payment arrangements follow either industry standards or the stipulations outlined in the contract. We allocate the entire transaction price to a single performance obligation and revenue is recognized at a specific point in time, therefore, we do not allocate any of the transaction price to future performance obligations.

Sulfur Services

Through our sulfur services business, we primarily provide sulfur removal services to refiners’ high sulfur (or “sour”) gas streams generated from crude oil processing operations. Our process includes the use of our proprietary technology, which uses caustic soda to act as a scrubbing agent at a prescribed temperature and pressure to remove sulfur. The technology returns a clean (sulfur-free) hydrocarbon stream to the refinery for further processing into refined products and simultaneously produces NaHS. Units of NaHS are produced ratably as a gas stream is processed. We obtain control and ownership of the NaHS immediately upon production, which constitutes the sole consideration that we receive for our sulfur removal services. We then market the NaHS we receive to third parties as part of our product sales, as described above. Some of our arrangements require that we pay a refinery access fee (“RSA fee”) for any benefits received by virtue of our plant’s proximity to the customer’s refinery. Our RSA fee is recorded as a reduction of revenue.

The sole performance obligation under our refinery service contracts is to deliver sulfur removal services. As our customers simultaneously receive and consume the benefits of service, control is transferred and revenue is recognized over time based on the extent of progress towards completion of the performance obligation. We use units of NaHS produced during a period to measure progress as the amount we receive corresponds directly with the efforts to provide our services completed to date. The transaction price for each performance obligation is determined using the fair value of a unit of NaHS on the contract inception date for each sulfur services agreement. Accordingly, we record the value of NaHS received as non-cash consideration in inventory until it is subsequently sold to our customers (see “Product Sales,” above).

Transaction Price Allocations to Remaining Performance Obligations

We are required to disclose the amount of our transaction prices that are allocated to unsatisfied performance obligations as of December 31, 2025. However, ASC 606 provides the following optional exemptions that we have utilized:

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 at least one of these exemptions and we apply the exemption(s) accordingly. For contracts that do no qualify for a at least one of the aforementioned exemptions, which are those that involve revenue recognition over a long-term period and include long term fixed consideration (adjusted for indexing as required), we determined the allocation of transaction price that relate to unsatisfied performance obligations. As it relates to our tiered pricing offshore transportation contracts, we provide firm capacity for both fixed and variable consideration over a long-term period. In our onshore transportation and services segment, we have certain contractual arrangements in which we receive fixed minimum payments for our obligation to provide minimum capacity on our pipelines and related assets. Therefore, we have allocated the remaining contract value (as estimated and discussed above) to future periods for these contracts.

Cost of Sales and Operating Expenses

Offshore pipeline transportation operating costs consist primarily of power costs to operate pumping and platform equipment, personnel costs to operate the pipelines and platforms, insurance costs and costs associated with maintaining the integrity of our pipelines.

Marine operating costs consist primarily of employee and related costs to man the boats, barges, and vessels, maintenance and supply costs related to general upkeep of the boats, barges, and vessels, and fuel costs which are often rebillable and passed through to the customer.

Onshore transportation and services product and operating costs include the cost to acquire the product and the associated costs to transport it to our terminal facilities, including storing, or to a customer for sale. Other than the cost of the products, the most significant costs we incur relate to transportation utilizing our fleet of trucks, barges and other vessels, including personnel costs, fuel and maintenance of our equipment or third-party owned equipment as well as costs to operate NaHS processing plants located at various refineries, cost associated with caustic soda used in the process of processing the refiner’s sour gas, and the cost to transport and market the NaHS and caustic soda. Additionally, costs to operate and maintain the integrity of our onshore pipelines are included herein.

When we enter into buy/sell arrangements concurrently or in contemplation of one another with a single counterparty, we reflect the amounts of revenues and purchases for these transactions on a net basis in our Consolidated Statements of Operations as onshore transportation and services revenues.

Income Taxes

We are a limited partnership, organized as a pass-through entity for federal income tax purposes. As such, we do not directly pay federal income tax. Our taxable income or loss, which may vary substantially from the net income or net loss we report in our Consolidated Statements of Operations, is included in the federal income tax returns of each partner.

Some of our corporate subsidiaries pay U.S. federal, state, and foreign income taxes. Deferred income tax assets and liabilities for certain operations conducted through corporations are recognized for temporary differences between the assets and liabilities for financial reporting and tax purposes. Changes in tax legislation are included in the relevant computations in the period in which such changes are effective. Deferred tax assets are reduced by a valuation allowance for the amount of any tax benefit not expected to be realized. Penalties and interest related to income taxes will be included in income tax expense in the Consolidated Statements of Operations.

Derivative Instruments and Hedging Activities

We use derivative instruments to hedge exposure to commodity price volatility. Derivative transactions, which can include exchange-traded futures, option contracts, basis differentials and commodity price swap contracts, are recorded in the Consolidated Balance Sheets as assets and liabilities based on the derivative’s fair value. Changes in the fair value of derivative contracts are recognized currently in earnings unless specific hedge accounting criteria are met. We must formally designate the derivative as a hedge and document and assess the effectiveness of derivatives associated with transactions that receive hedge accounting. Accordingly, changes in the fair value of derivatives are included in earnings in the current period for (i) derivatives accounted for as fair value hedges; (ii) derivatives that do not qualify for hedge accounting and (iii) the portion of cash flow hedges that is not highly effective in offsetting changes in cash flows of hedged items. Changes in the fair value of cash flow hedges are deferred in Accumulated Other Comprehensive Income (“AOCI”) and reclassified into earnings when the underlying position affects earnings. As of December 31, 2025, 2024 and 2023, we did not have any cash flow hedges.

Gains and losses included in earnings associated with derivative transactions are presented as a component of cash flows from operating activities in the Consolidated Statements of Cash Flows.

Fair Value of Current Assets and Current Liabilities

The carrying amount of other current assets and other current liabilities approximates their fair value due to their short-term nature.

Business Acquisitions

For acquired businesses, we apply the acquisition method and generally recognize the identifiable assets acquired, the liabilities assumed and any noncontrolling interest in the acquiree at their estimated fair values on the date of acquisition. The fair value of the assets acquired, liabilities assumed, or noncontrolling interest in the acquiree may be adjusted during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available.

Recent and Proposed Accounting Pronouncements

Recent Accounting Pronouncements

We have adopted guidance under ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”) for the year ended December 31, 2025, and applied the new disclosure requirements retrospectively. ASU 2023-09 enhanced the transparency and decision usefulness of income tax disclosures primarily through requiring the disclosure of specific categories in the rate reconciliation as well as disclosure of income taxes paid disaggregated by jurisdiction. The adoption of ASU 2023-09 did not have a material impact on our disclosures. Refer to Note 16 and Note 2 2 for details.

In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures,” (“ASU 2024-03”), which requires additional disclosures of the specific types of expenses included in the expense captions presented on the face of the income statement. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. The requirements will be applied prospectively, with the option for retrospective application. 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.