Genesis Energy (GNE) Investor presentation summary

Strategic positioning and market context

• Positioned to navigate a challenging NZ gas market with concentrated resources and declining reserves exceeding 20% per year since 2021.

• Building resilience through storage, flexible gas contracts, and optionality to manage supply and demand volatility.

• Demand outlook is shrinking due to major user closures and conversions, requiring significant investment to maintain supply.

Flexible gas portfolio and asset management

• Kupe field is central, offering reliable production and flexibility through equity and right-of-first-refusal (ROFR) gas access.

• Portfolio design enables arbitrage across fuels and adapts to market conditions, with flex capacity increasing through FY28.

• Well-managed Kupe asset with end-of-life planning for mid-2030s and ongoing optimization.

Storage and risk management

• Gas storage, especially at Tariki, is key for interseasonal and weekly flexibility, supporting efficient allocation in a smaller market.

• Underground storage leverages depleted reservoirs for cyclical injection and withdrawal, with Tariki offering up to 10 PJ capacity.

• Storage mitigates risks from major user exits (e.g., Methanex) and supports system stability.