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