EX-99.1 3 dex991.htm SELECTED FINANCIAL DATA Selected Financial Data

Exhibit 99.1

 

Item 6. Selected Financial Data

The table below includes selected financial and other data for the Partnership for the years ended December 31, 2008, 2007, 2006, 2005, and 2004 (in thousands, except per unit and volume data).

 

     Year Ended December 31,  
     2008 (1)     2007 (1)     2006     2005     2004  

Income Statement Data:

          

Revenues:

          

Supply and logistics (2)

   $ 1,852,414      $ 1,094,189      $ 873,268      $ 1,038,549      $ 901,902   

Refinery services

     225,374        62,095        —          —          —     

Pipeline transportation, including natural gas sales

     46,247        27,211        29,947        28,888        16,680   

CO2 marketing

     17,649        16,158        15,154        11,302        8,561   
                                        

Total revenues

     2,141,684        1,199,653        918,369        1,078,739        927,143   

Costs and expenses:

          

Supply and logistics costs (2)

     1,815,090        1,078,859        865,902        1,034,888        897,868   

Refinery services operating costs

     166,096        40,197        —          —          —     

Pipeline transportation, including natural gas purchases

     15,224        14,176        17,521        19,084        8,137   

CO2 marketing transportation costs

     6,484        5,365        4,842        3,649        2,799   

General and administrative expenses

     29,500        25,920        13,573        9,656        11,031   

Depreciation and amortization

     71,370        38,747        7,963        6,721        7,298   

(Gain) loss from sales of surplus assets

     29        266        (16     (479     33   

Impairment Expense (3)

     —          1,498        —          —          —     
                                        

Total costs and expenses

     2,103,793        1,205,028        909,785        1,073,519        927,166   
                                        

Operating income (loss) from continuing operations

     37,891        (5,375     8,584        5,220        (23

Earnings from equity in joint ventures

     509        1,270        1,131        501        —     

Interest expense, net

     (12,937     (10,100     (1,374     (2,032     (926
                                        

Income (loss) from continuing operations before cumulative effect of change accounting principle and income taxes

     25,463        (14,205     8,341        3,689        (949

Income tax benefit

     362        654        11        —          —     
                                        

Income (loss) from continuing operations before cumulative effect of change in accounting principle

     25,825        (13,551     8,352        3,689        (949

Income (loss) from discontinued operations

     —          —          —          312        (463

Cumulative effect of changes in accounting principle

     —          —          30        (586     —     
                                        

Net income (loss)

     25,825        (13,551     8,382        3,415        (1,412

Net income (loss) attributable to noncontrolling interests

     264        1        (1     —          —     
                                        

Net income (loss) attributable to Genesis Energy, L.P.

   $ 26,089      $ (13,550   $ 8,381      $ 3,415      $ (1,412
                                        

Net income (loss) attributable to Genesis Energy, L.P. per common unit - basic:

          

Continuing operations

   $ 0.59      $ (0.66   $ 0.59      $ 0.38      $ (0.10

Discontinued operations

     —          —          —          0.03        (0.05

Cumulative effect of change in accounting principle

     —          —          —          (0.06     —     
                                        

Net income (loss)

   $ 0.59      $ (0.66   $ 0.59      $ 0.35      $ (0.15
                                        

Cash distributions per common unit

   $ 1.2225      $ 0.93      $ 0.74      $ 0.61      $ 0.60   

 

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     Year Ended December 31,
     2008 (1)    2007(1)    2006    2005    2004

Balance Sheet Data (at end of period):

              

Current assets

   $ 168,127    $ 214,240    $ 99,992    $ 90,449    $ 77,396

Total assets

     1,178,674      908,523      191,087      181,777      143,154

Long-term liabilities

     394,940      101,351      8,991      955      15,460

Partners’ capital:

              

Genesis Energy, L.P.

     632,658      631,804      85,662      87,689      45,239

Noncontrolling interests

     24,804      570      522      522      517
                                  

Total partners’ capital

     657,462      632,374      86,184      88,211      45,756
                                  

Other Data:

              

Maintenance capital expenditures (4)

     4,454      3,840      967      1,543      939

Volumes - continuing operations:

              

Crude oil pipeline (barrels per day)

     64,111      59,335      61,585      61,296      63,441

CO2 pipeline (Mcf per day) (5)

     160,220      —        —        —        —  

CO2 sales (Mcf per day)

     78,058      77,309      72,841      56,823      45,312

NaHS sales (DST) (6)

     162,210      69,853      —        —        —  

 

(1) Our operating results and financial position have been affected by acquisitions in 2008 and 2007, most notably the Grifco acquisition in July 2008 and the Davison acquisition, which was completed in July 2007. The results of these operations are included in our financial results prospectively from the acquisition date. For additional information regarding these acquisitions, see Note 3 of the Notes to Consolidated Financial Statements included under Item 8 of this annual report.
(2) Supply and logistics revenues, costs and crude oil wellhead volumes are reflected net of buy/sell arrangements since April 1, 2006.
(3) In 2007, we recorded an impairment charge of $1.5 million related to our natural gas pipeline assets.
(4) Maintenance capital expenditures are capital expenditures to replace or enhance partially or fully depreciated assets to sustain the existing operating capacity or efficiency of our assets and extend their useful lives.
(5)

Volume per day for the period we owned the Free State CO2 pipeline in 2008.

(6) Volumes relate to operations acquired in July 2007.

 

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