22. 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 current and future 100% owned domestic 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.

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



Condensed Consolidating Balance Sheet
December 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	$	20	$	—	$	8,061		$	785		$	—		$	8,866
Other current assets	1,133,695		—		498,230			54,199			(1,159,767		)	526,357
Total current assets	1,133,715		—		506,291			54,984			(1,159,767		)	535,223
Fixed Assets, at cost	—		—		1,211,356			116,618			—			1,327,974
Less: Accumulated depreciation	—		—		(181,905		)	(17,325		)	—			(199,230		)
Net fixed assets	—		—		1,029,451			99,293			—			1,128,744
Goodwill	—		—		325,046			—			—			325,046
Other assets, net	21,432		—		238,282			152,413			(159,185		)	252,942
Equity investees and other investments	—		—		620,247			—			—			620,247
Investments in subsidiaries	1,236,164		—		124,718			—			(1,360,882		)	—
Total assets	$	2,391,311	$	—	$	2,844,035		$	306,690		$	(2,679,834	)	$	2,862,202
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities	$	10,002	$	—	$	1,576,186		$	19,660		$	(1,159,295	)	$	446,553
Senior secured credit facilities	582,800		—		—			—			—			582,800
Senior unsecured notes	700,772		—		—			—			—			700,772
Deferred tax liabilities	—		—		15,944			—			—			15,944
Other liabilities	—		—		14,664			162,739			(159,007		)	18,396
Total liabilities	1,293,574		—		1,606,794			182,399			(1,318,302		)	1,764,465
Partners’ capital	1,097,737		—		1,237,241			124,291			(1,361,532		)	1,097,737
Total liabilities and partners’ capital	$	2,391,311	$	—	$	2,844,035		$	306,690		$	(2,679,834	)	$	2,862,202



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 Statement of Operations
Year Ended December 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	$	—		$	—	$	3,821,783		$	152,460		$	(131,906	)	$	3,842,337
Refinery services	—			—		203,021			17,835			(14,871		)	205,985
Pipeline transportation services	—			—		60,748			25,760			—			86,508
Total revenues	—			—		4,085,552			196,055			(146,777		)	4,134,830
COSTS AND EXPENSES:
Supply and logistics costs	—			—		3,742,168			143,742			(131,906		)	3,754,004
Refinery services operating costs	—			—		128,814			16,873			(14,398		)	131,289
Pipeline transportation operating costs	—			—		25,827			1,379			—			27,206
General and administrative	—			—		46,670			120			—			46,790
Depreciation and amortization	—			—		60,383			4,401			—			64,784
Total costs and expenses	—			—		4,003,862			166,515			(146,304		)	4,024,073
OPERATING INCOME	—			—		81,690			29,540			(473		)	110,757
Equity in earnings of equity investees	—			—		22,675			—			—			22,675
Equity in earnings of subsidiaries	134,616			—		13,399			—			(148,015		)	—
Interest (expense) income, net	(48,507		)	—		16,080			(16,156		)	—			(48,583		)
Income before income taxes	86,109			—		133,844			13,384			(148,488		)	84,849
Income tax expense	—			—		(676		)	(169		)	—			(845		)
Income from continuing operations	86,109			—		133,168			13,215			(148,488		)	84,004
Income from discontinued operations	—			—		2,105			—			—			2,105
NET INCOME	$	86,109		$	—	$	135,273		$	13,215		$	(148,488	)	$	86,109



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	$	—		$	—	$	3,069,704		$	135,013		$	(109,663	)	$	3,095,054
Refinery services	—			—		192,083			19,999			(16,065		)	196,017
Pipeline transportation services	—			—		50,106			26,184			—			76,290
Total revenues	—			—		3,311,893			181,196			(125,728		)	3,367,361
COSTS AND EXPENSES:
Supply and logistics costs	—			—		2,993,674			120,280			(109,661		)	3,004,293
Refinery services operating costs	—			—		120,095			19,489			(16,107		)	123,477
Pipeline transportation operating costs	—			—		21,000			894			—			21,894
General and administrative	—			—		41,715			122			—			41,837
Depreciation and amortization	—			—		57,386			3,764			—			61,150
Total costs and expenses	—			—		3,233,870			144,549			(125,768		)	3,252,651
OPERATING INCOME	—			—		78,023			36,647			40			114,710
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		)	—		16,500			(16,591		)	—			(40,923		)
Income before income taxes	96,319			—		129,415			20,056			(157,658		)	88,132
Income tax benefit	—			—		8,903			302			—			9,205
Income from continuing operations	96,319			—		138,318			20,358			(157,658		)	97,337
Loss from discontinued operations	—			—		(1,018		)	—			—			(1,018		)
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	$	—		$	—	$	2,172,652		$	14,883		$	(13,639	)	$	2,173,896
Refinery services	—			—		197,928			20,548			(16,765		)	201,711
Pipeline transportation services	—			—		36,281			25,909			—			62,190
Total revenues	—			—		2,406,861			61,340			(30,404		)	2,437,797
COSTS AND EXPENSES:
Supply and logistics costs	—			—		2,114,730			14,363			(13,639		)	2,115,454
Refinery services operating costs	—			—		122,724			20,968			(16,910		)	126,782
Pipeline transportation operating costs	—			—		16,174			790			—			16,964
General and administrative	—			—		33,858			—			—			33,858
Depreciation and amortization	—			—		59,410			2,751			—			62,161
Total costs and expenses	—			—		2,346,896			38,872			(30,549		)	2,355,219
OPERATING INCOME	—			—		59,965			22,468			145			82,578
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		)	—		16,929			(16,991		)	—			(35,771		)
Income before income taxes	51,249			—		85,574			5,477			(92,146		)	50,154
Income tax benefit (expense)	—			—		1,555			(338		)	—			1,217
Income from continuing operations	51,249			—		87,129			5,139			(92,146		)	51,371
Loss from discontinued operations	—			—		(122		)	—			—			(122		)
NET INCOME	51,249			—		87,007			5,139			(92,146		)	51,249



Condensed Consolidating Statement of Cash Flows
Year Ended December 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	$	(280,155	)	$	—	$	547,333		$	6,246		$	(135,038	)	$	138,386
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	—			—		(332,024		)	(11,095		)	—			(343,119		)
Cash distributions received from equity investees - return of investment	23,963			—		12,432			—			(23,963		)	12,432
Investments in equity investees	(263,574		)	—		(94,551		)	—			263,574			(94,551		)
Acquisitions	—			—		(230,880		)	—			—			(230,880		)
Repayments on loan to non-guarantor subsidiary	—			—		4,512			—			(4,512		)	—
Proceeds from asset sales	—			—		1,910			—			—			1,910
Other, net	—			—		(1,622		)	—			—			(1,622		)
Net cash used in investing activities	(239,611		)	—		(640,223		)	(11,095		)	235,099			(655,830		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	1,593,300			—		—			—			—			1,593,300
Repayments on senior secured credit facility	(1,510,500		)	—		—			—			—			(1,510,500		)
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	263,574			—		263,574			—			(263,574		)	263,574
Distributions to partners/owners	(168,441		)	—		(168,441		)	9,401			159,040			(168,441		)
Other, net	—			—		(5,396		)	(3,825		)	4,473			(4,748		)
Net cash provided by financing activities	519,776			—		89,737			5,576			(100,061		)	515,028
Net increase (decrease) in cash and cash equivalents	10			—		(3,153		)	727			—			(2,416		)
Cash and cash equivalents at beginning of period	10			—		11,214			58			—			11,282
Cash and cash equivalents at end of period	$	20		$	—	$	8,061		$	785		$	—		$	8,866



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 assets 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 ownership interests to partners for cash	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 asset 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