Condensed Consolidating Financial Information

12 Months Ended

Dec. 31, 2012

Condensed Consolidating Financial Information [Abstract]

Condensed Consolidating Financial Information

23. Condensed Consolidating Financial Information

Our $350 million aggregate principal amount of senior unsecured notes co-issued by Genesis Energy, L.P. and Genesis Energy Finance Corporation are fully and unconditionally guaranteed jointly and severally by all of Genesis Energy, L.P.’s subsidiaries, except Genesis Free State Pipeline, LLC, Genesis NEJD Pipeline, LLC and certain other minor subsidiaries. Genesis NEJD Pipeline, LLC is 100% owned by Genesis Energy, L.P., the parent company. The remaining non-guarantor subsidiaries are owned by Genesis Crude Oil, L.P., a guarantor subsidiary. Genesis Energy Finance Corporation has no independent assets or operations. See Note 10 for additional information regarding our consolidated debt obligations.

As a result of our IDR Restructuring in December 2010 (see Note 11), each subsidiary guarantor and the subsidiary co-issuer are 100% owned, directly or indirectly, by Genesis Energy, L.P.

The following is condensed consolidating financial information for Genesis Energy, L.P. and subsidiary guarantors:

Condensed Consolidating Balance Sheet
December 31, 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	$	10	$	—	$	11,214		$	58		$	—		$	11,282
Other current assets	745,589		—		367,837			41,533			(762,207		)	392,752
Total current assets	745,599		—		379,051			41,591			(762,207		)	404,034
Fixed Assets, at cost	—		—		617,519			105,706			—			723,225
Less: Accumulated depreciation	—		—		(144,882		)	(13,062		)	—			(157,944		)
Net fixed assets	—		—		472,637			92,644			—			565,281
Goodwill	—		—		325,046			—			—			325,046
Other assets, net	17,737		—		254,423			157,604			(163,696		)	266,068
Equity investees and other investments	—		—		549,235			—			—			549,235
Investments in subsidiaries	1,006,415		—		102,707			—			(1,109,122		)	—
Total assets	$	1,769,751	$	—	$	2,083,099		$	291,839		$	(2,035,025	)	$	2,109,664
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities	$	2,361	$	—	$	1,048,937		$	23,567		$	(762,214	)	$	312,651
Senior secured credit facilities	500,000		—		—			—			—			500,000
Senior unsecured notes	350,895		—		—			—			—			350,895
Deferred tax liabilities	—		—		13,810			—			—			13,810
Other liabilities	—		—		13,044			166,282			(163,513		)	15,813
Total liabilities	853,256		—		1,075,791			189,849			(925,727		)	1,193,169
Partners’ capital	916,495		—		1,007,308			101,990			(1,109,298		)	916,495
Total liabilities and partners’ capital	$	1,769,751	$	—	$	2,083,099		$	291,839		$	(2,035,025	)	$	2,109,664

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 and other investments	—		—		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 facilities	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

Condensed Consolidating Statement of Operations
Year Ended December 31, 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	$	—		$	—	$	3,772,400	$	135,013		$	(109,663	)	$	3,797,750
Refinery services	—			—		192,083		19,999			(16,065		)	196,017
Pipeline transportation services	—			—		50,106		26,184			—			76,290
Total revenues	—			—		4,014,589		181,196			(125,728		)	4,070,057
COSTS AND EXPENSES:
Supply and logistics costs	—			—		3,696,792		120,280			(109,661		)	3,707,411
Refinery services operating costs	—			—		120,095		19,489			(16,107		)	123,477
Pipeline transportation operating costs	—			—		21,000		894			—			21,894
General and administrative	—			—		42,297		122			—			42,419
Depreciation and amortization	—			—		57,402		3,764			—			61,166
Total costs and expenses	—			—		3,937,586		144,549			(125,768		)	3,956,367
OPERATING INCOME	—			—		77,003		36,647			40			113,690
Equity in earnings of equity investees	—			—		14,345		—			—			14,345
Equity in earnings of subsidiaries	137,151			—		20,547		—			(157,698		)	—
Interest (expense) income, net	(40,832		)	—		16,502		(16,591		)	—			(40,921		)
Income before income taxes	96,319			—		128,397		20,056			(157,658		)	87,114
Income tax benefit	—			—		8,903		302			—			9,205
NET INCOME	$	96,319		$	—	$	137,300	$	20,358		$	(157,658	)	$	96,319

Condensed Consolidating Statement of Operations
Year Ended 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
REVENUES:
Supply and logistics	$	—		$	—	$	2,824,524	$	14,883		$	(13,639	)	$	2,825,768
Refinery services	—			—		197,928		20,548			(16,765		)	201,711
Pipeline transportation services	—			—		36,281		25,909			—			62,190
Total revenues	—			—		3,058,733		61,340			(30,404		)	3,089,669
COSTS AND EXPENSES:
Supply and logistics costs	—			—		2,766,084		14,363			(13,639		)	2,766,808
Refinery services operating costs	—			—		122,724		20,968			(16,910		)	126,782
Pipeline transportation operating costs	—			—		16,174		790			—			16,964
General and administrative	—			—		34,473		—			—			34,473
Depreciation and amortization	—			—		59,439		2,751			—			62,190
Total costs and expenses	—			—		2,998,894		38,872			(30,549		)	3,007,217
OPERATING INCOME	—			—		59,839		22,468			145			82,452
Equity in earnings of equity investees	—			—		3,347		—			—			3,347
Equity in earnings of subsidiaries	86,958			—		5,333		—			(92,291		)	—
Interest (expense) income, net	(35,709		)	—		16,933		(16,991		)	—			(35,767		)
Income before income taxes	51,249			—		85,452		5,477			(92,146		)	50,032
Income tax benefit (expense)	—			—		1,555		(338		)	—			1,217
NET INCOME	$	51,249		$	—	$	87,007	$	5,139		$	(92,146	)	$	51,249

Condensed Consolidating Statement of Operations
Year Ended December 31, 2010
	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	$	—		$	—	$	1,894,612		$	—		$	—		$	1,894,612
Refinery services	—			—		146,570			14,544			(10,054		)	151,060
Pipeline transportation services	—			—		29,497			26,155			—			55,652
Total revenues	—			—		2,070,679			40,699			(10,054		)	2,101,324
COSTS AND EXPENSES:
Supply and logistics costs	—			—		1,858,862			—			—			1,858,862
Refinery services operating costs	—			—		85,250			12,672			(9,828		)	88,094
Pipeline transportation operating costs	—			—		14,301			476			—			14,777
General and administrative	—			—		113,406			—			—			113,406
Depreciation and amortization	—			—		50,973			2,596			—			53,569
Total costs and expenses	—			—		2,122,792			15,744			(9,828		)	2,128,708
OPERATING (LOSS) INCOME	—			—		(52,113		)	24,955			(226		)	(27,384		)
Equity in earnings of equity investees	—			—		2,355			—			—			2,355
Equity in (losses) earnings of subsidiaries	(34,988		)	—		7,401			—			27,587			—
Interest (expense) income, net	(13,471		)	—		7,884			(17,337		)	—			(22,924		)
(Loss) income before income taxes	(48,459		)	—		(34,473		)	7,618			27,361			(47,953		)
Income tax expense	—			—		(2,175		)	(413		)	—			(2,588		)
NET (LOSS) INCOME	(48,459		)	—		(36,648		)	7,205			27,361			(50,541		)
Net loss attributable to noncontrolling interests	—			—		2,083			—			(1		)	2,082
NET (LOSS) INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	(48,459	)	$	—	$	(34,565	)	$	7,205		$	27,360		$	(48,459	)

Condensed Consolidating Statement of Comprehensive Income
Year Ended December 31, 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 income	$	96,319	$	—	$	137,300	$	20,358	$	(157,658	)	$	96,319
Change in fair value of derivatives:
Current period reclassification in earnings -
interest rate swaps	—		—		—		—		—			—
Changes in derivative financial instruments -
interest rate swaps	—		—		—		—		—			—
Comprehensive income	96,319		—		137,300		20,358		(157,658		)	96,319
Comprehensive loss attributable to noncontrolling interests	—		—		—		—		—			—
Comprehensive income attributable to Genesis Energy, L.P.	$	96,319	$	—	$	137,300	$	20,358	$	(157,658	)	$	96,319

Condensed Consolidating Statement of Comprehensive Income
Year Ended 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
Net income	$	51,249	$	—	$	87,007	$	5,139	$	(92,146	)	$	51,249
Change in fair value of derivatives:
Current period reclassification in earnings -
interest rate swaps	—		—		—		—		—			—
Changes in derivative financial instruments -
interest rate swaps	—		—		—		—		—			—
Comprehensive income	51,249		—		87,007		5,139		(92,146		)	51,249
Comprehensive loss attributable to noncontrolling interests	—		—		—		—		—			—
Comprehensive income attributable to Genesis Energy, L.P.	$	51,249	$	—	$	87,007	$	5,139	$	(92,146	)	$	51,249

Condensed Consolidating Statement of Comprehensive Income
Year Ended December 31, 2010
	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 income	$	(48,459	)	$	—	$	(36,648	)	$	7,205	$	27,361		$	(50,541	)
Change in fair value of derivatives:
Current period reclassification in earnings -
interest rate swaps	—			—		2,112			—		—			2,112
Changes in derivative financial instruments -
interest rate swaps	—			—		(424		)	—		—			(424		)
Other comprehensive loss from consolidated subsidiaries	829			—		—			—		(829		)	—
Comprehensive income	(47,630		)	—		(34,960		)	7,205		26,532			(48,853		)
Comprehensive loss attributable to noncontrolling interests	—			—		1,223			—		—			1,223
Comprehensive income attributable to Genesis Energy, L.P.	$	(47,630	)	$	—	$	(33,737	)	$	7,205	$	26,532		$	(47,630	)

Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 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	$	(70,083	)	$	—	$	362,855		$	25,186		$	(128,654	)	$	189,304
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	—			—		(137,362		)	(9,094		)	—			(146,456		)
Cash distributions received from equity investees - return of investment	27,878			—		14,909			—			(27,878		)	14,909
Investments in equity investees	(169,421		)	—		(63,749		)	—			169,421			(63,749		)
Acquisitions	—			—		(205,576		)	—			—			(205,576		)
Repayments on loan to non-guarantor subsidiary	—			—		4,078			—			(4,078		)	—
Proceeds from asset sales	—			—		773			—			—			773
Other, net	—			—		(1,557		)	49			—			(1,508		)
Net cash used in investing activities	(141,543		)	—		(388,484		)	(9,045		)	137,465			(401,607		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	1,674,400			—		—			—			—			1,674,400
Repayments on senior secured credit facility	(1,583,700		)	—		—			—			—			(1,583,700		)
Proceeds from issuance of senior unsecured notes, including premium	101,000			—		—			—			—			101,000
Debt issuance costs	(7,105		)	—		—			—			—			(7,105		)
Issuance of common units for cash, net	169,421			—		169,421			—			(169,421		)	169,421
Distributions to partners/owners	(142,383		)	—		(142,383		)	(14,183		)	156,566			(142,383		)
Other, net	—			—		623			(3,532		)	4,044			1,135
Net cash provided by (used in) financing activities	211,633			—		27,661			(17,715		)	(8,811		)	212,768
Net increase (decrease) in cash and cash equivalents	7			—		2,032			(1,574		)	—			465
Cash and cash equivalents at beginning of period	3			—		9,182			1,632			—			10,817
Cash and cash equivalents at end of period	$	10		$	—	$	11,214		$	58		$	—		$	11,282

Condensed Consolidating Statement of Cash Flows
Year Ended 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
Net cash (used in) provided by operating activities	$	(41,392	)	$	—		$	99,360		$	17,696		$	(17,357	)	$	58,307
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	—			—			(27,417		)	(575		)	—			(27,992		)
Cash distributions received from equity investees - return of investment	107,956			—			11,436			—			(107,956		)	11,436
Investments in equity investees	(184,969		)	—		—	(19,999		)	—			204,968			—
Acquisitions	—			—			(142,886		)	(20,787		)	—			(163,673		)
Repayments on loan to non-guarantor subsidiary	—			—			3,685			—			(3,685		)	—
Proceeds from assets sales	—			—			6,424			—			—			6,424
Other, net	—			—			770			738			—			1,508
Net cash used in investing activities	(77,013		)	—			(167,987		)	(20,624		)	93,327			(172,297		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	777,600			—			—			—			—			777,600
Repayments on senior secured credit facility	(728,300		)	—			—			—			—			(728,300		)
Debt issuance costs	(3,018		)	—			—			—			—			(3,018		)
Issuance of ownership interests to partners for cash	184,969			—			184,969			19,999			(204,968		)	184,969
Distributions to partners/owners	(112,844		)	—			(112,844		)	(12,500		)	125,344			(112,844		)
Other, net	—			—			602			(3,618		)	3,654			638
Net cash provided by financing activities	118,407			—			72,727			3,881			(75,970		)	119,045
Net increase in cash and cash equivalents	2			—			4,100			953			—			5,055
Cash and cash equivalents at beginning of period	1			—			5,082			679			—			5,762
Cash and cash equivalents at end of period	$	3		$	—		$	9,182		$	1,632		$	—		$	10,817

Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2010
	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	$	(569,824	)	$	—		$	680,974		$	3,746		$	(24,433	)	$	90,463
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	—			—			(12,372		)	(28		)	—			(12,400		)
Cash distributions received from equity investees - return of investment	45,889			—			2,859			—			(45,889		)	2,859
Investments in equity investees	(118,875		)	—		—	—			—			118,875			—
Acquisitions	—			—			(332,462		)	—			—			(332,462		)
Repayments on loan to non-guarantor subsidiary	—			—			3,331			—			(3,331		)	—
Proceeds from asset sales	—			—			1,146			—			—			1,146
Other, net	—			—			119			—			—			119
Net cash used in investing activities	(72,986		)	—			(337,379		)	(28		)	69,655			(340,738		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	449,729			—			242,100			—			—			691,829
Repayments on senior secured credit facility	(455,629		)	—			(243,100		)	—			—			(698,729		)
Transfer of senior secured credit facility to Parent	364,772						(364,772		)							—
Proceeds from issuance of senior unsecured notes	250,000															250,000
Debt issuance costs	(14,586		)	—			—			—			—			(14,586		)
Issuance of ownership interests to partners for cash	118,875			—			118,888			—			(118,888		)	118,875
Acquisition of noncontrolling interest in DG Marine	—			—			(26,288		)	—			—			(26,288		)
Distributions to partners/owners	(70,352		)	—			(70,359		)	—			70,359			(70,352		)
Other, net	—			—			1,134			(3,301		)	3,307			1,140
Net cash provided by (used in) financing activities	642,809			—			(342,397		)	(3,301		)	(45,222		)	251,889
Net (decrease) increase in cash and cash equivalents	(1		)	—			1,198			417			—			1,614
Cash and cash equivalents at beginning of period	2			—			3,884			262			—			4,148
Cash and cash equivalents at end of period	$	1		$	—		$	5,082		$	679		$	—		$	5,762