Condensed Consolidating Financial Information

Our $2.5 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.

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

March 31, 2018



	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	$	—	$	14,677		$	1,409		$	—		$	16,092
Other current assets	25		—		551,885			12,137			(45		)	564,002
Total current assets	31		—		566,562			13,546			(45		)	580,094
Fixed assets, at cost	—		—		5,575,295			77,585			—			5,652,880
Less: Accumulated depreciation	—		—		(774,919		)	(27,342		)	—			(802,261		)
Net fixed assets	—		—		4,800,376			50,243			—			4,850,619
Mineral Leaseholds	—		—		563,369			—			—			563,369
Goodwill	—		—		325,046			—			—			325,046
Other assets, net	13,083		—		438,693			124,242			(157,803		)	418,215
Advances to affiliates	3,799,305		—		—			89,334			(3,888,639		)	—
Equity investees	—		—		372,493			—			—			372,493
Investments in subsidiaries	2,693,391		—		83,624			—			(2,777,015		)	—
Total assets	$	6,505,810	$	—	$	7,150,163		$	277,365		$	(6,823,502	)	$	7,109,836
LIABILITIES AND CAPITAL
Current liabilities	$	57,677	$	—	$	348,421		$	10,137		$	(545	)	$	415,690
Senior secured credit facility	1,279,000		—		—			—			—			1,279,000
Senior unsecured notes	2,456,749		—		—			—			—			2,456,749
Deferred tax liabilities	—		—		12,138			—			—			12,138
Advances from affiliates	—		—		3,888,239			—			(3,888,239		)	—
Other liabilities	48,107		—		214,494			185,456			(157,656		)	290,401
Total liabilities	3,841,533		—		4,463,292			195,593			(4,046,440		)	4,453,978
Mezzanine Capital:
Class A Convertible Preferred Units	712,687		—		—			—			—			712,687
Partners’ capital, common units	1,951,590		—		2,687,475			89,587			(2,777,062		)	1,951,590
Accumulated other comprehensive loss⁽¹⁾	—		—		(604		)	—			—			(604		)
Noncontrolling interests	—		—		—			(7,815		)	—			(7,815		)
Total liabilities, mezzanine capital and partners’ capital	$	6,505,810	$	—	$	7,150,163		$	277,365		$	(6,823,502	)	$	7,109,836

⁽¹⁾The entire balance and activity within Accumulated Other Comprehensive Income is related to our pension held within our Guarantor Subsidiaries.

Unaudited Condensed Consolidating Balance Sheet

December 31, 2017



	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	$	—	$	8,340		$	695		$	—		$	9,041
Other current assets	50		—		614,682			12,316			(56		)	626,992
Total current assets	56		—		623,022			13,011			(56		)	636,033
Fixed assets, at cost	—		—		5,523,431			77,584			—			5,601,015
Less: Accumulated depreciation	—		—		(708,269		)	(26,717		)	—			(734,986		)
Net fixed assets	—		—		4,815,162			50,867			—			4,866,029
Mineral Leaseholds	—		—		564,506			—			—			564,506
Goodwill	—		—		325,046			—			—			325,046
Other assets, net	14,083		—		378,371			126,300			(154,437		)	364,317
Advances to affiliates	3,808,712		—		—			85,423			(3,894,135		)	—
Equity investees and other investments	—		—		381,550			—			—			381,550
Investments in subsidiaries	2,689,861		—		82,616			—			(2,772,477		)	—
Total assets	$	6,512,712	$	—	$	7,170,273		$	275,601		$	(6,821,105	)	$	7,137,481
LIABILITIES AND CAPITAL
Current liabilities	$	46,086	$	—	$	399,017		$	11,417		$	(256	)	$	456,264
Senior secured credit facilities	1,099,200		—		—			—			—			1,099,200
Senior unsecured notes	2,598,918		—		—			—			—			2,598,918
Deferred tax liabilities	—		—		11,913			—			—			11,913
Advances from affiliates	—		—		3,894,027			—			(3,894,027		)	—
Other liabilities	45,210		—		182,414			183,237			(154,290		)	256,571
Total liabilities	3,789,414		—		4,487,371			194,654			(4,048,573		)	4,422,866
Mezzanine Capital:
Class A Convertible Preferred Units	697,151		—		—			—			—			697,151
Partners’ capital, common units	2,026,147		—		2,683,506			89,026			(2,772,532		)	2,026,147
Accumulated other comprehensive loss⁽¹⁾	—		—		(604		)	—			—			(604		)
Noncontrolling interests	—		—		—			(8,079		)	—			(8,079		)
Total liabilities, mezzanine capital and partners’ capital	$	6,512,712	$	—	$	7,170,273		$	275,601		$	(6,821,105	)	$	7,137,481

⁽¹⁾The entire balance and activity within Accumulated Other Comprehensive Income is related to our pension held within our Guarantor Subsidiaries.

Unaudited Condensed Consolidating Statement of Operations

Three Months Ended March 31, 2018



	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	$	—		$	—	$	73,260		$	—		$	—		$	73,260
Sodium minerals and sulfur services	—			—		285,097			3,066			(2,253		)	285,910
Marine transportation	—			—		48,929			—			—			48,929
Onshore facilities and transportation	—			—		312,874			4,835			—			317,709
Total revenues	—			—		720,160			7,901			(2,253		)	725,808
COSTS AND EXPENSES:
Onshore facilities and transportation costs	—			—		299,841			272			—			300,113
Marine transportation costs	—			—		37,847			—			—			37,847
Sodium minerals and sulfur services operating costs	—			—		223,247			2,504			(2,253		)	223,498
Offshore pipeline transportation operating costs	—			—		17,662			678			—			18,340
General and administrative	—			—		11,674			—			—			11,674
Depreciation, depletion and amortization	—			—		74,630			625			—			75,255
Total costs and expenses	—			—		664,901			4,079			(2,253		)	666,727
OPERATING INCOME	—			—		55,259			3,822			—			59,081
Equity in earnings of subsidiaries	69,592			—		632			—			(70,224		)	—
Equity in earnings of equity investees	—			—		10,572			—			—			10,572
Interest (expense) income, net	(56,314		)	—		3,544			(3,366		)	—			(56,136		)
Other expense	(5,244		)	—		—			—			—			(5,244		)
Income before income taxes	8,034			—		70,007			456			(70,224		)	8,273
Income tax expense	—			—		(377		)	2			—			(375		)
NET INCOME	8,034			—		69,630			458			(70,224		)	7,898
Net loss attributable to noncontrolling interest	—			—		—			136			—			136
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	8,034		$	—	$	69,630		$	594		$	(70,224	)	$	8,034
Less: Accumulated distributions attributable to Class A Convertible Preferred Units	(16,888		)	—		—			—			—			$	(16,888	)
NET INCOME(LOSS) AVAILABLE TO COMMON UNIT HOLDERS	$	(8,854	)	$	—	$	69,630		$	594		$	(70,224	)	$	(8,854	)

Unaudited Condensed Consolidating Statement of Operations

Three Months Ended March 31, 2017



	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	$	—		$	—	$	85,128					$	—		$	85,128
Sodium minerals and sulfur services	—			—		45,034			1,810			(1,798		)	45,046
Marine transportation	—			—		50,302			—			—			50,302
Onshore facilities and transportation	—			—		230,070			4,945			—			235,015
Total revenues	—			—		410,534			6,755			(1,798		)	415,491
COSTS AND EXPENSES:
Onshore facilities and transportation costs	—			—		214,071			261			—			214,332
Marine transportation costs	—			—		37,242			—			—			37,242
Sodium minerals and sulfur services operating costs	—			—		27,153			2,009			(1,798		)	27,364
Offshore pipeline transportation operating costs	—			—		17,106			762			—			17,868
General and administrative	—			—		9,976			—			—			9,976
Depreciation, depletion and amortization	—			—		55,487			625			—			56,112
Total costs and expenses	—			—		361,035			3,657			(1,798		)	362,894
OPERATING INCOME	—			—		49,499			3,098			—			52,597
Equity in earnings of subsidiaries	63,809			—		(250		)	—			(63,559		)	—
Equity in earnings of equity investees	—			—		11,335			—			—			11,335
Interest (expense) income, net	(36,719		)	—		3,520			(3,540		)	—			(36,739		)
Income before income taxes	27,090			—		64,104			(442		)	(63,559		)	27,193
Income tax (expense) benefit	—			—		(255		)	—			—			(255		)
NET INCOME	27,090			—		63,849			(442		)	(63,559		)	26,938
Net loss attributable to noncontrolling interest	—			—		—			152			—			152
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	27,090		$	—	$	63,849		$	(290	)	$	(63,559	)	$	27,090
Less: Accumulated distributions attributable to Class A Convertible Preferred Units	—			—		—			—			—			—
NET INCOME AVAILABLE TO COMMON UNIT HOLDERS	$	27,090		$	—	$	63,849		$	(290	)	$	(63,559	)	$	27,090

Unaudited Condensed Consolidating Statement of Cash Flows

Three Months Ended March 31, 2018



	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 provided by operating activities	$	18,637		$	—	$	124,180		$	874		$	(57,363	)	$	86,328
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	—			—		(66,051		)	—			—			(66,051		)
Cash distributions received from equity investees - return of investment	—			—		9,277			—			—			9,277
Acquisitions	—			—		—			—			—			—
Intercompany transfers	9,407			—		—			—			(9,407		)	—
Repayments on loan to non-guarantor subsidiary	—			—		1,801			—			(1,801		)	—
Contributions in aid of construction costs	—			—		—			—			—			—
Proceeds from asset sales	—			—		6			—			—			6
Other, net	—			—		—			—			—			—
Net cash used in investing activities	9,407			—		(54,967		)	—			(11,208		)	(56,768		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	333,800			—		—			—			—			333,800
Repayments on senior secured credit facility	(154,000		)	—		—			—			—			(154,000		)
Proceeds from issuance of senior unsecured notes	—			—		—			—			—			—
Repayment of senior unsecured notes	(145,170		)	—		—			—			—			(145,170		)
Proceeds from issuance of Class A convertible preferred units, net	—			—		—			—			—			—
Debt issuance costs	(159		)	—		—			—			—			(159		)
Intercompany transfers	—			—		(5,496		)	(3,911		)	9,407			—
Issuance of common units for cash, net	—			—		—			—			—			—
Distributions to common unitholders	(62,515		)	—		(62,515		)	—			62,515			(62,515		)
Contributions from noncontrolling interest	—			—		—			400			—			400
Other, net	—			—		5,135			3,351			(3,351		)	5,135
Net cash used in financing activities	(28,044		)	—		(62,876		)	(160		)	68,571			(22,509		)
Net increase in cash and cash equivalents	—			—		6,337			714			—			7,051
Cash and cash equivalents at beginning of period	6			—		8,340			695			—			9,041
Cash and cash equivalents at end of period	$	6		$	—	$	14,677		$	1,409		$	—		$	16,092

Unaudited Condensed Consolidating Statement of Cash Flows

Three Months Ended March 31, 2017



	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 provided by operating activities	$	42,623		$	—	$	95,023		$	2,007		$	(78,613	)	$	61,040
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	—			—		(61,292		)	—			—			(61,292		)
Cash distributions received from equity investees - return of investment	—			—		9,083			—			—			9,083
Investments in equity investees	(140,968		)	—		—			—			140,968			—
Acquisitions	—			—		—			—			—			—
Intercompany transfers	109,342			—		—			—			(109,342		)	—
Repayments on loan to non-guarantor subsidiary	—			—		1,627			—			(1,627		)	—
Contributions in aid of construction costs	—			—		124			—			—			124
Proceeds from asset sales	—			—		1,234			—			—			1,234
Other, net	—			—		—			—			—			—
Net cash used in investing activities	(31,626		)	—		(49,224		)	—			29,999			(50,851		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	216,700			—		—			—			—			216,700
Repayments on senior secured credit facility	(284,900		)	—		—			—			—			(284,900		)
Debt issuance costs	—			—		—			—			—			—
Intercompany transfers	—			—		(104,276		)	(5,066		)	109,342			—
Issuance of common units for cash, net	140,968			—		140,968			—			(140,968		)	140,968
Distributions to common unitholders	(83,765		)	—		(83,765		)	—			83,765			(83,765		)
Distributions to noncontrolling interest	—			—		—			—			—			—
Other, net	—			—		4,552			3,525			(3,525		)	4,552
Net cash provided by financing activities	(10,997		)	—		(42,521		)	(1,541		)	48,614			(6,445		)
Net decrease in cash and cash equivalents	—			—		3,278			466			—			3,744
Cash and cash equivalents at beginning of period	6			—		6,360			663			—			7,029
Cash and cash equivalents at end of period	$	6		$	—	$	9,638		$	1,129		$	—		$	10,773