Condensed Consolidating Financial Information

6 Months Ended

Jun. 30, 2011

Condensed Consolidating Financial Information

Condensed Consolidating Financial Information

14. Condensed Consolidating Financial Information

The $250 million 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 subsidiaries, except Genesis Free State Pipeline, LLC, Genesis NEJD Pipeline, LLC and certain other minor subsidiaries. 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. Genesis Energy Finance Corporation has no independent assets or operations. See Note 10 for additional information regarding our consolidated debt obligations.

As a result of the IDR Restructuring on December 28, 2010 (see Note 1), each subsidiary guarantor and the subsidiary co-issuer are 100% owned, directly or indirectly, by Genesis Energy, L.P.

The following is condensed consolidating financial information for Genesis Energy, L.P. and subsidiary guarantors:

	June 30, 2011
	Genesis Energy, L.P. (Parent and Co-Issuer)		Genesis Energy Finance Corporation (Co-Issuer)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Genesis Energy, L.P. Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	3	$	—	$	4,562		$	869		$	—		$	5,434
Other current assets		613,364		—		326,932			25,866			(629,354	)		336,808
Total current assets		613,367		—		331,494			26,735			(629,354	)		342,242
Fixed Assets, at cost		—		—		298,773			75,511			—			374,284
Less: Accumulated depreciation		—		—		(109,702	)		(8,107	)		—			(117,809	)
Net fixed assets		—		—		189,071			67,404			—			256,475
Goodwill		—		—		325,046			—			—			325,046
Other assets, net		13,385		—		295,354			164,521			(169,664	)		303,596
Equity investees and other investments		—		—		335,404			—			—			335,404
Investments in subsidiaries		672,512		—		86,655			—			(759,167	)		—
Total assets	$	1,299,264	$	—	$	1,563,024		$	258,660		$	(1,558,185	)	$	1,562,763
LIABILITIES AND PARTNERS' CAPITAL
Current liabiltiies	$	1,801	$	—	$	869,931		$	2,815		$	(629,217	)	$	245,330
Senior secured credit facilities		406,000		—		—			—			—			406,000
Senior unsecured notes		250,000		—		—			—			—			250,000
Deferred tax liabilities		—		—		14,247			—			—			14,247
Other liabilities		—		—		5,723			169,473			(169,473	)		5,723
Total liabilities		657,801		—		889,901			172,288			(798,690	)		921,300
Partners' capital		641,463		—		673,123			86,372			(759,495	)		641,463
Total liabilities and partners' capital	$	1,299,264	$	—	$	1,563,024		$	258,660		$	(1,558,185	)	$	1,562,763

	December 31, 2010
	Genesis Energy, L.P. (Parent and Co-Issuer)		Genesis Energy Finance Corporation (Co-Issuer)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Genesis Energy, L.P. Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	1	$	—	$	5,082		$	679		$	—		$	5,762
Other current assets		584,967		—		245,240			20,620			(604,051	)		246,776
Total current assets		584,968		—		250,322			21,299			(604,051	)		252,538
Fixed Assets, at cost		—		—		297,832			75,507			—			373,339
Less: Accumulated depreciation		—		—		(101,472	)		(6,811	)		—			(108,283	)
Net fixed assets		—		—		196,360			68,696			—			265,056
Goodwill		—		—		325,046			—			—			325,046
Other assets, net		14,695		—		310,808			166,616			(171,458	)		320,661
Equity investees and other investments		—		—		343,434			—			—			343,434
Investments in subsidiaries		682,641		—		83,323			—			(765,964	)		—
Total assets	$	1,282,304	$	—	$	1,509,293		$	256,611		$	(1,541,473	)	$	1,506,735
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities	$	3,040	$	—	$	805,381		$	2,172		$	(603,879	)	$	206,714
Senior secured credit facilities		360,000		—		—			—			—			360,000
Senior unsecured notes		250,000		—		—			—			—			250,000
Deferred tax liabilities		—		—		15,193			—			—			15,193
Other liabilities		—		—		5,564			171,266			(171,266	)		5,564
Total liabilities		613,040		—		826,138			173,438			(775,145	)		837,471
Partners' capital		669,264		—		683,155			83,173			(766,328	)		669,264
Total liabilities and partners' capital	$	1,282,304	$	—	$	1,509,293		$	256,611		$	(1,541,473	)	$	1,506,735

	Three Months Ended June 30, 2011
	Genesis Energy, L.P. (Parent and Co-Issuer)			Genesis Energy Finance Corporation (Co-Issuer)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Genesis Energy, L.P. Consolidated
REVENUES:
Supply and logistics	$	—		$	—	$	698,343	$	—		$	—		$	698,343
Refinery services		—			—		46,782		4,668			(2,087	)		49,363
Pipeline transportation services		—			—		8,983		6,101			—			15,084
Total revenues		—			—		754,108		10,769			(2,087	)		762,790
COSTS AND EXPENSES:
Supply and logistics costs		—			—		679,357		—			—			679,357
Refinery services operating costs		—			—		28,675		4,004			(2,415	)		30,264
Pipeline transportation operating costs		—			—		4,210		146			—			4,356
General and administrative		—			—		8,380		—			—			8,380
Depreciation and amortization		—			—		13,604		649			—			14,253
Net loss on disposal of surplus assets		—			—		249		—			—			249
Total costs and expenses		—			—		734,475		4,799			(2,415	)		736,859
OPERATING (LOSS) INCOME		—			—		19,633		5,970			328			25,931
Equity in earnings of joint ventures		—			—		592		—			—			592
Equity in earnings of subsidiaries		26,352			—		1,577		—			(27,929	)		—
Interest (expense) income		(8,994	)		—		4,241		(4,258	)		—			(9,011	)
(Loss) income before income taxes		17,358			—		26,043		1,712			(27,601	)		17,512
Income tax (expense) benefit		—			—		30		(184	)		—			(154	)
NET (LOSS) INCOME		17,358			—		26,073		1,528			(27,601	)		17,358
Net loss attributable to noncontrolling interests		—			—		—		—			—			—
NET (LOSS) INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	17,358		$	—	$	26,073	$	1,528		$	(27,601	)	$	17,358

	Three Months Ended June 30, 2010
	Genesis Energy, L.P. (Parent and Co-Issuer)		Genesis Energy Finance Corporation (Co-Issuer)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Genesis Energy, L.P. Consolidated
REVENUES:
Supply and logistics	$	—	$	—	$	404,892		$	—		$	—		$	404,892
Refinery services		—		—		36,594			4,187			(2,560	)		38,221
Pipeline transportation services		—		—		7,226			6,199			—			13,425
Total revenues		—		—		448,712			10,386			(2,560	)		456,538
COSTS AND EXPENSES:
Supply and logistics costs		—		—		392,991			—			—			392,991
Refinery services operating costs		—		—		20,913			3,502			(2,625	)		21,790
Pipeline transportation operating costs		—		—		2,916			197			—			3,113
General and administrative		—		—		6,801			—			—			6,801
Depreciation and amortization		—		—		12,958			648			—			13,606
Net loss on disposal of surplus assets		—		—		(62	)		—			—			(62	)
Total costs and expenses		—		—		436,517			4,347			(2,625	)		438,239
OPERATING (LOSS) INCOME		—		—		12,195			6,039			65			18,299
Equity in earnings of joint ventures		—		—		363			—			—			363
Equity in earnings of subsidiaries		14,238		—		1,404			—			(15,642	)		—
Interest (expense) income		—		—		585			(4,345	)		—			(3,760	)
(Loss) income before income taxes		14,238		—		14,547			1,694			(15,577	)		14,902
Income tax (expense) benefit		—		—		(641	)		(340	)		—			(981	)
NET (LOSS) INCOME		14,238		—		13,906			1,354			(15,577	)		13,921
Net loss attributable to noncontrolling interests		—		—		317			—			—			317
NET (LOSS) INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	14,238	$	—	$	14,223		$	1,354		$	(15,577	)	$	14,238

	Six Months Ended June 30, 2011
	Genesis Energy, L.P. (Parent and Co-Issuer)			Genesis Energy Finance Corporation (Co-Issuer)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Genesis Energy, L.P. Consolidated
REVENUES:
Supply and logistics	$	—		$	—	$	1,326,140		$	—		$	—		$	1,326,140
Refinery services		—			—		94,292			9,148			(6,531	)		96,909
Pipeline transportation services		—			—		16,904			12,635			—			29,539
Total revenues		—			—		1,437,336			21,783			(6,531	)		1,452,588
COSTS AND EXPENSES:
Supply and logistics costs		—			—		1,300,721			—			—			1,300,721
Refinery services operating costs		—			—		58,193			8,224			(6,567	)		59,850
Pipeline transportation operating costs		—			—		8,119			307			—			8,426
General and administrative		—			—		16,434			—			—			16,434
Depreciation and amortization		—			—		26,858			1,298			—			28,156
Net loss on disposal of surplus assets		—			—		238			—			—			238
Total costs and expenses		—			—		1,410,563			9,829			(6,567	)		1,413,825
OPERATING (LOSS) INCOME		—			—		26,773			11,954			36			38,763
Equity in earnings of joint ventures		—			—		3,789			—			—			3,789
Equity in earnings of subsidiaries		42,060			—		3,293			—			(45,353	)		—
Interest (expense) income		(17,672	)		—		8,500			(8,538	)		—			(17,710	)
(Loss) income before income taxes		24,388			—		42,355			3,416			(45,317	)		24,842
Income tax (expense) benefit		—			—		(234	)		(220	)		—			(454	)
NET (LOSS) INCOME		24,388			—		42,121			3,196			(45,317	)		24,388
Net loss attributable to noncontrolling interests		—			—		—			—			—			—
NET (LOSS) INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	24,388		$	—	$	42,121		$	3,196		$	(45,317	)	$	24,388

	Six Months Ended June 30, 2010
	Genesis Energy, L.P. (Parent and Co-Issuer)		Genesis Energy Finance Corporation (Co-Issuer)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Genesis Energy, L.P. Consolidated
REVENUES:
Supply and logistics	$	—	$	—	$	828,263		$	—		$	—		$	828,263
Refinery services		—		—		65,773			6,540			(4,590	)		67,723
Pipeline transportation services		—		—		14,263			12,820			—			27,083
Total revenues		—		—		908,299			19,360			(4,590	)		923,069
COSTS AND EXPENSES:
Supply and logistics costs		—		—		809,048			—			—			809,048
Refinery services operating costs		—		—		36,766			5,617			(4,366	)		38,017
Pipeline transportation operating costs		—		—		7,221			321			—			7,542
General and administrative		—		—		13,095			—			—			13,095
Depreciation and amortization		—		—		25,716			1,296			—			27,012
Net loss on disposal of surplus assets		—		—		18			—			—			18
Total costs and expenses		—		—		891,864			7,234			(4,366	)		894,732
OPERATING (LOSS) INCOME		—		—		16,435			12,126			(224	)		28,337
Equity in earnings of joint ventures		—		—		545			—			—			545
Equity in earnings of subsidiaries		21,123		—		3,175			—			(24,298	)		—
Interest (expense) income		—		—		1,747			(8,711	)		—			(6,964	)
(Loss) income before income taxes		21,123		—		21,902			3,415			(24,522	)		21,918
Income tax (expense) benefit		—		—		(1,332	)		(340	)		—			(1,672	)
NET (LOSS) INCOME		21,123		—		20,570			3,075			(24,522	)		20,246
Net loss attributable to noncontrolling interests		—		—		877			—			—			877
NET (LOSS) INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	21,123	$	—	$	21,447		$	3,075		$	(24,522	)	$	21,123

	Six Months Ended June 30, 2011
	Genesis Energy, L.P. (Parent and Co-Issuer)			Genesis Energy Finance Corporation (Co-Issuer)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Genesis Energy, L.P. Consolidated
Net cash provided by operating activities	$	(45,998	)	$	—	$	53,434		$	1,971		$	15		$	9,422
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets		—			—		(9,328	)		—			—			(9,328	)
Distributions from joint ventures - return of investment		52,189			—		6,096			—			(52,189	)		6,096
Investments in joint ventures and other investments		—			—		(194	)		—			—			(194	)
Repayments on loan to non-guarantor subsidiary		—			—		1,796			—			(1,796	)		—
Other, net		—			—		1,041			—			—			1,041
Net cash used in investing activities		52,189			—		(589	)		—			(53,985	)		(2,385	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Bank borrowings		267,900			—		—			—			—			267,900
Bank repayments		(221,900	)		—		—			—			—			(221,900	)
Distributions to partners/owners		(52,189	)		—		(52,189	)		—			52,189			(52,189	)
Other, net		—			—		(1,176	)		(1,781	)		1,781			(1,176	)
Net cash provided by (used in) financing activities		(6,189	)		—		(53,365	)		(1,781	)		53,970			(7,365	)
Net increase (decrease) in cash and cash equivalents		2			—		(520	)		190			—			(328	)
Cash and cash equivalents at beginning of period		1			—		5,082			679			—			5,762
Cash and cash equivalents at end of period	$	3		$	—	$	4,562		$	869		$	—		$	5,434

	Six Months Ended June 30, 2010
	Genesis Energy, L.P. (Parent and Co-Issuer)			Genesis Energy Finance Corporation (Co-Issuer)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Genesis Energy, L.P. Consolidated
Net cash provided by operating activities	$	1,002		$	—	$	8,463		$	2,236		$	(988	)	$	10,713
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets		—			—		(5,952	)		(28	)		—			(5,980	)
Distributions from joint ventures - return of investment		32,761			—		180			—			(32,761	)		180
Investments in joint ventures and other investments		1,639			—		—			—			(1,639	)		—
Repayments on loan to non-guarantor subsidiary		—			—		1,623			—			(1,623	)		—
Other, net		—			—		640			—			—			640
Net cash used in investing activities		34,400			—		(3,509	)		(28	)		(36,023	)		(5,160	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Bank borrowings		—			—		345,029			—			—			345,029
Bank repayments		—			—		(307,029	)		—			—			(307,029	)
Credit facility and senior unsecured notes issuance fees		—			—		(7,428	)		—			—			(7,428	)
Issuance of ownership interests to partners for cash		(1,639	)		—		37			—			1,639			37
Noncontrolling interests contributions, net of distributions		—			—		—			—			(3	)		(3	)
Distributions to partners/owners		(33,763	)		—		(33,766	)		—			33,766			(33,763	)
Other, net		—			—		(511	)		(1,609	)		1,609			(511	)
Net cash provided by (used in) financing activities		(35,402	)		—		(3,668	)		(1,609	)		37,011			(3,668	)
Net increase (decrease) in cash and cash equivalents		—			—		1,286			599			—			1,885
Cash and cash equivalents at beginning of period		2			—		3,884			262			—			4,148
Cash and cash equivalents at end of period	$	2		$	—	$	5,170		$	861		$	—		$	6,033