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Condensed Consolidating Financial Information
6 Months Ended
Jun. 30, 2015
Condensed Consolidating Financial Information [Abstract]  
Condensed Consolidating Financial Information
17. Condensed Consolidating Financial Information
Our $1.1 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 9 for additional information regarding our consolidated debt obligations.
During the second quarter of 2015, the Company took action related to certain non-guarantor subsidiaries that resulted in these subsidiaries previously categorized as non-guarantor subsidiaries becoming wholly owned guarantor subsidiaries. The changes made to guarantor subsidiaries did not impact the Company's previously reported consolidated net operating results, financial position, or cash flows. The condensed consolidating balance sheet as of December 31, 2014 and the condensed consolidating statements of operations for the three and six months ended June 30, 2014 as well as the condensed consolidating statements of cash flows for the six months ended June 30, 2014 have been retrospectively adjusted to reflect these updates to our guarantor subsidiaries as though the subsidiaries had been guarantors in all periods presented.
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
June 30, 2015

 
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
$
6

 
$
—

 
$
8,006

 
$
707

 
$
—

 
$
8,719

Other current assets
1,406,653

 
—

 
338,521

 
50,763

 
(1,444,886
)
 
351,051

Total current assets
1,406,659

 
—

 
346,527

 
51,470

 
(1,444,886
)
 
359,770

Fixed assets, at cost
—

 
—

 
2,045,180

 
75,466

 
—

 
2,120,646

Less: Accumulated depreciation
—

 
—

 
(286,734
)
 
(18,142
)
 
—

 
(304,876
)
Net fixed assets
—

 
—

 
1,758,446

 
57,324

 
—

 
1,815,770

Goodwill
—

 
—

 
325,046

 
—

 
—

 
325,046

Other assets, net
29,677

 
—

 
267,482

 
143,627

 
(151,500
)
 
289,286

Equity investees
—

 
—

 
614,409

 
—

 
—

 
614,409

Investments in subsidiaries
1,602,824

 
—

 
100,279

 
—

 
(1,703,103
)
 
—

Total assets
$
3,039,160

 
$
—

 
$
3,412,189

 
$
252,421

 
$
(3,299,489
)
 
$
3,404,281

LIABILITIES AND PARTNERS’ CAPITAL
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
$
12,471

 
$
—

 
$
1,772,548

 
$
2,113

 
$
(1,445,014
)
 
$
342,118

Senior secured credit facility
585,200

 
—

 
—

 
—

 
—

 
585,200

Senior unsecured notes
1,100,000

 
—

 
—

 
—

 
—

 
1,100,000

Deferred tax liabilities
—

 
—

 
20,005

 
—

 
—

 
20,005

Other liabilities
—

 
—

 
15,470

 
151,331

 
(151,332
)
 
15,469

Total liabilities
1,697,671

 
—

 
1,808,023

 
153,444

 
(1,596,346
)
 
2,062,792

Partners’ capital
1,341,489

 
—

 
1,604,166

 
98,977

 
(1,703,143
)
 
1,341,489

Total liabilities and partners’ capital
$
3,039,160

 
$
—

 
$
3,412,189

 
$
252,421

 
$
(3,299,489
)
 
$
3,404,281


Unaudited Condensed Consolidating Balance Sheet
December 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
$
9

 
$
—

 
$
8,310

 
$
1,143

 
$
—

 
$
9,462

Other current assets
1,378,573

 
—

 
333,385

 
46,215

 
(1,412,269
)
 
345,904

Total current assets
1,378,582

 
—

 
341,695

 
47,358

 
(1,412,269
)
 
355,366

Fixed assets, at cost
—

 
—

 
1,823,556

 
75,502

 
—

 
1,899,058

Less: Accumulated depreciation
—

 
—

 
(251,171
)
 
(16,886
)
 
—

 
(268,057
)
Net fixed assets
—

 
—

 
1,572,385

 
58,616

 
—

 
1,631,001

Goodwill
—

 
—

 
325,046

 
—

 
—

 
325,046

Other assets, net
28,421

 
—

 
269,252

 
146,700

 
(154,192
)
 
290,181

Equity investees
—

 
—

 
628,780

 
—

 
—

 
628,780

Investments in subsidiaries
1,434,255

 
—

 
97,195

 
—

 
(1,531,450
)
 
—

Total assets
$
2,841,258

 
$
—

 
$
3,234,353

 
$
252,674

 
$
(3,097,911
)
 
$
3,230,374

LIABILITIES AND PARTNERS’ CAPITAL
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
$
11,016

 
$
—

 
$
1,761,856

 
$
2,705

 
$
(1,412,432
)
 
$
363,145

Senior secured credit facility
550,400

 
—

 
—

 
—

 
—

 
550,400

Senior unsecured notes
1,050,639

 
—

 
—

 
—

 
—

 
1,050,639

Deferred tax liabilities
—

 
—

 
18,754

 
—

 
—

 
18,754

Other liabilities
—

 
—

 
18,233

 
154,021

 
(154,021
)
 
18,233

Total liabilities
1,612,055

 
—

 
1,798,843

 
156,726

 
(1,566,453
)
 
2,001,171

Partners’ capital
1,229,203

 
—

 
1,435,510

 
95,948

 
(1,531,458
)
 
1,229,203

Total liabilities and partners’ capital
$
2,841,258

 
$
—

 
$
3,234,353

 
$
252,674

 
$
(3,097,911
)
 
$
3,230,374



























Unaudited Condensed Consolidating Statement of Operations
Three Months Ended June 30, 2015
 
 
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:
 
 
 
 
 
 
 
 
 
 
 
Pipeline transportation services
$
—

 
$
—

 
$
14,378

 
$
5,813

 
$
—

 
$
20,191

Refinery services
—

 
—

 
45,272

 
5,859

 
(4,807
)
 
46,324

Marine transportation
—

 
—

 
62,594

 
—

 
—

 
62,594

Supply and logistics
—

 
—

 
529,073

 
(3,966
)
 
2,111

 
527,218

Total revenues
—

 
—

 
651,317

 
7,706

 
(2,696
)
 
656,327

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs
—

 
—

 
517,230

 
(3,433
)
 
2,110

 
515,907

Marine transportation costs
—

 
—

 
35,286

 
—

 
—

 
35,286

Refinery services operating costs
—

 
—

 
25,081

 
5,526

 
(4,772
)
 
25,835

Pipeline transportation operating costs
—

 
—

 
6,974

 
(92
)
 
—

 
6,882

General and administrative
—

 
—

 
14,861

 
(29
)
 
—

 
14,832

Depreciation and amortization
—

 
—

 
28,249

 
(44
)
 
—

 
28,205

Total costs and expenses
—

 
—

 
627,681

 
1,928

 
(2,662
)
 
626,947

OPERATING INCOME
—

 
—

 
23,636

 
5,778

 
(34
)
 
29,380

Equity in earnings of subsidiaries
48,777

 
—

 
2,099

 
—

 
(50,876
)
 
—

Equity in earnings of equity investees
—

 
—

 
18,661

 
—

 
—

 
18,661

Interest (expense) income, net
(17,887
)
 
—

 
3,787

 
(3,805
)
 
—

 
(17,905
)
Other income/(expense), net
(19,225
)
 
—

 
1,696

 
—

 
—

 
(17,529
)
Income before income taxes
11,665

 
—

 
49,879

 
1,973

 
(50,910
)
 
12,607

Income tax benefit (expense)
—

 
—

 
(1,023
)
 
81

 
—

 
(942
)
NET INCOME
$
11,665

 
$
—

 
$
48,856

 
$
2,054

 
$
(50,910
)
 
$
11,665


Unaudited Condensed Consolidating Statement of Operations
Three Months Ended June 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:
 
 
 
 
 
 
 
 
 
 
 
Pipeline transportation services
$
—

 
$
—

 
$
16,942

 
$
6,250

 
$
—

 
$
23,192

Refinery services
—

 
—

 
51,694

 
4,571

 
(3,464
)
 
52,801

Marine transportation
—

 
—

 
55,948

 
—

 
—

 
55,948

Supply and logistics
—

 
—

 
883,108

 
—

 
—

 
883,108

Total revenues
—

 
—

 
1,007,692

 
10,821

 
(3,464
)
 
1,015,049

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs
—

 
—

 
872,169

 
—

 
—

 
872,169

Marine transportation costs
—

 
—

 
36,905

 
—

 
—

 
36,905

Refinery services operating costs
—

 
—

 
30,399

 
4,212

 
(3,463
)
 
31,148

Pipeline transportation operating costs
—

 
—

 
8,172

 
211

 
—

 
8,383

General and administrative
—

 
—

 
14,696

 
—

 
—

 
14,696

Depreciation and amortization
—

 
—

 
19,851

 
640

 
—

 
20,491

Total costs and expenses
—

 
—

 
982,192

 
5,063

 
(3,463
)
 
983,792

OPERATING INCOME
—

 
—

 
25,500

 
5,758

 
(1
)
 
31,257

Equity in earnings of subsidiaries
35,214

 
—

 
1,796

 
—

 
(37,010
)
 
—

Equity in earnings of equity investees
—

 
—

 
4,922

 
—

 
—

 
4,922

Interest (expense) income, net
(14,066
)
 
—

 
3,932

 
(3,935
)
 
—

 
(14,069
)
Income before income taxes
21,148

 
—

 
36,150

 
1,823

 
(37,011
)
 
22,110

Income tax expense
—

 
—

 
(890
)
 
(72
)
 
—

 
(962
)
NET INCOME
$
21,148

 
$
—

 
$
35,260

 
$
1,751

 
$
(37,011
)
 
$
21,148


Unaudited Condensed Consolidating Statement of Operations
Six Months Ended June 30, 2015
 
 
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:
 
 
 
 
 
 
 
 
 
 
 
Pipeline transportation services
$
—

 
$
—

 
$
27,792

 
$
12,257

 
$
—

 
$
40,049

Refinery services
—

 
—

 
90,591

 
7,971

 
(6,114
)
 
92,448

Marine transportation
—

 
—

 
119,965

 
—

 
—

 
119,965

Supply and logistics
—

 
—

 
930,722

 
—

 
—

 
930,722

Total revenues
—

 
—

 
1,169,070

 
20,228

 
(6,114
)
 
1,183,184

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs
—

 
—

 
912,064

 
—

 
—

 
912,064

Marine transportation costs
—

 
—

 
66,880

 
—

 
—

 
66,880

Refinery services operating costs
—

 
—

 
51,300

 
7,645

 
(6,083
)
 
52,862

Pipeline transportation operating costs
—

 
—

 
13,455

 
341

 
—

 
13,796

General and administrative
—

 
—

 
28,053

 
—

 
—

 
28,053

Depreciation and amortization
—

 
—

 
54,045

 
1,285

 
—

 
55,330

Total costs and expenses
—

 
—

 
1,125,797

 
9,271

 
(6,083
)
 
1,128,985

OPERATING INCOME
—

 
—

 
43,273

 
10,957

 
(31
)
 
54,199

Equity in earnings of subsidiaries
88,184

 
—

 
3,486

 
—

 
(91,670
)
 
—

Equity in earnings of equity investees
—

 
—

 
34,180

 
—

 
—

 
34,180

Interest (expense) income, net
(37,079
)
 
—

 
7,601

 
(7,642
)
 
—

 
(37,120
)
Other income/(expense), net
(19,225
)
 
—

 
1,696

 
—

 
—

 
(17,529
)
Income before income taxes
31,880

 
—

 
90,236

 
3,315

 
(91,701
)
 
33,730

Income tax expense
—

 
—

 
(1,934
)
 
84

 
—

 
(1,850
)
NET INCOME
$
31,880

 
$
—

 
$
88,302

 
$
3,399

 
$
(91,701
)
 
$
31,880


Unaudited Condensed Consolidating Statement of Operations
Six Months Ended June 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:
 
 
 
 
 
 
 
 
 
 
 
Pipeline transportation services
$
—

 
$
—

 
$
31,477

 
$
12,635

 
$
—

 
$
44,112

Refinery services
—

 
—

 
103,424

 
10,645

 
(7,075
)
 
106,994

Marine transportation
—

 
—

 
112,241

 
—

 
—

 
112,241

Supply and logistics
—

 
—

 
1,771,421

 
—

 
—

 
1,771,421

Total revenues
—

 
—

 
2,018,563

 
23,280

 
(7,075
)
 
2,034,768

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs
—

 
—

 
1,748,749

 
—

 
—

 
1,748,749

Marine transportation costs
—

 
—

 
72,679

 
—

 
—

 
72,679

Refinery services operating costs
—

 
—

 
61,990

 
10,058

 
(7,705
)
 
64,343

Pipeline transportation operating costs
—

 
—

 
15,408

 
453

 
—

 
15,861

General and administrative
—

 
—

 
26,706

 
—

 
—

 
26,706

Depreciation and amortization
—

 
—

 
38,511

 
1,260

 
—

 
39,771

Total costs and expenses
—

 
—

 
1,964,043

 
11,771

 
(7,705
)
 
1,968,109

OPERATING INCOME
—

 
—

 
54,520

 
11,509

 
630

 
66,659

Equity in earnings of subsidiaries
77,793

 
—

 
3,572

 
—

 
(81,365
)
 
—

Equity in earnings of equity investees
—

 
—

 
12,740

 
—

 
—

 
12,740

Interest (expense) income, net
(26,870
)
 
—

 
7,898

 
(7,901
)
 
—

 
(26,873
)
Income before income taxes
50,923

 
—

 
78,730

 
3,608

 
(80,735
)
 
52,526

Income tax benefit (expense)
—

 
—

 
(1,477
)
 
(126
)
 
—

 
(1,603
)
NET INCOME
$
50,923

 
$
—

 
$
77,253

 
$
3,482

 
$
(80,735
)
 
$
50,923




Unaudited Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2015
 
 
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
$
(30,856
)
 
$
—

 
$
145,231

 
$
2,233

 
$
(45,506
)
 
$
71,102

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

 
—

 
(240,646
)
 
—

 
—

 
(240,646
)
Cash distributions received from equity investees - return of investment
71,787

 
—

 
11,490

 
—

 
(71,787
)
 
11,490

Investments in equity investees
(197,722
)
 
—

 
(1,750
)
 
—

 
197,722

 
(1,750
)
Repayments on loan to non-guarantor subsidiary
—

 
—

 
2,692

 
—

 
(2,692
)
 
—

Proceeds from asset sales
—

 
—

 
2,228

 
—

 
—

 
2,228

Other, net
—

 
—

 
(729
)
 
—

 
—

 
(729
)
Net cash provided by (used) in investing activities
(125,935
)
 
—

 
(226,715
)
 
—

 
123,243

 
(229,407
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Borrowings on senior secured credit facility
550,500

 
—

 
—

 
—

 
—

 
550,500

Repayments on senior secured credit facility
(515,700
)
 
—

 
—

 
—

 
—

 
(515,700
)
Proceeds from issuance of senior unsecured notes
400,000

 
—

 
—

 
—

 
—

 
400,000

Repayment of senior unsecured notes
(350,000
)
 
—

 
—

 
—

 
—

 
(350,000
)
Debt issuance costs
(8,418
)
 
—

 
—

 
—

 
—

 
(8,418
)
Issuance of common units for cash, net
197,722

 
—

 
197,722

 
—

 
(197,722
)
 
197,722

Distributions to partners/owners
(117,316
)
 
—

 
(117,316
)
 
—

 
117,316

 
(117,316
)
Other, net
—

 
—

 
774

 
(2,669
)
 
2,669

 
774

Net cash provided by (used in) financing activities
156,788

 
—

 
81,180

 
(2,669
)
 
(77,737
)
 
157,562

Net (decrease) increase in cash and cash equivalents
(3
)
 
—

 
(304
)
 
(436
)
 
—

 
(743
)
Cash and cash equivalents at beginning of period
9

 
—

 
8,310

 
1,143

 
—

 
9,462

Cash and cash equivalents at end of period
$
6

 
$
—

 
$
8,006

 
$
707

 
$
—

 
$
8,719

 Unaudited Condensed Consolidating Statement of Cash Flows
Six Months Ended June 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
$
(175,807
)
 
$
—

 
$
351,163

 
$
2,672

 
$
(72,831
)
 
$
105,197

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

 
—

 
(240,994
)
 
—

 
—

 
(240,994
)
Cash distributions received from equity investees - return of investment
23,385

 
—

 
6,173

 
—

 
(23,385
)
 
6,173

Investments in equity investees
—

 
—

 
(14,826
)
 
—

 
—

 
(14,826
)
Repayments on loan to non-guarantor subsidiary
—

 
—

 
2,433

 
—

 
(2,433
)
 
—

Proceeds from asset sales
—

 
—

 
133

 
—

 
—

 
133

Other, net
—

 
—

 
(2,635
)
 
—

 
—

 
(2,635
)
Net cash used in investing activities
23,385

 
—

 
(249,716
)
 
—

 
(25,818
)
 
(252,149
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Borrowings on senior secured credit facility
1,181,200

 
—

 
—

 
—

 
—

 
1,181,200

Repayments on senior secured credit facility
(1,271,800
)
 
—

 
—

 
—

 
—

 
(1,271,800
)
Proceeds from issuance of senior unsecured notes
350,000

 
—

 
—

 
—

 
—

 
350,000

Debt issuance costs
(10,752
)
 
—

 
—

 
—

 
—

 
(10,752
)
Issuance of common units for cash, net
—

 
—

 
—

 
—

 
—

 
—

Distributions to partners/owners
(96,236
)
 
—

 
(96,236
)
 
—

 
96,236

 
(96,236
)
Other, net
—

 
—

 
—

 
(2,413
)
 
2,413

 
—

Net cash provided by (used in) financing activities
152,412

 
—

 
(96,236
)
 
(2,413
)
 
98,649

 
152,412

Net (decrease) increase in cash and cash equivalents
(10
)
 
—

 
5,211

 
259

 
—

 
5,460

Cash and cash equivalents at beginning of period
20

 
—

 
8,050

 
796

 
—

 
8,866

Cash and cash equivalents at end of period
$
10

 
$
—

 
$
13,261

 
$
1,055

 
$
—

 
$
14,326