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Condensed Consolidating Financial Information (Tables)
6 Months Ended
Jun. 30, 2015
Condensed Consolidating Financial Information [Abstract]  
Condensed Consolidating Financial Statements
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