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 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 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

March 31, 2014



	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	$	19	$	—	$	10,874		$	783		$	—		$	11,676
Other current assets	1,181,454		—		415,347			54,713			(1,208,854		)	442,660
Total current assets	1,181,473		—		426,221			55,496			(1,208,854		)	454,336
Fixed assets, at cost	—		—		1,298,704			116,739			—			1,415,443
Less: Accumulated depreciation	—		—		(193,084		)	(18,605		)	—			(211,689		)
Net fixed assets	—		—		1,105,620			98,134			—			1,203,754
Goodwill	—		—		325,046			—			—			325,046
Other assets, net	20,295		—		234,875			151,035			(157,983		)	248,222
Equity investees	—		—		626,195			—			—			626,195
Investments in subsidiaries	1,231,287		—		126,331			—			(1,357,618		)	—
Total assets	$	2,433,055	$	—	$	2,844,288		$	304,665		$	(2,724,455	)	$	2,857,553
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities	$	11,756	$	—	$	1,580,761		$	17,926		$	(1,209,010	)	$	401,433
Senior secured credit facility	640,500		—		—			—			—			640,500
Senior unsecured notes	700,740		—		—			—			—			700,740
Deferred tax liabilities	—		—		16,285			—			—			16,285
Other liabilities	—		—		14,833			161,510			(157,807		)	18,536
Total liabilities	1,352,996		—		1,611,879			179,436			(1,366,817		)	1,777,494
Partners’ capital	1,080,059		—		1,232,409			125,229			(1,357,638		)	1,080,059
Total liabilities and partners’ capital	$	2,433,055	$	—	$	2,844,288		$	304,665		$	(2,724,455	)	$	2,857,553

Unaudited 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	—		—		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 facility	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

Unaudited Condensed Consolidating Statement of Operations

Three Months Ended March 31, 2014



	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	$	—		$	—	$	942,037		$	32,211		$	(29,642	)	$	944,606
Refinery services	—			—		51,730			6,074			(3,611		)	54,193
Pipeline transportation services	—			—		14,607			6,313			—			20,920
Total revenues	—			—		1,008,374			44,598			(33,253		)	1,019,719
COSTS AND EXPENSES:
Supply and logistics costs	—			—		911,120			30,874			(29,640		)	912,354
Refinery services operating costs	—			—		31,591			5,846			(4,242		)	33,195
Pipeline transportation operating costs	—			—		7,055			423			—			7,478
General and administrative	—			—		11,980			30			—			12,010
Depreciation and amortization	—			—		17,995			1,285			—			19,280
Total costs and expenses	—			—		979,741			38,458			(33,882		)	984,317
OPERATING INCOME	—			—		28,633			6,140			629			35,402
Equity in earnings of subsidiaries	42,579			—		2,164			—			(44,743		)	—
Equity in earnings of equity investees	—			—		7,818			—			—			7,818
Interest (expense) income, net	(12,804		)	—		3,966			(3,966		)	—			(12,804		)
Income before income taxes	29,775			—		42,581			2,174			(44,114		)	30,416
Income tax expense	—			—		(587		)	(54		)	—			(641		)
Income from continuing operations	29,775			—		41,994			2,120			(44,114		)	29,775
Income from discontinued operations	—			—		—			—			—			—
NET INCOME	$	29,775		$	—	$	41,994		$	2,120		$	(44,114	)	$	29,775

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	$	—		$	—	$	938,083	$	38,945		$	(32,483	)	$	944,545
Refinery services	—			—		47,767		5,563			(3,846		)	49,484
Pipeline transportation services	—			—		14,126		6,653			—			20,779
Total revenues	—			—		999,976		51,161			(36,329		)	1,014,808
COSTS AND EXPENSES:
Supply and logistics costs	—			—		916,808		34,291			(32,483		)	918,616
Refinery services operating costs	—			—		31,167		5,282			(4,006		)	32,443
Pipeline transportation operating costs	—			—		6,754		330			—			7,084
General and administrative	—			—		11,578		33			—			11,611
Depreciation and amortization	—			—		14,147		902			—			15,049
Total costs and expenses	—			—		980,454		40,838			(36,489		)	984,803
OPERATING INCOME	—			—		19,522		10,323			160			30,005
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			—		33,743		6,241			(40,330		)	22,500
Income tax benefit (expense)	—			—		257		(54		)	—			203
Income from continuing operations	22,846			—		34,000		6,187			(40,330		)	22,703
Income from discontinued operations	—			—		143		—			—			143
NET INCOME	$	22,846		$	—	$	34,143	$	6,187		$	(40,330	)	$	22,846

Unaudited Condensed Consolidating Statement of Cash Flows

Three Months Ended March 31, 2014



	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	$	(27,470	)	$	—	$	162,508		$	2,522		$	(31,472	)	$	106,088
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	—			—		(104,130		)	(124		)	—			(104,254		)
Cash distributions received from equity investees - return of investment	17,222			—		2,636			—			(17,222		)	2,636
Investments in equity investees				—		(10,709		)	—			—			(10,709		)
Repayments on loan to non-guarantor subsidiary	—			—		1,201			—			(1,201		)	—
Proceeds from asset sales	—			—		72			—			—			72
Other, net	—			—		(1,270		)	—			—			(1,270		)
Net cash provided by (used) in investing activities	17,222			—		(112,200		)	(124		)	(18,423		)	(113,525		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	249,900			—		—			—			—			249,900
Repayments on senior secured credit facility	(192,200		)	—		—			—			—			(192,200		)
Distributions to partners/owners	(47,453		)	—		(47,453		)	(1,251		)	48,704			(47,453		)
Other, net	—			—		(42		)	(1,149		)	1,191			—
Net cash provided by (used in) financing activities	10,247			—		(47,495		)	(2,400		)	49,895			10,247
Net (decrease) increase in cash and cash equivalents	(1		)	—		2,813			(2		)	—			2,810
Cash and cash equivalents at beginning of period	20			—		8,061			785			—			8,866
Cash and cash equivalents at end of period	$	19		$	—	$	10,874		$	783		$	—		$	11,676

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