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Genesis Energy , L.P. SECOND QUARTER 2026. EARNINGS SUPPLEMENT August 6 , 2026
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Forward-Looking Statements 2 This presentation includes forward-looking statements as defined under federal law. Although we believe that our expectations are based upon reasonable assumptions, we can give no assurance that our goals will be achieved. Actual results may vary materially. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including, but not limited to statements relating to future financial and operating results, liquidity and capital expenditures, distributions to our unitholders or other capital allocation plans or expectations, the anticipated benefits ofthe Shenandoah and Salamanca developments and other production facilities, production and other rates or volumes or demand for our services, the expected performance of our business segments and other projects, the impact of proposed or increased tariffs or fluctuations in commodity prices on our business, and our strategy and plans, are forward-looking statements and historical performance is not necessarily indicative of future performance. Those forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside our control, that could cause results to differ materially from those expected by management. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in the price and market demand for products (which may be affected by the actions of OPEC and other oil exporting nations), impacts due to inflation, increased tariffs and proposed tariffs, taxes, duties and similar matters affecting international trade, a reduction in demand for our services resulting in impairments of our assets, the spread of disease, the impact of natural disasters, international military conflicts (such as the war in Ukraine and Iran, and broader geopolitical tensions in the Middle East and Eastern Europe), the result of any economic recession or depression that has occurred or may occur in the future, anticipated benefits of our projects or those of our counterparties,including producers, the timing and success of business development efforts and other uncertainties. Those and other applicable uncertainties, factors and risks that may affect those forward-looking statements are described more fully in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statement. This presentation may also include certain non-GAAP financial measures. Please refer to our earnings release for the most directly comparable GAAP financial measures and the reconciliations of non- GAAP financial measures to GAAP financial measures included at the end of this presentation.
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Key Takeaways Offshore Resilient; Long-Term Thesis Progressing $171.5mm Adjusted EBITDA 2Q 2026 reported $0.20 Common Distribution / unit ▲ 11% QoQ · ▲ 21% YoY 5.00x 2Q 2026 Bank Leverage Ratio Reduced from 5.38x in 1Q26 $218mm Preferred Units Redeemed YTD 2026 Outstanding balance of ~$311mm Note: Adjusted EBITDA and free cash flow are non-GAAP financial measures; see reconciliations at the end of this presentation. Bank leverage ratio as calculated under our senior secured credit facility. 3 Disciplined Capital Allocation • Prioritizing cost of capital reduction & leverage ratio • Prudently grow common unit distributions over time • Repurchased 250,000 common units at WAP of $14.57/unit for ~$3.6mm Making Progress on the Balance Sheet • Sold $95mm of non-core, underutilized offshore natural gas assets in Q2 • Established $99.5M non-recourse A/R facility at SOFR + 1.375% • Repurchased additional ~$83M of Class A preferred at 102 (~$218mm YTD) • Reduced credit facility balance to zero at 6/30 w/ remainder as cash on hand Financial Flexibility & Maturities • Exited 2Q26 at 5.00x bank leverage ratio; targeting ~4.0x over time • Maintaining financial flexibility to evaluate accretive growth opportunities • Credit facility matures March 2031; nearest unsecured maturity in 2029 • Senior secured leverage ratio of 0.0x w/ zero drawn at 6/30 Long-term Outlook Intact • Line of sight to long term Adjusted EBITDA growth & increasing free cash flow • Expect 2026 Adjusted EBITDA at or near the low end of guidance range • Focused on simplifying balance sheet and lowering cost of capital
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Genesis Energy, L.P . — 2Q 2026 Update Key Segment & Operational Highlights F I N A N C I A L R E S U L T S Total Segment Margin $169.5mm Adjusted EBITDA $171.5mm Bank Calculated Leverage Ratio 5.00x Offshore Pipeline Transportation $115.6mm • Four Phase 1 Shenandoah wells on-line; rig on-site to perform remediation work on 1 of the wells • First Monument well successfully drilled; expected to be completed and producing in late 2026 • Second Monument well expected on-line in early 2027, followed by new wells at Shenandoah & Shen. South • Salamanca 4th well online with sustained production of 40-42 kbd; 5th well as early as 4Q26 (50 – 60 kbd). Marine Transportation $25.7mm • Results in line with expectations despite tail end of blue-water dry-docking program during the quarter • Have returned to full capacity and effectively operating at 100% of available capacity • Expect to show improving quarterly results for the remainder of the year Onshore Transportation & Services $28.2mm • Steady volumes through both our Texas City and Raceland terminals and associated pipelines • Captured incremental, but likely non-recurring, margin opportunities caused by the conflict in Iran • Legacy sulfur services business experienced strong pulp and paper demand while largest host refinery had steady operating performance, which allowed us to optimize our NaHS supply network Adjusted EBITDA is a non-GAAP financial measure; see reconciliations at the end of this presentation. Bank leverage ratio as calculated under our senior secured credit facility. 4 68% 15% 17% Total Segment Margin – 2Q 2026 Offshore Marine Onshore Common Distribution Coverage 3.2x
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Reconciliations Reconciliation of non-GAAP financial measures
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Balance Sheet & Credit Profile Leverage Ratio & Common Unit Distribution Coverage Ratio (a) We define Adjusted Debt as the amounts outstanding under our senior secured credit facility and senior unsecured notes (inclu ding any unamortized discounts or issuance costs) less the amount outstanding under our inventory financing sublimit, and less c ash and cash equivalents on hand at the end of the period from our restricted subsidiaries. Adjusted Debt excludes amounts outstanding under our accounts receivable securitization credit facility, as permitted under o ur senior secured credit facility. (b) This amount reflects adjustments we are permitted to make under our senior secured credit facility for purposes of calculatin g compliance with our leverage ratio. (c) Adjusted Consolidated EBITDA for the four-quarter period ending with the most recent quarter, as calculated under our senior sec ured credit facility. 6 ($ in 000s) 6/30/2026 Senior secured credit facility - Senior unsecured notes, net of debt issuance costs and discount 3,104,316 Less: Outstanding inventory financing sublimit borrowings (17,100) Less: Cash and cash equivalents (38,921) Adjusted Debt (a) $3,048,295 Pro Forma LTM 6/30/2026 Consolidated EBITDA (per our senior secured credit facility) 593,436 Consolidated EBITDA Adjustments (b) 16,699 Adjusted Consolidated EBITDA (per our senior secured credit facility) (c) $610,135 Adjusted Debt / Adjusted Consolidated EBITDA 5.00x Q2 2026 Q2 2026 Reported Available Cash Before Reserves 78,316 Q2 2026 Common Unit Distributions 24,443 Common Unit Distribution Coverage Ratio 3.20x
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Reconciliations Segment Margin (a) Includes distributions attributable to the quarter and received during or promptly following such quarter. (b) Includes the difference in timing of cash receipts from customers during the period and the revenue we recognize in accordanc e with GAAP on our related contracts. (c) During the three and six months ended June 30, 2026, we recognized a gain on the sale of assets of $17.4 million associated w ith the divestiture of certain non-core natural gas pipeline and platform assets within our offshore pipeline transportation segmen t. (d) See definition of Segment Margin in our 2Q 2026 earnings press release and Form 10 -Q. 6 ($ in 000s) 6/30/2026 3/31/2026 YTD 2026 3/31/2025 6/30/2025 9/30/2025 12/31/2025 2025 Income (loss) from continuing operations before income taxes 56,812 19,257 76,069 (36,417) 10,356 23,029 34,343 31,311 Net income attributable to noncontrolling interests (13,746) (12,345) (26,091) (8,769) (10,417) (13,569) (14,408) (47,163) Corporate general and administrative expenses 19,923 17,238 37,161 41,676 15,068 15,992 16,759 89,495 Depreciation, amortization and accretion 65,337 61,148 126,485 59,011 59,011 59,746 65,615 243,383 Interest expense, net 66,954 67,978 134,932 70,038 60,754 66,407 67,530 264,729 Adjustment to include distributable cash generated by equity investees not included in income and exclude equity in investees net income (a) 2,468 5,521 7,989 6,092 5,595 5,233 4,989 21,909 Unrealized losses (gains) on derivative transactions excluding fair value hedges, net of changes in inventory value (770) 815 45 (71) (133) 136 (49) (117) Other non-cash items (3,769) (4,618) (8,387) (2,722) (4,229) (3,307) (5,318) (15,576) Loss on extinguishment of debt 30 3,540 3,570 844 8,935 - - 9,779 Differences in timing of cash receipts for certain contractual arrangements (b) (6,321) (2,094) (8,415) (8,287) (9,071) (7,091) 4,552 (19,897) Gain on sale of assets (c) (17,436) - (17,436) - - - - - Total Segment Margin(d) $169,482 $156,440 $325,922 $121,395 $135,869 $146,576 $174,013 $577,853
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Reconciliations Available Cash Before Reserves (a) Includes non-cash items such as depreciation, depletion and amortization and unrealized gains or losses on derivative transactio ns, amongst other non-cash items attributable to discontinued operations. (b) Refer to additional detail of Select Items in our 2Q 2026 earnings press release and Form 10 -Q. (c) See definition of Adjusted EBITDA in our 2Q 2026 earnings press release. (d) Maintenance capital expenditures for the 2026 Quarter and 2025 Quarter were $31.4 million and $16.8 million, respectively. Maintenance capital expenditures for the six months ended June 30, 2026 and 2025, were $48.1 million and $39.4 million, respective ly, which excludes maintenance capital expenditures of $4.6 million for the six months ended June 30, 2025 associated with our discontinued operations. Our continuing maintenance capital expenditures are principally as sociated with our marine transportation business. (e) Distributions attributable to preferred unitholders associated with the 2026 Quarter include $1.8 million paid during the 202 6 Quarter and $8.7 million that is payable on August 14, 2026 to unitholders of record at close of business on July 31, 2026. (f) Represents the Available Cash before Reserves to common unitholders. 6 ($ in 000s) 6/30/2026 3/31/2026 YTD 2026 3/31/2025 6/30/2025 9/30/2025 12/31/2025 2025 Net Income (Loss) Attributable to Genesis Energy, L.P. 42,857 6,800 49,657 (469,075) (406) 9,207 19,871 (440,403) Interest expense, net 66,954 67,978 134,932 70,038 60,754 66,407 67,530 264,729 Income tax expense 209 112 321 144 345 253 64 806 Depreciation, amortization and accretion 65,337 61,148 126,485 59,011 59,011 59,746 65,615 243,383 Loss from disposal of discontinued operations - - - 432,193 - - - 432,193 Interest expense, net and income tax expense from discontinued operations - - - 4,195 - - - 4,195 Other non-cash items from discontinued operations, net (a) - - - 15,584 - - - 15,584 EBITDA $175,357 $136,038 $311,395 $112,090 $119,704 $135,613 $153,080 $520,487 Plus (minus) Select Items, net (b) (3,824) 4,824 1,000 19,589 3,195 (3,656) 4,709 23,837 Adjusted EBITDA(c) $171,533 $140,862 $312,395 $131,679 $122,899 $131,957 $157,789 $544,324 Maintenance capital utilized (d) (15,450) (15,250) (30,700) (16,900) (14,750) (14,900) (14,950) (61,500) Interest expense, net (66,954) (67,978) (134,932) (70,038) (60,754) (66,407) (67,530) (264,729) Cash tax expense (300) (300) (600) (257) (300) (300) 624 (233) Distributions to preferred unitholders (e) (10,513) (13,565) (24,078) (19,942) (14,868) (14,868) (14,868) (64,546) Interest expense, net and income tax expense from discontinued operations - - - (4,195) - - - (4,195) Available Cash before Reserves(f) $78,316 $43,769 $122,085 $20,347 $32,227 $35,482 $61,065 $149,121 Common Unit Distributions 24,443 22,044 46,487 20,207 20,207 20,207 22,044 82,665 Common Unit Distribution Coverage Ratio 3.20x 1.99x 2.63x 1.01x 1.59x 1.76x 2.77x 1.80x
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Reconciliations Adjusted Debt & Adjusted Consolidated EBITDA (a) We define Adjusted Debt as the amounts outstanding under our senior secured credit facility and senior unsecured notes (inclu ding any unamortized discounts or issuance costs) less the amount outstanding under our inventory financing sublimit, and less c ash and cash equivalents on hand at the end of the period from our restricted subsidiaries. Adjusted Debt excludes amounts outstanding under our accounts receivable securitization credit facility, as permitted under o ur senior secured credit facility. (b) This amount reflects adjustments we are permitted to make under our senior secured credit facility for purposes of calculatin g compliance with our leverage ratio. (c) Adjusted Consolidated EBITDA for the four-quarter period ending with the most recent quarter, as calculated under our senior sec ured credit facility. 6 ($ in 000s) 6/30/2026 3/31/2026 12/31/2025 Senior secured credit facility - 74,100 6,400 Senior unsecured notes, net of debt issuance costs and discount 3,104,316 3,102,076 3,040,415 Less: Outstanding inventory financing sublimit borrowings (17,100) (17,900) (28,100) Less: Cash and cash equivalents (38,921) (3,046) (6,318) Adjusted Debt (a) $3,048,295 $3,155,230 $3,012,397 Consolidated EBITDA (per our senior secured credit facility) 593,436 553,507 544,324 Consolidated EBITDA Adjustments (b) 16,699 33,473 43,773 Adjusted Consolidated EBITDA (per our senior secured credit facility)(c) $610,135 $586,980 $588,097 Adjusted Debt-to-Adjusted Consolidated EBITDA 5.00x 5.38x 5.12x
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Reconciliations Select Items (a) Includes the difference in timing of cash receipts from or billings to customers during the period and the revenue we recogni ze in accordance with GAAP on our related contracts. For purposes of our non -GAAP measures, we add those amounts in the period of p ayment and deduct them in the period in which GAAP recognizes them. (b) Represents the net effect of adding distributions from equity investees and deducting earnings of equity investees net to us. (c) Represents Select Items applicable to all Non-GAAP measures. (d) Represents Select Items applicable to Adjusted EBITDA and Available Cash before Reserves. 6 ($ in 000s) 6/30/2026 3/31/2026 YTD 2026 3/31/2025 6/30/2025 9/30/2025 12/31/2025 2025 Applicable to all Non-GAAP Measures Differences in timing of cash receipts for certain contractual arrangements (a) (6,321) (2,094) (8,415) (8,287) (9,071) (7,091) 4,552 (19,897) Certain non-cash items: Unrealized losses (gains) on derivative transactions excluding fair value hedges, net of changes in inventory value (770) 815 45 (71) (133) 136 (49) (117) Loss on debt extinguishment 30 3,540 3,570 844 8,935 - - 9,779 Adjustment regarding equity investees (b) 2,468 5,521 7,989 6,092 5,595 5,233 4,989 21,909 Other (3,769) (4,618) (8,387) (2,722) (4,229) (3,307) (5,318) (15,576) Sub-total Select Items, net (c) ($8,362) $3,164 ($5,198) ($4,144) $1,097 ($5,029) $4,174 ($3,902) Applicable only to Adjusted EBITDA and Available Cash before Reserves Certain transaction costs 3,944 3,122 7,066 25,208 310 329 1,110 26,957 Other 594 (1,462) (868) (1,475) 1,788 1,044 (575) 782 Total Select Items, net (d) ($3,824) $4,824 $1,000 $19,589 $3,195 ($3,656) $4,709 $23,837