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Name | Symbol | Market | Type |
---|---|---|---|
Genesis Energy LP | NYSE:GEL | NYSE | Trust |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.15 | 1.20% | 12.70 | 12.86 | 12.49 | 12.63 | 312,440 | 01:00:00 |
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Delaware
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76-0513049
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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919 Milam, Suite 2100,
Houston, TX
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77002
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(Address of principal executive offices)
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(Zip code)
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Registrant’s telephone number, including area code: (713) 860-2500
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Large accelerated filer
x
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Accelerated filer
¨
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Non-accelerated filer
¨
(Do not check if a smaller reporting company)
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Smaller reporting company
¨
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Emerging growth company
¨
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Page
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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Item 1.
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Item 1A.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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September 30, 2017
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December 31, 2016
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ASSETS
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CURRENT ASSETS:
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Cash and cash equivalents
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$
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9,694
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$
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7,029
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Accounts receivable - trade, net
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437,039
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224,682
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Inventories
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98,558
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98,587
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Other
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45,533
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29,271
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Total current assets
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590,824
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359,569
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FIXED ASSETS, at cost
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5,522,292
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4,763,396
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Less: Accumulated depreciation
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(681,900
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)
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(548,532
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)
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Net fixed assets
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4,840,392
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4,214,864
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MINERAL LEASEHOLDS, net
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622,756
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—
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NET INVESTMENT IN DIRECT FINANCING LEASES, net of unearned income
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127,248
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132,859
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EQUITY INVESTEES
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383,191
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408,756
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INTANGIBLE ASSETS, net of amortization
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187,441
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204,887
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GOODWILL
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325,046
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325,046
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OTHER ASSETS, net of amortization
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60,736
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56,611
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TOTAL ASSETS
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$
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7,137,634
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$
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5,702,592
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LIABILITIES AND CAPITAL
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CURRENT LIABILITIES:
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Accounts payable - trade
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$
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203,717
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$
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119,841
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Accrued liabilities
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160,294
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140,962
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Total current liabilities
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364,011
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260,803
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SENIOR SECURED CREDIT FACILITY
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1,372,500
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1,278,200
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SENIOR UNSECURED NOTES, net of debt issuance costs
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2,358,049
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1,813,169
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DEFERRED TAX LIABILITIES
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26,399
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25,889
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OTHER LONG-TERM LIABILITIES
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256,462
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204,481
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Total liabilities
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4,377,421
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3,582,542
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MEZZANINE CAPITAL:
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Series A Convertible Preferred Units, 22,249,494 issued and outstanding at September 30, 2017
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691,708
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—
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PARTNERS’ CAPITAL:
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Common unitholders, 122,579,218 and 117,979,218 units issued and outstanding at September 30, 2017 and December 31, 2016, respectively
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2,077,393
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2,130,331
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Noncontrolling interests
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(8,888
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)
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(10,281
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)
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Total partners' capital
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2,068,505
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2,120,050
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TOTAL LIABILITIES, MEZZANINE CAPITAL AND PARTNERS’ CAPITAL
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$
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7,137,634
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$
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5,702,592
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2017
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2016
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2017
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2016
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REVENUES:
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Offshore pipeline transportation services
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80,671
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89,717
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243,437
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244,837
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Sodium minerals and sulfur services
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109,765
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45,725
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197,879
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129,585
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Marine transportation
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48,534
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55,285
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152,038
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159,930
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Onshore facilities and transportation
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247,144
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269,323
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714,974
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750,088
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Total revenues
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486,114
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460,050
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1,308,328
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1,284,440
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COSTS AND EXPENSES:
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Onshore facilities and transportation product costs
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202,047
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230,229
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582,535
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620,620
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Onshore facilities and transportation operating costs
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23,982
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22,476
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80,160
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71,974
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Marine transportation operating costs
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35,789
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38,490
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111,980
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105,942
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Sodium minerals and sulfur services operating costs
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79,365
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25,077
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133,335
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67,641
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Offshore pipeline transportation operating costs
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18,690
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23,122
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54,682
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63,732
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General and administrative
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19,409
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11,212
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38,723
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34,716
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Depreciation, depletion and amortization
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63,732
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54,265
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176,453
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156,800
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Gain on sale of assets
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—
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—
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(26,684
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)
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—
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Total costs and expenses
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443,014
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404,871
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1,151,184
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1,121,425
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OPERATING INCOME
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43,100
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55,179
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157,144
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163,015
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Equity in earnings of equity investees
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13,044
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12,488
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34,805
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35,362
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Interest expense
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(47,388
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)
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(34,735
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)
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(122,117
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)
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(104,657
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)
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Other expense
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(2,276
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)
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—
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(2,276
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)
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—
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Income before income taxes
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6,480
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32,932
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67,556
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93,720
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Income tax expense
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(320
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)
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(949
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(878
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)
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(2,959
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)
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NET INCOME
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6,160
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31,983
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66,678
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90,761
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Net loss attributable to noncontrolling interests
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152
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118
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457
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370
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NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.
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$
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6,312
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$
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32,101
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$
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67,135
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$
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91,131
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Less: Accumulated distributions attributable to Series A Convertible Preferred Units
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(5,469
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)
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—
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(5,469
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)
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—
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NET INCOME AVAILABLE TO COMMON UNITHOLDERS
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$
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843
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$
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32,101
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$
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61,666
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$
|
91,131
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NET INCOME PER COMMON UNIT (Note 10):
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Basic and Diluted
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$
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0.01
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$
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0.28
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$
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0.51
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$
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0.81
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WEIGHTED AVERAGE OUTSTANDING COMMON UNITS:
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Basic and Diluted
|
122,579
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115,718
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121,198
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111,906
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Number of
Common Units
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Partners’ Capital
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Noncontrolling Interest
|
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Total
|
|||||||
Partners’ capital, January 1, 2017
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117,979
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$
|
2,130,331
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$
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(10,281
|
)
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$
|
2,120,050
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Net income (loss)
|
—
|
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67,135
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(457
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)
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66,678
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Cash distributions to partners
|
—
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(260,586
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)
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—
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(260,586
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)
|
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Cash contributions from noncontrolling interests
|
—
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—
|
|
|
1,850
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|
|
1,850
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|
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Issuance of common units for cash, net
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4,600
|
|
|
140,513
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—
|
|
|
140,513
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|
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Partners' capital, September 30, 2017
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122,579
|
|
|
$
|
2,077,393
|
|
|
$
|
(8,888
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)
|
|
$
|
2,068,505
|
|
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Number of
Common Units
|
|
Partners’ Capital
|
|
Noncontrolling Interest
|
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Total
|
|||||||
Partners’ capital, January 1, 2016
|
109,979
|
|
|
$
|
2,029,101
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|
|
$
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(8,350
|
)
|
|
$
|
2,020,751
|
|
Net income (loss)
|
—
|
|
|
91,131
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|
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(370
|
)
|
|
90,761
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|
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Cash distributions to partners
|
—
|
|
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(227,454
|
)
|
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—
|
|
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(227,454
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)
|
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Issuance of common units for cash, net
|
8,000
|
|
|
298,051
|
|
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—
|
|
|
298,051
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|
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Partners' capital, September 30, 2016
|
117,979
|
|
|
$
|
2,190,829
|
|
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$
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(8,720
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)
|
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$
|
2,182,109
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Nine Months Ended
September 30, |
||||||
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2017
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2016
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
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Net income
|
$
|
66,678
|
|
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$
|
90,761
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Adjustments to reconcile net income to net cash provided by operating activities -
|
|
|
|
||||
Depreciation, depletion and amortization
|
176,453
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|
156,800
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|
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Provision for leased items no longer in use
|
12,589
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|
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—
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|
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Gain on sale of assets
|
(26,684
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)
|
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—
|
|
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Amortization of debt issuance costs and discount
|
8,154
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|
7,563
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|
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Amortization of unearned income and initial direct costs on direct financing leases
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(10,374
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)
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(10,856
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)
|
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Payments received under direct financing leases
|
15,501
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|
15,501
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|
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Equity in earnings of investments in equity investees
|
(34,805
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)
|
|
(35,362
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)
|
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Cash distributions of earnings of equity investees
|
45,854
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|
|
49,528
|
|
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Non-cash effect of equity-based compensation plans
|
(5,524
|
)
|
|
6,102
|
|
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Deferred and other tax liabilities
|
508
|
|
|
2,058
|
|
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Unrealized loss on derivative transactions
|
3,040
|
|
|
742
|
|
||
Other, net
|
(7,338
|
)
|
|
8,967
|
|
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Net changes in components of operating assets and liabilities (
Note 13
)
|
(26,262
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)
|
|
(63,407
|
)
|
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Net cash provided by operating activities
|
217,790
|
|
|
228,397
|
|
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CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Payments to acquire fixed and intangible assets
|
(182,653
|
)
|
|
(363,218
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)
|
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Cash distributions received from equity investees - return of investment
|
14,517
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|
|
16,652
|
|
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Acquisitions
|
(1,325,759
|
)
|
|
(25,394
|
)
|
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Contributions in aid of construction costs
|
124
|
|
|
12,208
|
|
||
Proceeds from asset sales
|
39,204
|
|
|
3,303
|
|
||
Other, net
|
—
|
|
|
185
|
|
||
Net cash used in investing activities
|
(1,454,567
|
)
|
|
(356,264
|
)
|
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CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Borrowings on senior secured credit facility
|
1,247,700
|
|
|
883,600
|
|
||
Repayments on senior secured credit facility
|
(1,153,400
|
)
|
|
(831,600
|
)
|
||
Proceeds from issuance of senior unsecured notes
|
550,000
|
|
|
—
|
|
||
Proceeds from issuance of Series A convertible preferred units, net
|
729,958
|
|
|
—
|
|
||
Debt issuance costs
|
(17,808
|
)
|
|
(1,578
|
)
|
||
Issuance of common units for cash, net
|
140,513
|
|
|
298,051
|
|
||
Contributions from noncontrolling interests
|
1,850
|
|
|
—
|
|
||
Distributions to common unitholders
|
(260,586
|
)
|
|
(227,454
|
)
|
||
Other, net
|
1,215
|
|
|
(600
|
)
|
||
Net cash provided by financing activities
|
1,239,442
|
|
|
120,419
|
|
||
Net increase (decrease) in cash and cash equivalents
|
2,665
|
|
|
(7,448
|
)
|
||
Cash and cash equivalents at beginning of period
|
7,029
|
|
|
10,895
|
|
||
Cash and cash equivalents at end of period
|
$
|
9,694
|
|
|
$
|
3,447
|
|
•
|
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 processing of high sulfur (or “sour”) gas streams for refineries to remove the sulfur, and selling the related by-product, sodium hydrosulfide (or “NaHS”, commonly pronounced "nash");
|
•
|
Onshore facilities and transportation, which include terminalling, blending, storing, marketing, and transporting crude oil, petroleum products, and CO
2;
|
•
|
Marine transportation to provide waterborne transportation of petroleum products and crude oil throughout North America; and
|
Accounts receivable
|
138,291
|
|
|
Inventories
|
31,944
|
|
|
Other current assets
|
13,947
|
|
|
Fixed assets
|
617,878
|
|
|
Mineral leaseholds
|
623,137
|
|
|
Accounts payable
|
(51,534
|
)
|
|
Other current liabilities
|
(29,870
|
)
|
|
Other long-term liabilities
|
(18,793
|
)
|
|
Total Purchase Price
|
$
|
1,325,000
|
|
|
Three Months Ended September 30, 2017
|
|
Nine Months Ended September 30, 2017
|
|||
Revenues
|
$
|
66,003
|
|
|
66,003
|
|
Net income
|
$
|
10,654
|
|
|
10,654
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Pro forma consolidated financial operating results:
|
|
|
|
|
|
|
|
||||||||
Revenues
|
$
|
615,275
|
|
|
$
|
653,749
|
|
|
$
|
1,829,389
|
|
|
$
|
1,872,939
|
|
Net Income Attributable to Genesis Energy, L.P.
|
10,978
|
|
|
31,400
|
|
|
59,314
|
|
|
78,113
|
|
||||
Net Income Available to Common Unitholders
|
(5,276
|
)
|
|
15,943
|
|
|
10,939
|
|
|
31,853
|
|
||||
Basic and diluted earnings per common unit:
|
|
|
|
|
|
|
|
||||||||
As reported net income per common unit
|
$
|
0.01
|
|
|
$
|
0.28
|
|
|
$
|
0.51
|
|
|
$
|
0.81
|
|
Pro forma net income per common unit
|
$
|
(0.04
|
)
|
|
$
|
0.14
|
|
|
$
|
0.09
|
|
|
$
|
0.28
|
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Petroleum products
|
$
|
2,618
|
|
|
$
|
11,550
|
|
Crude oil
|
46,035
|
|
|
73,133
|
|
||
Caustic soda
|
5,381
|
|
|
4,593
|
|
||
NaHS
|
11,176
|
|
|
9,304
|
|
||
Raw materials - Alkali Operations
|
4,560
|
|
|
—
|
|
||
Work-in-process - Alkali Operations
|
4,751
|
|
|
—
|
|
||
Finished goods, net - Alkali Operations
|
14,197
|
|
|
—
|
|
||
Materials and supplies, net - Alkali Operations
|
9,840
|
|
|
—
|
|
||
Other
|
—
|
|
|
7
|
|
||
Total
|
$
|
98,558
|
|
|
$
|
98,587
|
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Crude oil pipelines and natural gas pipelines and related assets
|
$
|
3,004,618
|
|
|
$
|
2,901,202
|
|
Alkali facilities, machinery, and equipment
|
617,878
|
|
|
—
|
|
||
Onshore facilities, machinery, and equipment
|
757,874
|
|
|
427,658
|
|
||
Transportation equipment
|
17,995
|
|
|
17,543
|
|
||
Marine vessels
|
898,582
|
|
|
863,199
|
|
||
Land, buildings and improvements
|
103,774
|
|
|
55,712
|
|
||
Office equipment, furniture and fixtures
|
9,681
|
|
|
9,654
|
|
||
Construction in progress
|
58,069
|
|
|
440,225
|
|
||
Other
|
53,821
|
|
|
48,203
|
|
||
Fixed assets, at cost
|
5,522,292
|
|
|
4,763,396
|
|
||
Less: Accumulated depreciation
|
(681,900
|
)
|
|
(548,532
|
)
|
||
Net fixed assets
|
$
|
4,840,392
|
|
|
$
|
4,214,864
|
|
|
September 30,
2017 |
||
Mineral leaseholds
|
623,137
|
|
|
Less: Accumulated depletion
|
(381
|
)
|
|
Mineral leaseholds, net
|
$
|
622,756
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Depreciation expense
|
$
|
57,117
|
|
|
$
|
46,909
|
|
|
$
|
157,438
|
|
|
$
|
135,428
|
|
Depletion Expense
|
381
|
|
|
—
|
|
|
381
|
|
|
—
|
|
ARO liability balance, December 31, 2016
|
$
|
213,726
|
|
Accretion expense
|
8,257
|
|
|
Change in estimate
|
7,875
|
|
|
Acquisitions
|
2,444
|
|
|
Divestitures
|
(7,649
|
)
|
|
Settlements
|
(21,252
|
)
|
|
Other
|
240
|
|
|
ARO liability balance, September 30, 2017
|
$
|
203,641
|
|
Remainder of
|
2017
|
$
|
2,741
|
|
|
2018
|
$
|
9,686
|
|
|
2019
|
$
|
8,782
|
|
|
2020
|
$
|
9,378
|
|
|
2021
|
$
|
10,014
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Genesis’ share of operating earnings
|
$
|
16,986
|
|
|
$
|
16,444
|
|
|
$
|
46,631
|
|
|
$
|
47,281
|
|
Amortization of excess purchase price
|
(3,942
|
)
|
|
(3,956
|
)
|
|
(11,826
|
)
|
|
(11,919
|
)
|
||||
Net equity in earnings
|
$
|
13,044
|
|
|
$
|
12,488
|
|
|
$
|
34,805
|
|
|
$
|
35,362
|
|
Distributions received
|
$
|
20,180
|
|
|
$
|
21,551
|
|
|
$
|
60,371
|
|
|
$
|
66,180
|
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
BALANCE SHEET DATA:
|
|
|
|
||||
Assets
|
|
|
|
||||
Current assets
|
$
|
18,638
|
|
|
$
|
17,111
|
|
Fixed assets, net
|
221,123
|
|
|
232,736
|
|
||
Other assets
|
1,282
|
|
|
861
|
|
||
Total assets
|
$
|
241,043
|
|
|
$
|
250,708
|
|
Liabilities and equity
|
|
|
|
||||
Current liabilities
|
$
|
20,683
|
|
|
$
|
20,727
|
|
Other liabilities
|
231,469
|
|
|
219,644
|
|
||
Equity
|
(11,109
|
)
|
|
10,337
|
|
||
Total liabilities and equity
|
$
|
241,043
|
|
|
$
|
250,708
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
INCOME STATEMENT DATA:
|
|
|
|
|
|
|
|
||||||||
Revenues
|
$
|
30,597
|
|
|
$
|
31,219
|
|
|
$
|
88,003
|
|
|
$
|
90,658
|
|
Operating income
|
$
|
22,334
|
|
|
$
|
23,107
|
|
|
$
|
63,159
|
|
|
$
|
68,166
|
|
Net income
|
$
|
20,739
|
|
|
$
|
21,921
|
|
|
$
|
58,754
|
|
|
$
|
64,670
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Carrying
Value
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Carrying
Value
|
||||||||||||
Sodium minerals and sulfur services:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer relationships
|
$
|
94,654
|
|
|
$
|
91,809
|
|
|
$
|
2,845
|
|
|
$
|
94,654
|
|
|
$
|
89,756
|
|
|
$
|
4,898
|
|
Licensing agreements
|
38,678
|
|
|
35,947
|
|
|
2,731
|
|
|
38,678
|
|
|
34,204
|
|
|
4,474
|
|
||||||
Segment total
|
133,332
|
|
|
127,756
|
|
|
5,576
|
|
|
133,332
|
|
|
123,960
|
|
|
9,372
|
|
||||||
Onshore Facilities & Transportation:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer relationships
|
35,430
|
|
|
34,731
|
|
|
699
|
|
|
35,430
|
|
|
33,676
|
|
|
1,754
|
|
||||||
Intangibles associated with lease
|
13,260
|
|
|
4,815
|
|
|
8,445
|
|
|
13,260
|
|
|
4,459
|
|
|
8,801
|
|
||||||
Segment total
|
48,690
|
|
|
39,546
|
|
|
9,144
|
|
|
48,690
|
|
|
38,135
|
|
|
10,555
|
|
||||||
Marine contract intangibles
|
27,000
|
|
|
10,350
|
|
|
16,650
|
|
|
27,000
|
|
|
6,300
|
|
|
20,700
|
|
||||||
Offshore pipeline contract intangibles
|
158,101
|
|
|
18,029
|
|
|
140,072
|
|
|
158,101
|
|
|
11,788
|
|
|
146,313
|
|
||||||
Other
|
28,747
|
|
|
12,748
|
|
|
15,999
|
|
|
28,569
|
|
|
10,622
|
|
|
17,947
|
|
||||||
Total
|
$
|
395,870
|
|
|
$
|
208,429
|
|
|
$
|
187,441
|
|
|
$
|
395,692
|
|
|
$
|
190,805
|
|
|
$
|
204,887
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Amortization of intangible assets
|
$
|
5,879
|
|
|
$
|
6,122
|
|
|
$
|
17,623
|
|
|
$
|
18,154
|
|
Remainder of
|
2017
|
$
|
5,919
|
|
|
2018
|
$
|
21,506
|
|
|
2019
|
$
|
17,171
|
|
|
2020
|
$
|
16,237
|
|
|
2021
|
$
|
10,627
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
Principal
|
|
Unamortized Discount and Debt Issuance Costs
(1)
|
|
Net Value
|
|
Principal
|
|
Unamortized Discount and Debt Issuance Costs (1)
|
|
Net Value
|
||||||||||||
Senior secured credit facility
|
$
|
1,372,500
|
|
|
$
|
—
|
|
|
$
|
1,372,500
|
|
|
$
|
1,278,200
|
|
|
$
|
—
|
|
|
$
|
1,278,200
|
|
5.750% senior unsecured notes due February 2021
|
350,000
|
|
|
3,399
|
|
|
346,601
|
|
|
350,000
|
|
|
4,163
|
|
|
345,837
|
|
||||||
6.750% senior unsecured notes due August 2022
|
750,000
|
|
|
16,889
|
|
|
733,111
|
|
|
750,000
|
|
|
19,296
|
|
|
730,704
|
|
||||||
6.000% senior unsecured notes due May 2023
|
400,000
|
|
|
5,958
|
|
|
394,042
|
|
|
400,000
|
|
|
6,758
|
|
|
393,242
|
|
||||||
5.625% senior unsecured notes due June 2024
|
350,000
|
|
|
5,941
|
|
|
344,059
|
|
|
350,000
|
|
|
6,614
|
|
|
343,386
|
|
||||||
6.500% senior unsecured notes due October 2025
|
550,000
|
|
|
9,764
|
|
|
540,236
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total long-term debt
|
$
|
3,772,500
|
|
|
$
|
41,951
|
|
|
$
|
3,730,549
|
|
|
$
|
3,128,200
|
|
|
$
|
36,831
|
|
|
$
|
3,091,369
|
|
(1)
|
Unamortized debt issuance costs associated with our senior secured credit facility (included in Other Long Term Assets on the Unaudited Condensed Consolidated Balance Sheet) were
$15.2 million
and
$10.7 million
as of September 30, 2017 and December 31, 2016, respectively.
|
Distribution For
|
|
Date Paid
|
|
Per Unit
Amount
|
|
Total
Amount
|
|
||||
2016
|
|
|
|
|
|
|
|
||||
1
st
Quarter
|
|
May 13, 2016
|
|
$
|
0.6725
|
|
|
$
|
73,961
|
|
|
2
nd
Quarter
|
|
August 12, 2016
|
|
$
|
0.6900
|
|
|
$
|
81,406
|
|
|
3
rd
Quarter
|
|
November 14, 2016
|
|
$
|
0.7000
|
|
|
$
|
82,585
|
|
|
4
th
Quarter
|
|
February 14, 2017
|
|
$
|
0.7100
|
|
|
$
|
83,765
|
|
|
2017
|
|
|
|
|
|
|
|
||||
1
st
Quarter
|
|
May 15, 2017
|
|
$
|
0.7200
|
|
|
$
|
88,257
|
|
|
2
nd
Quarter
|
|
August 14, 2017
|
|
$
|
0.7225
|
|
|
$
|
88,563
|
|
|
3
rd
Quarter
|
|
November 14, 2017
|
(1)
|
$
|
0.5000
|
|
|
$
|
61,290
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net Income Attributable to Genesis Energy L.P.
|
$
|
6,312
|
|
|
32,101
|
|
|
$
|
67,135
|
|
|
$
|
91,131
|
|
|
Less: Accumulated distributions attributable to Series A Convertible Preferred Units
|
(5,469
|
)
|
|
—
|
|
|
(5,469
|
)
|
|
—
|
|
||||
Net Income Available to Common Unitholders
|
$
|
843
|
|
|
$
|
32,101
|
|
|
$
|
61,666
|
|
|
$
|
91,131
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Outstanding Units
|
122,579
|
|
|
115,718
|
|
|
121,198
|
|
|
111,906
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic and Diluted Net Income per Common Unit
|
$
|
0.01
|
|
|
$
|
0.28
|
|
|
$
|
0.51
|
|
|
$
|
0.81
|
|
|
|
|
|
|
|
|
|
•
|
Offshore pipeline transportation – offshore pipeline transportation and processing 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 processing high sulfur (or “sour”) gas streams as part of refining operations to remove the sulfur and selling the related by-product, NaHS;
|
•
|
Onshore facilities and transportation – terminalling, blending, storing, marketing and transporting crude oil, petroleum products (primarily fuel oil, asphalt, and other heavy refined products) and CO
2
.
|
•
|
Marine transportation – marine transportation to provide waterborne transportation of petroleum products and crude oil throughout North America; and
|
|
Offshore Pipeline Transportation
|
|
Sodium Minerals & Sulfur Services
|
|
Marine Transportation
|
|
Onshore Facilities & Transportation
|
|
Total
|
||||||||||
Three Months Ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
Segment margin (a)
|
$
|
78,228
|
|
|
$
|
30,031
|
|
|
$
|
12,649
|
|
|
$
|
25,606
|
|
|
$
|
146,514
|
|
Capital expenditures (b)
|
$
|
2,356
|
|
|
$
|
1,330,947
|
|
|
$
|
23,831
|
|
|
$
|
26,578
|
|
|
$
|
1,383,712
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
External customers
|
$
|
80,671
|
|
|
$
|
111,756
|
|
|
$
|
46,084
|
|
|
$
|
247,603
|
|
|
$
|
486,114
|
|
Intersegment (c)
|
—
|
|
|
(1,991
|
)
|
|
2,450
|
|
|
(459
|
)
|
|
—
|
|
|||||
Total revenues of reportable segments
|
$
|
80,671
|
|
|
$
|
109,765
|
|
|
$
|
48,534
|
|
|
$
|
247,144
|
|
|
$
|
486,114
|
|
Three Months Ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Segment margin (a)
|
$
|
86,557
|
|
|
$
|
20,526
|
|
|
$
|
16,697
|
|
|
$
|
17,560
|
|
|
$
|
141,340
|
|
Capital expenditures (b)
|
$
|
3,977
|
|
|
$
|
488
|
|
|
$
|
26,937
|
|
|
$
|
85,348
|
|
|
$
|
116,750
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
External customers
|
$
|
89,717
|
|
|
$
|
48,069
|
|
|
$
|
53,573
|
|
|
$
|
268,691
|
|
|
$
|
460,050
|
|
Intersegment (c)
|
—
|
|
|
(2,344
|
)
|
|
1,712
|
|
|
632
|
|
|
—
|
|
|||||
Total revenues of reportable segments
|
$
|
89,717
|
|
|
$
|
45,725
|
|
|
$
|
55,285
|
|
|
$
|
269,323
|
|
|
$
|
460,050
|
|
Nine Months Ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
Segment Margin (a)
|
$
|
243,528
|
|
|
$
|
63,864
|
|
|
$
|
39,768
|
|
|
$
|
71,999
|
|
|
$
|
419,159
|
|
Capital expenditures (b)
|
$
|
8,498
|
|
|
$
|
1,331,892
|
|
|
$
|
44,496
|
|
|
$
|
115,663
|
|
|
$
|
1,500,549
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
External customers
|
$
|
244,653
|
|
|
$
|
204,237
|
|
|
$
|
143,599
|
|
|
$
|
715,839
|
|
|
$
|
1,308,328
|
|
Intersegment (c)
|
(1,216
|
)
|
|
(6,358
|
)
|
|
8,439
|
|
|
(865
|
)
|
|
—
|
|
|||||
Total revenues of reportable segments
|
$
|
243,437
|
|
|
$
|
197,879
|
|
|
$
|
152,038
|
|
|
$
|
714,974
|
|
|
$
|
1,308,328
|
|
Nine Months Ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Segment Margin (a)
|
$
|
249,457
|
|
|
$
|
61,586
|
|
|
$
|
53,695
|
|
|
$
|
63,969
|
|
|
$
|
428,707
|
|
Capital expenditures (b)
|
$
|
35,175
|
|
|
$
|
1,645
|
|
|
$
|
62,928
|
|
|
$
|
258,681
|
|
|
$
|
358,429
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
External customers
|
$
|
242,672
|
|
|
$
|
136,437
|
|
|
$
|
155,197
|
|
|
$
|
750,134
|
|
|
$
|
1,284,440
|
|
Intersegment (c)
|
2,165
|
|
|
(6,852
|
)
|
|
4,733
|
|
|
(46
|
)
|
|
—
|
|
|||||
Total revenues of reportable segments
|
$
|
244,837
|
|
|
$
|
129,585
|
|
|
$
|
159,930
|
|
|
$
|
750,088
|
|
|
$
|
1,284,440
|
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Offshore pipeline transportation
|
$
|
2,507,540
|
|
|
$
|
2,575,335
|
|
Sodium minerals and sulfur services
|
1,826,815
|
|
|
395,043
|
|
||
Onshore facilities and transportation
|
1,939,355
|
|
|
1,875,403
|
|
||
Marine transportation
|
811,870
|
|
|
813,722
|
|
||
Other assets
|
52,054
|
|
|
43,089
|
|
||
Total consolidated assets
|
7,137,634
|
|
|
5,702,592
|
|
(a)
|
A reconciliation of total Segment Margin to net income 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 acquisitions of businesses and contributions to equity investees related to same.
|
(c)
|
Intersegment sales were conducted under terms that we believe were no more or less favorable than then-existing market conditions.
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Total Segment Margin
|
$
|
146,514
|
|
|
$
|
141,340
|
|
|
$
|
419,159
|
|
|
$
|
428,707
|
|
Corporate general and administrative expenses
|
(18,230
|
)
|
|
(10,420
|
)
|
|
(33,694
|
)
|
|
(32,269
|
)
|
||||
Depreciation, depletion, amortization and accretion
|
(66,436
|
)
|
|
(57,103
|
)
|
|
(184,213
|
)
|
|
(168,491
|
)
|
||||
Interest expense
|
(47,388
|
)
|
|
(34,735
|
)
|
|
(122,117
|
)
|
|
(104,657
|
)
|
||||
Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income
(1)
|
(7,136
|
)
|
|
(9,063
|
)
|
|
(25,566
|
)
|
|
(30,818
|
)
|
||||
Non-cash items not included in Segment Margin
|
(4,788
|
)
|
|
993
|
|
|
(6,218
|
)
|
|
(3,366
|
)
|
||||
Cash payments from direct financing leases in excess of earnings
|
(1,751
|
)
|
|
(1,586
|
)
|
|
(5,127
|
)
|
|
(4,645
|
)
|
||||
Differences in timing of cash receipts for certain contractual arrangements
(2)
|
5,847
|
|
|
3,624
|
|
|
11,694
|
|
|
9,629
|
|
||||
Gain on sale of assets
|
—
|
|
|
—
|
|
|
26,684
|
|
|
—
|
|
||||
Non-cash provision for leased items no longer in use
|
—
|
|
|
—
|
|
|
(12,589
|
)
|
|
—
|
|
||||
Income tax expense
|
(320
|
)
|
|
(949
|
)
|
|
(878
|
)
|
|
(2,959
|
)
|
||||
Net income attributable to Genesis Energy, L.P.
|
$
|
6,312
|
|
|
$
|
32,101
|
|
|
$
|
67,135
|
|
|
$
|
91,131
|
|
(1)
|
Includes distributions attributable to the quarter and received during or promptly following such quarter.
|
(2)
|
Certain cash payments received from customers under certain of our minimum payment obligation contracts are not recognized as revenue under GAAP in the period in which such payments are received.
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Sales of CO
2
to Sandhill Group, LLC
(1)
|
$
|
750
|
|
|
$
|
878
|
|
|
$
|
2,153
|
|
|
$
|
2,366
|
|
Revenues from services and fees to Poseidon Oil Pipeline Company, LLC
(2)
|
3,170
|
|
|
1,979
|
|
|
9,236
|
|
|
5,935
|
|
||||
Revenues from product sales to ANSAC
|
31,774
|
|
|
—
|
|
|
31,774
|
|
|
—
|
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
||||||||
Amounts paid to our CEO in connection with the use of his aircraft
|
$
|
165
|
|
|
$
|
165
|
|
|
$
|
495
|
|
|
$
|
495
|
|
Charges for services from Poseidon Oil Pipeline Company, LLC (2)
|
254
|
|
|
251
|
|
|
744
|
|
|
749
|
|
||||
Charges for services from ANSAC
|
454
|
|
|
—
|
|
|
454
|
|
|
—
|
|
(1)
|
We own a
50%
interest in Sandhill Group, LLC.
|
(2)
|
We own
64%
interest in Poseidon Oil Pipeline Company, LLC.
|
|
Nine Months Ended
September 30, |
||||||
|
2017
|
|
2016
|
||||
(Increase) decrease in:
|
|
|
|
||||
Accounts receivable
|
$
|
(79,938
|
)
|
|
$
|
11,029
|
|
Inventories
|
31,973
|
|
|
(26,215
|
)
|
||
Deferred charges
|
(293
|
)
|
|
(5,291
|
)
|
||
Other current assets
|
(2,769
|
)
|
|
5,184
|
|
||
Increase (decrease) in:
|
|
|
|
||||
Accounts payable
|
32,896
|
|
|
(27,213
|
)
|
||
Accrued liabilities
|
(8,131
|
)
|
|
(20,901
|
)
|
||
Net changes in components of operating assets and liabilities
|
(26,262
|
)
|
|
(63,407
|
)
|
|
|
Sell (Short)
Contracts
|
|
Buy (Long)
Contracts
|
||||
Designated as hedges under accounting rules:
|
|
|
|
|
||||
Crude oil futures:
|
|
|
|
|
||||
Contract volumes (1,000 bbls)
|
|
694
|
|
|
—
|
|
||
Weighted average contract price per bbl
|
|
$
|
48.03
|
|
|
$
|
—
|
|
|
|
|
|
|
||||
Not qualifying or not designated as hedges under accounting rules:
|
|
|
|
|
||||
Crude oil futures:
|
|
|
|
|
||||
Contract volumes (1,000 bbls)
|
|
482
|
|
|
322
|
|
||
Weighted average contract price per bbl
|
|
$
|
50.17
|
|
|
$
|
50.76
|
|
Diesel futures:
|
|
|
|
|
||||
Contract volumes (1,000 bbls)
|
|
11
|
|
|
11
|
|
||
Weighted average contract price per bbl
|
|
$
|
1.71
|
|
|
$
|
1.76
|
|
NYM RBOB Gas futures:
|
|
|
|
|
||||
Contract volumes (42,000 gallons)
|
|
—
|
|
|
4
|
|
||
Weighted average contract price per gallon
|
|
$
|
—
|
|
|
$
|
1.59
|
|
Fuel oil futures:
|
|
|
|
|
||||
Contract volumes (1,000 bbls)
|
|
175
|
|
|
70
|
|
||
Weighted average contract price per bbl
|
|
$
|
48.10
|
|
|
$
|
48.51
|
|
Crude oil options:
|
|
|
|
|
||||
Contract volumes (1,000 bbls)
|
|
50
|
|
|
20
|
|
||
Weighted average premium received
|
|
$
|
0.63
|
|
|
$
|
0.19
|
|
|
Unaudited Condensed Consolidated Balance Sheets Location
|
|
Fair Value
|
||||||
|
September 30,
2017 |
|
December 31,
2016 |
||||||
Asset Derivatives:
|
|
|
|
|
|
||||
Commodity derivatives - futures and call options (undesignated hedges):
|
|
|
|
|
|
||||
Gross amount of recognized assets
|
Current Assets - Other
|
|
$
|
503
|
|
|
$
|
443
|
|
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets
|
Current Assets - Other
|
|
(503
|
)
|
|
(443
|
)
|
||
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commodity derivatives - futures and call options (designated hedges):
|
|
|
|
|
|
||||
Gross amount of recognized assets
|
Current Assets - Other
|
|
$
|
43
|
|
|
$
|
3,321
|
|
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets
|
Current Assets - Other
|
|
(43
|
)
|
|
(3,321
|
)
|
||
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
|
|
(36,726
|
)
|
|
—
|
|
||
Commodity derivatives - futures and call options (undesignated hedges):
|
|
|
|
|
|
||||
Gross amount of recognized liabilities
|
Current Assets - Other
(1)
|
|
$
|
(1,167
|
)
|
|
$
|
(1,772
|
)
|
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets
|
Current Assets - Other
(1)
|
|
1,167
|
|
|
1,772
|
|
||
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)
|
|
$
|
(2,643
|
)
|
|
$
|
(9,506
|
)
|
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets
|
Current Assets - Other
(1)
|
|
2,459
|
|
|
7,589
|
|
||
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives
|
|
|
$
|
(184
|
)
|
|
$
|
(1,917
|
)
|
(1)
|
These derivative liabilities have been funded with margin deposits recorded in our Unaudited Condensed Consolidated Balance Sheets under Current Assets - Other.
|
|
|
|
Amount of Gain (Loss) Recognized in Income
|
||||||||||||||
|
Unaudited Condensed Consolidated Statements of Operations Location
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||||||
Commodity derivatives - futures and call options:
|
|
|
|
|
|
|
|
|
|
||||||||
Contracts designated as hedges under accounting guidance
|
Onshore facilities and transportation product costs
|
|
$
|
(3,399
|
)
|
|
$
|
1,672
|
|
|
$
|
8,433
|
|
|
$
|
(8,279
|
)
|
Contracts not considered hedges under accounting guidance
|
Onshore facilities and transportation product costs
|
|
(1,329
|
)
|
|
(262
|
)
|
|
650
|
|
|
(3,744
|
)
|
||||
Total commodity derivatives
|
|
|
$
|
(4,728
|
)
|
|
$
|
1,410
|
|
|
$
|
9,083
|
|
|
$
|
(12,023
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||
Preferred Distribution Rate Reset Election
|
Other expense
|
|
$
|
(2,276
|
)
|
|
$
|
—
|
|
|
$
|
(2,276
|
)
|
|
$
|
—
|
|
(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.
|
|
|
Fair Value at
|
|
Fair Value at
|
||||||||||||||||||||
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
Recurring Fair Value Measures
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||
Commodity derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Assets
|
|
$
|
546
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,764
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Liabilities
|
|
$
|
(3,810
|
)
|
|
$
|
—
|
|
|
|
|
|
$
|
(11,278
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Preferred Distribution Rate Reset Election
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(36,726
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
2017
|
|
2017
|
Beginning Balance
|
—
|
|
—
|
Initial valuation of Preferred Distribution Rate Reset Election
|
(34,450)
|
|
(34,450)
|
Net Loss for the period included in earnings
|
(2,276)
|
|
(2,276)
|
Ending Balance
|
(36,726)
|
|
(36,726)
|
|
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
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
8,960
|
|
|
$
|
728
|
|
|
$
|
—
|
|
|
$
|
9,694
|
|
Other current assets
|
75
|
|
|
—
|
|
|
569,457
|
|
|
11,836
|
|
|
(238
|
)
|
|
581,130
|
|
||||||
Total current assets
|
81
|
|
|
—
|
|
|
578,417
|
|
|
12,564
|
|
|
(238
|
)
|
|
590,824
|
|
||||||
Fixed assets, at cost
|
—
|
|
|
—
|
|
|
5,444,707
|
|
|
77,585
|
|
|
—
|
|
|
5,522,292
|
|
||||||
Less: Accumulated depreciation
|
—
|
|
|
—
|
|
|
(655,808
|
)
|
|
(26,092
|
)
|
|
—
|
|
|
(681,900
|
)
|
||||||
Net fixed assets
|
—
|
|
|
—
|
|
|
4,788,899
|
|
|
51,493
|
|
|
—
|
|
|
4,840,392
|
|
||||||
Mineral Leaseholds
|
—
|
|
|
—
|
|
|
622,756
|
|
|
—
|
|
|
—
|
|
|
622,756
|
|
||||||
Goodwill
|
—
|
|
|
—
|
|
|
325,046
|
|
|
—
|
|
|
—
|
|
|
325,046
|
|
||||||
Other assets, net
|
15,229
|
|
|
—
|
|
|
382,916
|
|
|
128,306
|
|
|
(151,026
|
)
|
|
375,425
|
|
||||||
Advances to affiliates
|
3,889,517
|
|
|
—
|
|
|
—
|
|
|
82,479
|
|
|
(3,971,996
|
)
|
|
—
|
|
||||||
Equity investees
|
—
|
|
|
—
|
|
|
383,191
|
|
|
—
|
|
|
—
|
|
|
383,191
|
|
||||||
Investments in subsidiaries
|
2,666,281
|
|
|
—
|
|
|
81,135
|
|
|
—
|
|
|
(2,747,416
|
)
|
|
—
|
|
||||||
Total assets
|
$
|
6,571,108
|
|
|
$
|
—
|
|
|
$
|
7,162,360
|
|
|
$
|
274,842
|
|
|
$
|
(6,870,676
|
)
|
|
$
|
7,137,634
|
|
LIABILITIES AND CAPITAL
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current liabilities
|
$
|
34,731
|
|
|
$
|
—
|
|
|
$
|
321,339
|
|
|
$
|
8,092
|
|
|
$
|
(151
|
)
|
|
$
|
364,011
|
|
Senior secured credit facility
|
1,372,500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,372,500
|
|
||||||
Senior unsecured notes
|
2,358,049
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,358,049
|
|
||||||
Deferred tax liabilities
|
—
|
|
|
—
|
|
|
26,399
|
|
|
—
|
|
|
—
|
|
|
26,399
|
|
||||||
Advances from affiliates
|
—
|
|
|
—
|
|
|
3,971,992
|
|
|
—
|
|
|
(3,971,992
|
)
|
|
—
|
|
||||||
Other liabilities
|
36,727
|
|
|
—
|
|
|
183,552
|
|
|
187,057
|
|
|
(150,874
|
)
|
|
256,462
|
|
||||||
Total liabilities
|
3,802,007
|
|
|
—
|
|
|
4,503,282
|
|
|
195,149
|
|
|
(4,123,017
|
)
|
|
4,377,421
|
|
||||||
Mezzanine Capital:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Series A Convertible Preferred Units
|
691,708
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
691,708
|
|
||||||
Partners’ capital, common units
|
2,077,393
|
|
|
—
|
|
|
2,659,078
|
|
|
88,581
|
|
|
(2,747,659
|
)
|
|
2,077,393
|
|
||||||
Noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,888
|
)
|
|
—
|
|
|
(8,888
|
)
|
||||||
Total liabilities, mezzanine capital and partners’ capital
|
$
|
6,571,108
|
|
|
$
|
—
|
|
|
$
|
7,162,360
|
|
|
$
|
274,842
|
|
|
$
|
(6,870,676
|
)
|
|
$
|
7,137,634
|
|
|
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
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
6,360
|
|
|
$
|
663
|
|
|
$
|
—
|
|
|
$
|
7,029
|
|
Other current assets
|
50
|
|
|
—
|
|
|
340,555
|
|
|
12,237
|
|
|
(302
|
)
|
|
352,540
|
|
||||||
Total current assets
|
56
|
|
|
—
|
|
|
346,915
|
|
|
12,900
|
|
|
(302
|
)
|
|
359,569
|
|
||||||
Fixed assets, at cost
|
—
|
|
|
—
|
|
|
4,685,811
|
|
|
77,585
|
|
|
—
|
|
|
4,763,396
|
|
||||||
Less: Accumulated depreciation
|
—
|
|
|
—
|
|
|
(524,315
|
)
|
|
(24,217
|
)
|
|
—
|
|
|
(548,532
|
)
|
||||||
Net fixed assets
|
—
|
|
|
—
|
|
|
4,161,496
|
|
|
53,368
|
|
|
—
|
|
|
4,214,864
|
|
||||||
Mineral Leaseholds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Goodwill
|
—
|
|
|
—
|
|
|
325,046
|
|
|
—
|
|
|
—
|
|
|
325,046
|
|
||||||
Other assets, net
|
10,696
|
|
|
—
|
|
|
390,214
|
|
|
133,980
|
|
|
(140,533
|
)
|
|
394,357
|
|
||||||
Advances to affiliates
|
2,650,930
|
|
|
—
|
|
|
—
|
|
|
73,295
|
|
|
(2,724,225
|
)
|
|
—
|
|
||||||
Equity investees
|
—
|
|
|
—
|
|
|
408,756
|
|
|
—
|
|
|
—
|
|
|
408,756
|
|
||||||
Investments in subsidiaries
|
2,594,882
|
|
|
—
|
|
|
80,735
|
|
|
—
|
|
|
(2,675,617
|
)
|
|
—
|
|
||||||
Total assets
|
$
|
5,256,564
|
|
|
$
|
—
|
|
|
$
|
5,713,162
|
|
|
$
|
273,543
|
|
|
$
|
(5,540,677
|
)
|
|
$
|
5,702,592
|
|
LIABILITIES AND CAPITAL
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current liabilities
|
$
|
34,864
|
|
|
$
|
—
|
|
|
$
|
211,591
|
|
|
$
|
14,505
|
|
|
$
|
(157
|
)
|
|
$
|
260,803
|
|
Senior secured credit facility
|
1,278,200
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,278,200
|
|
||||||
Senior unsecured notes
|
1,813,169
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,813,169
|
|
||||||
Deferred tax liabilities
|
—
|
|
|
—
|
|
|
25,889
|
|
|
—
|
|
|
—
|
|
|
25,889
|
|
||||||
Advances from affiliates
|
—
|
|
|
—
|
|
|
2,724,224
|
|
|
—
|
|
|
(2,724,224
|
)
|
|
—
|
|
||||||
Other liabilities
|
—
|
|
|
—
|
|
|
165,266
|
|
|
179,592
|
|
|
(140,377
|
)
|
|
204,481
|
|
||||||
Total liabilities
|
3,126,233
|
|
|
—
|
|
|
3,126,970
|
|
|
194,097
|
|
|
(2,864,758
|
)
|
|
3,582,542
|
|
||||||
Mezzanine Capital:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Series A Convertible Preferred Units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Partners’ capital, common units
|
2,130,331
|
|
|
—
|
|
|
2,586,192
|
|
|
89,727
|
|
|
(2,675,919
|
)
|
|
2,130,331
|
|
||||||
Noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,281
|
)
|
|
—
|
|
|
(10,281
|
)
|
||||||
Total liabilities, mezzanine capital and partners’ capital
|
$
|
5,256,564
|
|
|
$
|
—
|
|
|
$
|
5,713,162
|
|
|
$
|
273,543
|
|
|
$
|
(5,540,677
|
)
|
|
$
|
5,702,592
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Offshore pipeline transportation services
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
80,671
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
80,671
|
|
Sodium minerals and sulfur services
|
—
|
|
|
—
|
|
|
109,292
|
|
|
2,069
|
|
|
(1,596
|
)
|
|
109,765
|
|
||||||
Marine transportation
|
—
|
|
|
—
|
|
|
48,534
|
|
|
—
|
|
|
—
|
|
|
48,534
|
|
||||||
Onshore facilities and transportation
|
—
|
|
|
—
|
|
|
242,547
|
|
|
4,597
|
|
|
—
|
|
|
247,144
|
|
||||||
Total revenues
|
—
|
|
|
—
|
|
|
481,044
|
|
|
6,666
|
|
|
(1,596
|
)
|
|
486,114
|
|
||||||
COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Onshore facilities and transportation
|
—
|
|
|
—
|
|
|
225,716
|
|
|
313
|
|
|
—
|
|
|
226,029
|
|
||||||
Marine transportation costs
|
—
|
|
|
—
|
|
|
35,789
|
|
|
—
|
|
|
—
|
|
|
35,789
|
|
||||||
Sodium minerals and sulfur services operating costs
|
—
|
|
|
—
|
|
|
78,869
|
|
|
2,092
|
|
|
(1,596
|
)
|
|
79,365
|
|
||||||
Offshore pipeline transportation operating costs
|
—
|
|
|
—
|
|
|
17,928
|
|
|
762
|
|
|
—
|
|
|
18,690
|
|
||||||
General and administrative
|
—
|
|
|
—
|
|
|
19,409
|
|
|
—
|
|
|
—
|
|
|
19,409
|
|
||||||
Depreciation and amortization
|
—
|
|
|
—
|
|
|
63,107
|
|
|
625
|
|
|
—
|
|
|
63,732
|
|
||||||
Gain on sale of assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total costs and expenses
|
—
|
|
|
—
|
|
|
440,818
|
|
|
3,792
|
|
|
(1,596
|
)
|
|
443,014
|
|
||||||
OPERATING INCOME
|
—
|
|
|
—
|
|
|
40,226
|
|
|
2,874
|
|
|
—
|
|
|
43,100
|
|
||||||
Equity in earnings of subsidiaries
|
55,971
|
|
|
—
|
|
|
(388
|
)
|
|
—
|
|
|
(55,583
|
)
|
|
—
|
|
||||||
Equity in earnings of equity investees
|
—
|
|
|
—
|
|
|
13,044
|
|
|
—
|
|
|
—
|
|
|
13,044
|
|
||||||
Interest (expense) income, net
|
(47,383
|
)
|
|
—
|
|
|
3,450
|
|
|
(3,455
|
)
|
|
—
|
|
|
(47,388
|
)
|
||||||
Other expense
|
(2,276
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,276
|
)
|
||||||
Income before income taxes
|
6,312
|
|
|
—
|
|
|
56,332
|
|
|
(581
|
)
|
|
(55,583
|
)
|
|
6,480
|
|
||||||
Income tax benefit (expense)
|
—
|
|
|
—
|
|
|
(322
|
)
|
|
2
|
|
|
—
|
|
|
(320
|
)
|
||||||
NET INCOME
|
6,312
|
|
|
—
|
|
|
56,010
|
|
|
(579
|
)
|
|
(55,583
|
)
|
|
6,160
|
|
||||||
Net loss attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
152
|
|
|
—
|
|
|
152
|
|
||||||
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.
|
$
|
6,312
|
|
|
$
|
—
|
|
|
$
|
56,010
|
|
|
$
|
(427
|
)
|
|
$
|
(55,583
|
)
|
|
$
|
6,312
|
|
Less: Accumulated distributions attributable to Series A Convertible Preferred Units
|
(5,469
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,469
|
)
|
||||||
NET INCOME AVAILABLE TO COMMON UNIT HOLDERS
|
$
|
843
|
|
|
$
|
—
|
|
|
$
|
56,010
|
|
|
$
|
(427
|
)
|
|
$
|
(55,583
|
)
|
|
$
|
843
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Offshore pipeline transportation services
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
89,717
|
|
|
|
|
|
$
|
—
|
|
|
$
|
89,717
|
|
|
Sodium minerals and sulfur services
|
—
|
|
|
—
|
|
|
45,262
|
|
|
2,981
|
|
|
(2,518
|
)
|
|
45,725
|
|
||||||
Marine transportation
|
—
|
|
|
—
|
|
|
55,285
|
|
|
—
|
|
|
—
|
|
|
55,285
|
|
||||||
Onshore facilities and transportation
|
—
|
|
|
—
|
|
|
264,326
|
|
|
4,997
|
|
|
—
|
|
|
269,323
|
|
||||||
Total revenues
|
—
|
|
|
—
|
|
|
454,590
|
|
|
7,978
|
|
|
(2,518
|
)
|
|
460,050
|
|
||||||
COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Onshore facilities and transportation costs
|
—
|
|
|
—
|
|
|
252,450
|
|
|
255
|
|
|
—
|
|
|
252,705
|
|
||||||
Marine transportation costs
|
—
|
|
|
—
|
|
|
38,490
|
|
|
—
|
|
|
—
|
|
|
38,490
|
|
||||||
Sodium minerals and sulfur services
operating costs
|
—
|
|
|
—
|
|
|
24,577
|
|
|
3,018
|
|
|
(2,518
|
)
|
|
25,077
|
|
||||||
Offshore pipeline transportation operating costs
|
—
|
|
|
—
|
|
|
22,533
|
|
|
589
|
|
|
—
|
|
|
23,122
|
|
||||||
General and administrative
|
—
|
|
|
—
|
|
|
11,212
|
|
|
—
|
|
|
—
|
|
|
11,212
|
|
||||||
Depreciation and amortization
|
—
|
|
|
—
|
|
|
53,640
|
|
|
625
|
|
|
—
|
|
|
54,265
|
|
||||||
Total costs and expenses
|
—
|
|
|
—
|
|
|
402,902
|
|
|
4,487
|
|
|
(2,518
|
)
|
|
404,871
|
|
||||||
OPERATING INCOME
|
—
|
|
|
—
|
|
|
51,688
|
|
|
3,491
|
|
|
—
|
|
|
55,179
|
|
||||||
Equity in earnings of subsidiaries
|
66,811
|
|
|
—
|
|
|
28
|
|
|
—
|
|
|
(66,839
|
)
|
|
—
|
|
||||||
Equity in earnings of equity investees
|
—
|
|
|
—
|
|
|
12,488
|
|
|
—
|
|
|
—
|
|
|
12,488
|
|
||||||
Interest (expense) income, net
|
(34,710
|
)
|
|
—
|
|
|
3,595
|
|
|
(3,620
|
)
|
|
—
|
|
|
(34,735
|
)
|
||||||
Other expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Income before income taxes
|
32,101
|
|
|
—
|
|
|
67,799
|
|
|
(129
|
)
|
|
(66,839
|
)
|
|
32,932
|
|
||||||
Income tax expense
|
—
|
|
|
—
|
|
|
(949
|
)
|
|
—
|
|
|
—
|
|
|
(949
|
)
|
||||||
NET INCOME
|
32,101
|
|
|
—
|
|
|
66,850
|
|
|
(129
|
)
|
|
(66,839
|
)
|
|
31,983
|
|
||||||
Net loss attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
118
|
|
|
—
|
|
|
118
|
|
||||||
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.
|
$
|
32,101
|
|
|
$
|
—
|
|
|
$
|
66,850
|
|
|
$
|
(11
|
)
|
|
$
|
(66,839
|
)
|
|
$
|
32,101
|
|
Less: Accumulated distributions attributable to Series A Convertible Preferred Units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
NET INCOME AVAILABLE TO COMMON UNIT HOLDERS
|
$
|
32,101
|
|
|
$
|
—
|
|
|
$
|
66,850
|
|
|
$
|
(11
|
)
|
|
$
|
(66,839
|
)
|
|
$
|
32,101
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Offshore pipeline transportation services
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
243,437
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
243,437
|
|
Sodium minerals and sulfur services
|
—
|
|
|
—
|
|
|
197,321
|
|
|
5,968
|
|
|
(5,410
|
)
|
|
197,879
|
|
||||||
Marine transportation
|
—
|
|
|
—
|
|
|
152,038
|
|
|
—
|
|
|
—
|
|
|
152,038
|
|
||||||
Onshore facilities and transportation
|
—
|
|
|
—
|
|
|
700,908
|
|
|
14,066
|
|
|
—
|
|
|
714,974
|
|
||||||
Total revenues
|
—
|
|
|
—
|
|
|
1,293,704
|
|
|
20,034
|
|
|
(5,410
|
)
|
|
1,308,328
|
|
||||||
COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Onshore facilities and transportation costs
|
—
|
|
|
—
|
|
|
661,842
|
|
|
853
|
|
|
—
|
|
|
662,695
|
|
||||||
Marine transportation costs
|
—
|
|
|
—
|
|
|
111,980
|
|
|
—
|
|
|
—
|
|
|
111,980
|
|
||||||
Sodium minerals and sulfur services
operating costs
|
—
|
|
|
—
|
|
|
132,608
|
|
|
6,137
|
|
|
(5,410
|
)
|
|
133,335
|
|
||||||
Offshore pipeline transportation operating costs
|
—
|
|
|
—
|
|
|
52,396
|
|
|
2,286
|
|
|
—
|
|
|
54,682
|
|
||||||
General and administrative
|
—
|
|
|
—
|
|
|
38,723
|
|
|
—
|
|
|
—
|
|
|
38,723
|
|
||||||
Depreciation and amortization
|
—
|
|
|
—
|
|
|
174,578
|
|
|
1,875
|
|
|
—
|
|
|
176,453
|
|
||||||
Gain on sale of assets
|
—
|
|
|
—
|
|
|
(26,684
|
)
|
|
—
|
|
|
—
|
|
|
(26,684
|
)
|
||||||
Total costs and expenses
|
—
|
|
|
—
|
|
|
1,145,443
|
|
|
11,151
|
|
|
(5,410
|
)
|
|
1,151,184
|
|
||||||
OPERATING INCOME
|
—
|
|
|
—
|
|
|
148,261
|
|
|
8,883
|
|
|
—
|
|
|
157,144
|
|
||||||
Equity in earnings of subsidiaries
|
191,471
|
|
|
—
|
|
|
(1,033
|
)
|
|
—
|
|
|
(190,438
|
)
|
|
—
|
|
||||||
Equity in earnings of equity investees
|
—
|
|
|
—
|
|
|
34,805
|
|
|
—
|
|
|
—
|
|
|
34,805
|
|
||||||
Interest (expense) income, net
|
(122,060
|
)
|
|
—
|
|
|
10,436
|
|
|
(10,493
|
)
|
|
—
|
|
|
(122,117
|
)
|
||||||
Other expense
|
(2,276
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,276
|
)
|
||||||
Income before income taxes
|
67,135
|
|
|
—
|
|
|
192,469
|
|
|
(1,610
|
)
|
|
(190,438
|
)
|
|
67,556
|
|
||||||
Income tax expense
|
—
|
|
|
—
|
|
|
(880
|
)
|
|
2
|
|
|
—
|
|
|
(878
|
)
|
||||||
NET INCOME
|
67,135
|
|
|
—
|
|
|
191,589
|
|
|
(1,608
|
)
|
|
(190,438
|
)
|
|
66,678
|
|
||||||
Net loss attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
457
|
|
|
—
|
|
|
457
|
|
||||||
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.
|
$
|
67,135
|
|
|
$
|
—
|
|
|
$
|
191,589
|
|
|
$
|
(1,151
|
)
|
|
$
|
(190,438
|
)
|
|
$
|
67,135
|
|
Less: Accumulated distributions attributable to Series A Convertible Preferred Units
|
(5,469
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
(5,469
|
)
|
|||||
NET INCOME AVAILABLE TO COMMON UNIT HOLDERS
|
$
|
61,666
|
|
|
$
|
—
|
|
|
$
|
191,589
|
|
|
$
|
(1,151
|
)
|
|
$
|
(190,438
|
)
|
|
$
|
61,666
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Offshore pipeline transportation services
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
244,837
|
|
|
|
|
|
$
|
—
|
|
|
$
|
244,837
|
|
|
Sodium minerals and sulfur services
|
—
|
|
|
—
|
|
|
129,671
|
|
|
5,499
|
|
|
(5,585
|
)
|
|
129,585
|
|
||||||
Marine transportation
|
—
|
|
|
—
|
|
|
159,930
|
|
|
—
|
|
|
—
|
|
|
159,930
|
|
||||||
Onshore facilities and transportation
|
—
|
|
|
—
|
|
|
734,560
|
|
|
15,528
|
|
|
—
|
|
|
750,088
|
|
||||||
Total revenues
|
—
|
|
|
—
|
|
|
1,268,998
|
|
|
21,027
|
|
|
(5,585
|
)
|
|
1,284,440
|
|
||||||
COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Onshore facilities and transportation costs
|
—
|
|
|
—
|
|
|
691,763
|
|
|
831
|
|
|
—
|
|
|
692,594
|
|
||||||
Marine transportation costs
|
—
|
|
|
—
|
|
|
105,942
|
|
|
—
|
|
|
—
|
|
|
105,942
|
|
||||||
Sodium minerals and sulfur services operating costs
|
—
|
|
|
—
|
|
|
67,190
|
|
|
6,036
|
|
|
(5,585
|
)
|
|
67,641
|
|
||||||
Offshore pipeline transportation operating costs
|
—
|
|
|
—
|
|
|
61,882
|
|
|
1,850
|
|
|
—
|
|
|
63,732
|
|
||||||
General and administrative
|
—
|
|
|
—
|
|
|
34,716
|
|
|
—
|
|
|
—
|
|
|
34,716
|
|
||||||
Depreciation and amortization
|
—
|
|
|
—
|
|
|
154,925
|
|
|
1,875
|
|
|
—
|
|
|
156,800
|
|
||||||
Total costs and expenses
|
—
|
|
|
—
|
|
|
1,116,418
|
|
|
10,592
|
|
|
(5,585
|
)
|
|
1,121,425
|
|
||||||
OPERATING INCOME
|
—
|
|
|
—
|
|
|
152,580
|
|
|
10,435
|
|
|
—
|
|
|
163,015
|
|
||||||
Equity in earnings of subsidiaries
|
195,674
|
|
|
—
|
|
|
(50
|
)
|
|
—
|
|
|
(195,624
|
)
|
|
—
|
|
||||||
Equity in earnings of equity investees
|
—
|
|
|
—
|
|
|
35,362
|
|
|
—
|
|
|
—
|
|
|
35,362
|
|
||||||
Interest (expense) income, net
|
(104,543
|
)
|
|
—
|
|
|
10,861
|
|
|
(10,975
|
)
|
|
—
|
|
|
(104,657
|
)
|
||||||
Other expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Income before income taxes
|
91,131
|
|
|
—
|
|
|
198,753
|
|
|
(540
|
)
|
|
(195,624
|
)
|
|
93,720
|
|
||||||
Income tax (expense) benefit
|
—
|
|
|
—
|
|
|
(2,956
|
)
|
|
(3
|
)
|
|
—
|
|
|
(2,959
|
)
|
||||||
NET INCOME
|
91,131
|
|
|
—
|
|
|
195,797
|
|
|
(543
|
)
|
|
(195,624
|
)
|
|
90,761
|
|
||||||
Net loss attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
370
|
|
|
—
|
|
|
370
|
|
||||||
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.
|
$
|
91,131
|
|
|
$
|
—
|
|
|
$
|
195,797
|
|
|
$
|
(173
|
)
|
|
$
|
(195,624
|
)
|
|
$
|
91,131
|
|
Less: Accumulated distributions attributable to Series A Convertible Preferred Units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|||||
NET INCOME AVAILABLE TO COMMON UNIT HOLDERS
|
$
|
91,131
|
|
|
$
|
—
|
|
|
$
|
195,797
|
|
|
$
|
(173
|
)
|
|
$
|
(195,624
|
)
|
|
$
|
91,131
|
|
|
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
|
$
|
142,721
|
|
|
$
|
—
|
|
|
$
|
333,709
|
|
|
$
|
(8,346
|
)
|
|
$
|
(250,294
|
)
|
|
$
|
217,790
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Payments to acquire fixed and intangible assets
|
—
|
|
|
—
|
|
|
(182,653
|
)
|
|
—
|
|
|
—
|
|
|
(182,653
|
)
|
||||||
Cash distributions received from equity investees - return of investment
|
—
|
|
|
—
|
|
|
14,517
|
|
|
—
|
|
|
—
|
|
|
14,517
|
|
||||||
Investments in equity investees
|
(140,513
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
140,513
|
|
|
—
|
|
||||||
Acquisitions
|
—
|
|
|
—
|
|
|
(1,325,759
|
)
|
|
—
|
|
|
—
|
|
|
(1,325,759
|
)
|
||||||
Intercompany transfers
|
(1,238,585
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,238,585
|
|
|
—
|
|
||||||
Repayments on loan to non-guarantor subsidiary
|
—
|
|
|
—
|
|
|
(159
|
)
|
|
—
|
|
|
159
|
|
|
—
|
|
||||||
Contributions in aid of construction costs
|
—
|
|
|
—
|
|
|
124
|
|
|
—
|
|
|
—
|
|
|
124
|
|
||||||
Proceeds from asset sales
|
—
|
|
|
—
|
|
|
39,204
|
|
|
—
|
|
|
—
|
|
|
39,204
|
|
||||||
Other, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net cash used in investing activities
|
(1,379,098
|
)
|
|
—
|
|
|
(1,454,726
|
)
|
|
—
|
|
|
1,379,257
|
|
|
(1,454,567
|
)
|
||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Borrowings on senior secured credit facility
|
1,247,700
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,247,700
|
|
||||||
Repayments on senior secured credit facility
|
(1,153,400
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,153,400
|
)
|
||||||
Proceeds from issuance of senior unsecured notes
|
550,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
550,000
|
|
||||||
Proceeds from issuance of Series A convertible preferred units, net
|
729,958
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
729,958
|
|
||||||
Debt issuance costs
|
(17,808
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17,808
|
)
|
||||||
Intercompany transfers
|
—
|
|
|
—
|
|
|
1,242,475
|
|
|
(3,890
|
)
|
|
(1,238,585
|
)
|
|
—
|
|
||||||
Issuance of common units for cash, net
|
140,513
|
|
|
—
|
|
|
140,513
|
|
|
—
|
|
|
(140,513
|
)
|
|
140,513
|
|
||||||
Distributions to common unitholders
|
(260,586
|
)
|
|
—
|
|
|
(260,586
|
)
|
|
—
|
|
|
260,586
|
|
|
(260,586
|
)
|
||||||
Contributions from noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
1,850
|
|
|
—
|
|
|
1,850
|
|
||||||
Other, net
|
—
|
|
|
—
|
|
|
1,215
|
|
|
10,451
|
|
|
(10,451
|
)
|
|
1,215
|
|
||||||
Net cash used in financing activities
|
1,236,377
|
|
|
—
|
|
|
1,123,617
|
|
|
8,411
|
|
|
(1,128,963
|
)
|
|
1,239,442
|
|
||||||
Net increase in cash and cash equivalents
|
—
|
|
|
—
|
|
|
2,600
|
|
|
65
|
|
|
—
|
|
|
2,665
|
|
||||||
Cash and cash equivalents at beginning of period
|
6
|
|
|
—
|
|
|
6,360
|
|
|
663
|
|
|
—
|
|
|
7,029
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
8,960
|
|
|
$
|
728
|
|
|
$
|
—
|
|
|
$
|
9,694
|
|
|
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
|
$
|
122,884
|
|
|
$
|
—
|
|
|
$
|
310,723
|
|
|
$
|
6,781
|
|
|
$
|
(211,991
|
)
|
|
$
|
228,397
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Payments to acquire fixed and intangible assets
|
—
|
|
|
—
|
|
|
(363,218
|
)
|
|
—
|
|
|
—
|
|
|
(363,218
|
)
|
||||||
Cash distributions received from equity investees - return of investment
|
—
|
|
|
—
|
|
|
16,652
|
|
|
—
|
|
|
—
|
|
|
16,652
|
|
||||||
Investments in equity investees
|
(298,051
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
298,051
|
|
|
—
|
|
||||||
Acquisitions
|
—
|
|
|
—
|
|
|
(25,394
|
)
|
|
—
|
|
|
—
|
|
|
(25,394
|
)
|
||||||
Intercompany transfers
|
54,148
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(54,148
|
)
|
|
—
|
|
||||||
Repayments on loan to non-guarantor subsidiary
|
—
|
|
|
—
|
|
|
4,526
|
|
|
—
|
|
|
(4,526
|
)
|
|
—
|
|
||||||
Contributions in aid of construction costs
|
—
|
|
|
—
|
|
|
12,208
|
|
|
—
|
|
|
—
|
|
|
12,208
|
|
||||||
Proceeds from asset sales
|
—
|
|
|
—
|
|
|
3,303
|
|
|
—
|
|
|
—
|
|
|
3,303
|
|
||||||
Other, net
|
—
|
|
|
—
|
|
|
185
|
|
|
—
|
|
|
—
|
|
|
185
|
|
||||||
Net cash used in investing activities
|
(243,903
|
)
|
|
—
|
|
|
(351,738
|
)
|
|
—
|
|
|
239,377
|
|
|
(356,264
|
)
|
||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Borrowings on senior secured credit facility
|
883,600
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
883,600
|
|
||||||
Repayments on senior secured credit facility
|
(831,600
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(831,600
|
)
|
||||||
Debt issuance costs
|
(1,578
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,578
|
)
|
||||||
Intercompany transfers
|
—
|
|
|
—
|
|
|
(35,144
|
)
|
|
(19,004
|
)
|
|
54,148
|
|
|
—
|
|
||||||
Issuance of common units for cash, net
|
298,051
|
|
|
—
|
|
|
298,051
|
|
|
—
|
|
|
(298,051
|
)
|
|
298,051
|
|
||||||
Distributions to common unitholders
|
(227,454
|
)
|
|
—
|
|
|
(227,454
|
)
|
|
—
|
|
|
227,454
|
|
|
(227,454
|
)
|
||||||
Other, net
|
—
|
|
|
—
|
|
|
(600
|
)
|
|
10,937
|
|
|
(10,937
|
)
|
|
(600
|
)
|
||||||
Net cash provided by financing activities
|
121,019
|
|
|
—
|
|
|
34,853
|
|
|
(8,067
|
)
|
|
(27,386
|
)
|
|
120,419
|
|
||||||
Net decrease in cash and cash equivalents
|
—
|
|
|
—
|
|
|
(6,162
|
)
|
|
(1,286
|
)
|
|
—
|
|
|
(7,448
|
)
|
||||||
Cash and cash equivalents at beginning of period
|
6
|
|
|
—
|
|
|
8,288
|
|
|
2,601
|
|
|
—
|
|
|
10,895
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
2,126
|
|
|
$
|
1,315
|
|
|
$
|
—
|
|
|
$
|
3,447
|
|
•
|
Overview
|
•
|
Results of Operations
|
•
|
Liquidity and Capital Resources
|
•
|
Non-GAAP Financial Measures
|
•
|
Commitments and Off-Balance Sheet Arrangements
|
•
|
Forward Looking Statements
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||||
Offshore pipeline transportation
|
78,228
|
|
|
86,557
|
|
|
$
|
243,528
|
|
|
$
|
249,457
|
|
||
Sodium minerals and sulfur services
|
30,031
|
|
|
20,526
|
|
|
63,864
|
|
|
61,586
|
|
||||
Onshore facilities and transportation
|
25,606
|
|
|
17,560
|
|
|
71,999
|
|
|
63,969
|
|
||||
Marine transportation
|
12,649
|
|
|
16,697
|
|
|
39,768
|
|
|
53,695
|
|
||||
Total Segment Margin
|
$
|
146,514
|
|
|
$
|
141,340
|
|
|
$
|
419,159
|
|
|
$
|
428,707
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Total Segment Margin
|
$
|
146,514
|
|
|
$
|
141,340
|
|
|
$
|
419,159
|
|
|
$
|
428,707
|
|
Corporate general and administrative expenses
|
(18,230
|
)
|
|
(10,420
|
)
|
|
(33,694
|
)
|
|
(32,269
|
)
|
||||
Depreciation, depletion, amortization and accretion
|
(66,436
|
)
|
|
(57,103
|
)
|
|
(184,213
|
)
|
|
(168,491
|
)
|
||||
Interest expense
|
(47,388
|
)
|
|
(34,735
|
)
|
|
(122,117
|
)
|
|
(104,657
|
)
|
||||
Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income
(1)
|
(7,136
|
)
|
|
(9,063
|
)
|
|
(25,566
|
)
|
|
(30,818
|
)
|
||||
Non-cash items not included in Segment Margin
|
(4,788
|
)
|
|
993
|
|
|
(6,218
|
)
|
|
(3,366
|
)
|
||||
Cash payments from direct financing leases in excess of earnings
|
(1,751
|
)
|
|
(1,586
|
)
|
|
(5,127
|
)
|
|
(4,645
|
)
|
||||
Gain on sale of assets
|
—
|
|
|
—
|
|
|
26,684
|
|
|
—
|
|
||||
Non-cash provision for leased items no longer in use
|
—
|
|
|
—
|
|
|
(12,589
|
)
|
|
—
|
|
||||
Differences in timing of cash receipts for certain contractual arrangements
(2)
|
5,847
|
|
|
3,624
|
|
|
11,694
|
|
|
9,629
|
|
||||
Income tax expense
|
(320
|
)
|
|
(949
|
)
|
|
(878
|
)
|
|
(2,959
|
)
|
||||
Net income attributable to Genesis Energy, L.P.
|
$
|
6,312
|
|
|
$
|
32,101
|
|
|
$
|
67,135
|
|
|
$
|
91,131
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||||
Offshore crude oil pipeline revenue
|
$
|
67,506
|
|
|
$
|
69,759
|
|
|
$
|
204,585
|
|
|
$
|
199,391
|
|
Offshore natural gas pipeline revenue
|
13,164
|
|
|
19,957
|
|
|
38,852
|
|
|
45,445
|
|
||||
Offshore pipeline operating costs, excluding non-cash expenses
|
(15,979
|
)
|
|
(20,292
|
)
|
|
(46,859
|
)
|
|
(54,463
|
)
|
||||
Distributions from equity investments
(1)
|
19,535
|
|
|
20,880
|
|
|
59,100
|
|
|
64,502
|
|
||||
Other
|
(5,998
|
)
|
|
(3,747
|
)
|
|
(12,150
|
)
|
|
(5,418
|
)
|
||||
Offshore pipeline transportation Segment Margin
|
$
|
78,228
|
|
|
$
|
86,557
|
|
|
$
|
243,528
|
|
|
$
|
249,457
|
|
|
|
|
|
|
|
|
|
||||||||
Volumetric Data 100% basis:
|
|
|
|
|
|
|
|
||||||||
Crude oil pipelines (average barrels/day unless otherwise noted):
|
|
|
|
|
|
|
|
||||||||
CHOPS
|
203,697
|
|
|
190,613
|
|
|
220,374
|
|
|
200,753
|
|
||||
Poseidon
|
257,093
|
|
|
263,519
|
|
|
258,031
|
|
|
259,446
|
|
||||
Odyssey
|
135,787
|
|
|
107,252
|
|
|
122,433
|
|
|
106,622
|
|
||||
GOPL
(2)
|
8,317
|
|
|
6,287
|
|
|
8,166
|
|
|
5,839
|
|
||||
Total crude oil offshore pipelines
|
604,894
|
|
|
567,671
|
|
|
609,004
|
|
|
572,660
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Natural gas transportation volumes (MMBtus/d)
|
467,095
|
|
|
775,546
|
|
|
516,974
|
|
|
656,452
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Volumetric Data net to our ownership interest
(3)
:
|
|
|
|
|
|
|
|
||||||||
Crude oil pipelines (average barrels/day unless otherwise noted):
|
|
|
|
|
|
|
|
||||||||
CHOPS
|
203,697
|
|
|
190,613
|
|
|
220,374
|
|
|
200,753
|
|
||||
Poseidon
|
164,540
|
|
|
168,652
|
|
|
165,140
|
|
|
166,045
|
|
||||
Odyssey
|
39,378
|
|
|
31,103
|
|
|
35,506
|
|
|
30,920
|
|
||||
GOPL
(2)
|
8,317
|
|
|
6,287
|
|
|
8,166
|
|
|
5,839
|
|
||||
Total crude oil offshore pipelines
|
415,932
|
|
|
396,655
|
|
|
429,186
|
|
|
403,557
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Natural gas transportation volumes (MMBtus/d)
|
189,778
|
|
|
502,792
|
|
|
237,328
|
|
|
374,950
|
|
(1)
|
Offshore pipeline transportation Segment Margin includes distributions received from our offshore pipeline joint ventures accounted for under the equity method of accounting in 2017 and 2016, respectively.
|
(2)
|
One of our wholly-owned subsidiaries (GEL Offshore Pipeline, LLC, or "GOPL") owns our undivided interest in the Eugene Island pipeline system.
|
(3)
|
Volumes are the product of our effective ownership interest through the year, including changes in ownership interest, multiplied by the relevant throughput over the given year.
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Volumes sold:
|
|
|
|
|
|
|
|
||||||||
NaHS volumes (Dry short tons "DST")
|
30,381
|
|
|
34,299
|
|
|
95,575
|
|
|
96,116
|
|
||||
Soda Ash volumes (short tons sold)
(2)
|
336,000
|
|
|
—
|
|
|
336,000
|
|
|
—
|
|
||||
NaOH (caustic soda) volumes (dry short tons sold)
(3)
|
21,746
|
|
|
19,653
|
|
|
55,962
|
|
|
59,802
|
|
||||
Total
|
388,127
|
|
|
53,952
|
|
|
487,537
|
|
|
155,918
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Revenues (in thousands):
|
|
|
|
|
|
|
|
||||||||
NaHS revenues
|
$
|
33,702
|
|
|
$
|
37,054
|
|
|
$
|
105,209
|
|
|
$
|
103,680
|
|
NaOH (caustic soda) revenues
|
11,145
|
|
|
9,872
|
|
|
29,511
|
|
|
28,816
|
|
||||
Revenues associated with Alkali Business
|
65,554
|
|
|
—
|
|
|
65,554
|
|
|
—
|
|
||||
Other revenues
|
1,355
|
|
|
1,143
|
|
|
3,963
|
|
|
3,941
|
|
||||
Total external segment revenues
|
$
|
111,756
|
|
|
$
|
48,069
|
|
|
$
|
204,237
|
|
|
$
|
136,437
|
|
|
|
|
|
|
|
|
|
||||||||
Segment Margin (in thousands)
|
$
|
30,031
|
|
|
$
|
20,526
|
|
|
$
|
63,864
|
|
|
$
|
61,586
|
|
|
|
|
|
|
|
|
|
||||||||
Average index price for NaOH per DST
(1)
|
$
|
647
|
|
|
$
|
496
|
|
|
$
|
613
|
|
|
$
|
453
|
|
•
|
facilitating the transportation of crude oil from producers to refineries and from owned and third party terminals to refiners via pipelines;
|
•
|
transporting CO2 from natural and anthropogenic sources to crude oil fields owned by our customers;
|
•
|
shipping crude oil and refined products to and from producers and refiners via trucks, pipelines, and railcars;
|
•
|
loading and unloading railcars at our crude-by-rail terminals;
|
•
|
storing and blending of crude oil and intermediate and finished refined products;
|
•
|
purchasing/selling and/or transporting crude oil from the wellhead to markets for ultimate use in refining; and
|
•
|
purchasing products from refiners, transporting those products to one of our terminals and blending those products to a quality that meets the requirements of our customers and selling those products (primarily fuel oil, asphalt and other heavy refined products) to wholesale markets.
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||||
Gathering, marketing, and logistics revenue
|
$
|
229,002
|
|
|
$
|
255,324
|
|
|
$
|
663,988
|
|
|
$
|
701,688
|
|
Crude oil and CO2 pipeline tariffs and revenues from direct financing leases of CO2 pipelines
|
17,261
|
|
|
13,219
|
|
|
48,606
|
|
|
44,773
|
|
||||
Payments received under direct financing leases not included in income
|
1,751
|
|
|
1,586
|
|
|
5,127
|
|
|
4,645
|
|
||||
Crude oil and petroleum products costs, excluding unrealized gains and losses from derivative transactions
|
(202,157
|
)
|
|
(230,760
|
)
|
|
(583,123
|
)
|
|
(621,500
|
)
|
||||
Operating costs, excluding non-cash charges for equity-based compensation and other non-cash expenses
|
(21,199
|
)
|
|
(22,591
|
)
|
|
(64,799
|
)
|
|
(71,389
|
)
|
||||
Other
|
948
|
|
|
782
|
|
|
2,200
|
|
|
5,752
|
|
||||
Segment Margin
|
$
|
25,606
|
|
|
$
|
17,560
|
|
|
$
|
71,999
|
|
|
$
|
63,969
|
|
|
|
|
|
|
|
|
|
||||||||
Volumetric Data (average barrels per day):
|
|
|
|
|
|
|
|
||||||||
Onshore crude oil pipelines:
|
|
|
|
|
|
|
|
||||||||
Texas
|
45,329
|
|
|
11,529
|
|
|
28,418
|
|
|
41,708
|
|
||||
Jay
|
13,716
|
|
|
15,119
|
|
|
14,480
|
|
|
14,494
|
|
||||
Mississippi
|
8,104
|
|
|
9,503
|
|
|
8,478
|
|
|
10,607
|
|
||||
Louisiana
(1)
|
130,862
|
|
|
30,814
|
|
|
115,436
|
|
|
26,865
|
|
||||
Wyoming
|
22,204
|
|
|
9,772
|
|
|
19,816
|
|
|
10,003
|
|
||||
Onshore crude oil pipelines total
|
220,215
|
|
|
76,737
|
|
|
186,628
|
|
|
103,677
|
|
||||
|
|
|
|
|
|
|
|
||||||||
CO
2
pipeline (average Mcf/day):
|
|
|
|
|
|
|
|
||||||||
Free State
|
68,363
|
|
|
88,026
|
|
|
73,042
|
|
|
101,157
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Crude oil and petroleum products sales:
|
|
|
|
|
|
|
|
||||||||
Total crude oil and petroleum products sales
|
52,082
|
|
|
64,292
|
|
|
49,255
|
|
|
66,725
|
|
||||
Rail load/unload volumes
(2)
|
42,221
|
|
|
13,091
|
|
|
55,010
|
|
|
13,344
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues (in thousands):
|
|
|
|
|
|
|
|
||||||||
Inland freight revenues
|
$
|
19,666
|
|
|
$
|
22,108
|
|
|
$
|
61,725
|
|
|
$
|
66,402
|
|
Offshore freight revenues
|
17,468
|
|
|
23,271
|
|
|
54,912
|
|
|
66,240
|
|
||||
Other rebill revenues
(1)
|
11,400
|
|
|
9,906
|
|
|
35,401
|
|
|
27,288
|
|
||||
Total segment revenues
|
$
|
48,534
|
|
|
$
|
55,285
|
|
|
$
|
152,038
|
|
|
$
|
159,930
|
|
|
|
|
|
|
|
|
|
||||||||
Operating costs, excluding non-cash charges for equity-based compensation and other non-cash expenses
|
$
|
35,885
|
|
|
$
|
38,588
|
|
|
$
|
112,270
|
|
|
$
|
106,235
|
|
|
|
|
|
|
|
|
|
||||||||
Segment Margin (in thousands)
|
$
|
12,649
|
|
|
$
|
16,697
|
|
|
$
|
39,768
|
|
|
$
|
53,695
|
|
|
|
|
|
|
|
|
|
||||||||
Fleet Utilization:
(2)
|
|
|
|
|
|
|
|
||||||||
Inland Barge Utilization
|
90.8
|
%
|
|
87.6
|
%
|
|
90.5
|
%
|
|
91.4
|
%
|
||||
Offshore Barge Utilization
|
99.3
|
%
|
|
96.2
|
%
|
|
98.4
|
%
|
|
91.2
|
%
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||||
General and administrative expenses not separately identified below:
|
|
|
|
|
|
|
|
||||||||
Corporate
|
$
|
7,456
|
|
|
$
|
7,692
|
|
|
$
|
24,735
|
|
|
$
|
26,068
|
|
Segment
|
3,233
|
|
|
1,918
|
|
|
4,809
|
|
|
3,364
|
|
||||
Equity-based compensation plan expense
|
(1,875
|
)
|
|
1,239
|
|
|
(2,330
|
)
|
|
3,918
|
|
||||
Third party costs related to business development activities and growth projects
|
10,595
|
|
|
363
|
|
|
11,509
|
|
|
1,366
|
|
||||
Total general and administrative expenses
|
$
|
19,409
|
|
|
$
|
11,212
|
|
|
$
|
38,723
|
|
|
$
|
34,716
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||||
Depreciation and depletion expense
|
$
|
57,498
|
|
|
$
|
46,909
|
|
|
$
|
157,819
|
|
|
$
|
135,428
|
|
Amortization of intangible assets
|
5,879
|
|
|
6,122
|
|
|
17,623
|
|
|
18,154
|
|
||||
Amortization of CO
2
volumetric production payments
|
355
|
|
|
1,234
|
|
|
1,011
|
|
|
3,218
|
|
||||
Total depreciation, depletion and amortization expense
|
$
|
63,732
|
|
|
$
|
54,265
|
|
|
$
|
176,453
|
|
|
$
|
156,800
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||||
Interest expense, senior secured credit facility (including commitment fees)
|
$
|
13,150
|
|
|
$
|
11,076
|
|
|
$
|
37,307
|
|
|
$
|
31,117
|
|
Interest expense, senior unsecured notes
|
33,276
|
|
|
28,609
|
|
|
90,495
|
|
|
85,828
|
|
||||
Amortization of debt issuance costs and discount
|
2,894
|
|
|
2,571
|
|
|
8,154
|
|
|
7,563
|
|
||||
Capitalized interest
|
(1,932
|
)
|
|
(7,521
|
)
|
|
(13,839
|
)
|
|
(19,851
|
)
|
||||
Net interest expense
|
$
|
47,388
|
|
|
$
|
34,735
|
|
|
$
|
122,117
|
|
|
$
|
104,657
|
|
•
|
working capital, primarily inventories and trade receivables and payables;
|
•
|
routine operating expenses;
|
•
|
capital growth and maintenance projects;
|
•
|
acquisitions of assets or businesses;
|
•
|
payments related to servicing and reducing outstanding debt; and
|
•
|
quarterly cash distributions to our unitholders.
|
|
Nine Months Ended
September 30, |
||||||
|
2017
|
|
2016
|
||||
|
(in thousands)
|
||||||
Capital expenditures for fixed and intangible assets:
|
|
|
|
||||
Maintenance capital expenditures:
|
|
|
|
||||
Offshore pipeline transportation assets
|
$
|
4,093
|
|
|
$
|
1,198
|
|
Sodium minerals and sulfur services assets
|
1,616
|
|
|
1,645
|
|
||
Marine transportation assets
|
17,439
|
|
|
11,358
|
|
||
Onshore facilities and transportation assets
|
3,213
|
|
|
9,478
|
|
||
Information technology systems
|
53
|
|
|
404
|
|
||
Total maintenance capital expenditures
|
26,414
|
|
|
24,083
|
|
||
Growth capital expenditures:
|
|
|
|
||||
Offshore pipeline transportation assets
|
$
|
4,405
|
|
|
$
|
7,777
|
|
Sodium minerals and sulfur services assets
|
5,276
|
|
|
—
|
|
||
Marine transportation assets
|
27,057
|
|
|
51,570
|
|
||
Onshore facilities and transportation assets
|
112,450
|
|
|
249,203
|
|
||
Information technology systems
|
114
|
|
|
6,398
|
|
||
Total growth capital expenditures
|
149,302
|
|
|
314,948
|
|
||
Total capital expenditures for fixed and intangible assets
|
175,716
|
|
|
339,031
|
|
||
Capital expenditures for acquisitions, inclusive of working capital acquired:
|
|
|
|
||||
Acquisition of Alkali business
|
1,325,000
|
|
|
—
|
|
||
Acquisition of remaining interest in Deepwater Gateway
(1)
|
—
|
|
|
26,200
|
|
||
Total business combinations capital expenditures
|
1,325,000
|
|
|
26,200
|
|
||
Capital expenditures related to equity investees
|
—
|
|
|
—
|
|
||
Total capital expenditures
|
$
|
1,500,716
|
|
|
$
|
365,231
|
|
(1)
|
Amount represents our purchase price for our purchase of the remaining 50% interest in Deepwater Gateway in the first quarter of 2016.
|
|
Three Months Ended
September 30, |
||||||
|
2017
|
|
2016
|
||||
|
(in thousands)
|
||||||
Net income attributable to Genesis Energy, L.P.
|
$
|
6,312
|
|
|
$
|
32,101
|
|
Depreciation, depletion, amortization and accretion
|
66,436
|
|
|
57,103
|
|
||
Cash received from direct financing leases not included in income
|
1,751
|
|
|
1,586
|
|
||
Cash effects of sales of certain assets
|
967
|
|
|
120
|
|
||
Effects of distributable cash generated by equity method investees not included in income
|
7,136
|
|
|
9,063
|
|
||
Expenses related to acquiring or constructing growth capital assets
|
10,595
|
|
|
363
|
|
||
Unrealized loss (gain) on derivative transactions excluding fair value hedges, net of changes in inventory value
|
2,168
|
|
|
(571
|
)
|
||
Maintenance capital utilized
(1)
|
(3,375
|
)
|
|
(1,885
|
)
|
||
Non-cash tax expense
|
150
|
|
|
649
|
|
||
Differences in timing of cash receipts for certain contractual arrangements
(2)
|
(5,847
|
)
|
|
(3,624
|
)
|
||
Other items, net
|
5,514
|
|
|
107
|
|
||
Available Cash before Reserves
|
91,807
|
|
|
95,012
|
|
(1)
|
For a description of the term "maintenance capital utilized," please see the definition of the term "Available Cash Before Reserves" discussed below.
|
(2)
|
Certain cash payments received from customers under certain of our minimum payment obligation contracts are not recognized as revenue under GAAP in the period in which such payments are received.
|
|
Three Months Ended
September 30, |
||||||
|
2017
|
|
2016
|
||||
|
(in thousands)
|
||||||
Cash Flows from Operating Activities
|
$
|
33,836
|
|
|
$
|
124,725
|
|
Adjustments to reconcile net cash flow provided by operating activities to Available Cash before Reserves:
|
|
|
|
||||
Maintenance capital utilized
(1)
|
(3,375
|
)
|
|
(1,885
|
)
|
||
Proceeds from certain asset sales
|
967
|
|
|
120
|
|
||
Amortization and writeoff of debt issuance costs, including premiums and discounts
|
(2,894
|
)
|
|
(2,571
|
)
|
||
Effects of available cash of equity method investees not included in operating cash flows
|
4,194
|
|
|
4,801
|
|
||
Net changes in components of operating assets and liabilities not included in calculation
of Available Cash before Reserves
|
34,575
|
|
|
(26,834
|
)
|
||
Non-cash effect of equity based compensation expense
|
3,566
|
|
|
(2,047
|
)
|
||
Expenses related to acquiring or constructing assets that provide new sources of cash flow
|
10,595
|
|
|
363
|
|
||
Differences in timing of cash receipts for certain contractual arrangements
(2)
|
(5,847
|
)
|
|
(3,624
|
)
|
||
Other items, net
|
16,190
|
|
|
1,964
|
|
||
Available Cash before Reserves
|
91,807
|
|
|
95,012
|
|
(1)
|
For a description of the term "maintenance capital utilized," please see the definition of the term "Available Cash Before Reserves" discussed below.
|
(2)
|
Certain cash payments received from customers under certain of our minimum payment obligation contracts are not recognized as revenue under GAAP in the period in which such payments are received.
|
(1)
|
the financial performance of our assets;
|
(2)
|
our operating performance;
|
(3)
|
the viability of potential projects, including our cash and overall return on alternative capital investments as compared to those of other companies in the midstream energy industry;
|
(4)
|
the ability of our assets to generate cash sufficient to satisfy certain non-discretionary cash requirements, including interest payments and certain maintenance capital requirements; and
|
(5)
|
our ability to make certain discretionary payments, such as distributions on our units, growth capital expenditures, certain maintenance capital expenditures and early payments of indebtedness.
|
•
|
demand for, the supply of, our assumptions about, changes in forecast data for, and price trends related to crude oil, liquid petroleum, natural gas, NaHS, caustic soda and CO
2
, all of which may be affected by economic activity, capital expenditures by energy producers, weather, alternative energy sources, international events, conservation and technological advances;
|
•
|
throughput levels and rates;
|
•
|
changes in, or challenges to, our tariff rates;
|
•
|
our ability to successfully identify and close strategic acquisitions on acceptable terms (including obtaining third-party consents and waivers of preferential rights), develop or construct energy infrastructure assets, make cost saving changes in operations and integrate acquired assets or businesses into our existing operations;
|
•
|
service interruptions in our pipeline transportation systems and processing operations;
|
•
|
shutdowns or cutbacks at refineries, petrochemical plants, utilities or other businesses for which we transport crude oil, petroleum, natural gas or other products or to whom we sell such products;
|
•
|
risks inherent in marine transportation and vessel operation, including accidents and discharge of pollutants;
|
•
|
changes in laws and regulations to which we are subject, including tax withholding issues, regulations regarding qualifying income, accounting pronouncements, and safety, environmental and employment laws and regulations;
|
•
|
the effects of production declines and the effects of future laws and government regulation;
|
•
|
planned capital expenditures and availability of capital resources to fund capital expenditures;
|
•
|
our inability to borrow or otherwise access funds needed for operations, expansions or capital expenditures as a result of our credit agreement and the indentures governing our notes, which contain various affirmative and negative covenants;
|
•
|
loss of key personnel;
|
•
|
cash from operations that we generate could decrease or fail to meet expectations, either of which could reduce our ability to pay quarterly cash distributions at the current level or continue to increase quarterly cash distributions in the future;
|
•
|
an increase in the competition that our operations encounter;
|
•
|
cost and availability of insurance;
|
•
|
hazards and operating risks that may not be covered fully by insurance;
|
•
|
our financial and commodity hedging arrangements, which may reduce our earnings, profitability and cash flow;
|
•
|
changes in global economic conditions, including capital and credit markets conditions, inflation and interest rates;
|
•
|
natural disasters, accidents or terrorism;
|
•
|
changes in the financial condition of customers or counterparties;
|
•
|
adverse rulings, judgments, or settlements in litigation or other legal or tax matters;
|
•
|
the treatment of us as a corporation for federal income tax purposes or if we become subject to entity-level taxation for state tax purposes; and
|
•
|
the potential that our internal controls may not be adequate, weaknesses may be discovered or remediation of any identified weaknesses may not be successful and the impact these could have on our unit price.
|
|
2.1
|
|
|
|
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
|
|
|
|
4.1
|
|
|
|
4.2
|
|
|
|
4.3
|
|
|
|
10.1
|
|
|
|
10.2
|
|
|
|
10.3
|
|
|
*
|
31.1
|
|
|
*
|
31.2
|
|
|
*
|
32
|
|
|
*
|
95
|
|
|
*
|
101.INS
|
|
XBRL Instance 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
|
*
|
Filed herewith
|
|
|
GENESIS ENERGY, L.P.
(A Delaware Limited Partnership)
|
|
|
|
|
By:
|
GENESIS ENERGY, LLC,
as General Partner
|
Date:
|
November 3, 2017
|
By:
|
/s/ R
OBERT
V. D
EERE
|
|
|
|
Robert V. Deere
|
|
|
|
Chief Financial Officer
|
1 Year Genesis Energy Chart |
1 Month Genesis Energy Chart |
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