14. Condensed Consolidating Financial Information

Our $700 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 and accordingly has no ability to service obligations on the 2018 and 2021 Notes. Each subsidiary guarantor and the subsidiary co-issuer are 100% owned, directly or indirectly, by Genesis Energy, L.P. See Note 6 for additional information regarding our consolidated debt obligations. The following is condensed consolidating financial information for Genesis Energy, L.P., the guarantor subsidiaries and the non-guarantor subsidiaries.

Unaudited Condensed Consolidating Balance Sheet

March 31, 2013



	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	$	5	$	—	$	15,836		$	142		$	—		$	15,983
Other current assets	857,903		—		434,548			50,483			(876,660		)	466,274
Total current assets	857,908		—		450,384			50,625			(876,660		)	482,257
Fixed assets, at cost	—		—		648,992			110,900			—			759,892
Less: Accumulated depreciation	—		—		(154,184		)	(13,963		)	—			(168,147		)
Net fixed assets	—		—		494,808			96,937			—			591,745
Goodwill	—		—		325,046			—			—			325,046
Other assets, net	24,842		—		249,576			156,352			(162,611		)	268,159
Equity investees			—		608,076			—			—			608,076
Investments in subsidiaries	1,001,279		—		105,378			—			(1,106,657		)	—
Total assets	$	1,884,029	$	—	$	2,233,268		$	303,914		$	(2,145,928	)	$	2,275,283
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities	$	12,213	$	—	$	1,204,308		$	33,681		$	(876,823	)	$	373,379
Senior secured credit facility	271,000		—		—			—			—			271,000
Senior unsecured notes	700,865		—		—			—			—			700,865
Deferred tax liabilities	—		—		13,488			—			—			13,488
Other liabilities	—		—		13,249			165,780			(162,429		)	16,600
Total liabilities	984,078		—		1,231,045			199,461			(1,039,252		)	1,375,332
Partners’ capital	899,951		—		1,002,223			104,453			(1,106,676		)	899,951
Total liabilities and partners’ capital	$	1,884,029	$	—	$	2,233,268		$	303,914		$	(2,145,928	)	$	2,275,283

Unaudited 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	—		—		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 facility	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

Unaudited Condensed Consolidating Statement of Operations

Three Months Ended March 31, 2013



	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	$	—		$	—	$	1,070,489	$	38,945		$	(32,483	)	$	1,076,951
Refinery services	—			—		47,767		5,563			(3,846		)	49,484
Pipeline transportation services	—			—		14,126		6,653			—			20,779
Total revenues	—			—		1,132,382		51,161			(36,329		)	1,147,214
COSTS AND EXPENSES:
Supply and logistics costs	—			—		1,048,931		34,291			(32,483		)	1,050,739
Refinery services operating costs	—			—		31,167		5,282			(4,006		)	32,443
Pipeline transportation operating costs	—			—		6,754		330			—			7,084
General and administrative	—			—		11,714		33			—			11,747
Depreciation and amortization	—			—		14,151		902			—			15,053
Total costs and expenses	—			—		1,112,717		40,838			(36,489		)	1,117,066
OPERATING INCOME	—			—		19,665		10,323			160			30,148
Equity in earnings of subsidiaries	34,252			—		6,238		—			(40,490		)	—
Equity in earnings of equity investees	—			—		3,936		—			—			3,936
Interest (expense) income, net	(11,406		)	—		4,047		(4,082		)	—			(11,441		)
Income before income taxes	22,846			—		33,886		6,241			(40,330		)	22,643
Income tax benefit (expense)	—			—		257		(54		)	—			203
NET INCOME	$	22,846		$	—	$	34,143	$	6,187		$	(40,330	)	$	22,846

Unaudited Condensed Consolidating Statement of Operations

Three Months Ended March 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	$	—		$	—	$	887,681		$	32,179		$	(26,597	)	$	893,263
Refinery services	—			—		48,596			2,645			(3,196		)	48,045
Pipeline transportation services	—			—		12,916			6,493			—			19,409
Total revenues	—			—		949,193			41,317			(29,793		)	960,717
COSTS AND EXPENSES:
Supply and logistics costs	—			—		871,642			28,740			(26,597		)	873,785
Refinery services operating costs	—			—		30,641			3,049			(2,911		)	30,779
Pipeline transportation operating costs	—			—		4,834			218			—			5,052
General and administrative	—			—		9,562			30			—			9,592
Depreciation and amortization	—			—		13,887			892			—			14,779
Total costs and expenses	—			—		930,566			32,929			(29,508		)	933,987
OPERATING INCOME	—			—		18,627			8,388			(285		)	26,730
Equity in earnings of subsidiaries	30,168			—		4,322			—			(34,490		)	—
Equity in earnings of equity investees	—			—		3,492			—			—			3,492
Interest (expense) income, net	(10,564		)	—		4,154			(4,186		)	—			(10,596		)
Income before income taxes	19,604			—		30,595			4,202			(34,775		)	19,626
Income tax (expense) benefit	—			—		(95		)	73			—			(22		)
NET INCOME	$	19,604		$	—	$	30,500		$	4,275		$	(34,775	)	$	19,604

Unaudited Condensed Consolidating Statement of Cash Flows

Three Months Ended March 31, 2013



	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	$	(73,458	)	$	—	$	145,881		$	9,500		$	(43,107	)	$	38,816
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	—			—		(41,950		)	(5,201		)	—			(47,151		)
Cash distributions received from equity investees - return of investment	—			—		3,583			—						3,583
Investments in equity investees	—			—		(64,534		)	—						(64,534		)
Repayments on loan to non-guarantor subsidiary	—			—		1,086			—			(1,086		)	—
Proceeds from asset sales	—			—		332			—			—			332
Other, net	—			—		749			6			—			755
Net cash used in investing activities	—			—		(100,734		)	(5,195		)	(1,086		)	(107,015		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	386,400			—		—			—			—			386,400
Repayments on senior secured credit facility	(615,400		)	—		—			—			—			(615,400		)
Proceeds from issuance of senior unsecured notes, including premium	350,000			—		—			—			—			350,000
Debt issuance costs	(8,157		)	—		—			—			—			(8,157		)
Distributions to partners/owners	(39,390		)	—		(39,390		)	(3,727		)	43,117			(39,390		)
Other, net	—			—		(1,135		)	(494		)	1,076			(553		)
Net cash provided by (used in) financing activities	73,453			—		(40,525		)	(4,221		)	44,193			72,900
Net (decrease) increase in cash and cash equivalents	(5		)	—		4,622			84			—			4,701
Cash and cash equivalents at beginning of period	10			—		11,214			58			—			11,282
Cash and cash equivalents at end of period	$	5		$	—	$	15,836		$	142		$	—		$	15,983

Unaudited Condensed Consolidating Statement of Cash Flows

Three Months Ended March 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	$	(110,241	)	$	—	$	147,523		$	3,207		$	(20,567	)	$	19,922
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	—			—		(47,228		)	(245		)	—			(47,473		)
Cash distributions received from equity investees - return of investment	14,602			—		4,314			—			(14,602		)	4,314
Investments in equity investees	(169,524		)	—		(33,860		)	—			169,842			(33,542		)
Acquisitions	—			—		(205,576		)	—			—			(205,576		)
Repayments on loan to non-guarantor subsidiary	—			—		981			—			(981		)	—
Proceeds from asset sales	—			—		359			—			—			359
Other, net	—			—		221			(318		)	—			(97		)
Net cash used in investing activities	(154,922		)	—		(280,789		)	(563		)	154,259			(282,015		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	509,200			—		—			—			—			509,200
Repayments on senior secured credit facility	(480,300		)	—		—			—			—			(480,300		)
Proceeds from issuance of senior unsecured notes, including premium	101,000			—		—			—			—			101,000
Debt issuance costs	(2,584		)	—		—			—			—			(2,584		)
Distributions to partners/owners	(31,677		)	—		(31,677		)	(3,182		)	34,859			(31,677		)
Issuance of common units for cash, net	169,524			—		169,524			—			(169,524		)	169,524
Other, net	—			—		122			(658		)	973			437
Net cash provided by (used in) financing activities	265,163			—		137,969			(3,840		)	(133,692		)	265,600
Net increase (decrease) in cash and cash equivalents	—			—		4,703			(1,196		)	—			3,507
Cash and cash equivalents at beginning of period	3			—		9,182			1,632			—			10,817
Cash and cash equivalents at end of period	$	3		$	—	$	13,885		$	436		$	—		$	14,324