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Condensed Consolidating Financial Information (Tables)
6 Months Ended
Jun. 30, 2016
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, 2016

 
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

 
$

 
$
6,933

 
$
1,611

 
$

 
$
8,550

Other current assets
100

 

 
353,548

 
10,868

 
(540
)
 
363,976

Total current assets
106

 

 
360,481

 
12,479

 
(540
)
 
372,526

Fixed assets, at cost

 

 
4,511,453

 
77,585

 

 
4,589,038

Less: Accumulated depreciation

 

 
(440,277
)
 
(22,967
)
 

 
(463,244
)
Net fixed assets

 

 
4,071,176

 
54,618

 

 
4,125,794

Goodwill

 

 
325,046

 

 

 
325,046

Other assets, net
12,734

 

 
398,460

 
137,028

 
(133,335
)
 
414,887

Advances to affiliates
2,843,031

 

 

 
60,272

 
(2,903,303
)
 

Equity investees

 

 
427,558

 

 

 
427,558

Investments in subsidiaries
2,336,668

 

 
90,100

 

 
(2,426,768
)
 

Total assets
$
5,192,539

 
$

 
$
5,672,821

 
$
264,397

 
$
(5,463,946
)
 
$
5,665,811

LIABILITIES AND PARTNERS’ CAPITAL
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
$
34,555

 
$

 
$
233,286

 
$

 
$
(227
)
 
$
267,614

Senior secured credit facility
1,405,800

 

 

 

 

 
1,405,800

Senior unsecured notes
1,810,101

 

 

 

 

 
1,810,101

Deferred tax liabilities

 

 
23,995

 

 

 
23,995

Advances from affiliates

 

 
2,903,302

 

 
(2,903,302
)
 

Other liabilities

 

 
182,661

 
175,332

 
(133,173
)
 
224,820

Total liabilities
3,250,456

 

 
3,343,244

 
175,332

 
(3,036,702
)
 
3,732,330

Partners’ capital, common units
1,942,083

 

 
2,329,577

 
97,667

 
(2,427,244
)
 
1,942,083

Noncontrolling interests

 

 

 
(8,602
)
 

 
(8,602
)
Total liabilities and partners’ capital
$
5,192,539

 
$

 
$
5,672,821

 
$
264,397

 
$
(5,463,946
)
 
$
5,665,811


Unaudited Condensed Consolidating Balance Sheet
December 31, 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

 
$

 
$
8,288

 
$
2,601

 
$

 
$
10,895

Other current assets
50

 

 
285,313

 
10,422

 
(364
)
 
295,421

Total current assets
56

 

 
293,601

 
13,023

 
(364
)
 
306,316

Fixed assets, at cost

 

 
4,232,641

 
77,585

 

 
4,310,226

Less: Accumulated depreciation

 

 
(356,530
)
 
(21,717
)
 

 
(378,247
)
Net fixed assets

 

 
3,876,111

 
55,868

 

 
3,931,979

Goodwill

 

 
325,046

 

 

 
325,046

Other assets, net
13,140

 

 
394,294

 
140,409

 
(125,977
)
 
421,866

Advances to affiliates
2,619,493

 

 

 
47,034

 
(2,666,527
)
 

Equity investees

 

 
474,392

 

 

 
474,392

Investments in subsidiaries
2,353,804

 

 
90,741

 

 
(2,444,545
)
 

Total assets
$
4,986,493

 
$

 
$
5,454,185

 
$
256,334

 
$
(5,237,413
)
 
$
5,459,599

LIABILITIES AND PARTNERS’ CAPITAL
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
$
35,338

 
$

 
$
267,294

 
$

 
$
(496
)
 
$
302,136

Senior secured credit facility
1,115,000

 

 

 

 

 
1,115,000

Senior unsecured notes
1,807,054

 

 

 

 

 
1,807,054

Deferred tax liabilities

 

 
22,586

 

 

 
22,586

Advances from affiliates

 

 
2,666,527

 

 
(2,666,527
)
 

Other liabilities

 

 
150,877

 
167,006

 
(125,811
)
 
192,072

Total liabilities
2,957,392

 

 
3,107,284

 
167,006

 
(2,792,834
)
 
3,438,848

Partners’ capital, common units
2,029,101

 

 
2,346,901

 
97,678

 
(2,444,579
)
 
2,029,101

Noncontrolling interests

 

 

 
(8,350
)
 

 
(8,350
)
Total liabilities and partners’ capital
$
4,986,493

 
$

 
$
5,454,185

 
$
256,334

 
$
(5,237,413
)
 
$
5,459,599

























Unaudited Condensed Consolidating Statement of Operations
Three Months Ended June 30, 2016
 
 
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:
 
 
 
 
 
 
 
 
 
 
 
Offshore pipeline transportation services
$

 
$

 
$
78,994

 
$

 
$

 
$
78,994

Onshore pipeline transportation services

 

 
11,264

 
4,986

 

 
16,250

Refinery services

 

 
42,115

 
1,715

 
(2,506
)
 
41,324

Marine transportation

 

 
52,609

 

 

 
52,609

Supply and logistics

 

 
256,799

 

 

 
256,799

Total revenues

 

 
441,781

 
6,701

 
(2,506
)
 
445,976

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Offshore pipeline transportation operating costs

 

 
22,044

 
632

 

 
22,676

Onshore pipeline transportation operating costs

 

 
5,480

 
280

 

 
5,760

Refinery services operating costs

 

 
22,167

 
1,918

 
(2,506
)
 
21,579

Marine transportation costs

 

 
34,430

 

 

 
34,430

Supply and logistics costs

 

 
246,360

 

 

 
246,360

General and administrative

 

 
11,283

 

 

 
11,283

Depreciation and amortization

 

 
55,275

 
625

 

 
55,900

Total costs and expenses

 

 
397,039

 
3,455

 
(2,506
)
 
397,988

OPERATING INCOME

 

 
44,742

 
3,246

 

 
47,988

Equity in earnings of subsidiaries
60,205

 

 
(156
)
 

 
(60,049
)
 

Equity in earnings of equity investees

 

 
12,157

 

 

 
12,157

Interest (expense) income, net
(35,508
)
 

 
3,632

 
(3,659
)
 

 
(35,535
)
Other income/(expense), net

 

 

 

 

 

Income before income taxes
24,697

 

 
60,375

 
(413
)
 
(60,049
)
 
24,610

Income tax benefit (expense)

 

 
(1,097
)
 
88

 

 
(1,009
)
NET INCOME
24,697

 

 
59,278

 
(325
)
 
(60,049
)
 
23,601

Net loss attributable to noncontrolling interest

 

 

 
126

 

 
126

NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.
$
24,697

 
$

 
$
59,278

 
$
(199
)
 
$
(60,049
)
 
$
23,727


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:
 
 
 
 
 
 
 
 
 
 
 
Offshore pipeline transportation services
$

 
$

 
$
1,258

 
$

 
$

 
$
1,258

Onshore pipeline transportation services

 

 
13,120

 
5,813

 

 
18,933

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:
 
 
 
 
 
 
 
 
 
 
 
Offshore pipeline transportation operating costs

 

 
400

 

 

 
400

Onshore pipeline transportation operating costs

 

 
6,574

 
(92
)
 

 
6,482

Refinery services operating costs

 

 
25,081

 
5,526

 
(4,772
)
 
25,835

Marine transportation costs

 

 
35,286

 

 

 
35,286

Supply and logistics costs

 

 
517,230

 
(3,433
)
 
2,110

 
515,907

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 expense

 

 
(1,023
)
 
81

 

 
(942
)
NET INCOME
$
11,665

 
$

 
$
48,856

 
$
2,054

 
$
(50,910
)
 
$
11,665

Unaudited Condensed Consolidating Statement of Operations
Six Months Ended June 30, 2016
 
 
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:
 
 
 
 
 
 
 
 
 
 
 
Offshore pipeline transportation services
$

 
$

 
$
155,120

 
$

 
$

 
$
155,120

Onshore pipeline transportation services

 

 
23,870

 
10,531

 

 
34,401

Refinery services

 

 
84,409

 
2,518

 
(3,067
)
 
83,860

Marine transportation

 

 
104,645

 

 

 
104,645

Supply and logistics

 

 
446,364

 

 

 
446,364

Total revenues

 

 
814,408

 
13,049

 
(3,067
)
 
824,390

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Offshore pipeline transportation operating costs

 

 
39,349

 
1,261

 

 
40,610

Onshore pipeline transportation operating costs

 

 
11,920

 
576

 

 
12,496

Refinery services operating costs

 

 
42,613

 
3,018

 
(3,067
)
 
42,564

Marine transportation costs

 

 
67,452

 

 

 
67,452

Supply and logistics costs

 

 
427,393

 

 

 
427,393

General and administrative

 

 
23,504

 

 

 
23,504

Depreciation and amortization

 

 
101,285

 
1,250

 

 
102,535

Total costs and expenses

 

 
713,516

 
6,105

 
(3,067
)
 
716,554

OPERATING INCOME

 

 
100,892

 
6,944

 

 
107,836

Equity in earnings of subsidiaries
128,863

 

 
(78
)
 

 
(128,785
)
 

Equity in earnings of equity investees

 

 
22,874

 

 

 
22,874

Interest (expense) income, net
(69,833
)
 

 
7,266

 
(7,355
)
 

 
(69,922
)
Income before income taxes
59,030

 

 
130,954

 
(411
)
 
(128,785
)
 
60,788

Income tax expense

 

 
(2,007
)
 
(3
)
 

 
(2,010
)
NET INCOME
59,030

 

 
128,947

 
(414
)
 
(128,785
)
 
58,778

Net loss attributable to noncontrolling interest

 

 

 
252

 

 
252

NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.
$
59,030

 
$

 
$
128,947

 
$
(162
)
 
$
(128,785
)
 
$
59,030


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:
 
 
 
 
 
 
 
 
 
 
 
Offshore pipeline transportation services
$

 
$

 
$
2,048

 
$

 
$

 
$
2,048

Onshore pipeline transportation services

 

 
25,744

 
12,257

 

 
38,001

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:
 
 
 
 
 
 
 
 
 
 
 
Offshore pipeline transportation operating costs

 

 
643

 

 

 
643

Onshore pipeline transportation operating costs

 

 
12,812

 
341

 

 
13,153

Refinery services operating costs

 

 
51,300

 
7,645

 
(6,083
)
 
52,862

Marine transportation costs

 

 
66,880

 

 

 
66,880

Supply and logistics costs

 

 
912,064

 

 

 
912,064

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 benefit (expense)

 

 
(1,934
)
 
84

 

 
(1,850
)
NET INCOME
$
31,880

 
$

 
$
88,302

 
$
3,399

 
$
(91,701
)
 
$
31,880




Unaudited Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2016
 
 
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
$
80,297

 
$

 
$
154,169

 
$
4,918

 
$
(135,712
)
 
$
103,672

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

 

 
(247,416
)
 

 

 
(247,416
)
Cash distributions received from equity investees - return of investment

 

 
11,851

 

 

 
11,851

Investments in equity investees

 

 
(1,135
)
 

 

 
(1,135
)
Acquisitions

 

 
(25,394
)
 

 

 
(25,394
)
Intercompany transfers
(223,537
)
 

 

 

 
223,537

 

Repayments on loan to non-guarantor subsidiary

 

 
2,979

 

 
(2,979
)
 

Contributions in aid of construction costs

 

 
8,940

 

 

 
8,940

Proceeds from asset sales

 

 
3,183

 

 

 
3,183

Other, net

 

 
107

 

 

 
107

Net cash provided by (used) in investing activities
(223,537
)
 

 
(246,885
)
 

 
220,558

 
(249,864
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Borrowings on senior secured credit facility
631,900

 

 

 

 

 
631,900

Repayments on senior secured credit facility
(341,100
)
 

 

 

 

 
(341,100
)
Debt issuance costs
(1,539
)
 

 

 

 

 
(1,539
)
Intercompany transfers

 

 
236,775

 
(13,238
)
 
(223,537
)
 

Distributions to partners/owners
(146,021
)
 

 
(146,021
)
 

 
146,021

 
(146,021
)
Other, net

 

 
607

 
7,330

 
(7,330
)
 
607

Net cash provided by (used in) financing activities
143,240

 

 
91,361

 
(5,908
)
 
(84,846
)
 
143,847

Net (decrease) increase in cash and cash equivalents

 

 
(1,355
)
 
(990
)
 

 
(2,345
)
Cash and cash equivalents at beginning of period
6

 

 
8,288

 
2,601

 

 
10,895

Cash and cash equivalents at end of period
$
6

 
$

 
$
6,933

 
$
1,611

 
$

 
$
8,550

 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
$
(2,724
)
 
$

 
$
102,165

 
$
17,167

 
$
(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
)
Intercompany transfers
(28,132
)
 

 

 

 
28,132

 

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 used in investing activities
(154,067
)
 

 
(226,715
)
 

 
151,375

 
(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
)
Intercompany transfers

 

 
43,059

 
(14,927
)
 
(28,132
)
 

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

 

 
124,239

 
(17,596
)
 
(105,869
)
 
157,562

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

 
(311
)
 
(429
)
 

 
(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

 
$

 
$
7,999

 
$
714

 
$

 
$
8,719

Condensed Consolidating Financial Information (Restatements)
Cash Flow Restatements
 
As Previously Reported
 
Adjustment
 
As Revised
June 30, 2015
 
 
 
 
 
 
Parent Column
 
 
 
 
 
 
Net cash provided by operating activities
 
(30,856
)
 
28,132

 
(2,724
)
Intercompany transfers (investing)
 

 
(28,132
)
 
(28,132
)
Net cash used in investing activities
 
(125,935
)
 
(28,132
)
 
(154,067
)
Guarantor Column
 
 
 
 
 
 
Net cash provided by operating activities
 
145,231

 
(43,066
)
 
102,165

Intercompany transfers (financing)
 

 
43,059

 
43,059

Net cash provided by (used in) financing activities
 
81,180

 
43,059

 
124,239

Non-Guarantor Column
 
 
 
 
 
 
Net cash provided by operating activities
 
2,233

 
14,934

 
17,167

Intercompany transfers (financing)
 

 
(14,927
)
 
(14,927
)
Net cash provided by (used in) financing activities
 
(2,669
)
 
(14,927
)
 
(17,596
)
Eliminations Column
 
 
 
 
 
 
Intercompany transfers (investing)
 

 
28,132

 
28,132

Net cash used in investing activities
 
123,243

 
28,132

 
151,375

Intercompany transfers (financing)
 

 
(28,132
)
 
(28,132
)
Net cash provided by (used in) financing activities
 
(77,737
)
 
(28,132
)
 
(105,869
)