Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | ||
Jun. 30, 2014 | Aug. 05, 2014 | Aug. 05, 2014 | |
Class A [Member] | Class B [Member] | ||
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'GENESIS ENERGY LP | ' | ' |
Entity Central Index Key | '0001022321 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 88,650,988 | 39,997 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $14,326 | $8,866 |
Accounts receivable-trade, net | 346,548 | 368,033 |
Inventories | 129,852 | 85,330 |
Other | 29,045 | 72,994 |
Total current assets | 519,771 | 535,223 |
FIXED ASSETS, at cost | 1,552,110 | 1,327,974 |
Less: Accumulated depreciation | -227,838 | -199,230 |
Net fixed assets | 1,324,272 | 1,128,744 |
NET INVESTMENT IN DIRECT FINANCING LEASES, net of unearned income | 148,854 | 151,903 |
EQUITY INVESTEES | 620,188 | 620,247 |
INTANGIBLE ASSETS, net of amortization | 56,993 | 62,928 |
GOODWILL | 325,046 | 325,046 |
OTHER ASSETS, net of amortization | 48,005 | 38,111 |
TOTAL ASSETS | 3,043,129 | 2,862,202 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable-trade | 316,999 | 316,204 |
Accrued liabilities | 95,281 | 130,349 |
Total current liabilities | 412,280 | 446,553 |
SENIOR SECURED CREDIT FACILITY | 492,200 | 582,800 |
SENIOR UNSECURED NOTES | 1,050,707 | 700,772 |
DEFERRED TAX LIABILITIES | 16,797 | 15,944 |
OTHER LONG-TERM LIABILITIES | 18,721 | 18,396 |
COMMITMENTS AND CONTINGENCIES (Note 15) | ' | ' |
PARTNERS' CAPITAL: | ' | ' |
Common unitholders, 88,690,985 units issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 1,052,424 | 1,097,737 |
TOTAL LIABILITIES AND PARTNERS' CAPITAL | $3,043,129 | $2,862,202 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Common units, issued | 88,690,985 | 88,690,985 | ' | ' |
Common units, outstanding | 88,690,985 | 88,690,985 | 82,941,000 | 81,203,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
REVENUES: | ' | ' | ' | ' |
Supply And Logistics Revenues | $939,056 | $994,681 | $1,883,662 | $1,939,226 |
Refinery Services Revenues | 52,801 | 51,476 | 106,994 | 100,960 |
Pipeline Transportation Services Revenues | 23,192 | 22,537 | 44,112 | 43,316 |
Total revenues | 1,015,049 | 1,068,694 | 2,034,768 | 2,083,502 |
COSTS AND EXPENSES: | ' | ' | ' | ' |
Supply and logistics product costs | 844,395 | 922,711 | 1,693,657 | 1,792,555 |
Supply and logistics operating costs | 64,679 | 45,849 | 127,771 | 94,621 |
Refinery services operating costs | 31,148 | 32,821 | 64,343 | 65,264 |
Pipeline transportation operating costs | 8,383 | 7,145 | 15,861 | 14,229 |
General and administrative | 14,696 | 11,142 | 26,706 | 22,753 |
Depreciation and amortization | 20,491 | 15,665 | 39,771 | 30,714 |
Total costs and expenses | 983,792 | 1,035,333 | 1,968,109 | 2,020,136 |
OPERATING INCOME | 31,257 | 33,361 | 66,659 | 63,366 |
Equity in earnings of equity investees | 4,922 | 5,623 | 12,740 | 9,559 |
Interest Income (Expense), Net | -14,069 | -12,255 | -26,873 | -23,696 |
Income from continuing operations before income taxes | 22,110 | 26,729 | 52,526 | 49,229 |
Income tax benefit (expense) | -962 | -117 | -1,603 | 86 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 21,148 | 26,612 | 50,923 | 49,315 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 290 | 0 | 433 |
NET INCOME | $21,148 | $26,902 | $50,923 | $49,748 |
NET INCOME PER COMMON UNIT: | ' | ' | ' | ' |
Income (Loss) from Continuing Operations, Per Outstanding Limited Partnership Unit, Basic, Net of Tax | $0.24 | $0.32 | $0.57 | $0.60 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Outstanding Limited Partnership Unit, Basic | $0 | $0.01 | $0 | $0.01 |
Basic and Diluted | $0.24 | $0.33 | $0.57 | $0.61 |
WEIGHTED AVERAGE OUTSTANDING COMMON UNITS: | ' | ' | ' | ' |
Basic and Diluted | 88,691 | 81,973 | 88,691 | 81,590 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Partners' Capital (USD $) | 6 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Partners' capital, January 1, units | 88,690,985 | 81,203,000 |
Partners' capital, January 1, value | $1,097,737 | $916,495 |
Net income | 50,923 | 49,748 |
Cash distributions | 96,236 | 79,795 |
Partners' Capital Account, Exchanges and Conversions | 0 | 0 |
Partners' capital, June 30, units | 88,690,985 | 82,941,000 |
Partners' capital, June 30, value | $1,052,424 | $886,448 |
Number Of Common Units [Member] | ' | ' |
Partners' Capital Account, Units, Converted | 0 | 1,738,000 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $50,923 | $49,748 |
Adjustments to reconcile net income to net cash provided by operating activities - | ' | ' |
DepreciationDepletionAndAmortizationIncludingDiscOps | 39,771 | 30,723 |
Depreciation and amortization | 39,771 | 30,714 |
Amortization of debt issuance costs and premium | 2,320 | 2,128 |
Amortization of unearned income and initial direct costs on direct financing leases | -7,922 | -8,136 |
Payments received under direct financing leases | 10,631 | 10,631 |
Equity in earnings of investments in equity investees | -12,740 | -9,559 |
Cash distributions of earnings of equity investees | 21,452 | 15,475 |
Non-cash effect of equity-based compensation plans | 6,267 | 8,710 |
Deferred and other tax liabilities | 853 | -536 |
Unrealized gains on derivative transactions | -1,187 | -2,023 |
Other, net | 1,518 | 93 |
Net changes in components of operating assets and liabilities, (Note 12) | -6,689 | -1,468 |
Net cash provided by operating activities | 105,197 | 95,786 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Payments to acquire fixed and intangible assets | -240,994 | -107,166 |
Cash distributions received from equity investees - return of investment | 6,173 | 5,539 |
Investments in equity investees | -14,826 | -66,207 |
Proceeds from asset sales | 133 | 626 |
Other, net | -2,635 | 171 |
Net cash used in investing activities | -252,149 | -167,037 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Borrowings on senior secured credit facility | 1,181,200 | 668,500 |
Repayments on senior secured credit facility | -1,271,800 | -849,400 |
Proceeds from issuance of senior unsecured notes, including premium | 350,000 | 350,000 |
Debt issuance costs | -10,752 | -8,157 |
Distributions to common unitholders | -96,236 | -79,795 |
Other, net | 0 | -2,511 |
Net cash provided by financing activities | 152,412 | 78,637 |
Net increase in cash and cash equivalents | 5,460 | 7,386 |
Cash and cash equivalents at beginning of period | 8,866 | 11,282 |
Cash and cash equivalents at end of period | $14,326 | $18,668 |
Organization_And_Basis_Of_Pres
Organization And Basis Of Presentation And Consolidation | 6 Months Ended | |
Jun. 30, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Organization And Basis Of Presentation And Consolidation | ' | |
1. Organization and Basis of Presentation and Consolidation | ||
Organization | ||
We are a limited partnership focused on the midstream segment of the oil and gas industry in the Gulf Coast region of the United States, primarily Texas, Louisiana, Arkansas, Mississippi, Alabama, Florida, Wyoming and in the Gulf of Mexico. We have a diverse portfolio of assets, including pipelines, refinery-related plants, storage tanks and terminals, railcars, rail loading and unloading facilities, barges and trucks. We were formed in 1996 and are owned 100% by our limited partners. Genesis Energy, LLC, our general partner, is a wholly-owned subsidiary. Our general partner has sole responsibility for conducting our business and managing our operations. We conduct our operations and own our operating assets through our subsidiaries and joint ventures. We manage our businesses through the following three divisions that constitute our reportable segments: | ||
• | Pipeline transportation of interstate, intrastate and offshore crude oil, and, to a lesser extent, carbon dioxide (or "CO2"); | |
• | Refinery services involving 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"); and | |
• | Supply and logistics services, which include terminaling, blending, storing, marketing, and transporting crude oil and petroleum products and, on a smaller scale, CO2. | |
Basis of Presentation and Consolidation | ||
The accompanying Unaudited Condensed Consolidated Financial Statements include Genesis Energy, L.P. and its subsidiaries, including Genesis Energy, LLC, our general partner. | ||
Our results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the fiscal year. The Condensed Consolidated Financial Statements included herein have been prepared by us without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they reflect all adjustments (which consist solely of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial results for interim periods. Certain information and notes normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. However, we believe that the disclosures are adequate to make the information presented not misleading when read in conjunction with the information contained in the periodic reports we file with the SEC pursuant to the Securities Exchange Act of 1934, including the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013. | ||
Except per unit amounts, or as noted within the context of each footnote disclosure, the dollar amounts presented in the tabular data within these footnote disclosures are stated in thousands of dollars. |
Recent_Accounting_Developments
Recent Accounting Developments (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
2. Recent Accounting Developments | |
Recently Issued | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued revised guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard provides a five-step analysis for transactions to determine when and how revenue is recognized. The guidance will be effective for us beginning January 1, 2017 and early adoption is not permitted. The guidance permits the use of either a full retrospective or a modified retrospective approach. We are evaluating the transition methods and the impact of the amended guidance on our financial position, results of operations and related disclosures. |
Acquisition
Acquisition | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Business Combination Disclosure [Text Block] | ' | |||||||
3. Acquisition and Divestiture | ||||||||
Acquisition | ||||||||
Offshore Marine Transportation Business | ||||||||
In August 2013, we completed the acquisition of substantially all of the assets of the downstream transportation business of Hornbeck Offshore Services, Inc. for $230.9 million, which we refer to as our offshore marine transportation business and assets. The total acquisition cost has been allocated to fixed assets based on fair values. Such fair values were developed by management. The acquired business was primarily comprised of nine barges and nine tug boats which transport crude oil and refined petroleum products, principally serving refineries and storage terminals along the Gulf Coast, Eastern Seaboard, Great Lakes and Caribbean. That acquisition complements and further integrates our existing operations, including our Genesis Marine inland barge business (comprised of 60 barges and 23 push/tow boats), our crude oil and heavy refined products storage and blending terminals as well as our crude oil pipeline systems. That acquisition was funded with proceeds from our $1 billion revolving credit facility. We have reflected the financial results of the acquired business in our supply and logistics segment from the date of the acquisition. | ||||||||
The following table presents selected unaudited financial information of our offshore marine transportation business included in our Unaudited Condensed Consolidated Statement of Operations for the periods presented: | ||||||||
Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | |||||||
Revenues | $ | 23,591 | $ | 48,475 | ||||
Net income | $ | 6,293 | $ | 12,824 | ||||
The table below presents selected unaudited pro forma financial information incorporating the historical results of our offshore marine transportation business. The pro forma financial information below has been prepared as if the acquisition had been completed on January 1, 2012 and is based upon assumptions deemed appropriate by us and may not be indicative of actual results. Depreciation expense for the fixed assets acquired is calculated on a straight-line basis over an estimated useful life of approximately 25 years. | ||||||||
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | |||||||
Pro forma earnings data: | ||||||||
Revenues | $ | 1,085,206 | $ | 2,115,004 | ||||
Net income | $ | 31,351 | $ | 57,486 | ||||
Divestiture | ||||||||
On December 31, 2013, we completed the sale of our vehicle fuel procurement and delivery logistics management services business. That business, previously reported in our supply and logistics revenues and costs and expenses, was reclassified as discontinued operations in our Unaudited Condensed Consolidated Statements of Operations for the quarter and six months ended June 30, 2013. The summarized operating results of our discontinued operations are as follows: | ||||||||
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | |||||||
Revenues | $ | 144,962 | $ | 277,368 | ||||
Cost and expenses | 144,672 | 276,936 | ||||||
Operating income | 290 | 432 | ||||||
Interest income | — | 1 | ||||||
Income from discontinued operations | $ | 290 | $ | 433 | ||||
Inventories
Inventories | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
4. Inventories | ||||||||
The major components of inventories were as follows: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Petroleum products | $ | 99,242 | $ | 71,373 | ||||
Crude oil | 21,093 | 5,380 | ||||||
Caustic soda | 3,536 | 2,679 | ||||||
NaHS | 5,978 | 5,845 | ||||||
Other | 3 | 53 | ||||||
Total | $ | 129,852 | $ | 85,330 | ||||
Inventories are valued at the lower of cost or market. At June 30, 2014 and December 31, 2013, market values of our inventories exceeded recorded costs. |
Fixed_Assets
Fixed Assets | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fixed Assets And Asset Retirement Obligations [Abstract] | ' | |||||||||||||||
Fixed Assets And Asset Retirement Obligations | ' | |||||||||||||||
5. Fixed Assets | ||||||||||||||||
Fixed Assets | ||||||||||||||||
Fixed assets consisted of the following: | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Pipelines and related assets | $ | 421,319 | $ | 338,920 | ||||||||||||
Machinery and equipment | 260,457 | 173,092 | ||||||||||||||
Transportation equipment | 18,535 | 19,140 | ||||||||||||||
Marine vessels | 585,933 | 554,679 | ||||||||||||||
Land, buildings and improvements | 31,912 | 30,170 | ||||||||||||||
Office equipment, furniture and fixtures | 5,537 | 5,633 | ||||||||||||||
Construction in progress | 195,712 | 183,037 | ||||||||||||||
Other | 32,705 | 23,303 | ||||||||||||||
Fixed assets, at cost | 1,552,110 | 1,327,974 | ||||||||||||||
Less: Accumulated depreciation | (227,838 | ) | (199,230 | ) | ||||||||||||
Net fixed assets | $ | 1,324,272 | $ | 1,128,744 | ||||||||||||
Our depreciation expense for the periods presented was as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Depreciation expense | $ | 16,409 | $ | 11,067 | $ | 31,686 | $ | 21,558 | ||||||||
Equity_Investees
Equity Investees | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Equity Investees | ' | |||||||||||||||
6. Equity Investees | ||||||||||||||||
We account for our ownership in our joint ventures under the equity method of accounting. The price we pay to acquire an ownership interest in a company may exceed the underlying book value of the capital accounts we acquire. Such excess cost amounts are included within the carrying values of our equity investees. At June 30, 2014 and December 31, 2013, the unamortized excess cost amounts totaled $220.6 million and $225.7 million, respectively. We amortize the excess cost as a reduction in equity earnings in a manner similar to depreciation. | ||||||||||||||||
The following table presents information included in our Unaudited Condensed Consolidated Financial Statements related to our equity investees. | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Genesis’ share of operating earnings | $ | 7,505 | $ | 8,221 | $ | 17,906 | $ | 14,871 | ||||||||
Amortization of excess purchase price | (2,583 | ) | (2,598 | ) | (5,166 | ) | (5,312 | ) | ||||||||
Net equity in earnings | $ | 4,922 | $ | 5,623 | $ | 12,740 | $ | 9,559 | ||||||||
Distributions received | $ | 15,045 | $ | 11,384 | $ | 27,625 | $ | 21,014 | ||||||||
The following tables present the combined unaudited balance sheet and income statement information (on a 100% basis) of our equity investees: | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
BALANCE SHEET DATA: | ||||||||||||||||
Assets | ||||||||||||||||
Current assets | $ | 77,714 | $ | 70,921 | ||||||||||||
Fixed assets, net | 1,034,909 | 1,028,808 | ||||||||||||||
Other assets | 6,594 | 6,823 | ||||||||||||||
Total assets | $ | 1,119,217 | $ | 1,106,552 | ||||||||||||
Liabilities and equity | ||||||||||||||||
Current liabilities | $ | 71,745 | $ | 55,918 | ||||||||||||
Other liabilities | 198,596 | 190,578 | ||||||||||||||
Equity | 848,876 | 860,056 | ||||||||||||||
Total liabilities and equity | $ | 1,119,217 | $ | 1,106,552 | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
INCOME STATEMENT DATA: | ||||||||||||||||
Revenues | $ | 46,440 | $ | 45,528 | $ | 96,264 | $ | 86,268 | ||||||||
Operating income | $ | 22,628 | $ | 26,427 | $ | 53,103 | $ | 47,527 | ||||||||
Net income | $ | 21,815 | $ | 25,748 | $ | 51,521 | $ | 46,203 | ||||||||
Intangible_Assets
Intangible Assets | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | |||||||||||||||||||||||
Intangible Assets | ' | |||||||||||||||||||||||
7. Intangible Assets | ||||||||||||||||||||||||
The following table summarizes the components of our intangible assets at the dates indicated: | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Gross | Accumulated | Carrying | Gross | Accumulated | Carrying | |||||||||||||||||||
Carrying | Amortization | Value | Carrying | Amortization | Value | |||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Refinery Services: | ||||||||||||||||||||||||
Customer relationships | $ | 94,654 | $ | 79,082 | $ | 15,572 | $ | 94,654 | $ | 76,283 | $ | 18,371 | ||||||||||||
Licensing agreements | 38,678 | 27,519 | 11,159 | 38,678 | 26,055 | 12,623 | ||||||||||||||||||
Segment total | 133,332 | 106,601 | 26,731 | 133,332 | 102,338 | 30,994 | ||||||||||||||||||
Supply & Logistics: | ||||||||||||||||||||||||
Customer relationships | 35,430 | 29,398 | 6,032 | 35,430 | 28,568 | 6,862 | ||||||||||||||||||
Intangibles associated with lease | 13,260 | 3,275 | 9,985 | 13,260 | 3,039 | 10,221 | ||||||||||||||||||
Segment total | 48,690 | 32,673 | 16,017 | 48,690 | 31,607 | 17,083 | ||||||||||||||||||
Other | 21,714 | 7,469 | 14,245 | 21,356 | 6,505 | 14,851 | ||||||||||||||||||
Total | $ | 203,736 | $ | 146,743 | $ | 56,993 | $ | 203,378 | $ | 140,450 | $ | 62,928 | ||||||||||||
Our amortization expense for the periods presented was as follows: | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Amortization expense | $ | 3,147 | $ | 3,609 | $ | 6,292 | $ | 7,236 | ||||||||||||||||
We estimate that our amortization expense for the next five years will be as follows: | ||||||||||||||||||||||||
Remainder of | 2014 | $ | 6,317 | |||||||||||||||||||||
2015 | $ | 10,814 | ||||||||||||||||||||||
2016 | $ | 9,352 | ||||||||||||||||||||||
2017 | $ | 8,189 | ||||||||||||||||||||||
2018 | $ | 7,268 | ||||||||||||||||||||||
Debt
Debt | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
8. Debt | ||||||||
Our obligations under debt arrangements consisted of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Senior secured credit facility | $ | 492,200 | $ | 582,800 | ||||
7.875% senior unsecured notes (including unamortized premium of $707 and $772 in 2014 and 2013, respectively) | 350,707 | 350,772 | ||||||
5.750% senior unsecured notes | 350,000 | 350,000 | ||||||
5.625% senior unsecured notes | 350,000 | — | ||||||
Total long-term debt | $ | 1,542,907 | $ | 1,283,572 | ||||
As of June 30, 2014, we were in compliance with the financial covenants contained in our credit agreement and senior unsecured notes indentures. | ||||||||
Senior Secured Credit Facility | ||||||||
In June 2014, we amended and restated our $1 billion senior secured credit facility with a syndicate of banks to, among other things, extend the term of our credit facility to July 25, 2019. Additionally, the accordion feature was increased from $300 million to $500 million, giving us the ability to expand the size of the facility up to $1.5 billion for acquisitions or growth projects, subject to lender consent. | ||||||||
The key terms for rates under our credit facility, which are dependent on our leverage ratio (as defined in the credit agreement), are as follows: | ||||||||
•The applicable margin varies from 1.50% to 2.50% on Eurodollar borrowings and from 0.50% to 1.50% on alternate base rate borrowings. | ||||||||
•Letter of credit fees range from 1.50% to 2.50% | ||||||||
•The commitment fee on the unused committed amount will range from 0.250% to 0.375%. | ||||||||
At June 30, 2014, we had $492.2 million borrowed under our $1 billion credit facility, with $105.9 million of the borrowed amount designated as a loan under the inventory sublimit. The credit agreement allows up to $100 million of the capacity to be used for letters of credit, of which $19.9 million was outstanding at June 30, 2014. Due to the revolving nature of loans under our credit facility, additional borrowings and periodic repayments and re-borrowings may be made until the maturity date. The total amount available for borrowings under our credit facility at June 30, 2014 was $487.9 million. | ||||||||
Senior Unsecured Notes | ||||||||
In November 2010, we issued $250 million in aggregate principal amount of 7.875% senior unsecured notes due December 15, 2018 (the "2018 Notes"). The 2018 Notes were sold at face value. Interest payments are due on June 15 and December 15 of each year. In February 2012, we issued an additional $100 million of aggregate principal amount of the 2018 Notes. The additional 2018 Notes were issued at 101% of face value at an effective interest rate of 7.682%. The additional 2018 Notes have the same terms and conditions as the notes previously issued under their indenture. The issuance increased the total aggregate principal amount of the 2018 Notes under their indenture to $350 million. | ||||||||
On February 8, 2013, we issued $350 million in aggregate principal amount of 5.75% senior unsecured notes (the "2021 Notes"). The 2021 Notes were sold at face value. Interest payments are due on February 15 and August 15 of each year. The 2021 Notes mature on February 15, 2021. The net proceeds were used to repay borrowings under our credit facility and for general partnership purposes. | ||||||||
On May 15, 2014, we issued $350 million in aggregate principal amount of 5.625% senior unsecured notes (the "2024 Notes"). The 2024 Notes were sold at face value. Interest payments are due on June 15 and December 15 of each year with the initial interest payment due December 15, 2014. The 2024 Notes mature on June 15, 2024. | ||||||||
The 2018, 2021 and 2024 Notes were co-issued by Genesis Energy Finance Corporation (which has no independent assets or operations) and are each fully and unconditionally guaranteed, jointly and severally, by certain of our wholly-owned subsidiaries. We have the right to redeem the 2018 Notes at any time after December 15, 2014, at a premium to the face amount of the notes that varies based on the time remaining to maturity of the 2018 Notes. We have the right to redeem the 2021 Notes at any time after February 15, 2017, at a premium to the face amount of the 2021 Notes that varies based on the time remaining to maturity on the 2021 Notes. Prior to February 15, 2016, we may also redeem up to 35% of the principal amount of the 2021 Notes for 105.75% of the face amount with the proceeds from an equity offering of our common units. We have the right to redeem the 2024 Notes at any time after June 15, 2019, at a premium to the face amount of the 2024 Notes that varies based on the time remaining to maturity on the 2024 Notes. Prior to June 15, 2017, we may also redeem up to 35% of the principal amount of the 2024 Notes for 105.625% of the face amount with the proceeds from an equity offering of our common units. |
Partners_Capital_And_Distribut
Partners' Capital And Distributions Partners' Capital (Notes) | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Partners' Capital and Distributions [Abstract] | ' | ||||||||||
Partners' Capital Notes Disclosure [Text Block] | ' | ||||||||||
9. Partners’ Capital and Distributions | |||||||||||
At June 30, 2014, our outstanding common units consisted of 88,650,988 Class A units and 39,997 Class B units. | |||||||||||
Waiver Units | |||||||||||
Our waiver units are non-voting securities entitled to a minimal preferential quarterly distribution. At issuance, our waiver units were comprised of four classes (designated Class 1, Class 2, Class 3 and Class 4) of 1,738,000 units each. The waiver units in each class were/are convertible into Class A common units at a 1:1 conversion rate in the calendar quarter during which each of our common units receives a specified minimum quarterly distribution and our distribution coverage ratio (after giving effect to the then convertible waiver units) would be at least 1.1 times. The minimum distribution per common unit required for conversion is $0.52 for our Class 4 waiver units. | |||||||||||
Our Class 1 and Class 2 waiver units converted into common units in 2012 and our Class 3 waiver units were converted into common units in 2013. | |||||||||||
At June 30, 2014, we had 1,738,233 waiver units outstanding comprised of the Class 4 waiver units. The Class 4 waiver units will convert into common units when we satisfy the distribution conversion ratio requirement and pay a minimum distribution of $0.52 per common unit. | |||||||||||
Distributions | |||||||||||
We paid or will pay the following distributions in 2013 and 2014: | |||||||||||
Distribution For | Date Paid | Per Unit | Total | ||||||||
Amount | Amount | ||||||||||
2013 | |||||||||||
1st Quarter | May 15, 2013 | $ | 0.4975 | $ | 40,405 | ||||||
2nd Quarter | August 14, 2013 | $ | 0.51 | $ | 42,302 | ||||||
3rd Quarter | November 14, 2013 | $ | 0.5225 | $ | 46,344 | ||||||
4th Quarter | February 14, 2014 | $ | 0.535 | $ | 47,453 | ||||||
2014 | |||||||||||
1st Quarter | May 15, 2014 | $ | 0.55 | $ | 48,783 | ||||||
2nd Quarter | August 14, 2014 | (1) | $ | 0.565 | $ | 50,114 | |||||
(1) This distribution will be paid to unitholders of record as of August 1, 2014. |
Business_Segment_Information
Business Segment Information | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Business Segment Information | ' | |||||||||||||||
10. Business Segment Information | ||||||||||||||||
Our operations consist of three operating segments: | ||||||||||||||||
• | Pipeline Transportation – interstate, intrastate and offshore crude oil, and to a lesser extent, CO2; | |||||||||||||||
• | Refinery Services – processing high sulfur (or “sour”) gas streams as part of refining operations to remove the sulfur and selling the related by-product, NaHS and; | |||||||||||||||
• | Supply and Logistics – terminaling, blending, storing, marketing, and transporting crude oil and petroleum products (primarily fuel oil, asphalt, and other heavy refined products) and, on a smaller scale, CO2. | |||||||||||||||
Substantially all of our revenues are derived from, and substantially all of our assets are located in, the United States. | ||||||||||||||||
We define Segment Margin as revenues less product costs, operating expenses (excluding non-cash charges, such as depreciation and amortization), and segment general and administrative expenses, plus our equity in distributable cash generated by our equity investees. In addition, our Segment Margin definition excludes the non-cash effects of our legacy stock appreciation rights plan and includes the non-income portion of payments received under direct financing leases. | ||||||||||||||||
Our chief operating decision maker (our Chief Executive Officer) evaluates segment performance based on a variety of measures including Segment Margin, segment volumes, where relevant, and capital investment. | ||||||||||||||||
Segment information for the periods presented below was as follows: | ||||||||||||||||
Pipeline | Refinery | Supply & | Total | |||||||||||||
Transportation | Services | Logistics | ||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||
Segment margin (a) | $ | 27,966 | $ | 21,627 | $ | 33,088 | $ | 82,681 | ||||||||
Capital expenditures (b) | $ | 7,037 | $ | 597 | $ | 132,490 | $ | 140,124 | ||||||||
Revenues: | ||||||||||||||||
External customers | $ | 19,758 | $ | 55,552 | $ | 939,739 | $ | 1,015,049 | ||||||||
Intersegment (c) | 3,434 | (2,751 | ) | (683 | ) | — | ||||||||||
Total revenues of reportable segments | $ | 23,192 | $ | 52,801 | $ | 939,056 | $ | 1,015,049 | ||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||
Segment margin (a) | $ | 26,456 | $ | 18,696 | $ | 25,290 | $ | 70,442 | ||||||||
Capital expenditures (b) | $ | 37,556 | $ | 1,312 | $ | 38,448 | $ | 77,316 | ||||||||
Revenues: | ||||||||||||||||
External customers | $ | 19,180 | $ | 54,288 | $ | 995,226 | $ | 1,068,694 | ||||||||
Intersegment (c) | 3,357 | (2,812 | ) | (545 | ) | — | ||||||||||
Total revenues of reportable segments | $ | 22,537 | $ | 51,476 | $ | 994,681 | $ | 1,068,694 | ||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||
Segment Margin (a) | $ | 56,058 | $ | 42,499 | $ | 61,475 | $ | 160,032 | ||||||||
Capital expenditures (b) | $ | 41,317 | $ | 899 | $ | 200,686 | $ | 242,902 | ||||||||
Revenues: | ||||||||||||||||
External customers | $ | 36,208 | $ | 112,659 | $ | 1,885,901 | $ | 2,034,768 | ||||||||
Intersegment (c) | 7,904 | (5,665 | ) | (2,239 | ) | — | ||||||||||
Total revenues of reportable segments | $ | 44,112 | $ | 106,994 | $ | 1,883,662 | $ | 2,034,768 | ||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||
Segment Margin (a) | $ | 51,652 | $ | 36,661 | $ | 54,194 | $ | 142,507 | ||||||||
Capital expenditures (b) | $ | 121,408 | $ | 1,664 | $ | 56,059 | $ | 179,131 | ||||||||
Revenues: | ||||||||||||||||
External customers | $ | 36,485 | $ | 106,467 | $ | 1,940,550 | $ | 2,083,502 | ||||||||
Intersegment (c) | 6,831 | (5,507 | ) | (1,324 | ) | — | ||||||||||
Total revenues of reportable segments | $ | 43,316 | $ | 100,960 | $ | 1,939,226 | $ | 2,083,502 | ||||||||
Total assets by reportable segment were as follows: | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Pipeline transportation | $ | 1,092,842 | $ | 1,075,235 | ||||||||||||
Refinery services | 408,304 | 417,121 | ||||||||||||||
Supply and logistics | 1,472,703 | 1,312,461 | ||||||||||||||
Other assets | 69,280 | 57,385 | ||||||||||||||
Total consolidated assets | $ | 3,043,129 | $ | 2,862,202 | ||||||||||||
(a) | A reconciliation of Segment Margin to income from continuing operations for the periods presented is as follows: | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Segment Margin | $ | 82,681 | $ | 70,442 | $ | 160,032 | $ | 142,507 | ||||||||
Corporate general and administrative expenses | (13,789 | ) | (10,305 | ) | (24,850 | ) | (21,142 | ) | ||||||||
Depreciation and amortization | (20,491 | ) | (15,665 | ) | (39,771 | ) | (30,714 | ) | ||||||||
Interest expense | (14,069 | ) | (12,255 | ) | (26,873 | ) | (23,696 | ) | ||||||||
Distributable cash from equity investees in excess of equity in earnings | (7,808 | ) | (4,891 | ) | (13,585 | ) | (11,455 | ) | ||||||||
Non-cash items not included in Segment Margin | (3,043 | ) | 960 | 282 | (3,335 | ) | ||||||||||
Cash payments from direct financing leases in excess of earnings | (1,371 | ) | (1,263 | ) | (2,709 | ) | (2,495 | ) | ||||||||
Income tax (expense) benefit | (962 | ) | (117 | ) | (1,603 | ) | 86 | |||||||||
Discontinued operations | — | (294 | ) | — | (441 | ) | ||||||||||
Income from continuing operations | $ | 21,148 | $ | 26,612 | $ | 50,923 | $ | 49,315 | ||||||||
(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 interests in equity investees. In addition to construction of growth projects, capital spending in our pipeline transportation segment included $2.3 million and $12.7 million during the three and six months ended June 30, 2014 and $1.7 million and $66.2 million three and six months ended June 30, 2013 representing capital contributions to our SEKCO equity investee to fund our share of the construction costs for its pipeline. | |||||||||||||||
(c) | Intersegment sales were conducted under terms that we believe were no more or less favorable than then-existing market conditions. |
Transactions_With_Related_Part
Transactions With Related Parties | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Transactions With Related Parties | ' | |||||||||||||||
11. Transactions with Related Parties | ||||||||||||||||
Sales, purchases and other transactions with affiliated companies, in the opinion of management, are conducted under terms no more or less favorable than then-existing market conditions. The transactions with related parties were as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues: | ||||||||||||||||
Sales of CO2 to Sandhill Group, LLC (1) | $ | 713 | $ | 808 | $ | 1,368 | $ | 1,481 | ||||||||
Petroleum products sales to Davison family businesses(2) | — | 289 | — | 644 | ||||||||||||
Costs and expenses: | ||||||||||||||||
Amounts paid to our CEO in connection with the use of his aircraft | $ | 150 | $ | 150 | $ | 300 | $ | 300 | ||||||||
-1 | We own a 50% interest in Sandhill Group, LLC. | |||||||||||||||
-2 | Amounts included in discontinued operations for all periods presented. | |||||||||||||||
Amount due from Related Party | ||||||||||||||||
At June 30, 2014 and December 31, 2013 Sandhill Group, LLC owed us $0.3 million and $0.2 million, respectively, for purchases of CO2. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Supplemental Cash Flow Information | ' | |||||||
12. Supplemental Cash Flow Information | ||||||||
The following table provides information regarding the net changes in components of operating assets and liabilities. | ||||||||
Six Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
(Increase) decrease in: | ||||||||
Accounts receivable | $ | 20,827 | $ | (82,346 | ) | |||
Inventories | (44,523 | ) | (858 | ) | ||||
Other current assets | 47,542 | 11,135 | ||||||
Increase (decrease) in: | ||||||||
Accounts payable | 13,436 | 66,860 | ||||||
Accrued liabilities | (43,971 | ) | 3,741 | |||||
Net changes in components of operating assets and liabilities | $ | (6,689 | ) | $ | (1,468 | ) | ||
Payments of interest and commitment fees were $33.4 million and $18.9 million for the six months ended June 30, 2014 and June 30, 2013, respectively. | ||||||||
At June 30, 2014 and June 30, 2013, we had incurred liabilities for fixed and intangible asset additions totaling $42.1 million and $20.8 million, respectively, that had not been paid at the end of the second quarter, and, therefore, were not included in the caption “Payments to acquire fixed and intangible assets” under Cash Flows from Investing Activities in the Unaudited Condensed Consolidated Statements of Cash Flows. | ||||||||
At June 30, 2014 and June 30, 2013, we had incurred liabilities for other asset additions totaling $0.1 million and $0.2 million, respectively, that had not been paid at the end of the second quarter and, therefore, were not included in the caption "Other, net" under Cash Flows from Investing Activities in the Unaudited Condensed Consolidated Statements of Cash Flows. |
Derivatives
Derivatives | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Derivatives | ' | |||||||||||||||||
13. Derivatives | ||||||||||||||||||
Commodity Derivatives | ||||||||||||||||||
We have exposure to commodity price changes related to our inventory and purchase commitments. We utilize derivative instruments (primarily futures and options contracts traded on the NYMEX) to hedge our exposure to commodity prices, primarily of crude oil, fuel oil and petroleum products. Our decision as to whether to designate derivative instruments as fair value hedges for accounting purposes relates to our expectations of the length of time we expect to have the commodity price exposure and our expectations as to whether the derivative contract will qualify as highly effective under accounting guidance in limiting our exposure to commodity price risk. Most of the petroleum products, including fuel oil that we supply, cannot be hedged with a high degree of effectiveness with derivative contracts available on the NYMEX; therefore, we do not designate derivative contracts utilized to limit our price risk related to these products as hedges for accounting purposes. Typically we utilize crude oil and other petroleum products futures and option contracts to limit our exposure to the effect of fluctuations in petroleum products prices on the future sale of our inventory or commitments to purchase petroleum products, and we recognize any changes in fair value of the derivative contracts as increases or decreases in our cost of sales. The recognition of changes in fair value of the derivative contracts not designated as hedges for accounting purposes can occur in reporting periods that do not coincide with the recognition of gain or loss on the actual transaction being hedged. Therefore we will, on occasion, report gains or losses in one period that will be partially offset by gains or losses in a future period when the hedged transaction is completed. | ||||||||||||||||||
At June 30, 2014, we had the following outstanding derivative commodity contracts that were entered into to economically hedge inventory or fixed price purchase commitments. We had no outstanding derivative contracts that were designated as hedges under accounting rules. | ||||||||||||||||||
Sell (Short) | Buy (Long) | |||||||||||||||||
Contracts | Contracts | |||||||||||||||||
Not qualifying or not designated as hedges under accounting rules: | ||||||||||||||||||
Crude oil futures: | ||||||||||||||||||
Contract volumes (1,000 bbls) | 613 | 132 | ||||||||||||||||
Weighted average contract price per bbl | $ | 104.52 | $ | 105.7 | ||||||||||||||
Diesel futures: | ||||||||||||||||||
Contract volumes (1,000 bbls) | 122 | 2 | ||||||||||||||||
Weighted average contract price per gal | $ | 2.98 | $ | 3.04 | ||||||||||||||
#6 Fuel oil futures: | ||||||||||||||||||
Contract volumes (1,000 bbls) | 470 | — | ||||||||||||||||
Weighted average contract price per bbl | $ | 91.25 | $ | — | ||||||||||||||
Crude oil options: | ||||||||||||||||||
Contract volumes (1,000 bbls) | 155 | — | ||||||||||||||||
Weighted average premium received | $ | 0.97 | $ | — | ||||||||||||||
Diesel options: | ||||||||||||||||||
Contract volumes (1,000 bbls) | 25 | — | ||||||||||||||||
Weighted average premium received | $ | 2.58 | $ | — | ||||||||||||||
Financial Statement Impacts | ||||||||||||||||||
Unrealized gains are subtracted from net income and unrealized losses are added to net income in determining cash flows from operating activities. To the extent that we have fair value hedges outstanding, the offsetting change recorded in the fair value of inventory is also eliminated from net income in determining cash flows from operating activities. Changes in margin deposits necessary to fund unrealized losses also affect cash flows from operating activities. | ||||||||||||||||||
The following tables reflect the estimated fair value gain (loss) position of our derivatives at June 30, 2014 and December 31, 2013: | ||||||||||||||||||
Fair Value of Derivative Assets and Liabilities | ||||||||||||||||||
Unaudited Condensed Consolidated Balance Sheets Location | Fair Value | |||||||||||||||||
June 30, | December 31, | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Asset Derivatives: | ||||||||||||||||||
Commodity derivatives - futures and call options (undesignated hedges): | ||||||||||||||||||
Gross amount of recognized assets | Current Assets - Other | $ | 344 | $ | 615 | |||||||||||||
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other | (344 | ) | (615 | ) | |||||||||||||
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets | $ | — | $ | — | ||||||||||||||
Liability Derivatives: | ||||||||||||||||||
Commodity derivatives - futures and call options (undesignated hedges): | ||||||||||||||||||
Gross amount of recognized liabilities | Current Assets - Other (1) | $ | (2,553 | ) | $ | (4,527 | ) | |||||||||||
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other (1) | 2,553 | 4,527 | |||||||||||||||
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets | $ | — | $ | — | ||||||||||||||
(1) These derivative liabilities have been funded with margin deposits recorded in our Unaudited Condensed Consolidated Balance Sheets under Current Assets - Other. | ||||||||||||||||||
Our accounting policy is to offset derivative assets and liabilities executed with the same counterparty when a master netting arrangement exists. Accordingly, we also offset derivative assets and liabilities with amounts associated with cash margin. Our exchange-traded derivatives are transacted through brokerage accounts and are subject to margin requirements as established by the respective exchange. On a daily basis, our account equity (consisting of the sum of our cash balance and the fair value of our open derivatives) is compared to our initial margin requirement resulting in the payment or return of variation margin. As of June 30, 2014, we had a net broker receivable of approximately $3.5 million (consisting of initial margin of $2.9 million increased by $0.6 million of variation margin). As of December 31, 2013, we had a net broker receivable of approximately $5.3 million (consisting of initial margin of $4.1 million increased by $1.2 million of variation margin). At June 30, 2014 and December 31, 2013, none of our outstanding derivatives contained credit-risk related contingent features that would result in a material adverse impact to us upon any change in our credit ratings. | ||||||||||||||||||
Effect on Operating Results | ||||||||||||||||||
Amount of Gain (Loss) Recognized in Income | ||||||||||||||||||
Unaudited Condensed Consolidated Statements of Operations Location | Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Commodity derivatives - futures and call options: | ||||||||||||||||||
Contracts not considered hedges under accounting guidance | Supply and logistics product costs | $ | 727 | $ | 5,148 | $ | 3,496 | $ | 1,645 | |||||||||
Total commodity derivatives | $ | 727 | $ | 5,148 | $ | 3,496 | $ | 1,645 | ||||||||||
FairValue_Measurements
Fair-Value Measurements | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair-Value Measurements | ' | ||||||||||||||||||||||||
14. Fair-Value Measurements | |||||||||||||||||||||||||
We classify financial assets and liabilities into the following three levels based on the inputs used to measure fair value: | |||||||||||||||||||||||||
-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 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. | ||||||||||||||||||||||||
As required by fair value accounting guidance, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||||||||||
Our assessment of the significance of a particular input to the fair value requires judgment and may affect the placement of assets and liabilities within the fair value hierarchy levels. | |||||||||||||||||||||||||
The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||
Fair Value at | Fair Value at | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Recurring Fair Value Measures | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Commodity derivatives: | |||||||||||||||||||||||||
Assets | $ | 344 | $ | — | $ | — | $ | 615 | $ | — | $ | — | |||||||||||||
Liabilities | $ | (2,553 | ) | $ | — | $ | — | $ | (4,527 | ) | $ | — | $ | — | |||||||||||
Our commodity derivatives include exchange-traded futures and exchange-traded options contracts. The fair value of these exchange-traded derivative contracts is based on unadjusted quoted prices in active markets and is, therefore, included in Level 1 of the fair value hierarchy. | |||||||||||||||||||||||||
See Note 13 for additional information on our derivative instruments. | |||||||||||||||||||||||||
Other Fair Value Measurements | |||||||||||||||||||||||||
We believe the debt outstanding under our credit facility approximates fair value as the stated rate of interest approximates current market rates for similar instruments with comparable maturities. At June 30, 2014, our senior unsecured notes had a carrying value of $1.1 billion and a fair value of $1.1 billion, compared to $0.7 billion and $0.7 billion, respectively, at December 31, 2013. The fair value of the senior unsecured notes is determined based on trade information in the financial markets of our public debt and is considered a Level 2 fair value measurement. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
15. Contingencies | |
We are subject to various environmental laws and regulations. Policies and procedures are in place to monitor compliance and to detect and address any releases of crude oil from our pipelines or other facilities; however, no assurance can be made that such environmental releases may not substantially affect our business. | |
We are subject to lawsuits in the normal course of business and examination by tax and other regulatory authorities. We do not expect such matters presently pending to have a material effect on our financial position, results of operations, or cash flows. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | ' | |||||||||||||||||||||||
Condensed Consolidating Financial Information | ' | |||||||||||||||||||||||
16. Condensed Consolidating Financial Information | ||||||||||||||||||||||||
Our $1.05 billion aggregate principal amount of senior unsecured notes co-issued by Genesis Energy, L.P. and Genesis Energy Finance Corporation are fully and unconditionally guaranteed jointly and severally by all of Genesis Energy, L.P.’s current and future 100% owned domestic subsidiaries, except Genesis Free State Pipeline, LLC, Genesis NEJD Pipeline, LLC and certain other minor subsidiaries. Genesis NEJD Pipeline, LLC is 100% owned by Genesis Energy, L.P., the parent company. The remaining non-guarantor subsidiaries are owned by Genesis Crude Oil, L.P., a guarantor subsidiary. Genesis Energy Finance Corporation has no independent assets or operations. See Note 8 for additional information regarding our consolidated debt obligations. | ||||||||||||||||||||||||
The following is condensed consolidating financial information for Genesis Energy, L.P., the guarantor subsidiaries and the non-guarantor subsidiaries. | ||||||||||||||||||||||||
Unaudited Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||
Genesis | Genesis | Guarantor | Non-Guarantor | Eliminations | Genesis | |||||||||||||||||||
Energy, L.P. | Energy Finance | Subsidiaries | Subsidiaries | Energy, L.P. | ||||||||||||||||||||
(Parent and | Corporation | Consolidated | ||||||||||||||||||||||
Co-Issuer) | (Co-Issuer) | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 10 | $ | — | $ | 13,295 | $ | 1,021 | $ | — | $ | 14,326 | ||||||||||||
Other current assets | 1,369,932 | — | 476,342 | 58,779 | (1,399,608 | ) | 505,445 | |||||||||||||||||
Total current assets | 1,369,942 | — | 489,637 | 59,800 | (1,399,608 | ) | 519,771 | |||||||||||||||||
Fixed assets, at cost | — | — | 1,434,885 | 117,225 | — | 1,552,110 | ||||||||||||||||||
Less: Accumulated depreciation | — | — | (207,927 | ) | (19,911 | ) | — | (227,838 | ) | |||||||||||||||
Net fixed assets | — | — | 1,226,958 | 97,314 | — | 1,324,272 | ||||||||||||||||||
Goodwill | — | — | 325,046 | — | — | 325,046 | ||||||||||||||||||
Other assets, net | 19,047 | — | 241,932 | 149,624 | (156,751 | ) | 253,852 | |||||||||||||||||
Equity investees | — | — | 620,188 | — | — | 620,188 | ||||||||||||||||||
Investments in subsidiaries | 1,217,721 | — | 127,397 | — | (1,345,118 | ) | — | |||||||||||||||||
Total assets | $ | 2,606,710 | $ | — | $ | 3,031,158 | $ | 306,738 | $ | (2,901,477 | ) | $ | 3,043,129 | |||||||||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||||||||||||||||||
Current liabilities | $ | 11,379 | $ | — | $ | 1,780,446 | $ | 20,217 | $ | (1,399,762 | ) | $ | 412,280 | |||||||||||
Senior secured credit facility | 492,200 | — | — | — | — | 492,200 | ||||||||||||||||||
Senior unsecured notes | 1,050,707 | — | — | — | — | 1,050,707 | ||||||||||||||||||
Deferred tax liabilities | — | — | 16,797 | — | — | 16,797 | ||||||||||||||||||
Other liabilities | — | — | 15,028 | 160,271 | (156,578 | ) | 18,721 | |||||||||||||||||
Total liabilities | 1,554,286 | — | 1,812,271 | 180,488 | (1,556,340 | ) | 1,990,705 | |||||||||||||||||
Partners’ capital | 1,052,424 | — | 1,218,887 | 126,250 | (1,345,137 | ) | 1,052,424 | |||||||||||||||||
Total liabilities and partners’ capital | $ | 2,606,710 | $ | — | $ | 3,031,158 | $ | 306,738 | $ | (2,901,477 | ) | $ | 3,043,129 | |||||||||||
Unaudited Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Genesis | Genesis | Guarantor | Non-Guarantor | Eliminations | Genesis | |||||||||||||||||||
Energy, L.P. | Energy Finance | Subsidiaries | Subsidiaries | Energy, L.P. | ||||||||||||||||||||
(Parent and | Corporation | Consolidated | ||||||||||||||||||||||
Co-Issuer) | (Co-Issuer) | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 20 | $ | — | $ | 8,061 | $ | 785 | $ | — | $ | 8,866 | ||||||||||||
Other current assets | 1,133,695 | — | 498,230 | 54,199 | (1,159,767 | ) | 526,357 | |||||||||||||||||
Total current assets | 1,133,715 | — | 506,291 | 54,984 | (1,159,767 | ) | 535,223 | |||||||||||||||||
Fixed assets, at cost | — | — | 1,211,356 | 116,618 | — | 1,327,974 | ||||||||||||||||||
Less: Accumulated depreciation | — | — | (181,905 | ) | (17,325 | ) | — | (199,230 | ) | |||||||||||||||
Net fixed assets | — | — | 1,029,451 | 99,293 | — | 1,128,744 | ||||||||||||||||||
Goodwill | — | — | 325,046 | — | — | 325,046 | ||||||||||||||||||
Other assets, net | 21,432 | — | 238,282 | 152,413 | (159,185 | ) | 252,942 | |||||||||||||||||
Equity investees | — | — | 620,247 | — | — | 620,247 | ||||||||||||||||||
Investments in subsidiaries | 1,236,164 | — | 124,718 | — | (1,360,882 | ) | — | |||||||||||||||||
Total assets | $ | 2,391,311 | $ | — | $ | 2,844,035 | $ | 306,690 | $ | (2,679,834 | ) | $ | 2,862,202 | |||||||||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||||||||||||||||||
Current liabilities | $ | 10,002 | $ | — | $ | 1,576,186 | $ | 19,660 | $ | (1,159,295 | ) | $ | 446,553 | |||||||||||
Senior secured credit facility | 582,800 | — | — | — | — | 582,800 | ||||||||||||||||||
Senior unsecured notes | 700,772 | — | — | — | — | 700,772 | ||||||||||||||||||
Deferred tax liabilities | — | — | 15,944 | — | — | 15,944 | ||||||||||||||||||
Other liabilities | — | — | 14,664 | 162,739 | (159,007 | ) | 18,396 | |||||||||||||||||
Total liabilities | 1,293,574 | — | 1,606,794 | 182,399 | (1,318,302 | ) | 1,764,465 | |||||||||||||||||
Partners’ capital | 1,097,737 | — | 1,237,241 | 124,291 | (1,361,532 | ) | 1,097,737 | |||||||||||||||||
Total liabilities and partners’ capital | $ | 2,391,311 | $ | — | $ | 2,844,035 | $ | 306,690 | $ | (2,679,834 | ) | $ | 2,862,202 | |||||||||||
Unaudited Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||||||
Genesis | Genesis | Guarantor | Non-Guarantor | Eliminations | Genesis | |||||||||||||||||||
Energy, L.P. | Energy Finance | Subsidiaries | Subsidiaries | Energy, L.P. | ||||||||||||||||||||
(Parent and | Corporation | Consolidated | ||||||||||||||||||||||
Co-Issuer) | (Co-Issuer) | |||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Supply and logistics | $ | — | $ | — | $ | 936,331 | $ | 30,551 | $ | (27,826 | ) | $ | 939,056 | |||||||||||
Refinery services | — | — | 51,694 | 4,571 | (3,464 | ) | 52,801 | |||||||||||||||||
Pipeline transportation services | — | — | 16,684 | 6,508 | — | 23,192 | ||||||||||||||||||
Total revenues | — | — | 1,004,709 | 41,630 | (31,290 | ) | 1,015,049 | |||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
Supply and logistics costs | — | — | 906,860 | 30,042 | (27,828 | ) | 909,074 | |||||||||||||||||
Refinery services operating costs | — | — | 30,399 | 4,212 | (3,463 | ) | 31,148 | |||||||||||||||||
Pipeline transportation operating costs | — | — | 7,903 | 480 | — | 8,383 | ||||||||||||||||||
General and administrative | — | — | 14,666 | 30 | — | 14,696 | ||||||||||||||||||
Depreciation and amortization | — | — | 19,181 | 1,310 | — | 20,491 | ||||||||||||||||||
Total costs and expenses | — | — | 979,009 | 36,074 | (31,291 | ) | 983,792 | |||||||||||||||||
OPERATING INCOME | — | — | 25,700 | 5,556 | 1 | 31,257 | ||||||||||||||||||
Equity in earnings of subsidiaries | 35,214 | — | 1,595 | — | (36,809 | ) | — | |||||||||||||||||
Equity in earnings of equity investees | — | — | 4,922 | — | — | 4,922 | ||||||||||||||||||
Interest (expense) income, net | (14,066 | ) | — | 3,932 | (3,935 | ) | — | (14,069 | ) | |||||||||||||||
Income from continuing operations before income taxes | 21,148 | — | 36,149 | 1,621 | (36,808 | ) | 22,110 | |||||||||||||||||
Income tax expense | — | — | (890 | ) | (72 | ) | — | (962 | ) | |||||||||||||||
Income from continuing operations | 21,148 | — | 35,259 | 1,549 | (36,808 | ) | 21,148 | |||||||||||||||||
Income from discontinued operations | — | — | — | — | — | — | ||||||||||||||||||
NET INCOME | $ | 21,148 | $ | — | $ | 35,259 | $ | 1,549 | $ | (36,808 | ) | $ | 21,148 | |||||||||||
Unaudited Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||||
Genesis | Genesis | Guarantor | Non-Guarantor | Eliminations | Genesis | |||||||||||||||||||
Energy, L.P. | Energy Finance | Subsidiaries | Subsidiaries | Energy, L.P. | ||||||||||||||||||||
(Parent and | Corporation | Consolidated | ||||||||||||||||||||||
Co-Issuer) | (Co-Issuer) | |||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Supply and logistics | $ | — | $ | — | $ | 989,591 | $ | 35,124 | $ | (30,034 | ) | $ | 994,681 | |||||||||||
Refinery services | — | — | 51,682 | 3,796 | (4,002 | ) | 51,476 | |||||||||||||||||
Pipeline transportation services | — | — | 15,731 | 6,806 | — | 22,537 | ||||||||||||||||||
Total revenues | — | — | 1,057,004 | 45,726 | (34,036 | ) | 1,068,694 | |||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
Supply and logistics costs | — | — | 965,373 | 33,221 | (30,034 | ) | 968,560 | |||||||||||||||||
Refinery services operating costs | — | — | 32,915 | 3,516 | (3,610 | ) | 32,821 | |||||||||||||||||
Pipeline transportation operating costs | — | — | 6,668 | 477 | — | 7,145 | ||||||||||||||||||
General and administrative | — | — | 11,115 | 27 | — | 11,142 | ||||||||||||||||||
Depreciation and amortization | — | — | 14,755 | 910 | — | 15,665 | ||||||||||||||||||
Total costs and expenses | — | — | 1,030,826 | 38,151 | (33,644 | ) | 1,035,333 | |||||||||||||||||
OPERATING INCOME | — | — | 26,178 | 7,575 | (392 | ) | 33,361 | |||||||||||||||||
Equity in earnings of subsidiaries | 39,133 | — | 3,533 | — | (42,666 | ) | — | |||||||||||||||||
Equity in earnings of equity investees | — | — | 5,623 | — | — | 5,623 | ||||||||||||||||||
Interest (expense) income, net | (12,231 | ) | — | 4,029 | (4,053 | ) | — | (12,255 | ) | |||||||||||||||
Income from continuing operations before income taxes | 26,902 | — | 39,363 | 3,522 | (43,058 | ) | 26,729 | |||||||||||||||||
Income tax expense | — | — | (87 | ) | (30 | ) | — | (117 | ) | |||||||||||||||
Income from continuing operations | 26,902 | — | 39,276 | 3,492 | (43,058 | ) | 26,612 | |||||||||||||||||
Income from discontinued operations | — | — | 290 | — | — | 290 | ||||||||||||||||||
NET INCOME | $ | 26,902 | $ | — | $ | 39,566 | $ | 3,492 | $ | (43,058 | ) | $ | 26,902 | |||||||||||
Unaudited Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||
Genesis | Genesis | Guarantor | Non-Guarantor | Eliminations | Genesis | |||||||||||||||||||
Energy, L.P. | Energy Finance | Subsidiaries | Subsidiaries | Energy, L.P. | ||||||||||||||||||||
(Parent and | Corporation | Consolidated | ||||||||||||||||||||||
Co-Issuer) | (Co-Issuer) | |||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Supply and logistics | $ | — | $ | — | $ | 1,878,368 | $ | 62,762 | $ | (57,468 | ) | $ | 1,883,662 | |||||||||||
Refinery services | — | — | 103,424 | 10,645 | (7,075 | ) | 106,994 | |||||||||||||||||
Pipeline transportation services | — | — | 31,291 | 12,821 | — | 44,112 | ||||||||||||||||||
Total revenues | — | — | 2,013,083 | 86,228 | (64,543 | ) | 2,034,768 | |||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
Supply and logistics costs | — | — | 1,817,980 | 60,916 | (57,468 | ) | 1,821,428 | |||||||||||||||||
Refinery services operating costs | — | — | 61,990 | 10,058 | (7,705 | ) | 64,343 | |||||||||||||||||
Pipeline transportation operating costs | — | — | 14,958 | 903 | — | 15,861 | ||||||||||||||||||
General and administrative | — | — | 26,646 | 60 | — | 26,706 | ||||||||||||||||||
Depreciation and amortization | — | — | 37,176 | 2,595 | — | 39,771 | ||||||||||||||||||
Total costs and expenses | — | — | 1,958,750 | 74,532 | (65,173 | ) | 1,968,109 | |||||||||||||||||
OPERATING INCOME | — | — | 54,333 | 11,696 | 630 | 66,659 | ||||||||||||||||||
Equity in earnings of subsidiaries | 77,793 | — | 3,759 | — | (81,552 | ) | — | |||||||||||||||||
Equity in earnings of equity investees | — | — | 12,740 | — | — | 12,740 | ||||||||||||||||||
Interest (expense) income, net | (26,870 | ) | — | 7,898 | (7,901 | ) | — | (26,873 | ) | |||||||||||||||
Income from continuing operations before income taxes | 50,923 | — | 78,730 | 3,795 | (80,922 | ) | 52,526 | |||||||||||||||||
Income tax expense | — | — | (1,477 | ) | (126 | ) | — | (1,603 | ) | |||||||||||||||
Income from continuing operations | 50,923 | — | 77,253 | 3,669 | (80,922 | ) | 50,923 | |||||||||||||||||
Income from discontinued operations | — | — | — | — | — | — | ||||||||||||||||||
NET INCOME | $ | 50,923 | $ | — | $ | 77,253 | $ | 3,669 | $ | (80,922 | ) | $ | 50,923 | |||||||||||
Unaudited Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||
Genesis | Genesis | Guarantor | Non-Guarantor | Eliminations | Genesis | |||||||||||||||||||
Energy, L.P. | Energy Finance | Subsidiaries | Subsidiaries | Energy, L.P. | ||||||||||||||||||||
(Parent and | Corporation | Consolidated | ||||||||||||||||||||||
Co-Issuer) | (Co-Issuer) | |||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Supply and logistics | $ | — | $ | — | $ | 1,927,674 | $ | 74,069 | $ | (62,517 | ) | $ | 1,939,226 | |||||||||||
Refinery services | — | — | 99,449 | 9,359 | (7,848 | ) | 100,960 | |||||||||||||||||
Pipeline transportation services | — | — | 29,857 | 13,459 | — | 43,316 | ||||||||||||||||||
Total revenues | — | — | 2,056,980 | 96,887 | (70,365 | ) | 2,083,502 | |||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
Supply and logistics costs | — | — | 1,882,181 | 67,512 | (62,517 | ) | 1,887,176 | |||||||||||||||||
Refinery services operating costs | — | — | 64,082 | 8,798 | (7,616 | ) | 65,264 | |||||||||||||||||
Pipeline transportation operating costs | — | — | 13,422 | 807 | — | 14,229 | ||||||||||||||||||
General and administrative | — | — | 22,693 | 60 | — | 22,753 | ||||||||||||||||||
Depreciation and amortization | — | — | 28,902 | 1,812 | — | 30,714 | ||||||||||||||||||
Total costs and expenses | — | — | 2,011,280 | 78,989 | (70,133 | ) | 2,020,136 | |||||||||||||||||
OPERATING INCOME | — | — | 45,700 | 17,898 | (232 | ) | 63,366 | |||||||||||||||||
Equity in earnings of subsidiaries | 73,385 | — | 9,771 | — | (83,156 | ) | — | |||||||||||||||||
Equity in earnings of equity investees | — | — | 9,559 | — | — | 9,559 | ||||||||||||||||||
Interest (expense) income, net | (23,637 | ) | — | 8,076 | (8,135 | ) | — | (23,696 | ) | |||||||||||||||
Income from continuing operations before income taxes | 49,748 | — | 73,106 | 9,763 | (83,388 | ) | 49,229 | |||||||||||||||||
Income tax benefit (expense) | — | — | 170 | (84 | ) | — | 86 | |||||||||||||||||
Income from continuing operations | 49,748 | — | 73,276 | 9,679 | (83,388 | ) | 49,315 | |||||||||||||||||
Income from discontinued operations | — | — | 433 | — | — | 433 | ||||||||||||||||||
NET INCOME | $ | 49,748 | $ | — | $ | 73,709 | $ | 9,679 | $ | (83,388 | ) | $ | 49,748 | |||||||||||
Unaudited Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||
Genesis | Genesis | Guarantor | Non-Guarantor | Eliminations | Genesis | |||||||||||||||||||
Energy, L.P. | Energy Finance | Subsidiaries | Subsidiaries | Energy, L.P. | ||||||||||||||||||||
(Parent and | Corporation | Consolidated | ||||||||||||||||||||||
Co-Issuer) | (Co-Issuer) | |||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (175,807 | ) | $ | — | $ | 350,596 | $ | 5,007 | $ | (74,599 | ) | $ | 105,197 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Payments to acquire fixed and intangible assets | — | — | (240,385 | ) | (609 | ) | — | (240,994 | ) | |||||||||||||||
Cash distributions received from equity investees - return of investment | 23,385 | — | 6,173 | — | (23,385 | ) | 6,173 | |||||||||||||||||
Investments in equity investees | — | — | (14,826 | ) | — | — | (14,826 | ) | ||||||||||||||||
Repayments on loan to non-guarantor subsidiary | — | — | 2,433 | — | (2,433 | ) | — | |||||||||||||||||
Proceeds from asset sales | — | — | 133 | — | — | 133 | ||||||||||||||||||
Other, net | — | — | (2,635 | ) | — | — | (2,635 | ) | ||||||||||||||||
Net cash provided by (used) in investing activities | 23,385 | — | (249,107 | ) | (609 | ) | (25,818 | ) | (252,149 | ) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings on senior secured credit facility | 1,181,200 | — | — | — | — | 1,181,200 | ||||||||||||||||||
Repayments on senior secured credit facility | (1,271,800 | ) | — | — | — | — | (1,271,800 | ) | ||||||||||||||||
Proceeds from issuance of senior unsecured notes | 350,000 | — | — | — | — | 350,000 | ||||||||||||||||||
Debt issuance costs | (10,752 | ) | — | — | — | — | (10,752 | ) | ||||||||||||||||
Distributions to partners/owners | (96,236 | ) | — | (96,236 | ) | (1,768 | ) | 98,004 | (96,236 | ) | ||||||||||||||
Other, net | — | — | (19 | ) | (2,394 | ) | 2,413 | — | ||||||||||||||||
Net cash provided by (used in) financing activities | 152,412 | — | (96,255 | ) | (4,162 | ) | 100,417 | 152,412 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (10 | ) | — | 5,234 | 236 | — | 5,460 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 20 | — | 8,061 | 785 | — | 8,866 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | 10 | $ | — | $ | 13,295 | $ | 1,021 | $ | — | $ | 14,326 | ||||||||||||
Unaudited Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||
Genesis | Genesis | Guarantor | Non-Guarantor | Eliminations | Genesis | |||||||||||||||||||
Energy, L.P. | Energy Finance | Subsidiaries | Subsidiaries | Energy, L.P. | ||||||||||||||||||||
(Parent and | Corporation | Consolidated | ||||||||||||||||||||||
Co-Issuer) | (Co-Issuer) | |||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (86,739 | ) | $ | — | $ | 245,918 | $ | 17,342 | $ | (80,735 | ) | $ | 95,786 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Payments to acquire fixed and intangible assets | — | — | (98,050 | ) | (9,116 | ) | — | (107,166 | ) | |||||||||||||||
Cash distributions received from equity investees - return of investment | 5,585 | — | 5,539 | — | (5,585 | ) | 5,539 | |||||||||||||||||
Investments in equity investees | — | — | (66,207 | ) | — | — | (66,207 | ) | ||||||||||||||||
Repayments on loan to non-guarantor subsidiary | — | — | 2,199 | — | (2,199 | ) | — | |||||||||||||||||
Proceeds from asset sales | — | — | 626 | — | — | 626 | ||||||||||||||||||
Other, net | — | — | 171 | — | — | 171 | ||||||||||||||||||
Net cash used in investing activities | 5,585 | — | (155,722 | ) | (9,116 | ) | (7,784 | ) | (167,037 | ) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings on senior secured credit facility | 668,500 | — | — | — | — | 668,500 | ||||||||||||||||||
Repayments on senior secured credit facility | (849,400 | ) | — | — | — | — | (849,400 | ) | ||||||||||||||||
Proceeds from issuance of senior unsecured notes | 350,000 | — | — | — | — | 350,000 | ||||||||||||||||||
Debt issuance costs | (8,157 | ) | — | — | — | — | (8,157 | ) | ||||||||||||||||
Distributions to partners/owners | (79,795 | ) | — | (79,795 | ) | (6,545 | ) | 86,340 | (79,795 | ) | ||||||||||||||
Other, net | — | — | (3,382 | ) | (1,308 | ) | 2,179 | (2,511 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | 81,148 | — | (83,177 | ) | (7,853 | ) | 88,519 | 78,637 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (6 | ) | — | 7,019 | 373 | — | 7,386 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 10 | — | 11,214 | 58 | — | 11,282 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | 4 | $ | — | $ | 18,233 | $ | 431 | $ | — | $ | 18,668 | ||||||||||||
Acquisition_Tables
Acquisition (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Business Combinations [Abstract] | ' | |||||||
SelectedFinancialInformation [Table Text Block] | ' | |||||||
The following table presents selected unaudited financial information of our offshore marine transportation business included in our Unaudited Condensed Consolidated Statement of Operations for the periods presented: | ||||||||
Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | |||||||
Revenues | $ | 23,591 | $ | 48,475 | ||||
Net income | $ | 6,293 | $ | 12,824 | ||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | |||||||
The table below presents selected unaudited pro forma financial information incorporating the historical results of our offshore marine transportation business. The pro forma financial information below has been prepared as if the acquisition had been completed on January 1, 2012 and is based upon assumptions deemed appropriate by us and may not be indicative of actual results. Depreciation expense for the fixed assets acquired is calculated on a straight-line basis over an estimated useful life of approximately 25 years. | ||||||||
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | |||||||
Pro forma earnings data: | ||||||||
Revenues | $ | 1,085,206 | $ | 2,115,004 | ||||
Net income | $ | 31,351 | $ | 57,486 | ||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||
The summarized operating results of our discontinued operations are as follows: | ||||||||
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | |||||||
Revenues | $ | 144,962 | $ | 277,368 | ||||
Cost and expenses | 144,672 | 276,936 | ||||||
Operating income | 290 | 432 | ||||||
Interest income | — | 1 | ||||||
Income from discontinued operations | $ | 290 | $ | 433 | ||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule Of Major Components Of Inventories | ' | |||||||
The major components of inventories were as follows: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Petroleum products | $ | 99,242 | $ | 71,373 | ||||
Crude oil | 21,093 | 5,380 | ||||||
Caustic soda | 3,536 | 2,679 | ||||||
NaHS | 5,978 | 5,845 | ||||||
Other | 3 | 53 | ||||||
Total | $ | 129,852 | $ | 85,330 | ||||
Fixed_Assets_Tables
Fixed Assets (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fixed Assets And Asset Retirement Obligations [Abstract] | ' | |||||||||||||||
Schedule Of Fixed Assets | ' | |||||||||||||||
Fixed assets consisted of the following: | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Pipelines and related assets | $ | 421,319 | $ | 338,920 | ||||||||||||
Machinery and equipment | 260,457 | 173,092 | ||||||||||||||
Transportation equipment | 18,535 | 19,140 | ||||||||||||||
Marine vessels | 585,933 | 554,679 | ||||||||||||||
Land, buildings and improvements | 31,912 | 30,170 | ||||||||||||||
Office equipment, furniture and fixtures | 5,537 | 5,633 | ||||||||||||||
Construction in progress | 195,712 | 183,037 | ||||||||||||||
Other | 32,705 | 23,303 | ||||||||||||||
Fixed assets, at cost | 1,552,110 | 1,327,974 | ||||||||||||||
Less: Accumulated depreciation | (227,838 | ) | (199,230 | ) | ||||||||||||
Net fixed assets | $ | 1,324,272 | $ | 1,128,744 | ||||||||||||
Depreciation Expense | ' | |||||||||||||||
Our depreciation expense for the periods presented was as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Depreciation expense | $ | 16,409 | $ | 11,067 | $ | 31,686 | $ | 21,558 | ||||||||
Equity_Investees_Tables
Equity Investees (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Consolidated Financial Statements Related To Equity Investees | ' | |||||||||||||||
The following table presents information included in our Unaudited Condensed Consolidated Financial Statements related to our equity investees. | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Genesis’ share of operating earnings | $ | 7,505 | $ | 8,221 | $ | 17,906 | $ | 14,871 | ||||||||
Amortization of excess purchase price | (2,583 | ) | (2,598 | ) | (5,166 | ) | (5,312 | ) | ||||||||
Net equity in earnings | $ | 4,922 | $ | 5,623 | $ | 12,740 | $ | 9,559 | ||||||||
Distributions received | $ | 15,045 | $ | 11,384 | $ | 27,625 | $ | 21,014 | ||||||||
Schedule Of Balance Sheet Information For Equity Investees | ' | |||||||||||||||
The following tables present the combined unaudited balance sheet and income statement information (on a 100% basis) of our equity investees: | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
BALANCE SHEET DATA: | ||||||||||||||||
Assets | ||||||||||||||||
Current assets | $ | 77,714 | $ | 70,921 | ||||||||||||
Fixed assets, net | 1,034,909 | 1,028,808 | ||||||||||||||
Other assets | 6,594 | 6,823 | ||||||||||||||
Total assets | $ | 1,119,217 | $ | 1,106,552 | ||||||||||||
Liabilities and equity | ||||||||||||||||
Current liabilities | $ | 71,745 | $ | 55,918 | ||||||||||||
Other liabilities | 198,596 | 190,578 | ||||||||||||||
Equity | 848,876 | 860,056 | ||||||||||||||
Total liabilities and equity | $ | 1,119,217 | $ | 1,106,552 | ||||||||||||
Schedule Of Operations For Equity Investees | ' | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
INCOME STATEMENT DATA: | ||||||||||||||||
Revenues | $ | 46,440 | $ | 45,528 | $ | 96,264 | $ | 86,268 | ||||||||
Operating income | $ | 22,628 | $ | 26,427 | $ | 53,103 | $ | 47,527 | ||||||||
Net income | $ | 21,815 | $ | 25,748 | $ | 51,521 | $ | 46,203 | ||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Components Of Intangible Assets | ' | |||||||||||||||||||||||
The following table summarizes the components of our intangible assets at the dates indicated: | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Gross | Accumulated | Carrying | Gross | Accumulated | Carrying | |||||||||||||||||||
Carrying | Amortization | Value | Carrying | Amortization | Value | |||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Refinery Services: | ||||||||||||||||||||||||
Customer relationships | $ | 94,654 | $ | 79,082 | $ | 15,572 | $ | 94,654 | $ | 76,283 | $ | 18,371 | ||||||||||||
Licensing agreements | 38,678 | 27,519 | 11,159 | 38,678 | 26,055 | 12,623 | ||||||||||||||||||
Segment total | 133,332 | 106,601 | 26,731 | 133,332 | 102,338 | 30,994 | ||||||||||||||||||
Supply & Logistics: | ||||||||||||||||||||||||
Customer relationships | 35,430 | 29,398 | 6,032 | 35,430 | 28,568 | 6,862 | ||||||||||||||||||
Intangibles associated with lease | 13,260 | 3,275 | 9,985 | 13,260 | 3,039 | 10,221 | ||||||||||||||||||
Segment total | 48,690 | 32,673 | 16,017 | 48,690 | 31,607 | 17,083 | ||||||||||||||||||
Other | 21,714 | 7,469 | 14,245 | 21,356 | 6,505 | 14,851 | ||||||||||||||||||
Total | $ | 203,736 | $ | 146,743 | $ | 56,993 | $ | 203,378 | $ | 140,450 | $ | 62,928 | ||||||||||||
Amortization Expense | ' | |||||||||||||||||||||||
Our amortization expense for the periods presented was as follows: | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Amortization expense | $ | 3,147 | $ | 3,609 | $ | 6,292 | $ | 7,236 | ||||||||||||||||
Schedule of Expected Amortization Expense | ' | |||||||||||||||||||||||
We estimate that our amortization expense for the next five years will be as follows: | ||||||||||||||||||||||||
Remainder of | 2014 | $ | 6,317 | |||||||||||||||||||||
2015 | $ | 10,814 | ||||||||||||||||||||||
2016 | $ | 9,352 | ||||||||||||||||||||||
2017 | $ | 8,189 | ||||||||||||||||||||||
2018 | $ | 7,268 | ||||||||||||||||||||||
Debt_Tables
Debt (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule Of Obligations Under Debt Arrangements | ' | |||||||
Our obligations under debt arrangements consisted of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Senior secured credit facility | $ | 492,200 | $ | 582,800 | ||||
7.875% senior unsecured notes (including unamortized premium of $707 and $772 in 2014 and 2013, respectively) | 350,707 | 350,772 | ||||||
5.750% senior unsecured notes | 350,000 | 350,000 | ||||||
5.625% senior unsecured notes | 350,000 | — | ||||||
Total long-term debt | $ | 1,542,907 | $ | 1,283,572 | ||||
Partners_Capital_And_Distribut1
Partners' Capital And Distributions Partners' Capital And Distributions (Tables) | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Partners' Capital and Distributions [Abstract] | ' | ||||||||||
Distributions Made to Limited Partner, by Distribution [Table Text Block] | ' | ||||||||||
We paid or will pay the following distributions in 2013 and 2014: | |||||||||||
Distribution For | Date Paid | Per Unit | Total | ||||||||
Amount | Amount | ||||||||||
2013 | |||||||||||
1st Quarter | May 15, 2013 | $ | 0.4975 | $ | 40,405 | ||||||
2nd Quarter | August 14, 2013 | $ | 0.51 | $ | 42,302 | ||||||
3rd Quarter | November 14, 2013 | $ | 0.5225 | $ | 46,344 | ||||||
4th Quarter | February 14, 2014 | $ | 0.535 | $ | 47,453 | ||||||
2014 | |||||||||||
1st Quarter | May 15, 2014 | $ | 0.55 | $ | 48,783 | ||||||
2nd Quarter | August 14, 2014 | (1) | $ | 0.565 | $ | 50,114 | |||||
(1) This distribution will be paid to unitholders of record as of August 1, 2014. |
Business_Segment_Information_T
Business Segment Information (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting Information [Line Items] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||
Segment information for the periods presented below was as follows: | ||||||||||||||||
Pipeline | Refinery | Supply & | Total | |||||||||||||
Transportation | Services | Logistics | ||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||
Segment margin (a) | $ | 27,966 | $ | 21,627 | $ | 33,088 | $ | 82,681 | ||||||||
Capital expenditures (b) | $ | 7,037 | $ | 597 | $ | 132,490 | $ | 140,124 | ||||||||
Revenues: | ||||||||||||||||
External customers | $ | 19,758 | $ | 55,552 | $ | 939,739 | $ | 1,015,049 | ||||||||
Intersegment (c) | 3,434 | (2,751 | ) | (683 | ) | — | ||||||||||
Total revenues of reportable segments | $ | 23,192 | $ | 52,801 | $ | 939,056 | $ | 1,015,049 | ||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||
Segment margin (a) | $ | 26,456 | $ | 18,696 | $ | 25,290 | $ | 70,442 | ||||||||
Capital expenditures (b) | $ | 37,556 | $ | 1,312 | $ | 38,448 | $ | 77,316 | ||||||||
Revenues: | ||||||||||||||||
External customers | $ | 19,180 | $ | 54,288 | $ | 995,226 | $ | 1,068,694 | ||||||||
Intersegment (c) | 3,357 | (2,812 | ) | (545 | ) | — | ||||||||||
Total revenues of reportable segments | $ | 22,537 | $ | 51,476 | $ | 994,681 | $ | 1,068,694 | ||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||
Segment Margin (a) | $ | 56,058 | $ | 42,499 | $ | 61,475 | $ | 160,032 | ||||||||
Capital expenditures (b) | $ | 41,317 | $ | 899 | $ | 200,686 | $ | 242,902 | ||||||||
Revenues: | ||||||||||||||||
External customers | $ | 36,208 | $ | 112,659 | $ | 1,885,901 | $ | 2,034,768 | ||||||||
Intersegment (c) | 7,904 | (5,665 | ) | (2,239 | ) | — | ||||||||||
Total revenues of reportable segments | $ | 44,112 | $ | 106,994 | $ | 1,883,662 | $ | 2,034,768 | ||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||
Segment Margin (a) | $ | 51,652 | $ | 36,661 | $ | 54,194 | $ | 142,507 | ||||||||
Capital expenditures (b) | $ | 121,408 | $ | 1,664 | $ | 56,059 | $ | 179,131 | ||||||||
Revenues: | ||||||||||||||||
External customers | $ | 36,485 | $ | 106,467 | $ | 1,940,550 | $ | 2,083,502 | ||||||||
Intersegment (c) | 6,831 | (5,507 | ) | (1,324 | ) | — | ||||||||||
Total revenues of reportable segments | $ | 43,316 | $ | 100,960 | $ | 1,939,226 | $ | 2,083,502 | ||||||||
Total assets by reportable segment were as follows: | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Pipeline transportation | $ | 1,092,842 | $ | 1,075,235 | ||||||||||||
Refinery services | 408,304 | 417,121 | ||||||||||||||
Supply and logistics | 1,472,703 | 1,312,461 | ||||||||||||||
Other assets | 69,280 | 57,385 | ||||||||||||||
Total consolidated assets | $ | 3,043,129 | $ | 2,862,202 | ||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | ' | |||||||||||||||
(a) | A reconciliation of Segment Margin to income from continuing operations for the periods presented is as follows: | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Segment Margin | $ | 82,681 | $ | 70,442 | $ | 160,032 | $ | 142,507 | ||||||||
Corporate general and administrative expenses | (13,789 | ) | (10,305 | ) | (24,850 | ) | (21,142 | ) | ||||||||
Depreciation and amortization | (20,491 | ) | (15,665 | ) | (39,771 | ) | (30,714 | ) | ||||||||
Interest expense | (14,069 | ) | (12,255 | ) | (26,873 | ) | (23,696 | ) | ||||||||
Distributable cash from equity investees in excess of equity in earnings | (7,808 | ) | (4,891 | ) | (13,585 | ) | (11,455 | ) | ||||||||
Non-cash items not included in Segment Margin | (3,043 | ) | 960 | 282 | (3,335 | ) | ||||||||||
Cash payments from direct financing leases in excess of earnings | (1,371 | ) | (1,263 | ) | (2,709 | ) | (2,495 | ) | ||||||||
Income tax (expense) benefit | (962 | ) | (117 | ) | (1,603 | ) | 86 | |||||||||
Discontinued operations | — | (294 | ) | — | (441 | ) | ||||||||||
Income from continuing operations | $ | 21,148 | $ | 26,612 | $ | 50,923 | $ | 49,315 | ||||||||
Transactions_With_Related_Part1
Transactions With Related Parties (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Schedule Of Transactions With Related Parties | ' | |||||||||||||||
Sales, purchases and other transactions with affiliated companies, in the opinion of management, are conducted under terms no more or less favorable than then-existing market conditions. The transactions with related parties were as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues: | ||||||||||||||||
Sales of CO2 to Sandhill Group, LLC (1) | $ | 713 | $ | 808 | $ | 1,368 | $ | 1,481 | ||||||||
Petroleum products sales to Davison family businesses(2) | — | 289 | — | 644 | ||||||||||||
Costs and expenses: | ||||||||||||||||
Amounts paid to our CEO in connection with the use of his aircraft | $ | 150 | $ | 150 | $ | 300 | $ | 300 | ||||||||
-1 | We own a 50% interest in Sandhill Group, LLC. | |||||||||||||||
-2 | Amounts included in discontinued operations for all periods presented. |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Net Changes In Components Of Operating Assets And Liabilities | ' | |||||||
The following table provides information regarding the net changes in components of operating assets and liabilities. | ||||||||
Six Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
(Increase) decrease in: | ||||||||
Accounts receivable | $ | 20,827 | $ | (82,346 | ) | |||
Inventories | (44,523 | ) | (858 | ) | ||||
Other current assets | 47,542 | 11,135 | ||||||
Increase (decrease) in: | ||||||||
Accounts payable | 13,436 | 66,860 | ||||||
Accrued liabilities | (43,971 | ) | 3,741 | |||||
Net changes in components of operating assets and liabilities | $ | (6,689 | ) | $ | (1,468 | ) |
Derivatives_Tables
Derivatives (Tables) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Schedule Of Outstanding Derivatives Entered Into To Hedge Inventory Or Fixed Price Purchase Commitments | ' | |||||||||||||||||
At June 30, 2014, we had the following outstanding derivative commodity contracts that were entered into to economically hedge inventory or fixed price purchase commitments. We had no outstanding derivative contracts that were designated as hedges under accounting rules. | ||||||||||||||||||
Sell (Short) | Buy (Long) | |||||||||||||||||
Contracts | Contracts | |||||||||||||||||
Not qualifying or not designated as hedges under accounting rules: | ||||||||||||||||||
Crude oil futures: | ||||||||||||||||||
Contract volumes (1,000 bbls) | 613 | 132 | ||||||||||||||||
Weighted average contract price per bbl | $ | 104.52 | $ | 105.7 | ||||||||||||||
Diesel futures: | ||||||||||||||||||
Contract volumes (1,000 bbls) | 122 | 2 | ||||||||||||||||
Weighted average contract price per gal | $ | 2.98 | $ | 3.04 | ||||||||||||||
#6 Fuel oil futures: | ||||||||||||||||||
Contract volumes (1,000 bbls) | 470 | — | ||||||||||||||||
Weighted average contract price per bbl | $ | 91.25 | $ | — | ||||||||||||||
Crude oil options: | ||||||||||||||||||
Contract volumes (1,000 bbls) | 155 | — | ||||||||||||||||
Weighted average premium received | $ | 0.97 | $ | — | ||||||||||||||
Diesel options: | ||||||||||||||||||
Contract volumes (1,000 bbls) | 25 | — | ||||||||||||||||
Weighted average premium received | $ | 2.58 | $ | — | ||||||||||||||
Schedule Of Fair Value Of Derivative Assets And Liabilities | ' | |||||||||||||||||
The following tables reflect the estimated fair value gain (loss) position of our derivatives at June 30, 2014 and December 31, 2013: | ||||||||||||||||||
Fair Value of Derivative Assets and Liabilities | ||||||||||||||||||
Unaudited Condensed Consolidated Balance Sheets Location | Fair Value | |||||||||||||||||
June 30, | December 31, | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Asset Derivatives: | ||||||||||||||||||
Commodity derivatives - futures and call options (undesignated hedges): | ||||||||||||||||||
Gross amount of recognized assets | Current Assets - Other | $ | 344 | $ | 615 | |||||||||||||
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other | (344 | ) | (615 | ) | |||||||||||||
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets | $ | — | $ | — | ||||||||||||||
Liability Derivatives: | ||||||||||||||||||
Commodity derivatives - futures and call options (undesignated hedges): | ||||||||||||||||||
Gross amount of recognized liabilities | Current Assets - Other (1) | $ | (2,553 | ) | $ | (4,527 | ) | |||||||||||
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other (1) | 2,553 | 4,527 | |||||||||||||||
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets | $ | — | $ | — | ||||||||||||||
(1) These derivative liabilities have been funded with margin deposits recorded in our Unaudited Condensed Consolidated Balance Sheets under Current Assets - Other. | ||||||||||||||||||
Schedule Of Effect On Operating Results | ' | |||||||||||||||||
Effect on Operating Results | ||||||||||||||||||
Amount of Gain (Loss) Recognized in Income | ||||||||||||||||||
Unaudited Condensed Consolidated Statements of Operations Location | Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Commodity derivatives - futures and call options: | ||||||||||||||||||
Contracts not considered hedges under accounting guidance | Supply and logistics product costs | $ | 727 | $ | 5,148 | $ | 3,496 | $ | 1,645 | |||||||||
Total commodity derivatives | $ | 727 | $ | 5,148 | $ | 3,496 | $ | 1,645 | ||||||||||
FairValue_Measurements_Tables
Fair-Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Placement Of Assets And Liabilities Within The Fair Value Hierarchy Levels | ' | ||||||||||||||||||||||||
The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||
Fair Value at | Fair Value at | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Recurring Fair Value Measures | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Commodity derivatives: | |||||||||||||||||||||||||
Assets | $ | 344 | $ | — | $ | — | $ | 615 | $ | — | $ | — | |||||||||||||
Liabilities | $ | (2,553 | ) | $ | — | $ | — | $ | (4,527 | ) | $ | — | $ | — | |||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | ' | |||||||||||||||||||||||
Condensed Consolidating Financial Statements | ' | |||||||||||||||||||||||
The following is condensed consolidating financial information for Genesis Energy, L.P., the guarantor subsidiaries and the non-guarantor subsidiaries. | ||||||||||||||||||||||||
Unaudited Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||
Genesis | Genesis | Guarantor | Non-Guarantor | Eliminations | Genesis | |||||||||||||||||||
Energy, L.P. | Energy Finance | Subsidiaries | Subsidiaries | Energy, L.P. | ||||||||||||||||||||
(Parent and | Corporation | Consolidated | ||||||||||||||||||||||
Co-Issuer) | (Co-Issuer) | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 10 | $ | — | $ | 13,295 | $ | 1,021 | $ | — | $ | 14,326 | ||||||||||||
Other current assets | 1,369,932 | — | 476,342 | 58,779 | (1,399,608 | ) | 505,445 | |||||||||||||||||
Total current assets | 1,369,942 | — | 489,637 | 59,800 | (1,399,608 | ) | 519,771 | |||||||||||||||||
Fixed assets, at cost | — | — | 1,434,885 | 117,225 | — | 1,552,110 | ||||||||||||||||||
Less: Accumulated depreciation | — | — | (207,927 | ) | (19,911 | ) | — | (227,838 | ) | |||||||||||||||
Net fixed assets | — | — | 1,226,958 | 97,314 | — | 1,324,272 | ||||||||||||||||||
Goodwill | — | — | 325,046 | — | — | 325,046 | ||||||||||||||||||
Other assets, net | 19,047 | — | 241,932 | 149,624 | (156,751 | ) | 253,852 | |||||||||||||||||
Equity investees | — | — | 620,188 | — | — | 620,188 | ||||||||||||||||||
Investments in subsidiaries | 1,217,721 | — | 127,397 | — | (1,345,118 | ) | — | |||||||||||||||||
Total assets | $ | 2,606,710 | $ | — | $ | 3,031,158 | $ | 306,738 | $ | (2,901,477 | ) | $ | 3,043,129 | |||||||||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||||||||||||||||||
Current liabilities | $ | 11,379 | $ | — | $ | 1,780,446 | $ | 20,217 | $ | (1,399,762 | ) | $ | 412,280 | |||||||||||
Senior secured credit facility | 492,200 | — | — | — | — | 492,200 | ||||||||||||||||||
Senior unsecured notes | 1,050,707 | — | — | — | — | 1,050,707 | ||||||||||||||||||
Deferred tax liabilities | — | — | 16,797 | — | — | 16,797 | ||||||||||||||||||
Other liabilities | — | — | 15,028 | 160,271 | (156,578 | ) | 18,721 | |||||||||||||||||
Total liabilities | 1,554,286 | — | 1,812,271 | 180,488 | (1,556,340 | ) | 1,990,705 | |||||||||||||||||
Partners’ capital | 1,052,424 | — | 1,218,887 | 126,250 | (1,345,137 | ) | 1,052,424 | |||||||||||||||||
Total liabilities and partners’ capital | $ | 2,606,710 | $ | — | $ | 3,031,158 | $ | 306,738 | $ | (2,901,477 | ) | $ | 3,043,129 | |||||||||||
Unaudited Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Genesis | Genesis | Guarantor | Non-Guarantor | Eliminations | Genesis | |||||||||||||||||||
Energy, L.P. | Energy Finance | Subsidiaries | Subsidiaries | Energy, L.P. | ||||||||||||||||||||
(Parent and | Corporation | Consolidated | ||||||||||||||||||||||
Co-Issuer) | (Co-Issuer) | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 20 | $ | — | $ | 8,061 | $ | 785 | $ | — | $ | 8,866 | ||||||||||||
Other current assets | 1,133,695 | — | 498,230 | 54,199 | (1,159,767 | ) | 526,357 | |||||||||||||||||
Total current assets | 1,133,715 | — | 506,291 | 54,984 | (1,159,767 | ) | 535,223 | |||||||||||||||||
Fixed assets, at cost | — | — | 1,211,356 | 116,618 | — | 1,327,974 | ||||||||||||||||||
Less: Accumulated depreciation | — | — | (181,905 | ) | (17,325 | ) | — | (199,230 | ) | |||||||||||||||
Net fixed assets | — | — | 1,029,451 | 99,293 | — | 1,128,744 | ||||||||||||||||||
Goodwill | — | — | 325,046 | — | — | 325,046 | ||||||||||||||||||
Other assets, net | 21,432 | — | 238,282 | 152,413 | (159,185 | ) | 252,942 | |||||||||||||||||
Equity investees | — | — | 620,247 | — | — | 620,247 | ||||||||||||||||||
Investments in subsidiaries | 1,236,164 | — | 124,718 | — | (1,360,882 | ) | — | |||||||||||||||||
Total assets | $ | 2,391,311 | $ | — | $ | 2,844,035 | $ | 306,690 | $ | (2,679,834 | ) | $ | 2,862,202 | |||||||||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||||||||||||||||||
Current liabilities | $ | 10,002 | $ | — | $ | 1,576,186 | $ | 19,660 | $ | (1,159,295 | ) | $ | 446,553 | |||||||||||
Senior secured credit facility | 582,800 | — | — | — | — | 582,800 | ||||||||||||||||||
Senior unsecured notes | 700,772 | — | — | — | — | 700,772 | ||||||||||||||||||
Deferred tax liabilities | — | — | 15,944 | — | — | 15,944 | ||||||||||||||||||
Other liabilities | — | — | 14,664 | 162,739 | (159,007 | ) | 18,396 | |||||||||||||||||
Total liabilities | 1,293,574 | — | 1,606,794 | 182,399 | (1,318,302 | ) | 1,764,465 | |||||||||||||||||
Partners’ capital | 1,097,737 | — | 1,237,241 | 124,291 | (1,361,532 | ) | 1,097,737 | |||||||||||||||||
Total liabilities and partners’ capital | $ | 2,391,311 | $ | — | $ | 2,844,035 | $ | 306,690 | $ | (2,679,834 | ) | $ | 2,862,202 | |||||||||||
Unaudited Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||||||
Genesis | Genesis | Guarantor | Non-Guarantor | Eliminations | Genesis | |||||||||||||||||||
Energy, L.P. | Energy Finance | Subsidiaries | Subsidiaries | Energy, L.P. | ||||||||||||||||||||
(Parent and | Corporation | Consolidated | ||||||||||||||||||||||
Co-Issuer) | (Co-Issuer) | |||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Supply and logistics | $ | — | $ | — | $ | 936,331 | $ | 30,551 | $ | (27,826 | ) | $ | 939,056 | |||||||||||
Refinery services | — | — | 51,694 | 4,571 | (3,464 | ) | 52,801 | |||||||||||||||||
Pipeline transportation services | — | — | 16,684 | 6,508 | — | 23,192 | ||||||||||||||||||
Total revenues | — | — | 1,004,709 | 41,630 | (31,290 | ) | 1,015,049 | |||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
Supply and logistics costs | — | — | 906,860 | 30,042 | (27,828 | ) | 909,074 | |||||||||||||||||
Refinery services operating costs | — | — | 30,399 | 4,212 | (3,463 | ) | 31,148 | |||||||||||||||||
Pipeline transportation operating costs | — | — | 7,903 | 480 | — | 8,383 | ||||||||||||||||||
General and administrative | — | — | 14,666 | 30 | — | 14,696 | ||||||||||||||||||
Depreciation and amortization | — | — | 19,181 | 1,310 | — | 20,491 | ||||||||||||||||||
Total costs and expenses | — | — | 979,009 | 36,074 | (31,291 | ) | 983,792 | |||||||||||||||||
OPERATING INCOME | — | — | 25,700 | 5,556 | 1 | 31,257 | ||||||||||||||||||
Equity in earnings of subsidiaries | 35,214 | — | 1,595 | — | (36,809 | ) | — | |||||||||||||||||
Equity in earnings of equity investees | — | — | 4,922 | — | — | 4,922 | ||||||||||||||||||
Interest (expense) income, net | (14,066 | ) | — | 3,932 | (3,935 | ) | — | (14,069 | ) | |||||||||||||||
Income from continuing operations before income taxes | 21,148 | — | 36,149 | 1,621 | (36,808 | ) | 22,110 | |||||||||||||||||
Income tax expense | — | — | (890 | ) | (72 | ) | — | (962 | ) | |||||||||||||||
Income from continuing operations | 21,148 | — | 35,259 | 1,549 | (36,808 | ) | 21,148 | |||||||||||||||||
Income from discontinued operations | — | — | — | — | — | — | ||||||||||||||||||
NET INCOME | $ | 21,148 | $ | — | $ | 35,259 | $ | 1,549 | $ | (36,808 | ) | $ | 21,148 | |||||||||||
Unaudited Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||||
Genesis | Genesis | Guarantor | Non-Guarantor | Eliminations | Genesis | |||||||||||||||||||
Energy, L.P. | Energy Finance | Subsidiaries | Subsidiaries | Energy, L.P. | ||||||||||||||||||||
(Parent and | Corporation | Consolidated | ||||||||||||||||||||||
Co-Issuer) | (Co-Issuer) | |||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Supply and logistics | $ | — | $ | — | $ | 989,591 | $ | 35,124 | $ | (30,034 | ) | $ | 994,681 | |||||||||||
Refinery services | — | — | 51,682 | 3,796 | (4,002 | ) | 51,476 | |||||||||||||||||
Pipeline transportation services | — | — | 15,731 | 6,806 | — | 22,537 | ||||||||||||||||||
Total revenues | — | — | 1,057,004 | 45,726 | (34,036 | ) | 1,068,694 | |||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
Supply and logistics costs | — | — | 965,373 | 33,221 | (30,034 | ) | 968,560 | |||||||||||||||||
Refinery services operating costs | — | — | 32,915 | 3,516 | (3,610 | ) | 32,821 | |||||||||||||||||
Pipeline transportation operating costs | — | — | 6,668 | 477 | — | 7,145 | ||||||||||||||||||
General and administrative | — | — | 11,115 | 27 | — | 11,142 | ||||||||||||||||||
Depreciation and amortization | — | — | 14,755 | 910 | — | 15,665 | ||||||||||||||||||
Total costs and expenses | — | — | 1,030,826 | 38,151 | (33,644 | ) | 1,035,333 | |||||||||||||||||
OPERATING INCOME | — | — | 26,178 | 7,575 | (392 | ) | 33,361 | |||||||||||||||||
Equity in earnings of subsidiaries | 39,133 | — | 3,533 | — | (42,666 | ) | — | |||||||||||||||||
Equity in earnings of equity investees | — | — | 5,623 | — | — | 5,623 | ||||||||||||||||||
Interest (expense) income, net | (12,231 | ) | — | 4,029 | (4,053 | ) | — | (12,255 | ) | |||||||||||||||
Income from continuing operations before income taxes | 26,902 | — | 39,363 | 3,522 | (43,058 | ) | 26,729 | |||||||||||||||||
Income tax expense | — | — | (87 | ) | (30 | ) | — | (117 | ) | |||||||||||||||
Income from continuing operations | 26,902 | — | 39,276 | 3,492 | (43,058 | ) | 26,612 | |||||||||||||||||
Income from discontinued operations | — | — | 290 | — | — | 290 | ||||||||||||||||||
NET INCOME | $ | 26,902 | $ | — | $ | 39,566 | $ | 3,492 | $ | (43,058 | ) | $ | 26,902 | |||||||||||
Unaudited Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||
Genesis | Genesis | Guarantor | Non-Guarantor | Eliminations | Genesis | |||||||||||||||||||
Energy, L.P. | Energy Finance | Subsidiaries | Subsidiaries | Energy, L.P. | ||||||||||||||||||||
(Parent and | Corporation | Consolidated | ||||||||||||||||||||||
Co-Issuer) | (Co-Issuer) | |||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Supply and logistics | $ | — | $ | — | $ | 1,878,368 | $ | 62,762 | $ | (57,468 | ) | $ | 1,883,662 | |||||||||||
Refinery services | — | — | 103,424 | 10,645 | (7,075 | ) | 106,994 | |||||||||||||||||
Pipeline transportation services | — | — | 31,291 | 12,821 | — | 44,112 | ||||||||||||||||||
Total revenues | — | — | 2,013,083 | 86,228 | (64,543 | ) | 2,034,768 | |||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
Supply and logistics costs | — | — | 1,817,980 | 60,916 | (57,468 | ) | 1,821,428 | |||||||||||||||||
Refinery services operating costs | — | — | 61,990 | 10,058 | (7,705 | ) | 64,343 | |||||||||||||||||
Pipeline transportation operating costs | — | — | 14,958 | 903 | — | 15,861 | ||||||||||||||||||
General and administrative | — | — | 26,646 | 60 | — | 26,706 | ||||||||||||||||||
Depreciation and amortization | — | — | 37,176 | 2,595 | — | 39,771 | ||||||||||||||||||
Total costs and expenses | — | — | 1,958,750 | 74,532 | (65,173 | ) | 1,968,109 | |||||||||||||||||
OPERATING INCOME | — | — | 54,333 | 11,696 | 630 | 66,659 | ||||||||||||||||||
Equity in earnings of subsidiaries | 77,793 | — | 3,759 | — | (81,552 | ) | — | |||||||||||||||||
Equity in earnings of equity investees | — | — | 12,740 | — | — | 12,740 | ||||||||||||||||||
Interest (expense) income, net | (26,870 | ) | — | 7,898 | (7,901 | ) | — | (26,873 | ) | |||||||||||||||
Income from continuing operations before income taxes | 50,923 | — | 78,730 | 3,795 | (80,922 | ) | 52,526 | |||||||||||||||||
Income tax expense | — | — | (1,477 | ) | (126 | ) | — | (1,603 | ) | |||||||||||||||
Income from continuing operations | 50,923 | — | 77,253 | 3,669 | (80,922 | ) | 50,923 | |||||||||||||||||
Income from discontinued operations | — | — | — | — | — | — | ||||||||||||||||||
NET INCOME | $ | 50,923 | $ | — | $ | 77,253 | $ | 3,669 | $ | (80,922 | ) | $ | 50,923 | |||||||||||
Unaudited Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||
Genesis | Genesis | Guarantor | Non-Guarantor | Eliminations | Genesis | |||||||||||||||||||
Energy, L.P. | Energy Finance | Subsidiaries | Subsidiaries | Energy, L.P. | ||||||||||||||||||||
(Parent and | Corporation | Consolidated | ||||||||||||||||||||||
Co-Issuer) | (Co-Issuer) | |||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Supply and logistics | $ | — | $ | — | $ | 1,927,674 | $ | 74,069 | $ | (62,517 | ) | $ | 1,939,226 | |||||||||||
Refinery services | — | — | 99,449 | 9,359 | (7,848 | ) | 100,960 | |||||||||||||||||
Pipeline transportation services | — | — | 29,857 | 13,459 | — | 43,316 | ||||||||||||||||||
Total revenues | — | — | 2,056,980 | 96,887 | (70,365 | ) | 2,083,502 | |||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
Supply and logistics costs | — | — | 1,882,181 | 67,512 | (62,517 | ) | 1,887,176 | |||||||||||||||||
Refinery services operating costs | — | — | 64,082 | 8,798 | (7,616 | ) | 65,264 | |||||||||||||||||
Pipeline transportation operating costs | — | — | 13,422 | 807 | — | 14,229 | ||||||||||||||||||
General and administrative | — | — | 22,693 | 60 | — | 22,753 | ||||||||||||||||||
Depreciation and amortization | — | — | 28,902 | 1,812 | — | 30,714 | ||||||||||||||||||
Total costs and expenses | — | — | 2,011,280 | 78,989 | (70,133 | ) | 2,020,136 | |||||||||||||||||
OPERATING INCOME | — | — | 45,700 | 17,898 | (232 | ) | 63,366 | |||||||||||||||||
Equity in earnings of subsidiaries | 73,385 | — | 9,771 | — | (83,156 | ) | — | |||||||||||||||||
Equity in earnings of equity investees | — | — | 9,559 | — | — | 9,559 | ||||||||||||||||||
Interest (expense) income, net | (23,637 | ) | — | 8,076 | (8,135 | ) | — | (23,696 | ) | |||||||||||||||
Income from continuing operations before income taxes | 49,748 | — | 73,106 | 9,763 | (83,388 | ) | 49,229 | |||||||||||||||||
Income tax benefit (expense) | — | — | 170 | (84 | ) | — | 86 | |||||||||||||||||
Income from continuing operations | 49,748 | — | 73,276 | 9,679 | (83,388 | ) | 49,315 | |||||||||||||||||
Income from discontinued operations | — | — | 433 | — | — | 433 | ||||||||||||||||||
NET INCOME | $ | 49,748 | $ | — | $ | 73,709 | $ | 9,679 | $ | (83,388 | ) | $ | 49,748 | |||||||||||
Unaudited Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||
Genesis | Genesis | Guarantor | Non-Guarantor | Eliminations | Genesis | |||||||||||||||||||
Energy, L.P. | Energy Finance | Subsidiaries | Subsidiaries | Energy, L.P. | ||||||||||||||||||||
(Parent and | Corporation | Consolidated | ||||||||||||||||||||||
Co-Issuer) | (Co-Issuer) | |||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (175,807 | ) | $ | — | $ | 350,596 | $ | 5,007 | $ | (74,599 | ) | $ | 105,197 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Payments to acquire fixed and intangible assets | — | — | (240,385 | ) | (609 | ) | — | (240,994 | ) | |||||||||||||||
Cash distributions received from equity investees - return of investment | 23,385 | — | 6,173 | — | (23,385 | ) | 6,173 | |||||||||||||||||
Investments in equity investees | — | — | (14,826 | ) | — | — | (14,826 | ) | ||||||||||||||||
Repayments on loan to non-guarantor subsidiary | — | — | 2,433 | — | (2,433 | ) | — | |||||||||||||||||
Proceeds from asset sales | — | — | 133 | — | — | 133 | ||||||||||||||||||
Other, net | — | — | (2,635 | ) | — | — | (2,635 | ) | ||||||||||||||||
Net cash provided by (used) in investing activities | 23,385 | — | (249,107 | ) | (609 | ) | (25,818 | ) | (252,149 | ) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings on senior secured credit facility | 1,181,200 | — | — | — | — | 1,181,200 | ||||||||||||||||||
Repayments on senior secured credit facility | (1,271,800 | ) | — | — | — | — | (1,271,800 | ) | ||||||||||||||||
Proceeds from issuance of senior unsecured notes | 350,000 | — | — | — | — | 350,000 | ||||||||||||||||||
Debt issuance costs | (10,752 | ) | — | — | — | — | (10,752 | ) | ||||||||||||||||
Distributions to partners/owners | (96,236 | ) | — | (96,236 | ) | (1,768 | ) | 98,004 | (96,236 | ) | ||||||||||||||
Other, net | — | — | (19 | ) | (2,394 | ) | 2,413 | — | ||||||||||||||||
Net cash provided by (used in) financing activities | 152,412 | — | (96,255 | ) | (4,162 | ) | 100,417 | 152,412 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (10 | ) | — | 5,234 | 236 | — | 5,460 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 20 | — | 8,061 | 785 | — | 8,866 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | 10 | $ | — | $ | 13,295 | $ | 1,021 | $ | — | $ | 14,326 | ||||||||||||
Unaudited Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||
Genesis | Genesis | Guarantor | Non-Guarantor | Eliminations | Genesis | |||||||||||||||||||
Energy, L.P. | Energy Finance | Subsidiaries | Subsidiaries | Energy, L.P. | ||||||||||||||||||||
(Parent and | Corporation | Consolidated | ||||||||||||||||||||||
Co-Issuer) | (Co-Issuer) | |||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (86,739 | ) | $ | — | $ | 245,918 | $ | 17,342 | $ | (80,735 | ) | $ | 95,786 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Payments to acquire fixed and intangible assets | — | — | (98,050 | ) | (9,116 | ) | — | (107,166 | ) | |||||||||||||||
Cash distributions received from equity investees - return of investment | 5,585 | — | 5,539 | — | (5,585 | ) | 5,539 | |||||||||||||||||
Investments in equity investees | — | — | (66,207 | ) | — | — | (66,207 | ) | ||||||||||||||||
Repayments on loan to non-guarantor subsidiary | — | — | 2,199 | — | (2,199 | ) | — | |||||||||||||||||
Proceeds from asset sales | — | — | 626 | — | — | 626 | ||||||||||||||||||
Other, net | — | — | 171 | — | — | 171 | ||||||||||||||||||
Net cash used in investing activities | 5,585 | — | (155,722 | ) | (9,116 | ) | (7,784 | ) | (167,037 | ) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings on senior secured credit facility | 668,500 | — | — | — | — | 668,500 | ||||||||||||||||||
Repayments on senior secured credit facility | (849,400 | ) | — | — | — | — | (849,400 | ) | ||||||||||||||||
Proceeds from issuance of senior unsecured notes | 350,000 | — | — | — | — | 350,000 | ||||||||||||||||||
Debt issuance costs | (8,157 | ) | — | — | — | — | (8,157 | ) | ||||||||||||||||
Distributions to partners/owners | (79,795 | ) | — | (79,795 | ) | (6,545 | ) | 86,340 | (79,795 | ) | ||||||||||||||
Other, net | — | — | (3,382 | ) | (1,308 | ) | 2,179 | (2,511 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | 81,148 | — | (83,177 | ) | (7,853 | ) | 88,519 | 78,637 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (6 | ) | — | 7,019 | 373 | — | 7,386 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 10 | — | 11,214 | 58 | — | 11,282 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | 4 | $ | — | $ | 18,233 | $ | 431 | $ | — | $ | 18,668 | ||||||||||||
Organization_And_Basis_Of_Pres1
Organization And Basis Of Presentation And Consolidation (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Limited Partners' ownership percentage | 100.00% |
Acquisition_Narrative_Details
Acquisition (Narrative) (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jul. 22, 2013 |
Barges | Barges | |
Boats | Tug_Boats | |
Business Acquisition [Line Items] | ' | ' |
Business Acquisition, Transaction Costs | ' | $230.90 |
Business Acquisition, Barges Acquired | ' | 9 |
Business Acquisition, Tug Boats Acquired | ' | 9 |
NumberOfBarges | 60 | ' |
NumberOfBoats | 23 | ' |
Property, Plant and Equipment, Estimated Useful Lives | '25 | ' |
Acquisition_Selected_Financial
Acquisition (Selected Financial Information) (Details) (Hornbeck Acquisition [Member], USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Hornbeck Acquisition [Member] | ' | ' |
SelectedFinancialInformation [Line Items] | ' | ' |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $6,293 | $12,824 |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $23,591 | $48,475 |
Acquisition_Schedule_of_Pro_Fo
Acquisition (Schedule of Pro Forma Information) (Details) (Hornbeck Acquisition [Member], USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Hornbeck Acquisition [Member] | ' | ' |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' |
Revenues | $1,085,206 | $2,115,004 |
Net Income | $31,351 | $57,486 |
Divestiture_Details
Divestiture (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Business Combinations [Abstract] | ' | ' | ' | ' |
Revenues | ' | $144,962 | ' | $277,368 |
Cost and expenses | ' | 144,672 | ' | 276,936 |
Operating income | ' | 290 | ' | 432 |
Interest income | ' | 0 | ' | 1 |
Income from discontinued operations | $0 | $290 | $0 | $433 |
Inventories_Schedule_Of_Major_
Inventories (Schedule Of Major Components Of Inventories) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Petroleum products | $99,242 | $71,373 |
Crude oil | 21,093 | 5,380 |
Caustic soda | 3,536 | 2,679 |
NaHS | 5,978 | 5,845 |
Other | 3 | 53 |
Total | $129,852 | $85,330 |
Fixed_Assets_Schedule_Of_Fixed
Fixed Assets (Schedule Of Fixed Assets) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fixed Assets, at cost | $1,552,110 | $1,327,974 |
Less: Accumulated depreciation | -227,838 | -199,230 |
Net fixed assets | 1,324,272 | 1,128,744 |
Pipelines And Related Assets [Member] | ' | ' |
Fixed Assets, at cost | 421,319 | 338,920 |
Machinery And Equipment [Member] | ' | ' |
Fixed Assets, at cost | 260,457 | 173,092 |
Transportation Equipment [Member] | ' | ' |
Fixed Assets, at cost | 18,535 | 19,140 |
Marine Vessels [Member] | ' | ' |
Fixed Assets, at cost | 585,933 | 554,679 |
Land, Buildings And Improvements [Member] | ' | ' |
Fixed Assets, at cost | 31,912 | 30,170 |
Office Equipment, Furniture And Fixtures [Member] | ' | ' |
Fixed Assets, at cost | 5,537 | 5,633 |
Construction In Progress [Member] | ' | ' |
Fixed Assets, at cost | 195,712 | 183,037 |
Property, Plant And Equipment, Other Types [Member] | ' | ' |
Fixed Assets, at cost | $32,705 | $23,303 |
Fixed_Assets_Depreciation_Expe
Fixed Assets Depreciation Expense (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Depreciation expense | $16,409 | $11,067 | $31,686 | $21,558 |
Equity_Investees_Narrative_Det
Equity Investees (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Equity Method Investments and Joint Ventures [Abstract] | ' | ' |
Unamortized excess cost amount | $220.60 | $225.70 |
Equity_Investees_Consolidated_
Equity Investees (Consolidated Financial Statements Related To Equity Investees) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Equity Method Investments and Joint Ventures [Abstract] | ' | ' | ' | ' |
Genesis' share of operating earnings | $7,505 | $8,221 | $17,906 | $14,871 |
Amortization of excess purchase price | -2,583 | -2,598 | -5,166 | -5,312 |
Net equity in earnings | 4,922 | 5,623 | 12,740 | 9,559 |
Distributions received | $15,045 | $11,384 | $27,625 | $21,014 |
Equity_Investees_Schedule_Of_B
Equity Investees (Schedule Of Balance Sheet Information For Equity Investees) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Equity Method Investments and Joint Ventures [Abstract] | ' | ' |
Current assets | $77,714 | $70,921 |
Fixed assets, net | 1,034,909 | 1,028,808 |
Other assets | 6,594 | 6,823 |
Total assets | 1,119,217 | 1,106,552 |
Current liabilities | 71,745 | 55,918 |
Other liabilities | 198,596 | 190,578 |
Equity | 848,876 | 860,056 |
Total liabilities and equity | $1,119,217 | $1,106,552 |
Equity_Investees_Schedule_Of_O
Equity Investees (Schedule Of Operations For Equity Investees) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Equity Method Investments and Joint Ventures [Abstract] | ' | ' | ' | ' |
Revenues | $46,440 | $45,528 | $96,264 | $86,268 |
Operating income | 22,628 | 26,427 | 53,103 | 47,527 |
Net income | $21,815 | $25,748 | $51,521 | $46,203 |
Intangible_Assets_Schedule_Of_
Intangible Assets (Schedule Of Components Of Intangible Assets) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Carrying Amount | $203,736 | $203,378 |
Intangible assets, Accumulated Amortization | 146,743 | 140,450 |
Intangible assets, Carrying Value | 56,993 | 62,928 |
Refinery Services Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Carrying Amount | 94,654 | 94,654 |
Intangible assets, Accumulated Amortization | 79,082 | 76,283 |
Intangible assets, Carrying Value | 15,572 | 18,371 |
Refinery Services Licensing Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Carrying Amount | 38,678 | 38,678 |
Intangible assets, Accumulated Amortization | 27,519 | 26,055 |
Intangible assets, Carrying Value | 11,159 | 12,623 |
Refinery Services Segment Total [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Carrying Amount | 133,332 | 133,332 |
Intangible assets, Accumulated Amortization | 106,601 | 102,338 |
Intangible assets, Carrying Value | 26,731 | 30,994 |
Supply And Logistics Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Carrying Amount | 35,430 | 35,430 |
Intangible assets, Accumulated Amortization | 29,398 | 28,568 |
Intangible assets, Carrying Value | 6,032 | 6,862 |
Supply And Logistics Intangibles Associated With Lease [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Carrying Amount | 13,260 | 13,260 |
Intangible assets, Accumulated Amortization | 3,275 | 3,039 |
Intangible assets, Carrying Value | 9,985 | 10,221 |
Supply And Logistics Segment Total [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Carrying Amount | 48,690 | 48,690 |
Intangible assets, Accumulated Amortization | 32,673 | 31,607 |
Intangible assets, Carrying Value | 16,017 | 17,083 |
Other [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Carrying Amount | 21,714 | 21,356 |
Intangible assets, Accumulated Amortization | 7,469 | 6,505 |
Intangible assets, Carrying Value | $14,245 | $14,851 |
Recovered_Sheet1
Intangible Assets (Schedule of Amortization and Future Amortization Expense) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' | ' |
Amortization expense on intangible assets | $3,147 | $3,609 | $6,292 | $7,236 |
Estimated amortization expense, remainder of 2013 | 6,317 | ' | 6,317 | ' |
Estimated amortization expense, 2014 | 10,814 | ' | 10,814 | ' |
Estimated amortization expense, 2015 | 9,352 | ' | 9,352 | ' |
Estimated amortization expense, 2016 | 8,189 | ' | 8,189 | ' |
Estimated amortization expense, 2017 | $7,268 | ' | $7,268 | ' |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | Nov. 18, 2010 | Jun. 30, 2014 | Dec. 31, 2013 | Feb. 01, 2012 | Feb. 01, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Feb. 08, 2013 | Jun. 30, 2014 | 15-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
7.875% Senior Unsecured Notes [Member] | 7.875% Senior Unsecured Notes [Member] | 7.875% Senior Unsecured Notes [Member] | Unsecured Debt [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Five Point Seventy Five Percentage Senior Unsecured Notes [Member] | Five Point Seventy Five Percentage Senior Unsecured Notes [Member] | Five Point Seventy Five Percentage Senior Unsecured Notes [Member] | Five Point Six Two Five Percentage Senior Unsecured Notes [Member] [Domain] | Five Point Six Two Five Percentage Senior Unsecured Notes [Member] [Domain] | Petroleum Products [Member] | Amended Facility [Member] | Amended Facility [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
Letters Of Credit [Member] | Accordion Feature [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Eurodollar Rate [Member] | Alternate Base Rate [Member] | Eurodollar Rate [Member] | Senior Secured Credit Facility [Member] | Alternate Base Rate [Member] | |||||||||||||||
Accordion Feature [Member] | Letters Of Credit [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, amount outstanding | ' | ' | ' | ' | ' | $492,200,000 | ' | ' | ' | ' | ' | ' | ' | $105,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | 1,000,000,000 | 500,000,000 | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Aggregate Maximum Borrowing Capacity | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit, outstanding amount | ' | ' | ' | ' | ' | ' | 19,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' |
Credit facility and senior unsecured notes, maturity dates | ' | ' | ' | ' | ' | ' | 25-Jul-19 | ' | 15-Feb-21 | ' | ' | 15-Jun-24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of Credit, Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 1.50% | 0.50% | 2.50% | 2.50% | ' | 1.50% |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | 0.38% | ' | ' | ' |
Total amount available for borrowings under credit facility | ' | ' | ' | ' | ' | 487,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured notes, principal amount | 250,000,000 | ' | ' | 100,000,000 | 350,000,000 | ' | ' | ' | ' | ' | 350,000,000 | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured notes, stated rate | 7.88% | 7.88% | 7.88% | ' | ' | ' | ' | ' | 5.75% | 5.75% | 5.75% | ' | 5.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured notes, percentage of face value | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | 7.68% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Premium | ' | $740,000 | $772,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Percentage Of Principal, Early Debt Redemption | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption premium for notes | ' | ' | ' | ' | ' | ' | ' | ' | 105.75% | ' | ' | 105.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Schedule_Of_Obligations_U
Debt (Schedule Of Obligations Under Debt Arrangements) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Nov. 18, 2010 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Feb. 08, 2013 | Jun. 30, 2014 | 15-May-14 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | 7.875% Senior Unsecured Notes [Member] | 7.875% Senior Unsecured Notes [Member] | Five Point Seventy Five Percentage Senior Unsecured Notes [Member] | Five Point Seventy Five Percentage Senior Unsecured Notes [Member] | Five Point Seventy Five Percentage Senior Unsecured Notes [Member] | Five Point Six Two Five Percentage Senior Unsecured Notes [Member] [Domain] | Five Point Six Two Five Percentage Senior Unsecured Notes [Member] [Domain] | Five Point Six Two Five Percentage Senior Unsecured Notes [Member] [Domain] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured credit facility | $492,200 | $582,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured notes | 1,050,707 | 700,772 | ' | 350,707 | 350,772 | 350,000 | 350,000 | ' | 350,000 | ' | 0 |
Senior unsecured notes, stated rate | ' | ' | 7.88% | 7.88% | 7.88% | 5.75% | 5.75% | 5.75% | ' | 5.63% | ' |
Senior unsecured notes, unamortized premium | ' | ' | ' | 740 | 772 | ' | ' | ' | ' | ' | ' |
Total long-term debt | $1,542,907 | $1,283,572 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners_Capital_And_Distribut2
Partners' Capital And Distributions (Narrative) (Details) (USD $) | 6 Months Ended | |||||
Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | |
Partners Capital And Distributions [Line Items] | ' | ' | ' | ' | ' | ' |
Common units, issued | 88,690,985 | ' | 88,690,985 | ' | ' | ' |
Common units, outstanding | 88,690,985 | ' | 88,690,985 | ' | 82,941,000 | 81,203,000 |
Conversion Feature, Minimum Distribution Coverage Ratio | 1.1 | ' | ' | ' | ' | ' |
Distribution paid per common unit | $0.55 | $0.54 | $0.52 | $0.51 | $0.50 | ' |
Waiver Units Class 1 [Member] | ' | ' | ' | ' | ' | ' |
Partners Capital And Distributions [Line Items] | ' | ' | ' | ' | ' | ' |
Waiver units authorized | 1,738,000 | ' | ' | ' | ' | ' |
Waiver Units Class 3 [Member] | ' | ' | ' | ' | ' | ' |
Partners Capital And Distributions [Line Items] | ' | ' | ' | ' | ' | ' |
Waiver units authorized | 1,750,000 | ' | ' | ' | ' | ' |
Waiver units issued | 1,738,000 | ' | ' | ' | ' | ' |
Waiver Units Class 4 [Member] | ' | ' | ' | ' | ' | ' |
Partners Capital And Distributions [Line Items] | ' | ' | ' | ' | ' | ' |
Waiver units authorized | 1,750,000 | ' | ' | ' | ' | ' |
Waiver units issued | 1,738,000 | ' | ' | ' | ' | ' |
Waiver units outstanding | 1,738,000 | ' | ' | ' | ' | ' |
Class A [Member] | ' | ' | ' | ' | ' | ' |
Partners Capital And Distributions [Line Items] | ' | ' | ' | ' | ' | ' |
Common units, outstanding | 88,650,988 | ' | ' | ' | ' | ' |
Class B [Member] | ' | ' | ' | ' | ' | ' |
Partners Capital And Distributions [Line Items] | ' | ' | ' | ' | ' | ' |
Common units, outstanding | 39,997 | ' | ' | ' | ' | ' |
Waiver Units [Member] | ' | ' | ' | ' | ' | ' |
Partners Capital And Distributions [Line Items] | ' | ' | ' | ' | ' | ' |
Waiver units authorized | 1,738,233 | ' | ' | ' | ' | ' |
Class Two [Member] | ' | ' | ' | ' | ' | ' |
Partners Capital And Distributions [Line Items] | ' | ' | ' | ' | ' | ' |
Conversion Feature, Minimum Distribution Coverage Ratio | 1.1 | ' | ' | ' | ' | ' |
Class Three [Member] | ' | ' | ' | ' | ' | ' |
Partners Capital And Distributions [Line Items] | ' | ' | ' | ' | ' | ' |
Conversion Feature, Minimum Distribution Coverage Ratio | 1.1 | ' | ' | ' | ' | ' |
Class Four [Member] | ' | ' | ' | ' | ' | ' |
Partners Capital And Distributions [Line Items] | ' | ' | ' | ' | ' | ' |
Conversion Feature, Minimum Distribution Coverage Ratio | 1.1 | ' | ' | ' | ' | ' |
Conversion feature threshold, quarterly distribution, minimum, per unit | 0.52 | ' | ' | ' | ' | ' |
Waiver Units Class2 [Member] | ' | ' | ' | ' | ' | ' |
Partners Capital And Distributions [Line Items] | ' | ' | ' | ' | ' | ' |
Waiver units authorized | 1,750,000 | ' | ' | ' | ' | ' |
Waiver units issued | 1,738,000 | ' | ' | ' | ' | ' |
Partners_Capital_And_Distribut3
Partners' Capital And Distributions (Distributions) (Details) (USD $) | 3 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 |
Partners Capital And Distributions [Line Items] | ' | ' | ' | ' | ' |
Distribution Made to Limited Partner, Distribution Date | 15-May-14 | 14-Feb-14 | 14-Nov-13 | 14-Aug-13 | 15-May-13 |
Per Unit Amount | $0.55 | $0.54 | $0.52 | $0.51 | $0.50 |
Distribution Made to Limited Partner, Cash Distributions Paid | $48,783 | $47,453 | $46,344 | $42,302 | $40,405 |
August 14, 2014 [Member] | ' | ' | ' | ' | ' |
Partners Capital And Distributions [Line Items] | ' | ' | ' | ' | ' |
Distribution Made to Limited Partner, Distribution Date | 14-Aug-14 | ' | ' | ' | ' |
Per Unit Amount | $0.56 | ' | ' | ' | ' |
Distribution Made to Limited Partner, Cash Distributions Paid | $50,114 | ' | ' | ' | ' |
Business_Segment_Information_S
Business Segment Information (Schedule Of Segment Information) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 22, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment margin | $82,681,000 | $70,442,000 | $160,032,000 | $142,507,000 | ' |
Capital Expenditures | 140,124,000 | 77,316,000 | 242,902,000 | 179,131,000 | ' |
Pipeline Transportation Services Revenues | 23,192,000 | 22,537,000 | 44,112,000 | 43,316,000 | ' |
Refinery Services Revenues | 52,801,000 | 51,476,000 | 106,994,000 | 100,960,000 | ' |
Supply And Logistics Revenues | 939,056,000 | 994,681,000 | 1,883,662,000 | 1,939,226,000 | ' |
External customers | 1,015,049,000 | 1,068,694,000 | 2,034,768,000 | 2,083,502,000 | ' |
Intersegment | 0 | 0 | 0 | 0 | ' |
Total revenues | 1,015,049,000 | 1,068,694,000 | 2,034,768,000 | 2,083,502,000 | ' |
Business Acquisition, Transaction Costs | ' | ' | ' | ' | 230,900,000 |
Pipeline Transportation [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment margin | 27,966,000 | 26,456,000 | 56,058,000 | 51,652,000 | ' |
Capital Expenditures | 7,037,000 | 37,556,000 | 41,317,000 | 121,408,000 | ' |
External customers | 19,758,000 | 19,180,000 | 36,208,000 | 36,485,000 | ' |
Intersegment | 3,434,000 | 3,357,000 | 7,904,000 | 6,831,000 | ' |
Refinery Services [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment margin | 21,627,000 | 18,696,000 | 42,499,000 | 36,661,000 | ' |
Capital Expenditures | 597,000 | 1,312,000 | 899,000 | 1,664,000 | ' |
External customers | 55,552,000 | 54,288,000 | 112,659,000 | 106,467,000 | ' |
Intersegment | -2,751,000 | -2,812,000 | -5,665,000 | -5,507,000 | ' |
Supply And Logistics [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment margin | 33,088,000 | 25,290,000 | 61,475,000 | 54,194,000 | ' |
Capital Expenditures | 132,490,000 | 38,448,000 | 200,686,000 | 56,059,000 | ' |
External customers | 939,739,000 | 995,226,000 | 1,885,901,000 | 1,940,550,000 | ' |
Intersegment | -683,000 | -545,000 | -2,239,000 | -1,324,000 | ' |
Sekco [Member] | Pipeline Transportation [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Capital Expenditures | $2,300,000 | $1,700,000 | $12,700,000 | $66,200,000 | ' |
Business_Segment_Information_S1
Business Segment Information (Schedule Of Total Assets By Reportable Segment) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total consolidated assets | $3,043,129 | $2,862,202 |
Pipeline Transportation [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total consolidated assets | 1,092,842 | 1,075,235 |
Refinery Services [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total consolidated assets | 408,304 | 417,121 |
Supply And Logistics [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total consolidated assets | 1,472,703 | 1,312,461 |
Other Assets [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total consolidated assets | $69,280 | $57,385 |
Business_Segment_Information_R
Business Segment Information (Reconciliation Of Segment Margin To (Loss) Income from Continuing Operations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Segment margin | $82,681 | $70,442 | $160,032 | $142,507 |
Corporate general and administrative expenses | -13,789 | -10,305 | -24,850 | -21,142 |
Depreciation and amortization | -20,491 | -15,665 | -39,771 | -30,714 |
Interest Income (Expense), Net | -14,069 | -12,255 | -26,873 | -23,696 |
Distributable cash from equity investees in excess of equity in earnings | -7,808 | -4,891 | -13,585 | -11,455 |
Non-cash items not included in segment margin | -3,043 | 960 | 282 | -3,335 |
Cash payments from direct financing leases in excess of earnings | -1,371 | -1,263 | -2,709 | -2,495 |
Income tax benefit (expense) | -962 | -117 | -1,603 | 86 |
Discontinued Operations for Segment Margin Reconciliation | 0 | -294 | 0 | -441 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 21,148 | 26,612 | 50,923 | 49,315 |
Income from continuing operations before income taxes | $22,110 | $26,729 | $52,526 | $49,229 |
Transactions_With_Related_Part2
Transactions With Related Parties (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Sandhill [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Due from related parties | $0.30 | $0.20 |
Sandhill Group Llc [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Percentage of interest held | 50.00% | ' |
Transactions_With_Related_Part3
Transactions With Related Parties (Schedule Of Transactions With Related Parties) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Sandhill [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Related party transaction, revenues | $713 | $808 | $1,368 | $1,481 |
Davision [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Related party transaction, revenues | 0 | 289 | 0 | 644 |
Chief Executive Officer [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Related party transaction, expenses | $150 | $150 | $300 | $300 |
Sandhill Group Llc [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Percentage of interest held | 50.00% | ' | 50.00% | ' |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Narrative) (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Supplemental Cash Flow Elements [Abstract] | ' | ' |
Payments of interest and commitment fees | $33.40 | $18.90 |
Incurred liabilities for fixed and intangible asset additions | 42.1 | 20.8 |
Other Asset Additions Incurred but Not yet Paid | ' | $0.20 |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information (Net Changes In Components Of Operating Assets And Liabilities) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Supplemental Cash Flow Elements [Abstract] | ' | ' |
(Increase) decrease in Accounts receivable | $20,827 | ($82,346) |
(Increase) decrease in Inventories | -44,523 | -858 |
(Increase) decrease in Other current assets | 47,542 | 11,135 |
Increase (decrease) in Accounts payable | 13,436 | 66,860 |
Increase (decrease) in Accrued liabilities | -43,971 | 3,741 |
Net changes in components of operating assets and liabilities | ($6,689) | ($1,468) |
Derivatives_Schedule_Of_Outsta
Derivatives (Schedule Of Outstanding Derivatives Entered Into To Hedge Inventory Or Fixed Price Purchase Commitments) (Details) (Not Designated As Hedging Instrument [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
bbl | |
Sell (Short) Contracts [Member] | Crude Oil Futures [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 613 |
Weighted average contract price per gal | 104.52 |
Sell (Short) Contracts [Member] | Diesel Futures [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 122 |
Weighted average contract price per gal | 2.98 |
Sell (Short) Contracts [Member] | Fuel Oil Futures [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 470 |
Weighted average contract price per gal | 91.25 |
Sell (Short) Contracts [Member] | Crude Oil Options [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 155 |
Underlying, Derivative | 0.97 |
Sell (Short) Contracts [Member] | Diesel Options [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 25 |
Weighted average contract price per gal | 2.58 |
Buy (Long) Contracts [Member] | Crude Oil Futures [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 132 |
Weighted average contract price per gal | 105.7 |
Buy (Long) Contracts [Member] | Diesel Futures [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 2 |
Weighted average contract price per gal | 3.04 |
Buy (Long) Contracts [Member] | Fuel Oil Futures [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Weighted average contract price per gal | 0 |
Buy (Long) Contracts [Member] | Crude Oil Options [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Underlying, Derivative | 0 |
Buy (Long) Contracts [Member] | Diesel Options [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Weighted average contract price per gal | 0 |
Derivatives_Schedule_Of_Fair_V
Derivatives (Schedule Of Fair Value Of Derivative Assets And Liabilities) (Details) (Other Current Assets [Member], Total Commodity Derivatives [Member], Not Designated As Hedging Instrument [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Current Assets [Member] | Total Commodity Derivatives [Member] | Not Designated As Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $344 | $615 |
Derivative Asset, Fair Value, Gross Liability | -344 | -615 |
Derivative Liability, Fair Value, Gross Liability | 2,553 | 4,527 |
Derivative Liability, Fair Value, Gross Asset | 2,553 | 4,527 |
Derivative Liability | 0 | 0 |
Derivative Asset | $0 | $0 |
Derivatives_Schedule_Of_Effect
Derivatives (Schedule Of Effect On Operating Results) (Details) (Total Commodity Derivatives [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income, Supply & Logistics Product Costs | $727 | $5,148 | $3,496 | $1,645 |
Not Designated As Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income, Supply & Logistics Product Costs | $727 | $5,148 | $3,496 | $1,645 |
Derivatives_Derivatives_Narrat
Derivatives Derivatives (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Receivables from Brokers-Dealers and Clearing Organizations | $3.50 | $5.30 |
Margin Deposit Assets | 2.9 | 4.1 |
Increase (Decrease) in Margin Deposits Outstanding | $0.60 | $1.20 |
FairValue_Measurements_Narrati
Fair-Value Measurements (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Senior unsecured notes | $1,050,707,000 | $700,772,000 |
Long-term Debt, Fair Value | $1,100,000,000 | $700,000,000 |
FairValue_Measurements_Placeme
Fair-Value Measurements (Placement Of Assets And Liabilities Within The Fair Value Hierarchy Levels) (Details) (Commodity Derivatives [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets Fair Value | $344 | $615 |
Liabilities Fair Value | -2,553 | -4,527 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets Fair Value | 0 | 0 |
Liabilities Fair Value | 0 | 0 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets Fair Value | 0 | 0 |
Liabilities Fair Value | $0 | $0 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Narrative) (Details) (USD $) | 6 Months Ended |
In Billions, unless otherwise specified | Jun. 30, 2014 |
Condensed Financial Statements, Captions [Line Items] | ' |
Guarantor Obligations, Current Carrying Value | 1.05 |
Genesis NEJD Pipeline, LLC [Member] | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Percentage of equity interest | 100.00% |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $14,326 | $8,866 | $18,668 | $11,282 |
Other current assets | 505,445 | 526,357 | ' | ' |
Total current assets | 519,771 | 535,223 | ' | ' |
Fixed Assets, at cost | 1,552,110 | 1,327,974 | ' | ' |
Less: Accumulated depreciation | -227,838 | -199,230 | ' | ' |
Net fixed assets | 1,324,272 | 1,128,744 | ' | ' |
Goodwill | 325,046 | 325,046 | ' | ' |
Other assets, net | 253,852 | 252,942 | ' | ' |
Equity investees | 620,188 | 620,247 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
TOTAL ASSETS | 3,043,129 | 2,862,202 | ' | ' |
Current liabilities | 412,280 | 446,553 | ' | ' |
Senior secured credit facility | 492,200 | 582,800 | ' | ' |
SENIOR UNSECURED NOTES | 1,050,707 | 700,772 | ' | ' |
Deferred tax liabilities | 16,797 | 15,944 | ' | ' |
Other liabilities | 18,721 | 18,396 | ' | ' |
Total liabilities | 1,990,705 | 1,764,465 | ' | ' |
Partners' capital | 1,052,424 | 1,097,737 | ' | ' |
TOTAL LIABILITIES AND PARTNERS' CAPITAL | 3,043,129 | 2,862,202 | ' | ' |
Genesis Energy, L.P. (Parent And Co-Issuer) [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 10 | 20 | 4 | 10 |
Other current assets | 1,369,932 | 1,133,695 | ' | ' |
Total current assets | 1,369,942 | 1,133,715 | ' | ' |
Fixed Assets, at cost | 0 | 0 | ' | ' |
Less: Accumulated depreciation | 0 | 0 | ' | ' |
Net fixed assets | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other assets, net | 19,047 | 21,432 | ' | ' |
Equity investees | 0 | 0 | ' | ' |
Investments in subsidiaries | 1,217,721 | 1,236,164 | ' | ' |
TOTAL ASSETS | 2,606,710 | 2,391,311 | ' | ' |
Current liabilities | 11,379 | 10,002 | ' | ' |
Senior secured credit facility | 492,200 | 582,800 | ' | ' |
SENIOR UNSECURED NOTES | 1,050,707 | 700,772 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Total liabilities | 1,554,286 | 1,293,574 | ' | ' |
Partners' capital | 1,052,424 | 1,097,737 | ' | ' |
TOTAL LIABILITIES AND PARTNERS' CAPITAL | 2,606,710 | 2,391,311 | ' | ' |
Genesis Energy Finance Corporation (Co-Issuer) [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Other current assets | 0 | 0 | ' | ' |
Total current assets | 0 | 0 | ' | ' |
Fixed Assets, at cost | 0 | 0 | ' | ' |
Less: Accumulated depreciation | 0 | 0 | ' | ' |
Net fixed assets | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other assets, net | 0 | 0 | ' | ' |
Equity investees | 0 | 0 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
TOTAL ASSETS | 0 | 0 | ' | ' |
Current liabilities | 0 | 0 | ' | ' |
Senior secured credit facility | 0 | 0 | ' | ' |
SENIOR UNSECURED NOTES | 0 | 0 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Total liabilities | 0 | 0 | ' | ' |
Partners' capital | 0 | 0 | ' | ' |
TOTAL LIABILITIES AND PARTNERS' CAPITAL | 0 | 0 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 13,295 | 8,061 | 18,233 | 11,214 |
Other current assets | 476,342 | 498,230 | ' | ' |
Total current assets | 489,637 | 506,291 | ' | ' |
Fixed Assets, at cost | 1,434,885 | 1,211,356 | ' | ' |
Less: Accumulated depreciation | -207,927 | -181,905 | ' | ' |
Net fixed assets | 1,226,958 | 1,029,451 | ' | ' |
Goodwill | 325,046 | 325,046 | ' | ' |
Other assets, net | 241,932 | 238,282 | ' | ' |
Equity investees | 620,188 | 620,247 | ' | ' |
Investments in subsidiaries | 127,397 | 124,718 | ' | ' |
TOTAL ASSETS | 3,031,158 | 2,844,035 | ' | ' |
Current liabilities | 1,780,446 | 1,576,186 | ' | ' |
Senior secured credit facility | 0 | 0 | ' | ' |
SENIOR UNSECURED NOTES | 0 | 0 | ' | ' |
Deferred tax liabilities | 16,797 | 15,944 | ' | ' |
Other liabilities | 15,028 | 14,664 | ' | ' |
Total liabilities | 1,812,271 | 1,606,794 | ' | ' |
Partners' capital | 1,218,887 | 1,237,241 | ' | ' |
TOTAL LIABILITIES AND PARTNERS' CAPITAL | 3,031,158 | 2,844,035 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 1,021 | 785 | 431 | 58 |
Other current assets | 58,779 | 54,199 | ' | ' |
Total current assets | 59,800 | 54,984 | ' | ' |
Fixed Assets, at cost | 117,225 | 116,618 | ' | ' |
Less: Accumulated depreciation | -19,911 | -17,325 | ' | ' |
Net fixed assets | 97,314 | 99,293 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other assets, net | 149,624 | 152,413 | ' | ' |
Equity investees | 0 | 0 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
TOTAL ASSETS | 306,738 | 306,690 | ' | ' |
Current liabilities | 20,217 | 19,660 | ' | ' |
Senior secured credit facility | 0 | 0 | ' | ' |
SENIOR UNSECURED NOTES | 0 | 0 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Other liabilities | 160,271 | 162,739 | ' | ' |
Total liabilities | 180,488 | 182,399 | ' | ' |
Partners' capital | 126,250 | 124,291 | ' | ' |
TOTAL LIABILITIES AND PARTNERS' CAPITAL | 306,738 | 306,690 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Other current assets | -1,399,608 | -1,159,767 | ' | ' |
Total current assets | -1,399,608 | -1,159,767 | ' | ' |
Fixed Assets, at cost | 0 | 0 | ' | ' |
Less: Accumulated depreciation | 0 | 0 | ' | ' |
Net fixed assets | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other assets, net | -156,751 | -159,185 | ' | ' |
Equity investees | 0 | 0 | ' | ' |
Investments in subsidiaries | -1,345,118 | -1,360,882 | ' | ' |
TOTAL ASSETS | -2,901,477 | -2,679,834 | ' | ' |
Current liabilities | -1,399,762 | -1,159,295 | ' | ' |
Senior secured credit facility | 0 | 0 | ' | ' |
SENIOR UNSECURED NOTES | 0 | 0 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Other liabilities | -156,578 | -159,007 | ' | ' |
Total liabilities | -1,556,340 | -1,318,302 | ' | ' |
Partners' capital | -1,345,137 | -1,361,532 | ' | ' |
TOTAL LIABILITIES AND PARTNERS' CAPITAL | ($2,901,477) | ($2,679,834) | ' | ' |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Condensed Consolidating Statement Of Operations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Supply And Logistics Revenues | $939,056 | $994,681 | $1,883,662 | $1,939,226 |
Refinery services | 52,801 | 51,476 | 106,994 | 100,960 |
Pipeline transportation services | 23,192 | 22,537 | 44,112 | 43,316 |
Total revenues | 1,015,049 | 1,068,694 | 2,034,768 | 2,083,502 |
Supply and logistics costs | 909,074 | 968,560 | 1,821,428 | 1,887,176 |
Refinery services operating costs | 31,148 | 32,821 | 64,343 | 65,264 |
Pipeline transportation operating costs | 8,383 | 7,145 | 15,861 | 14,229 |
General and administrative | 14,696 | 11,142 | 26,706 | 22,753 |
Depreciation and amortization | 20,491 | 15,665 | 39,771 | 30,714 |
Total costs and expenses | 983,792 | 1,035,333 | 1,968,109 | 2,020,136 |
OPERATING INCOME | 31,257 | 33,361 | 66,659 | 63,366 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Equity in earnings of equity investees | 4,922 | 5,623 | 12,740 | 9,559 |
Interest Income (Expense), Net | -14,069 | -12,255 | -26,873 | -23,696 |
Income from continuing operations before income taxes | 22,110 | 26,729 | 52,526 | 49,229 |
Income tax (expense) benefit | -962 | -117 | -1,603 | 86 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 21,148 | 26,612 | 50,923 | 49,315 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 290 | 0 | 433 |
NET INCOME | 21,148 | 26,902 | 50,923 | 49,748 |
Genesis Energy, L.P. (Parent And Co-Issuer) [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Supply And Logistics Revenues | 0 | 0 | 0 | 0 |
Refinery services | 0 | 0 | 0 | 0 |
Pipeline transportation services | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Supply and logistics costs | 0 | 0 | 0 | 0 |
Refinery services operating costs | 0 | 0 | 0 | 0 |
Pipeline transportation operating costs | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Total costs and expenses | 0 | 0 | 0 | 0 |
OPERATING INCOME | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries | 35,214 | 39,133 | 77,793 | 73,385 |
Equity in earnings of equity investees | 0 | 0 | 0 | 0 |
Interest Income (Expense), Net | -14,066 | -12,231 | -26,870 | -23,637 |
Income from continuing operations before income taxes | 21,148 | 26,902 | 50,923 | 49,748 |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 21,148 | 26,902 | 50,923 | 49,748 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
NET INCOME | 21,148 | 26,902 | 50,923 | 49,748 |
Genesis Energy Finance Corporation (Co-Issuer) [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Supply And Logistics Revenues | 0 | 0 | 0 | 0 |
Refinery services | 0 | 0 | 0 | 0 |
Pipeline transportation services | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Supply and logistics costs | 0 | 0 | 0 | 0 |
Refinery services operating costs | 0 | 0 | 0 | 0 |
Pipeline transportation operating costs | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Total costs and expenses | 0 | 0 | 0 | 0 |
OPERATING INCOME | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Equity in earnings of equity investees | 0 | 0 | 0 | 0 |
Interest Income (Expense), Net | 0 | 0 | 0 | 0 |
Income from continuing operations before income taxes | 0 | 0 | 0 | 0 |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
NET INCOME | 0 | 0 | 0 | 0 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Supply And Logistics Revenues | 936,331 | 989,591 | 1,878,368 | 1,927,674 |
Refinery services | 51,694 | 51,682 | 103,424 | 99,449 |
Pipeline transportation services | 16,684 | 15,731 | 31,291 | 29,857 |
Total revenues | 1,004,709 | 1,057,004 | 2,013,083 | 2,056,980 |
Supply and logistics costs | 906,860 | 965,373 | 1,817,980 | 1,882,181 |
Refinery services operating costs | 30,399 | 32,915 | 61,990 | 64,082 |
Pipeline transportation operating costs | 7,903 | 6,668 | 14,958 | 13,422 |
General and administrative | 14,666 | 11,115 | 26,646 | 22,693 |
Depreciation and amortization | 19,181 | 14,755 | 37,176 | 28,902 |
Total costs and expenses | 979,009 | 1,030,826 | 1,958,750 | 2,011,280 |
OPERATING INCOME | 25,700 | 26,178 | 54,333 | 45,700 |
Equity in earnings of subsidiaries | 1,595 | 3,533 | 3,759 | 9,771 |
Equity in earnings of equity investees | 4,922 | 5,623 | 12,740 | 9,559 |
Interest Income (Expense), Net | 3,932 | 4,029 | 7,898 | 8,076 |
Income from continuing operations before income taxes | 36,149 | 39,363 | 78,730 | 73,106 |
Income tax (expense) benefit | -890 | -87 | -1,477 | 170 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 35,259 | 39,276 | 77,253 | 73,276 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 290 | 0 | 433 |
NET INCOME | 35,259 | 39,566 | 77,253 | 73,709 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Supply And Logistics Revenues | 30,551 | 35,124 | 62,762 | 74,069 |
Refinery services | 4,571 | 3,796 | 10,645 | 9,359 |
Pipeline transportation services | 6,508 | 6,806 | 12,821 | 13,459 |
Total revenues | 41,630 | 45,726 | 86,228 | 96,887 |
Supply and logistics costs | 30,042 | 33,221 | 60,916 | 67,512 |
Refinery services operating costs | 4,212 | 3,516 | 10,058 | 8,798 |
Pipeline transportation operating costs | 480 | 477 | 903 | 807 |
General and administrative | 30 | 27 | 60 | 60 |
Depreciation and amortization | 1,310 | 910 | 2,595 | 1,812 |
Total costs and expenses | 36,074 | 38,151 | 74,532 | 78,989 |
OPERATING INCOME | 5,556 | 7,575 | 11,696 | 17,898 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Equity in earnings of equity investees | 0 | 0 | 0 | 0 |
Interest Income (Expense), Net | -3,935 | -4,053 | -7,901 | -8,135 |
Income from continuing operations before income taxes | 1,621 | 3,522 | 3,795 | 9,763 |
Income tax (expense) benefit | -72 | -30 | -126 | -84 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 1,549 | 3,492 | 3,669 | 9,679 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
NET INCOME | 1,549 | 3,492 | 3,669 | 9,679 |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Supply And Logistics Revenues | -27,826 | -30,034 | -57,468 | -62,517 |
Refinery services | -3,464 | -4,002 | -7,075 | -7,848 |
Pipeline transportation services | 0 | 0 | 0 | 0 |
Total revenues | -31,290 | -34,036 | -64,543 | -70,365 |
Supply and logistics costs | -27,828 | -30,034 | -57,468 | -62,517 |
Refinery services operating costs | -3,463 | -3,610 | -7,705 | -7,616 |
Pipeline transportation operating costs | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Total costs and expenses | -31,291 | -33,644 | -65,173 | -70,133 |
OPERATING INCOME | 1 | -392 | 630 | -232 |
Equity in earnings of subsidiaries | -36,809 | -42,666 | -81,552 | -83,156 |
Equity in earnings of equity investees | 0 | 0 | 0 | 0 |
Interest Income (Expense), Net | 0 | 0 | 0 | 0 |
Income from continuing operations before income taxes | -36,808 | -43,058 | -80,922 | -83,388 |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -36,808 | -43,058 | -80,922 | -83,388 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
NET INCOME | ($36,808) | ($43,058) | ($80,922) | ($83,388) |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information (Condensed Consolidating Statement Of Cash Flows) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | $105,197 | $95,786 |
Payments to acquire fixed and intangible assets | -240,994 | -107,166 |
Cash distributions received from equity investees - return of investment | 6,173 | 5,539 |
Investments in equity investees | -14,826 | -66,207 |
Repayments on loan to non-guarantor subsidiary | 0 | 0 |
Proceeds from asset sales | 133 | 626 |
Other, net | -2,635 | 171 |
Net cash used in investing activities | -252,149 | -167,037 |
Borrowings on senior secured credit facility | 1,181,200 | 668,500 |
Repayments on senior secured credit facility | -1,271,800 | -849,400 |
Proceeds from issuance of senior unsecured notes, including premium | 350,000 | 350,000 |
Debt issuance costs | -10,752 | -8,157 |
Distributions to partners/owners | -96,236 | -79,795 |
Other, net | 0 | -2,511 |
Net cash provided by financing activities | 152,412 | 78,637 |
Net increase in cash and cash equivalents | 5,460 | 7,386 |
Cash and cash equivalents at beginning of period | 8,866 | 11,282 |
Cash and cash equivalents at end of period | 14,326 | 18,668 |
Genesis Energy, L.P. (Parent And Co-Issuer) [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | -175,807 | -86,739 |
Payments to acquire fixed and intangible assets | 0 | 0 |
Cash distributions received from equity investees - return of investment | 23,385 | 5,585 |
Investments in equity investees | 0 | 0 |
Repayments on loan to non-guarantor subsidiary | 0 | 0 |
Proceeds from asset sales | 0 | 0 |
Other, net | 0 | 0 |
Net cash used in investing activities | 23,385 | 5,585 |
Borrowings on senior secured credit facility | 1,181,200 | 668,500 |
Repayments on senior secured credit facility | -1,271,800 | -849,400 |
Proceeds from issuance of senior unsecured notes, including premium | 350,000 | 350,000 |
Debt issuance costs | -10,752 | -8,157 |
Distributions to partners/owners | -96,236 | -79,795 |
Other, net | 0 | 0 |
Net cash provided by financing activities | 152,412 | 81,148 |
Net increase in cash and cash equivalents | -10 | -6 |
Cash and cash equivalents at beginning of period | 20 | 10 |
Cash and cash equivalents at end of period | 10 | 4 |
Genesis Energy Finance Corporation (Co-Issuer) [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | 0 | 0 |
Payments to acquire fixed and intangible assets | 0 | 0 |
Cash distributions received from equity investees - return of investment | 0 | 0 |
Investments in equity investees | 0 | 0 |
Repayments on loan to non-guarantor subsidiary | 0 | 0 |
Proceeds from asset sales | 0 | 0 |
Other, net | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Borrowings on senior secured credit facility | 0 | 0 |
Repayments on senior secured credit facility | 0 | 0 |
Proceeds from issuance of senior unsecured notes, including premium | 0 | 0 |
Debt issuance costs | 0 | 0 |
Distributions to partners/owners | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by financing activities | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | 350,596 | 245,918 |
Payments to acquire fixed and intangible assets | -240,385 | -98,050 |
Cash distributions received from equity investees - return of investment | 6,173 | 5,539 |
Investments in equity investees | -14,826 | -66,207 |
Repayments on loan to non-guarantor subsidiary | 2,433 | 2,199 |
Proceeds from asset sales | 133 | 626 |
Other, net | -2,635 | 171 |
Net cash used in investing activities | -249,107 | -155,722 |
Borrowings on senior secured credit facility | 0 | 0 |
Repayments on senior secured credit facility | 0 | 0 |
Proceeds from issuance of senior unsecured notes, including premium | 0 | 0 |
Debt issuance costs | 0 | 0 |
Distributions to partners/owners | -96,236 | -79,795 |
Other, net | -19 | -3,382 |
Net cash provided by financing activities | -96,255 | -83,177 |
Net increase in cash and cash equivalents | 5,234 | 7,019 |
Cash and cash equivalents at beginning of period | 8,061 | 11,214 |
Cash and cash equivalents at end of period | 13,295 | 18,233 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | 5,007 | 17,342 |
Payments to acquire fixed and intangible assets | -609 | -9,116 |
Cash distributions received from equity investees - return of investment | 0 | 0 |
Investments in equity investees | 0 | 0 |
Repayments on loan to non-guarantor subsidiary | 0 | 0 |
Proceeds from asset sales | 0 | 0 |
Other, net | 0 | 0 |
Net cash used in investing activities | -609 | -9,116 |
Borrowings on senior secured credit facility | 0 | 0 |
Repayments on senior secured credit facility | 0 | 0 |
Proceeds from issuance of senior unsecured notes, including premium | 0 | 0 |
Debt issuance costs | 0 | 0 |
Distributions to partners/owners | -1,768 | -6,545 |
Other, net | -2,394 | -1,308 |
Net cash provided by financing activities | -4,162 | -7,853 |
Net increase in cash and cash equivalents | 236 | 373 |
Cash and cash equivalents at beginning of period | 785 | 58 |
Cash and cash equivalents at end of period | 1,021 | 431 |
Eliminations [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | -74,599 | -80,735 |
Payments to acquire fixed and intangible assets | 0 | 0 |
Cash distributions received from equity investees - return of investment | -23,385 | -5,585 |
Investments in equity investees | 0 | 0 |
Repayments on loan to non-guarantor subsidiary | -2,433 | -2,199 |
Proceeds from asset sales | 0 | 0 |
Other, net | 0 | 0 |
Net cash used in investing activities | -25,818 | -7,784 |
Borrowings on senior secured credit facility | 0 | 0 |
Repayments on senior secured credit facility | 0 | 0 |
Proceeds from issuance of senior unsecured notes, including premium | 0 | 0 |
Debt issuance costs | 0 | 0 |
Distributions to partners/owners | 98,004 | 86,340 |
Other, net | 2,413 | 2,179 |
Net cash provided by financing activities | 100,417 | 88,519 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $0 | $0 |