Genesis Energy LP (GEL)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Market value

$1.7B

Dividend yield

15.6%

Cash

$39.3M

Debt

$3.1B

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 6 August 2026.

• Net income turned positive. Net income attributable to Genesis Energy, L.P. was $42.9 million, against a net loss of $0.4 million a year earlier. Operating cash flow was $180.7 million, against $47.0 million.
• Adjusted EBITDA and segment margin rose. Adjusted EBITDA was $171.5 million, against $122.9 million, and Total Segment Margin was $169.5 million, against $135.9 million, in the same quarter of 2025.
• Distribution coverage at 3.2X. Available Cash before Reserves to common unitholders was $78.3 million, against $32.2 million a year earlier. The company said this provided 3.2X coverage for the $0.20 distribution.
• Offshore margin up 32%. Offshore pipeline Segment Margin was $115.6 million. Management attributed the rise mainly to Shenandoah production from July 2025 and Salamanca production from September 2025.
• Offshore volumes slightly below expectations. Produced volumes through the offshore pipelines were slightly below management's expectations in the quarter. Downtime at key fields continued into the third quarter.
• Offshore crude throughput rose. Offshore crude pipeline volumes averaged 773,055 barrels a day, against 646,010 a year earlier, on a 100% basis. CHOPS and Poseidon led the increase.
• Salamanca output held at 40-42 kbd. With the fourth well online, Salamanca production has been steady in the range of 40-42 kbd. The facility's initially designed capacity is about 60 kbd.
• Shenandoah well remediation under way. The drillship that drilled the first Monument well is remediating one of four producing Shenandoah wells. The rig then returns about 17 miles to Monument for a second well.
• Marine margin down 14%. Marine transportation Segment Margin was $25.6 million, down $4.2 million. The company cited more planned dry-docking days in inland and offshore barges and slightly lower inland day rates.
• Largest barges spent quarter in yard. The two largest offshore barges were in the yard at different times, equal to one unit out of service for effectively the whole quarter. All four blue water dry-dockings are now finished.
• Inland day rates recovering slowly. Inland barge day rates recovered more slowly than anticipated and did not reach 2025 levels, although management said demand for inland and blue water barges remains relatively constructive.
• American Phoenix re-contract planned. Management said it is receiving multiple inbound inquiries on the American Phoenix and expects to re-contract the vessel above current day rates when the contract ends in mid-2027.
• Onshore margin up 53%. Onshore transportation and services Segment Margin was $28.2 million, up $9.8 million, on higher crude volumes on the Texas system and in crude oil marketing.
• Texas and Raceland volumes steady. Management said Texas and Raceland volumes stayed steady, supported by offshore production moving onshore. Texas crude pipeline volumes averaged 120,132 barrels a day.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 249 held.

Every filing

The newest filings with the SEC of 521 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

130 funds held it at 30 Jun 2026: 44 added and 33 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Enbridge Inc. (ENB): revenue $83.5B, market value $106.1B
• Mplx LP (MPLX): revenue $13.2B, market value $59.7B
• HF Sinclair Corp. (DINO): revenue $34.8B, market value $19.2B
• Plains ALL American Pipeline LP (PAA): revenue $52.3B, market value $18.8B
• Plains GP Holdings LP (PAGP): revenue $52.3B, market value $5.7B
• Delek Logistics Partners, LP (DKL): revenue $1.2B, market value $3.0B

What the company does

Genesis Energy is a master limited partnership formed in Delaware in 1996 that works in the midstream segment of the crude oil and natural gas industry. Its common units trade on the New York Stock Exchange under the ticker GEL. It provides transportation, storage, sulfur removal, blending, terminaling and processing services to crude oil and natural gas producers, refiners, and industrial and commercial enterprises, mainly in the Gulf of America and the Gulf Coast region of the United States. Its assets include pipelines, offshore hub and junction platforms, refinery-related plants, storage tanks, terminals, railcars, rail unloading facilities, barges and other vessels, and trucks. It employed 1,061 people at 31 December 2025.

How the business is organised

The company runs three reportable segments: offshore pipeline transportation, marine transportation, and onshore transportation and services. Until 28 February 2025 it also owned the Alkali Business, a trona mining and processing business in Wyoming, which it then sold. Its sulfur services business now sits inside the onshore segment. The company owns its assets through subsidiaries and joint ventures. Its general partner, Genesis Energy, LLC, manages the operations and holds a non-economic interest.

Offshore pipelines in the Gulf of America

This segment serves integrated energy companies and large independent producers that develop large-reservoir, long-lived oil and gas fields off Texas, Louisiana and Mississippi. The company's crude oil pipeline interests total approximately 1,536 miles of pipe. It owns 64% of the CHOPS Pipeline (380 miles) and 64% of the Poseidon Pipeline (367 miles). It owns 100% of the SEKCO Pipeline and of the SYNC Pipeline, an approximately 105-mile, 20-inch line that connects the Shenandoah development to its network. Its natural gas pipeline interests cover approximately 759 miles. It also holds interests in two offshore hub platforms, Marco Polo and East Cameron 373, with combined processing capacity of approximately 495 MMcf/day of natural gas and 123 MBbls/day of crude oil.

Most production handled by these pipelines moves under life-of-lease commitments that include both firm and interruptible capacity. The company says it earns cash flows from fees or similar arrangements that limit its direct exposure to commodity prices. It has agreements to transport 100% of the crude oil from the Shenandoah and Salamanca developments. The company says the Deepwater Gulf of America area produced approximately 14% of United States oil in 2025.

Marine transportation

The segment also owns the double-hulled tanker M/T American Phoenix, which holds 330 MBbls. All vessels fly the United States flag and qualify for Jones Act trade, and the company does not take ownership of the cargo it carries.

Refiners accounted for approximately 80% of segment revenue in 2025. Term contracts produced approximately 77% of revenue and spot contracts 23%. Time charters made up over 95% of revenue under contracts.

Onshore transportation and services

The company owns four onshore common carrier crude oil pipeline systems, the Texas System (47 miles), the Louisiana System (51 miles), the Jay System (143 miles) and the Mississippi System (207 miles). Their rates are regulated by the FERC, the Louisiana Public Service Commission or the Railroad Commission of Texas. It also owns four crude oil rail unloading facilities, in Baton Rouge and Raceland in Louisiana, Walnut Hill in Florida, and Natchez in Mississippi. Together with trucks and barges, it has approximately 4.2 million barrels of leased and owned storage along the Gulf Coast in addition to pipeline tankage. It gathers, blends, stores and markets crude oil. It buys crude oil under back-to-back sales contracts or hedges it with exchange-traded derivatives.

The sulfur services business removes sulfur from sour gas streams at 11 refining or petrochemical facilities. The NaHS it receives is the sole consideration for this service. The company sells NaHS and caustic soda to over 100 customers, with the largest buyers in base metals mining and pulp and paper. It also exports NaHS to mining customers in Peru and Chile. The segment does not depend on any single customer or small group of customers. The company names Exxon Mobil Corporation, MV Purchasing, BP, Shell and Phillips 66 among its largest customers overall.

Competition and regulation

Offshore, the company competes with other pipeline systems and with producers who build their own handling facilities. Competition rests on proximity to the source, cost of connection, available capacity, rates and access to onshore markets. In marine transportation, rivals include other midstream partnerships, refiners and dedicated marine carriers, as well as pipelines, rail and trucks. All of its inland barges are asphalt capable and heated.

For NaHS, competitors are mostly producers that make it as a by-product and usually have one location. For sulfur removal, they are typically the refineries themselves. Among its offshore crude oil pipelines, only Eugene Island is rate regulated, by the FERC.

Its people

The company ties part of management compensation to safety goals and sets annual targets for recordable injury and illness rates. It offers medical, dental, vision, life and disability coverage and a retirement plan with up to six percent matching. It also provides tuition reimbursement, in-house health, safety and emergency response training, and leadership training.

*From Genesis Energy's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1022321/000102232126000008/gel-20251231.htm)*

From the company's 10-K.