Genesis Energy LP 2025年度报告

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedDecember31, 2025 OR Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.YesNo Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.YesNo Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements forthe past 90 days.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post suchfiles).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company”in Rule 12b-2 of the Exchange Act. Large accelerated filerNon-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal controlover financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issuedits audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filingreflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received byany of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2) of the Act).Yes☐No The aggregate market value of the ClassA common units held by non-affiliates of the Registrant on June 30, 2025 (the last business day of Registrant’s mostrecently completed second fiscal quarter) was approximately $1,855.0 million based on $17.23 per unit, the closing price of the common units as reported onthe NYSE. For purposes of this computation, all executive officers and directors are deemed to be affiliates. Such a determination should not be deemed anadmission that such executive officers and directors are affiliates. On February18, 2026, the Registrant had 122,424,321 ClassA Common Units and 39,997Class B Common Units outstanding. GENESIS ENERGY, L.P.2025 FORM 10-K ANNUAL REPORTTable of Contents PagePart IItem1Business6Item1A.Risk Factors27Item1B.Unresolved Staff Comments45Item 1C.Cybersecurity45Item2.Properties46Item3.Legal Proceedings46Item4.Mine Safety Disclosures46Part IIItem5.Market for Registrant’s Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities47Item6.Selected Financial Data48Item7.Management’s Discussion and Analysis of Financial Condition and Results of Operations48Item7A.Quantitative and Qualitative Disclosures About Market Risk76Item8.Financial Statements and Supplementary Data77Item9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure77Item9A.Controls and Procedures77Item9B.Other Information79Part IIIItem10.Directors, Executive Officers and Corporate Governance79Item11.Executive Compensation85Item12.Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters95Item13.Certain Relationships and Related Transactions, and Director Independence96Item14.Principal Accountant Fees and Services97Part IVItem15.Exhibits and Financial Statement Schedules98Item 16.Form 10-K Summary101 Definitions Unless the context otherwise requires, references in this annual report to “Genesis Energy, L.P.,” “Genesis,” “we,” “our,” “us,” “theCompany” or like terms refer to Genesis Energy, L.P. and its operating subsidiaries. Unless the context otherwise requires, references made inthis annual report to the“Alkali Business” as defined below in Item 1. “Business” relate specifically to the period of our ownership of suchbusiness prior to the date of sale, February 28, 2025. As generally