Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2019

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, 2019



	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	$	—	$	7,390		$	2,183		$	—		$	9,579
Other current assets	—		—		414,971			11,866			(19		)	426,818
Total current assets	6		—		422,361			14,049			(19		)	436,397
Fixed assets, at cost	—		—		5,427,775			77,585			—			5,505,360
Less: Accumulated depreciation	—		—		(1,129,886		)	(30,467		)	—			(1,160,353		)
Net fixed assets	—		—		4,297,889			47,118			—			4,345,007
Mineral Leaseholds, net of accumulated depletion	—		—		558,197			—			—			558,197
Goodwill	—		—		301,959			—			—			301,959
Other assets, net	9,179		—		428,860			113,183			(173,919		)	377,303
Advances to affiliates	3,189,059		—		—			110,077			(3,299,136		)	—
Equity investees	—		—		344,583			—			—			344,583
Investments in subsidiaries	2,690,066		—		78,474			—			(2,768,540		)	—
Right of Use Assets, net	$	—	$	—	$	191,497		$	—		$	—		191,497
Total assets	$	5,888,310	$	—	$	6,623,820		$	284,427		$	(6,241,614	)	$	6,554,943
LIABILITIES AND CAPITAL
Current liabilities	$	39,302	$	—	$	273,130		$	40,692		$	(123	)	$	353,001
Senior secured credit facility	967,000		—		—			—			—			967,000
Senior unsecured notes, net of debt issuance costs	2,466,137		—		—			—			—			2,466,137
Deferred tax liabilities	—		—		12,911			—			—			12,911
Advances from affiliates	—		—		3,299,146			—			(3,299,146		)	—
Other liabilities	50,157		—		353,169			168,149			(173,785		)	397,690
Total liabilities	3,522,596		—		3,938,356			208,841			(3,473,054		)	4,196,739
Mezzanine Capital:
Class A Convertible Preferred Units	790,115		—		—			—			—			790,115
Partners’ capital, common units	1,575,599		—		2,684,525			84,035			(2,768,560		)	1,575,599
Accumulated other comprehensive income⁽¹⁾	—		—		939			—			—			939
Noncontrolling interests	—		—		—			(8,449		)	—			(8,449		)
Total liabilities, mezzanine capital and partners’ capital	$	5,888,310	$	—	$	6,623,820		$	284,427		$	(6,241,614	)	$	6,554,943

⁽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

Year Ended December 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	$	—	$	8,968		$	1,326		$	—		$	10,300
Other current assets	50		—		419,809			13,285			(165		)	432,979
Total current assets	56		—		428,777			14,611			(165		)	443,279
Fixed assets, at cost	—		—		5,363,274			77,584			—			5,440,858
Less: Accumulated depreciation	—		—		(994,609		)	(29,216		)	—			(1,023,825		)
Net fixed assets	—		—		4,368,665			48,368			—			4,417,033
Mineral Leaseholds, net of accumulated depletion	—		—		560,481			—			—			560,481
Goodwill	—		—		301,959			—			—			301,959
Other assets, net	10,776		—		440,312			117,766			(167,620		)	401,234
Advances to affiliates	3,305,568		—		—			103,061			(3,408,629		)	—
Equity investees and other investments	—		—		355,085			—			—			355,085
Investments in subsidiaries	2,648,510		—		60,532			—			(2,709,042		)	—
Total assets	$	5,964,910	$	—	$	6,515,811		$	283,806		$	(6,285,456	)	$	6,479,071
LIABILITIES AND CAPITAL
Current liabilities	$	39,342	$	—	$	266,252		$	27,350		$	(110	)	$	332,834
Senior secured credit facilities	970,100		—		—			—			—			970,100
Senior unsecured notes, net of debt issuance costs	2,462,363		—		—			—			—			2,462,363
Deferred tax liabilities	—		—		12,576			—			—			12,576
Advances from affiliates	—		—		3,408,659			—			(3,408,659		)	—
Other liabilities	40,840		—		188,181			197,658			(167,481		)	259,198
Total liabilities	3,512,645		—		3,875,668			225,008			(3,576,250		)	4,037,071
Mezzanine Capital:
Class A Convertible Preferred Units	761,466		—		—			—			—			761,466
Partners’ capital, common units	1,690,799		—		2,639,204			70,002			(2,709,206		)	1,690,799
Accumulated other comprehensive income⁽¹⁾	—		—		939			—			—			939
Noncontrolling interests	—		—		—			(11,204		)	—			(11,204		)
Total liabilities, mezzanine capital and partners’ capital	$	5,964,910	$	—	$	6,515,811		$	283,806		$	(6,285,456	)	$	6,479,071

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

Unaudited Condensed Consolidating Statement of Operations

Three Months Ended June 30, 2019



	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	$	—		$	—	$	78,427		$	—		$	—		78,427
Sodium minerals and sulfur services	—			—		273,833			2,101			(1,328		)	274,606
Marine transportation	—			—		58,706			—			—			58,706
Onshore facilities and transportation	—			—		218,685			4,361			—			223,046
Total revenues	—			—		629,651			6,462			(1,328		)	634,785
COSTS AND EXPENSES:
Onshore facilities and transportation costs	—			—		185,909			316			—			186,225
Marine transportation costs	—			—		44,836			—			—			44,836
Sodium minerals and sulfur services operating costs	—			—		218,761			2,461			(1,328		)	219,894
Offshore pipeline transportation operating costs	—			—		11,780			(7,663		)	—			4,117
General and administrative	—			—		13,412			—			—			13,412
Depreciation, depletion and amortization	—			—		78,728			625			—			79,353
Total costs and expenses	—			—		553,426			(4,261		)	(1,328		)	547,837
OPERATING INCOME	—			—		76,225			10,723			—			86,948
Equity in earnings of subsidiaries	101,107			—		6,094			—			(107,201		)	—
Equity in earnings of equity investees	—			—		15,046			—			—			15,046
Interest (expense) income, net	(56,295		)	—		3,911			(3,123		)	—			(55,507		)
Other expense	(4,692		)	—		—			—			—			(4,692		)
Income before income taxes	40,120			—		101,276			7,600			(107,201		)	41,795
Income tax expense	—			—		(135		)	(8		)	—			(143		)
NET INCOME	40,120			—		101,141			7,592			(107,201		)	41,652
Net income attributable to noncontrolling interest	—			—		—			(1,532		)	—			(1,532		)
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	40,120		$	—	$	101,141		$	6,060		$	(107,201	)	$	40,120
Less: Accumulated distributions attributable to Class A Convertible Preferred Units	(18,684		)	—		—			—			—			(18,684		)
NET INCOME AVAILABLE TO COMMON UNIT HOLDERS	$	21,436		$	—	$	101,141		$	6,060		$	(107,201	)	$	21,436

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, depletion 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 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

Six Months Ended June 30, 2019



	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	$	—		$	—	$	156,744		$	—		$	—		$	156,744
Sodium minerals and sulfur services	—			—		549,010			4,210			(3,128		)	550,092
Marine transportation	—			—		115,356			—			—			115,356
Onshore facilities and transportation	—			—		423,491			9,111			—			432,602
Total revenues	—			—		1,244,601			13,321			(3,128		)	1,254,794
COSTS AND EXPENSES:
Onshore facilities and transportation costs	—			—		373,306			676			—			373,982
Marine transportation costs	—			—		88,569			—			—			88,569
Sodium minerals and sulfur services operating costs	—			—		436,979			4,751			(3,128		)	438,602
Offshore pipeline transportation operating costs	—			—		30,201			(7,626		)	—			22,575
General and administrative	—			—		25,098			—			—			25,098
Depreciation, depletion and amortization	—			—		155,741			1,250			—			156,991
Total costs and expenses	—			—		1,109,894			(949		)	(3,128		)	1,105,817
OPERATING INCOME	—			—		134,707			14,270			—			148,977
Equity in earnings of subsidiaries	176,394			—		6,511			—			(182,905		)	—
Equity in earnings of equity investees	—			—		28,043			—			—			28,043
Interest (expense) income, net	(112,652		)	—		7,742			(6,298		)	—			(111,208		)
Other expense	(7,668		)	—		—			—			—			(7,668		)
Income before income taxes	56,074			—		177,003			7,972			(182,905		)	58,144
Income tax expense	—			—		(537		)	(8		)	—			(545		)
NET INCOME	56,074			—		176,466			7,964			(182,905		)	57,599
Net income attributable to noncontrolling interest	—			—		—			(1,525		)	—			(1,525		)
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	56,074		$	—	$	176,466		$	6,439		$	(182,905	)	$	56,074
Less: Accumulated distributions attributable to Class A Convertible Preferred Units	(37,099		)	—		—			—			—			$	(37,099	)
NET INCOME (LOSS) AVAILABLE TO COMMON UNIT HOLDERS	$	18,975		$	—	$	176,466		$	6,439		$	(182,905	)	$	18,975

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 Cash Flows

Six Months Ended June 30, 2019



	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	$	33,704		$	—	$	292,202		$	380		$	(130,676	)	$	195,610
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	—			—		(68,666		)	—			—			(68,666		)
Cash distributions received from equity investees - return of investment	—			—		10,811			—			—			10,811
Intercompany transfers	110,372			—		—			—			(110,372		)	—
Repayments on loan to non-guarantor subsidiary	—			—		4,036			—			(4,036		)	—
Proceeds from asset sales	—			—		861			—			—			861
Net cash used in investing activities	110,372			—		(52,958		)	—			(114,408		)	(56,994		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	387,000			—		—			—			—			387,000
Repayments on senior secured credit facility	(390,100		)	—		—			—			—			(390,100		)
Intercompany transfers	—			—		(103,355		)	(7,017		)	110,372			—
Distributions to common unitholders	(134,838		)	—		(134,838		)	—			134,838			(134,838		)
Distributions to preferred unitholders	(6,138		)	—		(6,138		)	—			6,138			(6,138		)
Contributions from noncontrolling interest	—			—		—			1,230			—			1,230
Other, net	—			—		3,509			6,264			(6,264		)	3,509
Net cash used in financing activities	(144,076		)	—		(240,822		)	477			245,084			(139,337		)
Net decrease in cash and cash equivalents	—			—		(1,578		)	857			—			(721		)
Cash and cash equivalents at beginning of period	6			—		8,968			1,326			—			10,300
Cash and cash equivalents at end of period	$	6		$	—	$	7,390		$	2,183		$	—		$	9,579

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		)
Acquisitions	—			—		—			—			—			—
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			—
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