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Condensed Consolidating Financial Information
9 Months Ended
Sep. 30, 2013
Condensed Consolidating Financial Information [Abstract]  
Condensed Consolidating Financial Information
16. 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 7 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
September 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
$
20

 
$

 
$
15,862

 
$
977

 
$

 
$
16,859

Other current assets
975,220

 

 
483,258

 
47,888

 
(999,156
)
 
507,210

Total current assets
975,240

 

 
499,120

 
48,865

 
(999,156
)
 
524,069

Fixed assets, at cost

 

 
1,039,675

 
116,302

 

 
1,155,977

Less: Accumulated depreciation

 

 
(170,629
)
 
(16,011
)
 

 
(186,640
)
Net fixed assets

 

 
869,046

 
100,291

 

 
969,337

Goodwill

 

 
325,046

 

 

 
325,046

Other assets, net
22,568

 

 
240,081

 
153,758

 
(160,356
)
 
256,051

Equity investees

 

 
605,067

 

 

 
605,067

Investments in subsidiaries
1,252,345

 

 
107,042

 

 
(1,359,387
)
 

Total assets
$
2,250,153

 
$

 
$
2,645,402

 
$
302,914

 
$
(2,518,899
)
 
$
2,679,570

LIABILITIES AND PARTNERS’ CAPITAL
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
$
11,832

 
$

 
$
1,364,742

 
$
32,820

 
$
(999,189
)
 
$
410,205

Senior secured credit facility
411,300

 

 

 

 

 
411,300

Senior unsecured notes
700,804

 

 

 

 

 
700,804

Deferred tax liabilities

 

 
13,625

 

 

 
13,625

Other liabilities

 

 
13,658

 
163,938

 
(160,177
)
 
17,419

Total liabilities
1,123,936

 

 
1,392,025

 
196,758

 
(1,159,366
)
 
1,553,353

Partners’ capital
1,126,217

 

 
1,253,377

 
106,156

 
(1,359,533
)
 
1,126,217

Total liabilities and partners’ capital
$
2,250,153

 
$

 
$
2,645,402

 
$
302,914

 
$
(2,518,899
)
 
$
2,679,570



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 September 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
$

 
$

 
$
1,182,561

 
$
38,908

 
$
(37,278
)
 
$
1,184,191

Refinery services

 

 
50,609

 
4,199

 
(2,398
)
 
52,410

Pipeline transportation services

 

 
16,604

 
6,613

 

 
23,217

Total revenues

 

 
1,249,774

 
49,720

 
(39,676
)
 
1,259,818

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs

 

 
1,165,818

 
39,201

 
(37,278
)
 
1,167,741

Refinery services operating costs

 

 
31,840

 
3,862

 
(2,662
)
 
33,040

Pipeline transportation operating costs

 

 
6,075

 
203

 

 
6,278

General and administrative

 

 
12,063

 
32

 

 
12,095

Depreciation and amortization

 

 
14,789

 
1,277

 

 
16,066

Total costs and expenses

 

 
1,230,585

 
44,575

 
(39,940
)
 
1,235,220

OPERATING INCOME

 

 
19,189

 
5,145

 
264

 
24,598

Equity in earnings of subsidiaries
31,046

 

 
1,078

 

 
(32,124
)
 

Equity in earnings of equity investees

 

 
7,059

 

 

 
7,059

Interest (expense) income, net
(12,572
)
 

 
4,011

 
(4,026
)
 

 
(12,587
)
Income before income taxes
18,474

 

 
31,337

 
1,119

 
(31,860
)
 
19,070

Income tax expense

 

 
(505
)
 
(91
)
 

 
(596
)
NET INCOME
$
18,474

 
$

 
$
30,832

 
$
1,028

 
$
(31,860
)
 
$
18,474



Unaudited Condensed Consolidating Statement of Operations
Three Months Ended September 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
$

 
$

 
$
969,229

 
$
31,113

 
$
(25,646
)
 
$
974,696

Refinery services

 

 
48,809

 
4,367

 
(5,199
)
 
47,977

Pipeline transportation services

 

 
12,596

 
6,568

 

 
19,164

Total revenues

 

 
1,030,634

 
42,048

 
(30,845
)
 
1,041,837

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs

 

 
951,512

 
26,488

 
(25,648
)
 
952,352

Refinery services operating costs

 

 
29,339

 
4,565

 
(4,661
)
 
29,243

Pipeline transportation operating costs

 

 
5,661

 
250

 

 
5,911

General and administrative

 

 
10,343

 
32

 

 
10,375

Depreciation and amortization

 

 
13,940

 
898

 

 
14,838

Total costs and expenses

 

 
1,010,795

 
32,233

 
(30,309
)
 
1,012,719

OPERATING INCOME

 

 
19,839

 
9,815

 
(536
)
 
29,118

Equity in earnings of subsidiaries
41,052

 

 
5,738

 

 
(46,790
)
 

Equity in earnings of equity investees

 

 
3,432

 

 

 
3,432

Interest (expense) income, net
(9,858
)
 

 
4,119

 
(4,134
)
 

 
(9,873
)
Income before income taxes
31,194

 

 
33,128

 
5,681

 
(47,326
)
 
22,677

Income tax benefit

 

 
8,509

 
8

 

 
8,517

NET INCOME
$
31,194

 
$

 
$
41,637

 
$
5,689

 
$
(47,326
)
 
$
31,194



Unaudited Condensed Consolidating Statement of Operations
Nine Months Ended September 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
$

 
$

 
$
3,387,604

 
$
112,977

 
$
(99,795
)
 
$
3,400,786

Refinery services

 

 
150,058

 
13,558

 
(10,246
)
 
153,370

Pipeline transportation services

 

 
46,461

 
20,072

 

 
66,533

Total revenues

 

 
3,584,123

 
146,607

 
(110,041
)
 
3,620,689

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs

 

 
3,324,619

 
106,713

 
(99,795
)
 
3,331,537

Refinery services operating costs

 

 
95,922

 
12,660

 
(10,278
)
 
98,304

Pipeline transportation operating costs

 

 
19,497

 
1,010

 

 
20,507

General and administrative

 

 
35,064

 
92

 

 
35,156

Depreciation and amortization

 

 
43,700

 
3,089

 

 
46,789

Total costs and expenses

 

 
3,518,802

 
123,564

 
(110,073
)
 
3,532,293

OPERATING INCOME

 

 
65,321

 
23,043

 
32

 
88,396

Equity in earnings of subsidiaries
104,431

 

 
10,849

 

 
(115,280
)
 

Equity in earnings of equity investees

 

 
16,618

 

 

 
16,618

Interest (expense) income, net
(36,209
)
 

 
12,088

 
(12,161
)
 

 
(36,282
)
Income before income taxes
68,222

 

 
104,876

 
10,882

 
(115,248
)
 
68,732

Income tax expense

 

 
(335
)
 
(175
)
 

 
(510
)
NET INCOME
$
68,222

 
$

 
$
104,541

 
$
10,707

 
$
(115,248
)
 
$
68,222



Unaudited Condensed Consolidating Statement of Operations
Nine Months Ended September 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
$

 
$

 
$
2,797,142

 
$
95,451

 
$
(76,744
)
 
$
2,815,849

Refinery services

 

 
142,716

 
13,756

 
(12,130
)
 
144,342

Pipeline transportation services

 

 
36,381

 
19,413

 

 
55,794

Total revenues

 

 
2,976,239

 
128,620

 
(88,874
)
 
3,015,985

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs

 

 
2,743,514

 
83,250

 
(76,744
)
 
2,750,020

Refinery services operating costs

 

 
89,155

 
13,701

 
(11,784
)
 
91,072

Pipeline transportation operating costs

 

 
15,351

 
644

 

 
15,995

General and administrative

 

 
29,842

 
92

 

 
29,934

Depreciation and amortization

 

 
42,759

 
2,688

 

 
45,447

Total costs and expenses

 

 
2,920,621

 
100,375

 
(88,528
)
 
2,932,468

OPERATING INCOME

 

 
55,618

 
28,245

 
(346
)
 
83,517

Equity in earnings of subsidiaries
100,011

 

 
15,869

 

 
(115,880
)
 

Equity in earnings of equity investees

 

 
7,971

 

 

 
7,971

Interest (expense) income, net
(30,629
)
 

 
12,414

 
(12,482
)
 

 
(30,697
)
Income before income taxes
69,382

 

 
91,872

 
15,763

 
(116,226
)
 
60,791

Income tax benefit (expense)

 

 
8,630

 
(39
)
 

 
8,591

NET INCOME
$
69,382

 
$

 
$
100,502

 
$
15,724

 
$
(116,226
)
 
$
69,382





Unaudited Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 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
$
(139,747
)
 
$

 
$
348,447

 
$
20,540

 
$
(119,902
)
 
$
109,338

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

 

 
(188,878
)
 
(10,756
)
 

 
(199,634
)
Cash distributions received from equity investees - return of investment
8,711

 

 
8,272

 

 
(8,711
)
 
8,272

Investments in equity investees
(263,597
)
 

 
(71,443
)
 

 
263,597

 
(71,443
)
Acquisitions

 

 
(230,921
)
 

 

 
(230,921
)
Repayments on loan to non-guarantor subsidiary

 

 
3,341

 

 
(3,341
)
 

Proceeds from asset sales

 

 
810

 

 

 
810

Other, net

 

 
(1,004
)
 

 

 
(1,004
)
Net cash provided by (used) in investing activities
(254,886
)
 

 
(479,823
)
 
(10,756
)
 
251,545

 
(493,920
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Borrowings on senior secured credit facility
1,234,500

 

 

 

 

 
1,234,500

Repayments on senior secured credit facility
(1,323,200
)
 

 

 

 

 
(1,323,200
)
Proceeds from issuance of senior unsecured notes, including premium
350,000

 

 

 

 

 
350,000

Debt issuance costs
(8,157
)
 

 

 

 

 
(8,157
)
Issuance of common units for cash, net
263,597

 

 
263,597

 

 
(263,597
)
 
263,597

Distributions to partners/owners
(122,097
)
 

 
(122,097
)
 
(6,545
)
 
128,642

 
(122,097
)
Other, net

 

 
(5,476
)
 
(2,320
)
 
3,312

 
(4,484
)
Net cash provided by (used in) financing activities
394,643

 

 
136,024

 
(8,865
)
 
(131,643
)
 
390,159

Net (decrease) increase in cash and cash equivalents
10

 

 
4,648

 
919

 

 
5,577

Cash and cash equivalents at beginning of period
10

 

 
11,214

 
58

 

 
11,282

Cash and cash equivalents at end of period
$
20

 
$

 
$
15,862

 
$
977

 
$

 
$
16,859


 Unaudited Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 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
$
(91,453
)
 
$

 
$
304,617

 
$
17,700

 
$
(87,926
)
 
$
142,938

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

 

 
(112,665
)
 
(4,037
)
 

 
(116,702
)
Cash distributions received from equity investees - return of investment
27,878

 

 
10,918

 

 
(27,878
)
 
10,918

Investments in equity investees
(169,421
)
 

 
(57,072
)
 

 
169,421

 
(57,072
)
Acquisitions

 

 
(205,576
)
 

 

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

 

 
3,019

 

 
(3,019
)
 

Proceeds from asset sales

 

 
667

 

 

 
667

Other, net

 

 
(1,012
)
 

 

 
(1,012
)
Net cash used in investing activities
(141,543
)
 

 
(361,721
)
 
(4,037
)
 
138,524

 
(368,777
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Borrowings on senior secured credit facility
1,407,000

 

 

 

 

 
1,407,000

Repayments on senior secured credit facility
(1,333,300
)
 

 

 

 

 
(1,333,300
)
Proceeds from issuance of senior unsecured notes, including premium
101,000

 

 

 

 

 
101,000

Debt issuance costs
(7,109
)
 

 

 

 

 
(7,109
)
Issuance of common units for cash, net
169,421

 

 
169,421

 

 
(169,421
)
 
169,421

Distributions to partners/owners
(104,008
)
 

 
(104,008
)
 
(11,819
)
 
115,827

 
(104,008
)
Other, net

 

 
(2,738
)
 
(2,779
)
 
2,996

 
(2,521
)
Net cash provided by (used in) financing activities
233,004

 

 
62,675

 
(14,598
)
 
(50,598
)
 
230,483

Net increase (decrease) in cash and cash equivalents
8

 

 
5,571

 
(935
)
 

 
4,644

Cash and cash equivalents at beginning of period
3

 

 
9,182

 
1,632

 

 
10,817

Cash and cash equivalents at end of period
$
11

 
$

 
$
14,753

 
$
697

 
$

 
$
15,461