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Business Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
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;
•Soda and sulfur services – trona and trona-based exploring, mining, processing, producing, marketing, logistics and selling activities, as well as processing of high sulfur (or “sour”) gas streams for refineries to remove the sulfur and selling the related by-product, NaHS;
•Marine transportation – marine transportation to provide waterborne transportation of petroleum products (primarily fuel oil, asphalt and other heavy refined products) and crude oil throughout North America.
•Onshore facilities and transportation – terminaling, blending, storing, marketing and transporting crude oil and petroleum products; and
Substantially all of our revenues are derived from, and substantially all of our assets 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), segment general and administrative expenses, all of which are net of the effects of our noncontrolling interests, plus our equity in distributable cash generated by our equity investees and unrestricted subsidiaries. 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 our 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 each year presented below is as follows:
Offshore Pipeline Transportation Soda and Sulfur ServicesMarine TransportationOnshore Facilities and TransportationTotal
Year Ended December 31, 2023
Segment Margin(1)
$406,672 $282,014 $110,423 $27,953 $827,062 
Capital expenditures(2)
$410,237 $219,393 $42,681 $19,018 $691,329 
Revenues:
External customers$377,842 $1,743,327 $327,464 $728,363 $3,176,996 
Intersegment(3)
4,312 (9,079)— 4,767 $— 
Total revenues of reportable segments$382,154 $1,734,248 $327,464 $733,130 $3,176,996 
Year Ended December 31, 2022
Segment Margin(1)
$363,373 $306,718 $66,209 $33,755 $770,055 
Capital expenditures(2)
$241,446 $174,518 $39,084 $5,878 $460,926 
Revenues:
External customers$319,045 $1,258,236 $292,925 $918,751 $2,788,957 
Intersegment(3)
— (10,151)370 9,781 $— 
Total revenues of reportable segments$319,045 $1,248,085 $293,295 $928,532 $2,788,957 
Year Ended December 31, 2021
Segment Margin(1)
$317,560 $166,773 $34,572 $98,824 $617,729 
Capital expenditures(2)
$50,546 $227,118 $34,456 $4,609 $316,729 
Revenues:
External customers$278,459 $973,354 $188,011 $685,652 $2,125,476 
Intersegment(3)
— (8,722)2,816 5,906 $— 
Total revenues of reportable segments$278,459 $964,632 $190,827 $691,558 $2,125,476 
(1)A reconciliation of Net income (loss) attributable to Genesis Energy, L.P. to total Segment Margin to for each year is presented below.
(2)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.
(3)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:
December 31, 2023December 31, 2022
Offshore pipeline transportation$2,580,032 $2,290,488 
Soda and sulfur services2,705,350 2,358,086 
Marine Transportation645,020 681,231 
Onshore facilities and transportation1,019,113 981,354 
Other assets69,263 54,833 
Total consolidated assets$7,018,778 $6,365,992 
Reconciliation of Net income (loss) attributable to Genesis Energy, L.P. to total Segment Margin:
 Year Ended
December 31,
202320222021
Net income (loss) attributable to Genesis Energy, L.P.$117,720 $75,457 $(165,067)
Corporate general and administrative expenses73,876 71,820 61,287 
Depreciation, depletion, amortization and accretion291,731 307,519 315,896 
Interest expense244,663 226,156 233,724 
Adjustment to include distributable cash generated by equity investees not included in income and exclude equity in investees net income(1)
24,635 21,199 26,207 
Other non-cash items(2)
13,488 (8,315)30,907 
Distributions from unrestricted subsidiaries not included in income(3)
— 32,000 70,000 
Cancellation of debt income (Note 11)
— (8,618)— 
Loss on extinguishment of debt (Note 11)
4,627 794 1,627 
Differences in timing of cash receipts for certain contractual arrangements(4)
56,341 51,102 15,482 
Gain on sale of asset, net to our ownership interest (Note 8)
— (32,000)— 
Change in provision for leased items no longer in use— (671)598 
Income tax expense (benefit)(19)3,169 1,670 
Redeemable noncontrolling interest redemption value adjustments(5)
— 30,443 25,398 
Total Segment Margin$827,062 $770,055 $617,729 
(1)Includes distributions attributable to the period and received during or promptly following such period.
(2)2023 includes unrealized losses of $36.7 million from the valuation of our commodity derivative transactions (excluding fair value hedges). 2022 includes unrealized gains of $24.4 million from the valuation of our commodity derivative transactions (excluding fair value hedges) and unrealized losses of $18.6 million from the valuation of the embedded derivative associated with our Class A Convertible Preferred Units. 2021 includes unrealized gains of $0.1 million from the valuation of our commodity derivative transactions (excluding fair value hedges) and unrealized losses of $30.8 million from the valuation of the embedded derivative associated with our Class A Convertible Preferred Units.
(3)2022 includes $32.0 million in cash receipts associated with the sale of the Independence Hub platform by our 80% owned unrestricted subsidiary (as defined under our credit agreement), Independence Hub, LLC. 2021 includes $70.0 million in cash receipts associated with principal repayments on our previously owned NEJD pipeline not included in income.
(4)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.
(5)2022 includes PIK distributions and accretion on the redemption feature of our Alkali Holdings preferred units, and valuation adjustments to the redemption feature as the associated Alkali Holdings preferred units were redeemed during the year ended December 31, 2022. 2021 includes PIK distributions and accretion on the redemption feature attributable to our Alkali Holdings preferred units. Refer to Note 12 for additional information.