Bank of America Merrill Lynch
2015 Leveraged Finance Conference
December 2015
Risks and Forward-Looking Statements
This presentation includes forward-looking statements within the meaning of Section 21A of the
Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934 as amended. Except
for the historical information contained herein, the matters discussed in this presentation include
forward-looking statements. These forward-looking statements are based on the Partnership’s current
assumptions, expectations and projections about future events, and historical performance is not
necessarily indicative of future performance. Although Genesis believes that the assumptions
underlying these statements are reasonable, investors are cautioned that such forward-looking
statements are inherently uncertain and necessarily involve risks that may affect Genesis’ business
prospects and performance, causing actual results to differ materially from those discussed during
this presentation. Genesis’ actual current and future results may be impacted by factors beyond its
control. Important risk factors that could cause actual results to differ materially from Genesis’
expectations are discussed in Genesis’ most recently filed reports with the Securities and Exchange
Commission. Genesis undertakes no obligation to publicly update any forward-looking statements,
whether as a result of new information or future events.
This presentation may include non-GAAP financial measures. Please refer to the presentations of the
most directly comparable GAAP financial measures and the reconciliations of non-GAAP financial
measures to GAAP financial measures included in the end of this presentation.
-2-
Genesis Energy, L.P.
Partnership Overview
Investment Highlights
 Master Limited Partnership (NYSE: GEL)
 Integrated asset portfolio creates opportunity
across the crude oil production / refining
value chain
 L.P. market capitalization of ~$4.3 billion
 Substantial footprint of increasingly integrated
assets and service capabilities
 Integrated portfolio of assets focused on
providing services to:
 Handle crude oil upstream of refineries
 Fixed margin businesses, limited commodity
price exposure
 Perform sulfur removal and other services
inside refineries
 Significant organic projects underway in and
around existing assets
 Handle products (primarily intermediate and
heavies) downstream of refineries
 Disciplined financial policy
 Culture committed to health, safety and
environmental stewardship
 Competitive equity cost of capital with no GP
incentive distribution rights (IDRs)
-3-
Genesis’ Business Proposition
 Integrated asset & services portfolio creates opportunities with producers and refineries
Asset / Services Integration
CO2 Pipelines
Producers
Refinery
Services
Supply & Logistics
Crude Oil
Trucks
Terminals
Crude Pipelines
Supply & Logistics
Refined Products
Trucks
Refineries
Rail
Terminals
Rail
Sulfur Removal
Marine Transportation
Crude Oil
Marine Transportation
Refined Products
Marine
Marine
NaHS Markets
-4-
Genesis’ Operational Footprint
Onshore Pipeline
Transportation
Offshore Pipeline
Transportation
$58 million (10%)
Refinery Services
$305 million (50%)
• Transportation & supply of crude oil
and CO2, connecting producers to
large interstate pipelines and
refineries
• ~560 miles of oil pipelines in TX,
MS, FL, AL, LA & WY
$81 million (13%)
• Own interests in crude oil pipelines
and related infrastructure located
offshore in the Gulf of Mexico, a
producing region representing ~15%
of the crude oil production in the
United States in 2014
• ~2,600 miles of offshore pipelines,
primarily servicing deepwater
production
• ~270 miles of CO2 pipe including
Free State and NEJD
Marine Transportation
Supply & Logistics
$107 million (18%)
$56 million (9%)
• Refinery sulfur removal services and • Inland Marine Operations: 64
sales of by-products at 10 owned
barges and 29 push-boats; Offshore
and / or operated facilities; 4
Marine Operations: 9 boats / 9
marketing agreements
barges, 1 ocean going tanker
• Owned & leased NaHS and NaOH
terminals in Gulf Coast, Midwest,
Montana, British Columbia, Utah
and South America
• Owned & leased logistical assets:
trucks, railcars, barges and ships
• Total design capacity of 1.8 mmbbl
for Inland Marine Operations, 0.9
mmbbl for Offshore Marine
Operations, and 0.3 mmbbl for
American Phoenix (ocean going
tanker)
• Crude oil services and logistics,
refined products services and
logistics and rail services
• Crude Oil: ~2.9 mmbbl storage and
~145 trucks & facilities along Gulf
Coast
• Refined Products: ~0.9 mmbbl
storage and ~120 trucks
WV
MT
NY
WY
CO
UT
Ouachita
River
Mississippi
River
Red River
AZ
Jackson
Shreveport
Midland
Natchez
Liberty
Wink
Pipelines
CO2
Refinery Services
Crude Oil
Owned / Operated Facilties
Walnut Hill
Natural Gas
Port
Arthur
NaHS/NaOH Terminals
Houston
Marketing Agreements
Crude Oil Operations
Supply & Logistics
Crude Oil Tanks
Refineries - Products
Product Tanks
Rail Services
CO2 Facilities
Marine Transportation
Boats & Barges
Baton
Rouge
Lake
Charles
TX City
Corpus
Christi
Note: LTM Segment Margin pro forma for Material Projects and Acquisitions as of 9/30/15.
-5-
Mobile
`
GA
Limited Commodity Price Exposure
Business Segment
General Commodity Exposure
Mitigant
Onshore Pipeline Transportation
No Direct Exposure
• Tariff-based, fee income (except for PLA
volumes)
• Fixed lease payments from DNR for NEJD
CO2 system through 2028
Offshore Pipeline Transportation
No Direct Exposure
• Tariff-based, fee income (except for PLA
volumes)
NaHS (Long)
NaOH (Short)
• ~85% of our operating expense is cost of
NaOH
• ~60% of NaHS sales contracts indexed to
NaOH prices
• Remaining 40% have short-term mechanism
to change pricing in response to changes in
operating costs
No Direct Exposure
• Marine contracts are based upon day rates for
specified types of equipment
• In 2014, 80% of revenues were from term
contracts and 20% of revenues were from
spot contracts
Crude Oil
Refined Products
• Typically back-to-back monthly purchase and
sales contracts for crude oil
• On average, carry low level (<200 kbbl) crude
inventory
• Refined products held for blending are hedged
to remove volatility in underlying value but
subject to marked-to-market accounting
• No “paper” trading
• Tight controls under board approved risk
management policy (VAR ≤ $2.5 mm)
Refinery Services
Marine Transportation
Supply & Logistics
-6-
Existing Businesses
Onshore Pipeline Transportation
• Stable cash flows through pipeline tariffs combined with future volume growth
• Refiners are the shipper of approximately 85% of total crude oil moved through our onshore pipelines
Onshore Crude Oil Pipelines
CO2 Pipelines
TX System
MS System
Jay System
LA System
WY System
NEJD
Free State
Length (miles)
Existing 8” – 90
Looped 18” – 19
235
135
17
60
183
86
Capacity
8” – ~60 kbd
18” – ~275 kbd
~45 kbd
~150 kbd
~350 kbd
~30 kbd
N/A
~500 mmcfd
Average Daily
Volume (a)
~69 kbd
~17 kbd
~18 kbd
~39 kbd
~8 kbd (b)
$5.2 mm per
quarter
~146 mmcfd
Delivery
Points
Marathon’s TX City
refinery, Houston
Refining and Texas
City Oil Terminal
Interconnect w/
Capline to Midwest
refiners
Shell’s Mobile
refinery & PAA’s
Mobile terminal
ExxonMobil’s
Anchorage Tank
Farm
Denbury’s Phase I
fields in Mississippi
and Louisiana
Denbury’s Phase II
fields in Mississippi
Jackson
Pronghorn Rail
Facility
Free State
Jay System
WY
NEJD
Casper
Louisiana
System
Mississippi
System
Mobile
Baton Rouge
Houston
Texas
System
Port Arthur
Crude Oil Pipeline
Looped 18” Pipeline
CO2 Pipeline
(a)
(b)
Average daily volume for 3Q 2015.
Represents volumes per day from the period the pipeline began operations in August of 2015.
-8-
Offshore Pipeline Transportation
• Positioned to provide deepwater producers maximum optionality with access to both Texas & Louisiana markets
• Potential for meaningful volume growth with increased development drilling in dedicated, currently connected fields
Oil Pipeline
Natural Gas
CHOPS
Poseidon
SEKCO
Odyssey
GOPL
Laterals
Transportation
Includes Anaconda,
Falcon, HIOS,
Independence Trail,
Manta Ray, Nautilus,
TPC and Viosca Knoll
Length (miles)
380
367
149
120
184
Capacity (a)
~500 kbd
~350 kbd
~115 kbd
~200 kbd
~39 kbd
Average Daily
Volume (b)
~176 kbd
~265 kbd
~78 kbd
~90 kbd
~17 kbd
(c)
Texas City and
Port Arthur
Refineries
Shell Tankage in
Houma, LA
Poseidon SMI-205
Platform
Delta Loop 20”
(Venice, LA)
Cailou Island, LA
Various
Various
29%
23% undivided joint
interest,
Two 100% owned
laterals
100%
Various
Delivery
Points
Ownership
Interest
100%
64%
100%
Includes Allegheny,
Constitution, Marco Polo,
Shenzi and Tarantula
~727,000 MMBtu/d
Viosca Knoll 817
Nautilus
Manta Ray
CHOPS
HIOS
Odyssey
Poseidon
Independence Trail
Eugene Island
TPC
Medusa
Tarantula
Falcon
Falcon
Nest
East
Cameron
373
Allegheny
Garden
Banks
72
Anaconda
Constitution
SEKCO
Capacity figures represent gross system capacity except Eugene Island, which represents Genesis net capacity in undivided joint interest system.
Average daily volume for 3Q 2015.
Volumes in laterals are reflected in primary pipeline volumes.
Represents volumes per day from the period the pipelines and related assets were acquired in July 2015.
-9-
Independence Hub
Shenzi
Marco Polo
Marco Polo
(a)
(b)
(c)
(d)
Viosca Knoll
Gas Pipeline
Oil Pipeline
Platform
(d)
Recent Offshore Acquisition Highlights
• The $1.5 billion acquisition from Enterprise offers numerous strategic and financial benefits to
Genesis, including:
– Credit enhancing (additional stable, fee-based cash flow) adding significant scale expected to help
accelerate and increase credit ratings in the future
– Achieves run-rate annual EBITDA of $550 - $600 million
– Enlarged footprint of strategic infrastructure in the Gulf of Mexico, a producing region representing
approximately 15% of the crude oil production in the United States in 2014
– Increased opportunity to experience organic growth in the future
– Ability to leverage management’s extensive knowledge of offshore pipeline operations and
development
– Dedicated fields / production are primarily from large investment grade producers
• Enterprise’s existing commercial and operations team have accepted positions at Genesis
• At closing, Enterprise and Genesis entered into a transition services agreement to provide for a
seamless transition to GEL ownership
-10-
Gulf of Mexico Activity
•
Deepwater rig counts have remained relatively constant
despite the recent decrease in oil prices
•
42 rigs currently active in the deepwater compared to 39 as of
3Q14, an increase of 3 rigs
•
•
Deepwater Rig Contract Expiration by Year(b)
18
22 rigs currently active in “core areas” of Garden Banks,
Green Canyon, Keathley Canyon and Walker Ridge compared
to 24 as of 3Q14, a decrease of 2 rigs
14
10
11 drillships / semi-submersibles and 2 permanent spars with
active drilling in Genesis connected fields including:
8
6
4
Since 3Q14, onshore rig count has decreased 61% (1,869
compared to 734 as of 11/6/15). Over the same time period,
deepwater rig count has increased 8% (39 compared to 42 as
of 11/9/15)
2H15
42
39
7
1,500
30
1,000
20
500
10
2017
2018
2019
2020+
6
6
Atlantis,
Dalmatian South,
Diana
5
4
Atlantis,
Caesar Tonga
3
3
2
2
0
1
0
3Q14
(a)
(b)
2016
Caesar Tonga, Delta House,
Heidelberg, Holstein,
Horn Mt., Shenzi
8
42
Onshore Rigs
Deepwater Rigs
40
2
0
2,000
42
3
5
Contract Expiration for Rigs in Connected Fields(b)
46
42
4
2
Deepwater Rig Count(a)
50
12
12
– Atlantis (2), Caesar Tonga (2), Dalmatian South, Delta House,
Diana, Heidelberg, Holstein (spar and rig), Mad Dog (spar),
Horn Mt. and Shenzi
•
16
16
4Q14
1Q15
2Q15
Deepwater Gulf
0
3Q15 Current
Onshore
2H15
2016
Per Rigdata. Includes only deepwater drillships and semi-submersibles.
Per industry research and company press releases and investor presentations. Includes only deepwater drillships and semi-submersibles.
-11-
2017
2018
2019
2020+
Future Offshore Development
POSEIDON
AUGER
CHOPS
20” (200 Mbbl/d)
(500 Mbbl/d)
24” (350 Mbbl/d)
EUGENE ISLAND
(173 Mbbl/d)
CHOPS – 500 Mbbl/d
POP – 240 Mbbl/d
CHOPS – 500 Mbbl/d
POP – 100 Mbbl/d
EC-346
AMBERJACK
(350 Mbbl/d)
SS
332A / 332B
ST-301
Lobster
SMI-205
Katmai
GC-19
ALLEGHENY
GB-72
TAHITI
MARCO POLO
Cardamom
Bald Pate
Front
Runner
Green Canyon
Garden Banks
Allegheny
Stampede
CONSTITUTION
SEKCO
Danny
Holstein
Constitution
(115 Mbbl/d)
Caesar /
Tonga
Anchor
Oceanographer
Guadalupe
Gila
Tiber
Atlantis
Mad Dog
Heidelberg
CAESAR
Big Foot
Leon Moccasin
Buckskin
Keathley Canyon
Yeti
Lucius
Phobos
Julia
Bioko
Logan
Average
Jack / St. Malo Export Pipeline
Jack / St. Malo
Date
Platform
EUR
Capital
Active
Notable Projects Sanctioned(a)
Field name
Operator
Sanctioned Capacity (MMboe) Invested($MM) Capital / EUR Rig
Appomattox
Shell
2015
175,000
650
NA
NA
Stampede
Hess
2014
80,000
325
$6,000
$18
Heidelberg
Anadarko
2013
80,000
300
2,700
9
Y
Julia
Exxon Mobil
2013
NA
300
4,000
13
Y
Stones
Shell
2013
50,000
250
NA
NA
Y
Cardamom
Shell
2011
NA
140
NA
NA
Delta House
LLOG
2011
100,000
NA
2,000
NA
Y
Lucius
Anadarko
2011
80,000
300
NA
NA
Big Foot
Chevron
2010
75,000
200
4,000
20
Jack/St. Malo
Chevron
2010
170,000
500
7,500
15
Y
(a)
Shenzi
Tahiti
Ticonderoga
Shenandoah
Coronado
Yucatan North
Kaskida
K
2
$15
Per company press releases and industry research.
-12-
Walker Ridge
Stones
Notable Recent Discoveries(a)
Field name
Operator
Anchor
Chevron
Yeti
Statoil
Guadalupe
Chevron
Katmai
Noble Energy
Leon
Repsol
Bioko
Statoil
Coronado
Chevron
Gila
BP
Phobos
Anadarko
Yucatan North
Shell
Logan
Statoil
Oceanographer
Chevron
Moccasin
Chevron
Buckskin
Chevron
Year of
Discovery
2015
2015
2014
2014
2014
2013
2013
2013
2013
2013
2011
2011
2011
2009
Active
Location
Rig
Green Canyon 807
Walker Ridge 160
Y
Keathley Canyon 10
Y
Green Canyon 40
Keathley Canyon 642
Y
Walker Ridge 925
Walker Ridge 98
Keathley Canyon 93
Sigsbee Escarpment 39
Walker Ridge 95
Walker Ridge 969
Garden Banks 973
Keathley Canyon 736
Keathley Canyon 872, 785
Resiliency of Gulf of Mexico
•
•
•
3Q 2015 Earnings Release
Accelerating Heidelberg
Completed third appraisal test of Shenandoah
Drilling appraisal well at Yeti
•
•
3Q 2015 Operational Review
Acreage expansion in Gulf of Mexico
Additional wells spud at Shenzi
•
•
•
10/29/15 Press Release
Successful appraisal of Anchor Discovery
9/28/15 Press Release
Announced positive drilling results at Holstein and
Horn Mountain fields
Expect incremental production by 2H 2016 and 1H
2017, respectively
•
Major Projects Update
Mad Dog field has 4 billion BOE in place, only 12%
of recoverable oil proved to date
•
9/9/2015 Investor Presentation
Stampede targeting first oil in 2018
•
1/28/15 Press Release
Announce Keathley Canyon joint development plan
for Keathley Canyon acreage
•
7/1/15 Press Release
Sanctioned Appomattox
-13-
Marine Transportation
Inland
Offshore
Total Fleet Capacity
~1.8 mmbbl
~0.9 mmbbl
~0.3 mmbbl
Capacity Range
23,000-39,000 bbl
65,000-136,000 bbl
330,000 bbl
Push/Tug Boats
29
9
0
Barges
64
9
0
Product Tankers
0
0
1
Marine Transportation Overview
•
American Phoenix
Marine Transportation Operational Footprint
Inland marine operations (brown water) – own 64 barges and
29 push-boats
St. John N.B.
Minneapolis
Sioux City
– 6 push-boats on order for arrival starting in 4Q 2015 with
periodic deliveries through 2016
Chicago
Omaha
Pittsburgh
Cincinnati
– 10 barges on order: 2 for arrival in 4Q 2015 and 8
additional in 2Q / 3Q 2016
Norfolk
Cairo
Nashville
Offshore marine operations (blue water) – own 9 boats and 9
coastwise barges
Knoxville
Shreveport
Marine Transportation
Houston
Corpus
Christi
•
New York
Harbor
Kansas City
Catoosa
•
Boston
Detroit
Acquired 330,000 bbl capacity ocean going tanker American
Phoenix in 4Q 2014
Mobile
New Orleans
Marine Inland Routes
Marine Offshore Routes
American Phoenix Route
Pt. Everglades
Puerto Rico
-14-
Refinery Services
• Refinery sulfur removal and sales of by-products at 10 owned and/or operated facilities; 4 marketing agreements
• Owned & leased NaHS and NaOH terminals in Gulf Coast, Midwest, Montana, British Columbia, Utah and South America
• Lease ~300 rail cars, 6 chemical barges
• Purchase / Consume / Handle 250k – 300k DST of NaOH per year
Refinery Services NaHS and NaOH Terminals and Facilities
MT
NY
Tulsa
WV
Ouachita
River
WY
Red River
Midland
Shreveport
GA
AZ
Houston
TX City
Refinery Services
NaHS Facilities (Owned / Operated)
Port
Arthur
Corpus
Christi
NaHS/NaOH Terminals
Refinery Services Marketing Agreement
-15-
Baton
Rouge
Lake
Charles
Refinery Services Process Overview
 Sour “Gas Processing” units inside
the fence at 10 refineries
– Produce NaHS through proprietary
process utilizing large amounts of
Caustic Soda (NaOH)
Nat Gas
H2S
Nat Gas
Refiners
– Take NaHS in kind as compensation
for services
 Sell NaHS primarily to large mining,
pulp & paper and refinery customers:
NaHS Unit
“Gas Processing”
Trucks
Terminals
Barges & Ships
Rail Cars
(48%)
Mining (53%)
(33%)
Pulp & Paper (31%)
Others (16%)
Chemical
– Mining (NaHS): Copper / Moly ore
separation
Tanning
Environmental
– Pulp & Paper (NaHS/NaOH):
Pulp/Fiber process
– ~85% of our operating expense is
cost of NaOH
– Approximately 60% of the Company’s
sales contracts are indexed to caustic
soda prices (cost-plus)
– Remaining 40% of contracts are
adjustable (typically 30 days advance
notice)
NaHS Service Units
Refinery Operator
Phillips 66
Holly Refinery
Holly Refinery
Citgo
Delek
Chemtura
Albemarle
Ergon Refinery
Cross Oil
Ergon Refinery
Note: Customer % breakout represents sales volumes for 3Q 2015.
-16-
Location
Westlake, LA
Tulsa, OK
Salt Lake City, UT
Corpus Christi, TX
El Dorado, AR
El Dorado, AR
Magnolia, AR
Vicksburg, MS
Smackover, AR
Newell, WV
Relationship
History
20 Years
2 Years
3 Years
10 Years
30 Years
10 Years
30 Years
30 Years
20 Years
30 Years
Capacity
DST
110,000
24,000
21,000
20,000
15,000
10,000
8,000
6,000
3,000
2,800
Supply & Logistics
• Crude oil services and logistics, refined products services and logistics and rail services
• 145 trucks / 145 trailers in crude oil trucking fleet. Additional 120 trucks / 180 trailers in refined products fleet
• ~2.9 mmbbl crude storage and ~0.9 mmbbl refined product storage
– Additional ~0.8 mmbbl crude storage (various locations) / ~1.1 mmbbl refined products storage (Baton Rouge Terminal)
under construction
• Lease 94 refined product rail cars and 468 crude rail cars (all coiled and insulated DOT 111A new builds)
• Walnut Hill rail facility operational as of August 2012; Wink rail facility as of October 2012; Natchez as of January 2013;
Pronghorn as of December 2013; Scenic Station as of July 2014
• Crude oil and petroleum product sales totaled ~90,000 bpd in 3Q 2015
• Rail load/unload volumes totaled ~38,000 bpd in 3Q 2015
Supply & Logistics Operational Footprint
Ouachita
River
WY
Mississippi
River
Red River
UT
CO
Shreveport
Midland
Natchez
Wink
Port Arthur
Houston
Supply & Logistics
Crude Oil Operation
Crude Oil Tanks
Refineries-Products
Products Tanks
Corpus
Christi
Lake
TX City Charles
Rail Services
-17-
Liberty
Baton Rouge
Mobile
Walnut Hill
Business Objectives and
Recent Developments
Business Objectives
 Identify and Exploit Profit Opportunities Across an Increasingly Integrated
Asset Footprint
 Continue to Optimize Existing Asset Base and Create Synergies
 Evaluate Internal and 3rd Party Growth Opportunities that Leverage Core
Competencies, Lead to Further Integration and Expand Geographic Reach
 Leverage Existing Customer Relationships Across Businesses and Attract
New Customers
 Maintain Focus on HSSE
-19-
Organic Capital Projects
•
Opportunities focused on leveraging existing Genesis
footprint and providing an integrated midstream solution to
our producer and refinery customers
•
Project portfolio provides for continued investment at
attractive returns
•
Projected capital expenditures on significant organic capital
projects under construction of ~$900 million, inclusive of
capital deployed in prior quarters
Capital Allocation by Segment
Supply & Logistics (“S&L”)
37%
Onshore Pipeline Transportation
46%
 2014 capital expenditures totaled $226 million
 1Q-3Q 2015 capital expenditures totaled $267 million
Marine Transportation
17%
 4Q 2015 capital expenditures projected at $173 million
Significant Organic Capital Projects
3Q15
4Q15
1Q16
Exxon Mobil Baton Rouge Pipeline/Rail/Terminal Project (Pipeline and S&L)

Raceland Rail/Terminal Facility (Pipeline and S&L)


Powder River Basin Midstream Solution (Pipeline)
2Q16

-20-
4Q16





Houston Area Pipeline & Terminal Infrastructure (Pipeline and S&L)
Genesis Inland Marine Growth (Marine)
3Q16



Exxon Mobil Baton Rouge Pipeline/Rail/Terminal Project
Integrated Crude Logistics
•
•
Project Overview
Genesis entered into definitive agreements with ExxonMobil (“XOM”) in which
Genesis improved existing assets and developed new infrastructure in Louisiana to
connect into XOM’s Anchorage Tank Farm which supplies its Baton Rouge refinery,
one of the largest refinery complexes in North America
Port Hudson Truck Station
One existing 10,000 bbl tank
LA
Genesis has completed construction of the following infrastructure:
– Barge dock improvements and ~330,000 barrels of storage at Port Hudson,
Louisiana (in addition to existing 216,000 barrels of tank capacity)
Port Hudson Terminal
Three new 110,000 bbl tanks
One existing 216,000 bbl tank
– Crude oil unit train facility at the Scenic Station Terminal
– New 18 mile, 24” diameter crude oil pipeline connecting Port Hudson to the Scenic
Station Terminal and downstream to the XOM Anchorage Tank Farm (ultimate
capacity of ~350,000 bpd)
•
Port Hudson upgrades and new pipeline completed in 1Q 2014; Scenic Station
Terminal commissioned in July 2014
KCS
Scenic Station Terminal
Unit Train Rail Facility
Baton Rouge Terminal
CN
•
Genesis is in final stages of construction of a new crude oil, intermediates and
refined products import / export terminal in Baton Rouge, Louisiana
•
Will initially include ~1.1 million barrels of storage
Ability to segregate, blend and batch multiple grades of crude oils, intermediates
and refined products for multiple customers
–
Ample room for expansion to provide additional services and/or handle additional
products
Will be connected to Genesis’ Scenic Station unit train facility

XOM Anchorage Tank Farm
Shippers to Scenic Station able to access both local refiners and other attractive
refining markets via the Baton Rouge Terminal
•
Will be connected to XOM’s LOLA System from Longview to receive Permian
volumes from expansion of SXL’s West Texas Gulf System
•
Will be connected to the deepwater docks of the Port of Greater Baton Rouge
–
•
XOM Baton Rouge
Refinery (506 kbd)
Ability to handle vessels ranging from barges to Aframax class ships
Project expected to be operational by early 2016
-21-
Baton Rouge Terminal Project
•
–
Placid Refinery (60 kbpd)
Baton Rouge Terminal
~1.1 Million Barrels of Storage
Port of Greater Baton Rouge
Aframax Class Ships / Barges
Raceland Rail/Terminal Project
• Raceland is being designed to handle
the unloading of up to two unit trains per
day (~140 kbd) with two parallel tracks
capable of staging ~118 cars each
Project Overview
Placid
Port Allen
XOM
Baton Rouge
Anchorage
–
Capability to unload a single train
at 10 kbh (~7 hours), or two trains
at a combined 20 kbh
Motiva
Convent
• 3 x 135 and 1 x 110 kbbl tanks to be
initially constructed at the location
Marathon
Garyville
• Raceland will have connectivity to
several existing 3rd party pipelines,
providing pipeline access to the
Louisiana refinery market
Motiva
Norco
St. James
Shell
Saint Rose
Valero
Saint Charles
Murphy
Meraux
XOM
Chalmette
BNSF / UP
• Unique location jointly served by the
Burlington Northern Santa Fe Railway
(“BNSF”) and Union Pacific (“UP”)
Raceland
New GEL Line
Houma
• Raceland will be able to accept a variety
of crudes from existing and emerging
shale plays and Canada (i.e. Bakken,
Eagle Ford, West Texas, Niobrara and
WCS pipeline quality barrels)
• Project expected to be operational by
early 2016
Phillips 66
Alliance
Clovelly
Key
3rd
Party Pipelines
3rd
Party Crude Tanks
Refineries
-22-
Powder River Basin Midstream Solution
•
The new Powder River Basin pipeline will be approximately 135
miles in length and will include:
– Ability to receive barrels by in-field gathering systems and truck
transportation from multiple receipt points in Campbell and
Converse Counties, Wyoming
– Ability to deliver barrels to Genesis’ existing operational
Pronghorn unit train loading facility and to the new Guernsey
terminal
– Over 425,000 barrels of operational storage to support volumes
on the pipeline
•
The project provides a number of important advantages:
– Comprehensive wellhead-to-market crude oil midstream
solution tailor-made for the Powder River Basin
– Improved year-round flow assurance associated with in-field
gathering and pipeline transportation (vs. trucking)
– Maximum market optionality:
• Rail export optionality via the leading loading facility in the
region (dual BNSF and UP access)
• Downstream pipeline delivery options in Guernsey to
local refining markets and Cushing, Oklahoma via the
Pony Express Pipeline
– Significant liquidity point at Pronghorn for both the producers
and the downstream refiners / marketers
•
Project completion expected in 1Q 2016
-23-
Project Overview
Houston Area Pipeline & Terminal Infrastructure
•
Genesis is currently expanding its Houston area logistics
services to include new terminal and pipeline infrastructure
capable of receiving various Gulf of Mexico pipeline volumes
for distribution to Texas City and Houston refining and
waterborne markets
Project Overview
XOM Baytown
VLO Houston
•
•
Shell Deer Park
Genesis has entered into long term agreements with
ExxonMobil (“XOM”) underpinning its investment in the project,
which XOM will use to support its Baytown Refinery (XOM’s
largest refinery in North America)
Lyondell
Pasadena Refining
Genesis will be able to receive, store and deliver several Gulf of
Mexico pipeline volumes including:
– Hoover Offshore Oil Pipeline System (“HOOPS”) barrels
(via the Department of Energy (“DOE”) Pipeline)
GEL Webster Terminal
New 2 x 335 kbbl tanks
Existing 415 kbbl storage
– CHOPS barrels
•
VLO Texas CIty
MPC Galveston Bay
MPC Texas City
As part of the project Genesis will:
– Construct 4 x 185 kbbl tanks at new Texas City Terminal;
capabilities to segregate and batch different streams
New GEL Texas City Terminal
New 4 x 185 kbbl tanks
– Construct new pipeline connecting Texas City Terminal to
Genesis’ existing 18” pipeline
– Repurpose existing 18” line to bi-directional service; dual
18” bi-directional and 8” southbound lines from Webster to
Texas City provide necessary flexibility to service customers
seeking access to both markets
DOE
– Construct 2 x 335 kbbl tanks at existing Webster Terminal
complementing existing 415 kbbl footprint
•
Texas City Terminal and new pipeline to be operational in 3Q
2016. Webster tanks to be operational in 4Q 2016
-24-
CHOPS
Financial Summary
Financial Objectives
 Continue to deliver disciplined, low double-digit growth in distributions
 Grow our distribution coverage ratio, using excess Available Cash as equity
and to pay down senior secured debt
 Target long-term total leverage ratio of +/- 3.75x. Allow to episodically
increase to fund construction of high return organic opportunities
-26-
Strong Balance Sheet and Credit Profile
($ in 000s)
Senior Secured (a)
Senior Unsecured
Pro Forma Adjusted Debt
LTM Pro Forma EBITDA
Pro Forma Adjusted Debt / LTM Pro Forma EBITDA
Reported LTM
9/30/2015
Material Project & Acquisitions
EBITDA Adjustment
$964,032
1,839,933
$2,803,965
$379,079
3Q 2015 Reported Available Cash Before Reserves
Less: Distributions
Distribution Coverage ($)
Distribution Coverage
(a)
Pro Forma LTM
9/30/2015
$964,032
1,839,933
$2,803,965
$181,180
$560,259
5.00x
$96,308
(70,387)
$25,921
1.37x
Excludes debt used to finance short-term hedged inventory of $34.5 million as of 9/30/15. Net of cash of $15.6 million as of 9/30/15.
-27-
$0.55
$0.50
$0.45
$0.40
$0.35
$0.30
$0.25
$0.20
$0.15
$0.10
$0.1900
$0.2000
$0.2100
$0.2200
$0.2300
$0.2700
$0.2850
$0.3000
$0.3150
$0.3225
$0.3300
$0.3375
$0.3450
$0.3525
$0.3600
$0.3675
$0.3750
$0.3875
$0.4000
$0.4075
$0.4150
$0.4275
$0.4400
$0.4500
$0.4600
$0.4725
$0.4850
$0.4975
$0.5100
$0.5225
$0.5350
$0.5500
$0.5650
$0.5800
$0.5950
$0.6100
$0.6250
$0.6400
$0.60
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
Disciplined Distribution Growth
 41 consecutive quarters of distribution increases to L.P.s, 36 of which have been greater than 10%
year-over-year
Historical LP Unit Distributions ($ / unit)
$0.65
UPDATE
$0.05
$0.00
-28-
Appendix
Pro Forma Segment Margin Reconciliation
($ in 000s)
Pro Forma LTM
9/30/2015
Segment Margin Excluding Depreciation and Amortization:
Onshore Pipeline Transportation
Offshore Pipeline Transportation
Refinery Services
Marine Transportation
Supply and Logistics
Total Segment Margin
Corporate General and Administrative Expense
Depreciation and amortization
Interest Expense, Net
Distributable Cash from Equity Investees in Excess of Equity in Earnings
Non-Cash Expenses Not Included in Segment Margin
Cash Payments from Direct Financing Leases in Excess of Earnings
Gain on step up of historical basis
Loss on extinguishment of debt
Other, net
Income tax (expense) benefit
Discontinued operations
Income from Continuing Operations
$58,327
146,335
80,570
104,228
36,380
$425,840
(61,542)
(122,489)
(86,062)
(36,150)
1,555
(5,631)
335,260
(19,225)
(6,643)
(3,653)
$421,260
Total Segment Margin
Acquisitions and Material Projects EBITDA Adjustment
Pro Forma Segment Margin
$425,840
181,180
$607,020
-30-
9 months Ended September 30,
2015
2014
$43,670
121,241
60,073
79,501
28,913
$333,398
(52,192)
(96,500)
(66,737)
(25,383)
473
(4,215)
335,260
(19,225)
(6,643)
(3,142)
$395,094
$46,574
46,504
64,354
61,512
35,878
$254,822
(37,715)
(64,919)
(47,314)
(20,326)
1,935
(4,113)
(2,334)
$80,036
2014
2013
$61,231
71,598
84,851
86,239
43,345
$347,264
(47,065)
(90,908)
(66,639)
(31,093)
3,017
(5,529)
(2,845)
$106,202
$64,349
44,530
75,361
47,726
48,394
$280,360
(43,353)
(64,784)
(48,583)
(23,889)
(7,551)
(5,110)
(845)
(2,241)
$84,004
Available Cash Before Reserves
($ in 000s)
Income from Continuing Operations
Depreciation and amortization
Cash received from direct financing leases not
included in income
Cash effects of sales of certain assets
Effects of distributable cash generated by equity method
investees not included in income
Cash effects of legacy stock appreciation rights plan
Non-cash legacy stock appreciation rights plan expense
Non-cash executive equity award expense
Expenses related to acquiring or constructing growth
capital assets
Unrealized gain (loss) on derivative transactions
excluding fair value hedges
Maintenance capital utilized
Non-cash tax expense
Gain on step up of historical basis
Loss on debt extinguishment
Other items, net
Available Cash before Reserves
Distributions
Distribution Coverage Ratio
LTM
9/30/2015
$421,260
122,489
9 months Ended September 30,
2015
2014
$395,094
$80,036
96,500
64,919
2014
$106,202
90,908
2013
$84,004
64,784
5,631
2,665
4,215
2,571
4,113
178
5,529
272
5,110
1,910
36,150
(744)
(2,052)
-
25,383
(429)
(335)
-
20,326
(1,066)
(279)
-
31,093
(1,381)
(1,996)
-
23,889
(5,498)
5,704
-
15,813
15,175
1,890
2,528
5,791
5,394
(2,771)
2,753
(335,260)
19,225
1,481
$292,034
2,160
(2,381)
2,242
(335,260)
19,225
4,972
$229,132
(4,647)
(532)
1,234
3,553
$169,725
(1,413)
(922)
1,745
62
$232,627
1,313
(152)
2,779
$189,634
$256,440
$199,898
$153,009
$209,551
$176,504
1.1x
1.1x
1.1x
1.1x
1.1x
-31-
Pro Forma EBITDA Reconciliation
($ in 000s)
Income from Continuing Operations
Depreciation and amortization
Interest expense, net
Cash expenditures not included in Adjusted EBITDA
or net income
Adjustment to include distributions from equity investees
and exclude equity in investees net income
Non-cash legacy stock appreciation rights plan expense
Non-cash executive equity award expense
Other non-cash items
Income tax expense (benefit)
Gain on step up of historical basis
Loss on debt extinguishment
Discontinued operations
Adjusted EBITDA
Acquisitions and Material Projects EBITDA Adjustment
Pro Forma EBITDA
Pro Forma LTM
9/30/2015
$421,260
122,489
86,062
15,069
9 months Ended September 30,
2015
2014
$395,094
$80,036
96,500
64,919
66,737
47,314
14,746
824
2014
$106,202
90,908
66,639
2013
$84,004
64,784
48,583
1,147
234
36,150
(2,052)
12,483
3,653
(335,260)
19,225
$379,079
25,383
(335)
11,324
3,142
(335,260)
19,225
$296,556
20,326
(279)
3,019
2,334
$218,493
31,093
(1,996)
4,178
2,845
$301,016
2,241
$238,304
181,180
$560,259
$296,556
$218,493
49,953
$350,969
58,320
$296,624
-32-
23,889
5,704
8,020
845
Adjusted Debt Reconciliation
($ in 000s)
Long-term debt
Senior secured credit facility
Senior Unsecured Notes
Adjustment for short-term hedged inventory
Cash and cash equivalents
Pro Forma Adjusted Debt
Pro Forma LTM
9/30/2015
$1,014,100
1,839,933
(34,500)
(15,568)
$2,803,965
EBITDA (as reported)
Acquisitions and Material Projects EBITDA Adjustment
Pro Forma EBITDA
$379,079
181,180
$560,259
Pro Forma Adjusted Debt / Pro Forma EBITDA
5.00x
-33-
2014
$550,400
1,050,000
(45,000)
(9,462)
$1,545,938
2013
$582,800
700,000
(80,800)
(8,866)
$1,193,134
$301,016
49,953
$350,969
$238,304
58,320
$296,624
4.40x
4.02x