Genesis Energy L P : 1st Quarter 2024 Earnings Supplement

Forward-Looking Statements

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 press release 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 and compliance with our senior secured credit facility covenants, the timing and anticipated benefits of the King's Quay, Argos, Shenandoah and Salamanca developments, our expectations regarding our Granger expansion, the expected performance of our other projects and business segments, 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, and a reduction in demand for our services resulting in impairments of our assets, the spread of disease (including Covid-19), the impact of international military conflicts (such as the conflict in Ukraine),the result of any economic recession or depression that has occurred or may occur in the future, construction and anticipated benefits of the SYNC pipeline and expansion of the capacity of the CHOPS system, 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, 2023 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.

1

Key Takeaways

Long-Term Thesis Remains In-Tact and Positive

• Long-termoutlook and value proposition for Genesis remains unchanged and totally in-tact
• • Reported Adjusted EBITDA(a) of $163.1 million in the first quarter, which was in-line with our expectations
  • Remain excited about the approaching inflection point when we will complete our major capital spending program in 4Q 2024 and will be around the corner from what we believe will be notable step change in the financial performance of our offshore assets and a recovery in our soda ash business
• Increasingly clear line of site provides path to increasing amounts of cash flow(b) and financial flexibility
• • Shenandoah and Salamanca projects expected on-linemid-2025 with combined 160k/d of incremental production handling capacity
  • • Together will provide us with an anticipated incremental $100-$110 million of segment margin per annum when fully ramped
    • Successfully laid the 105 miles of the SNYC lateral and continue to advance CHOPS expansion
  • Recently commissioned Granger expansion project; additional volumes expected to help offset some of the pricing pressure during back half of the year
  • • Pro forma Granger expansion we now have ~4.8mm short tons of annual soda ash production capacity
• Genesis is well positioned to generate roughly $250 - $350 million dollars or more per year of cash flow(b) starting in 2025 despite any volatility in soda ash prices over a normalized cycle
• • Expect to complete growth capital expenditures program in 4Q 2024; will be able to begin harvesting increasing amounts of cash flow thereafter
  • Continue to evaluate ways to simplify capital structure and return capital to everyone in the capital structure, all while focusing on our leverage ratio(c)
  • • Anticipate providing more details around our capital allocation priorities and strategy later this year
• Guidance range for Adjusted EBITDA(a) of $680 - $740 million in 2024
• • Assumes approximately $10 million of incremental G&A costs associated with conforming short-term incentive programs to industry standards and approximately $10 million of lower offshore segment margin related to the potential for weather related downtime
  • Continue to expect growth capital expenditures of approximately $200 - $250 million in 2024
• Committed to maintaining financial flexibility while not losing focus on our long-term leverage ratio(c)
• • Senior secured credit facility extended to February 2026; no unsecured maturities until mid-2026
  • Exited first quarter with leverage ratio(c) of 4.15x; improving the balance sheet and maintaining long-term leverage ratio(c) at or near 4.0x is a top priority
  • To date repurchased $75mm of Class A convertible preferred at a discount to call premium and 114,900 common units at avg. price of $9.09 per unit

1. Adjusted EBITDA is a non-GAAP financial measure. We are unable to provide a reconciliation of the forward-looking Adjusted EBITDA projections contained in this presentation to its most directly comparable GAAP financial measure because the information necessary for quantitative reconciliations of Adjusted EBITDA to its most directly comparable GAAP financial measure is not available to us without unreasonable efforts. The probable significance of providing these forward-looking Adjusted EBITDA measures without directly comparable GAAP financial measures may be materially different from the corresponding GAAP financial measures.
2. After certain cash obligations, including cash interest payments, principal payments on our Alkali senior secured notes, preferred and existing common unit distributions, maintenance capital requirements, and cash taxes.

Genesis Energy, L.P. - 1Q 2024 Update

Key Segment and Operational Highlights

1. Adjusted EBITDA is a non-GAAP financial measure. We are unable to provide a reconciliation of the forward-looking Adjusted EBITDA projections contained in this presentation to its most directly comparable GAAP financial measure because the information necessary for

Balance Sheet & Credit Profile

Leverage Ratio & Common Unit Distribution Coverage Ratio

1. We define Adjusted Debt as the amounts outstanding under our senior secured credit facility and senior unsecured notes (including any unamortized premiums, discounts or issuance costs) less the amount outstanding under our inventory financing sublimit, and less cash and cash equivalents on hand at the end of the period from our restricted subsidiaries.
2. This amount reflects adjustments we are permitted to make under our senior secured credit facility for purposes of calculating compliance with our leverage ratio. It includes a pro rata portion of projected future annual EBITDA associated with material organic growth

Reconciliation

Segment Margin

1. On April 29, 2022, we sold our Independence Hub platform and recognized a gain on the sale of $40.0 million, of which $32.0 million was attributable to our 80% ownership interest.
2. The year ended December 31, 2022 includes income associated with the repurchase and extinguishment of certain of our senior unsecured notes on the open market.
3. The year ended December 31, 2022 includes paid-in-kind distributions, accretion on the redemption feature and valuation adjustments to the redemption feature as the associated preferred units were redeemed during the second quarter of 2022.
4. Refer to additional detail of Select Items later in our earnings press release dated May 2, 2024.

Reconciliation

Available Cash Before Reserves

1. The year ended December 31, 2022 includes paid-in-kind distributions, accretion on the redemption feature and valuation adjustments to the redemption feature as the associated preferred units were redeemed during the second quarter of 2022.
2. Refer to additional detail of Select Items in our earnings press release dated May 2, 2024.
3. See definition of Adjusted EBITDA later in our earnings press release dated May 2, 2024.
4. Maintenance capital expenditures in the first quarter 2024 and first quarter 2023 were $26.5 million and $24.0 million, respectively. Our maintenance capital expenditures are principally associated with our alkali and marine transportation businesses.
5. Distributions to preferred unitholders attributable to the first quarter 2024 are payable on May 15, 2024 to unitholders of record at close of business on April 30, 2024.

Reconciliation

Adjusted Debt & Adjusted Consolidated EBITDA

1. We define Adjusted Debt as the amounts outstanding under our senior secured credit facility and senior unsecured notes (including any unamortized premiums, discounts or issuance costs) less the amount outstanding under our inventory financing sublimit, and less cash and cash equivalents on hand at the end of the period from our restricted subsidiaries.
2. This amount reflects adjustments we are permitted to make under our senior secured credit facility for purposes of calculating compliance with our leverage ratio. It includes a pro rata portion of projected future annual EBITDA associated with material organic growth

Reconciliation

Select Items

1. Includes the difference in timing of cash receipts from or billings to customers during the period and the revenue we recognize in accordance with GAAP on our related contracts. For purposes of our non-GAAP measures, we add those amounts in the period of payment and deduct them in the period in which GAAP recognizes them.
2. The year ended December 31, 2022 includes $32.0 million in cash receipts associated with the sale of the Independence Hub platform by our 80% owned unrestricted subsidiary (as defined under our senior secured credit agreement), Independence Hub, LLC.
3. Represents the net effect of adding distributions from equity investees and deducting earnings of equity investees net to us.
4. Represents all Select Items applicable to all Non-GAAP measures.