GENESIS ENERGY LP GEL
We are a growth-oriented master limited partnership ("MLP") formed in Delaware in 1996 focused on the midstream segment of the crude oil and natural gas industry. Our common units are traded on the New York Stock Exchange ("NYSE"), under the ticker symbol "GEL." We provide an integrated suite of services (including transportation, storage, sulfur removal, blending, terminaling and processing) to crude oil and natural gas producers, refiners, and industrial and commercial enterprises. Our operations are primarily located in the Gulf of America and in the Gulf Coast region of the United States. We have a diverse portfolio of assets, including pipelines, offshore hub and junction platforms, refinery-related plants, storage tanks, terminals, railcars, rail unloading facilities, barges and other vessels, and trucks. Prior to February 28, 2025, our business also included the trona and trona-based exploring, mining, processing, producing, marketing, logistics and selling business based in Wyoming (the "Alkali Business").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.63B | $1.66B | $1.72B | $2.79B | $2.13B | $1.82B | $2.48B | $2.91B | $2.03B | $1.71B |
| SG&A | $86.3M | $58.3M | $64.6M | $66.6M | $61.2M | $56.9M | $52.7M | $66.9M | $66.4M | $45.6M |
| Total operating expenses | $1.37B | $1.49B | $1.52B | $2.47B | $2.05B | $2.07B | $2.21B | $2.74B | $1.81B | $1.51B |
| Operating income | $258.2M | $170.0M | $205.1M | $315.0M | $75.7M | -$246.0M | $272.7M | $170.2M | $220.6M | $206.4M |
| Interest expense | $264.7M | $261.9M | $219.1M | $226.2M | $233.7M | $209.8M | $219.4M | $229.2M | $176.8M | $139.9M |
| Pre-tax income | $31.3M | -$49.0M | $47.6M | $78.6M | -$163.4M | -$399.0M | $100.7M | -$10.3M | $78.1M | $114.4M |
| Income tax | $806.0K | $1.8M | $456.0K | $3.2M | $1.7M | $1.3M | $655.0K | $1.5M | $4.0M | $3.3M |
| Net income | -$440.4M | -$63.9M | $117.7M | $75.5M | -$165.1M | -$416.7M | $96.0M | -$6.1M | $82.6M | $113.2M |
| EPS, basic | -4.19 | -1.24 | 0.22 | -0.04 | -1.96 | -4.01 | 0.18 | — | — | — |
| EPS, diluted | -4.19 | -1.24 | 0.22 | -0.04 | -1.96 | -4.01 | 0.18 | — | — | — |
| Shares, diluted (wtd. avg.) | $122.5M | $122.5M | $122.5M | $122.6M | $122.6M | $122.6M | $122.6M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $6.4M | $7.4M | $6.2M | $2.1M | $25.0M | $27.0M | $56.4M | $10.3M | $9.0M | $7.0M |
| Receivables | $608.2M | $479.5M | $759.5M | $721.6M | $400.3M | $392.5M | $417.0M | $323.5M | $495.4M | $224.7M |
| Inventory | $55.4M | $37.8M | $135.2M | $78.1M | $78.0M | $99.9M | $65.1M | $73.5M | $88.7M | $98.6M |
| Total current assets | $687.5M | $911.7M | $964.0M | $853.0M | $542.5M | $580.2M | $593.1M | $443.3M | $636.0M | $359.6M |
| Property, plant and equipment | $3.47B | $3.54B | $4.53B | $4.10B | $3.91B | $3.85B | $4.29B | $4.42B | $4.87B | $4.21B |
| Goodwill | $302.0M | $302.0M | $302.0M | $302.0M | $302.0M | $302.0M | $302.0M | $302.0M | $325.0M | $325.0M |
| Other intangibles | $75.6M | $85.3M | $141.5M | $127.3M | $127.1M | $128.7M | $138.9M | $162.6M | $182.4M | $204.9M |
| Total assets | $4.86B | $7.04B | $7.02B | $6.37B | $5.91B | $5.93B | $6.60B | $6.48B | $7.14B | $5.70B |
| Accounts payable | $490.7M | $388.2M | $588.9M | $428.0M | $264.3M | $198.4M | $218.7M | $127.3M | $270.9M | $119.8M |
| Total current liabilities | $699.7M | $858.8M | $967.4M | $709.1M | $496.9M | $383.4M | $415.5M | $332.8M | $456.3M | $260.8M |
| Long-term debt | $3.05B | $3.73B | $3.76B | $3.46B | $2.98B | $3.39B | $3.43B | $3.43B | $3.70B | $3.09B |
| Total liabilities | $4.15B | $5.52B | $5.31B | $4.59B | $3.93B | $4.18B | $4.25B | $4.04B | $4.42B | $3.58B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $252.8M | $391.9M | $521.1M | $334.4M | $338.0M | $296.7M | $382.3M | $390.0M | $323.6M | $282.8M |
| Depreciation and amortisation | $250.9M | $313.2M | $280.2M | $296.2M | $309.7M | $295.3M | $319.8M | $313.2M | $252.5M | $222.2M |
| Stock-based compensation | $15.3M | $5.2M | $25.4M | $17.8M | $8.8M | -$3.7M | $8.5M | $3.9M | -$5.8M | $6.6M |
| Capital expenditure | $186.9M | $587.1M | $620.0M | $424.2M | $301.4M | $144.1M | $163.2M | $195.4M | $250.6M | $463.1M |
| Investing cash flow | $832.3M | -$552.2M | -$593.6M | -$374.5M | -$274.1M | -$103.8M | -$140.8M | $140.7M | -$1.46B | -$434.7M |
| Financing cash flow | -$1.11B | $161.7M | $74.0M | $41.7M | -$65.9M | -$222.4M | -$195.4M | -$529.5M | $1.14B | $148.1M |
| Buybacks | $0 | $0 | $1.0M | $0 | $0 | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001022321-26-000008.
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