15. 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

June 30, 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	$	4	$	—	$	18,233		$	431		$	—		$	18,668
Other current assets	892,978		—		444,424			44,647			(914,717		)	467,332
Total current assets	892,982		—		462,657			45,078			(914,717		)	486,000
Fixed assets, at cost	—		—		718,382			114,769			—			833,151
Less: Accumulated depreciation	—		—		(162,270		)	(14,842		)	—			(177,112		)
Net fixed assets	—		—		556,112			99,927			—			656,039
Goodwill	—		—		325,046			—			—			325,046
Other assets, net	23,705		—		244,309			155,070			(161,497		)	261,587
Equity investees	—		—		604,380			—			—			604,380
Investments in subsidiaries	1,000,004		—		105,702			—			(1,105,706		)	—
Total assets	$	1,916,691	$	—	$	2,298,206		$	300,075		$	(2,181,920	)	$	2,333,052
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities	$	10,308	$	—	$	1,270,488		$	29,996		$	(914,489	)	$	396,303
Senior secured credit facility	319,100		—		—			—			—			319,100
Senior unsecured notes	700,835		—		—			—			—			700,835
Deferred tax liabilities	—		—		13,275			—			—			13,275
Other liabilities	—		—		13,453			164,955			(161,317		)	17,091
Total liabilities	1,030,243		—		1,297,216			194,951			(1,075,806		)	1,446,604
Partners’ capital	886,448		—		1,000,990			105,124			(1,106,114		)	886,448
Total liabilities and partners’ capital	$	1,916,691	$	—	$	2,298,206		$	300,075		$	(2,181,920	)	$	2,333,052

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 June 30, 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	$	—		$	—	$	1,134,554		$	35,124		$	(30,034	)	$	1,139,644
Refinery services	—			—		51,682			3,796			(4,002		)	51,476
Pipeline transportation services	—			—		15,731			6,806			—			22,537
Total revenues	—			—		1,201,967			45,726			(34,036		)	1,213,657
COSTS AND EXPENSES:
Supply and logistics costs	—			—		1,109,870			33,221			(30,034		)	1,113,057
Refinery services operating costs	—			—		32,915			3,516			(3,610		)	32,821
Pipeline transportation operating costs	—			—		6,668			477			—			7,145
General and administrative	—			—		11,287			27			—			11,314
Depreciation and amortization	—			—		14,760			910			—			15,670
Total costs and expenses	—			—		1,175,500			38,151			(33,644		)	1,180,007
OPERATING INCOME	—			—		26,467			7,575			(392		)	33,650
Equity in earnings of subsidiaries	39,133			—		3,533			—			(42,666		)	—
Equity in earnings of equity investees	—			—		5,623			—			—			5,623
Interest (expense) income, net	(12,231		)	—		4,030			(4,053		)	—			(12,254		)
Income before income taxes	26,902			—		39,653			3,522			(43,058		)	27,019
Income tax expense	—			—		(87		)	(30		)	—			(117		)
NET INCOME	$	26,902		$	—	$	39,566		$	3,492		$	(43,058	)	$	26,902

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	$	—		$	—	$	940,232	$	32,159		$	(24,501	)	$	947,890
Refinery services	—			—		45,311		6,744			(3,735		)	48,320
Pipeline transportation services	—			—		10,869		6,352			—			17,221
Total revenues	—			—		996,412		45,255			(28,236		)	1,013,431
COSTS AND EXPENSES:
Supply and logistics costs	—			—		920,360		28,022			(24,499		)	923,883
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	—			—		14,932		898			—			15,830
Total costs and expenses	—			—		979,260		35,213			(28,711		)	985,762
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

Six Months Ended June 30, 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	$	—		$	—	$	2,205,043	$	74,069		$	(62,517	)	$	2,216,595
Refinery services	—			—		99,449		9,359			(7,848		)	100,960
Pipeline transportation services	—			—		29,857		13,459			—			43,316
Total revenues	—			—		2,334,349		96,887			(70,365		)	2,360,871
COSTS AND EXPENSES:
Supply and logistics costs	—			—		2,158,801		67,512			(62,517		)	2,163,796
Refinery services operating costs	—			—		64,082		8,798			(7,616		)	65,264
Pipeline transportation operating costs	—			—		13,422		807			—			14,229
General and administrative	—			—		23,001		60			—			23,061
Depreciation and amortization	—			—		28,911		1,812			—			30,723
Total costs and expenses	—			—		2,288,217		78,989			(70,133		)	2,297,073
OPERATING INCOME	—			—		46,132		17,898			(232		)	63,798
Equity in earnings of subsidiaries	73,385			—		9,771		—			(83,156		)	—
Equity in earnings of equity investees	—			—		9,559		—			—			9,559
Interest (expense) income, net	(23,637		)	—		8,077		(8,135		)	—			(23,695		)
Income before income taxes	49,748			—		73,539		9,763			(83,388		)	49,662
Income tax benefit (expense)	—			—		170		(84		)	—			86
NET INCOME	$	49,748		$	—	$	73,709	$	9,679		$	(83,388	)	$	49,748

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	$	—		$	—	$	1,827,913	$	64,338		$	(51,098	)	$	1,841,153
Refinery services	—			—		93,907		9,389			(6,931		)	96,365
Pipeline transportation services	—			—		23,785		12,845			—			36,630
Total revenues	—			—		1,945,605		86,572			(58,029		)	1,974,148
COSTS AND EXPENSES:
Supply and logistics costs	—			—		1,792,002		56,762			(51,096		)	1,797,668
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	—			—		28,819		1,790			—			30,609
Total costs and expenses	—			—		1,909,826		68,142			(58,219		)	1,919,749
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 Cash Flows

Six Months Ended June 30, 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	$	(86,739	)	$	—	$	245,918		$	17,342		$	(80,735	)	$	95,786
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	—			—		(98,050		)	(9,116		)	—			(107,166		)
Cash distributions received from equity investees - return of investment	5,585			—		5,539			—			(5,585		)	5,539
Investments in equity investees	—			—		(66,207		)	—			—			(66,207		)
Repayments on loan to non-guarantor subsidiary	—			—		2,199			—			(2,199		)	—
Proceeds from asset sales	—			—		626			—			—			626
Other, net	—			—		171			—			—			171
Net cash provided by (used) in investing activities	5,585			—		(155,722		)	(9,116		)	(7,784		)	(167,037		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	668,500			—		—			—			—			668,500
Repayments on senior secured credit facility	(849,400		)	—		—			—			—			(849,400		)
Proceeds from issuance of senior unsecured notes, including premium	350,000			—		—			—			—			350,000
Debt issuance costs	(8,157		)	—		—			—			—			(8,157		)
Distributions to partners/owners	(79,795		)	—		(79,795		)	(6,545		)	86,340			(79,795		)
Other, net	—			—		(3,382		)	(1,308		)	2,179			(2,511		)
Net cash provided by (used in) financing activities	81,148			—		(83,177		)	(7,853		)	88,519			78,637
Net (decrease) increase in cash and cash equivalents	(6		)	—		7,019			373			—			7,386
Cash and cash equivalents at beginning of period	10			—		11,214			58			—			11,282
Cash and cash equivalents at end of period	$	4		$	—	$	18,233		$	431		$	—		$	18,668

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		)	—
Proceeds from asset sales	—			—		654			—			—			654
Other, net	—			—		(120		)	(795		)	—			(915		)
Net cash used in 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
Debt issuance costs	(2,690		)	—		—			—			—			(2,690		)
Distributions to partners/owners	(67,445		)	—		(67,445		)	(8,750		)	76,195			(67,445		)
Issuance of common units for cash, net	169,421			—		169,421			795			(170,216		)	169,421
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