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Condensed Consolidating Financial Information (Tables)
6 Months Ended
Jun. 30, 2018
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, 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

 
$

 
$
5,897

 
$
1,943

 
$

 
$
7,846

Other current assets

 

 
555,496

 
12,349

 
(22
)
 
567,823

Total current assets
6

 

 
561,393

 
14,292

 
(22
)
 
575,669

Fixed assets, at cost

 

 
5,608,568

 
77,585

 

 
5,686,153

Less: Accumulated depreciation

 

 
(839,498
)
 
(27,967
)
 

 
(867,465
)
Net fixed assets

 

 
4,769,070

 
49,618

 

 
4,818,688

Mineral Leaseholds

 

 
562,315

 

 

 
562,315

Goodwill

 

 
325,046

 

 

 
325,046

Other assets, net
12,353

 

 
439,697

 
122,136

 
(161,124
)
 
413,062

Advances to affiliates
3,753,885

 

 

 
93,645

 
(3,847,530
)
 

Equity investees

 

 
362,852

 

 

 
362,852

Investments in subsidiaries
2,699,080

 

 
84,932

 

 
(2,784,012
)
 

Total assets
$
6,465,324

 
$

 
$
7,105,305

 
$
279,691

 
$
(6,792,688
)
 
$
7,057,632

LIABILITIES AND CAPITAL
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
$
40,584

 
$

 
$
334,786

 
$
8,953

 
$
(164
)
 
$
384,159

Senior secured credit facility
1,306,300

 

 

 

 

 
1,306,300

Senior unsecured notes
2,458,614

 

 

 

 

 
2,458,614

Deferred tax liabilities

 

 
12,244

 

 

 
12,244

Advances from affiliates

 

 
3,847,511

 

 
(3,847,511
)
 

Other liabilities
49,410

 

 
217,510

 
187,583

 
(160,979
)
 
293,524

Total liabilities
3,854,908

 

 
4,412,051

 
196,536

 
(4,008,654
)
 
4,454,841

Mezzanine Capital:
 
 
 
 
 
 
 
 
 
 
 
Class A Convertible Preferred Units
728,459

 

 

 

 

 
728,459

Partners’ capital, common units
1,881,957

 

 
2,693,858

 
90,176

 
(2,784,034
)
 
1,881,957

Accumulated other comprehensive loss(1)

 

 
(604
)
 

 

 
(604
)
Noncontrolling interests

 

 

 
(7,021
)
 

 
(7,021
)
Total liabilities, mezzanine capital and partners’ capital
$
6,465,324

 
$

 
$
7,105,305

 
$
279,691

 
$
(6,792,688
)
 
$
7,057,632

(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 June 30, 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
$

 
$

 
$
69,969

 
$

 
$

 
$
69,969

Sodium minerals and sulfur services

 

 
297,929

 
3,068

 
(2,116
)
 
298,881

Marine transportation

 

 
56,185

 

 

 
56,185

Onshore facilities and transportation

 

 
322,469

 
4,884

 

 
327,353

Total revenues

 

 
746,552

 
7,952

 
(2,116
)
 
752,388

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Onshore facilities and transportation costs

 

 
305,828

 
277

 

 
306,105

Marine transportation costs

 

 
44,217

 

 

 
44,217

Sodium minerals and sulfur services operating costs

 

 
232,021

 
2,612

 
(2,116
)
 
232,517

Offshore pipeline transportation operating costs

 

 
16,809

 
631

 

 
17,440

General and administrative

 

 
13,529

 

 

 
13,529

Depreciation and amortization

 

 
77,055

 
625

 

 
77,680

Total costs and expenses

 

 
689,459

 
4,145

 
(2,116
)
 
691,488

OPERATING INCOME

 

 
57,093

 
3,807

 

 
60,900

Equity in earnings of subsidiaries
69,433

 

 
897

 

 
(70,330
)
 

Equity in earnings of equity investees

 

 
8,324

 

 

 
8,324

Interest (expense) income, net
(58,248
)
 

 
3,660

 
(3,321
)
 

 
(57,909
)
Other expense
(188
)
 

 

 

 

 
(188
)
Income before income taxes
10,997

 

 
69,974

 
486

 
(70,330
)
 
11,127

Income tax benefit (expense)

 

 
(478
)
 
222

 

 
(256
)
NET INCOME
10,997

 

 
69,496

 
708

 
(70,330
)
 
10,871

Net loss attributable to noncontrolling interest

 

 

 
126

 

 
126

NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.
$
10,997

 
$

 
$
69,496

 
$
834

 
$
(70,330
)
 
$
10,997

Less: Accumulated distributions attributable to Class A Convertible Preferred Units
$
(17,257
)
 
$

 
$

 
$

 
$

 
$
(17,257
)
NET INCOME (LOSS) AVAILABLE TO COMMON UNIT HOLDERS
$
(6,260
)
 
$

 
$
69,496

 
$
834

 
$
(70,330
)
 
$
(6,260
)















Unaudited Condensed Consolidating Statement of Operations
Three Months Ended June 30, 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
$

 
$

 
$
77,638

 


 
$

 
$
77,638

Sodium minerals and sulfur services

 

 
42,995

 
2,089

 
(2,016
)
 
43,068

Marine transportation

 

 
53,202

 

 

 
53,202

Onshore facilities and transportation

 

 
228,291

 
4,524

 

 
232,815

Total revenues

 

 
402,126

 
6,613

 
(2,016
)
 
406,723

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Onshore facilities and transportation costs

 

 
222,055

 
279

 

 
222,334

Marine transportation costs

 

 
38,949

 

 

 
38,949

Sodium minerals and sulfur services
 operating costs

 

 
26,586

 
2,036

 
(2,016
)
 
26,606

Offshore pipeline transportation operating costs

 

 
17,362

 
762

 

 
18,124

General and administrative

 

 
9,338

 

 

 
9,338

Depreciation and amortization

 

 
55,984

 
625

 

 
56,609

Gain on sale of assets

 

 
(26,684
)
 

 

 
(26,684
)
Total costs and expenses

 

 
343,590

 
3,702

 
(2,016
)
 
345,276

OPERATING INCOME

 

 
58,536

 
2,911

 

 
61,447

Equity in earnings of subsidiaries
71,691

 

 
(395
)
 

 
(71,296
)
 

Equity in earnings of equity investees

 

 
10,426

 

 

 
10,426

Interest (expense) income, net
(37,958
)
 

 
3,466

 
(3,498
)
 

 
(37,990
)
Income before income taxes
33,733

 

 
72,033

 
(587
)
 
(71,296
)
 
33,883

Income tax expense

 

 
(303
)
 

 

 
(303
)
NET INCOME
33,733

 

 
71,730

 
(587
)
 
(71,296
)
 
33,580

Net loss attributable to noncontrolling interest

 

 

 
153

 

 
153

NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.
$
33,733

 
$

 
$
71,730

 
$
(434
)
 
$
(71,296
)
 
$
33,733

Less: Accumulated distributions attributable to Class A Convertible Preferred Units

 

 

 

 

 

NET INCOME AVAILABLE TO COMMON UNIT HOLDERS
$
33,733

 
$

 
$
71,730

 
$
(434
)
 
$
(71,296
)
 
$
33,733









Unaudited Condensed Consolidating Statement of Operations
Six Months Ended June 30, 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
$

 
$

 
$
143,229

 
$

 
$

 
$
143,229

Sodium minerals and sulfur services

 

 
583,026

 
6,134

 
(4,369
)
 
584,791

Marine transportation

 

 
105,114

 

 

 
105,114

Onshore facilities and transportation

 

 
635,343

 
9,719

 

 
645,062

Total revenues

 

 
1,466,712

 
15,853

 
(4,369
)
 
1,478,196

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Onshore facilities and transportation costs

 

 
605,669

 
549

 

 
606,218

Marine transportation costs

 

 
82,064

 

 

 
82,064

Sodium minerals and sulfur services
 operating costs

 

 
455,268

 
5,116

 
(4,369
)
 
456,015

Offshore pipeline transportation operating costs

 

 
34,471

 
1,309

 

 
35,780

General and administrative

 

 
25,203

 

 

 
25,203

Depreciation, depletion and amortization

 

 
151,685

 
1,250

 

 
152,935

Total costs and expenses

 

 
1,354,360

 
8,224

 
(4,369
)
 
1,358,215

OPERATING INCOME

 

 
112,352

 
7,629

 

 
119,981

Equity in earnings of subsidiaries
139,025

 

 
1,529

 

 
(140,554
)
 

Equity in earnings of equity investees

 

 
18,896

 

 

 
18,896

Interest (expense) income, net
(114,562
)
 

 
7,204

 
(6,687
)
 

 
(114,045
)
Other expense
(5,432
)
 

 

 

 

 
(5,432
)
Income before income taxes
19,031

 

 
139,981

 
942

 
(140,554
)
 
19,400

Income tax expense

 

 
(855
)
 
224

 

 
(631
)
NET INCOME
19,031

 

 
139,126

 
1,166

 
(140,554
)
 
18,769

Net loss attributable to noncontrolling interest

 

 

 
262

 

 
262

NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.
$
19,031

 
$

 
$
139,126

 
$
1,428

 
$
(140,554
)
 
$
19,031

Less: Accumulated distributions attributable to Class A Convertible Preferred Units
(34,145
)
 

 

 

 

 
$
(34,145
)
NET INCOME(LOSS) AVAILABLE TO COMMON UNIT HOLDERS
$
(15,114
)
 
$

 
$
139,126

 
$
1,428

 
$
(140,554
)
 
$
(15,114
)

Unaudited Condensed Consolidating Statement of Operations
Six Months Ended June 30, 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
$

 
$

 
$
162,766

 


 
$

 
$
162,766

Sodium minerals and sulfur services

 

 
88,029

 
3,899

 
(3,814
)
 
88,114

Marine transportation

 

 
103,504

 

 

 
103,504

Onshore facilities and transportation

 

 
458,361

 
9,469

 

 
467,830

Total revenues

 

 
812,660

 
13,368

 
(3,814
)
 
822,214

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Onshore facilities and transportation costs

 

 
436,126

 
540

 

 
436,666

Marine transportation costs

 

 
76,191

 

 

 
76,191

Sodium minerals and sulfur services operating costs

 

 
53,739

 
4,045

 
(3,814
)
 
53,970

Offshore pipeline transportation operating costs

 

 
34,468

 
1,524

 

 
35,992

General and administrative

 

 
19,314

 

 

 
19,314

Depreciation, depletion and amortization

 

 
111,471

 
1,250

 

 
112,721

Gain on sale of assets

 

 
(26,684
)
 

 

 
(26,684
)
Total costs and expenses

 

 
704,625

 
7,359

 
(3,814
)
 
708,170

OPERATING INCOME

 

 
108,035

 
6,009

 

 
114,044

Equity in earnings of subsidiaries
135,500

 

 
(645
)
 

 
(134,855
)
 

Equity in earnings of equity investees

 

 
21,761

 

 

 
21,761

Interest (expense) income, net
(74,677
)
 

 
6,986

 
(7,038
)
 

 
(74,729
)
Income before income taxes
60,823

 

 
136,137

 
(1,029
)
 
(134,855
)
 
61,076

Income tax (expense) benefit

 

 
(558
)
 

 

 
(558
)
NET INCOME
60,823

 

 
135,579

 
(1,029
)
 
(134,855
)
 
60,518

Net loss attributable to noncontrolling interest

 

 

 
305

 

 
305

NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.
$
60,823

 
$

 
$
135,579

 
$
(724
)
 
$
(134,855
)
 
$
60,823

Less: Accumulated distributions attributable to Class A Convertible Preferred Units

 

 

 

 

 

NET INCOME AVAILABLE TO COMMON UNIT HOLDERS
$
60,823

 
$

 
$
135,579

 
$
(724
)
 
$
(134,855
)
 
$
60,823





Unaudited Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 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
$
9,724

 
$

 
$
255,552

 
$
1,494

 
$
(115,954
)
 
$
150,816

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

 

 
(110,970
)
 

 

 
(110,970
)
Cash distributions received from equity investees - return of investment

 

 
17,828

 

 

 
17,828

Investments in equity investees

 

 
(395
)
 

 

 
(395
)
Intercompany transfers
54,827

 

 

 

 
(54,827
)
 

Repayments on loan to non-guarantor subsidiary

 

 
3,647

 

 
(3,647
)
 

Proceeds from asset sales

 

 
1,192

 

 

 
1,192

Net cash used in investing activities
54,827

 

 
(88,698
)
 

 
(58,474
)
 
(92,345
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Borrowings on senior secured credit facility
543,100

 

 

 

 

 
543,100

Repayments on senior secured credit facility
(336,000
)
 

 

 

 

 
(336,000
)
Repayment of senior unsecured notes
(145,170
)
 

 

 

 

 
(145,170
)
Debt issuance costs
(224
)
 

 

 

 

 
(224
)
Intercompany transfers

 

 
(46,605
)
 
(8,222
)
 
54,827

 

Issuance of common units for cash, net

 

 

 

 

 

Distributions to common unitholders
(126,257
)
 

 
(126,257
)
 

 
126,257

 
(126,257
)
Contributions from noncontrolling interest

 

 

 
1,320

 

 
1,320

Other, net

 

 
3,565

 
6,656

 
(6,656
)
 
3,565

Net cash used in financing activities
(64,551
)
 

 
(169,297
)
 
(246
)
 
174,428

 
(59,666
)
Net increase (decrease) in cash and cash equivalents

 

 
(2,443
)
 
1,248

 

 
(1,195
)
Cash and cash equivalents at beginning of period
6

 

 
8,340

 
695

 

 
9,041

Cash and cash equivalents at end of period
$
6

 
$

 
$
5,897

 
$
1,943

 
$

 
$
7,846

 Unaudited Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 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
$
102,991

 
$

 
$
234,371

 
$
646

 
$
(161,687
)
 
$
176,321

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

 

 
(126,580
)
 

 

 
(126,580
)
Cash distributions received from equity investees - return of investment

 

 
17,956

 

 

 
17,956

Investments in equity investees
(140,537
)
 

 

 

 
140,537

 

Acquisitions

 

 
(759
)
 

 

 
(759
)
Intercompany transfers
143,738

 

 

 

 
(143,738
)
 

Repayments on loan to non-guarantor subsidiary

 

 
3,296

 

 
(3,296
)
 

Contributions in aid of construction costs

 

 
124

 

 

 
124

Proceeds from asset sales

 

 
38,237

 

 

 
38,237

Net cash used in investing activities
3,201

 

 
(67,726
)
 

 
(6,497
)
 
(71,022
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Borrowings on senior secured credit facility
410,700

 

 

 

 

 
410,700

Repayments on senior secured credit facility
(477,900
)
 

 

 

 

 
(477,900
)
Debt issuance costs
(7,536
)
 

 

 

 

 
(7,536
)
Intercompany transfers

 

 
(135,170
)
 
(8,568
)
 
143,738

 

Issuance of common units for cash, net
140,537

 

 
140,537

 

 
(140,537
)
 
140,537

Distributions to common unitholders
(171,993
)
 

 
(171,993
)
 

 
171,993

 
(171,993
)
Contributions from noncontrolling interest

 

 

 
725

 

 
725

Other, net

 

 
3,216

 
7,010

 
(7,010
)
 
3,216

Net cash provided by financing activities
(106,192
)
 

 
(163,410
)
 
(833
)
 
168,184

 
(102,251
)
Net increase (decrease) in cash and cash equivalents

 

 
3,235

 
(187
)
 

 
3,048

Cash and cash equivalents at beginning of period
6

 

 
6,360

 
663

 

 
7,029

Cash and cash equivalents at end of period
$
6

 
$

 
$
9,595

 
$
476

 
$

 
$
10,077