23. Condensed Consolidating Financial Information

Our 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 our IDR Restructuring in December 2010 (see Note 11), 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:


	December 31, 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	$	—	$	9,182		$	1,632		$	—		$	10,817
Other current assets		597,966		—		341,131			31,897			(605,707	)		365,287

Total current assets		597,969		—		350,313			33,529			(605,707	)		376,104

Fixed Assets, at cost		—		—		444,262			96,876			—			541,138
Less: Accumulated depreciation		—		—		(114,655	)		(9,558	)		—			(124,213	)

Net fixed assets		—		—		329,607			87,318			—			416,925

Goodwill		—		—		325,046			—			—			325,046
Other assets, net		14,773		—		276,450			162,373			(167,774	)		285,822
Equity investees and other investments		—		—		326,947			—			—			326,947
Investments in subsidiaries		841,725		—		96,303			—			(938,028	)		—

Total assets	$	1,454,467	$	—	$	1,704,666		$	283,220		$	(1,711,509	)	$	1,730,844


LIABILITIES AND PARTNERS' CAPITAL
Current liabilities	$	2,529	$	—	$	835,013		$	17,562		$	(605,676	)	$	249,428
Senior secured credit facilities		409,300		—		—			—			—			409,300
Senior unsecured notes		250,000		—		—			—			—			250,000
Deferred tax liabilities		—		—		12,549			—			—			12,549
Other liabilities		—		—		14,673			169,842			(167,586	)		16,929

Total liabilities		661,829		—		862,235			187,404			(773,262	)		938,206

Partners' capital		792,638		—		842,431			95,816			(938,247	)		792,638

Total liabilities and partners' capital	$	1,454,467	$	—	$	1,704,666		$	283,220		$	(1,711,509	)	$	1,730,844


	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


	Year Ended December 31, 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	$	—		$	—	$	2,824,524	$	14,883		$	(13,639	)	$	2,825,768
Refinery services		—			—		197,928		20,548			(16,765	)		201,711
Pipeline transportation services		—			—		36,281		25,909			—			62,190

Total revenues		—			—		3,058,733		61,340			(30,404	)		3,089,669


COSTS AND EXPENSES:
Supply and logistics costs		—			—		2,766,084		14,363			(13,639	)		2,766,808
Refinery services operating costs		—			—		122,724		20,968			(16,910	)		126,782
Pipeline transportation operating costs		—			—		16,174		790			—			16,964
General and administrative		—			—		34,473		—			—			34,473
Depreciation and amortization		—			—		59,175		2,751			—			61,926
Net loss on disposal of surplus assets		—			—		264		—			—			264

Total costs and expenses		—			—		2,998,894		38,872			(30,549	)		3,007,217

OPERATING INCOME		—			—		59,839		22,468			145			82,452
Equity in earnings of equity investees		—			—		3,347		—			—			3,347
Equity in earnings of subsidiaries		86,958			—		5,333		—			(92,291	)		—
Interest (expense) income, net		(35,709	)		—		16,933		(16,991	)		—			(35,767	)

Income before income taxes		51,249			—		85,452		5,477			(92,146	)		50,032
Income tax benefit (expense)		—			—		1,555		(338	)		—			1,217

NET INCOME		51,249			—		87,007		5,139			(92,146	)		51,249
Net loss attributable to noncontrolling interests		—			—		—		—			—			—

NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	51,249		$	—	$	87,007	$	5,139		$	(92,146	)	$	51,249


`	Year Ended 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
REVENUES:
Supply and logistics	$	—		$	—	$	1,894,612		$	—		$	—		$	1,894,612
Refinery services		—			—		146,570			14,544			(10,054	)		151,060
Pipeline transportation services		—			—		29,497			26,155			—			55,652

Total revenues		—			—		2,070,679			40,699			(10,054	)		2,101,324


COSTS AND EXPENSES:
Supply and logistics costs		—			—		1,858,862			—			—			1,858,862
Refinery services operating costs		—			—		85,250			12,672			(9,828	)		88,094
Pipeline transportation operating costs		—			—		14,301			476			—			14,777
General and administrative		—			—		113,406			—			—			113,406
Depreciation and amortization		—			—		50,961			2,596			—			53,557
Net loss on disposal of surplus assets		—			—		12			—			—			12

Total costs and expenses		—			—		2,122,792			15,744			(9,828	)		2,128,708

OPERATING (LOSS) INCOME		—			—		(52,113	)		24,955			(226	)		(27,384	)
Equity in earnings of equity investees		—			—		2,355			—			—			2,355
Equity in (losses) earnings of subsidiaries		(34,988	)		—		7,401			—			27,587			—
Interest (expense) income, net		(13,471	)		—		7,884			(17,337	)		—			(22,924	)

(Loss) income before income taxes		(48,459	)		—		(34,473	)		7,618			27,361			(47,953	)
Income tax expense		—			—		(2,175	)		(413	)		—			(2,588	)

NET (LOSS) INCOME		(48,459	)		—		(36,648	)		7,205			27,361			(50,541	)
Net loss attributable to noncontrolling interests		—			—		2,083			—			(1	)		2,082

NET LOSS (INCOME) ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	(48,459	)	$	—	$	(34,565	)	$	7,205		$	27,360		$	(48,459	)


	Year Ended December 31, 2009
	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	$	—	$	—	$	1,243,044		$	—		$	—		$	1,243,044
Refinery services		—		—		138,438			9,527			(6,600	)		141,365
Pipeline transportation services		—		—		25,004			25,947			—			50,951

Total revenues		—		—		1,406,486			35,474			(6,600	)		1,435,360


COSTS AND EXPENSES:
Supply and logistics costs		—		—		1,203,896			—			—			1,203,896
Refinery services operating costs		—		—		86,346			9,320			(6,756	)		88,910
Pipeline transportation operating costs		—		—		12,542			482			—			13,024
General and administrative		—		—		40,402			11			—			40,413
Depreciation and amortization		—		—		59,992			2,589			—			62,581
Net loss on disposal of surplus assets		—		—		160			—			—			160
Impairment expense		—		—		5,005			—			—			5,005

Total costs and expenses		—		—		1,408,343			12,402			(6,756	)		1,413,989

OPERATING (LOSS) INCOME		—		—		(1,857	)		23,072			156			21,371
Equity in earnings of equity investees		—		—		1,547			—			—			1,547
Equity in earnings of subsidiaries		8,063		—		5,614			—			(13,677	)		—
Interest income (expense), net		—		—		3,998			(17,658	)		—			(13,660	)

Income before income taxes		8,063		—		9,302			5,414			(13,521	)		9,258
Income tax expense		—		—		(3,080	)		—			—			(3,080	)

NET INCOME		8,063		—		6,222			5,414			(13,521	)		6,178
Net loss attributable to noncontrolling interests		—		—		1,885			—			—			1,885

NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	8,063	$	—	$	8,107		$	5,414		$	(13,521	)	$	8,063


	Year Ended December 31, 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 (used in) provided by operating activities	$	(41,392	)	$	—	$	99,360		$	17,696		$	(17,357	)	$	58,307

CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets		—			—		(27,417	)		(575	)		—			(27,992	)
Cash distributions received from equity investees—return of investment		107,956			—		11,436			—			(107,956	)		11,436
Investments in equity investees and other investments		(184,969	)		—		(20,193	)		—			204,968			(194	)
Acquisitions		—			—		(142,692	)		(20,787	)		—			(163,479	)
Repayments on loan to non-guarantor subsidiary		—			—		3,685			—			(3,685	)		—
Other, net		—			—		7,194			738			—			7,932

Net cash (used in) provided by investing activities		(77,013	)		—		(167,987	)		(20,624	)		93,327			(172,297	)


CASH FLOWS FROM FINANCING ACTIVITIES:
Bank borrowings		777,600			—		—			—			—			777,600
Bank repayments		(728,300	)		—		—			—			—			(728,300	)
Proceeds from issuance of senior unsecured notes		—			—		—			—			—			—
Credit facility issuance fees		(3,018	)		—		—			—			—			(3,018	)
Issuance of ownership interests to partners for cash		184,969			—		184,969			19,999			(204,968	)		184,969
Distributions to partners/owners		(112,844	)		—		(112,844	)		(12,500	)		125,344			(112,844	)
Other, net		—			—		602			(3,618	)		3,654			638

Net cash provided by (used in) financing activities		118,407			—		72,727			3,881			(75,970	)		119,045


Net increase in cash and cash equivalents		2			—		4,100			953			—			5,055
Cash and cash equivalents at beginning of period		1			—		5,082			679			—			5,762

Cash and cash equivalents at end of period	$	3		$	—	$	9,182		$	1,632		$	—		$	10,817


	Year Ended 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
Net cash (used in) provided by operating activities	$	(569,824)	$	—	$ 680,974	$	3,746	$	(24,433)	$	90,463

CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets		—		—	(12,372)		(28)		—		(12,400)
Cash distributions received from equity investees—return of investment		45,889		—	2,859		—		(45,889)		2,859
Investments in equity investees and other investments		(118,875)		—	(332,462)		—		118,875		(332,462)
Repayments on loan to non-guarantor subsidiary		—		—	3,331		—		(3,331)		—
Other, net		—		—	1,265		—		—		1,265

Net cash used in investing activities		(72,986)		—	(337,379)		(28)		69,655		(340,738)


CASH FLOWS FROM FINANCING ACTIVITIES:
Bank borrowings		449,729		—	242,100		—		—		691,829
Bank repayments		(455,629)		—	(243,100)		—		—		(698,729)
Transfer of senior secured credit facility to Parent		364,772		—	(364,772)		—		—		—
Proceeds from issuance of senior unsecured notes		250,000		—	—		—		—		250,000
Credit facility and senior unsecured notes issuance fees		(14,586)		—	—		—		—		(14,586)
Issuance of ownership interests to partners for cash		118,875		—	118,888		—		(118,888)		118,875
Noncontrolling interests contributions, net of distributions		—		—	—		—		6		6
Acquisition of noncontrolling interest in DG Marine		—		—	(26,288)		—		—		(26,288)
Distributions to partners/owners		(70,352)		—	(70,359)		—		70,359		(70,352)
Other, net		—		—	1,134		(3,301)		3,301		1,134

Net cash provided by (used in) financing activities		642,809		—	(342,397)		(3,301)		(45,222)		251,889


Net (decrease) increase in cash and cash equivalents		(1)		—	1,198		417		—		1,614
Cash and cash equivalents at beginning of period		2		—	3,884		262		—		4,148

Cash and cash equivalents at end of period	$	1	$	—	$ 5,082	$	679	$	—	$	5,762


	Year Ended December 31, 2009
	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 (used in) provided by operating activities	$	(1	)	$	—	$	86,926		$	11,128		$	(7,974	)	$	90,079

CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets		—			—		(30,270	)		(62	)		—			(30,332	)
Cash distributions received from equity investees—return of investment		60,080			—		—			—			(60,080	)		—
Investments in equity investees and other investments		(9	)		—		(83	)		—			9			(83	)
Repayments on loan to non-guarantor subsidiary		—			—		3,010			—			(3,010	)		—
Other, net		—			—		1,182			—			—			1,182

Net cash provided by (used) in investing activities		60,071			—		(26,161	)		(62	)		(63,081	)		(29,233	)


CASH FLOWS FROM FINANCING ACTIVITIES:
Bank borrowings		—			—		255,300			—			—			255,300
Bank repayments		—			—		(263,700	)		—			—			(263,700	)
Credit facility issuance fees		—			—		(422	)		—			—			(422	)
Issuance of ownership interests to partners for cash		9			—		9			—			(9	)		9
Noncontrolling interests contributions, net of distributions		—			—		—			—			(6	)		(6	)
Distributions to partners/owners		(60,080	)		—		(60,086	)		(8,000	)		68,086			(60,080	)
Other, net		—			—		(6,784	)		(2,984	)		2,984			(6,784	)

Net cash used in financing activities		(60,071	)		—		(75,683	)		(10,984	)		71,055			(75,683	)


Net (decrease) increase in cash and cash equivalents		(1	)		—		(14,918	)		82			—			(14,837	)
Cash and cash equivalents at beginning of period		3			—		18,802			180			—			18,985

Cash and cash equivalents at end of period	$	2		$	—	$	3,884		$	262		$	—		$	4,148