(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||||||||
, | |||||||||||||||||||||||
(Address of principal executive offices) | (Zip code) | ||||||||||||||||||||||
Registrant’s telephone number, including area code: |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
x | Accelerated filer | ¨ | ||||||||||||
Non-accelerated filer | ¨ | Smaller reporting company | ||||||||||||
Emerging growth company |
Page | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Accounts receivable - trade, net | |||||||||||
Inventories | |||||||||||
Other | |||||||||||
Total current assets | |||||||||||
FIXED ASSETS, at cost | |||||||||||
Less: Accumulated depreciation | ( | ( | |||||||||
Net fixed assets | |||||||||||
MINERAL LEASEHOLDS, net of accumulated depletion | |||||||||||
EQUITY INVESTEES | |||||||||||
INTANGIBLE ASSETS, net of amortization | |||||||||||
GOODWILL | |||||||||||
RIGHT OF USE ASSETS, net | |||||||||||
OTHER ASSETS, net of amortization | |||||||||||
TOTAL ASSETS | $ | $ | |||||||||
LIABILITIES AND CAPITAL | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Accounts payable - trade | $ | $ | |||||||||
Accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
SENIOR SECURED CREDIT FACILITY, net | |||||||||||
SENIOR UNSECURED NOTES, net | |||||||||||
DEFERRED TAX LIABILITIES | |||||||||||
OTHER LONG-TERM LIABILITIES | |||||||||||
Total liabilities | |||||||||||
MEZZANINE CAPITAL: | |||||||||||
Class A Convertible Preferred Units, | |||||||||||
Redeemable noncontrolling interests, | |||||||||||
PARTNERS’ CAPITAL: | |||||||||||
Common unitholders, | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Noncontrolling interests | ( | ( | |||||||||
Total partners' capital | |||||||||||
TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS’ CAPITAL | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||
Offshore pipeline transportation | $ | $ | $ | $ | |||||||||||||||||||
Sodium minerals and sulfur services | |||||||||||||||||||||||
Marine transportation | |||||||||||||||||||||||
Onshore facilities and transportation | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||||||
Onshore facilities and transportation product costs | |||||||||||||||||||||||
Onshore facilities and transportation operating costs | |||||||||||||||||||||||
Marine transportation operating costs | |||||||||||||||||||||||
Sodium minerals and sulfur services operating costs | |||||||||||||||||||||||
Offshore pipeline transportation operating costs | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Depreciation, depletion and amortization | |||||||||||||||||||||||
Impairment expense | |||||||||||||||||||||||
Total costs and expenses | |||||||||||||||||||||||
OPERATING INCOME (LOSS) | ( | ||||||||||||||||||||||
Equity in earnings of equity investees | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Other income (expense) | ( | ||||||||||||||||||||||
Loss from operations before income taxes | ( | ( | ( | ( | |||||||||||||||||||
Income tax expense | ( | ( | ( | ( | |||||||||||||||||||
NET LOSS | ( | ( | ( | ( | |||||||||||||||||||
Net loss (income) attributable to noncontrolling interests | ( | ||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
NET LOSS ATTRIBUTABLE TO GENESIS ENERGY, L.P. | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Less: Accumulated distributions attributable to Class A Convertible Preferred Units | ( | ( | ( | ( | |||||||||||||||||||
NET LOSS AVAILABLE TO COMMON UNITHOLDERS | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
NET LOSS PER COMMON UNIT (Note 11): | |||||||||||||||||||||||
Basic and Diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
WEIGHTED AVERAGE OUTSTANDING COMMON UNITS: | |||||||||||||||||||||||
Basic and Diluted |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Amortization of prior service cost | |||||||||||||||||||||||
Total Comprehensive loss | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive loss (income) attributable to noncontrolling interests | ( | ||||||||||||||||||||||
Comprehensive income attributable to redeemable noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive loss attributable to Genesis Energy, L.P. | $ | ( | $ | ( | $ | ( | $ | ( |
Number of Common Units | Partners’ Capital | Noncontrolling Interest | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||||
Partners' capital, June 30, 2021 | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||
Net loss | — | ( | ( | — | ( | ||||||||||||||||||||||||
Cash distributions to partners | — | ( | — | — | ( | ||||||||||||||||||||||||
Cash contributions from noncontrolling interests | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income | — | — | — | ||||||||||||||||||||||||||
Distributions to Class A Convertible Preferred unitholders | — | ( | — | — | ( | ||||||||||||||||||||||||
Partners' capital, September 30, 2021 | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||
Number of Common Units | Partners’ Capital | Noncontrolling Interest | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||||
Partners' capital, June 30, 2020 | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||
Net loss | — | ( | ( | — | ( | ||||||||||||||||||||||||
Cash distributions to partners | — | ( | — | — | ( | ||||||||||||||||||||||||
Cash contributions from noncontrolling interests | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income | — | — | — | ||||||||||||||||||||||||||
Distributions to Class A Convertible Preferred unitholders | — | ( | — | — | ( | ||||||||||||||||||||||||
Partners' capital, September 30, 2020 | $ | $ | ( | $ | ( | $ |
Number of Common Units | Partners’ Capital | Noncontrolling Interest | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||||
Partners’ capital, December 31, 2020 | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||
Net income (loss) | — | ( | — | ( | |||||||||||||||||||||||||
Cash distributions to partners | — | ( | — | — | ( | ||||||||||||||||||||||||
Cash contributions from noncontrolling interests | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income | — | — | — | ||||||||||||||||||||||||||
Distributions to Class A Convertible Preferred unitholders | — | ( | — | — | ( | ||||||||||||||||||||||||
Partners' capital, September 30, 2021 | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||
Number of Common Units | Partners’ Capital | Noncontrolling Interest | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||||
Partners’ capital, December 31, 2019 | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||
Net loss | — | ( | ( | — | ( | ||||||||||||||||||||||||
Cash distributions to partners | — | ( | — | — | ( | ||||||||||||||||||||||||
Cash contributions from noncontrolling interests | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income | — | — | — | ||||||||||||||||||||||||||
Distributions to Class A Convertible Preferred unitholders | — | ( | — | — | ( | ||||||||||||||||||||||||
Partners' capital, September 30, 2020 | $ | $ | ( | $ | ( | $ |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities - | |||||||||||
Depreciation, depletion and amortization | |||||||||||
Impairment expense | |||||||||||
Amortization and write-off of debt issuance costs, premium and discount | |||||||||||
Amortization of non-cash costs on previously owned direct financing leases | ( | ||||||||||
Equity in earnings of investments in equity investees | ( | ( | |||||||||
Cash distributions of earnings of equity investees | |||||||||||
Non-cash effect of long-term incentive compensation plans | ( | ||||||||||
Deferred and other tax liabilities | |||||||||||
Unrealized losses (gains) on derivative transactions | ( | ||||||||||
Cancellation of debt income | ( | ||||||||||
Other, net | |||||||||||
Net cash provided by operating activities | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Payments to acquire fixed and intangible assets | ( | ( | |||||||||
Cash distributions received from equity investees - return of investment | |||||||||||
Investments in equity investees | ( | ||||||||||
Proceeds from asset sales | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Borrowings on senior secured credit facility | |||||||||||
Repayments on senior secured credit facility | ( | ( | |||||||||
( | ( | ||||||||||
Debt issuance costs | ( | ( | |||||||||
Contributions from noncontrolling interests | |||||||||||
Distributions to common unitholders | ( | ( | |||||||||
Distributions to preferred unitholders | ( | ( | |||||||||
Other, net | |||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net decrease in cash, restricted cash, and cash equivalents | ( | ( | |||||||||
Cash, restricted cash and cash equivalents at beginning of period | |||||||||||
Cash, restricted cash and cash equivalents at end of period | $ | $ |
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
Offshore Pipeline Transportation | Sodium Minerals & Sulfur Services | Marine Transportation | Onshore Facilities and Transportation | Consolidated | |||||||||||||||||||||||||
Fee-based revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Product Sales | |||||||||||||||||||||||||||||
Refinery Services | |||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||||||
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Offshore Pipeline Transportation | Sodium Minerals & Sulfur Services | Marine Transportation | Onshore Facilities and Transportation | Consolidated | |||||||||||||||||||||||||
Fee-based revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Product Sales | |||||||||||||||||||||||||||||
Refinery Services | |||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
Offshore Pipeline Transportation | Sodium Minerals & Sulfur Services | Marine Transportation | Onshore Facilities and Transportation | Consolidated | |||||||||||||||||||||||||
Fee-based revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Product Sales | |||||||||||||||||||||||||||||
Refinery Services | |||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Offshore Pipeline Transportation | Sodium Minerals & Sulfur Services | Marine Transportation | Onshore Facilities & Transportation | Consolidated | |||||||||||||||||||||||||
Fee-based revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Product Sales | |||||||||||||||||||||||||||||
Refinery Services | |||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||||||
Contract Assets | Contract Liabilities | |||||||||||||||||||
Current Assets- Other | Other Assets | Accrued Liabilities | Other Long-Term Liabilities | |||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | ||||||||||||||||
Balance at September 30, 2021 |
Offshore Pipeline Transportation | Onshore Facilities and Transportation | |||||||
Remainder of 2021 | $ | $ | ||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
Thereafter | ||||||||
Total | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
M/T American Phoenix | $ | $ | $ | $ | |||||||||||||||||||
Free State Pipeline (1) |
September 30, 2021 | December 31, 2020 | ||||||||||
Petroleum products | $ | $ | |||||||||
Crude oil | |||||||||||
Caustic soda | |||||||||||
NaHS | |||||||||||
Raw materials - Alkali operations | |||||||||||
Work-in-process - Alkali operations | |||||||||||
Finished goods, net - Alkali operations | |||||||||||
Materials and supplies, net - Alkali operations | |||||||||||
Total | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||
Crude oil and natural gas pipelines and related assets | $ | $ | |||||||||
Alkali facilities, machinery, and equipment | |||||||||||
Onshore facilities, machinery, and equipment | |||||||||||
Transportation equipment | |||||||||||
Marine vessels | |||||||||||
Land, buildings and improvements | |||||||||||
Office equipment, furniture and fixtures | |||||||||||
Construction in progress | |||||||||||
Other | |||||||||||
Fixed assets, at cost | |||||||||||
Less: Accumulated depreciation | ( | ( | |||||||||
Net fixed assets | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||
Mineral leaseholds | $ | $ | |||||||||
Less: Accumulated depletion | ( | ( | |||||||||
Mineral leaseholds, net of accumulated depletion | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Depreciation expense | $ | $ | $ | $ | |||||||||||||||||||
Depletion expense |
ARO liability balance, December 31, 2020 | $ | ||||
Accretion expense | |||||
Changes in estimate | |||||
Settlements | ( | ||||
ARO liability balance, September 30, 2021 | $ |
Remainder of | 2021 | $ | ||||||
2022 | $ | |||||||
2023 | $ | |||||||
2024 | $ | |||||||
2025 | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Genesis’ share of operating earnings | $ | $ | $ | $ | |||||||||||||||||||
Amortization of excess purchase price | ( | ( | ( | ( | |||||||||||||||||||
Net equity in earnings | $ | $ | $ | $ | |||||||||||||||||||
Distributions received (1) | $ | $ | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||
BALANCE SHEET DATA: | |||||||||||
Assets | |||||||||||
Current assets | $ | $ | |||||||||
Fixed assets, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and equity | |||||||||||
Current liabilities | $ | $ | |||||||||
Other liabilities | |||||||||||
Equity (Deficit) | ( | ( | |||||||||
Total liabilities and equity | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
INCOME STATEMENT DATA: | |||||||||||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||||||||||
Operating income | $ | $ | $ | $ | |||||||||||||||||||
Net income | $ | $ | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Carrying Value | Gross Carrying Amount | Accumulated Amortization | Carrying Value | ||||||||||||||||||||||||||||||
Marine contract intangibles | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Offshore pipeline contract intangibles | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Amortization of intangible assets | $ | $ | $ | $ |
Remainder of | 2021 | $ | ||||||
2022 | $ | |||||||
2023 | $ | |||||||
2024 | $ | |||||||
2025 | $ |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Principal | Unamortized Premium and Debt Issuance Costs | Net Value | Principal | Unamortized Debt Issuance Costs | Net Value | ||||||||||||||||||||||||||||||
Senior secured credit facility-Revolving Loan (1) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Senior secured credit facility-Term Loan (2) | |||||||||||||||||||||||||||||||||||
Total long-term debt | $ | $ | $ | $ | $ | $ |
Year | Principal Due (1) | |||||||
2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 |
Distribution For | Date Paid | Per Unit Amount | Total Amount | ||||||||||||||||||||
2020 | |||||||||||||||||||||||
1st Quarter | $ | $ | |||||||||||||||||||||
2nd Quarter | $ | $ | |||||||||||||||||||||
3rd Quarter | $ | $ | |||||||||||||||||||||
4th Quarter | $ | $ | |||||||||||||||||||||
2021 | |||||||||||||||||||||||
1st Quarter | $ | $ | |||||||||||||||||||||
2nd Quarter | $ | $ | |||||||||||||||||||||
3rd Quarter | (1) | $ | $ |
Distribution For | Date Paid | Per Unit Amount | Total Amount | |||||||||||||||||
2020 | ||||||||||||||||||||
1st Quarter | $ | $ | ||||||||||||||||||
2nd Quarter | $ | $ | ||||||||||||||||||
3rd Quarter | $ | $ | ||||||||||||||||||
4th Quarter | $ | $ | ||||||||||||||||||
2021 | ||||||||||||||||||||
1st Quarter | $ | $ | ||||||||||||||||||
2nd Quarter | $ | $ | ||||||||||||||||||
3rd Quarter | (1) | $ | $ | |||||||||||||||||
Balance as of December 31, 2020 | $ | |||||||
Issuance of preferred units, net of issuance costs (1) | ||||||||
PIK distribution | ||||||||
Redemption accretion | ||||||||
Tax distributions (1) | ( | |||||||
Balance as of September 30, 2021 | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net Loss Attributable to Genesis Energy L.P. | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Less: Accumulated distributions attributable to Class A Convertible Preferred Units | ( | ( | ( | ( | |||||||||||||||||||
Net Loss Available to Common Unitholders | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Weighted Average Outstanding Units | |||||||||||||||||||||||
Basic and Diluted Net Loss per Common Unit | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Offshore Pipeline Transportation | Sodium Minerals & Sulfur Services | Onshore Facilities & Transportation | Marine Transportation | Total | |||||||||||||||||||||||||
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
Segment margin (a) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Capital expenditures (b) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
External customers | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Intersegment (c) | ( | ||||||||||||||||||||||||||||
Total revenues of reportable segments | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Segment margin (a) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Capital expenditures (b) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
External customers | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Intersegment (c) | ( | ||||||||||||||||||||||||||||
Total revenues of reportable segments | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
Segment Margin (a) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Capital expenditures (b) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
External customers | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Intersegment (c) | ( | ||||||||||||||||||||||||||||
Total revenues of reportable segments | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Segment Margin (a) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Capital expenditures (b) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
External customers | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Intersegment (c) | ( | ( | |||||||||||||||||||||||||||
Total revenues of reportable segments | $ | $ | $ | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||
Offshore pipeline transportation | $ | $ | |||||||||
Sodium minerals and sulfur services | |||||||||||
Onshore facilities and transportation | |||||||||||
Marine transportation | |||||||||||
Other assets | |||||||||||
Total consolidated assets | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Total Segment Margin | $ | $ | $ | $ | |||||||||||||||||||
Corporate general and administrative expenses | ( | ( | ( | ( | |||||||||||||||||||
Depreciation, depletion, amortization and accretion | ( | ( | ( | ( | |||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income (1) | ( | ( | ( | ( | |||||||||||||||||||
Other non-cash items (2) | ( | ||||||||||||||||||||||
Distribution from unrestricted subsidiaries not included in income (3) | ( | ( | ( | ( | |||||||||||||||||||
Cancellation of debt income (4) | |||||||||||||||||||||||
Loss on extinguishment of debt (4) | ( | ( | |||||||||||||||||||||
Differences in timing of cash receipts for certain contractual arrangements (5) | ( | ( | ( | ( | |||||||||||||||||||
Impairment expense (6) | ( | ( | |||||||||||||||||||||
Provision for leased items no longer in use | ( | ( | ( | ||||||||||||||||||||
Redeemable noncontrolling interest redemption value adjustments (7) | ( | ( | ( | ( | |||||||||||||||||||
Income tax expense | ( | ( | ( | ( | |||||||||||||||||||
Net loss attributable to Genesis Energy, L.P. | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Revenues from services and fees to Poseidon(1) | $ | $ | $ | $ | |||||||||||||||||||
Revenues from product sales to ANSAC | |||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Amounts paid to our CEO in connection with the use of his aircraft | $ | $ | $ | $ | |||||||||||||||||||
Charges for services from Poseidon(1) | |||||||||||||||||||||||
Charges for services from ANSAC | |||||||||||||||||||||||
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Receivables: | |||||||||||
ANSAC | $ | $ | |||||||||
Payables: | |||||||||||
ANSAC | $ | $ | |||||||||
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
(Increase) decrease in: | |||||||||||
Accounts receivable | $ | $ | |||||||||
Inventories | ( | ||||||||||
Deferred charges | |||||||||||
Other current assets | ( | ( | |||||||||
Increase (decrease) in: | |||||||||||
Accounts payable | ( | ( | |||||||||
Accrued liabilities | ( | ||||||||||
Net changes in components of operating assets and liabilities | $ | $ |
Sell (Short) Contracts | Buy (Long) Contracts | |||||||||||||
Designated as hedges under accounting rules: | ||||||||||||||
Crude oil futures: | ||||||||||||||
Contract volumes (1,000 bbls) | ||||||||||||||
Weighted average contract price per bbl | $ | $ | ||||||||||||
Not qualifying or not designated as hedges under accounting rules: | ||||||||||||||
Crude oil futures: | ||||||||||||||
Contract volumes (1,000 bbls) | ||||||||||||||
Weighted average contract price per bbl | $ | $ | ||||||||||||
Natural gas swaps: | ||||||||||||||
Contract volumes (10,000 MMBTU) | ||||||||||||||
Weighted average price differential per MMBTU | $ | $ | ||||||||||||
Natural gas futures: | ||||||||||||||
Contract volumes (10,000 MMBTU) | ||||||||||||||
Weighted average contract price per MMBTU | $ | $ | ||||||||||||
NYM NYHBRULSD: | ||||||||||||||
Contract volumes (42,000 gal) | ||||||||||||||
Weighted average contract price per gallon | $ | $ | ||||||||||||
NYM RBOB Gas futures: | ||||||||||||||
Contract volumes (42,000 gal) | ||||||||||||||
Weighted average contract price per gallon | $ | $ | ||||||||||||
Crude oil options: | ||||||||||||||
Contract volumes (1,000 bbls) | ||||||||||||||
Weighted average premium received/paid | $ | $ | ||||||||||||
Unaudited Condensed Consolidated Balance Sheets Location | Fair Value | ||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||
Asset Derivatives: | |||||||||||||||||
Commodity derivatives - futures and call options (undesignated hedges): | |||||||||||||||||
Gross amount of recognized assets | Current Assets - Other | $ | $ | ||||||||||||||
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other | ( | ( | ||||||||||||||
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives | $ | $ | |||||||||||||||
Natural Gas Swap (undesignated hedge) | Current Assets - Other | ||||||||||||||||
Commodity derivatives - futures and call options (designated hedges): | |||||||||||||||||
Gross amount of recognized assets | Current Assets - Other | $ | $ | ||||||||||||||
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other | ( | ( | ||||||||||||||
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives | $ | $ | |||||||||||||||
Liability Derivatives: | |||||||||||||||||
Preferred Distribution Rate Reset Election (2) | Other long-term liabilities | ( | ( | ||||||||||||||
Natural Gas Swap (undesignated hedge) | Current Liabilities -Accrued Liabilities | ( | |||||||||||||||
Commodity derivatives - futures and call options (undesignated hedges): | |||||||||||||||||
Gross amount of recognized liabilities | Current Assets - Other (1) | $ | ( | $ | ( | ||||||||||||
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other (1) | ||||||||||||||||
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives | $ | $ | |||||||||||||||
Commodity derivatives - futures and call options (designated hedges): | |||||||||||||||||
Gross amount of recognized liabilities | Current Assets - Other (1) | $ | ( | $ | ( | ||||||||||||
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other (1) | ||||||||||||||||
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives | $ | $ | ( |
Amount of Gain (Loss) Recognized in Income | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidated Statements of Operations Location | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Commodity derivatives - futures and call options: | |||||||||||||||||||||||||||||
Contracts designated as hedges under accounting guidance | Onshore facilities and transportation product costs | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
Contracts not considered hedges under accounting guidance | Onshore facilities and transportation product costs, Sodium minerals and sulfur services operating costs | ( | ( | ( | |||||||||||||||||||||||||
Total commodity derivatives | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||||||
Natural Gas Swap | Sodium minerals and sulfur services operating costs | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||
Preferred Distribution Rate Reset Election | Other income (expense) | $ | $ | $ | ( | $ |
Fair Value at | Fair Value at | |||||||||||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Recurring Fair Value Measures | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||
Commodity derivatives: | ||||||||||||||||||||||||||||||||||||||
Assets | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Liabilities | $ | ( | $ | ( | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Preferred Distribution Rate Reset Election | $ | $ | $ | ( | $ | $ | $ | ( |
Nine Months Ended September 30, | |||||
2021 | |||||
Balance as of December 31, 2020 | $ | ( | |||
Unrealized loss for the period included in earnings | ( | ||||
Balance as of September 30, 2021 | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||
Offshore pipeline transportation | $ | 76,045 | $ | 57,380 | $ | 243,420 | $ | 217,774 | |||||||||||||||
Sodium minerals and sulfur services | 39,649 | 27,592 | 121,563 | 89,357 | |||||||||||||||||||
Onshore facilities and transportation | 29,145 | 61,298 | 72,512 | 110,612 | |||||||||||||||||||
Marine transportation | 9,023 | 15,587 | 24,600 | 52,727 | |||||||||||||||||||
Total Segment Margin | $ | 153,862 | $ | 161,857 | $ | 462,095 | $ | 470,470 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Total Segment Margin | $ | 153,862 | $ | 161,857 | $ | 462,095 | $ | 470,470 | |||||||||||||||
Corporate general and administrative expenses | (14,878) | (10,801) | (38,389) | (42,160) | |||||||||||||||||||
Depreciation, depletion, amortization and accretion | (69,665) | (70,203) | (208,346) | (228,761) | |||||||||||||||||||
Interest expense | (59,940) | (51,312) | (176,938) | (157,895) | |||||||||||||||||||
Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income (1) | (7,142) | (2,318) | (23,690) | (14,500) | |||||||||||||||||||
Other non-cash items (2) | 2,526 | 7,712 | (30,601) | 16,489 | |||||||||||||||||||
Distribution from unrestricted subsidiaries not included in income (3) | (17,500) | (44,088) | (52,500) | (48,620) | |||||||||||||||||||
Cancellation of debt income | — | 809 | — | 20,534 | |||||||||||||||||||
Provision for leased items no longer in use | — | (696) | (598) | (624) | |||||||||||||||||||
Differences in timing of cash receipts for certain contractual arrangements (4) | (657) | (13,052) | (7,402) | (29,180) | |||||||||||||||||||
Loss on debt extinguishment (5) | — | — | (1,627) | (23,480) | |||||||||||||||||||
Impairment expense | — | (3,331) | — | (280,826) | |||||||||||||||||||
Redeemable noncontrolling interest redemption value adjustments (6) | (7,082) | (4,149) | (17,639) | (12,394) | |||||||||||||||||||
Income tax expense | (423) | (145) | (1,170) | (575) | |||||||||||||||||||
Net Loss Attributable to Genesis Energy, L.P. | $ | (20,899) | $ | (29,717) | $ | (96,805) | $ | (331,522) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||
Offshore crude oil pipeline revenue, excluding non-cash revenues | $ | 68,342 | $ | 52,157 | $ | 201,157 | $ | 182,741 | |||||||||||||||
Offshore natural gas pipeline revenue, excluding non-cash revenues | 8,878 | 8,166 | 29,842 | 31,805 | |||||||||||||||||||
Offshore pipeline operating costs, excluding non-cash expenses | (18,218) | (19,221) | (55,552) | (50,963) | |||||||||||||||||||
Distributions from equity investments (1) | 17,043 | 16,278 | 67,973 | 54,191 | |||||||||||||||||||
Offshore pipeline transportation Segment Margin | $ | 76,045 | $ | 57,380 | $ | 243,420 | $ | 217,774 | |||||||||||||||
Volumetric Data 100% basis: | |||||||||||||||||||||||
Crude oil pipelines (average barrels/day unless otherwise noted): | |||||||||||||||||||||||
CHOPS | 211,809 | 98,626 | 178,083 | 178,962 | |||||||||||||||||||
Poseidon | 208,593 | 274,008 | 270,641 | 268,862 | |||||||||||||||||||
Odyssey | 94,171 | 84,902 | 119,100 | 117,100 | |||||||||||||||||||
GOPL (2) | 7,169 | 1,266 | 7,532 | 3,706 | |||||||||||||||||||
Total crude oil offshore pipelines | 521,742 | 458,802 | 575,356 | 568,630 | |||||||||||||||||||
Natural gas transportation volumes (MMBtus/d) | 317,025 | 265,465 | 329,908 | 337,039 | |||||||||||||||||||
Volumetric Data net to our ownership interest (3): | |||||||||||||||||||||||
Crude oil pipelines (average barrels/day unless otherwise noted): | |||||||||||||||||||||||
CHOPS | 211,809 | 98,626 | 178,083 | 178,962 | |||||||||||||||||||
Poseidon | 133,500 | 175,365 | 173,210 | 172,072 | |||||||||||||||||||
Odyssey | 27,310 | 24,622 | 34,539 | 33,959 | |||||||||||||||||||
GOPL (2) | 7,169 | 1,266 | 7,532 | 3,706 | |||||||||||||||||||
Total crude oil offshore pipelines | 379,788 | 299,879 | 393,364 | 388,699 | |||||||||||||||||||
Natural gas transportation volumes (MMBtus/d) | 100,418 | 83,833 | 103,863 | 112,501 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Volumes sold: | |||||||||||||||||||||||
NaHS volumes (Dry short tons "DST") | 27,873 | 28,105 | 84,727 | 80,129 | |||||||||||||||||||
Soda Ash volumes (short tons sold) | 686,851 | 588,949 | 2,221,803 | 2,006,006 | |||||||||||||||||||
NaOH (caustic soda) volumes (DST) | 22,456 | 20,922 | 63,842 | 57,551 | |||||||||||||||||||
Revenues (in thousands): | |||||||||||||||||||||||
NaHS revenues, excluding non-cash revenues | $ | 32,631 | $ | 29,271 | $ | 92,901 | $ | 85,788 | |||||||||||||||
NaOH (caustic soda) revenues | 11,572 | 9,256 | 29,778 | 25,341 | |||||||||||||||||||
Revenues associated with Alkali Business | 167,789 | 151,227 | 508,892 | 469,361 | |||||||||||||||||||
Other revenues | 1,402 | 624 | 3,225 | 1,729 | |||||||||||||||||||
Total external segment revenues, excluding non-cash revenues(1) | $ | 213,394 | $ | 190,378 | $ | 634,796 | $ | 582,219 | |||||||||||||||
Segment Margin (in thousands) | $ | 39,649 | $ | 27,592 | $ | 121,563 | $ | 89,357 | |||||||||||||||
Average index price for NaOH per DST(2) | $ | 825 | $ | 697 | $ | 743 | $ | 681 | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||
Gathering, marketing, and logistics revenue | $ | 152,804 | $ | 115,929 | $ | 467,514 | $ | 311,066 | |||||||||||||||
Crude oil and CO2 pipeline tariffs and revenues | 8,003 | 14,208 | 26,880 | 48,214 | |||||||||||||||||||
Distributions from unrestricted subsidiaries not included in income (1) | 17,500 | 44,088 | 52,500 | 48,620 | |||||||||||||||||||
Crude oil and petroleum products costs, excluding unrealized gains and losses from derivative transactions | (128,804) | (104,197) | (415,171) | (258,474) | |||||||||||||||||||
Operating costs, excluding non-cash charges for long-term incentive compensation and other non-cash expenses | (15,459) | (15,895) | (46,156) | (52,265) | |||||||||||||||||||
Other | (4,899) | 7,165 | (13,055) | 13,451 | |||||||||||||||||||
Segment Margin | $ | 29,145 | $ | 61,298 | $ | 72,512 | $ | 110,612 | |||||||||||||||
Volumetric Data (average barrels per day unless otherwise noted): | |||||||||||||||||||||||
Onshore crude oil pipelines: | |||||||||||||||||||||||
Texas | 64,027 | 64,635 | 60,561 | 70,444 | |||||||||||||||||||
Jay | 7,694 | 9,731 | 8,133 | 8,276 | |||||||||||||||||||
Mississippi | 5,088 | 5,523 | 5,171 | 5,605 | |||||||||||||||||||
Louisiana (2) | 38,454 | 37,557 | 49,305 | 68,163 | |||||||||||||||||||
Onshore crude oil pipelines total | 115,263 | 117,446 | 123,170 | 152,488 | |||||||||||||||||||
CO2 pipeline (average Mcf/day): | |||||||||||||||||||||||
Free State (3) | — | 90,649 | — | 106,530 | |||||||||||||||||||
Crude oil and petroleum products sales: | |||||||||||||||||||||||
Total crude oil and petroleum products sales | 20,878 | 29,284 | 24,292 | 25,772 | |||||||||||||||||||
Rail unload volumes | 3,001 | 3,860 | 15,466 | 33,907 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues (in thousands): | |||||||||||||||||||||||
Inland freight revenues | $ | 18,006 | $ | 21,347 | $ | 53,752 | $ | 74,724 | |||||||||||||||
Offshore freight revenues | 19,182 | 21,132 | 50,212 | 64,491 | |||||||||||||||||||
Other rebill revenues (1) | 11,528 | 9,433 | 32,709 | 31,763 | |||||||||||||||||||
Total segment revenues | $ | 48,716 | $ | 51,912 | $ | 136,673 | $ | 170,978 | |||||||||||||||
Operating costs, excluding non-cash charges for long-term incentive compensation and other non-cash expenses (in thousands) | $ | 39,693 | $ | 36,325 | $ | 112,073 | $ | 118,251 | |||||||||||||||
Segment Margin (in thousands) | $ | 9,023 | $ | 15,587 | $ | 24,600 | $ | 52,727 | |||||||||||||||
Fleet Utilization: (2) | |||||||||||||||||||||||
Inland Barge Utilization | 79.9 | % | 74.0 | % | 77.7 | % | 85.0 | % | |||||||||||||||
Offshore Barge Utilization | 93.5 | % | 95.7 | % | 95.2 | % | 97.3 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||
General and administrative expenses not separately identified below: | |||||||||||||||||||||||
Corporate | $ | 11,646 | $ | 9,846 | $ | 31,435 | $ | 44,003 | |||||||||||||||
Segment | 1,079 | 1,048 | 3,166 | 3,186 | |||||||||||||||||||
Long-term incentive compensation expense | 743 | 143 | 2,705 | (1,387) | |||||||||||||||||||
Third party costs related to business development activities and growth projects | 903 | 35 | 1,638 | 56 | |||||||||||||||||||
Total general and administrative expenses | $ | 14,371 | $ | 11,072 | $ | 38,944 | $ | 45,858 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||
Depreciation and depletion expense | $ | 64,441 | $ | 63,103 | $ | 192,907 | $ | 209,238 | |||||||||||||||
Amortization expense | 2,707 | 4,630 | 8,068 | 12,972 | |||||||||||||||||||
Total depreciation, depletion and amortization expense | $ | 67,148 | $ | 67,733 | $ | 200,975 | $ | 222,210 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||
Interest expense, senior secured credit facility (including commitment fees) | $ | 5,494 | $ | 9,415 | $ | 18,737 | $ | 29,824 | |||||||||||||||
Interest expense, senior unsecured notes | 53,079 | 39,842 | 153,273 | 122,402 | |||||||||||||||||||
Amortization of debt issuance costs and premium | 2,276 | 2,454 | 7,246 | 7,045 | |||||||||||||||||||
Capitalized interest | (909) | (399) | (2,318) | (1,376) | |||||||||||||||||||
Net interest expense | $ | 59,940 | $ | 51,312 | $ | 176,938 | $ | 157,895 |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Capital expenditures for fixed and intangible assets: | |||||||||||
Maintenance capital expenditures: | |||||||||||
Offshore pipeline transportation assets | $ | 8,166 | $ | 3,641 | |||||||
Sodium minerals and sulfur services assets | 30,458 | 23,647 | |||||||||
Marine transportation assets | 29,757 | 22,998 | |||||||||
Onshore facilities and transportation assets | 4,382 | 2,988 | |||||||||
Information technology systems | 293 | 213 | |||||||||
Total maintenance capital expenditures | 73,056 | 53,487 | |||||||||
Growth capital expenditures: | |||||||||||
Offshore pipeline transportation assets | 26,473 | 2,268 | |||||||||
Sodium minerals and sulfur services assets | 127,723 | 44,015 | |||||||||
Marine transportation assets | — | — | |||||||||
Onshore facilities and transportation assets | 133 | 444 | |||||||||
Information technology systems | 6,338 | 4,175 | |||||||||
Total growth capital expenditures | 160,667 | 50,902 | |||||||||
Total capital expenditures for fixed and intangible assets | 233,723 | 104,389 | |||||||||
Capital expenditures related to equity investees | 129 | — | |||||||||
Total capital expenditures | $ | 233,852 | $ | 104,389 |
Balance Sheets | Genesis Energy, L.P. and Guarantor Subsidiaries | ||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
ASSETS: | |||||||||||
Current assets | $ | 264,609 | $ | 313,328 | |||||||
Fixed assets, net | 3,048,637 | 3,115,492 | |||||||||
Non-current assets | 822,525 | 861,230 | |||||||||
LIABILITIES AND CAPITAL:(1) | |||||||||||
Current liabilities | 236,323 | 266,688 | |||||||||
Non-current liabilities | 3,713,459 | 3,710,044 | |||||||||
Class A Convertible Preferred Units | 790,115 | 790,115 | |||||||||
Statements of Operations | Genesis Energy, L.P. and Guarantor Subsidiaries | ||||||||||
Nine Months Ended September 30, 2021 | Twelve Months Ended December 31. 2020 | ||||||||||
Revenues | $ | 1,027,705 | $ | 1,156,428 | |||||||
Operating costs | 963,260 | 1,421,674 | |||||||||
Operating income (loss) | 64,445 | (265,246) | |||||||||
Loss before income taxes | (101,480) | (408,717) | |||||||||
Net loss(1) | (102,634) | (409,951) | |||||||||
Less: Accumulated distributions to Class A Convertible Preferred Units | (56,052) | (74,736) | |||||||||
Net loss available to common unitholders | (158,686) | (484,687) |
Three Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Net loss attributable to Genesis Energy, L.P. | $ | (20,899) | $ | (29,717) | |||||||
Income tax expense | 423 | 145 | |||||||||
Depreciation, depletion, amortization and accretion | 69,665 | 70,203 | |||||||||
Impairment expense | — | 3,331 | |||||||||
Plus (minus) Select Items, net | 24,309 | 52,091 | |||||||||
Maintenance capital utilized (1) | (13,500) | (10,600) | |||||||||
Cash tax expense | (195) | (250) | |||||||||
Distributions to preferred unitholders | (18,684) | (18,684) | |||||||||
Redeemable noncontrolling interest redemption value adjustments (2) | 7,082 | 4,149 | |||||||||
Available Cash before Reserves | $ | 48,201 | $ | 70,668 |
Three Months Ended September 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
(in thousands) | ||||||||||||||
I. | Applicable to all Non-GAAP Measures | |||||||||||||
Differences in timing of cash receipts for certain contractual arrangements (1) | $ | 657 | $ | 13,052 | ||||||||||
Distribution from unrestricted subsidiaries not included in income (2) | 17,500 | 44,088 | ||||||||||||
Certain non-cash items: | ||||||||||||||
Unrealized gains on derivative transactions excluding fair value hedges, net of changes in inventory value (3) | (1,708) | (9,772) | ||||||||||||
Adjustment regarding equity investees (4) | 7,142 | 2,318 | ||||||||||||
Other | (818) | 2,060 | ||||||||||||
Sub-total Select Items, net | 22,773 | 51,746 | ||||||||||||
II. | Applicable only to Available Cash before Reserves | |||||||||||||
Certain transaction costs (5) | 903 | 55 | ||||||||||||
Other | 633 | 290 | ||||||||||||
Total Select Items, net (6) | $ | 24,309 | $ | 52,091 |
3.1 | Certificate of Limited Partnership of Genesis Energy, L.P. (incorporated by reference to Exhibit 3.1 to Amendment No. 2 of the Registration Statement on Form S-1, File No. 333-11545). | ||||||||||
3.2 | |||||||||||
3.3 | |||||||||||
3.4 | |||||||||||
3.5 | |||||||||||
3.6 | |||||||||||
3.7 | |||||||||||
3.8 | |||||||||||
3.9 | |||||||||||
3.10 | |||||||||||
4.1 | |||||||||||
22.1 | |||||||||||
* | 31.1 | ||||||||||
* | 31.2 | ||||||||||
* | 32 | ||||||||||
* | 95 | ||||||||||
101.INS | XBRL Instance Document- the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||||||||
101.SCH | XBRL Schema Document. | ||||||||||
101.CAL | XBRL Calculation Linkbase Document. | ||||||||||
101.LAB | XBRL Label Linkbase Document. | ||||||||||
101.PRE | XBRL Presentation Linkbase Document. | ||||||||||
101.DEF | XBRL Definition Linkbase Document. | ||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL). |
* | Filed herewith |
GENESIS ENERGY, L.P. (A Delaware Limited Partnership) | ||||||||
By: | GENESIS ENERGY, LLC, as General Partner |
Date: | November 4, 2021 | By: | /s/ ROBERT V. DEERE | ||||||||
Robert V. Deere | |||||||||||
Chief Financial Officer | |||||||||||
(Duly Authorized Officer) |
Date: | November 4, 2021 | /s/ Grant E. Sims | ||||||
Grant E. Sims | ||||||||
Chief Executive Officer |
Date: | November 4, 2021 | /s/ Robert V. Deere | ||||||
Robert V. Deere | ||||||||
Chief Financial Officer |
(1) | the Partnership’s Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 as amended; and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership. |
November 4, 2021 | /s/ Grant E. Sims | ||||
Grant E. Sims | |||||
Chief Executive Officer, | |||||
Genesis Energy, LLC | |||||
November 4, 2021 | /s/ Robert V. Deere | ||||
Robert V. Deere | |||||
Chief Financial Officer, | |||||
Genesis Energy, LLC |
(A) | (B) | (C) | (D) | (E) | (F) | (G) | (H) | (I) | (J) | (K) | (L) | |||||||||||||||||||||||||||
Mine or Operating Name/ MSHA Identification Number | Section 104 S&S Citations (#) | Section 104(b) Orders (#) | Section 104(d) Citations and Orders (#) | Section 110(b)(2) Violations (#) | Section 107(a) Orders (#) | Total Dollar Value of MSHA Assessment Proposed ($) | Total Number of Mining Related Fatalities (#) | Received Notice of Pattern of Violations Under Section 104(e) (yes/no) | Received Notice of Potential to Have Pattern Under Section 104(e) (yes/no) | Legal Actions Pending as of Last Day of Period (#) | Legal Actions Initiated During Period (#) | Legal Actions Resolved During Period (#) | ||||||||||||||||||||||||||
Genesis-Alkali at Westvaco MSHA I.D. No.: 48-00152 | 20 | 0 | 0 | 0 | 0 | $22,649 | 0 | No | No | 0 | 2 | 0 |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Common units issued (in units) | 122,579,218 | 122,579,218 |
Common units outstanding (in units) | 122,579,218 | 122,579,218 |
Class A Convertible Preferred Stock Units | ||
Number preferred units issued (in units) | 25,336,778 | 25,336,778 |
Number of preferred units outstanding (in units) | 25,336,778 | 25,336,778 |
Redeemable Noncontrolling Interest Preferred Units | ||
Number preferred units issued (in units) | 246,394 | 141,249 |
Number of preferred units outstanding (in units) | 246,394 | 141,249 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (13,827) | $ (25,580) | $ (79,042) | $ (319,166) |
Other comprehensive income: | ||||
Amortization of prior service cost | 122 | 122 | 365 | 365 |
Total Comprehensive loss | (13,705) | (25,458) | (78,677) | (318,801) |
Comprehensive loss (income) attributable to noncontrolling interests | 10 | 12 | (124) | 38 |
Comprehensive income attributable to redeemable noncontrolling interests | (7,082) | (4,149) | (17,639) | (12,394) |
Comprehensive loss attributable to Genesis Energy, L.P. | $ (20,777) | $ (29,595) | $ (96,440) | $ (331,157) |
Organization and Basis of Presentation and Consolidation |
9 Months Ended |
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Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation and Consolidation | Organization and Basis of Presentation and Consolidation Organization We are a growth-oriented master limited partnership formed in Delaware in 1996 and focused on the midstream segment of the crude oil and natural gas industry as well as the production of natural soda ash. Our operations are located primarily in the Gulf Coast region of the United States, Wyoming, and the Gulf of Mexico. We provide an integrated suite of services to refiners, crude oil and natural gas producers, and industrial and commercial enterprises and have a diverse portfolio of assets, including pipelines, offshore hub and junction platforms, our trona and trona-based exploring, mining, processing, producing, marketing, and selling business based in Wyoming (our "Alkali Business"), refinery-related plants, storage tanks and terminals, railcars, rail unloading facilities, barges and other vessels, and trucks. We are owned 100% by our limited partners. Genesis Energy, LLC, our general partner, is a wholly-owned subsidiary. Our general partner has sole responsibility for conducting our business and managing our operations. We conduct our operations and own our operating assets through our subsidiaries and joint ventures. We currently manage our businesses through the following four divisions that constitute our reportable segments: •Offshore pipeline transportation and processing of crude oil and natural gas in the Gulf of Mexico; •Sodium minerals and sulfur services involving trona and trona-based exploring, mining, processing, producing, marketing and selling activities, as well as the processing of high sulfur (or "sour") gas streams for refineries to remove the sulfur, and the selling of the related by-product, sodium hydrosulfide (or "NaHS", commonly pronounced "nash"); •Onshore facilities and transportation, which include the terminalling, blending, storing, marketing and transporting of crude oil and petroleum products (primarily fuel oil, asphalt, and other heavy refined products); and •Marine transportation to provide waterborne transportation of petroleum products and crude oil throughout North America. Basis of Presentation and Consolidation The accompanying Unaudited Condensed Consolidated Financial Statements include Genesis Energy, L.P. and its subsidiaries, including our general partner, Genesis Energy, LLC. Our results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the fiscal year. The Unaudited Condensed Consolidated Financial Statements included herein have been prepared by us without audit pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, they reflect all adjustments (which consist solely of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial results for interim periods. Certain information and notes normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. However, we believe that the disclosures are adequate to make the information presented not misleading when read in conjunction with the information contained in the periodic reports we file with the SEC pursuant to the Securities Exchange Act of 1934, including the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020 (our "Annual Report"). Except per unit amounts, or as noted within the context of each footnote disclosure, the dollar amounts presented in the tabular data within these footnote disclosures are stated in thousands of dollars. Covid-19 and Market Update In March 2020, the World Health Organization categorized Covid-19 as a pandemic, and the President of the United States declared the Covid-19 outbreak a national emergency. Our operations, which fall within the energy, mining and transportation sectors, are considered critical and essential by the Department of Homeland Security's CISA and we have continued to operate our assets during this pandemic. We have a designated internal management team to provide resources, updates, and support to our entire workforce during this pandemic, while maintaining a focus to ensure safety and well-being of our employees, the families of our employees, and the communities in which our businesses operate. We will continue to operate in the best interests of our employees, stakeholders, customers, partners, and suppliers and make any necessary changes as required by federal, state, or local authorities as we continue to actively monitor the situation. Beginning in March 2020, Covid-19 has caused continued volatility in commodity prices due to, among other things, reduced industrial activity and travel demand, varying worldwide restrictions, and the timing of the re-opening of economies. Additionally, actions taken by OPEC and other oil exporting nations in that timeframe caused additional volatility in the price of oil and gas. We continue to monitor the market environment and will evaluate whether any triggering events would indicate possible impairments of long-lived assets, intangible assets and goodwill. Management’s estimates are based on numerous assumptions about future operations and market conditions, which we believe to be reasonable but are inherently uncertain. The uncertainties underlying our assumptions and estimates could differ significantly from actual results, including with respect to the duration and severity of the Covid-19 pandemic. In the current volatile economic environment and to the extent conditions deteriorate, we may identify triggering events that may require future evaluations of the recoverability of the carrying value of our long-lived assets, intangible assets and goodwill, which could result in impairment charges that could be material to our results of operations.
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Recent Accounting Developments |
9 Months Ended |
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Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Recent Accounting Developments | Recent Accounting DevelopmentsRecently Adopted During the first quarter of 2020, the SEC amended the financial disclosure requirements for guarantors and issuers of guaranteed securities registered or being registered in Rule 3-10 of Regulation S-X to go in effect January 4, 2021. The amendment simplifies the disclosure requirements and permits the amended disclosures to be provided outside the footnotes in audited annual or unaudited interim consolidated financial statements in all filings. As permitted by the amendment, we early adopted the amendment and included the required summarized financial information in Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. |
Revenue Recognition |
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Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Revenue from Contracts with Customers The following tables reflect the disaggregation of our revenues by major category for the three months ended September 30, 2021 and 2020, respectively:
The following tables reflect the disaggregation of our revenues by major category for the nine months ended September 30, 2021 and 2020, respectively:
The Company recognizes revenue upon the satisfaction of its performance obligations under its contracts. The timing of revenue recognition varies for our different revenue streams. In general, the timing includes recognition of revenue over time as services are being performed as well as recognition of revenue at a point in time, for delivery of products. During the three and nine months ended September 30, 2021, we recorded immaterial amounts of revenue associated with prior periods of approximately $10.7 million and $8.2 million, respectively, of which the majority was noncash. Contract Assets and Liabilities The table below depicts our contract asset and liability balances at December 31, 2020 and September 30, 2021:
Transaction Price Allocations to Remaining Performance Obligations We are required to disclose the amount of our transaction prices that are allocated to unsatisfied performance obligations as of September 30, 2021. We are exempted from disclosing performance obligations with a duration of one year or less, revenue recognized related to performance obligations where the consideration corresponds directly with the value provided to customers, and contracts with variable consideration that is allocated wholly to an unsatisfied performance obligation or promise to transfer a good or service that is part of a series in accordance with ASC 606. The majority of our contracts qualify for one of these expedients or exemptions. For the remaining contract types that involve revenue recognition over a long-term period with long-term fixed consideration (adjusted for indexing as required), we determined our allocations of transaction price that relate to unsatisfied performance obligations. For our tiered pricing offshore transportation contracts, we provide firm capacity for both fixed and variable consideration over a long term period. Therefore, we have allocated the remaining contract value to future periods. The following chart depicts how we expect to recognize revenues for future periods related to these contracts:
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Lease Accounting |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Accounting | Lease Accounting Lessee Arrangements We lease a variety of transportation equipment (including trucks, trailers, and railcars), terminals, land and facilities, and office space and equipment. Lease terms vary and can range from short term (under 12 months) to long term (greater than 12 months). A majority of our leases contain options to extend the life of the lease at our sole discretion. We considered these options when determining the lease terms used to derive our right of use assets and associated lease liabilities. Leases with a term of less than 12 months are not recorded on our Unaudited Condensed Consolidated Balance Sheets. Lease expenses are recognized on a straight line basis over the lease term. Our Right of Use Assets, net balance includes our unamortized initial direct costs associated with certain of our transportation equipment leases. Additionally, it includes our unamortized prepaid rents, our deferred rents, and our previously classified intangible asset associated with a favorable lease. Our lease liability includes our cease-use provision for railcars no longer in use. Our short-term and long-term lease liabilities are recorded within "Accrued liabilities" and "Other long-term liabilities," respectively, on our Unaudited Condensed Consolidated Balance Sheets. Lessor Arrangements We have the following contracts in which we act as a lessor. We also, from time to time, sublease certain of our transportation and facilities equipment to third parties. Operating Leases During the three and nine months ended September 30, 2021 and 2020, we acted as a lessor in revenue contracts associated with the M/T American Phoenix, which is included in our marine transportation segment. During the three and nine months ended September 30, 2020, we acted as a lessor in our Free State pipeline system, which was included in our onshore facilities and transportation segment. Our lease revenues for these arrangements (inclusive of fixed and variable consideration) are reflected in the table below:
(1) We sold the Free State pipeline to a subsidiary of Denbury, Inc. ("Denbury") on October 30, 2020. Direct Finance Lease We formerly held a direct finance lease of the Northeast Jackson Dome ("NEJD") Pipeline. Under the terms of the finance lease, we were paid a quarterly payment, which commenced in August 3, 2008. During the third quarter of 2020, our customer, Denbury, defaulted under the agreement. On October 30, 2020 we executed an agreement with our customer to accelerate the remaining principal payments on the previously owned NEJD direct financing lease, payable in four equal installments. During the nine months ended September 30, 2021, we collected three payments totaling $52.5 million and we have an outstanding receivable (included within "Accounts receivable- trade, net" on the Unaudited Condensed Consolidated Balance Sheet) of $17.5 million as of September 30, 2021 from Denbury for the final payment due in the fourth quarter of 2021 per the agreement. Additionally as part of this transaction, we transferred the ownership of all of our CO2 assets to Denbury, including the Free State pipeline system as noted previously.
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Lease Accounting | Lease Accounting Lessee Arrangements We lease a variety of transportation equipment (including trucks, trailers, and railcars), terminals, land and facilities, and office space and equipment. Lease terms vary and can range from short term (under 12 months) to long term (greater than 12 months). A majority of our leases contain options to extend the life of the lease at our sole discretion. We considered these options when determining the lease terms used to derive our right of use assets and associated lease liabilities. Leases with a term of less than 12 months are not recorded on our Unaudited Condensed Consolidated Balance Sheets. Lease expenses are recognized on a straight line basis over the lease term. Our Right of Use Assets, net balance includes our unamortized initial direct costs associated with certain of our transportation equipment leases. Additionally, it includes our unamortized prepaid rents, our deferred rents, and our previously classified intangible asset associated with a favorable lease. Our lease liability includes our cease-use provision for railcars no longer in use. Our short-term and long-term lease liabilities are recorded within "Accrued liabilities" and "Other long-term liabilities," respectively, on our Unaudited Condensed Consolidated Balance Sheets. Lessor Arrangements We have the following contracts in which we act as a lessor. We also, from time to time, sublease certain of our transportation and facilities equipment to third parties. Operating Leases During the three and nine months ended September 30, 2021 and 2020, we acted as a lessor in revenue contracts associated with the M/T American Phoenix, which is included in our marine transportation segment. During the three and nine months ended September 30, 2020, we acted as a lessor in our Free State pipeline system, which was included in our onshore facilities and transportation segment. Our lease revenues for these arrangements (inclusive of fixed and variable consideration) are reflected in the table below:
(1) We sold the Free State pipeline to a subsidiary of Denbury, Inc. ("Denbury") on October 30, 2020. Direct Finance Lease We formerly held a direct finance lease of the Northeast Jackson Dome ("NEJD") Pipeline. Under the terms of the finance lease, we were paid a quarterly payment, which commenced in August 3, 2008. During the third quarter of 2020, our customer, Denbury, defaulted under the agreement. On October 30, 2020 we executed an agreement with our customer to accelerate the remaining principal payments on the previously owned NEJD direct financing lease, payable in four equal installments. During the nine months ended September 30, 2021, we collected three payments totaling $52.5 million and we have an outstanding receivable (included within "Accounts receivable- trade, net" on the Unaudited Condensed Consolidated Balance Sheet) of $17.5 million as of September 30, 2021 from Denbury for the final payment due in the fourth quarter of 2021 per the agreement. Additionally as part of this transaction, we transferred the ownership of all of our CO2 assets to Denbury, including the Free State pipeline system as noted previously.
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Inventories |
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Inventories | Inventories The major components of inventories were as follows:
Inventories are valued at the lower of cost or net realizable value. The net realizable value of inventories were recorded below cost by $0.7 million and $5.0 million as of September 30, 2021 and December 31, 2020, respectively; therefore, we reduced the value of our inventory in our Unaudited Consolidated Financial Statements by these amounts. Materials and supplies include chemicals, maintenance supplies, and spare parts which will be consumed in the mining of trona ore and production of soda ash processes.
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Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations |
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Fixed Assets And Asset Retirement Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations | Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations Fixed Assets Fixed assets, net consisted of the following:
Mineral Leaseholds Our Mineral Leaseholds, relating to our Alkali Business, consist of the following:
Our depreciation and depletion expense for the periods presented was as follows:
During the second quarter of 2020, due to the challenging economic environment from the decline in commodity prices (including the collapse in the differential of Western Canadian Select to the Gulf Coast) and Covid-19, crude-by-rail transportation became uneconomic for producers and the demand and outlook for our rail logistics assets declined. As a result, we recognized impairment expense of $277.5 million associated with the rail logistics assets in our onshore facilities and transportation segment, including $272.7 million of net fixed assets and $4.8 million of right of use assets, net on the Unaudited Condensed Consolidated Balance Sheet. The fair value was calculated utilizing the income approach and assumptions were primarily based on level 3 inputs of the fair value hierarchy. In addition to this, we recognized impairment expense of $3.3 million during the three and nine months ended September 30, 2020 primarily associated with the full write-off of a non-core gas platform in our offshore transportation segment due to it not having a future use for our operations. Asset Retirement Obligations We record asset retirement obligations ("AROs") in connection with legal requirements to perform specified retirement activities under contractual arrangements and/or governmental regulations. The following table presents information regarding our AROs since December 31, 2020:
Of the ARO balances disclosed above, $11.3 million and $14.7 million is included as current in "Accrued liabilities" on our Unaudited Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020, respectively. The remainder of the ARO liability as of September 30, 2021 and December 31, 2020 is included in "Other long-term liabilities" on our Unaudited Condensed Consolidated Balance Sheets. With respect to our AROs, the following table presents our estimate of accretion expense for the periods indicated:
Certain of our unconsolidated affiliates have AROs recorded at September 30, 2021 relating to contractual agreements and regulatory requirements. These amounts are immaterial to our Unaudited Condensed Consolidated Financial Statements.
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Equity Investees |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investees | Equity Investees We account for our ownership in our joint ventures under the equity method of accounting. The price we pay to acquire an ownership interest in a company may exceed or be less than the underlying book value of the capital accounts we acquire. Such excess cost amounts are included within the carrying values of our equity investees. At September 30, 2021 and December 31, 2020, the unamortized excess cost amounts totaled $323.8 million and $335.4 million, respectively. We amortize the excess cost as a reduction in equity earnings. The following table presents information included in our Unaudited Condensed Consolidated Financial Statements related to our equity investees:
(1) Includes distributions attributable to the period and received during or promptly following such period. The following tables present the unaudited balance sheet and income statement information (on a 100% basis) for Poseidon Oil Pipeline Company, L.L.C. ("Poseidon") (which is our most significant equity investment):
Poseidon's Revolving Credit Facility Borrowings under Poseidon’s revolving credit facility, which was amended and restated in March 2019, are primarily used to fund spending on capital projects. The March 2019 credit facility is non-recourse to Poseidon’s owners and secured by substantially all of Poseidon's assets and has a maturity date of March 2024. The March 2019 credit facility contains customary covenants such as restrictions on debt levels, liens, guarantees, mergers, sale of assets and distributions to owners. A breach of any of these covenants could result in acceleration of the maturity date of Poseidon’s debt. Poseidon was in compliance with the terms of its credit agreement for all periods presented in these Unaudited Condensed Consolidated Financial Statements.
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Intangible Assets |
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Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | Intangible Assets The following table summarizes the components of our intangible assets at the dates indicated:
Our amortization of intangible assets for the periods presented was as follows:
We estimate that our amortization expense for the next five years will be as follows:
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Our obligations under debt arrangements consisted of the following:
(1) Unamortized debt issuance costs associated with our senior secured credit facility Revolving Loan, as defined below (included in Other Assets, net of amortization on the Unaudited Condensed Consolidated Balance Sheets), were $5.2 million and $5.8 million as of September 30, 2021 and December 31, 2020, respectively. (2) Unamortized debt issuance costs associated with our senior secured credit facility Term Loan, as defined below (included in Senior Secured Credit Facility, net on the Unaudited Condensed Consolidated Balance Sheets), was $2.4 million as of September 30, 2021. Senior Secured Credit Facility On April 8, 2021, we entered into the Fifth Amended and Restated Credit Agreement (our "new credit agreement") to replace our Fourth Amended and Restated Credit Agreement. Our new credit agreement provides for a $950 million senior secured credit facility, comprised of a revolving loan facility with a borrowing capacity of $650 million (the "Revolving Loan") and a term loan facility of $300 million (the "Term Loan"). The new credit agreement matures on March 15, 2024, subject to extension at our request for additional year on up to two occasions and subject to certain conditions. At September 30, 2021, the key terms for rates under our Revolving Loan (which are dependent on our leverage ratio as defined in the new credit agreement) and Term Loan, are as follows: •Revolving Loan: The interest rate on borrowings may be based on an alternate base rate or a Eurodollar rate, at our option. The alternate base rate is equal to the sum of (a) the greatest of (i) the prime rate in effect on such day, (ii) the federal funds effective rate in effect on such day plus 0.5% of 1% and (iii) the LIBOR rate for a one-month maturity on such day plus 1% and (b) the applicable margin. The Eurodollar rate is equal to the sum of (a) the LIBOR rate for the applicable interest period multiplied by the statutory reserve rate and (b) the applicable margin. The applicable margin varies from 2.25% to 3.75% on Eurodollar borrowings and from 1.25% to 2.75% on alternate base rate borrowings, depending on our leverage ratio. Our leverage ratio is recalculated quarterly and in connection with each material acquisition. At September 30, 2021, the applicable margins on our borrowings were 2.50% for alternate base rate borrowings and 3.50% for Eurodollar rate borrowings based on our leverage ratio. •Term Loan: The interest rate on borrowings may be based on an alternate base rate or a Eurodollar rate, at our option. The alternate base rate and the Eurodollar rates for our Term Loan are calculated consistent with our Revolving Loan discussed above, and the applicable margin is fixed at 3.75% on Eurodollar borrowings and 2.75% on alternate base rate borrowings for the Term Loan. •Letter of credit fee rates range from 2.25% to 3.75% based on our leverage ratio as computed under the credit facility and can fluctuate quarterly. At September 30, 2021, our letter of credit rate was 3.50%. •We pay a commitment fee on the unused portion of the Revolving Loan. The commitment fee rates on the unused committed amount will range from 0.30% to 0.50% per annum depending on our leverage ratio. At September 30, 2021, our commitment fee rate on the unused committed amount was 0.50%. •We have the ability to increase the aggregate size of the Revolving Loan by an additional $200 million, subject to lender consent and certain other customary conditions. At September 30, 2021, we had $133.0 million outstanding under our Revolving Loan, with $31.7 million of the borrowed amount designated as a loan under the inventory sublimit. Our new credit agreement allows up to $100.0 million of the capacity to be used for letters of credit, of which $1.3 million was outstanding at September 30, 2021. Due to the revolving nature of loans under our Revolving Loan, additional borrowings, periodic repayments and re-borrowings may be made until the maturity date. The total amount available for borrowings under our Revolving Loan at September 30, 2021 was $515.7 million, subject to compliance with covenants. At September 30, 2021, we had $300 million borrowed under our Term Loan. Principal repayments on the Term Loan under our new credit agreement are as follows (in thousands):
(1) Principal repayments of $15 million are due at the end of each calendar quarter starting December 31, 2021 until December 31, 2022. Principal repayments of $25 million are due at the end of each calendar quarter during 2023, with the remaining balance due at the maturity date of March 15, 2024. We intend to make the scheduled repayments on our Term Loan with the available borrowing capacity under our Revolving Loan. Under our new credit agreement, the permitted maximum consolidated leverage ratio is 5.75x through March 31, 2022, and then 5.50x thereafter. The permitted maximum consolidated senior secured leverage ratio is 2.50x, and the minimum interest coverage ratio is 2.50x for the full term of the agreement. As of September 30, 2021, we were in compliance with the financial covenants contained in our new credit agreement and indentures for our senior unsecured notes as described below. Senior Unsecured Note Transactions On January 16, 2020, we issued $750 million in aggregate principal amount of our 7.75% senior unsecured notes due February 1, 2028 (the “2028 Notes”). Interest payments are due February 1 and August 1 of each year. That issuance generated net proceeds of $736.7 million, net of issuance costs incurred. We used $554.8 million of the net proceeds to redeem the portion of the 6.75% senior unsecured notes due August 1, 2022 (the "2022 Notes") (including principal, accrued interest and tender premium) that were validly tendered, and the remaining net proceeds were used to repay a portion of the borrowings outstanding under our revolving credit facility. On January 17, 2020 we called for redemption the remaining $222.1 million of our 2022 Notes, and they were redeemed on February 16, 2020. We incurred a total loss of approximately $23.5 million relating to the extinguishment of our 2022 Notes, inclusive of our transactions costs and the write-off of the related unamortized debt issuance costs and discount, which is recorded in "Other income (expense)" in our Unaudited Condensed Consolidated Statements of Operations for the nine months ended September 30, 2020. On December 17, 2020, we issued $750 million in aggregate principal amount of our 8.00% senior unsecured notes due January 15, 2027 (the "2027 Notes"). Interest payments are due on January 15 and July 15 of each year with the initial interest payment due on July 15, 2021. The issuance generated net proceeds of approximately $737 million, net of issuance costs incurred. We used $316.5 million of the net proceeds to repay the portion of the 6.00% senior unsecured notes due May 15, 2023 (the "2023 Notes") (including principal, accrued interest and tender premium) that were validly tendered, and the remaining proceeds were used to repay a portion of the borrowings outstanding under our revolving credit facility. On January 19, 2021, we redeemed the remaining principal balance outstanding on our 2023 Notes of $80.9 million in accordance with the terms and conditions of the indenture governing the 2023 Notes. We incurred a total loss of approximately $1.6 million relating to the extinguishment of our remaining 2023 Notes, inclusive of the redemption fee and the write-off of the related unamortized debt issuance costs, which is recorded in "Other income (expense)" in our Unaudited Condensed Consolidated Statements of Operations for the nine months ended September 30, 2021. On April 22, 2021, we completed our offering of an additional $250 million in aggregate principal amount of our 2027 Notes. The notes constitute an additional issuance of our existing 2027 Notes that we issued on December 17, 2020 in an aggregate principal amount of $750 million. The additional $250 million of notes have identical terms as (other than with respect to the issue price) and constitute part of the same series of the 2027 Notes. The $250 million of the 2027 Notes were issued at a premium of 103.75% plus accrued interest from December 17, 2020. We used the net proceeds from the offering for general partnership purposes, including repaying a portion of the revolving borrowings outstanding under our new credit agreement. During 2020, we repurchased certain of our senior unsecured notes on the open market and recorded cancellation of debt income of $0.8 million and $20.5 million for the three and nine months ended September 30, 2020, respectively. These are recorded within "Other income (expense)" in our Unaudited Consolidated Statements of Operations. Our $2.9 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 (the "Guarantor Subsidiaries"), except the subsidiaries that hold our Alkali Business, Genesis Free State Pipeline, LLC, Genesis NEJD Pipeline, LLC, and certain other subsidiaries. The assets owned by Genesis Free State Pipeline, LLC were sold on October 30, 2020 and the ownership of Genesis NEJD Pipeline, LLC's pipeline was transferred in October 2020. 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. The Guarantor Subsidiaries largely own the assets that we use to operate our business other than our Alkali Business. As a general rule, the assets and credit of our unrestricted subsidiaries are not available to satisfy the debts of Genesis Energy, L.P., Genesis Energy Finance Corporation or the Guarantor Subsidiaries, and the liabilities of our unrestricted subsidiaries do not constitute obligations of Genesis Energy, L.P., Genesis Energy Finance Corporation or the Guarantor Subsidiaries except, in the case of Genesis Alkali Holdings Company, LLC ("Alkali Holdings") and Genesis Energy, L.P., to the extent agreed to in the services agreement between Genesis Energy, L.P. and Alkali Holdings dated as of September 23, 2019 (the "Services Agreement").
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Partners' Capital, Mezzanine Capital and Distributions |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Capital, Mezzanine Capital and Distributions | Partners’ Capital, Mezzanine Capital and Distributions At September 30, 2021, our outstanding common units consisted of 122,539,221 Class A units and 39,997 Class B units. Distributions We paid or will pay the following distributions to our common unitholders in 2020 and 2021:
(1) This distribution was declared on October 5, 2021 and will be paid to unitholders of record as of October 29, 2021. Class A Convertible Preferred Units At September 30, 2021 we had 25,336,778 Class A Convertible Preferred Units (our "Class A Convertible Preferred Units") outstanding. Our Class A Convertible Preferred Units rank senior to all of our currently outstanding classes or series of limited partner interests with respect to distribution and/or liquidation rights. Holders of our Class A Convertible Preferred Units vote on an as-converted basis with holders of our common units and have certain class voting rights, including with respect to any amendment to the partnership agreement that would adversely affect the rights, preferences or privileges, or otherwise modify the terms, of those Class A Convertible Preferred Units. Accounting for the Class A Convertible Preferred Units Our Class A Convertible Preferred Units are considered redeemable securities under GAAP due to the existence of redemption provisions upon a deemed liquidation event that is outside our control. Therefore, we present them as temporary equity in the mezzanine section of the Unaudited Condensed Consolidated Balance Sheets. Because our Class A Convertible Preferred Units are not currently redeemable and we do not have plans or expect any events that constitute a change of control in our partnership agreement, we present our Class A Convertible Preferred Units at their initial carrying amount. However, we would be required to adjust that carrying amount if it becomes probable that we would be required to redeem our Class A Convertible Preferred Units. Initial and Subsequent Measurement We initially recognized our Class A Convertible Preferred Units at their issuance date fair value, net of issuance costs. We will not be required to adjust the carrying amount of our Class A Convertible Preferred Units until it becomes probable that they would become redeemable. Once redemption becomes probable, we would adjust the carrying amount of our Class A Convertible Preferred Units to the redemption value over a period of time comprising the date the feature first becomes probable and the date the units can first be redeemed. Our Class A Convertible Preferred Units contain a distribution Rate Reset Election (as defined in Note 15). This Rate Reset Election is bifurcated and accounted for separately as an embedded derivative and recorded at fair value at each reporting period. Refer to Note 15 and Note 16 for additional discussion. Net Loss Attributable to Genesis Energy, L.P. is reduced by Class A Convertible Preferred Unit distributions that accumulated during the period. Net Loss Attributable to Genesis Energy, L.P. was reduced by $18.7 million and $56.1 million for the three and nine months ended September 30, 2021 and 2020. We paid or will pay the following cash distributions to our Class A Convertible Preferred unitholders in 2020 and 2021:
(1) This distribution was declared on October 5, 2021 and will be paid to unitholders of record as of October 29, 2021. Redeemable Noncontrolling Interests On September 23, 2019, we, through a subsidiary, Alkali Holdings, entered into an amended and restated Limited Liability Company Agreement of Alkali Holdings (the "LLC Agreement") and a Securities Purchase Agreement (the "Securities Purchase Agreement") whereby certain investment fund entities affiliated with Blackstone Alternative Credit Advisors LP, formerly known as "GSO Capital Partners LP" (collectively "BXC") purchased $55,000,000 (or 55,000 Alkali Holdings preferred units) and committed to purchase up to $350,000,000 of preferred units in Alkali Holdings, the entity that holds our trona and trona-based exploring, mining, processing, producing, marketing and selling business, including its Granger facility near Green River, Wyoming. Alkali Holdings will use the net proceeds from the Alkali Holdings preferred units to fund up to 100% of the anticipated cost of expansion of the Granger facility (the "Granger Optimization Project" or "GOP"). BXC is obligated to purchase a minimum of $250,000,000 of preferred units of Alkali Holdings ("Minimum Alkali Holdings Preferred Units") unless certain customary closing conditions are not satisfied. On April 14, 2020, we entered into an amendment to our agreements with BXC to, among other things, extend the construction timeline of the GOP by one year, which we currently anticipate completing in the second half of 2023. In consideration for the amendment, we issued 1,750 Alkali Holdings preferred units to BXC, which was accounted for as issuance costs. As part of the amendment, the commitment period was increased to four years, and the total commitment of BXC was increased to, subject to compliance with the covenants contained in the agreements with BXC, up to $351,750,000 preferred units (or 351,750 preferred units) in Alkali Holdings and the Minimum Alkali Holdings Preferred Units was increased up to $251,750,000. As of September 30, 2021, there are 246,394 Alkali Holdings preferred units outstanding. Accounting for Redeemable Noncontrolling Interests Classification The Alkali Holdings preferred units issued and outstanding are accounted for as a redeemable noncontrolling interest in the mezzanine section on our Unaudited Condensed Consolidated Balance Sheets due to the redemption features for a change of control. Initial and Subsequent Measurement We recorded the Alkali Holdings preferred units at their issuance date fair value, net of issuance costs. The fair value as of September 30, 2021 represents the carrying amount based on the issued and outstanding Alkali Holdings preferred units most probable redemption event on the six and a half year anniversary of the closing, which is the predetermined internal rate of return measure accreted using the effective interest method to the redemption value as of the reporting date. Net Loss Attributable to Genesis Energy, L.P. for the three months ended September 30, 2021 includes $7.1 million of adjustments, of which $5.9 million was allocated to the paid-in-kind ("PIK") distributions on the outstanding Alkali Holdings preferred units and $1.2 million was attributable to redemption accretion value adjustments. Net Loss Attributable to Genesis Energy, L.P. for the nine months ended September 30, 2021 includes $17.7 million of adjustments, of which $14.9 million was allocated to the PIK distributions on the outstanding Alkali Holdings preferred units and $2.8 million was attributable to redemption accretion value adjustments. Net Loss Attributable to Genesis Energy, L.P. for the three months ended September 30, 2020 includes $4.2 million of adjustments, of which $3.5 million was allocated to the PIK distributions and $0.7 million was attributable to redemption accretion value adjustments. Net Loss Attributable to Genesis Energy, L.P. for the nine months ended September 30, 2020 includes $12.4 million of adjustments, of which $10.2 million was allocated to the PIK distributions and $2.2 million was attributable to redemption accretion value adjustments. We elected to pay distributions for the period ended September 30, 2021 in-kind to our Alkali Holdings preferred unitholders. The unitholders liquidation preference is increased by new issuances and PIK distributions and is reduced by tax distributions paid to the unitholders, which are required to be paid by us to fulfill the income tax liabilities of each holder of Alkali Holdings preferred units. As of the reporting date, there are no triggering, change of control, early redemption or monetization events that are probable that would require us to revalue the Alkali Holdings preferred units. If the Alkali Holdings preferred units were redeemed on the reporting date of September 30, 2021, the redemption amount would be equal to $289.9 million, which would be the multiple of invested capital metric applied to the Alkali Holdings preferred units outstanding plus the make-whole amount on the undrawn Minimum Alkali Holdings Preferred Units. The following table shows the change in our redeemable noncontrolling interest balance from December 31, 2020 to September 30, 2021:
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Net Loss Per Common Unit |
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Net Loss Per Common Unit | Net Loss Per Common Unit Basic net income per common unit is computed by dividing net income, after considering income attributable to our preferred unitholders, by the weighted average number of common units outstanding. The dilutive effect of our Class A Convertible Preferred Units is calculated using the if-converted method. Under the if-converted method, these units are assumed to be converted at the beginning of the period (beginning with their respective issuance date), and the resulting common units are included in the denominator of the diluted net income per common unit calculation for the period being presented. Distributions declared in the period and undeclared distributions that accumulated during the period are added back to the numerator for purposes of the if-converted calculation. For the three and nine months ended September 30, 2021, the effect of the assumed conversion of the 25,336,778 Class A Convertible Preferred Units was anti-dilutive and was not included in the computation of diluted earnings per unit. The following table reconciles net loss and weighted average units used in computing basic and diluted net loss per common unit (in thousands):
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Business Segment Information |
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Business Segment Information | Business Segment Information We currently manage our businesses through four divisions that constitute our reportable segments: •Offshore pipeline transportation – offshore transportation of crude oil and natural gas in the Gulf of Mexico; •Sodium minerals and sulfur services – trona and trona-based exploring, mining, processing, producing, marketing and selling activities, as well as the processing of high sulfur (or “sour”) gas streams for refineries to remove the sulfur, and the selling of the related by-product, NaHS; •Onshore facilities and transportation – terminalling, blending, storing, marketing and transporting crude oil and petroleum products (primarily fuel oil, asphalt, and other heavy refined products); and •Marine transportation – marine transportation to provide waterborne transportation of petroleum products and crude oil throughout North America. Substantially all of our revenues are derived from our assets that are located in the United States. We define Segment Margin as revenues less product costs, operating expenses (excluding non-cash gains and charges, such as depreciation, depletion, amortization and accretion), and segment general and administrative expenses, plus our equity in distributable cash generated by our equity investees. In addition, our Segment Margin definition excludes the non-cash effects of our long-term incentive compensation plan and includes the non-income portion of payments received under the previously owned direct financing lease. Our chief operating decision maker (our Chief Executive Officer) evaluates segment performance based on a variety of measures including Segment Margin, segment volumes, where relevant, and capital investment. Segment information for the periods presented below was as follows:
(a)A reconciliation of total Segment Margin to net loss attributable to Genesis Energy, L.P. for the periods is presented below. (b)Capital expenditures include maintenance and growth capital expenditures, such as fixed asset additions (including enhancements to existing facilities and construction of growth projects) as well as contributions to equity investees, if any. (c)Intersegment sales were conducted under terms that we believe were no more or less favorable than then-existing market conditions. Total assets by reportable segment were as follows:
Reconciliation of total Segment Margin to net loss attributable to Genesis Energy, L.P.:
(1) Includes distributions attributable to the quarter and received during or promptly following such quarter. (2) The three and nine months ended September 30, 2021 include a $1.7 million unrealized gain and $31.0 million unrealized loss, respectively, from the valuation of the embedded derivative associated with our Class A Convertible Preferred Units. The three and nine months ended September 30, 2020 include a $6.7 million unrealized gain and $17.4 million unrealized gain, respectively, from the valuation of the embedded derivative. Refer to Note 16 for details. (3) The three and nine months ended September 30, 2021 include $17.5 million and $52.5 million, respectively, in cash receipts not included in income associated with principal repayments on our previously owned NEJD pipeline. The three and nine months ended September 30, 2020 include $44.1 million and $48.6 million, respectively, in cash receipts not included in income associated with principal repayments on our NEJD pipeline. Genesis NEJD Pipeline, LLC is defined as an unrestricted subsidiary under our credit facility. See Note 4 for details. (4) Refer to Note 9 for details surrounding the repurchases of certain of our senior unsecured notes and the extinguishment of our 2022 Notes and 2023 Notes. (5) Includes the difference in timing of cash receipts from customers during the period and the revenue we recognize in accordance with GAAP on our related contracts. (6) Refer to Note 6 for details surrounding our non-cash impairment expense recorded for the three and nine months ended September 30, 2020. (7) Includes PIK distributions attributable to the period and accretion on the redemption feature.
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Transactions with Related Parties |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with Related Parties | Transactions with Related Parties The transactions with related parties were as follows:
(1)We own a 64% interest in Poseidon. Our CEO, Mr. Sims, owns an aircraft which is used by us for business purposes in the course of operations. We pay Mr. Sims a fixed monthly fee and reimburse the aircraft management company for costs related to our usage of the aircraft, including fuel and the actual out-of-pocket costs. Based on current market rates for chartering of private aircraft under long-term, priority arrangements with industry recognized chartering companies, we believe that the terms of this arrangement are no worse than what we could have expected to obtain in an arms-length transaction. Poseidon We are the operator of Poseidon and provide management, administrative and pipeline operator services to Poseidon under an Operation and Management Agreement. Currently, that agreement automatically renews annually unless terminated by either party (as defined in the agreement). Our revenues for the three and nine months ended September 30, 2021 reflect $2.4 million and $7.1 million, respectively, associated with this agreement. Our revenues for the three and nine months ended September 30, 2020 reflect $2.3 million and $6.8 million, respectively, of fees we earned through the provision of services under that agreement. At September 30, 2021 and December 31, 2020, Poseidon owed us $3.3 million and $2.6 million, respectively, for services rendered. ANSAC We (through a subsidiary of our Alkali Business) are a member of the American Natural Soda Ash Corp. ("ANSAC"), an organization whose purpose is promoting and increasing the use and sale of natural soda ash and other refined or processed sodium products produced in the U.S. and consumed in specified countries outside of the U.S. Members sell products to ANSAC to satisfy ANSAC’s sales commitments to its customers. ANSAC passes its costs through to its members using a pro rata calculation based on sales. Those costs include sales and marketing, employees, office supplies, professional fees, travel, rent, and certain other costs. Those transactions do not necessarily represent arm's length transactions and may not represent all costs we would otherwise incur if we operated our Alkali Business on a stand-alone basis. We also benefit from favorable shipping rates for our direct exports when using ANSAC to arrange for ocean transport. ANSAC is considered a variable interest entity (VIE) because we experience certain risks and rewards from our relationship with them. As we do not exercise control over ANSAC and are not considered its primary beneficiary, we do not consolidate ANSAC. The ANSAC membership agreement provides that in the event an ANSAC member exits or the ANSAC cooperative is dissolved, the exiting members are obligated for their respective portion of the residual net assets or deficit of the cooperative. As of September 30, 2021, such amount is not material to us. Net Sales to ANSAC were $61.7 million and $200.9 million during the three and nine months ended September 30, 2021 and were $44.1 million and $165.9 million during the three and nine months ended September 30, 2020. The costs charged to us by ANSAC, included in sodium minerals and sulfur services operating costs, were $0.4 million and $1.1 million during the three and nine months ended September 30, 2021 and were $0.5 million and $2.0 million during the three and nine months ended September 30, 2020. Receivables from and payables to ANSAC as of September 30, 2021 and December 31, 2020 are as follows:
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Supplemental Cash Flow Information |
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Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table provides information regarding the net changes in components of operating assets and liabilities.
Payments of interest and commitment fees were $154.4 million and $138.3 million for the nine months ended September 30, 2021 and September 30, 2020, respectively. We capitalized interest of $2.3 million and $1.4 million during the nine months ended September 30, 2021 and September 30, 2020, respectively. At September 30, 2021 and September 30, 2020, we had incurred liabilities for fixed and intangible asset additions totaling $44.9 million and $26.5 million, respectively, that had not been paid at the end of the quarter, and, therefore, were not included in the caption “Payments to acquire fixed and intangible assets” under Cash Flows from Investing Activities in the Unaudited Condensed Consolidated Statements of Cash Flows. The increase in this amount is principally due to the increase in capital expenditures associated with our GOP (Note 10).
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Derivatives |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | Derivatives Commodity Derivatives We have exposure to commodity price changes related to our inventory and purchase commitments. We utilize derivative instruments (primarily futures and options contracts traded on the NYMEX) to hedge our exposure to commodity prices, primarily of crude oil, fuel oil and petroleum products. Our decision as whether to designate derivative instruments as fair value hedges for accounting purposes relates to our expectations of the length of time we expect to have the commodity price exposure and our expectations as to whether the derivative contract will qualify as highly effective under accounting guidance in limiting our exposure to commodity price risk. Most of the petroleum products, including fuel oil that we supply, cannot be hedged with a high degree of effectiveness with derivative contracts available on the NYMEX; therefore, we do not designate derivative contracts utilized to limit our price risk related to these products as hedges for accounting purposes. Typically we utilize crude oil and other petroleum products futures and option contracts to limit our exposure to the effect of fluctuations in petroleum products prices on the future sale of our inventory or commitments to purchase petroleum products, and we recognize any changes in fair value of the derivative contracts as increases or decreases in our cost of sales. The recognition of changes in fair value of the derivative contracts not designated as hedges for accounting purposes can occur in reporting periods that do not coincide with the recognition of gain or loss on the actual transaction being hedged. Therefore we will, on occasion, report gains or losses in one period that will be partially offset by gains or losses in a future period when the hedged transaction is completed. We have designated certain crude oil futures contracts as hedges of crude oil inventory due to our expectation that these contracts will be highly effective in hedging our exposure to fluctuations in crude oil prices during the period that we expect to hold that inventory. We account for these derivative instruments as fair value hedges under the accounting guidance. Changes in the fair value of these derivative instruments designated as fair value hedges are used to offset related changes in the fair value of the hedged crude oil inventory. Any hedge ineffectiveness in these fair value hedges and any amounts excluded from effectiveness testing are recorded as a gain or loss in the Unaudited Condensed Consolidated Statements of Operations. In accordance with NYMEX requirements, we fund the margin associated with our commodity derivative contracts traded on the NYMEX. The amount of the margin is adjusted daily based on the fair value of the commodity contracts. The margin requirements are intended to mitigate a party's exposure to market volatility and the associated contracting party risk. We offset fair value amounts recorded for our NYMEX derivative contracts against margin funding as required by the NYMEX in Current Assets - Other in our Unaudited Condensed Consolidated Balance Sheets. Additionally, we enter into swap arrangements. Our Alkali Business relies on natural gas to generate heat and electricity for operations. We use a combination of commodity price swap contracts and future purchase contracts to manage our exposure to fluctuations in natural gas prices. The swap contracts fix the basis differential between NYMEX Henry Hub and NW Rocky Mountain posted prices. We do not designate these contracts as hedges for accounting purposes. We recognize any changes in fair value of the derivative contracts as increases or decreases in our cost of sales. At September 30, 2021, we entered into the following outstanding derivative commodity contracts to economically hedge inventory, fixed price purchase commitments or forecasted purchases.
Financial Statement Impacts Unrealized gains are subtracted from net income and unrealized losses are added to net income in determining cash flows from operating activities. To the extent that we have fair value hedges outstanding, the offsetting change recorded in the fair value of inventory is also eliminated from net income in determining cash flows from operating activities. Changes in margin deposits necessary to fund unrealized losses also affect cash flows from operating activities. The following tables reflect the estimated fair value gain (loss) position of our derivatives at September 30, 2021 and December 31, 2020: Fair Value of Derivative Assets and Liabilities
(1) These derivative liabilities have been funded with margin deposits recorded in our Unaudited Condensed Consolidated Balance Sheets under Current Assets - Other. (2) Refer to Note 10 and Note 16 for additional discussion surrounding the Preferred Distribution Rate Reset Election derivative. Our accounting policy is to offset derivative assets and liabilities executed with the same counterparty when a master netting arrangement exists. Accordingly, we also offset derivative assets and liabilities with amounts associated with cash margin. Our exchange-traded derivatives are transacted through brokerage accounts and are subject to margin requirements as established by the respective exchange. On a daily basis, our account equity (consisting of the sum of our cash balance and the fair value of our open derivatives) is compared to our initial margin requirement resulting in the payment or return of variation margin. As of September 30, 2021, we had a net broker receivable of approximately $2.8 million (consisting of initial margin of $2.5 million increased by $0.3 million variation margin). As of December 31, 2020, we had a net broker receivable of approximately $3.4 million (consisting of initial margin of $3.3 million increased by $0.1 million of variation margin). At September 30, 2021 and December 31, 2020, none of our outstanding derivatives contained credit-risk related contingent features that would result in a material adverse impact to us upon any change in our credit ratings. Preferred Distribution Rate Reset Election A derivative feature embedded in a contract that does not meet the definition of a derivative in its entirety must be bifurcated and accounted for separately if the economic characteristics and risks of the embedded derivative are not clearly and closely related to those of the host contract. For a period of 30 days following (i) September 1, 2022 and (ii) each subsequent anniversary thereof, the holders of our Class A Convertible Preferred Units may make a one-time election to reset the quarterly distribution amount (a "Rate Reset Election") to a cash amount per Class A Convertible Preferred Unit equal to the amount that would be payable per quarter if a Class A Convertible Preferred Unit accrued interest on the Issue Price at an annualized rate equal to three-month LIBOR plus 750 basis points; provided, however, that such reset rate shall be equal to 10.75% if (i) such alternative rate is higher than the LIBOR-based rate and (ii) the then market price for our common units is then less than 110% of the Issue Price. The Rate Reset Election of our Class A Convertible Preferred Units represents an embedded derivative that must be bifurcated from the related host contract and recorded at fair value on our Unaudited Condensed Consolidated Balance Sheet. Corresponding changes in fair value are recognized in "Other income (expense)" in our Unaudited Condensed Consolidated Statement of Operations. At September 30, 2021, the fair value of this embedded derivative was a liability of $83.4 million. See Note 10 for additional information regarding our Class A Convertible Preferred Units and the Rate Reset Election. Effect on Operating Results
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Fair-Value Measurements |
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Fair-Value Measurements | Fair-Value Measurements We classify financial assets and liabilities into the following three levels based on the inputs used to measure fair value: (1)Level 1 fair values are based on observable inputs such as quoted prices in active markets for identical assets and liabilities; (2)Level 2 fair values are based on pricing inputs other than quoted prices in active markets for identical assets and liabilities and are either directly or indirectly observable as of the measurement date; and (3)Level 3 fair values are based on unobservable inputs in which little or no market data exists. As required by fair value accounting guidance, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value requires judgment and may affect the placement of assets and liabilities within the fair value hierarchy levels. The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2021 and December 31, 2020.
Rollforward of Level 3 Fair Value Measurements The following table provides a reconciliation of changes in fair value at the beginning and ending balances for our derivatives classified as level 3:
Our commodity derivatives include exchange-traded futures and exchange-traded options contracts. The fair value of these exchange-traded derivative contracts is based on unadjusted quoted prices in active markets and is, therefore, included in Level 1 of the fair value hierarchy. The fair value of the swaps contracts was determined using market price quotations and a pricing model. The swap contracts were considered a level 2 input in the fair value hierarchy at September 30, 2021. The fair value of the embedded derivative feature is based on a valuation model that estimates the fair value of our Class A Convertible Preferred Units with and without a Rate Reset Election. This model contains inputs, including our common unit price relative to the issuance price, the current dividend yield, the discount yield (which is adjusted periodically for changes associated with the industry's credit markets), default probabilities, equity volatility and timing estimates which involve management judgment. Our equity volatility rate used to value our embedded derivative feature was 50% at September 30, 2021. A significant increase or decrease in the value of these inputs could result in a material change in fair value to this embedded derivative feature. Due to an increase in our discount yield compared to the preceding quarter, we recorded an unrealized gain of $1.7 million for the three months ended September 30, 2021. However, an overall decrease in our discount yield compared to December 31, 2020, as well as the passage of time as we draw nearer to our coupon rate reset date in 2022, resulted in an unrealized loss of $31.0 million for the nine months ended September 30, 2021. During the third quarter of 2020, we recorded an unrealized gain of $6.7 million, and for the nine months ended September 30, 2020, we recorded an unrealized gain of $17.4 million, due to changes in our discount yield as a result of significant fluctuations in the energy industry credit markets and volatility in our common unit price during the period. These effects are all recorded within "Other income (expense)" on the Unaudited Condensed Consolidated Statements of Operations. Other Fair Value Measurements We believe the debt outstanding under our credit facility approximates fair value as the stated rate of interest approximates current market rates of interest for similar instruments with comparable maturities. At September 30, 2021 our senior unsecured notes had a carrying value and fair value of $2.9 billion, compared to a carrying value of $2.8 billion and fair value of $2.7 billion at December 31, 2020. The fair value of the senior unsecured notes is determined based on trade information in the financial markets of our public debt and is considered a Level 2 fair value measurement.
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Commitments and Contingencies |
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Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We are subject to various environmental laws and regulations. Policies and procedures are in place to aid in monitoring compliance and detecting and addressing releases of crude oil from our pipelines or other facilities and from our mining operations relating to our Alkali Business; however, no assurance can be made that such environmental releases may not substantially affect our business. We are subject to lawsuits in the normal course of business and examination by tax and other regulatory authorities. We do not expect such matters presently pending to have a material effect on our financial position, results of operations, or cash flows.
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Recent Accounting Developments (Policies) |
9 Months Ended |
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Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying Unaudited Condensed Consolidated Financial Statements include Genesis Energy, L.P. and its subsidiaries, including our general partner, Genesis Energy, LLC. Our results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the fiscal year. The Unaudited Condensed Consolidated Financial Statements included herein have been prepared by us without audit pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, they reflect all adjustments (which consist solely of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial results for interim periods. Certain information and notes normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. However, we believe that the disclosures are adequate to make the information presented not misleading when read in conjunction with the information contained in the periodic reports we file with the SEC pursuant to the Securities Exchange Act of 1934, including the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020 (our "Annual Report"). Except per unit amounts, or as noted within the context of each footnote disclosure, the dollar amounts presented in the tabular data within these footnote disclosures are stated in thousands of dollars.
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Recently Accounting Developments | Recent Accounting DevelopmentsRecently Adopted During the first quarter of 2020, the SEC amended the financial disclosure requirements for guarantors and issuers of guaranteed securities registered or being registered in Rule 3-10 of Regulation S-X to go in effect January 4, 2021. The amendment simplifies the disclosure requirements and permits the amended disclosures to be provided outside the footnotes in audited annual or unaudited interim consolidated financial statements in all filings. As permitted by the amendment, we early adopted the amendment and included the required summarized financial information in Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. |
Revenue Recognition (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | The following tables reflect the disaggregation of our revenues by major category for the three months ended September 30, 2021 and 2020, respectively:
The following tables reflect the disaggregation of our revenues by major category for the nine months ended September 30, 2021 and 2020, respectively:
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Schedule of Contract Asset and Liabilities Balances Activity | The table below depicts our contract asset and liability balances at December 31, 2020 and September 30, 2021:
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Schedule of Revenue Expected to be Recognized in Future Periods | The following chart depicts how we expect to recognize revenues for future periods related to these contracts:
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Lease Accounting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease Revenues for Operating Leases | Our lease revenues for these arrangements (inclusive of fixed and variable consideration) are reflected in the table below:
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Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Major Components of Inventories | The major components of inventories were as follows:
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Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Assets And Asset Retirement Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fixed Assets | Fixed assets, net consisted of the following:
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Schedule of Mineral Leaseholds | Our Mineral Leaseholds, relating to our Alkali Business, consist of the following:
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Schedule of Depreciation and Depletion Expense | Our depreciation and depletion expense for the periods presented was as follows:
During the second quarter of 2020, due to the challenging economic environment from the decline in commodity prices (including the collapse in the differential of Western Canadian Select to the Gulf Coast) and Covid-19, crude-by-rail transportation became uneconomic for producers and the demand and outlook for our rail logistics assets declined. As a result, we recognized impairment expense of $277.5 million associated with the rail logistics assets in our onshore facilities and transportation segment, including $272.7 million of net fixed assets and $4.8 million of right of use assets, net on the Unaudited Condensed Consolidated Balance Sheet. The fair value was calculated utilizing the income approach and assumptions were primarily based on level 3 inputs of the fair value hierarchy. In addition to this, we recognized impairment expense of $3.3 million during the three and nine months ended September 30, 2020 primarily associated with the full write-off of a non-core gas platform in our offshore transportation segment due to it not having a future use for our operations.
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Schedule of Change in Asset Retirement Obligation | The following table presents information regarding our AROs since December 31, 2020:
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Schedule of Forecast of Accretion Expense of Asset Retirement Obligations | With respect to our AROs, the following table presents our estimate of accretion expense for the periods indicated:
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Equity Investees (Tables) |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Consolidated Financial Statements Related to Equity Investees | The following table presents information included in our Unaudited Condensed Consolidated Financial Statements related to our equity investees:
(1) Includes distributions attributable to the period and received during or promptly following such period.
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Schedule of Balance Sheet Information for Equity Investees | The following tables present the unaudited balance sheet and income statement information (on a 100% basis) for Poseidon Oil Pipeline Company, L.L.C. ("Poseidon") (which is our most significant equity investment):
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Schedule Of Operations For Equity Investees |
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Intangible Assets (Tables) |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Intangible Assets | The following table summarizes the components of our intangible assets at the dates indicated:
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Schedule of Amortization Expense | Our amortization of intangible assets for the periods presented was as follows:
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Schedule of Expected Amortization Expense | We estimate that our amortization expense for the next five years will be as follows:
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Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Obligations Under Debt Arrangements | Our obligations under debt arrangements consisted of the following:
(1) Unamortized debt issuance costs associated with our senior secured credit facility Revolving Loan, as defined below (included in Other Assets, net of amortization on the Unaudited Condensed Consolidated Balance Sheets), were $5.2 million and $5.8 million as of September 30, 2021 and December 31, 2020, respectively. (2) Unamortized debt issuance costs associated with our senior secured credit facility Term Loan, as defined below (included in Senior Secured Credit Facility, net on the Unaudited Condensed Consolidated Balance Sheets), was $2.4 million as of September 30, 2021.
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Schedule of Principal Repayments of Term Loan | At September 30, 2021, we had $300 million borrowed under our Term Loan. Principal repayments on the Term Loan under our new credit agreement are as follows (in thousands):
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Partners' Capital, Mezzanine Capital and Distributions (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Paid Distributions | We paid or will pay the following distributions to our common unitholders in 2020 and 2021:
(1) This distribution was declared on October 5, 2021 and will be paid to unitholders of record as of October 29, 2021. We paid or will pay the following cash distributions to our Class A Convertible Preferred unitholders in 2020 and 2021:
(1) This distribution was declared on October 5, 2021 and will be paid to unitholders of record as of October 29, 2021.
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Schedule of Changes in Redeemable Noncontrolling Interest | The following table shows the change in our redeemable noncontrolling interest balance from December 31, 2020 to September 30, 2021:
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Net Loss Per Common Unit (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income per Common Unit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Computation of Earnings Per Share, Basic and Diluted | The following table reconciles net loss and weighted average units used in computing basic and diluted net loss per common unit (in thousands):
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Business Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Segment information for the periods presented below was as follows:
(a)A reconciliation of total Segment Margin to net loss attributable to Genesis Energy, L.P. for the periods is presented below. (b)Capital expenditures include maintenance and growth capital expenditures, such as fixed asset additions (including enhancements to existing facilities and construction of growth projects) as well as contributions to equity investees, if any. (c)Intersegment sales were conducted under terms that we believe were no more or less favorable than then-existing market conditions. Total assets by reportable segment were as follows:
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Schedule of Reconciliation of Operating Loss from Segments to Consolidated | Reconciliation of total Segment Margin to net loss attributable to Genesis Energy, L.P.:
(1) Includes distributions attributable to the quarter and received during or promptly following such quarter. (2) The three and nine months ended September 30, 2021 include a $1.7 million unrealized gain and $31.0 million unrealized loss, respectively, from the valuation of the embedded derivative associated with our Class A Convertible Preferred Units. The three and nine months ended September 30, 2020 include a $6.7 million unrealized gain and $17.4 million unrealized gain, respectively, from the valuation of the embedded derivative. Refer to Note 16 for details. (3) The three and nine months ended September 30, 2021 include $17.5 million and $52.5 million, respectively, in cash receipts not included in income associated with principal repayments on our previously owned NEJD pipeline. The three and nine months ended September 30, 2020 include $44.1 million and $48.6 million, respectively, in cash receipts not included in income associated with principal repayments on our NEJD pipeline. Genesis NEJD Pipeline, LLC is defined as an unrestricted subsidiary under our credit facility. See Note 4 for details. (4) Refer to Note 9 for details surrounding the repurchases of certain of our senior unsecured notes and the extinguishment of our 2022 Notes and 2023 Notes. (5) Includes the difference in timing of cash receipts from customers during the period and the revenue we recognize in accordance with GAAP on our related contracts. (6) Refer to Note 6 for details surrounding our non-cash impairment expense recorded for the three and nine months ended September 30, 2020. (7) Includes PIK distributions attributable to the period and accretion on the redemption feature.
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Transactions with Related Parties (Tables) |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Transactions with Related Parties | The transactions with related parties were as follows:
(1)We own a 64% interest in Poseidon. Receivables from and payables to ANSAC as of September 30, 2021 and December 31, 2020 are as follows:
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Supplemental Cash Flow Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Changes In Components of Operating Assets and Liabilities | The following table provides information regarding the net changes in components of operating assets and liabilities.
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Derivatives (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Derivatives Entered Into to Hedge Inventory or Fixed Price Purchase Commitments | At September 30, 2021, we entered into the following outstanding derivative commodity contracts to economically hedge inventory, fixed price purchase commitments or forecasted purchases.
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Schedule of Fair Value of Derivative Assets and Liabilities | The following tables reflect the estimated fair value gain (loss) position of our derivatives at September 30, 2021 and December 31, 2020: Fair Value of Derivative Assets and Liabilities
(1) These derivative liabilities have been funded with margin deposits recorded in our Unaudited Condensed Consolidated Balance Sheets under Current Assets - Other.
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Schedule of Effect on Operating Results | Effect on Operating Results
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Fair-Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Placement of Assets and Liabilities Within the Fair Value Hierarchy Levels | The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2021 and December 31, 2020.
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Schedule of Reconciliation of Changes in Fair Value of Derivatives Classified as Level 3 | The following table provides a reconciliation of changes in fair value at the beginning and ending balances for our derivatives classified as level 3:
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Organization and Basis of Presentation and Consolidation (Details) |
9 Months Ended |
---|---|
Sep. 30, 2021
segment
| |
Other Ownership Interests [Line Items] | |
Number of reportable segments | 4 |
Genesis Energy, LLC | |
Other Ownership Interests [Line Items] | |
Limited Partners' ownership percentage | 100.00% |
Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2021 |
|
Revision of Prior Period, Error Correction, Adjustment | Error Correction, Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues recognized related to performance obligations from previous period | $ 10.7 | $ 8.2 |
Revenue Recognition (Contract Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Revenue Recognition [Abstract] | ||
Contract Assets, Current Assets-Other | $ 22,374 | $ 36,500 |
Contract Assets, Other Assets | 0 | 12,065 |
Contract Liability, Accrued Liabilities | 2,856 | 2,988 |
Contract Liabilities, Other Long-Term Liabilities | $ 19,620 | $ 19,834 |
Lease Accounting (Operating Lease Income- Lessors) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Marine Transportation | M/T American Phoenix | ||||
Lessor, Lease, Description [Line Items] | ||||
Operating lease income | $ 4,140 | $ 6,787 | $ 11,379 | $ 20,164 |
Onshore Facilities and Transportation | Free State Pipeline | ||||
Lessor, Lease, Description [Line Items] | ||||
Operating lease income | $ 0 | $ 1,467 | $ 0 | $ 4,889 |
Lease Accounting (Narrative) (Details) - Genesis NEJD Pipeline, LLC |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2021
USD ($)
payment
|
Oct. 30, 2020
installment
|
|
Lessor, Lease, Description [Line Items] | |||
Direct financing lease, number of installments | installment | 4 | ||
Direct finance lease, number of payments collected | payment | 3 | ||
Collections received from direct finance lease receivable | $ 17,500,000 | $ 52,500,000 | |
Direct finance lease receivable | $ 17,500,000 | $ 17,500,000 |
Inventories (Major Components of Inventories) (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Petroleum products | $ 14,941 | $ 5,840 |
Crude oil | 14,268 | 37,661 |
Caustic soda | 3,243 | 5,167 |
NaHS | 14,140 | 9,101 |
Raw materials - Alkali operations | 7,222 | 7,120 |
Work-in-process - Alkali operations | 7,191 | 9,355 |
Finished goods, net - Alkali operations | 12,877 | 13,002 |
Materials and supplies, net - Alkali operations | 13,338 | 12,631 |
Total | $ 87,220 | $ 99,877 |
Inventories (Narrative) (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Inventory Disclosure [Abstract] | ||
Inventory write-down | $ 0.7 | $ 5.0 |
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Mineral Leaseholds) (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Fixed Assets And Asset Retirement Obligations [Abstract] | ||
Mineral leaseholds | $ 566,019 | $ 566,019 |
Less: Accumulated depletion | (16,019) | (13,444) |
Mineral leaseholds, net of accumulated depletion | $ 550,000 | $ 552,575 |
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Depreciation and Depletion Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Fixed Assets And Asset Retirement Obligations [Abstract] | ||||
Depreciation expense | $ 63,482 | $ 62,499 | $ 190,332 | $ 206,830 |
Depletion expense | $ 959 | $ 604 | $ 2,575 | $ 2,408 |
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Asset Retirement Obligation Rollforward) (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2021
USD ($)
| |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
ARO liability balance, December 31, 2020 | $ 176,852 |
Accretion expense | 7,698 |
Changes in estimate | 97 |
Settlements | (3,933) |
ARO liability balance, September 30, 2021 | $ 180,714 |
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Asset Retirement Obligations Details [Line Items] | ||||||
Impairment expense | $ 0 | $ 3,331 | $ 0 | $ 280,826 | ||
Asset retirement obligation balance | 180,714 | 180,714 | $ 176,852 | |||
Accrued Liabilities | ||||||
Asset Retirement Obligations Details [Line Items] | ||||||
Asset retirement obligation balance | $ 11,300 | $ 11,300 | $ 14,700 | |||
Covid-19 | Onshore Facilities and Transportation | ||||||
Asset Retirement Obligations Details [Line Items] | ||||||
Impairment expense | $ 277,500 | |||||
Impairment of net fixed assets | 272,700 | |||||
Impairment of right of use assets | $ 4,800 | |||||
Non-Covid 19 | Offshore pipeline transportation | ||||||
Asset Retirement Obligations Details [Line Items] | ||||||
Impairment expense | $ 3,300 | $ 3,300 |
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations (Forecast of Accretion Expense) (Details) $ in Thousands |
Sep. 30, 2021
USD ($)
|
---|---|
Fixed Assets And Asset Retirement Obligations [Abstract] | |
Remainder of 2021 | $ 2,390 |
2022 | 9,384 |
2023 | 9,128 |
2024 | 9,783 |
2025 | $ 10,487 |
Equity Investees (Narrative) (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Equity Method Investments and Joint Ventures [Abstract] | ||
Unamortized excess cost amount | $ 323.8 | $ 335.4 |
Equity Investees (Consolidated Financial Statements Related to Equity Investees) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Equity Method Investments and Joint Ventures [Abstract] | ||||
Genesis’ share of operating earnings | $ 14,174 | $ 18,312 | $ 56,801 | $ 52,834 |
Amortization of excess purchase price | (3,873) | (3,873) | (11,618) | (11,618) |
Net equity in earnings | 10,301 | 14,439 | 45,183 | 41,216 |
Distributions received | $ 17,443 | $ 16,757 | $ 68,873 | $ 55,716 |
Equity Investees (Schedule of Balance Sheet Information for Equity Investees) (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Assets | ||
Current assets | $ 481,683 | $ 580,169 |
Fixed assets, net | 3,890,684 | 3,851,334 |
Total assets | 5,826,326 | 5,933,619 |
LIABILITIES AND CAPITAL | ||
Current liabilities | 378,119 | 383,411 |
Total liabilities and equity | 5,826,326 | 5,933,619 |
Poseidon | ||
Assets | ||
Current assets | 22,890 | 30,465 |
Fixed assets, net | 164,096 | 171,732 |
Other assets | 5,762 | 4,673 |
Total assets | 192,748 | 206,870 |
LIABILITIES AND CAPITAL | ||
Current liabilities | 12,001 | 9,958 |
Other liabilities | 237,507 | 237,595 |
Equity (Deficit) | (56,760) | (40,683) |
Total liabilities and equity | $ 192,748 | $ 206,870 |
Equity Investees (Schedule of Operations for Equity Investees) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
INCOME STATEMENT DATA: | ||||
Revenues | $ 518,821 | $ 443,125 | $ 1,543,895 | $ 1,371,515 |
Operating income | 34,494 | 4,032 | 88,052 | (215,026) |
Net income | (20,899) | (29,717) | (96,805) | (331,522) |
Poseidon | ||||
INCOME STATEMENT DATA: | ||||
Revenues | 27,262 | 35,351 | 103,432 | 98,662 |
Operating income | 18,762 | 27,002 | 75,559 | 72,530 |
Net income | $ 17,718 | $ 25,831 | $ 72,473 | $ 68,050 |
Intangible Assets (Schedule of Components of Intangible Assets) (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 194,302 | $ 188,145 |
Accumulated Amortization | 67,154 | 59,403 |
Carrying Value | 127,148 | 128,742 |
Contract intangibles | Marine Transportation | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 800 | 800 |
Accumulated Amortization | 599 | 571 |
Carrying Value | 201 | 229 |
Contract intangibles | Offshore pipeline transportation | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 158,101 | 158,101 |
Accumulated Amortization | 51,313 | 45,073 |
Carrying Value | 106,788 | 113,028 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 35,401 | 29,244 |
Accumulated Amortization | 15,242 | 13,759 |
Carrying Value | $ 20,159 | $ 15,485 |
Intangible Assets (Schedule of Current and Future Amortization Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||
Amortization of intangible assets | $ 2,575 | $ 4,555 | $ 7,755 | $ 12,817 |
Remainder of 2021 | 2,874 | 2,874 | ||
2022 | 11,421 | 11,421 | ||
2023 | 11,153 | 11,153 | ||
2024 | 10,838 | 10,838 | ||
2025 | $ 10,684 | $ 10,684 |
Debt (Schedule of Principal Repayments of Term Loan) (Details) - Credit Facility - Term Loan $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2021
USD ($)
| |
Debt Instrument [Line Items] | |
2021 | $ 15 |
2022 | 60 |
2023 | 100 |
2024 | 125 |
Due at the end of each calendar quarter starting December 31, 2021 until December 31, 2022 | |
Debt Instrument [Line Items] | |
Quarterly installment payments | 15 |
Due at the end of each calendar quarter until December 31, 2023, with the remaining balance due at maturity date on March 31, 2024 | |
Debt Instrument [Line Items] | |
Quarterly installment payments | $ 25 |
Partners' Capital, Mezzanine Capital and Distributions (Common Cash Distributions Paid) (Details) - Common Unitholders - USD ($) $ / shares in Units, $ in Thousands |
Nov. 12, 2021 |
Aug. 13, 2021 |
May 14, 2021 |
Feb. 12, 2021 |
Nov. 13, 2020 |
Aug. 13, 2020 |
May 15, 2020 |
---|---|---|---|---|---|---|---|
Partners Capital And Distributions [Line Items] | |||||||
Date Paid | Aug. 13, 2021 | May 14, 2021 | Feb. 12, 2021 | Nov. 13, 2020 | Aug. 14, 2020 | May 15, 2020 | |
Per Unit Amount (in dollars per unit) | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | ||
Total Amount | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | $ 18,387 | |
Subsequent Event | Forecast | |||||||
Partners Capital And Distributions [Line Items] | |||||||
Date Paid | Nov. 12, 2021 | ||||||
Per Unit Amount (in dollars per unit) | $ 0.15 | ||||||
Total Amount | $ 18,387 |
Partners' Capital, Mezzanine Capital and Distributions (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Temporary Equity [Line Items] | |||||
Common units outstanding (in units) | 122,579,218 | 122,579,218 | 122,579,218 | ||
Preferred units, accumulated distributions | $ 18,684 | $ 18,684 | $ 56,052 | $ 56,052 | |
Common Class A | Partners’ Capital | |||||
Temporary Equity [Line Items] | |||||
Common units outstanding (in units) | 122,539,221 | 122,539,221 | |||
Common Class B | Partners’ Capital | |||||
Temporary Equity [Line Items] | |||||
Common units outstanding (in units) | 39,997 | 39,997 | |||
Class A Convertible Preferred Stock Units | |||||
Temporary Equity [Line Items] | |||||
Number of preferred units outstanding (in units) | 25,336,778 | 25,336,778 | 25,336,778 | ||
Preferred units, accumulated distributions | $ 18,700 | $ 18,700 | $ 56,100 | $ 56,100 |
Partners' Capital, Mezzanine Capital and Distributions (Preferred Cash Distributions Paid) (Details) - Preferred Unitholders - Class A Convertible Preferred Stock Units - USD ($) $ / shares in Units, $ in Thousands |
Nov. 12, 2021 |
Aug. 13, 2021 |
May 14, 2021 |
Feb. 12, 2021 |
Nov. 13, 2020 |
Aug. 13, 2020 |
May 15, 2020 |
---|---|---|---|---|---|---|---|
Temporary Equity [Line Items] | |||||||
Date Paid | Aug. 13, 2021 | May 14, 2021 | Feb. 12, 2021 | Nov. 13, 2020 | Aug. 14, 2020 | May 15, 2020 | |
Per Unit Amount (in dollars per unit) | $ 0.7374 | $ 0.7374 | $ 0.7374 | $ 0.7374 | $ 0.7374 | ||
Total Amount | $ 18,684 | $ 18,684 | $ 18,684 | $ 18,684 | $ 18,684 | $ 18,684 | |
Forecast | Subsequent Event | |||||||
Temporary Equity [Line Items] | |||||||
Date Paid | Nov. 12, 2021 | ||||||
Per Unit Amount (in dollars per unit) | $ 0.7374 | ||||||
Total Amount | $ 18,684 |
Partners' Capital, Mezzanine Capital and Distributions (Changes in Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Apr. 14, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Redeemable Noncontrolling Interest, Equity [Roll Forward] | |||||
Balance as of December 31, 2020 | $ 141,194 | ||||
Issuance of preferred units, net of issuance costs | 103,042 | ||||
PIK distribution | 14,856 | ||||
Redemption accretion | 2,783 | ||||
Tax distributions | (10,064) | ||||
Balance as of September 30, 2021 | $ 251,811 | 251,811 | |||
Subsidiary | Alkali Holdings | |||||
Redeemable Noncontrolling Interest, Equity [Roll Forward] | |||||
PIK distribution | 5,900 | $ 3,500 | 14,900 | $ 10,200 | |
Redemption accretion | $ 1,200 | $ 700 | $ 2,800 | $ 2,200 | |
Redeemable Noncontrolling Interest [Line Items] | |||||
Equity preferred units issued to pay tax distributions (in units) | 10,145 | ||||
Equity preferred units issued (in units) | 1,750 | 95,000 |
Business Segment Information (Narrative) (Details) |
9 Months Ended |
---|---|
Sep. 30, 2021
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Business Segment Information (Schedule of Total Assets by Reportable Segment) (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 5,826,326 | $ 5,933,619 |
Operating Segments | Offshore pipeline transportation | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 2,123,321 | 2,187,083 |
Operating Segments | Sodium Minerals & Sulfur Services | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 2,061,821 | 1,962,146 |
Operating Segments | Onshore Facilities and Transportation | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 894,002 | 1,035,662 |
Operating Segments | Marine transportation | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 703,669 | 711,058 |
Other assets | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 43,513 | $ 37,670 |
Transactions with Related Parties (Schedule of Transactions with Related Parties) (Details) - Affiliated Entity - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
CEO | ||||
Related Party Transaction [Line Items] | ||||
Costs and expenses | $ 165 | $ 165 | $ 495 | $ 495 |
Poseidon | ||||
Related Party Transaction [Line Items] | ||||
Revenues | 3,193 | 3,102 | 10,221 | 9,284 |
Costs and expenses | $ 242 | 231 | $ 720 | 734 |
Equity method investment, ownership percentage | 64.00% | 64.00% | ||
ANSAC | ||||
Related Party Transaction [Line Items] | ||||
Revenues | $ 61,651 | 44,095 | $ 200,935 | 165,869 |
Costs and expenses | $ 400 | $ 528 | $ 1,097 | $ 1,989 |
Transactions with Related Parties (Narrative) (Details) - Affiliated Entity - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Poseidon | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, revenues | $ 3,193 | $ 3,102 | $ 10,221 | $ 9,284 | |
Due from related parties | 3,300 | 3,300 | $ 2,600 | ||
Related party transaction, costs and expenses | 242 | 231 | 720 | 734 | |
Poseidon | Asset Management Arrangement | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, revenues | 2,400 | 2,300 | 7,100 | 6,800 | |
ANSAC | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, revenues | 61,651 | 44,095 | 200,935 | 165,869 | |
Due from related parties | 56,076 | 56,076 | $ 43,400 | ||
Related party transaction, costs and expenses | $ 400 | $ 528 | $ 1,097 | $ 1,989 |
Transactions with Related Parties (ANSAC) (Details) - ANSAC - Affiliated Entity - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Related Party Transaction [Line Items] | ||
Receivables | $ 56,076 | $ 43,400 |
Payables | $ 400 | $ 470 |
Supplemental Cash Flow Information (Net Changes in Components of Operating Assets and Liabilities) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
(Increase) decrease in: | ||
Accounts receivable | $ 15,487 | $ 165,505 |
Inventories | 11,108 | (24,674) |
Deferred charges | 20,362 | 17,616 |
Other current assets | (10,335) | (1,620) |
Increase (decrease) in: | ||
Accounts payable | (50,361) | (59,477) |
Accrued liabilities | 20,196 | (25,204) |
Net changes in components of operating assets and liabilities | $ 6,457 | $ 72,146 |
Supplemental Cash Flow Information (Narrative) (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Supplemental Cash Flow Elements [Abstract] | ||
Payments of interest and commitment fees | $ 154.4 | $ 138.3 |
Interest paid, capitalized | 2.3 | 1.4 |
Incurred liabilities for fixed and intangible asset additions | $ 44.9 | $ 26.5 |
Derivatives (Narrative) (Details) |
6 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 01, 2022 |
Jun. 30, 2021
USD ($)
|
Sep. 30, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Derivatives, Fair Value [Line Items] | ||||
Net broker receivable | $ 2,800,000 | $ 3,400,000 | ||
Initial margin | 2,500,000 | $ 3,300,000 | ||
Variation margin | $ 100,000 | 300,000 | ||
Embedded derivative liability | $ 83,400,000 | |||
Forecast | Class A Convertible Preferred Stock Units | ||||
Derivatives, Fair Value [Line Items] | ||||
Period to notify holders | 30 days | |||
Stock reset rate percentage | 10.75% | |||
Percentage below issue price per share | 110.00% | |||
LIBOR | Forecast | Class A Convertible Preferred Stock Units | ||||
Derivatives, Fair Value [Line Items] | ||||
Basis spread on variable rate over stock price | 0.0750 |
Fair-Value Measurements (Reconciliation of Changes in Derivatives Classified as Level 3) (Details) - Level 3 - Preferred Distribution Rate Reset Election $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2021
USD ($)
| |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Balance as of December 31, 2020 | $ (52,372) |
Unrealized loss for the period included in earnings | (31,042) |
Balance as of September 30, 2021 | $ (83,414) |
Fair-Value Measurements (Narrative) (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Unrealized (losses) gains from valuation of embedded derivatives | $ (30,729) | $ 19,582 | |||
Carrying value of senior unsecured notes | $ 2,929,000 | 2,929,000 | $ 2,750,016 | ||
Fair value of senior unsecured notes | 2,900,000 | 2,900,000 | $ 2,700,000 | ||
Embedded Derivative Financial Instruments | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Unrealized (losses) gains from valuation of embedded derivatives | $ 1,700 | $ 6,700 | $ (31,000) | $ 17,400 | |
Equity Volatility | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Embedded derivative liability, measurement input | 0.50 | 0.50 |
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