Condensed Consolidating Financial Information

Our $1.8 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 10 for additional information regarding our consolidated debt obligations.

The following is condensed consolidating financial information for Genesis Energy, L.P. and subsidiary guarantors:



Condensed Consolidating Balance Sheet
December 31, 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	$	—	$	6,360		$	663		$	—		$	7,029
Other current assets	50		—		340,555			12,237			(302		)	352,540
Total current assets	56		—		346,915			12,900			(302		)	359,569
Fixed Assets, at cost	—		—		4,685,811			77,585			—			4,763,396
Less: Accumulated depreciation	—		—		(524,315		)	(24,217		)	—			(548,532		)
Net fixed assets	—		—		4,161,496			53,368			—			4,214,864
Goodwill	—		—		325,046			—			—			325,046
Other assets, net	10,696		—		390,214			133,980			(140,533		)	394,357
Advances to affiliates	2,650,930		—		—			73,295			(2,724,225		)	—
Equity investees and other investments	—		—		408,756			—			—			408,756
Investments in subsidiaries	2,594,882		—		80,735			—			(2,675,617		)	—
Total assets	$	5,256,564	$	—	$	5,713,162		$	273,543		$	(5,540,677	)	$	5,702,592
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities	$	34,864	$	—	$	211,591		$	14,505		$	(157	)	$	260,803
Senior secured credit facilities	1,278,200		—		—			—			—			1,278,200
Senior unsecured notes	1,813,169		—		—			—			—			1,813,169
Deferred tax liabilities	—		—		25,889			—			—			25,889
Advances from affiliates	—		—		2,724,224			—			(2,724,224		)	—
Other liabilities	—		—		165,266			179,592			(140,377		)	204,481
Total liabilities	3,126,233		—		3,126,970			194,097			(2,864,758		)	3,582,542
Partners’ capital, common units	2,130,331		—		2,586,192			89,727			(2,675,919		)	2,130,331
Noncontrolling interests	—		—		—			(10,281		)	—			(10,281		)
Total liabilities and partners’ capital	$	5,256,564	$	—	$	5,713,162		$	273,543		$	(5,540,677	)	$	5,702,592



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 and other investments	—		—		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 facilities	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	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



Condensed Consolidating Statement of Operations
Year Ended December 31, 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	$	—		$	—	$	334,679		$	—		$	—		$	334,679
Refinery services	—			—		171,389			7,873			(7,759		)	171,503
Marine transportation	—			—		213,021			—			—			213,021
Supply and logistics	—			—		972,794			20,496			—			993,290
Total revenues	—			—		1,691,883			28,369			(7,759		)	1,712,493
COSTS AND EXPENSES:
Supply and logistics costs	—			—		923,567			1,060			—			924,627
Marine transportation costs	—			—		142,551			—			—			142,551
Refinery services operating costs	—			—		90,711			8,491			(7,759		)	91,443
Offshore pipeline transportation operating costs	—			—		68,791			10,833			—			79,624
General and administrative	—			—		45,625			—			—			45,625
Depreciation and amortization	—			—		219,696			2,500			—			222,196
Total costs and expenses	—			—		1,490,941			22,884			(7,759		)	1,506,066
OPERATING INCOME	—			—		200,942			5,485			—			206,427
Equity in earnings of equity investees	—			—		47,944			—			—			47,944
Equity in earnings of subsidiaries	253,048			—		(6,744		)	—			(246,304		)	—
Interest (expense) income, net	(139,799		)	—		14,407			(14,555		)	—			(139,947		)
Income before income taxes	113,249			—		256,549			(9,070		)	(246,304		)	114,424
Income tax expense	—			—		(3,337		)	(5		)	—			(3,342		)
NET INCOME	113,249			—		253,212			(9,075		)	(246,304		)	111,082
Net loss attributable to noncontrolling interest	—			—		—			2,167			—			2,167
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	113,249		$	—	$	253,212		$	(6,908	)	$	(246,304	)	$	113,249



Condensed Consolidating Statement of Operations
Year Ended 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
REVENUES:
Offshore pipeline transportation services	$	—		$	—	$	137,681		$	2,549		$	—		$	140,230
Refinery services	—			—		175,132			11,942			(9,194		)	177,880
Marine transportation	—			—		238,757			—			—			238,757
Supply and logistics	—			—		1,665,917			23,745			—			1,689,662
Total revenues	—			—		2,217,487			38,236			(9,194		)	2,246,529
COSTS AND EXPENSES:
Supply and logistics costs	—			—		1,601,972			836			—			1,602,808
Marine transportation costs	—			—		135,200			—			—			135,200
Refinery services operating costs	—			—		94,241			11,759			(9,194		)	96,806
Offshore pipeline transportation operating costs	—			—		38,459			1,254			—			39,713
General and administrative	—			—		64,995			—			—			64,995
Depreciation and amortization	—			—		141,785			8,355			—			150,140
Total costs and expenses	—			—		2,076,652			22,204			(9,194		)	2,089,662
OPERATING INCOME	—			—		140,835			16,032			—			156,867
Equity in earnings of equity investees	—			—		54,450			—			—			54,450
Equity in earnings of subsidiaries	542,226			—		2,053			—			(544,279		)	—
Interest (expense) income, net	(100,494		)	—		15,042			(15,144		)	—			(100,596		)
Gain on basis step up on historical interest	—			—		332,380			—			—			332,380
Other income/(expense), net	(19,204		)	—		1,675			—			—			(17,529		)
Income before income taxes	422,528			—		546,435			888			(544,279		)	425,572
Income tax benefit (expense)	—			—		(4,036		)	49			—			(3,987		)
NET INCOME	422,528			—		542,399			937			(544,279		)	421,585
Net loss attributable to noncontrolling interest	—			—		—			943			—			943
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	422,528		$	—	$	542,399		$	1,880		$	(544,279	)	$	422,528



Condensed Consolidating Statement of Operations
Year Ended 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
REVENUES:
Offshore pipeline transportation services	$	—		$	—	$	3,296		$	—		$	—		$	3,296
Refinery services	—			—		202,250			18,289			(13,138		)	207,401
Marine transportation	—			—		229,282			—			—			229,282
Supply and logistics	—			—		3,381,419			24,766			—			3,406,185
Total revenues	—			—		3,816,247			43,055			(13,138		)	3,846,164
COSTS AND EXPENSES:
Supply and logistics costs	—			—		3,305,691			857			—			3,306,548
Marine transportation costs	—			—		142,793			—			—			142,793
Refinery services operating costs	—			—		117,788			17,393			(13,780		)	121,401
Offshore pipeline transportation operating costs	—			—		1,271			—			—			1,271
General and administrative	—			—		50,692			—			—			50,692
Depreciation and amortization	—			—		88,368			2,540			—			90,908
Total costs and expenses	—			—		3,706,603			20,790			(13,780		)	3,713,613
OPERATING INCOME	—			—		109,644			22,265			642			132,551
Equity in earnings of equity investees	—			—		43,135			—			—			43,135
Equity in earnings of subsidiaries	172,828			—		6,952			—			(179,780		)	—
Interest (expense) income, net	(66,626		)	—		15,662			(15,675		)	—			(66,639		)
Income before income taxes	106,202			—		175,393			6,590			(179,138		)	109,047
Income tax expense	—			—		(3,030		)	185			—			(2,845		)
NET INCOME	$	106,202		$	—	$	172,363		$	6,775		$	(179,138	)	$	106,202



Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 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	$	179,853		$	—	$	398,320		$	9,586		$	(289,421	)	$	298,338
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	—			—		(463,100		)	—			—			(463,100		)
Cash distributions received from equity investees - return of investment	—			—		21,353			—			—			21,353
Investments in equity investees	(298,020		)	—		—			—			298,020			—
Acquisitions	—			—		(25,394		)	—			—			(25,394		)
Intercompany transfers	(31,436		)	—		—			—			31,436			—
Repayments on loan to non-guarantor subsidiary	—			—		6,113			—			(6,113		)	—
Contributions in aid of construction costs	—			—		13,374			—			—			13,374
Proceeds from asset sales	—			—		3,609			—			—			3,609
Other, net	—			—		(151		)	—			—			(151		)
Net cash (used in) provided by investing activities	(329,456		)	—		(444,196		)	—			323,343			(450,309		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	1,115,800			—		—			—			—			1,115,800
Repayments on senior secured credit facility	(952,600		)	—		—			—			—			(952,600		)
Debt issuance costs	(1,578		)	—		—			—			—			(1,578		)
Intercompany transfers	—			—		57,701			(26,264		)	(31,437		)	—
Issuance of common units for cash, net	298,020			—		298,020			—			(298,020		)	298,020
Distributions to partners/owners	(310,039		)	—		(310,039		)	—			310,039			(310,039		)
Contributions from noncontrolling interest	—			—		—			236			—			236
Other, net	—			—		(1,734		)	14,504			(14,504		)	(1,734		)
Net cash provided by financing activities	149,603			—		43,948			(11,524		)	(33,922		)	148,105
Net decrease in cash and cash equivalents	—			—		(1,928		)	(1,938		)	—			(3,866		)
Cash and cash equivalents at beginning of period	6			—		8,288			2,601			—			10,895
Cash and cash equivalents at end of period	$	6		$	—	$	6,360		$	663		$	—		$	7,029



Condensed Consolidating Statement of Cash Flows
Year Ended 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
Net cash (used in) provided by operating activities	$	(14,082	)	$	—	$	308,144		$	45,125		$	(49,651	)	$	289,536
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	—			—		(495,774		)	—			—			(495,774		)
Cash distributions received from equity investees - return of investment	186,026			—		25,645			—			(186,026		)	25,645
Investments in equity investees	(633,761		)	—		(3,045		)	—			633,761			(3,045		)
Acquisitions	—			—		(1,520,299		)	—			—			(1,520,299		)
Intercompany transfers	(1,240,973		)	—		—			—			1,240,973			—
Repayments on loan to non-guarantor subsidiary	—			—		5,524			—			(5,524		)	—
Contributions in aid of construction costs	—			—		3,179			—			—			3,179
Proceeds from assets sales	—			—		2,811			—			—			2,811
Other, net	—			—		(1,976		)	—			—			(1,976		)
Net cash (used in) provided by investing activities	(1,688,708		)	—		(1,983,935		)	—			1,683,184			(1,989,459		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	1,525,050			—		—			—			—			1,525,050
Repayments on senior secured credit facility	(960,450		)	—		—			—			—			(960,450		)
Proceeds from issuance of senior unsecured notes, including premium	1,139,718			—		—			—			—			1,139,718
Repayment of senior unsecured notes	(350,000		)	—		—			—			—			(350,000		)
Debt issuance costs	(28,901		)	—		—			—			—			(28,901		)
Intercompany transfers	—			—		1,299,830			(58,857		)	(1,240,973		)	—
Issuance of common units for cash, net	633,759			—		633,759			—			(633,759		)	633,759
Distributions to partners/owners	(256,389		)	—		(256,389		)	—			256,389			(256,389		)
Contributions (distributions) to (from) noncontrolling interest	—			—		(960		)	—			—			(960		)
Other, net	—			—		(471		)	15,190			(15,190		)	(471		)
Net cash provided by (used in) financing activities	1,702,787			—		1,675,769			(43,667		)	(1,633,533		)	1,701,356
Net increase (decrease) in cash and cash equivalents	(3		)	—		(22		)	1,458			—			1,433
Cash and cash equivalents at beginning of period	9			—		8,310			1,143			—			9,462
Cash and cash equivalents at end of period	$	6		$	—	$	8,288		$	2,601		$	—		$	10,895



Condensed Consolidating Statement of Cash Flows
Year Ended 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
Net cash (used in) provided by operating activities	$	96,868		$	—	$	317,520		$	34,331		$	(157,665	)	$	291,054
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	—			—		(443,482		)	—			—			(443,482		)
Cash distributions received from equity investees - return of investment	42,755			—		18,363			—			(42,755		)	18,363
Investments in equity investees	(225,725		)	—		(40,926		)	—			225,725			(40,926		)
Acquisitions	—			—		(157,000		)	—			—			(157,000		)
Intercompany transfers	(244,876		)	—		—			—			244,876			—
Repayments on loan to non-guarantor subsidiary	—			—		4,993			—			(4,993		)	—
Proceeds from asset sales	—			—		272			—			—			272
Other, net	—			—		(1,214		)	—			—			(1,214		)
Net cash (used in) provided by investing activities	(427,846		)	—		(618,994		)	—			422,853			(623,987		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	1,839,900			—		—			—			—			1,839,900
Repayments on senior secured credit facility	(1,872,300		)	—		—			—			—			(1,872,300		)
Proceeds from issuance of senior unsecured notes	350,000			—		—			—			—			350,000
Debt issuance costs	(11,896		)	—		—			—			—			(11,896		)
Intercompany transfers	—			—		273,911			(29,035		)	(244,876		)	—
Issuance of ownership interests to partners for cash	225,725			—		225,725			—			(225,725		)	225,725
Distributions to partners/owners	(200,462		)	—		(200,462		)	—			200,463			(200,461		)
Other, net	—			—		2,560			(4,949		)	4,950			2,561
Net cash provided by (used in) financing activities	330,967			—		301,734			(33,984		)	(265,188		)	333,529
Net increase (decrease) in cash and cash equivalents	(11		)	—		260			347			—			596
Cash and cash equivalents at beginning of period	20			—		8,050			796			—			8,866
Cash and cash equivalents at end of period	$	9		$	—	$	8,310		$	1,143		$	—		$	9,462