Genesis Energy is a midstream MLP focused on the Gulf Coast and deepwater Gulf of America. Its core business is transporting crude oil from deepwater Gulf fields to onshore refineries via an owned network of offshore pipelines. Genesis holds a 64% interest in both the CHOPS Pipeline (380 miles, 550 MBbls/day capacity) and the Poseidon Pipeline (367 miles, 350 MBbls/day capacity), plus 100% of several lateral pipelines including the newly built SYNC Pipeline connecting the Shenandoah deepwater development. Genesis earns throughput-based fees on volumes flowing through these pipes, with many contracts structured as life-of-lease agreements backed by minimum volume commitments. The offshore pipeline business is highly operationally leveraged — fixed costs are largely covered, so incremental throughput drops through at high margins. Genesis also operates a Jones Act marine fleet transporting heavy refined petroleum products and crude oil to Gulf Coast refineries, primarily under time charters. The third segment covers onshore crude oil gathering, terminaling, and storage around Gulf Coast refinery centers, plus a sulfur services business at 11 refinery facilities that generates sodium hydrosulfide as a byproduct, which Genesis sells to mining and industrial customers. Genesis sold its soda ash business in early 2025, leaving it with three segments. Near-term growth is driven by volume ramp-ups from the Shenandoah and Salamanca deepwater developments, both of which reached first production in Q3 2025. Genesis is using growing free cash flow to reduce debt, redeem high-cost preferred units, and grow distributions to common unitholders.