Derivatives (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Derivatives Entered Into Hedge Inventory or Fixed Price Purchase Commitments

At December 31, 2025, we had the following outstanding derivative contracts that were entered into to economically hedge inventory, fixed price purchase commitments or forecasted purchases.


	Sell (Short) Contracts		Buy (Long) Contracts
Designated as hedges under accounting rules:
Crude oil futures:
Contract volumes (1,000 Bbls)	178		—
Weighted average contract price per Bbl	$	58.06	$	—
Not qualifying or not designated as hedges under accounting rules:



Crude oil spread swaps:
Contract volumes (1,000 Bbls)	50		—
Weighted average contract price per Bbl	$	0.49	$	—















Crude oil options:
Contract volumes (1,000 Bbls)	40		—
Weighted average premium received/paid	$	0.05	$	—

Schedule of Accounting Treatment And Classification of Derivative Instruments

The following table summarizes the accounting treatment and classification of our derivative instruments on our Consolidated Financial Statements.

Derivative Instrument

Hedged Risk

Impact of Unrealized Gains and Losses

Consolidated
Balance Sheets

Consolidated
Statements of Operations

Designated as hedges under accounting guidance:

Crude oil futures contracts (fair value hedge)

Volatility in crude oil prices - effect on market value of inventory

Derivatives are recorded in “Current Assets - Other” (offset against margin deposits) and offsetting change in fair value of inventory is recorded
in “Inventories”

Excess, if any, over effective portion of hedge is recorded in “Onshore transportation and services product costs”

Effective portion is offset in cost of sales against change in value of inventory being hedged

Not qualifying or not designated as hedges under accounting guidance:

Hedges consisting of crude oil futures, forward contracts, swaps and put and call options

Volatility in crude oil prices - effect on market value of inventory, fixed price purchase commitments or forecasted purchases

Other derivatives are recorded in “Current Assets - Other” (offset against margin deposits)

Entire amount of change in fair value of derivative is recorded in “Onshore transportation and services costs - product costs”

Schedule of Fair Value of Derivative Assets And Liabilities

The following tables reflect the estimated fair value position of our derivatives at December 31, 2025 and 2024:

Fair Value of Derivative Assets and Liabilities


		Fair Value
	Consolidated Balance Sheets Location	December 31, 2025		December 31, 2024
Asset Derivatives:
Commodity derivatives—futures and put and call options (undesignated hedges):
Gross amount of recognized assets	Current Assets - Other; Accounts receivable - trade, net	$	59	$	96
Gross amount offset in the Consolidated Balance Sheets	Current Assets - Other(1)	(8)		(96)
Net amount of assets presented in the Consolidated Balance Sheets	Accounts receivable - trade, net	$	51	$	—

Commodity derivatives—futures (designated hedges):
Gross amount of recognized assets	Current Assets - Other(1)	$	156	$	94
Gross amount offset in the Consolidated Balance Sheets	Current Assets - Other(1)	(156)		(94)
Net amount of assets presented in the Consolidated Balance Sheets		$	—	$	—
Liability Derivatives:

Commodity derivatives—futures and put and call options (undesignated hedges):
Gross amount of recognized liabilities	Current Assets - Other(1)	$	—	$	(182)
Gross amount offset in the Consolidated Balance Sheets	Current Assets - Other(1)	—		182
Net amount of liabilities presented in the Consolidated Balance Sheets		$	—	$	—
Commodity derivatives—futures (designated hedges):
Gross amount of recognized liabilities	Current Assets - Other(1)	$	(19)	$	(637)
Gross amount offset in the Consolidated Balance Sheets	Current Assets - Other(1)	19		637
Net amount of liabilities presented in the Consolidated Balance Sheets		$	—	$	—

(1)As noted above, our exchange-traded derivatives are transacted through brokerage accounts and subject to margin requirements. We offset fair value amounts recorded for our exchange-traded derivative contracts against required margin deposits recorded in our Consolidated Balance Sheets under “Current Assets - Other”.

Schedule of Effect on Consolidated Statements of Operations And Other Comprehensive Income (Loss)

Effect on Operating Results


		Amount of Gain (Loss) Recognized in Income (Loss)
		Year Ended December 31,
	Consolidated Statements of Operations Location	2025		2024		2023
Commodity derivatives—futures and options:
Contracts designated as hedges under accounting guidance	Onshore transportation and services product costs	$	1,603	$	(1,370)	$	617
Contracts not considered hedges under accounting guidance	Onshore transportation and services product costs	(443)		(547)		(1,266)


Total commodity derivatives		$	1,160	$	(1,917)	$	(649)

GENESIS ENERGY LP 10-K