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Condensed Consolidating Financial Information
9 Months Ended
Sep. 30, 2014
Condensed Consolidating Financial Information [Abstract]  
Condensed Consolidating Financial Information
17. Condensed Consolidating Financial Information
Our $1.05 billion 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 8 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, 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
$
9

 
$
—

 
$
16,240

 
$
676

 
$
—

 
$
16,925

Other current assets
1,189,487

 
—

 
429,295

 
55,263

 
(1,221,663
)
 
452,382

Total current assets
1,189,496

 
—

 
445,535

 
55,939

 
(1,221,663
)
 
469,307

Fixed assets, at cost
—

 
—

 
1,545,752

 
122,379

 
—

 
1,668,131

Less: Accumulated depreciation
—

 
—

 
(226,936
)
 
(21,209
)
 
—

 
(248,145
)
Net fixed assets
—

 
—

 
1,318,816

 
101,170

 
—

 
1,419,986

Goodwill
—

 
—

 
325,046

 
—

 
—

 
325,046

Other assets, net
29,585

 
—

 
236,933

 
148,196

 
(155,488
)
 
259,226

Equity investees
—

 
—

 
639,047

 
—

 
—

 
639,047

Investments in subsidiaries
1,442,767

 
—

 
127,585

 
—

 
(1,570,352
)
 
—

Total assets
$
2,661,848

 
$
—

 
$
3,092,962

 
$
305,305

 
$
(2,947,503
)
 
$
3,112,612

LIABILITIES AND PARTNERS’ CAPITAL
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
$
19,142

 
$
—

 
$
1,616,529

 
$
19,477

 
$
(1,221,251
)
 
$
433,897

Senior secured credit facility
335,000

 
—

 
—

 
—

 
—

 
335,000

Senior unsecured notes
1,050,673

 
—

 
—

 
—

 
—

 
1,050,673

Deferred tax liabilities
—

 
—

 
17,178

 
—

 
—

 
17,178

Other liabilities
—

 
—

 
15,277

 
158,870

 
(155,316
)
 
18,831

Total liabilities
1,404,815

 
—

 
1,648,984

 
178,347

 
(1,376,567
)
 
1,855,579

Partners’ capital
1,257,033

 
—

 
1,443,978

 
126,958

 
(1,570,936
)
 
1,257,033

Total liabilities and partners’ capital
$
2,661,848

 
$
—

 
$
3,092,962

 
$
305,305

 
$
(2,947,503
)
 
$
3,112,612



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 September 30, 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
$
—

 
$
—

 
$
887,709

 
$
22,104

 
$
(18,230
)
 
$
891,583

Refinery services
—

 
—

 
52,046

 
2,193

 
(3,031
)
 
51,208

Pipeline transportation services
—

 
—

 
15,313

 
6,010

 
—

 
21,323

Total revenues
—

 
—

 
955,068

 
30,307

 
(21,261
)
 
964,114

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs
—

 
—

 
849,337

 
22,601

 
(18,229
)
 
853,709

Refinery services operating costs
—

 
—

 
29,332

 
2,167

 
(2,468
)
 
29,031

Pipeline transportation operating costs
—

 
—

 
6,820

 
373

 
—

 
7,193

General and administrative
—

 
—

 
13,735

 
30

 
—

 
13,765

Depreciation and amortization
—

 
—

 
23,841

 
1,307

 
—

 
25,148

Total costs and expenses
—

 
—

 
923,065

 
26,478

 
(20,697
)
 
928,846

OPERATING INCOME
—

 
—

 
32,003

 
3,829

 
(564
)
 
35,268

Equity in earnings of subsidiaries
49,550

 
—

 
223

 
—

 
(49,773
)
 
—

Equity in earnings of equity investees
—

 
—

 
15,017

 
—

 
—

 
15,017

Interest (expense) income, net
(20,437
)
 
—

 
3,900

 
(3,904
)
 
—

 
(20,441
)
Income from continuing operations before income taxes
29,113

 
—

 
51,143

 
(75
)
 
(50,337
)
 
29,844

Income tax expense
—

 
—

 
(985
)
 
254

 
—

 
(731
)
Income from continuing operations
29,113

 
—

 
50,158

 
179

 
(50,337
)
 
29,113

Income from discontinued operations
—

 
—

 
—

 
—

 
—

 
—

NET INCOME
$
29,113

 
$
—

 
$
50,158

 
$
179

 
$
(50,337
)
 
$
29,113

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
$
—

 
$
—

 
$
1,013,036

 
$
38,908

 
$
(37,278
)
 
$
1,014,666

Refinery services
—

 
—

 
50,609

 
4,199

 
(2,398
)
 
52,410

Pipeline transportation services
—

 
—

 
16,604

 
6,613

 
—

 
23,217

Total revenues
—

 
—

 
1,080,249

 
49,720

 
(39,676
)
 
1,090,293

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs
—

 
—

 
996,937

 
39,201

 
(37,278
)
 
998,860

Refinery services operating costs
—

 
—

 
31,840

 
3,862

 
(2,662
)
 
33,040

Pipeline transportation operating costs
—

 
—

 
6,075

 
203

 
—

 
6,278

General and administrative
—

 
—

 
11,927

 
32

 
—

 
11,959

Depreciation and amortization
—

 
—

 
14,789

 
1,277

 
—

 
16,066

Total costs and expenses
—

 
—

 
1,061,568

 
44,575

 
(39,940
)
 
1,066,203

OPERATING INCOME
—

 
—

 
18,681

 
5,145

 
264

 
24,090

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 from continuing operations before income taxes
18,474

 
—

 
30,829

 
1,119

 
(31,860
)
 
18,562

Income tax expense
—

 
—

 
(505
)
 
(91
)
 
—

 
(596
)
Income from continuing operations
18,474

 
—

 
30,324

 
1,028

 
(31,860
)
 
17,966

Income from discontinued operations
—

 
—

 
508

 
—

 
—

 
508

NET INCOME
$
18,474

 
$
—

 
$
30,832

 
$
1,028

 
$
(31,860
)
 
$
18,474



Unaudited Condensed Consolidating Statement of Operations
Nine Months Ended September 30, 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
$
—

 
$
—

 
$
2,766,077

 
$
84,866

 
$
(75,698
)
 
$
2,775,245

Refinery services
—

 
—

 
155,470

 
12,838

 
(10,106
)
 
158,202

Pipeline transportation services
—

 
—

 
46,604

 
18,831

 
—

 
65,435

Total revenues
—

 
—

 
2,968,151

 
116,535

 
(85,804
)
 
2,998,882

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs
—

 
—

 
2,667,317

 
83,517

 
(75,697
)
 
2,675,137

Refinery services operating costs
—

 
—

 
91,322

 
12,225

 
(10,173
)
 
93,374

Pipeline transportation operating costs
—

 
—

 
21,778

 
1,276

 
—

 
23,054

General and administrative
—

 
—

 
40,381

 
90

 
—

 
40,471

Depreciation and amortization
—

 
—

 
61,017

 
3,902

 
—

 
64,919

Total costs and expenses
—

 
—

 
2,881,815

 
101,010

 
(85,870
)
 
2,896,955

OPERATING INCOME
—

 
—

 
86,336

 
15,525

 
66

 
101,927

Equity in earnings of subsidiaries
127,343

 
—

 
3,982

 
—

 
(131,325
)
 
—

Equity in earnings of equity investees
—

 
—

 
27,757

 
—

 
—

 
27,757

Interest (expense) income, net
(47,307
)
 
—

 
11,798

 
(11,805
)
 
—

 
(47,314
)
Income from continuing operations before income taxes
80,036

 
—

 
129,873

 
3,720

 
(131,259
)
 
82,370

Income tax expense
—

 
—

 
(2,462
)
 
128

 
—

 
(2,334
)
Income from continuing operations
80,036

 
—

 
127,411

 
3,848

 
(131,259
)
 
80,036

Income from discontinued operations
—

 
—

 
—

 
—

 
—

 
—

NET INCOME
$
80,036

 
$
—

 
$
127,411

 
$
3,848

 
$
(131,259
)
 
$
80,036



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
$
—

 
$
—

 
$
2,940,710

 
$
112,977

 
$
(99,795
)
 
$
2,953,892

Refinery services
—

 
—

 
150,058

 
13,558

 
(10,246
)
 
153,370

Pipeline transportation services
—

 
—

 
46,461

 
20,072

 
—

 
66,533

Total revenues
—

 
—

 
3,137,229

 
146,607

 
(110,041
)
 
3,173,795

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs
—

 
—

 
2,879,118

 
106,713

 
(99,795
)
 
2,886,036

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
—

 
—

 
34,620

 
92

 
—

 
34,712

Depreciation and amortization
—

 
—

 
43,691

 
3,089

 
—

 
46,780

Total costs and expenses
—

 
—

 
3,072,848

 
123,564

 
(110,073
)
 
3,086,339

OPERATING INCOME
—

 
—

 
64,381

 
23,043

 
32

 
87,456

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
)
 
—

 
12,087

 
(12,161
)
 
—

 
(36,283
)
Income from continuing operations before income taxes
68,222

 
—

 
103,935

 
10,882

 
(115,248
)
 
67,791

Income tax benefit (expense)
—

 
—

 
(335
)
 
(175
)
 
—

 
(510
)
Income from continuing operations
68,222

 
—

 
103,600

 
10,707

 
(115,248
)
 
67,281

Income from discontinued operations
—

 
—

 
941

 
—

 
—

 
941

NET INCOME
$
68,222

 
$
—

 
$
104,541

 
$
10,707

 
$
(115,248
)
 
$
68,222





Unaudited Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 30, 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
$
17,760

 
$
—

 
$
288,988

 
$
10,706

 
$
(109,335
)
 
$
208,119

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

 
—

 
(330,287
)
 
(5,774
)
 
—

 
(336,061
)
Cash distributions received from equity investees - return of investment
38,236

 
—

 
11,353

 
—

 
(38,237
)
 
11,352

Investments in equity investees
(225,610
)
 
—

 
(40,426
)
 
—

 
225,610

 
(40,426
)
Repayments on loan to non-guarantor subsidiary
—

 
—

 
3,697

 
—

 
(3,697
)
 
—

Proceeds from asset sales
—

 
—

 
178

 
—

 
—

 
178

Other, net
—

 
—

 
(4,690
)
 
(16
)
 
—

 
(4,706
)
Net cash provided by (used) in investing activities
(187,374
)
 
—

 
(360,175
)
 
(5,790
)
 
183,676

 
(369,663
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Borrowings on senior secured credit facility
1,420,900

 
—

 
—

 
—

 
—

 
1,420,900

Repayments on senior secured credit facility
(1,668,700
)
 
—

 
—

 
—

 
—

 
(1,668,700
)
Proceeds from issuance of senior unsecured notes
350,000

 
—

 
—

 
—

 
—

 
350,000

Debt issuance costs
(11,857
)
 
—

 
—

 
—

 
—

 
(11,857
)
Issuance of common units for cash, net
225,610

 
—

 
225,610

 
—

 
(225,610
)
 
225,610

Distributions to partners/owners
(146,350
)
 
—

 
(146,350
)
 
(1,253
)
 
147,603

 
(146,350
)
Other, net
—

 
—

 
106

 
(3,772
)
 
3,666

 
—

Net cash provided by (used in) financing activities
169,603

 
—

 
79,366

 
(5,025
)
 
(74,341
)
 
169,603

Net (decrease) increase in cash and cash equivalents
(11
)
 
—

 
8,179

 
(109
)
 
—

 
8,059

Cash and cash equivalents at beginning of period
20

 
—

 
8,061

 
785

 
—

 
8,866

Cash and cash equivalents at end of period
$
9

 
$
—

 
$
16,240

 
$
676

 
$
—

 
$
16,925


 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 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
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