GENESIS ENERGY LPGEL
GENESIS ENERGY LP Segments Disclosure
Business Segment Information
In the first quarter of 2025, we reorganized our operating segments as a result of the way our CODM evaluates the performance of operations, develops strategy and allocates resources, including capital. Our sulfur services business, formerly reported under our soda and sulfur services reporting segment with our previously owned Alkali Business (see Note 4), is now reported under our onshore transportation and services reporting segment. As a result of this change, we now manage our businesses through three divisions that constitute our reportable segments. Our reportable segments are primarily organized around the different products and services we provide to our customers and include the following: (i) offshore pipeline transportation; (ii) marine transportation; and (iii) onshore transportation and services.
Our offshore pipeline transportation segment consists of our offshore transportation of crude oil and natural gas in the Gulf of America, which focuses on providing a suite of services to integrated and large independent energy companies.
Our marine transportation segment provides waterborne transportation of petroleum products (primarily fuel oil, asphalt and other heavy refined products) and crude oil throughout North America primarily to customers such as refiners and large energy companies.
Our onshore transportation and services segment provides services through a combination of purchasing, marketing, storing, and blending crude oil and transporting crude oil and refined products, primarily to crude oil refiners and producers and performs the processing of high sulfur (or “sour”) gas streams for refineries to remove the sulfur and selling the related by-product, NaHS (our sulfur services business).
Substantially all of our revenues are derived from, and substantially all of our assets are located in, the United States.
Our CODM evaluates segment performance based on a variety of measures including Segment Margin, segment volumes, and, where relevant, capital investment.
Segment Margin is viewed by our CODM as the primary measure that is most aligned with the measurement principles most consistent with those used in calculating the corresponding amounts in our Consolidated Financial Statements. We define Segment Margin as revenues less product costs, operating expenses (excluding non-cash gains and charges, such as depreciation, amortization and accretion and non-cash effects of our long-term incentive compensation plan), segment general and administrative expenses, all of which are net of the effects of our noncontrolling interests and only associated with our continuing operations, plus our equity in distributable cash generated by our equity investees.
Segment information for each year presented below is as follows:
Year Ended December 31, 2025 | Offshore Pipeline Transportation | Marine Transportation | Onshore Transportation and Services | Total | |||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| External customers | $ | 531,035 | $ | 319,498 | $ | 779,882 | $ | 1,630,415 | |||||||||||||||
Intersegment(1) | 863 | — | (863) | — | |||||||||||||||||||
Total revenues of reportable segments(2) | $ | 531,898 | $ | 319,498 | $ | 779,019 | $ | 1,630,415 | |||||||||||||||
| Segment Operating Expenses | (145,005) | (204,830) | (252,017) | (601,852) | |||||||||||||||||||
| Segment Product Costs | — | — | (451,962) | (451,962) | |||||||||||||||||||
Other Segment Items(3) | (1,199) | 1,022 | 1,429 | 1,252 | |||||||||||||||||||
Segment Margin(4) | $ | 385,694 | $ | 115,690 | $ | 76,469 | $ | 577,853 | |||||||||||||||
Year Ended December 31, 2024 | Offshore Pipeline Transportation | Marine Transportation | Onshore Transportation and Services | Total | |||||||||||||||||||
Total revenues of reportable segments(2)(5) | $ | 404,919 | $ | 321,616 | $ | 934,299 | $ | 1,660,834 | |||||||||||||||
| Segment Operating Expenses | (117,207) | (196,602) | (269,126) | (582,935) | |||||||||||||||||||
| Segment Product Costs | — | — | (599,925) | (599,925) | |||||||||||||||||||
Other Segment Items(3) | 45,074 | (11) | 6,105 | 51,168 | |||||||||||||||||||
Segment Margin(4) | $ | 332,786 | $ | 125,003 | $ | 71,353 | $ | 529,142 | |||||||||||||||
Year Ended December 31, 2023 | Offshore Pipeline Transportation | Marine Transportation | Onshore Transportation and Services | Total | |||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| External customers | $ | 377,842 | $ | 327,464 | $ | 1,016,017 | $ | 1,721,323 | |||||||||||||||
Intersegment(1) | 4,312 | — | (4,312) | — | |||||||||||||||||||
Total revenues of reportable segments(2) | $ | 382,154 | $ | 327,464 | $ | 1,011,705 | $ | 1,721,323 | |||||||||||||||
| Segment Operating Expenses | (96,025) | (218,403) | (300,921) | (615,349) | |||||||||||||||||||
| Segment Product Costs | — | — | (637,179) | (637,179) | |||||||||||||||||||
Other Segment Items(3) | 120,543 | 1,362 | (422) | 121,483 | |||||||||||||||||||
Segment Margin(4) | $ | 406,672 | $ | 110,423 | $ | 73,183 | $ | 590,278 | |||||||||||||||
(1)Intersegment sales were conducted under terms that we believe were no more or less favorable than then-existing market conditions.
(2)Total revenues of reportable segments in the table above agrees to “Total revenues” as seen in our Consolidated Statements of Operations for each respective year. See Note 3 for more detailed information on the revenues reported by major category of products and services by reportable segment.
(3)Other Segment Items primarily includes adjustments related to the difference in timing of cash receipts for certain contractual agreements (applicable to our offshore pipeline transportation and onshore transportation and services segments), segment general and administrative expenses less the non-cash effects of our LTIP plans (applicable to all reportable segments), net effects of our noncontrolling interests (applicable to our offshore pipeline transportation segment), adjustments to include distributable cash generated by our equity investees (applicable to our offshore pipeline transportation and onshore transportation and services segments), and unrealized gains and losses from the valuation of our commodity derivative transactions (excluding fair value hedges) (applicable to onshore transportation and service segment).
(4)A reconciliation of Income (loss) from continuing operations before income taxes to total Segment Margin to for each year is presented below.
(5)There were no intersegment revenues for the year ended December 31, 2024.
Total assets by reportable segment were as follows:
| December 31, 2025 | December 31, 2024 | ||||||||||
| Offshore pipeline transportation | $ | 2,755,595 | $ | 2,748,296 | |||||||
| Marine transportation | 618,474 | 641,082 | |||||||||
| Onshore transportation and services | 1,452,971 | 1,401,238 | |||||||||
| Total reportable segment assets | $ | 4,827,040 | $ | 4,790,616 | |||||||
| Other assets | 33,663 | 39,656 | |||||||||
| Assets held for discontinued operations | — | 2,207,420 | |||||||||
| Total consolidated assets | $ | 4,860,703 | $ | 7,037,692 | |||||||
Total growth and maintenance capital expenditures for fixed and intangible assets (including enhancements to existing facilities and construction of growth projects as well as contributions to equity investees) by reportable segment for the years ended December 31, 2025 and 2024 were as follows:
| December 31, 2025 | December 31, 2024 | ||||||||||
Offshore pipeline transportation(1) | $ | 85,728 | $ | 255,640 | |||||||
| Marine transportation | 52,383 | 91,752 | |||||||||
| Onshore transportation and services | 6,456 | 16,991 | |||||||||
| Total reportable segment capital expenditures | $ | 144,567 | $ | 364,383 | |||||||
| Other | 1,158 | 12,044 | |||||||||
| Total consolidated capital expenditures | $ | 145,725 | $ | 376,427 | |||||||
(1)Capital expenditures in our offshore pipeline transportation segment for 2025 and 2024 represent 100% of the costs incurred, including those funded by our noncontrolling interest holder.
Reconciliation of Income (loss) from continuing operations before income taxes to total Segment Margin:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Income (loss) from continuing operations before income taxes | $ | 31,311 | $ | (48,995) | $ | 47,633 | |||||||||||
| Net income attributable to noncontrolling interests | (47,163) | (30,940) | (28,627) | ||||||||||||||
| Corporate general and administrative expenses | 89,495 | 57,285 | 69,225 | ||||||||||||||
| Depreciation, amortization and accretion | 243,383 | 217,776 | 210,657 | ||||||||||||||
| Interest expense, net | 264,729 | 261,875 | 219,065 | ||||||||||||||
Adjustment to include distributable cash generated by equity investees not included in income and exclude equity in investees net income(1) | 21,909 | 23,461 | 24,635 | ||||||||||||||
| Unrealized losses (gains) on derivative transactions excluding fair value hedges, net of changes in inventory value | (117) | 80 | 88 | ||||||||||||||
| Other non-cash items | (15,576) | (9,169) | (13,366) | ||||||||||||||
Loss on extinguishment of debt (Note 11) | 9,779 | 15,367 | 4,627 | ||||||||||||||
Differences in timing of cash receipts for certain contractual arrangements(2) | (19,897) | (601) | 56,341 | ||||||||||||||
| — | 43,003 | — | |||||||||||||||
| Total Segment Margin | $ | 577,853 | $ | 529,142 | $ | 590,278 | |||||||||||
(1)Includes distributions attributable to the period and received during or promptly following such period.
(2)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.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.