v3.26.1
Business Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
We manage our businesses through three divisions that constitute our reportable segments. Our reportable segments are primarily organized around the different products and services we provide to our customers and include the following: (i) offshore pipeline transportation; (ii) marine transportation; and (iii) onshore transportation and services.
Our offshore pipeline transportation segment consists of our offshore transportation of crude oil and natural gas in the Gulf of America, which focuses on providing a suite of services to integrated and large independent energy companies.
Our marine transportation segment provides waterborne transportation of petroleum products (primarily fuel oil, asphalt and other heavy refined products) and crude oil throughout North America primarily to customers such as refiners and large energy companies.
Our onshore transportation and services segment provides services through a combination of purchasing, marketing, storing, and blending crude oil and transporting crude oil and refined products, primarily to crude oil refiners and producers and performs the processing of high sulfur (or “sour”) gas streams for refineries to remove the sulfur and selling the related by-product, NaHS (our sulfur services business).
Substantially all of our revenues are derived from, and substantially all of our assets are located in, the United States.
Our chief operating decision maker, who is our Chief Executive Officer (our “CODM”), evaluates segment performance based on a variety of measures including Segment Margin, segment volumes, and, where relevant, capital investment. 
Segment Margin is viewed by our CODM as the primary measure that is most aligned with the measurement principles most consistent with those used in calculating the corresponding amounts in our Unaudited Condensed Consolidated Financial Statements. We define Segment Margin as revenues less product costs, operating expenses (excluding non-cash gains and charges, such as depreciation, amortization and accretion and non-cash effects of our long-term incentive compensation plan), segment general and administrative expenses, all of which are net of the effects of our noncontrolling interests and only associated with our continuing operations, plus our equity in distributable cash generated by our equity investees.
Segment information for the periods presented below was as follows:
Offshore pipeline transportationMarine transportationOnshore transportation and servicesTotal
Three Months Ended June 30, 2026
Revenues:
        External Customers$157,508 $80,943 $293,544 $531,995 
        Intersegment Revenue(1)
2,639 — (2,639)— 
Total revenues of reportable segments(2)
$160,147 $80,943 $290,905 $531,995 
Segment Operating Expenses(41,904)(55,499)(65,296)(162,699)
Segment Product Costs— — (198,716)(198,716)
Other Segment Items(3)
(2,618)205 1,315 (1,098)
Segment Margin(4)
$115,625 $25,649 $28,208 $169,482 
Three Months Ended June 30, 2025
Revenues:
External Customers$125,128 $79,617 $172,603 $377,348 
        Intersegment Revenue(1)
242 — (242)— 
Total revenues of reportable segments(2)
$125,370 $79,617 $172,361 $377,348 
Segment Operating Expenses(35,979)(49,977)(60,549)(146,505)
Segment Product Costs— — (92,479)(92,479)
Other Segment Items(3)
(1,797)177 (875)(2,495)
Segment Margin(4)
$87,594 $29,817 $18,458 $135,869 
Six Months Ended June 30, 2026
Revenues:
        External Customers$304,924 $160,988 $512,638 $978,550 
        Intersegment Revenue(1)
2,504 — (2,504)— 
Total revenues of reportable segments(2)
$307,428 $160,988 $510,134 $978,550 
Segment Operating Expenses(85,074)(107,620)(123,421)(316,115)
Segment Product Costs— — (338,809)(338,809)
Other Segment Items(3)
359 198 1,739 2,296 
Segment Margin(4)
$222,713 $53,566 $49,643 $325,922 
Six Months Ended June 30, 2025
Revenues:
External Customers$234,015 $160,261 $381,383 $775,659 
        Intersegment Revenue(1)
242 — (242)— 
Total revenues of reportable segments(2)
$234,257 $160,261 $381,141 $775,659 
Segment Operating Expenses(68,915)(100,866)(128,558)(298,339)
Segment Product Costs— — (220,170)(220,170)
Other Segment Items(3)
(1,200)443 871 114 
Segment Margin(4)
$164,142 $59,838 $33,284 $257,264 
(1)Intersegment sales were conducted under terms that we believe were no more or less favorable than then-existing market conditions.
(2)Total revenues of reportable segments in the table above agrees to “Total revenues” as seen in our Unaudited Condensed Consolidated Statements of Operations for each respective period.
(3)Other Segment Items primarily includes adjustments related to the difference in timing of cash receipts for certain contractual agreements (applicable to our offshore pipeline transportation and onshore transportation and services segments), segment general and administrative expenses less the non-cash effects of our LTIP plan (applicable to all reportable segments), net effects of our noncontrolling interests (applicable to our offshore pipeline transportation segment), adjustments to include distributable cash generated by our equity investees (applicable to our offshore pipeline transportation and onshore transportation and services segments), and unrealized gains and losses from the valuation of our commodity derivative transactions (excluding fair value hedges) (applicable to our offshore pipeline transportation and onshore transportation and services segments).
(4)A reconciliation of Income (loss) from continuing operations before income taxes to total Segment Margin for the periods is presented below.
Total assets by reportable segment were as follows:
June 30, 2026December 31, 2025
Offshore pipeline transportation$2,654,973$2,755,595
Marine transportation582,248618,474
Onshore transportation and services942,2961,452,971
Total reportable segment assets$4,179,517$4,827,040
Other assets(1)
1,233,24033,663
Total consolidated assets$5,412,757$4,860,703
(1)    For the six months ended June 30, 2026, certain of the receivables from our wholly-owned subsidiaries in our reportable segments were sold to our wholly-owned subsidiary, Genesis AR LLC, a consolidated and bankruptcy-remote special purpose corporate entity created for the sole purpose of transacting under the AR Facility (see Note 10).
Total growth and maintenance capital expenditures for fixed and intangible assets (including enhancements to existing facilities and construction of growth projects as well as contributions to equity investees) by reportable segment for the six months ended June 30, 2026 and 2025 were as follows:
Six Months Ended
June 30,
20262025
Offshore pipeline transportation(1)
$19,077 $59,136 
Marine transportation39,401 29,452 
Onshore transportation and services7,564 4,575 
Total reportable segment capital expenditures$66,042 $93,163 
Other1,580 654 
Total consolidated capital expenditures$67,622 $93,817 
(1)Capital expenditures in our offshore pipeline transportation segment for the six months ended June 30, 2026 and 2025 represent 100% of the costs incurred, including those funded by our noncontrolling interest holder.
Reconciliation of Income (loss) from continuing operations before income taxes to total Segment Margin:
Three Months Ended
June 30, 		Six Months Ended
June 30,
2026202520262025
Income (loss) from continuing operations before income taxes$56,812 $10,356 $76,069 $(26,061)
Net income attributable to noncontrolling interests(13,746)(10,417)(26,091)(19,186)
Corporate general and administrative expenses19,923 15,068 37,161 56,744 
Depreciation, amortization and accretion65,337 59,011 126,485 118,022 
Interest expense, net66,954 60,754 134,932 130,792 
Adjustment to include distributable cash generated by equity investees not included in income and exclude equity in investees net income(1)
2,468 5,595 7,989 11,687 
Unrealized losses (gains) on derivative transactions excluding fair value hedges, net of changes in inventory value(770)(133)45 (204)
Other non-cash items(3,769)(4,229)(8,387)(6,951)
Loss on extinguishment of debt30 8,935 3,570 9,779 
Differences in timing of cash receipts for certain contractual arrangements(2)
(6,321)(9,071)(8,415)(17,358)
Gain on sale of assets(3)
(17,436)— (17,436)— 
Total Segment Margin$169,482 $135,869 $325,922 $257,264 
(1)Includes distributions attributable to the quarter and received during or promptly following such quarter.
(2)Includes the difference in timing of cash receipts from customers during the period and the revenue we recognize in accordance with GAAP on our related contracts.
(3)During the three and six months ended June 30, 2026, we recognized a gain on the sale of assets of $17.4 million associated with the divestiture of certain non-core natural gas pipeline and platform assets within our offshore pipeline transportation segment (see Note 7).