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Condensed Consolidating Financial Information (Tables)
6 Months Ended
Jun. 30, 2012
Condensed Consolidating Financial Information [Abstract]  
Condensed Consolidating Balance Sheet
Unaudited Condensed Consolidating Balance Sheet
June 30, 2012

 
Genesis
Energy, L.P.
(Parent and
Co-Issuer)
 
Genesis
Energy Finance
Corporation
(Co-Issuer)
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Genesis
Energy, L.P.
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
2

 
$
—

 
$
14,653

 
$
387

 
$
—

 
$
15,042

Other current assets
712,588

 
—

 
306,465

 
32,011

 
(724,383
)
 
326,681

Total current assets
712,590

 
—

 
321,118

 
32,398

 
(724,383
)
 
341,723

Fixed assets, at cost
—

 
—

 
553,860

 
98,318

 
—

 
652,178

Less: Accumulated depreciation
—

 
—

 
(128,585
)
 
(11,341
)
 
—

 
(139,926
)
Net fixed assets
—

 
—

 
425,275

 
86,977

 
—

 
512,252

Goodwill
—

 
—

 
325,046

 
—

 
—

 
325,046

Other assets, net
15,633

 
—

 
263,517

 
160,069

 
(165,786
)
 
273,433

Equity investees
—

 
—

 
547,896

 
—

 
—

 
547,896

Investments in subsidiaries
1,003,161

 
—

 
98,668

 
—

 
(1,101,829
)
 
—

Total assets
$
1,731,384

 
$
—

 
$
1,981,520

 
$
279,444

 
$
(1,991,998
)
 
$
2,000,350

LIABILITIES AND PARTNERS’ CAPITAL
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
$
2,129

 
$
—

 
$
944,407

 
$
13,787

 
$
(724,542
)
 
$
235,781

Senior secured credit facility
445,000

 
—

 
—

 
—

 
—

 
445,000

Senior unsecured notes
350,953

 
—

 
—

 
—

 
—

 
350,953

Deferred tax liabilities
—

 
—

 
12,110

 
—

 
—

 
12,110

Other liabilities
—

 
—

 
21,042

 
167,763

 
(165,601
)
 
23,204

Total liabilities
798,082

 
—

 
977,559

 
181,550

 
(890,143
)
 
1,067,048

Partners’ capital
933,302

 
—

 
1,003,961

 
97,894

 
(1,101,855
)
 
933,302

Total liabilities and partners’ capital
$
1,731,384

 
$
—

 
$
1,981,520

 
$
279,444

 
$
(1,991,998
)
 
$
2,000,350



Unaudited Condensed Consolidating Balance Sheet
December 31, 2011
 
 
Genesis
Energy, L.P.
(Parent and
Co-Issuer)
 
Genesis
Energy Finance
Corporation
(Co-Issuer)
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Genesis
Energy, L.P.
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
3

 
$
—

 
$
9,182

 
$
1,632

 
$
—

 
$
10,817

Other current assets
597,966

 
—

 
341,131

 
31,897

 
(605,707
)
 
365,287

Total current assets
597,969

 
—

 
350,313

 
33,529

 
(605,707
)
 
376,104

Fixed assets, at cost
—

 
—

 
444,262

 
96,876

 
—

 
541,138

Less: Accumulated depreciation
—

 
—

 
(114,655
)
 
(9,558
)
 
—

 
(124,213
)
Net fixed assets
—

 
—

 
329,607

 
87,318

 
—

 
416,925

Goodwill
—

 
—

 
325,046

 
—

 
—

 
325,046

Other assets, net
14,773

 
—

 
276,450

 
162,373

 
(167,774
)
 
285,822

Equity investees
—

 
—

 
326,947

 
—

 
—

 
326,947

Investments in subsidiaries
841,725

 
—

 
96,303

 
—

 
(938,028
)
 
—

Total assets
$
1,454,467

 
$
—

 
$
1,704,666

 
$
283,220

 
$
(1,711,509
)
 
$
1,730,844

LIABILITIES AND PARTNERS’ CAPITAL
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
$
2,529

 
$
—

 
$
835,013

 
$
17,562

 
$
(605,676
)
 
$
249,428

Senior secured credit facility
409,300

 
—

 
—

 
—

 
—

 
409,300

Senior unsecured notes
250,000

 
—

 
—

 
—

 
—

 
250,000

Deferred tax liabilities
—

 
—

 
12,549

 
—

 
—

 
12,549

Other liabilities
—

 
—

 
14,673

 
169,842

 
(167,586
)
 
16,929

Total liabilities
661,829

 
—

 
862,235

 
187,404

 
(773,262
)
 
938,206

Partners’ capital
792,638

 
—

 
842,431

 
95,816

 
(938,247
)
 
792,638

Total liabilities and partners’ capital
$
1,454,467

 
$
—

 
$
1,704,666

 
$
283,220

 
$
(1,711,509
)
 
$
1,730,844


 



Unaud
Condensed Consolidating Statement Of Operations
Unaudited Condensed Consolidating Statement of Operations
Three Months Ended June 30, 2012
 
 
Genesis
Energy, L.P.
(Parent and
Co-Issuer)
 
Genesis
Energy Finance
Corporation
(Co-Issuer)
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Genesis
Energy, L.P.
Consolidated
REVENUES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics
$
—

 
$
—

 
$
849,469

 
$
32,159

 
$
(24,501
)
 
$
857,127

Refinery services
—

 
—

 
45,311

 
6,744

 
(3,735
)
 
48,320

Pipeline transportation services
—

 
—

 
10,869

 
6,352

 
—

 
17,221

Total revenues
—

 
—

 
905,649

 
45,255

 
(28,236
)
 
922,668

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs
—

 
—

 
829,597

 
28,022

 
(24,499
)
 
833,120

Refinery services operating costs
—

 
—

 
29,175

 
6,087

 
(4,212
)
 
31,050

Pipeline transportation operating costs
—

 
—

 
4,856

 
176

 
—

 
5,032

General and administrative
—

 
—

 
9,937

 
30

 
—

 
9,967

Depreciation and amortization
—

 
—

 
14,459

 
898

 
—

 
15,357

Net loss on disposal of surplus assets
—

 
—

 
473

 
—

 
—

 
473

Total costs and expenses
—

 
—

 
888,497

 
35,213

 
(28,711
)
 
894,999

OPERATING INCOME
—

 
—

 
17,152

 
10,042

 
475

 
27,669

Equity in earnings of subsidiaries
28,791

 
—

 
5,809

 
—

 
(34,600
)
 
—

Equity in earnings of equity investees
—

 
—

 
1,047

 
—

 
—

 
1,047

Interest (expense) income, net
(10,207
)
 
—

 
4,141

 
(4,162
)
 
—

 
(10,228
)
Income before income taxes
18,584

 
—

 
28,149

 
5,880

 
(34,125
)
 
18,488

Income tax benefit (expense)
—

 
—

 
216

 
(120
)
 
—

 
96

NET INCOME
$
18,584

 
$
—

 
$
28,365

 
$
5,760

 
$
(34,125
)
 
$
18,584

 

Unaudited Condensed Consolidating Statement of Operations
Three Months Ended June 30, 2011
 
 
Genesis
Energy, L.P.
(Parent and
Co-Issuer)
 
Genesis
Energy Finance
Corporation
(Co-Issuer)
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Genesis
Energy, L.P.
Consolidated
REVENUES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics
$
—

 
$
—

 
$
698,343

 
$
—

 
$
—

 
$
698,343

Refinery services
—

 
—

 
46,782

 
4,668

 
(2,087
)
 
49,363

Pipeline transportation services
—

 
—

 
8,983

 
6,101

 
—

 
15,084

Total revenues
—

 
—

 
754,108

 
10,769

 
(2,087
)
 
762,790

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs
—

 
—

 
679,357

 
—

 
—

 
679,357

Refinery services operating costs
—

 
—

 
28,675

 
4,004

 
(2,415
)
 
30,264

Pipeline transportation operating costs
—

 
—

 
4,210

 
146

 
—

 
4,356

General and administrative
—

 
—

 
8,380

 
—

 
—

 
8,380

Depreciation and amortization
—

 
—

 
13,604

 
649

 
—

 
14,253

Net loss on disposal of surplus assets
—

 
—

 
249

 
—

 
—

 
249

Total costs and expenses
—

 
—

 
734,475

 
4,799

 
(2,415
)
 
736,859

OPERATING INCOME
—

 
—

 
19,633

 
5,970

 
328

 
25,931

Equity in earnings of subsidiaries
26,352

 
—

 
1,577

 
—

 
(27,929
)
 
—

Equity in earnings of equity investees
—

 
—

 
592

 
—

 
—

 
592

Interest (expense) income, net
(8,994
)
 
—

 
4,241

 
(4,258
)
 
—

 
(9,011
)
Income before income taxes
17,358

 
—

 
26,043

 
1,712

 
(27,601
)
 
17,512

Income tax benefit (expense)
—

 
—

 
30

 
(184
)
 
—

 
(154
)
NET INCOME
$
17,358

 
$
—

 
$
26,073

 
$
1,528

 
$
(27,601
)
 
$
17,358

 



























Unaudited Condensed Consolidating Statement of Operations
Six Months Ended June 30, 2012
 
 
Genesis
Energy, L.P.
(Parent and
Co-Issuer)
 
Genesis
Energy Finance
Corporation
(Co-Issuer)
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Genesis
Energy, L.P.
Consolidated
REVENUES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics
$
—

 
$
—

 
$
1,709,376

 
$
64,338

 
$
(51,098
)
 
$
1,722,616

Refinery services
—

 
—

 
93,907

 
9,389

 
(6,931
)
 
96,365

Pipeline transportation services
—

 
—

 
23,785

 
12,845

 
—

 
36,630

Total revenues
—

 
—

 
1,827,068

 
86,572

 
(58,029
)
 
1,855,611

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs
—

 
—

 
1,673,465

 
56,762

 
(51,096
)
 
1,679,131

Refinery services operating costs
—

 
—

 
59,816

 
9,136

 
(7,123
)
 
61,829

Pipeline transportation operating costs
—

 
—

 
9,690

 
394

 
—

 
10,084

General and administrative
—

 
—

 
19,499

 
60

 
—

 
19,559

Depreciation and amortization
—

 
—

 
28,602

 
1,790

 
—

 
30,392

Net loss on disposal of surplus assets
—

 
—

 
217

 
—

 
—

 
217

Total costs and expenses
—

 
—

 
1,791,289

 
68,142

 
(58,219
)
 
1,801,212

OPERATING INCOME
—

 
—

 
35,779

 
18,430

 
190

 
54,399

Equity in earnings of subsidiaries
58,959

 
—

 
10,131

 
—

 
(69,090
)
 
—

Equity in earnings of equity investees


 
—

 
4,539

 
—

 


 
4,539

Interest (expense) income, net
(20,771
)
 
—

 
8,295

 
(8,348
)
 
—

 
(20,824
)
Income before income taxes
38,188

 
—

 
58,744

 
10,082

 
(68,900
)
 
38,114

Income tax benefit (expense)
—

 
—

 
121

 
(47
)
 
—

 
74

NET INCOME
$
38,188

 
$
—

 
$
58,865

 
$
10,035

 
$
(68,900
)
 
$
38,188



Unaudited Condensed Consolidating Statement of Operations
Six Months Ended June 30, 2011
 
 
Genesis
Energy, L.P.
(Parent and
Co-Issuer)
 
Genesis
Energy Finance
Corporation
(Co-Issuer)
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Genesis
Energy, L.P.
Consolidated
REVENUES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics
$
—

 
$
—

 
$
1,326,140

 
$
—

 
$
—

 
$
1,326,140

Refinery services
—

 
—

 
94,292

 
9,148

 
(6,531
)
 
96,909

Pipeline transportation services
—

 
—

 
16,904

 
12,635

 
—

 
29,539

Total revenues
—

 
—

 
1,437,336

 
21,783

 
(6,531
)
 
1,452,588

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs
—

 
—

 
1,300,721

 
—

 
—

 
1,300,721

Refinery services operating costs
—

 
—

 
58,193

 
8,224

 
(6,567
)
 
59,850

Pipeline transportation operating costs
—

 
—

 
8,119

 
307

 
—

 
8,426

General and administrative
—

 
—

 
16,434

 
—

 
—

 
16,434

Depreciation and amortization
—

 
—

 
26,858

 
1,298

 
—

 
28,156

Net loss on disposal of surplus assets
—

 
—

 
238

 
—

 
—

 
238

Total costs and expenses
—

 
—

 
1,410,563

 
9,829

 
(6,567
)
 
1,413,825

OPERATING INCOME
—

 
—

 
26,773

 
11,954

 
36

 
38,763

Equity in earnings of subsidiaries
42,060

 
—

 
3,293

 
—

 
(45,353
)
 
—

Equity in earnings of equity investees
—

 
—

 
3,789

 
—

 
—

 
3,789

Interest (expense) income, net
(17,672
)
 
—

 
8,500

 
(8,538
)
 
—

 
(17,710
)
Income before income taxes
24,388

 
—

 
42,355

 
3,416

 
(45,317
)
 
24,842

Income tax expense
—

 
—

 
(234
)
 
(220
)
 
—

 
(454
)
NET INCOME
$
24,388

 
$
—

 
$
42,121

 
$
3,196

 
$
(45,317
)
 
$
24,388


Condensed Consolidating Statements Of Cash Flows
Unaudited Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2012
 
 
Genesis
Energy, L.P.
(Parent and
Co-Issuer)
 
Genesis
Energy Finance
Corporation
(Co-Issuer)
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Genesis
Energy, L.P.
Consolidated
Net cash (used in) provided by operating activities
$
(86,721
)
 
$
—

 
$
231,807

 
$
10,216

 
$
(56,023
)
 
$
99,279

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Payments to acquire fixed and intangible assets
—

 
—

 
(78,937
)
 
(1,441
)
 
—

 
(80,378
)
Cash distributions received from equity investees - return of investment
20,155

 
—

 
7,309

 
—

 
(20,155
)
 
7,309

Investments in equity investees
(169,421
)
 
—

 
(52,226
)
 
—

 
170,216

 
(51,431
)
Acquisitions
—

 
—

 
(205,576
)
 
—

 
—

 
(205,576
)
Repayments on loan to non-guarantor subsidiary
—

 
—

 
1,987

 
—

 
(1,987
)
 
—

Other, net
—

 
—

 
534

 
(795
)
 
—

 
(261
)
Net cash used in by investing activities
(149,266
)
 
—

 
(326,909
)
 
(2,236
)
 
148,074

 
(330,337
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Borrowings on senior secured credit facility
700,700

 
—

 
—

 
—

 
—

 
700,700

Repayments on senior secured credit facility
(665,000
)
 
—

 
—

 
—

 
—

 
(665,000
)
Proceeds from issuance of senior unsecured notes, including premium
101,000

 
—

 
—

 
—

 
—

 
101,000

Senior unsecured notes issuance costs
(2,690
)
 
—

 
—

 
—

 
—

 
(2,690
)
Issuance of ownership interests to partners for cash
169,421

 
—

 
169,421

 
795

 
(170,216
)
 
169,421

Distributions to partners/owners
(67,445
)
 
—

 
(67,445
)
 
(8,750
)
 
76,195

 
(67,445
)
Other, net
—

 
—

 
(1,403
)
 
(1,270
)
 
1,970

 
(703
)
Net cash provided by (used in) financing activities
235,986

 
—

 
100,573

 
(9,225
)
 
(92,051
)
 
235,283

Net (decrease) increase in cash and cash equivalents
(1
)
 
—

 
5,471

 
(1,245
)
 
—

 
4,225

Cash and cash equivalents at beginning of period
3

 
—

 
9,182

 
1,632

 
—

 
10,817

Cash and cash equivalents at end of period
$
2

 
$
—

 
$
14,653

 
$
387

 
$
—

 
$
15,042


 Unaudited Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2011
 
 
Genesis
Energy, L.P.
(Parent and
Co-Issuer)
 
Genesis
Energy Finance
Corporation
(Co-Issuer)
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Genesis
Energy, L.P.
Consolidated
Net cash (used in) provided by operating activities
$
(45,998
)
 
$
—

 
$
53,434

 
$
1,971

 
$
15

 
$
9,422

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Payments to acquire fixed and intangible assets
—

 
—

 
(9,328
)
 
—

 
—

 
(9,328
)
Cash distributions received from equity investees - return of investment
52,189

 
—

 
6,096

 
—

 
(52,189
)
 
6,096

Investments in equity investees
—

 
—

 
(194
)
 
—

 
—

 
(194
)
Repayments on loan to non-guarantor subsidiary
—

 
—

 
1,796

 
—

 
(1,796
)
 
—

Other, net
—

 
—

 
1,041

 
—

 
—

 
1,041

Net cash provided by (used in) investing activities
52,189

 
—

 
(589
)
 
—

 
(53,985
)
 
(2,385
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Borrowings on senior secured credit facility
267,900

 
—

 
—

 
—

 
—

 
267,900

Repayments on senior secured credit facility
(221,900
)
 
—

 
—

 
—

 
—

 
(221,900
)
Distributions to partners/owners
(52,189
)
 
—

 
(52,189
)
 
—

 
52,189

 
(52,189
)
Other, net
—

 
—

 
(1,176
)
 
(1,781
)
 
1,781

 
(1,176
)
Net cash used in financing activities
(6,189
)
 
—

 
(53,365
)
 
(1,781
)
 
53,970

 
(7,365
)
Net increase (decrease) in cash and cash equivalents
2

 
—

 
(520
)
 
190

 
—

 
(328
)
Cash and cash equivalents at beginning of period
1

 
—

 
5,082

 
679

 
—

 
5,762

Cash and cash equivalents at end of period
$
3

 
$
—

 
$
4,562

 
$
869

 
$
—

 
$
5,434