Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 29, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | GENESIS ENERGY LP | |
Entity Central Index Key | 1,022,321 | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Class A [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 109,939,221 | |
Class B [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 39,997 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 8,719 | $ 9,462 |
Accounts receivable-trade, net | 273,567 | 271,529 |
Inventories | 54,566 | 46,829 |
Other | 22,918 | 27,546 |
Total current assets | 359,770 | 355,366 |
FIXED ASSETS, at cost | 2,120,646 | 1,899,058 |
Less: Accumulated depreciation | (304,876) | (268,057) |
Net fixed assets | 1,815,770 | 1,631,001 |
NET INVESTMENT IN DIRECT FINANCING LEASES, net of unearned income | 142,919 | 145,959 |
EQUITY INVESTEES | 614,409 | 628,780 |
INTANGIBLE ASSETS, net of amortization | 75,914 | 82,931 |
GOODWILL | 325,046 | 325,046 |
OTHER ASSETS, net of amortization | 70,453 | 61,291 |
TOTAL ASSETS | 3,404,281 | 3,230,374 |
CURRENT LIABILITIES: | ||
Accounts payable-trade | 235,758 | 245,405 |
Accrued liabilities | 106,360 | 117,740 |
Total current liabilities | 342,118 | 363,145 |
SENIOR SECURED CREDIT FACILITY | 585,200 | 550,400 |
Senior unsecured notes | 1,100,000 | 1,050,639 |
DEFERRED TAX LIABILITIES | 20,005 | 18,754 |
OTHER LONG-TERM LIABILITIES | $ 15,469 | $ 18,233 |
COMMITMENTS AND CONTINGENCIES (Note 15) | ||
PARTNERS' CAPITAL: | ||
Limited Partners' Capital Account | $ 1,341,489 | $ 1,229,203 |
TOTAL LIABILITIES AND PARTNERS' CAPITAL | $ 3,404,281 | $ 3,230,374 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - shares | Jun. 30, 2015 | Apr. 10, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Common units, issued | 99,629,218 | 4,600,000 | 95,029,218 | ||
Common units, outstanding | 99,629,218 | 95,029,218 | 88,691,000 | 88,691,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
REVENUES: | ||||
Supply And Logistics Revenues | $ 527,218 | $ 883,108 | $ 930,722 | $ 1,771,421 |
Refinery Services Revenues | 46,324 | 52,801 | 92,448 | 106,994 |
Marine Transportation Revenues | 62,594 | 55,948 | 119,965 | 112,241 |
Pipeline Transportation Services Revenues | 20,191 | 23,192 | 40,049 | 44,112 |
Total revenues | 656,327 | 1,015,049 | 1,183,184 | 2,034,768 |
COSTS AND EXPENSES: | ||||
Supply and logistics product costs | 492,125 | 844,395 | 863,043 | 1,693,657 |
Supply and logistics operating costs | 23,782 | 27,774 | 49,021 | 55,092 |
Marine Transportation Operating Costs | 35,286 | 36,905 | 66,880 | 72,679 |
Refinery services operating costs | 25,835 | 31,148 | 52,862 | 64,343 |
Pipeline transportation operating costs | 6,882 | 8,383 | 13,796 | 15,861 |
General and administrative | 14,832 | 14,696 | 28,053 | 26,706 |
Depreciation and amortization | 28,205 | 20,491 | 55,330 | 39,771 |
Total costs and expenses | 626,947 | 983,792 | 1,128,985 | 1,968,109 |
OPERATING INCOME | 29,380 | 31,257 | 54,199 | 66,659 |
Equity in earnings of equity investees | 18,661 | 4,922 | 34,180 | 12,740 |
Interest Income (Expense), Net | (17,905) | (14,069) | (37,120) | (26,873) |
Other Nonoperating Income (Expense) | (17,529) | 0 | (17,529) | 0 |
Income from continuing operations before income taxes | 12,607 | 22,110 | 33,730 | 52,526 |
Income tax benefit (expense) | (942) | (962) | (1,850) | (1,603) |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 11,665 | 21,148 | 31,880 | 50,923 |
NET INCOME | $ 11,665 | $ 21,148 | $ 31,880 | $ 50,923 |
NET INCOME PER COMMON UNIT: | ||||
Basic and Diluted | $ 0.12 | $ 0.24 | $ 0.33 | $ 0.57 |
WEIGHTED AVERAGE OUTSTANDING COMMON UNITS: | ||||
Basic and Diluted | 99,174 | 88,691 | 97,113 | 88,691 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Partners' Capital - Partner Type of Partners' Capital Account, Name [Domain] - USD ($) $ in Thousands | Total | Number Of Common Units [Member] |
Partners' capital, January 1, units at Dec. 31, 2013 | 88,691,000 | |
Partners' Capital Account, Sale of Units | $ 0 | |
Net income | 50,923 | $ 0 |
Cash distributions | $ 96,236 | $ 0 |
Partners' Capital Account, Units, Sale of Units | 0 | |
Partners' capital, March 31, units at Jun. 30, 2014 | 88,691,000 | |
Partners' capital, March 31, value at Jun. 30, 2014 | $ 1,052,424 | |
Partners' capital, January 1, units at Dec. 31, 2014 | 95,029,218 | |
Partners' Capital Account, Sale of Units | $ 197,722 | |
Net income | 31,880 | $ 0 |
Cash distributions | $ 117,316 | $ 0 |
Partners' Capital Account, Units, Sale of Units | 4,600,000 | |
Partners' capital, March 31, units at Jun. 30, 2015 | 99,629,218 | |
Partners' capital, March 31, value at Jun. 30, 2015 | $ 1,341,489 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 31,880 | $ 50,923 |
Adjustments to reconcile net income to net cash provided by operating activities - | ||
DepreciationDepletionAndAmortizationIncludingDiscOps | 55,330 | 39,771 |
Depreciation and amortization | 55,330 | 39,771 |
Amortization of debt issuance costs and premium | 6,526 | 2,320 |
Amortization of unearned income and initial direct costs on direct financing leases | (7,566) | (7,922) |
Payments received under direct financing leases | 10,333 | 10,631 |
Equity in earnings of investments in equity investees | (34,180) | (12,740) |
Cash distributions of earnings of equity investees | 38,811 | 21,452 |
Non-cash effect of equity-based compensation plans | 4,744 | 6,267 |
Deferred and other tax liabilities | 1,250 | 853 |
Unrealized gains on derivative transactions | 1,309 | (1,187) |
Other, net | (2,296) | 1,518 |
Net changes in components of operating assets and liabilities, (Note 12) | (35,039) | (6,689) |
Net cash provided by operating activities | 71,102 | 105,197 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments to acquire fixed and intangible assets | (240,646) | (240,994) |
Cash distributions received from equity investees - return of investment | 11,490 | 6,173 |
Investments in equity investees | (1,750) | (14,826) |
Proceeds from asset sales | 2,228 | 133 |
Other, net | (729) | (2,635) |
Net cash used in investing activities | (229,407) | (252,149) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings on senior secured credit facility | 550,500 | 1,181,200 |
Repayments on senior secured credit facility | (515,700) | (1,271,800) |
Proceeds from issuance of senior unsecured notes, including premium | 400,000 | 350,000 |
Repayments of Unsecured Debt | (350,000) | 0 |
Debt issuance costs | (8,418) | (10,752) |
Proceeds from Issuance of Common Limited Partners Units | 197,722 | 0 |
Distributions to common unitholders | (117,316) | (96,236) |
Other, net | 774 | 0 |
Net cash provided by financing activities | 157,562 | 152,412 |
Net increase in cash and cash equivalents | (743) | 5,460 |
Cash and cash equivalents at beginning of period | 9,462 | 8,866 |
Cash and cash equivalents at end of period | $ 8,719 | $ 14,326 |
Organization And Basis Of Prese
Organization And Basis Of Presentation And Consolidation | 6 Months Ended |
Jun. 30, 2015 | |
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 growth-oriented master limited partnership formed in Delaware in 1996 and 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 five divisions that constitute our reportable segments: • Onshore pipeline transportation of crude oil and, to a lesser extent, carbon dioxide (or "CO 2 "); • Offshore pipeline transportation of crude oil in the Gulf of Mexico; • 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"); • Marine transportation to provide waterborne transportation of petroleum products and crude oil throughout North America; and • Supply and logistics services, which include terminaling, blending, storing, marketing and transporting crude oil and petroleum products and, on a smaller scale, CO 2 . 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, 2014 . 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, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. Recent Accounting Developments Recently Issued In April 2015, the Financial Accounting Standards Board ("FASB") issued guidance that will require the presentation of debt issuance costs in financial statements as a direct reduction of related debt liabilities with amortization of debt issuance costs reported as interest expense. Under current U.S. GAAP standards, debt issuance costs are reported as deferred charges (i.e., as an asset). This guidance is effective for annual periods, and interim periods within those fiscal years, beginning after December 15, 2015 and is to be applied retrospectively upon adoption. Early adoption is permitted, including adoption in an interim period for financial statements that have not been previously issued. We are currently evaluating this guidance. In May 2014, the 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 permits the use of either a full retrospective or a modified retrospective approach. In July 2015, the FASB approved a one year deferral of the effective date of this standard to December 15, 2017 for annual reporting periods beginning after that date. The FASB also approved early adoption of the standard, but not before the original effective date of December 15, 2016. 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, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 4. Acquisition and Divestiture Acquisition M/T American Phoenix On November 13, 2014 , we acquired the M/T American Phoenix from Mid Ocean Tanker Company for $157 million . The M/T American Phoenix is a modern double-hulled, Jones Act qualified tanker with 330,000 barrels of cargo capacity that was placed into service during 2012. The purchase price of $157 million was paid to Mid Ocean Tanker Company in cash, as funded with proceeds from available and committed liquidity under our $1 billion revolving credit facility. We have reflected the financial results of the acquired business in our marine transportation segment from the date of acquisition. We have recorded the assets acquired in the Consolidated Financial Statements at their fair values. Those fair values were developed by management. The allocation of the purchase price, as presented on our Consolidated Balance Sheet, is summarized as follows: Property and equipment $ 125,000 Intangible assets 32,000 Total purchase price $ 157,000 Our Consolidated Financial Statements include the results of our acquired offshore marine transportation business since November 13, 2014 , the effective closing date of the acquisition. The following table presents selected financial information included in our Consolidated Financial Statements for the periods presented: Three Months Ended Six Months Ended Revenues $ 5,642 $ 11,222 Net income $ 1,274 $ 2,671 The table below presents selected unaudited pro forma financial information incorporating the historical results of our M/T American Phoenix. The pro forma financial information below has been prepared as if the acquisition had been completed on January 1, 2014 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 30 years. Three Months Ended Six Months Ended Pro forma consolidated financial operating results: Revenues $ 1,019,900 $ 2,044,470 Net Income $ 22,478 $ 53,551 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. Inventories The major components of inventories were as follows: June 30, December 31, Petroleum products $ 28,043 $ 30,108 Crude oil 20,636 7,266 Caustic soda 2,320 2,850 NaHS 3,567 6,603 Other — 2 Total $ 54,566 $ 46,829 Inventories are valued at the lower of cost or market. At June 30, 2015 , market values of our inventories exceeded recorded costs. At December 31, 2014 , market value of inventories was below recorded costs by approximately $6.6 million , so we reduced the value of inventory as of that date in our Condensed Consolidated Financial Statements for this difference. |
Fixed Assets
Fixed Assets | 6 Months Ended |
Jun. 30, 2015 | |
Fixed Assets And Asset Retirement Obligations [Abstract] | |
Fixed Assets And Asset Retirement Obligations | 6. Fixed Assets Fixed Assets Fixed assets consisted of the following: June 30, December 31, Pipelines and related assets $ 477,815 $ 466,613 Machinery and equipment 393,913 376,672 Transportation equipment 17,216 18,479 Marine vessels 750,444 731,016 Land, buildings and improvements 39,772 38,037 Office equipment, furniture and fixtures 7,126 6,696 Construction in progress 387,903 222,233 Other 46,457 39,312 Fixed assets, at cost 2,120,646 1,899,058 Less: Accumulated depreciation (304,876 ) (268,057 ) Net fixed assets $ 1,815,770 $ 1,631,001 Our depreciation expense for the periods presented was as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 Depreciation expense $ 22,512 $ 16,409 $ 44,549 $ 31,686 |
Equity Investees
Equity Investees | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investees | 7. 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, 2015 and December 31, 2014 , the unamortized excess cost amounts totaled $210.2 million and $215.4 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 2015 2014 2015 2014 Genesis’ share of operating earnings $ 21,403 $ 7,505 $ 39,663 $ 17,906 Amortization of excess purchase price (2,742 ) (2,583 ) (5,483 ) (5,166 ) Net equity in earnings $ 18,661 $ 4,922 $ 34,180 $ 12,740 Distributions received $ 24,399 $ 15,045 $ 50,301 $ 27,625 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, BALANCE SHEET DATA: Assets Current assets $ 50,963 $ 42,135 Fixed assets, net 989,168 1,015,305 Other assets 1,938 4,369 Total assets $ 1,042,069 $ 1,061,809 Liabilities and equity Current liabilities $ 26,521 $ 25,369 Other liabilities 202,633 202,613 Equity 812,915 833,827 Total liabilities and equity $ 1,042,069 $ 1,061,809 Three Months Ended Six Months Ended 2015 2014 2015 2014 INCOME STATEMENT DATA: Revenues $ 82,553 $ 46,440 $ 154,643 $ 96,264 Operating income $ 56,408 $ 22,628 $ 104,521 $ 53,103 Net income $ 55,230 $ 21,815 $ 102,147 $ 51,521 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | 8. Intangible Assets The following table summarizes the components of our intangible assets at the dates indicated: June 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Carrying Value Gross Carrying Amount Accumulated Amortization Carrying Value Refinery Services: Customer relationships $ 94,654 $ 84,083 $ 10,571 $ 94,654 $ 81,880 $ 12,774 Licensing agreements 38,678 30,339 8,339 38,678 28,983 9,695 Segment total 133,332 114,422 18,910 133,332 110,863 22,469 Supply & Logistics: Customer relationships 35,430 31,082 4,348 35,430 30,228 5,202 Intangibles associated with lease 13,260 3,749 9,511 13,260 3,512 9,748 Segment total 48,690 34,831 13,859 48,690 33,740 14,950 Marine contract intangibles 32,000 3,333 28,667 32,000 833 31,167 Other 21,533 7,055 14,478 22,797 8,452 14,345 Total $ 235,555 $ 159,641 $ 75,914 $ 236,819 $ 153,888 $ 82,931 Our amortization of intangible assets for the periods presented was as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 Amortization of intangible assets $ 4,154 $ 3,147 $ 8,191 $ 6,292 We estimate that our amortization expense for the next five years will be as follows: Remainder of 2015 $ 9,761 2016 $ 15,628 2017 $ 14,465 2018 $ 12,349 2019 $ 8,036 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt Our obligations under debt arrangements consisted of the following: June 30, December 31, Senior secured credit facility $ 585,200 $ 550,400 7.875% senior unsecured notes (including unamortized premium of $639 in 2014) — 350,639 6.000% senior unsecured notes 400,000 — 5.750% senior unsecured notes 350,000 350,000 5.625% senior unsecured notes 350,000 350,000 Total long-term debt $ 1,685,200 $ 1,601,039 As of June 30, 2015 , we were in compliance with the financial covenants contained in our credit agreement and senior unsecured notes indentures. Senior Secured Credit Facility The key terms for rates under our $1 billion senior secured 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% . • 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. At June 30, 2015 , we had $585.2 million borrowed under our $1 billion credit facility, with $43.4 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 $30.6 million was outstanding at June 30, 2015 . 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, 2015 was $384.2 million . Senior Unsecured Note Issuance and Repayment On May 21, 2015 , we issued $400 million in aggregate principal amount of 6.0% senior unsecured notes at face value. Interest payments are due on May 15 and November 15 of each year with the initial interest payment due November 15, 2015. Those notes mature on May 15, 2023 . We used a portion of the proceeds from those notes to redeem all of our outstanding $350 million , 7.875% senior unsecured notes due 2018 . The aggregate principal amount of the 7.875% notes totaling $300.1 million were tendered and the remaining $49.9 million were redeemed in full. A total loss of approximately $19.2 million for the tender and redemption of notes is recorded to "Other income/(expense), net" in our Consolidated Statements of Operations. |
Partners' Capital And Distribut
Partners' Capital And Distributions Partners' Capital (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Partners' Capital and Distributions [Abstract] | |
Partners' Capital Notes Disclosure [Text Block] | 10. Partners’ Capital and Distributions At June 30, 2015 , our outstanding common units consisted of 99,589,221 Class A units and 39,997 Class B units. On April 10, 2015 , we issued 4,600,000 Class A common units in a public offering at a price of $44.42 per unit, which included the exercise by the underwriters of an option to purchase up to 600,000 additional common units from us. We received proceeds, net of underwriting discounts and offering costs, of approximately $198 million from that offering. We intend to use the net proceeds for general partnership purposes, including funding acquisitions (including organic growth projects) or repaying a portion of the borrowings outstanding under our revolving credit facility. Distributions We paid or will pay the following distributions in 2014 and 2015 : Distribution For Date Paid Per Unit Amount Total Amount 2014 1 st Quarter May 15, 2014 $ 0.5500 $ 48,783 2 nd Quarter August 14, 2014 $ 0.5650 $ 50,114 3 rd Quarter November 14, 2014 $ 0.5800 $ 54,112 4 th Quarter February 13, 2015 $ 0.5950 $ 56,542 2015 1 st Quarter May 15, 2015 $ 0.6100 $ 60,774 2 nd Quarter August 14, 2015 (1) $ 0.6250 $ 68,737 (1) This distribution will be paid to unitholders of record as of July 31, 2015 . |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Information | 11. Business Segment Information In the fourth quarter of 2014, we reorganized our operating segments as a result of a change in the way our Chief Executive Officer, who is our chief operating decision maker, evaluates the performance of operations, develops strategy and allocates resources. The results of our marine transportation activities, formerly reported in the Supply and Logistics Segment, are now reported in our Marine Transportation Segment. In addition, the results of our offshore and onshore pipeline transportation activities, formerly reported in the Pipeline Transportation Segment, are now reported separately in our Onshore Pipeline Transportation Segment and Offshore Pipeline Transportation Segment. Our disclosures related to prior periods have been recast to reflect our reorganized segments. As a result of the above changes, we currently manage our businesses through five divisions that constitute our reportable segments: • Onshore Pipeline Transportation – transportation of crude oil, and to a lesser extent, CO 2 ; • Offshore Pipeline Transportation – offshore transportation of crude oil in the Gulf of Mexico; • 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; • Marine Transportation – marine transportation to provide waterborne transportation of petroleum products and crude oil throughout North America; 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, CO 2 . 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: Onshore Pipeline Transportation Offshore Pipeline Transportation Refinery Services Marine Transportation Supply & Logistics Total Three Months Ended June 30, 2015 Segment margin (a) $ 14,363 $ 25,100 $ 20,221 $ 27,225 $ 11,658 $ 98,567 Capital expenditures (b) $ 40,893 $ 86 $ 238 $ 11,086 $ 55,850 $ 108,153 Revenues: External customers $ 15,856 $ 1,258 $ 48,786 $ 60,603 $ 529,824 $ 656,327 Intersegment (c) 3,077 — (2,462 ) 1,991 (2,606 ) — Total revenues of reportable segments $ 18,933 $ 1,258 $ 46,324 $ 62,594 $ 527,218 $ 656,327 Three Months Ended June 30, 2014 Segment margin (a) $ 16,531 $ 11,435 $ 21,627 $ 18,978 $ 14,110 $ 82,681 Capital expenditures (b) $ 3,845 $ 3,192 $ 597 $ 37,077 $ 95,413 $ 140,124 Revenues: External customers $ 19,236 $ 522 $ 55,552 $ 51,892 $ 887,847 $ 1,015,049 Intersegment (c) 3,434 — (2,751 ) 4,056 (4,739 ) — Total revenues of reportable segments $ 22,670 $ 522 $ 52,801 $ 55,948 $ 883,108 $ 1,015,049 Six Months Ended June 30, 2015 Segment Margin (a) $ 28,686 $ 50,298 $ 39,381 $ 52,918 $ 21,405 $ 192,688 Capital expenditures (b) $ 109,484 $ 2,139 $ 1,450 $ 27,662 $ 92,626 $ 233,361 Revenues: External customers $ 31,687 $ 2,048 $ 97,221 $ 115,243 $ 936,985 $ 1,183,184 Intersegment (c) 6,314 — (4,773 ) 4,722 (6,263 ) — Total revenues of reportable segments $ 38,001 $ 2,048 $ 92,448 $ 119,965 $ 930,722 $ 1,183,184 Six Months Ended June 30, 2014 Segment Margin (a) $ 31,220 $ 24,838 $ 42,499 $ 39,435 $ 22,040 $ 160,032 Capital expenditures (b) $ 27,741 $ 13,576 $ 899 $ 48,036 $ 152,650 $ 242,902 Revenues: External customers $ 34,739 $ 1,469 $ 112,659 $ 102,982 $ 1,782,919 $ 2,034,768 Intersegment (c) 7,904 — (5,665 ) 9,259 (11,498 ) — Total revenues of reportable segments $ 42,643 $ 1,469 $ 106,994 $ 112,241 $ 1,771,421 $ 2,034,768 Total assets by reportable segment were as follows: June 30, December 31, Onshore pipeline transportation $ 516,365 $ 460,012 Offshore pipeline transportation 631,998 645,668 Refinery services 394,794 403,703 Marine transportation 754,515 745,128 Supply and logistics 1,042,620 907,189 Other assets 63,989 68,674 Total consolidated assets 3,404,281 3,230,374 (a) A reconciliation of Segment Margin to net income for the periods is presented below. (b) Capital expenditures include maintenance and growth capital expenditures, such as fixed asset additions (including enhancements to existing facilities and construction of growth projects) as well as acquisitions of businesses and interests in equity investees. In addition to construction of growth projects, capital spending in our pipeline transportation segment included $0.0 million and $1.8 million during the three and six months ended June 30, 2015 and $2.3 million and $12.7 million during the three and six months ended June 30, 2014 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. Reconciliation of Segment Margin to net income: Three Months Ended Six Months Ended 2015 2014 2015 2014 Segment Margin $ 98,567 $ 82,681 $ 192,688 $ 160,032 Corporate general and administrative expenses (13,953 ) (13,789 ) (26,252 ) (24,850 ) Depreciation and amortization (28,205 ) (20,491 ) (55,330 ) (39,771 ) Interest expense (17,905 ) (14,069 ) (37,120 ) (26,873 ) Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income (1) (7,038 ) (7,808 ) (17,421 ) (13,585 ) Non-cash items not included in Segment Margin 1,771 (3,043 ) (843 ) 282 Cash payments from direct financing leases in excess of earnings (1,405 ) (1,371 ) (2,767 ) (2,709 ) Loss on extinguishment of debt (19,225 ) — (19,225 ) — Income tax expense (942 ) (962 ) (1,850 ) (1,603 ) Net income $ 11,665 $ 21,148 31,880 50,923 (1) Includes distributions attributable to the quarter and received during or promptly following such quarter. |
Transactions With Related Parti
Transactions With Related Parties | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Transactions With Related Parties | 12. 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 2015 2014 2015 2014 Revenues: Sales of CO 2 to Sandhill Group, LLC (1) $ 806 $ 713 $ 1,505 $ 1,368 Costs and expenses: Amounts paid to our CEO in connection with the use of his aircraft $ 165 $ 150 $ 360 $ 300 (1) We own a 50% interest in Sandhill Group, LLC. Amount due from Related Party At June 30, 2015 and December 31, 2014 Sandhill Group, LLC owed us $0.3 million , respectively, for purchases of CO 2 . |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 13. Supplemental Cash Flow Information The following table provides information regarding the net changes in components of operating assets and liabilities. Six Months Ended 2015 2014 (Increase) decrease in: Accounts receivable $ 202 $ 20,827 Inventories (7,737 ) (44,523 ) Deferred charges (7,725 ) — Other current assets 2,286 47,542 Increase (decrease) in: Accounts payable (5,998 ) 13,436 Accrued liabilities (16,067 ) (43,971 ) Net changes in components of operating assets and liabilities (35,039 ) (6,689 ) Payments of interest and commitment fees, net of amounts capitalized, were $40.3 million and $33.4 million for the six months ended June 30, 2015 and June 30, 2014 , respectively. We capitalized interest of $7.2 million and $10.0 million during the six months ended June 30, 2015 and June 30, 2014 . At June 30, 2015 and June 30, 2014 , we had incurred liabilities for fixed and intangible asset additions totaling $52.9 million and $42.1 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, 2015 we had incurred liabilities for other asset additions totaling $12.7 million , 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, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 14. 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. We have designated certain crude oil futures contracts as hedges of crude oil inventory due to our expectation that these contracts will be highly effective in hedging our exposure to fluctuations in crude oil prices during the period that we expect to hold that inventory. We account for these derivative instruments as fair value hedges under the accounting guidance. Changes in the fair value of these derivative instruments designated as fair value hedges are used to offset related changes in the fair value of the hedged crude oil inventory. Any hedge ineffectiveness in these fair value hedges and any amounts excluded from effectiveness testing are recorded as a gain or loss in the consolidates statements of operations. In accordance with NYMEX requirements, we fund the margin associated with our loss positions on commodity derivative contracts traded on the NYMEX. The amount of the margin is adjusted daily based on the fair value of the commodity contracts. The margin requirements are intended to mitigate a party's exposure to market volatility and the associated contracting party risk. We offset fair value amounts recorded for our NYMEX derivative contracts against margin funding as required by the NYMEX in Current Assets - Other in our Consolidated Balance Sheets. At June 30, 2015 , we had the following outstanding derivative commodity contracts that were entered into to economically hedge inventory or fixed price purchase commitments. Sell (Short) Contracts Buy (Long) Contracts Designated as hedges under accounting rules: Crude oil futures: Contract volumes (1,000 bbls) 188 — Weighted average contract price per bbl $ 57.50 $ — Not qualifying or not designated as hedges under accounting rules: Crude oil futures: Contract volumes (1,000 bbls) 402 206 Weighted average contract price per bbl $ 60.72 $ 62.87 Crude oil swaps: Contract volumes (1,000 bbls) 170 — Weighted average contract price per bbl $ (2.11 ) $ — Diesel futures: Contract volumes (1,000 bbls) 80 20 Weighted average contract price per gal $ 1.89 $ 1.87 #6 Fuel oil futures: Contract volumes (1,000 bbls) 360 5 Weighted average contract price per bbl $ 52.07 $ 53.35 Crude oil options: Contract volumes (1,000 bbls) 145 50 Weighted average premium received $ 1.08 $ 0.27 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, 2015 and December 31, 2014 : Fair Value of Derivative Assets and Liabilities Unaudited Condensed Consolidated Balance Sheets Location Fair Value June 30, December 31, Asset Derivatives: Commodity derivatives - futures and call options (undesignated hedges): Gross amount of recognized assets Current Assets - Other $ 363 $ 16,383 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (363 ) (2,310 ) Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets $ — $ 14,073 Commodity derivatives - futures and call options (designated hedges): Gross amount of recognized assets Current Assets - Other $ 8 $ — Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (8 ) — 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) $ (1,366 ) $ (2,310 ) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 1,366 2,310 Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets $ — $ — Commodity derivatives - futures and call options (designated hedges): Gross amount of recognized liabilities Current Assets - Other (1) $ (480 ) $ — Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 480 — 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, 2015 , we had a net broker receivable of approximately $2.6 million (consisting of initial margin of $3.5 million increased by $0.9 million of variation margin). As of December 31, 2014 , we had a net broker receivable of approximately $2.8 million (consisting of initial margin of $2.4 million increased by $0.3 million of variation margin). At June 30, 2015 and December 31, 2014 , 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 2015 2014 2015 2014 Commodity derivatives - futures and call options: Contracts designated as hedges under accounting guidance Supply and logistics product costs $ (4,021 ) $ — $ (1,835 ) $ — Contracts not considered hedges under accounting guidance Supply and logistics product costs (4,209 ) 727 (5,014 ) 3,496 Total commodity derivatives $ (8,230 ) $ 727 $ (6,849 ) $ 3,496 |
Fair-Value Measurements
Fair-Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair-Value Measurements | 15. 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 for identical assets and liabilities and are either directly or indirectly observable as of the measurement date; and (3) Level 3 fair values are based on unobservable inputs in which little or no market data exists. 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, 2015 and December 31, 2014 . Fair Value at Fair Value at June 30, 2015 December 31, 2014 Recurring Fair Value Measures Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Commodity derivatives: Assets $ 371 $ — $ — $ 16,383 $ — $ — Liabilities $ (1,846 ) $ — $ — $ (2,310 ) $ — $ — 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 14 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 of interest for similar instruments with comparable maturities. At June 30, 2015 our senior unsecured notes had a carrying value of $1.1 billion and a fair value of $1.1 billion , compared to $1.1 billion and $1.0 billion , respectively, at December 31, 2014 . 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, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 16. 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. |
Subsequent Event (Notes)
Subsequent Event (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Event [Abstract] | |
Subsequent Events [Text Block] | . Subsequent Events In July 2015, we acquired the offshore pipeline and services business of Enterprise Products Operating, LLC and its affiliates for approximately $1.5 billion . That business includes assets of approximately 2,350 miles of offshore crude oil and natural gas pipelines and six offshore hub platforms that serve some of the most active drilling and development regions in the United States, including deepwater production fields in the Gulf of Mexico offshore Texas, Louisiana, Mississippi and Alabama. At the closing of that transaction, we entered into transition service agreements to facilitate a smooth transition of operations and uninterrupted services for both employees and customers. That acquisition complements and substantially expands our existing offshore pipelines segment. To finance that transaction, in July, we sold 10,350,000 common units in a public offering that generated proceeds of $437.2 million net of underwriter discounts and $750 million aggregate principal amount of 6.75% senior unsecured notes due 2022 that generated proceeds of $728.6 million net of issuance discount and underwriting fees. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 6 Months Ended |
Jun. 30, 2015 | |
Condensed Consolidating Financial Information [Abstract] | |
Condensed Consolidating Financial Information | 17. Condensed Consolidating Financial Information Our $1.1 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 9 for additional information regarding our consolidated debt obligations. During the second quarter of 2015, the Company took action related to certain non-guarantor subsidiaries that resulted in these subsidiaries previously categorized as non-guarantor subsidiaries becoming wholly owned guarantor subsidiaries. The changes made to guarantor subsidiaries did not impact the Company's previously reported consolidated net operating results, financial position, or cash flows. The condensed consolidating balance sheet as of December 31, 2014 and the condensed consolidating statements of operations for the three and six months ended June 30, 2014 as well as the condensed consolidating statements of cash flows for the six months ended June 30, 2014 have been retrospectively adjusted to reflect these updates to our guarantor subsidiaries as though the subsidiaries had been guarantors in all periods presented. 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, 2015 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated ASSETS Current assets: Cash and cash equivalents $ 6 $ — $ 8,006 $ 707 $ — $ 8,719 Other current assets 1,406,653 — 338,521 50,763 (1,444,886 ) 351,051 Total current assets 1,406,659 — 346,527 51,470 (1,444,886 ) 359,770 Fixed assets, at cost — — 2,045,180 75,466 — 2,120,646 Less: Accumulated depreciation — — (286,734 ) (18,142 ) — (304,876 ) Net fixed assets — — 1,758,446 57,324 — 1,815,770 Goodwill — — 325,046 — — 325,046 Other assets, net 29,677 — 267,482 143,627 (151,500 ) 289,286 Equity investees — — 614,409 — — 614,409 Investments in subsidiaries 1,602,824 — 100,279 — (1,703,103 ) — Total assets $ 3,039,160 $ — $ 3,412,189 $ 252,421 $ (3,299,489 ) $ 3,404,281 LIABILITIES AND PARTNERS’ CAPITAL Current liabilities $ 12,471 $ — $ 1,772,548 $ 2,113 $ (1,445,014 ) $ 342,118 Senior secured credit facility 585,200 — — — — 585,200 Senior unsecured notes 1,100,000 — — — — 1,100,000 Deferred tax liabilities — — 20,005 — — 20,005 Other liabilities — — 15,470 151,331 (151,332 ) 15,469 Total liabilities 1,697,671 — 1,808,023 153,444 (1,596,346 ) 2,062,792 Partners’ capital 1,341,489 — 1,604,166 98,977 (1,703,143 ) 1,341,489 Total liabilities and partners’ capital $ 3,039,160 $ — $ 3,412,189 $ 252,421 $ (3,299,489 ) $ 3,404,281 Unaudited Condensed Consolidating Balance Sheet December 31, 2014 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated ASSETS Current assets: Cash and cash equivalents $ 9 $ — $ 8,310 $ 1,143 $ — $ 9,462 Other current assets 1,378,573 — 333,385 46,215 (1,412,269 ) 345,904 Total current assets 1,378,582 — 341,695 47,358 (1,412,269 ) 355,366 Fixed assets, at cost — — 1,823,556 75,502 — 1,899,058 Less: Accumulated depreciation — — (251,171 ) (16,886 ) — (268,057 ) Net fixed assets — — 1,572,385 58,616 — 1,631,001 Goodwill — — 325,046 — — 325,046 Other assets, net 28,421 — 269,252 146,700 (154,192 ) 290,181 Equity investees — — 628,780 — — 628,780 Investments in subsidiaries 1,434,255 — 97,195 — (1,531,450 ) — Total assets $ 2,841,258 $ — $ 3,234,353 $ 252,674 $ (3,097,911 ) $ 3,230,374 LIABILITIES AND PARTNERS’ CAPITAL Current liabilities $ 11,016 $ — $ 1,761,856 $ 2,705 $ (1,412,432 ) $ 363,145 Senior secured credit facility 550,400 — — — — 550,400 Senior unsecured notes 1,050,639 — — — — 1,050,639 Deferred tax liabilities — — 18,754 — — 18,754 Other liabilities — — 18,233 154,021 (154,021 ) 18,233 Total liabilities 1,612,055 — 1,798,843 156,726 (1,566,453 ) 2,001,171 Partners’ capital 1,229,203 — 1,435,510 95,948 (1,531,458 ) 1,229,203 Total liabilities and partners’ capital $ 2,841,258 $ — $ 3,234,353 $ 252,674 $ (3,097,911 ) $ 3,230,374 Unaudited Condensed Consolidating Statement of Operations Three Months Ended June 30, 2015 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated REVENUES: Pipeline transportation services $ — $ — $ 14,378 $ 5,813 $ — $ 20,191 Refinery services — — 45,272 5,859 (4,807 ) 46,324 Marine transportation — — 62,594 — — 62,594 Supply and logistics — — 529,073 (3,966 ) 2,111 527,218 Total revenues — — 651,317 7,706 (2,696 ) 656,327 COSTS AND EXPENSES: Supply and logistics costs — — 517,230 (3,433 ) 2,110 515,907 Marine transportation costs — — 35,286 — — 35,286 Refinery services operating costs — — 25,081 5,526 (4,772 ) 25,835 Pipeline transportation operating costs — — 6,974 (92 ) — 6,882 General and administrative — — 14,861 (29 ) — 14,832 Depreciation and amortization — — 28,249 (44 ) — 28,205 Total costs and expenses — — 627,681 1,928 (2,662 ) 626,947 OPERATING INCOME — — 23,636 5,778 (34 ) 29,380 Equity in earnings of subsidiaries 48,777 — 2,099 — (50,876 ) — Equity in earnings of equity investees — — 18,661 — — 18,661 Interest (expense) income, net (17,887 ) — 3,787 (3,805 ) — (17,905 ) Other income/(expense), net (19,225 ) — 1,696 — — (17,529 ) Income before income taxes 11,665 — 49,879 1,973 (50,910 ) 12,607 Income tax benefit (expense) — — (1,023 ) 81 — (942 ) NET INCOME $ 11,665 $ — $ 48,856 $ 2,054 $ (50,910 ) $ 11,665 Unaudited Condensed Consolidating Statement of Operations Three Months Ended June 30, 2014 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated REVENUES: Pipeline transportation services $ — $ — $ 16,942 $ 6,250 $ — $ 23,192 Refinery services — — 51,694 4,571 (3,464 ) 52,801 Marine transportation — — 55,948 — — 55,948 Supply and logistics — — 883,108 — — 883,108 Total revenues — — 1,007,692 10,821 (3,464 ) 1,015,049 COSTS AND EXPENSES: Supply and logistics costs — — 872,169 — — 872,169 Marine transportation costs — — 36,905 — — 36,905 Refinery services operating costs — — 30,399 4,212 (3,463 ) 31,148 Pipeline transportation operating costs — — 8,172 211 — 8,383 General and administrative — — 14,696 — — 14,696 Depreciation and amortization — — 19,851 640 — 20,491 Total costs and expenses — — 982,192 5,063 (3,463 ) 983,792 OPERATING INCOME — — 25,500 5,758 (1 ) 31,257 Equity in earnings of subsidiaries 35,214 — 1,796 — (37,010 ) — Equity in earnings of equity investees — — 4,922 — — 4,922 Interest (expense) income, net (14,066 ) — 3,932 (3,935 ) — (14,069 ) Income before income taxes 21,148 — 36,150 1,823 (37,011 ) 22,110 Income tax expense — — (890 ) (72 ) — (962 ) NET INCOME $ 21,148 $ — $ 35,260 $ 1,751 $ (37,011 ) $ 21,148 Unaudited Condensed Consolidating Statement of Operations Six Months Ended June 30, 2015 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated REVENUES: Pipeline transportation services $ — $ — $ 27,792 $ 12,257 $ — $ 40,049 Refinery services — — 90,591 7,971 (6,114 ) 92,448 Marine transportation — — 119,965 — — 119,965 Supply and logistics — — 930,722 — — 930,722 Total revenues — — 1,169,070 20,228 (6,114 ) 1,183,184 COSTS AND EXPENSES: Supply and logistics costs — — 912,064 — — 912,064 Marine transportation costs — — 66,880 — — 66,880 Refinery services operating costs — — 51,300 7,645 (6,083 ) 52,862 Pipeline transportation operating costs — — 13,455 341 — 13,796 General and administrative — — 28,053 — — 28,053 Depreciation and amortization — — 54,045 1,285 — 55,330 Total costs and expenses — — 1,125,797 9,271 (6,083 ) 1,128,985 OPERATING INCOME — — 43,273 10,957 (31 ) 54,199 Equity in earnings of subsidiaries 88,184 — 3,486 — (91,670 ) — Equity in earnings of equity investees — — 34,180 — — 34,180 Interest (expense) income, net (37,079 ) — 7,601 (7,642 ) — (37,120 ) Other income/(expense), net (19,225 ) — 1,696 — — (17,529 ) Income before income taxes 31,880 — 90,236 3,315 (91,701 ) 33,730 Income tax expense — — (1,934 ) 84 — (1,850 ) NET INCOME $ 31,880 $ — $ 88,302 $ 3,399 $ (91,701 ) $ 31,880 Unaudited Condensed Consolidating Statement of Operations Six Months Ended June 30, 2014 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated REVENUES: Pipeline transportation services $ — $ — $ 31,477 $ 12,635 $ — $ 44,112 Refinery services — — 103,424 10,645 (7,075 ) 106,994 Marine transportation — — 112,241 — — 112,241 Supply and logistics — — 1,771,421 — — 1,771,421 Total revenues — — 2,018,563 23,280 (7,075 ) 2,034,768 COSTS AND EXPENSES: Supply and logistics costs — — 1,748,749 — — 1,748,749 Marine transportation costs — — 72,679 — — 72,679 Refinery services operating costs — — 61,990 10,058 (7,705 ) 64,343 Pipeline transportation operating costs — — 15,408 453 — 15,861 General and administrative — — 26,706 — — 26,706 Depreciation and amortization — — 38,511 1,260 — 39,771 Total costs and expenses — — 1,964,043 11,771 (7,705 ) 1,968,109 OPERATING INCOME — — 54,520 11,509 630 66,659 Equity in earnings of subsidiaries 77,793 — 3,572 — (81,365 ) — Equity in earnings of equity investees — — 12,740 — — 12,740 Interest (expense) income, net (26,870 ) — 7,898 (7,901 ) — (26,873 ) Income before income taxes 50,923 — 78,730 3,608 (80,735 ) 52,526 Income tax benefit (expense) — — (1,477 ) (126 ) — (1,603 ) NET INCOME $ 50,923 $ — $ 77,253 $ 3,482 $ (80,735 ) $ 50,923 Unaudited Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2015 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated Net cash (used in) provided by operating activities $ (30,856 ) $ — $ 145,231 $ 2,233 $ (45,506 ) $ 71,102 CASH FLOWS FROM INVESTING ACTIVITIES: Payments to acquire fixed and intangible assets — — (240,646 ) — — (240,646 ) Cash distributions received from equity investees - return of investment 71,787 — 11,490 — (71,787 ) 11,490 Investments in equity investees (197,722 ) — (1,750 ) — 197,722 (1,750 ) Repayments on loan to non-guarantor subsidiary — — 2,692 — (2,692 ) — Proceeds from asset sales — — 2,228 — — 2,228 Other, net — — (729 ) — — (729 ) Net cash provided by (used) in investing activities (125,935 ) — (226,715 ) — 123,243 (229,407 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings on senior secured credit facility 550,500 — — — — 550,500 Repayments on senior secured credit facility (515,700 ) — — — — (515,700 ) Proceeds from issuance of senior unsecured notes 400,000 — — — — 400,000 Repayment of senior unsecured notes (350,000 ) — — — — (350,000 ) Debt issuance costs (8,418 ) — — — — (8,418 ) Issuance of common units for cash, net 197,722 — 197,722 — (197,722 ) 197,722 Distributions to partners/owners (117,316 ) — (117,316 ) — 117,316 (117,316 ) Other, net — — 774 (2,669 ) 2,669 774 Net cash provided by (used in) financing activities 156,788 — 81,180 (2,669 ) (77,737 ) 157,562 Net (decrease) increase in cash and cash equivalents (3 ) — (304 ) (436 ) — (743 ) Cash and cash equivalents at beginning of period 9 — 8,310 1,143 — 9,462 Cash and cash equivalents at end of period $ 6 $ — $ 8,006 $ 707 $ — $ 8,719 Unaudited Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2014 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated Net cash (used in) provided by operating activities $ (175,807 ) $ — $ 351,163 $ 2,672 $ (72,831 ) $ 105,197 CASH FLOWS FROM INVESTING ACTIVITIES: Payments to acquire fixed and intangible assets — — (240,994 ) — — (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 used in investing activities 23,385 — (249,716 ) — (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 ) Issuance of common units for cash, net — — — — — — Distributions to partners/owners (96,236 ) — (96,236 ) — 96,236 (96,236 ) Other, net — — — (2,413 ) 2,413 — Net cash provided by (used in) financing activities 152,412 — (96,236 ) (2,413 ) 98,649 152,412 Net (decrease) increase in cash and cash equivalents (10 ) — 5,211 259 — 5,460 Cash and cash equivalents at beginning of period 20 — 8,050 796 — 8,866 Cash and cash equivalents at end of period $ 10 $ — $ 13,261 $ 1,055 $ — $ 14,326 |
Acquisition (Tables)
Acquisition (Tables) - American Phoenix Acquisition [Member] | 6 Months Ended |
Jun. 30, 2015 | |
Business Acquisition [Line Items] | |
Schedule of Purchase Price Allocation | The allocation of the purchase price, as presented on our Consolidated Balance Sheet, is summarized as follows: Property and equipment $ 125,000 Intangible assets 32,000 Total purchase price $ 157,000 |
Selected Financial Information | The following table presents selected financial information included in our Consolidated Financial Statements for the periods presented: Three Months Ended Six Months Ended Revenues $ 5,642 $ 11,222 Net income $ 1,274 $ 2,671 |
Schedule of Pro Forma Financial Information | The table below presents selected unaudited pro forma financial information incorporating the historical results of our M/T American Phoenix. The pro forma financial information below has been prepared as if the acquisition had been completed on January 1, 2014 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 30 years. Three Months Ended Six Months Ended Pro forma consolidated financial operating results: Revenues $ 1,019,900 $ 2,044,470 Net Income $ 22,478 $ 53,551 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule Of Major Components Of Inventories | The major components of inventories were as follows: June 30, December 31, Petroleum products $ 28,043 $ 30,108 Crude oil 20,636 7,266 Caustic soda 2,320 2,850 NaHS 3,567 6,603 Other — 2 Total $ 54,566 $ 46,829 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fixed Assets And Asset Retirement Obligations [Abstract] | |
Schedule Of Fixed Assets | Fixed assets consisted of the following: June 30, December 31, Pipelines and related assets $ 477,815 $ 466,613 Machinery and equipment 393,913 376,672 Transportation equipment 17,216 18,479 Marine vessels 750,444 731,016 Land, buildings and improvements 39,772 38,037 Office equipment, furniture and fixtures 7,126 6,696 Construction in progress 387,903 222,233 Other 46,457 39,312 Fixed assets, at cost 2,120,646 1,899,058 Less: Accumulated depreciation (304,876 ) (268,057 ) Net fixed assets $ 1,815,770 $ 1,631,001 |
Depreciation Expense | Our depreciation expense for the periods presented was as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 Depreciation expense $ 22,512 $ 16,409 $ 44,549 $ 31,686 |
Equity Investees (Tables)
Equity Investees (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 2015 2014 2015 2014 Genesis’ share of operating earnings $ 21,403 $ 7,505 $ 39,663 $ 17,906 Amortization of excess purchase price (2,742 ) (2,583 ) (5,483 ) (5,166 ) Net equity in earnings $ 18,661 $ 4,922 $ 34,180 $ 12,740 Distributions received $ 24,399 $ 15,045 $ 50,301 $ 27,625 |
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, BALANCE SHEET DATA: Assets Current assets $ 50,963 $ 42,135 Fixed assets, net 989,168 1,015,305 Other assets 1,938 4,369 Total assets $ 1,042,069 $ 1,061,809 Liabilities and equity Current liabilities $ 26,521 $ 25,369 Other liabilities 202,633 202,613 Equity 812,915 833,827 Total liabilities and equity $ 1,042,069 $ 1,061,809 |
Schedule Of Operations For Equity Investees | Three Months Ended Six Months Ended 2015 2014 2015 2014 INCOME STATEMENT DATA: Revenues $ 82,553 $ 46,440 $ 154,643 $ 96,264 Operating income $ 56,408 $ 22,628 $ 104,521 $ 53,103 Net income $ 55,230 $ 21,815 $ 102,147 $ 51,521 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Carrying Value Gross Carrying Amount Accumulated Amortization Carrying Value Refinery Services: Customer relationships $ 94,654 $ 84,083 $ 10,571 $ 94,654 $ 81,880 $ 12,774 Licensing agreements 38,678 30,339 8,339 38,678 28,983 9,695 Segment total 133,332 114,422 18,910 133,332 110,863 22,469 Supply & Logistics: Customer relationships 35,430 31,082 4,348 35,430 30,228 5,202 Intangibles associated with lease 13,260 3,749 9,511 13,260 3,512 9,748 Segment total 48,690 34,831 13,859 48,690 33,740 14,950 Marine contract intangibles 32,000 3,333 28,667 32,000 833 31,167 Other 21,533 7,055 14,478 22,797 8,452 14,345 Total $ 235,555 $ 159,641 $ 75,914 $ 236,819 $ 153,888 $ 82,931 |
Amortization Expense | Our amortization of intangible assets for the periods presented was as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 Amortization of intangible assets $ 4,154 $ 3,147 $ 8,191 $ 6,292 |
Schedule of Expected Amortization Expense | We estimate that our amortization expense for the next five years will be as follows: Remainder of 2015 $ 9,761 2016 $ 15,628 2017 $ 14,465 2018 $ 12,349 2019 $ 8,036 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule Of Obligations Under Debt Arrangements | Our obligations under debt arrangements consisted of the following: June 30, December 31, Senior secured credit facility $ 585,200 $ 550,400 7.875% senior unsecured notes (including unamortized premium of $639 in 2014) — 350,639 6.000% senior unsecured notes 400,000 — 5.750% senior unsecured notes 350,000 350,000 5.625% senior unsecured notes 350,000 350,000 Total long-term debt $ 1,685,200 $ 1,601,039 |
Partners' Capital And Distrib30
Partners' Capital And Distributions Partners' Capital And Distributions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Partners' Capital and Distributions [Abstract] | |
Distributions Made to Limited Partner, by Distribution [Table Text Block] | We paid or will pay the following distributions in 2014 and 2015 : Distribution For Date Paid Per Unit Amount Total Amount 2014 1 st Quarter May 15, 2014 $ 0.5500 $ 48,783 2 nd Quarter August 14, 2014 $ 0.5650 $ 50,114 3 rd Quarter November 14, 2014 $ 0.5800 $ 54,112 4 th Quarter February 13, 2015 $ 0.5950 $ 56,542 2015 1 st Quarter May 15, 2015 $ 0.6100 $ 60,774 2 nd Quarter August 14, 2015 (1) $ 0.6250 $ 68,737 (1) This distribution will be paid to unitholders of record as of July 31, 2015 . |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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: Onshore Pipeline Transportation Offshore Pipeline Transportation Refinery Services Marine Transportation Supply & Logistics Total Three Months Ended June 30, 2015 Segment margin (a) $ 14,363 $ 25,100 $ 20,221 $ 27,225 $ 11,658 $ 98,567 Capital expenditures (b) $ 40,893 $ 86 $ 238 $ 11,086 $ 55,850 $ 108,153 Revenues: External customers $ 15,856 $ 1,258 $ 48,786 $ 60,603 $ 529,824 $ 656,327 Intersegment (c) 3,077 — (2,462 ) 1,991 (2,606 ) — Total revenues of reportable segments $ 18,933 $ 1,258 $ 46,324 $ 62,594 $ 527,218 $ 656,327 Three Months Ended June 30, 2014 Segment margin (a) $ 16,531 $ 11,435 $ 21,627 $ 18,978 $ 14,110 $ 82,681 Capital expenditures (b) $ 3,845 $ 3,192 $ 597 $ 37,077 $ 95,413 $ 140,124 Revenues: External customers $ 19,236 $ 522 $ 55,552 $ 51,892 $ 887,847 $ 1,015,049 Intersegment (c) 3,434 — (2,751 ) 4,056 (4,739 ) — Total revenues of reportable segments $ 22,670 $ 522 $ 52,801 $ 55,948 $ 883,108 $ 1,015,049 Six Months Ended June 30, 2015 Segment Margin (a) $ 28,686 $ 50,298 $ 39,381 $ 52,918 $ 21,405 $ 192,688 Capital expenditures (b) $ 109,484 $ 2,139 $ 1,450 $ 27,662 $ 92,626 $ 233,361 Revenues: External customers $ 31,687 $ 2,048 $ 97,221 $ 115,243 $ 936,985 $ 1,183,184 Intersegment (c) 6,314 — (4,773 ) 4,722 (6,263 ) — Total revenues of reportable segments $ 38,001 $ 2,048 $ 92,448 $ 119,965 $ 930,722 $ 1,183,184 Six Months Ended June 30, 2014 Segment Margin (a) $ 31,220 $ 24,838 $ 42,499 $ 39,435 $ 22,040 $ 160,032 Capital expenditures (b) $ 27,741 $ 13,576 $ 899 $ 48,036 $ 152,650 $ 242,902 Revenues: External customers $ 34,739 $ 1,469 $ 112,659 $ 102,982 $ 1,782,919 $ 2,034,768 Intersegment (c) 7,904 — (5,665 ) 9,259 (11,498 ) — Total revenues of reportable segments $ 42,643 $ 1,469 $ 106,994 $ 112,241 $ 1,771,421 $ 2,034,768 Total assets by reportable segment were as follows: June 30, December 31, Onshore pipeline transportation $ 516,365 $ 460,012 Offshore pipeline transportation 631,998 645,668 Refinery services 394,794 403,703 Marine transportation 754,515 745,128 Supply and logistics 1,042,620 907,189 Other assets 63,989 68,674 Total consolidated assets 3,404,281 3,230,374 (a) A reconciliation of Segment Margin to net income for the periods is presented below. (b) Capital expenditures include maintenance and growth capital expenditures, such as fixed asset additions (including enhancements to existing facilities and construction of growth projects) as well as acquisitions of businesses and interests in equity investees. In addition to construction of growth projects, capital spending in our pipeline transportation segment included $0.0 million and $1.8 million during the three and six months ended June 30, 2015 and $2.3 million and $12.7 million during the three and six months ended June 30, 2014 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. |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Reconciliation of Segment Margin to net income: Three Months Ended Six Months Ended 2015 2014 2015 2014 Segment Margin $ 98,567 $ 82,681 $ 192,688 $ 160,032 Corporate general and administrative expenses (13,953 ) (13,789 ) (26,252 ) (24,850 ) Depreciation and amortization (28,205 ) (20,491 ) (55,330 ) (39,771 ) Interest expense (17,905 ) (14,069 ) (37,120 ) (26,873 ) Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income (1) (7,038 ) (7,808 ) (17,421 ) (13,585 ) Non-cash items not included in Segment Margin 1,771 (3,043 ) (843 ) 282 Cash payments from direct financing leases in excess of earnings (1,405 ) (1,371 ) (2,767 ) (2,709 ) Loss on extinguishment of debt (19,225 ) — (19,225 ) — Income tax expense (942 ) (962 ) (1,850 ) (1,603 ) Net income $ 11,665 $ 21,148 31,880 50,923 (1) Includes distributions attributable to the quarter and received during or promptly following such quarter. |
Transactions With Related Par32
Transactions With Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 2015 2014 2015 2014 Revenues: Sales of CO 2 to Sandhill Group, LLC (1) $ 806 $ 713 $ 1,505 $ 1,368 Costs and expenses: Amounts paid to our CEO in connection with the use of his aircraft $ 165 $ 150 $ 360 $ 300 (1) We own a 50% interest in Sandhill Group, LLC. |
Supplemental Cash Flow Inform33
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 2015 2014 (Increase) decrease in: Accounts receivable $ 202 $ 20,827 Inventories (7,737 ) (44,523 ) Deferred charges (7,725 ) — Other current assets 2,286 47,542 Increase (decrease) in: Accounts payable (5,998 ) 13,436 Accrued liabilities (16,067 ) (43,971 ) Net changes in components of operating assets and liabilities (35,039 ) (6,689 ) |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Outstanding Derivatives Entered Into To Hedge Inventory Or Fixed Price Purchase Commitments | At June 30, 2015 , we had the following outstanding derivative commodity contracts that were entered into to economically hedge inventory or fixed price purchase commitments. Sell (Short) Contracts Buy (Long) Contracts Designated as hedges under accounting rules: Crude oil futures: Contract volumes (1,000 bbls) 188 — Weighted average contract price per bbl $ 57.50 $ — Not qualifying or not designated as hedges under accounting rules: Crude oil futures: Contract volumes (1,000 bbls) 402 206 Weighted average contract price per bbl $ 60.72 $ 62.87 Crude oil swaps: Contract volumes (1,000 bbls) 170 — Weighted average contract price per bbl $ (2.11 ) $ — Diesel futures: Contract volumes (1,000 bbls) 80 20 Weighted average contract price per gal $ 1.89 $ 1.87 #6 Fuel oil futures: Contract volumes (1,000 bbls) 360 5 Weighted average contract price per bbl $ 52.07 $ 53.35 Crude oil options: Contract volumes (1,000 bbls) 145 50 Weighted average premium received $ 1.08 $ 0.27 |
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, 2015 and December 31, 2014 : Fair Value of Derivative Assets and Liabilities Unaudited Condensed Consolidated Balance Sheets Location Fair Value June 30, December 31, Asset Derivatives: Commodity derivatives - futures and call options (undesignated hedges): Gross amount of recognized assets Current Assets - Other $ 363 $ 16,383 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (363 ) (2,310 ) Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets $ — $ 14,073 Commodity derivatives - futures and call options (designated hedges): Gross amount of recognized assets Current Assets - Other $ 8 $ — Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (8 ) — 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) $ (1,366 ) $ (2,310 ) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 1,366 2,310 Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets $ — $ — Commodity derivatives - futures and call options (designated hedges): Gross amount of recognized liabilities Current Assets - Other (1) $ (480 ) $ — Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 480 — 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 2015 2014 2015 2014 Commodity derivatives - futures and call options: Contracts designated as hedges under accounting guidance Supply and logistics product costs $ (4,021 ) $ — $ (1,835 ) $ — Contracts not considered hedges under accounting guidance Supply and logistics product costs (4,209 ) 727 (5,014 ) 3,496 Total commodity derivatives $ (8,230 ) $ 727 $ (6,849 ) $ 3,496 |
Fair-Value Measurements (Tables
Fair-Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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, 2015 and December 31, 2014 . Fair Value at Fair Value at June 30, 2015 December 31, 2014 Recurring Fair Value Measures Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Commodity derivatives: Assets $ 371 $ — $ — $ 16,383 $ — $ — Liabilities $ (1,846 ) $ — $ — $ (2,310 ) $ — $ — |
Condensed Consolidating Finan36
Condensed Consolidating Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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, 2015 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated ASSETS Current assets: Cash and cash equivalents $ 6 $ — $ 8,006 $ 707 $ — $ 8,719 Other current assets 1,406,653 — 338,521 50,763 (1,444,886 ) 351,051 Total current assets 1,406,659 — 346,527 51,470 (1,444,886 ) 359,770 Fixed assets, at cost — — 2,045,180 75,466 — 2,120,646 Less: Accumulated depreciation — — (286,734 ) (18,142 ) — (304,876 ) Net fixed assets — — 1,758,446 57,324 — 1,815,770 Goodwill — — 325,046 — — 325,046 Other assets, net 29,677 — 267,482 143,627 (151,500 ) 289,286 Equity investees — — 614,409 — — 614,409 Investments in subsidiaries 1,602,824 — 100,279 — (1,703,103 ) — Total assets $ 3,039,160 $ — $ 3,412,189 $ 252,421 $ (3,299,489 ) $ 3,404,281 LIABILITIES AND PARTNERS’ CAPITAL Current liabilities $ 12,471 $ — $ 1,772,548 $ 2,113 $ (1,445,014 ) $ 342,118 Senior secured credit facility 585,200 — — — — 585,200 Senior unsecured notes 1,100,000 — — — — 1,100,000 Deferred tax liabilities — — 20,005 — — 20,005 Other liabilities — — 15,470 151,331 (151,332 ) 15,469 Total liabilities 1,697,671 — 1,808,023 153,444 (1,596,346 ) 2,062,792 Partners’ capital 1,341,489 — 1,604,166 98,977 (1,703,143 ) 1,341,489 Total liabilities and partners’ capital $ 3,039,160 $ — $ 3,412,189 $ 252,421 $ (3,299,489 ) $ 3,404,281 Unaudited Condensed Consolidating Balance Sheet December 31, 2014 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated ASSETS Current assets: Cash and cash equivalents $ 9 $ — $ 8,310 $ 1,143 $ — $ 9,462 Other current assets 1,378,573 — 333,385 46,215 (1,412,269 ) 345,904 Total current assets 1,378,582 — 341,695 47,358 (1,412,269 ) 355,366 Fixed assets, at cost — — 1,823,556 75,502 — 1,899,058 Less: Accumulated depreciation — — (251,171 ) (16,886 ) — (268,057 ) Net fixed assets — — 1,572,385 58,616 — 1,631,001 Goodwill — — 325,046 — — 325,046 Other assets, net 28,421 — 269,252 146,700 (154,192 ) 290,181 Equity investees — — 628,780 — — 628,780 Investments in subsidiaries 1,434,255 — 97,195 — (1,531,450 ) — Total assets $ 2,841,258 $ — $ 3,234,353 $ 252,674 $ (3,097,911 ) $ 3,230,374 LIABILITIES AND PARTNERS’ CAPITAL Current liabilities $ 11,016 $ — $ 1,761,856 $ 2,705 $ (1,412,432 ) $ 363,145 Senior secured credit facility 550,400 — — — — 550,400 Senior unsecured notes 1,050,639 — — — — 1,050,639 Deferred tax liabilities — — 18,754 — — 18,754 Other liabilities — — 18,233 154,021 (154,021 ) 18,233 Total liabilities 1,612,055 — 1,798,843 156,726 (1,566,453 ) 2,001,171 Partners’ capital 1,229,203 — 1,435,510 95,948 (1,531,458 ) 1,229,203 Total liabilities and partners’ capital $ 2,841,258 $ — $ 3,234,353 $ 252,674 $ (3,097,911 ) $ 3,230,374 Unaudited Condensed Consolidating Statement of Operations Three Months Ended June 30, 2015 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated REVENUES: Pipeline transportation services $ — $ — $ 14,378 $ 5,813 $ — $ 20,191 Refinery services — — 45,272 5,859 (4,807 ) 46,324 Marine transportation — — 62,594 — — 62,594 Supply and logistics — — 529,073 (3,966 ) 2,111 527,218 Total revenues — — 651,317 7,706 (2,696 ) 656,327 COSTS AND EXPENSES: Supply and logistics costs — — 517,230 (3,433 ) 2,110 515,907 Marine transportation costs — — 35,286 — — 35,286 Refinery services operating costs — — 25,081 5,526 (4,772 ) 25,835 Pipeline transportation operating costs — — 6,974 (92 ) — 6,882 General and administrative — — 14,861 (29 ) — 14,832 Depreciation and amortization — — 28,249 (44 ) — 28,205 Total costs and expenses — — 627,681 1,928 (2,662 ) 626,947 OPERATING INCOME — — 23,636 5,778 (34 ) 29,380 Equity in earnings of subsidiaries 48,777 — 2,099 — (50,876 ) — Equity in earnings of equity investees — — 18,661 — — 18,661 Interest (expense) income, net (17,887 ) — 3,787 (3,805 ) — (17,905 ) Other income/(expense), net (19,225 ) — 1,696 — — (17,529 ) Income before income taxes 11,665 — 49,879 1,973 (50,910 ) 12,607 Income tax benefit (expense) — — (1,023 ) 81 — (942 ) NET INCOME $ 11,665 $ — $ 48,856 $ 2,054 $ (50,910 ) $ 11,665 Unaudited Condensed Consolidating Statement of Operations Three Months Ended June 30, 2014 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated REVENUES: Pipeline transportation services $ — $ — $ 16,942 $ 6,250 $ — $ 23,192 Refinery services — — 51,694 4,571 (3,464 ) 52,801 Marine transportation — — 55,948 — — 55,948 Supply and logistics — — 883,108 — — 883,108 Total revenues — — 1,007,692 10,821 (3,464 ) 1,015,049 COSTS AND EXPENSES: Supply and logistics costs — — 872,169 — — 872,169 Marine transportation costs — — 36,905 — — 36,905 Refinery services operating costs — — 30,399 4,212 (3,463 ) 31,148 Pipeline transportation operating costs — — 8,172 211 — 8,383 General and administrative — — 14,696 — — 14,696 Depreciation and amortization — — 19,851 640 — 20,491 Total costs and expenses — — 982,192 5,063 (3,463 ) 983,792 OPERATING INCOME — — 25,500 5,758 (1 ) 31,257 Equity in earnings of subsidiaries 35,214 — 1,796 — (37,010 ) — Equity in earnings of equity investees — — 4,922 — — 4,922 Interest (expense) income, net (14,066 ) — 3,932 (3,935 ) — (14,069 ) Income before income taxes 21,148 — 36,150 1,823 (37,011 ) 22,110 Income tax expense — — (890 ) (72 ) — (962 ) NET INCOME $ 21,148 $ — $ 35,260 $ 1,751 $ (37,011 ) $ 21,148 Unaudited Condensed Consolidating Statement of Operations Six Months Ended June 30, 2015 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated REVENUES: Pipeline transportation services $ — $ — $ 27,792 $ 12,257 $ — $ 40,049 Refinery services — — 90,591 7,971 (6,114 ) 92,448 Marine transportation — — 119,965 — — 119,965 Supply and logistics — — 930,722 — — 930,722 Total revenues — — 1,169,070 20,228 (6,114 ) 1,183,184 COSTS AND EXPENSES: Supply and logistics costs — — 912,064 — — 912,064 Marine transportation costs — — 66,880 — — 66,880 Refinery services operating costs — — 51,300 7,645 (6,083 ) 52,862 Pipeline transportation operating costs — — 13,455 341 — 13,796 General and administrative — — 28,053 — — 28,053 Depreciation and amortization — — 54,045 1,285 — 55,330 Total costs and expenses — — 1,125,797 9,271 (6,083 ) 1,128,985 OPERATING INCOME — — 43,273 10,957 (31 ) 54,199 Equity in earnings of subsidiaries 88,184 — 3,486 — (91,670 ) — Equity in earnings of equity investees — — 34,180 — — 34,180 Interest (expense) income, net (37,079 ) — 7,601 (7,642 ) — (37,120 ) Other income/(expense), net (19,225 ) — 1,696 — — (17,529 ) Income before income taxes 31,880 — 90,236 3,315 (91,701 ) 33,730 Income tax expense — — (1,934 ) 84 — (1,850 ) NET INCOME $ 31,880 $ — $ 88,302 $ 3,399 $ (91,701 ) $ 31,880 Unaudited Condensed Consolidating Statement of Operations Six Months Ended June 30, 2014 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated REVENUES: Pipeline transportation services $ — $ — $ 31,477 $ 12,635 $ — $ 44,112 Refinery services — — 103,424 10,645 (7,075 ) 106,994 Marine transportation — — 112,241 — — 112,241 Supply and logistics — — 1,771,421 — — 1,771,421 Total revenues — — 2,018,563 23,280 (7,075 ) 2,034,768 COSTS AND EXPENSES: Supply and logistics costs — — 1,748,749 — — 1,748,749 Marine transportation costs — — 72,679 — — 72,679 Refinery services operating costs — — 61,990 10,058 (7,705 ) 64,343 Pipeline transportation operating costs — — 15,408 453 — 15,861 General and administrative — — 26,706 — — 26,706 Depreciation and amortization — — 38,511 1,260 — 39,771 Total costs and expenses — — 1,964,043 11,771 (7,705 ) 1,968,109 OPERATING INCOME — — 54,520 11,509 630 66,659 Equity in earnings of subsidiaries 77,793 — 3,572 — (81,365 ) — Equity in earnings of equity investees — — 12,740 — — 12,740 Interest (expense) income, net (26,870 ) — 7,898 (7,901 ) — (26,873 ) Income before income taxes 50,923 — 78,730 3,608 (80,735 ) 52,526 Income tax benefit (expense) — — (1,477 ) (126 ) — (1,603 ) NET INCOME $ 50,923 $ — $ 77,253 $ 3,482 $ (80,735 ) $ 50,923 Unaudited Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2015 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated Net cash (used in) provided by operating activities $ (30,856 ) $ — $ 145,231 $ 2,233 $ (45,506 ) $ 71,102 CASH FLOWS FROM INVESTING ACTIVITIES: Payments to acquire fixed and intangible assets — — (240,646 ) — — (240,646 ) Cash distributions received from equity investees - return of investment 71,787 — 11,490 — (71,787 ) 11,490 Investments in equity investees (197,722 ) — (1,750 ) — 197,722 (1,750 ) Repayments on loan to non-guarantor subsidiary — — 2,692 — (2,692 ) — Proceeds from asset sales — — 2,228 — — 2,228 Other, net — — (729 ) — — (729 ) Net cash provided by (used) in investing activities (125,935 ) — (226,715 ) — 123,243 (229,407 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings on senior secured credit facility 550,500 — — — — 550,500 Repayments on senior secured credit facility (515,700 ) — — — — (515,700 ) Proceeds from issuance of senior unsecured notes 400,000 — — — — 400,000 Repayment of senior unsecured notes (350,000 ) — — — — (350,000 ) Debt issuance costs (8,418 ) — — — — (8,418 ) Issuance of common units for cash, net 197,722 — 197,722 — (197,722 ) 197,722 Distributions to partners/owners (117,316 ) — (117,316 ) — 117,316 (117,316 ) Other, net — — 774 (2,669 ) 2,669 774 Net cash provided by (used in) financing activities 156,788 — 81,180 (2,669 ) (77,737 ) 157,562 Net (decrease) increase in cash and cash equivalents (3 ) — (304 ) (436 ) — (743 ) Cash and cash equivalents at beginning of period 9 — 8,310 1,143 — 9,462 Cash and cash equivalents at end of period $ 6 $ — $ 8,006 $ 707 $ — $ 8,719 Unaudited Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2014 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated Net cash (used in) provided by operating activities $ (175,807 ) $ — $ 351,163 $ 2,672 $ (72,831 ) $ 105,197 CASH FLOWS FROM INVESTING ACTIVITIES: Payments to acquire fixed and intangible assets — — (240,994 ) — — (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 used in investing activities 23,385 — (249,716 ) — (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 ) Issuance of common units for cash, net — — — — — — Distributions to partners/owners (96,236 ) — (96,236 ) — 96,236 (96,236 ) Other, net — — — (2,413 ) 2,413 — Net cash provided by (used in) financing activities 152,412 — (96,236 ) (2,413 ) 98,649 152,412 Net (decrease) increase in cash and cash equivalents (10 ) — 5,211 259 — 5,460 Cash and cash equivalents at beginning of period 20 — 8,050 796 — 8,866 Cash and cash equivalents at end of period $ 10 $ — $ 13,261 $ 1,055 $ — $ 14,326 |
Organization And Basis Of Pre37
Organization And Basis Of Presentation And Consolidation (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Limited Partners' ownership percentage | 100.00% |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) $ in Thousands | Nov. 13, 2014USD ($)bbl | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | |||
Long-term Debt, Fair Value | $ 1,100,000 | $ 1,000,000 | |
American Phoenix Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Property, Plant and Equipment, Useful Life | 30 years | ||
Business Acquisition, Effective Date of Acquisition | Nov. 13, 2014 | ||
Business Acquisition, Transaction Costs | $ 157,000 | ||
Business Acquisition, Cargo Capacity | bbl | 330,000 |
Acquisition (Selected Financial
Acquisition (Selected Financial Information) (Details) - Jun. 30, 2015 - American Phoenix Acquisition [Member] - USD ($) $ in Thousands | Total | Total |
SelectedFinancialInformation [Line Items] | ||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 1,274 | $ 2,671 |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 5,642 | $ 11,222 |
Acquisition (Schedule of Pro Fo
Acquisition (Schedule of Pro Forma Information) (Details) - Jun. 30, 2014 - American Phoenix Acquisition [Member] - USD ($) $ in Thousands | Total | Total |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Revenues | $ 1,019,900 | $ 2,044,470 |
Net Income | $ 22,478 | $ 53,551 |
Acquisition and Divestiture Acq
Acquisition and Divestiture Acquisition (Schedule of Purchase Price Allocation) (Details) - American Phoenix Acquisition [Member] $ in Thousands | Nov. 13, 2014USD ($) |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 125,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 32,000 |
Business Acquisition, Transaction Costs | $ 157,000 |
Inventories (Schedule Of Major
Inventories (Schedule Of Major Components Of Inventories) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Petroleum products | $ 28,043 | $ 30,108 |
Crude oil | 20,636 | 7,266 |
Caustic soda | 2,320 | 2,850 |
NaHS | 3,567 | 6,603 |
Other | 0 | 2 |
Total | $ 54,566 | $ 46,829 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2014USD ($) | |
Inventory Disclosure [Abstract] | |
Inventory Write-down | $ 6.6 |
Fixed Assets (Schedule Of Fixed
Fixed Assets (Schedule Of Fixed Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fixed Assets, at cost | $ 2,120,646 | $ 1,899,058 |
Less: Accumulated depreciation | (304,876) | (268,057) |
Net fixed assets | 1,815,770 | 1,631,001 |
Pipelines And Related Assets [Member] | ||
Fixed Assets, at cost | 477,815 | 466,613 |
Machinery And Equipment [Member] | ||
Fixed Assets, at cost | 393,913 | 376,672 |
Transportation Equipment [Member] | ||
Fixed Assets, at cost | 17,216 | 18,479 |
Marine Vessels [Member] | ||
Fixed Assets, at cost | 750,444 | 731,016 |
Land, Buildings And Improvements [Member] | ||
Fixed Assets, at cost | 39,772 | 38,037 |
Office Equipment, Furniture And Fixtures [Member] | ||
Fixed Assets, at cost | 7,126 | 6,696 |
Construction In Progress [Member] | ||
Fixed Assets, at cost | 387,903 | 222,233 |
Property, Plant And Equipment, Other Types [Member] | ||
Fixed Assets, at cost | $ 46,457 | $ 39,312 |
Fixed Assets Depreciation Expen
Fixed Assets Depreciation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 22,512 | $ 16,409 | $ 44,549 | $ 31,686 |
Equity Investees (Narrative) (D
Equity Investees (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Unamortized excess cost amount | $ 210.2 | $ 215.4 |
Equity Investees (Consolidated
Equity Investees (Consolidated Financial Statements Related To Equity Investees) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Genesis' share of operating earnings | $ 21,403 | $ 7,505 | $ 39,663 | $ 17,906 |
Amortization of excess purchase price | (2,742) | (2,583) | (5,483) | (5,166) |
Net equity in earnings | 18,661 | 4,922 | 34,180 | 12,740 |
Distributions received | $ 24,399 | $ 15,045 | $ 50,301 | $ 27,625 |
Equity Investees (Schedule Of B
Equity Investees (Schedule Of Balance Sheet Information For Equity Investees) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Current assets | $ 50,963 | $ 42,135 |
Fixed assets, net | 989,168 | 1,015,305 |
Other assets | 1,938 | 4,369 |
Total assets | 1,042,069 | 1,061,809 |
Current liabilities | 26,521 | 25,369 |
Other liabilities | 202,633 | 202,613 |
Equity | 812,915 | 833,827 |
Total liabilities and equity | $ 1,042,069 | $ 1,061,809 |
Equity Investees (Schedule Of O
Equity Investees (Schedule Of Operations For Equity Investees) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Revenues | $ 82,553 | $ 46,440 | $ 154,643 | $ 96,264 |
Operating income | 56,408 | 22,628 | 104,521 | 53,103 |
Net income | $ 55,230 | $ 21,815 | $ 102,147 | $ 51,521 |
Intangible Assets (Schedule Of
Intangible Assets (Schedule Of Components Of Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | $ 235,555 | $ 236,819 |
Intangible assets, Accumulated Amortization | 159,641 | 153,888 |
Intangible assets, Carrying Value | 75,914 | 82,931 |
Refinery Services Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | 94,654 | 94,654 |
Intangible assets, Accumulated Amortization | 84,083 | 81,880 |
Intangible assets, Carrying Value | 10,571 | 12,774 |
Refinery Services Licensing Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | 38,678 | 38,678 |
Intangible assets, Accumulated Amortization | 30,339 | 28,983 |
Intangible assets, Carrying Value | 8,339 | 9,695 |
Refinery Services Segment Total [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | 133,332 | 133,332 |
Intangible assets, Accumulated Amortization | 114,422 | 110,863 |
Intangible assets, Carrying Value | 18,910 | 22,469 |
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 | 31,082 | 30,228 |
Intangible assets, Carrying Value | 4,348 | 5,202 |
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 | 3,749 | 3,512 |
Intangible assets, Carrying Value | 9,511 | 9,748 |
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 | 34,831 | 33,740 |
Intangible assets, Carrying Value | 13,859 | 14,950 |
Marine Transportation Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | 32,000 | 32,000 |
Intangible assets, Accumulated Amortization | 3,333 | 833 |
Intangible assets, Carrying Value | 28,667 | 31,167 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | 21,533 | 22,797 |
Intangible assets, Accumulated Amortization | 7,055 | 8,452 |
Intangible assets, Carrying Value | $ 14,478 | $ 14,345 |
Intangible Assets (Schedule o51
Intangible Assets (Schedule of Amortization and Future Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||
Amortization expense on intangible assets | $ 4,154 | $ 3,147 | $ 8,191 | $ 6,292 |
Estimated amortization expense, remainder of 2015 | 9,761 | 9,761 | ||
Estimated amortization expense, 2016 | 15,628 | 15,628 | ||
Estimated amortization expense, 2017 | 14,465 | 14,465 | ||
Estimated amortization expense, 2018 | 12,349 | 12,349 | ||
Estimated amortization expense, 2019 | $ 8,036 | $ 8,036 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Feb. 01, 2012 | |
Debt Instrument [Line Items] | ||||||
Senior unsecured notes | $ 1,100,000,000 | $ 1,100,000,000 | $ 1,050,639,000 | |||
Note Tender Offer | 300,100,000 | |||||
Redemption Premium | 49,900,000 | |||||
Gains (Losses) on Extinguishment of Debt | 19,225,000 | $ 0 | 19,225,000 | $ 0 | ||
7.875% Senior Unsecured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured notes | $ 0 | $ 0 | $ 350,639,000 | |||
Senior unsecured notes, stated rate | 7.875% | 7.875% | 7.875% | |||
Debt Instrument, Unamortized Premium | $ 0 | $ 0 | $ 639,000 | |||
Six Percentage Senior Unsecured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured notes | $ 400,000,000 | $ 400,000,000 | $ 0 | |||
Senior unsecured notes, stated rate | 6.00% | 6.00% | 6.00% | |||
Unsecured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 350,000,000 | |||||
Senior Secured Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount outstanding | $ 585,200,000 | $ 585,200,000 | ||||
Line Of Credit Facility Aggregate Maximum Borrowing Capacity | 1,500,000,000 | 1,500,000,000 | ||||
Total amount available for borrowings under credit facility | 384,200,000 | 384,200,000 | ||||
Senior Secured Credit Facility [Member] | Letters Of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit, outstanding amount | 30,600,000 | 30,600,000 | ||||
Senior Secured Credit Facility [Member] | Accordion Feature [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | 300,000,000 | 300,000,000 | ||||
Five Point Seventy Five Percentage Senior Unsecured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured notes | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | |||
Senior unsecured notes, stated rate | 5.75% | 5.75% | 5.75% | |||
Five Point Six Two Five Percentage Senior Unsecured Notes [Member] [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured notes | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | |||
Senior unsecured notes, stated rate | 5.625% | 5.625% | 5.625% | |||
Amended Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 1,000,000,000 | $ 1,000,000,000 | ||||
Amended Facility [Member] | Senior Secured Credit Facility [Member] | Accordion Feature [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | 500,000,000 | $ 500,000,000 | ||||
Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letter of Credit, Fee Percentage | 1.50% | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||||
Minimum [Member] | Eurodollar Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letter of Credit, Fee Percentage | 1.50% | |||||
Minimum [Member] | Alternate Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letter of Credit, Fee Percentage | 0.50% | |||||
Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letter of Credit, Fee Percentage | 2.50% | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | |||||
Maximum [Member] | Eurodollar Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letter of Credit, Fee Percentage | 2.50% | |||||
Maximum [Member] | Senior Secured Credit Facility [Member] | Letters Of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit, outstanding amount | 100,000,000 | $ 100,000,000 | ||||
Maximum [Member] | Alternate Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letter of Credit, Fee Percentage | 1.50% | |||||
Petroleum Products [Member] | Senior Secured Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount outstanding | $ 43,400,000 | $ 43,400,000 |
Debt (Schedule Of Obligations U
Debt (Schedule Of Obligations Under Debt Arrangements) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Senior secured credit facility | $ 585,200 | $ 550,400 |
Senior unsecured notes | 1,100,000 | 1,050,639 |
Total long-term debt | 1,685,200 | 1,601,039 |
7.875% Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 0 | $ 350,639 |
Senior unsecured notes, stated rate | 7.875% | 7.875% |
Senior unsecured notes, unamortized premium | $ 0 | $ 639 |
Six Percentage Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 400,000 | $ 0 |
Senior unsecured notes, stated rate | 6.00% | 6.00% |
Five Point Seventy Five Percentage Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 350,000 | $ 350,000 |
Senior unsecured notes, stated rate | 5.75% | 5.75% |
Five Point Six Two Five Percentage Senior Unsecured Notes [Member] [Domain] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 350,000 | $ 350,000 |
Senior unsecured notes, stated rate | 5.625% | 5.625% |
Partners' Capital and Distrib54
Partners' Capital and Distributions (Narrative) (Details) $ / shares in Units, $ in Millions | Jul. 16, 2015USD ($)shares | Apr. 10, 2015USD ($)$ / sharesshares | Dec. 31, 2014$ / sharesshares | Jun. 30, 2015$ / sharesshares | Mar. 31, 2015$ / shares | Sep. 30, 2014$ / shares | Jun. 30, 2014$ / sharesshares | Dec. 31, 2013shares | |
Partners Capital And Distributions [Line Items] | |||||||||
Sale of Stock, Price Per Share | $ / shares | $ 44.42 | ||||||||
Limited Partners' Capital Accountant, Option To Purchase | 600,000 | ||||||||
Partners' Capital Account, Public Sale of Units Net of Offering Costs | $ | $ 198 | ||||||||
Common units, issued | 4,600,000 | 95,029,218 | 99,629,218 | ||||||
Common units, outstanding | 95,029,218 | 99,629,218 | 88,691,000 | 88,691,000 | |||||
Distribution paid per common unit | $ / shares | $ 0.5800 | $ 0.6100 | [1] | $ 0.5950 | $ 0.5650 | $ 0.5500 | |||
Class A [Member] | |||||||||
Partners Capital And Distributions [Line Items] | |||||||||
Common units, outstanding | 99,589,221 | ||||||||
Class B [Member] | |||||||||
Partners Capital And Distributions [Line Items] | |||||||||
Common units, outstanding | 39,997 | ||||||||
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 | ||||||||
Subsequent Event [Member] | |||||||||
Partners Capital And Distributions [Line Items] | |||||||||
Partners' Capital Account, Public Sale of Units Net of Offering Costs | $ | $ 437 | ||||||||
Common units, issued | 10,350,000 | ||||||||
[1] | This distribution will be paid to unitholders of record as of July 31, 2015. |
Partners' Capital And Distrib55
Partners' Capital And Distributions (Distributions) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | ||
Partners Capital And Distributions [Line Items] | ||||||
Distribution Made to Limited Partner, Distribution Date | May 15, 2015 | Feb. 13, 2015 | Nov. 14, 2014 | Aug. 14, 2014 | May 15, 2014 | |
Per Unit Amount | $ 0.6100 | [1] | $ 0.5950 | $ 0.5800 | $ 0.5650 | $ 0.5500 |
Distribution Made to Limited Partner, Cash Distributions Paid | $ 60,774 | $ 56,542 | $ 54,112 | $ 50,114 | $ 48,783 | |
August 14, 2015 [Member] | ||||||
Partners Capital And Distributions [Line Items] | ||||||
Distribution Made to Limited Partner, Distribution Date | Aug. 14, 2015 | |||||
Per Unit Amount | $ 0.6250 | |||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 68,737 | |||||
[1] | This distribution will be paid to unitholders of record as of July 31, 2015. |
Business Segment Information (S
Business Segment Information (Schedule Of Segment Information) (Details) - Business Acquisition, Acquiree [Domain] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Segment margin | $ 98,567 | $ 82,681 | $ 192,688 | $ 160,032 |
Capital Expenditures | 108,153 | 140,124 | 233,361 | 242,902 |
Pipeline Transportation Services Revenues | 20,191 | 23,192 | 40,049 | 44,112 |
Refinery Services Revenues | 46,324 | 52,801 | 92,448 | 106,994 |
Supply And Logistics Revenues | 527,218 | 883,108 | 930,722 | 1,771,421 |
External customers | 656,327 | 1,015,049 | 1,183,184 | 2,034,768 |
Intersegment | 0 | 0 | 0 | 0 |
Total revenues | 656,327 | 1,015,049 | 1,183,184 | 2,034,768 |
Pipeline Transportation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 14,363 | 16,531 | 28,686 | 31,220 |
Capital Expenditures | 40,893 | 3,845 | 109,484 | 27,741 |
External customers | 15,856 | 19,236 | 31,687 | 34,739 |
Intersegment | 3,077 | 3,434 | 6,314 | 7,904 |
Total revenues | 18,933 | 22,670 | 38,001 | 42,643 |
Offshore Pipeline Transportation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 25,100 | 11,435 | 50,298 | 24,838 |
Capital Expenditures | 86 | 3,192 | 2,139 | 13,576 |
External customers | 1,258 | 522 | 2,048 | 1,469 |
Intersegment | 0 | 0 | 0 | 0 |
Total revenues | 1,258 | 522 | 2,048 | 1,469 |
Refinery Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 20,221 | 21,627 | 39,381 | 42,499 |
Capital Expenditures | 238 | 597 | 1,450 | 899 |
External customers | 48,786 | 55,552 | 97,221 | 112,659 |
Intersegment | (2,462) | (2,751) | (4,773) | (5,665) |
Total revenues | 46,324 | 52,801 | 92,448 | 106,994 |
Marine Transportation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 27,225 | 18,978 | 52,918 | 39,435 |
Capital Expenditures | 11,086 | 37,077 | 27,662 | 48,036 |
External customers | 60,603 | 51,892 | 115,243 | 102,982 |
Intersegment | 1,991 | 4,056 | 4,722 | 9,259 |
Total revenues | 62,594 | 55,948 | 119,965 | 112,241 |
Supply And Logistics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 11,658 | 14,110 | 21,405 | 22,040 |
Capital Expenditures | 55,850 | 95,413 | 92,626 | 152,650 |
External customers | 529,824 | 887,847 | 936,985 | 1,782,919 |
Intersegment | (2,606) | (4,739) | (6,263) | (11,498) |
Total revenues | 527,218 | 883,108 | 930,722 | 1,771,421 |
Sekco [Member] | Pipeline Transportation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital Expenditures | $ 0 | $ 2,300 | $ 1,800 | $ 12,700 |
Business Segment Information 57
Business Segment Information (Schedule Of Total Assets By Reportable Segment) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 3,404,281 | $ 3,230,374 |
Pipeline Transportation [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 516,365 | 460,012 |
Offshore Pipeline Transportation [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 631,998 | 645,668 |
Refinery Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 394,794 | 403,703 |
Marine Transportation [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 754,515 | 745,128 |
Supply And Logistics [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 1,042,620 | 907,189 |
Other Assets [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 63,989 | $ 68,674 |
Business Segment Information (R
Business Segment Information (Reconciliation Of Segment Margin To (Loss) Income from Continuing Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Segment Reporting [Abstract] | |||||
Segment margin | $ 98,567 | $ 82,681 | $ 192,688 | $ 160,032 | |
Corporate general and administrative expenses | (13,953) | (13,789) | (26,252) | (24,850) | |
Depreciation and amortization | (28,205) | (20,491) | (55,330) | (39,771) | |
Interest Income (Expense), Net | (17,905) | (14,069) | (37,120) | (26,873) | |
Distributable cash from equity investees in excess of equity in earnings | (7,038) | (7,808) | (17,421) | [1] | (13,585) |
Non-cash items not included in segment margin | 1,771 | (3,043) | (843) | 282 | |
Cash payments from direct financing leases in excess of earnings | (1,405) | (1,371) | (2,767) | (2,709) | |
Gains (Losses) on Extinguishment of Debt | (19,225) | 0 | (19,225) | 0 | |
Income tax benefit (expense) | (942) | (962) | (1,850) | (1,603) | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 11,665 | 21,148 | 31,880 | 50,923 | |
Income from continuing operations before income taxes | $ 12,607 | $ 22,110 | $ 33,730 | $ 52,526 | |
[1] | Includes distributions attributable to the quarter and received during or promptly following such quarter. |
Transactions With Related Par59
Transactions With Related Parties (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Sandhill [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related parties | $ 0.3 | $ 0.3 |
Sandhill Group Llc [Member] | ||
Related Party Transaction [Line Items] | ||
Percentage of interest held | 50.00% |
Transactions With Related Par60
Transactions With Related Parties (Schedule Of Transactions With Related Parties) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Sandhill [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, revenues | [1] | $ 806 | $ 713 | $ 1,505 | $ 1,368 |
Chief Executive Officer [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, expenses | $ 165 | $ 150 | $ 360 | $ 300 | |
Sandhill Group Llc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of interest held | 50.00% | 50.00% | |||
[1] | We own a 50% interest in Sandhill Group, LLC. |
Supplemental Cash Flow Inform61
Supplemental Cash Flow Information (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Supplemental Cash Flow Elements [Abstract] | ||
Payments of interest and commitment fees | $ 40.3 | $ 33.4 |
Interest Paid, Capitalized | 7.2 | 10 |
Incurred liabilities for fixed and intangible asset additions | 52.9 | $ 42.1 |
Other Asset Additions Incurred but Not yet Paid | $ 12.7 |
Supplemental Cash Flow Inform62
Supplemental Cash Flow Information (Net Changes In Components Of Operating Assets And Liabilities) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Supplemental Cash Flow Elements [Abstract] | ||
(Increase) decrease in Accounts receivable | $ 202 | $ 20,827 |
(Increase) decrease in Inventories | (7,737) | (44,523) |
Increase (Decrease) in Deferred Charges | 7,725 | 0 |
(Increase) decrease in Other current assets | 2,286 | 47,542 |
Increase (decrease) in Accounts payable | (5,998) | 13,436 |
Increase (decrease) in Accrued liabilities | (16,067) | (43,971) |
Net changes in components of operating assets and liabilities | $ (35,039) | $ (6,689) |
Derivatives (Schedule Of Outsta
Derivatives (Schedule Of Outstanding Derivatives Entered Into To Hedge Inventory Or Fixed Price Purchase Commitments) (Details) - Jun. 30, 2015 | bbl$ / bbl$ / units |
Sell (Short) Contracts [Member] | Crude Oil Futures [Member] | Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 188 |
Weighted average contract price per gal | $ / bbl | 57.50 |
Sell (Short) Contracts [Member] | Crude Oil Futures [Member] | Not Designated As Hedging Instrument [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 402 |
Weighted average contract price per gal | $ / bbl | 60.72 |
Sell (Short) Contracts [Member] | Crude oil LLSWTI swap [Member] | Not Designated As Hedging Instrument [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 170 |
Weighted average contract price per gal | $ / bbl | (2.11) |
Sell (Short) Contracts [Member] | Diesel Futures [Member] | Not Designated As Hedging Instrument [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 80 |
Weighted average contract price per gal | $ / bbl | 1.89 |
Sell (Short) Contracts [Member] | Fuel Oil Futures [Member] | Not Designated As Hedging Instrument [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 360 |
Weighted average contract price per gal | $ / bbl | 52.07 |
Sell (Short) Contracts [Member] | Crude Oil Options [Member] | Not Designated As Hedging Instrument [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 145 |
Underlying, Derivative | $ / bbl | 1.08 |
Buy (Long) Contracts [Member] | Crude Oil Futures [Member] | Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 0 |
Weighted average contract price per gal | $ / bbl | 0 |
Buy (Long) Contracts [Member] | Crude Oil Futures [Member] | Not Designated As Hedging Instrument [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 206 |
Weighted average contract price per gal | $ / bbl | 62.87 |
Buy (Long) Contracts [Member] | Crude oil LLSWTI swap [Member] | Not Designated As Hedging Instrument [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 0 |
Weighted average contract price per gal | $ / units | 0 |
Buy (Long) Contracts [Member] | Diesel Futures [Member] | Not Designated As Hedging Instrument [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 20 |
Weighted average contract price per gal | $ / bbl | 1.87 |
Buy (Long) Contracts [Member] | Fuel Oil Futures [Member] | Not Designated As Hedging Instrument [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 5 |
Weighted average contract price per gal | $ / bbl | 53.35 |
Buy (Long) Contracts [Member] | Crude Oil Options [Member] | Not Designated As Hedging Instrument [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 50 |
Underlying, Derivative | $ / bbl | 0.27 |
Derivatives (Schedule Of Fair V
Derivatives (Schedule Of Fair Value Of Derivative Assets And Liabilities) (Details) - Other Current Assets [Member] - Total Commodity Derivatives [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Not Designated As Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | $ 363 | $ 16,383 | |
Derivative Asset, Fair Value, Gross Liability | (363) | (2,310) | |
Derivative Liability, Fair Value, Gross Liability | (1,366) | [1] | (2,310) |
Derivative Liability, Fair Value, Gross Asset | 1,366 | [1] | 2,310 |
Derivative Liability | 0 | 0 | |
Derivative Asset | 0 | 14,073 | |
Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 8 | 0 | |
Derivative Asset, Fair Value, Gross Liability | (8) | 0 | |
Derivative Liability, Fair Value, Gross Liability | (480) | [1] | 0 |
Derivative Liability, Fair Value, Gross Asset | 480 | [1] | 0 |
Derivative Liability | 0 | 0 | |
Derivative Asset | $ 0 | $ 0 | |
[1] | These derivative liabilities have been funded with margin deposits recorded in our Unaudited Condensed Consolidated Balance Sheets under Current Assets - Other. |
Derivatives (Schedule Of Effect
Derivatives (Schedule Of Effect On Operating Results) (Details) - Total Commodity Derivatives [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income, Supply & Logistics Product Costs | $ (8,230) | $ 727 | $ (6,849) | $ 3,496 |
Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income, Supply & Logistics Product Costs | (4,021) | 0 | (1,835) | 0 |
Not Designated As Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income, Supply & Logistics Product Costs | $ (4,209) | $ 727 | $ (5,014) | $ 3,496 |
Derivatives Derivatives (Narrat
Derivatives Derivatives (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | ||
Receivables from Brokers-Dealers and Clearing Organizations | $ 2.6 | $ 2.8 |
Margin Deposit Assets | 3.5 | 2.4 |
Increase (Decrease) in Margin Deposits Outstanding | $ (0.9) | $ 0.3 |
Fair-Value Measurements (Narrat
Fair-Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Senior unsecured notes | $ 1,100,000 | $ 1,050,639 |
Long-term Debt, Fair Value | $ 1,100,000 | $ 1,000,000 |
Fair-Value Measurements (Placem
Fair-Value Measurements (Placement Of Assets And Liabilities Within The Fair Value Hierarchy Levels) (Details) - Commodity Derivatives [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Fair Value | $ 371 | $ 16,383 |
Liabilities Fair Value | (1,846) | (2,310) |
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 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 16, 2015 | Apr. 10, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
Subsequent Event [Line Items] | |||||
Common units, issued | 4,600,000 | 99,629,218 | 95,029,218 | ||
Sale of Stock, Price Per Share | $ 44.42 | ||||
Partners' Capital Account, Public Sale of Units Net of Offering Costs | $ 198,000 | ||||
Senior unsecured notes | $ 1,100,000 | $ 1,050,639 | |||
Proceeds from issuance of senior unsecured notes, including premium | $ 400,000 | $ 350,000 | |||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Common units, issued | 10,350,000 | ||||
Partners' Capital Account, Public Sale of Units Net of Offering Costs | $ 437,000 | ||||
Business Acquisition, Transaction Costs | 1,500,000 | ||||
Proceeds from issuance of senior unsecured notes, including premium | 728,600 | ||||
Six Point Seven Five Percentage Senior Unsecured Notes [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Senior unsecured notes | $ 750,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% |
Condensed Consolidating Finan70
Condensed Consolidating Financial Information (Narrative) (Details) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Condensed Financial Statements, Captions [Line Items] | |
Guarantor Obligations, Current Carrying Value | $ 1,100 |
Genesis NEJD Pipeline, LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of equity interest | 100.00% |
Condensed Consolidating Finan71
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 8,719 | $ 9,462 | $ 14,326 | $ 8,866 |
Other current assets | 351,051 | 345,904 | ||
Total current assets | 359,770 | 355,366 | ||
Fixed Assets, at cost | 2,120,646 | 1,899,058 | ||
Less: Accumulated depreciation | (304,876) | (268,057) | ||
Net fixed assets | 1,815,770 | 1,631,001 | ||
Goodwill | 325,046 | 325,046 | ||
Other assets, net | 289,286 | 290,181 | ||
Equity investees | 614,409 | 628,780 | ||
Investments in subsidiaries | 0 | 0 | ||
TOTAL ASSETS | 3,404,281 | 3,230,374 | ||
Current liabilities | 342,118 | 363,145 | ||
Senior secured credit facility | 585,200 | 550,400 | ||
Senior unsecured notes | 1,100,000 | 1,050,639 | ||
Deferred tax liabilities | 20,005 | 18,754 | ||
Other liabilities | 15,469 | 18,233 | ||
Total liabilities | 2,062,792 | 2,001,171 | ||
Limited Partners' Capital Account | 1,341,489 | 1,229,203 | 1,052,424 | 1,097,737 |
TOTAL LIABILITIES AND PARTNERS' CAPITAL | 3,404,281 | 3,230,374 | ||
Genesis Energy, L.P. (Parent And Co-Issuer) [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 6 | 9 | 10 | 20 |
Other current assets | 1,406,653 | 1,378,573 | ||
Total current assets | 1,406,659 | 1,378,582 | ||
Fixed Assets, at cost | 0 | 0 | ||
Less: Accumulated depreciation | 0 | 0 | ||
Net fixed assets | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other assets, net | 29,677 | 28,421 | ||
Equity investees | 0 | 0 | ||
Investments in subsidiaries | 1,602,824 | 1,434,255 | ||
TOTAL ASSETS | 3,039,160 | 2,841,258 | ||
Current liabilities | 12,471 | 11,016 | ||
Senior secured credit facility | 585,200 | 550,400 | ||
Senior unsecured notes | 1,100,000 | 1,050,639 | ||
Deferred tax liabilities | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 1,697,671 | 1,612,055 | ||
Limited Partners' Capital Account | 1,341,489 | 1,229,203 | ||
TOTAL LIABILITIES AND PARTNERS' CAPITAL | 3,039,160 | 2,841,258 | ||
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 | ||
Limited Partners' Capital Account | 0 | 0 | ||
TOTAL LIABILITIES AND PARTNERS' CAPITAL | 0 | 0 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 8,006 | 8,310 | 13,261 | 8,050 |
Other current assets | 338,521 | 333,385 | ||
Total current assets | 346,527 | 341,695 | ||
Fixed Assets, at cost | 2,045,180 | 1,823,556 | ||
Less: Accumulated depreciation | (286,734) | (251,171) | ||
Net fixed assets | 1,758,446 | 1,572,385 | ||
Goodwill | 325,046 | 325,046 | ||
Other assets, net | 267,482 | 269,252 | ||
Equity investees | 614,409 | 628,780 | ||
Investments in subsidiaries | 100,279 | 97,195 | ||
TOTAL ASSETS | 3,412,189 | 3,234,353 | ||
Current liabilities | 1,772,548 | 1,761,856 | ||
Senior secured credit facility | 0 | 0 | ||
Senior unsecured notes | 0 | 0 | ||
Deferred tax liabilities | 20,005 | 18,754 | ||
Other liabilities | 15,470 | 18,233 | ||
Total liabilities | 1,808,023 | 1,798,843 | ||
Limited Partners' Capital Account | 1,604,166 | 1,435,510 | ||
TOTAL LIABILITIES AND PARTNERS' CAPITAL | 3,412,189 | 3,234,353 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 707 | 1,143 | 1,055 | 796 |
Other current assets | 50,763 | 46,215 | ||
Total current assets | 51,470 | 47,358 | ||
Fixed Assets, at cost | 75,466 | 75,502 | ||
Less: Accumulated depreciation | (18,142) | (16,886) | ||
Net fixed assets | 57,324 | 58,616 | ||
Goodwill | 0 | 0 | ||
Other assets, net | 143,627 | 146,700 | ||
Equity investees | 0 | 0 | ||
Investments in subsidiaries | 0 | 0 | ||
TOTAL ASSETS | 252,421 | 252,674 | ||
Current liabilities | 2,113 | 2,705 | ||
Senior secured credit facility | 0 | 0 | ||
Senior unsecured notes | 0 | 0 | ||
Deferred tax liabilities | 0 | 0 | ||
Other liabilities | 151,331 | 154,021 | ||
Total liabilities | 153,444 | 156,726 | ||
Limited Partners' Capital Account | 98,977 | 95,948 | ||
TOTAL LIABILITIES AND PARTNERS' CAPITAL | 252,421 | 252,674 | ||
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Other current assets | (1,444,886) | (1,412,269) | ||
Total current assets | (1,444,886) | (1,412,269) | ||
Fixed Assets, at cost | 0 | 0 | ||
Less: Accumulated depreciation | 0 | 0 | ||
Net fixed assets | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other assets, net | (151,500) | (154,192) | ||
Equity investees | 0 | 0 | ||
Investments in subsidiaries | (1,703,103) | (1,531,450) | ||
TOTAL ASSETS | (3,299,489) | (3,097,911) | ||
Current liabilities | (1,445,014) | (1,412,432) | ||
Senior secured credit facility | 0 | 0 | ||
Senior unsecured notes | 0 | 0 | ||
Deferred tax liabilities | 0 | 0 | ||
Other liabilities | (151,332) | (154,021) | ||
Total liabilities | (1,596,346) | (1,566,453) | ||
Limited Partners' Capital Account | (1,703,143) | (1,531,458) | ||
TOTAL LIABILITIES AND PARTNERS' CAPITAL | $ (3,299,489) | $ (3,097,911) |
Condensed Consolidating Finan72
Condensed Consolidating Financial Information (Condensed Consolidating Statement Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Supply And Logistics Revenues | $ 527,218 | $ 883,108 | $ 930,722 | $ 1,771,421 |
Refinery services | 46,324 | 52,801 | 92,448 | 106,994 |
Marine Transportation Revenues | 62,594 | 55,948 | 119,965 | 112,241 |
Pipeline transportation services | 20,191 | 23,192 | 40,049 | 44,112 |
Total revenues | 656,327 | 1,015,049 | 1,183,184 | 2,034,768 |
Supply and logistics costs | 515,907 | 872,169 | 912,064 | 1,748,749 |
Marine Transportation Operating Costs | 35,286 | 36,905 | 66,880 | 72,679 |
Refinery services operating costs | 25,835 | 31,148 | 52,862 | 64,343 |
Pipeline transportation operating costs | 6,882 | 8,383 | 13,796 | 15,861 |
General and administrative | 14,832 | 14,696 | 28,053 | 26,706 |
Depreciation and amortization | 28,205 | 20,491 | 55,330 | 39,771 |
Total costs and expenses | 626,947 | 983,792 | 1,128,985 | 1,968,109 |
OPERATING INCOME | 29,380 | 31,257 | 54,199 | 66,659 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Equity in earnings of equity investees | 18,661 | 4,922 | 34,180 | 12,740 |
Interest Income (Expense), Net | (17,905) | (14,069) | (37,120) | (26,873) |
Other Nonoperating Income (Expense) | (17,529) | 0 | (17,529) | 0 |
Income from continuing operations before income taxes | 12,607 | 22,110 | 33,730 | 52,526 |
Income tax (expense) benefit | (942) | (962) | (1,850) | (1,603) |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 11,665 | 21,148 | 31,880 | 50,923 |
NET INCOME | 11,665 | 21,148 | 31,880 | 50,923 |
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 |
Marine Transportation Revenues | 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 |
Marine Transportation Operating 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 | 48,777 | 35,214 | 88,184 | 77,793 |
Equity in earnings of equity investees | 0 | 0 | 0 | 0 |
Interest Income (Expense), Net | (17,887) | (14,066) | (37,079) | (26,870) |
Other Nonoperating Income (Expense) | (19,225) | (19,225) | ||
Income from continuing operations before income taxes | 11,665 | 21,148 | 31,880 | 50,923 |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
NET INCOME | 11,665 | 21,148 | 31,880 | 50,923 |
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 |
Marine Transportation Revenues | 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 |
Marine Transportation Operating 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 |
Other Nonoperating Income (Expense) | 0 | 0 | ||
Income from continuing operations before income taxes | 0 | 0 | 0 | 0 |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
NET INCOME | 0 | 0 | 0 | 0 |
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Supply And Logistics Revenues | 529,073 | 883,108 | 930,722 | 1,771,421 |
Refinery services | 45,272 | 51,694 | 90,591 | 103,424 |
Marine Transportation Revenues | 62,594 | 55,948 | 119,965 | 112,241 |
Pipeline transportation services | 14,378 | 16,942 | 27,792 | 31,477 |
Total revenues | 651,317 | 1,007,692 | 1,169,070 | 2,018,563 |
Supply and logistics costs | 517,230 | 872,169 | 912,064 | 1,748,749 |
Marine Transportation Operating Costs | 35,286 | 36,905 | 66,880 | 72,679 |
Refinery services operating costs | 25,081 | 30,399 | 51,300 | 61,990 |
Pipeline transportation operating costs | 6,974 | 8,172 | 13,455 | 15,408 |
General and administrative | 14,861 | 14,696 | 28,053 | 26,706 |
Depreciation and amortization | 28,249 | 19,851 | 54,045 | 38,511 |
Total costs and expenses | 627,681 | 982,192 | 1,125,797 | 1,964,043 |
OPERATING INCOME | 23,636 | 25,500 | 43,273 | 54,520 |
Equity in earnings of subsidiaries | 2,099 | 1,796 | 3,486 | 3,572 |
Equity in earnings of equity investees | 18,661 | 4,922 | 34,180 | 12,740 |
Interest Income (Expense), Net | 3,787 | 3,932 | 7,601 | 7,898 |
Other Nonoperating Income (Expense) | 1,696 | 1,696 | ||
Income from continuing operations before income taxes | 49,879 | 36,150 | 90,236 | 78,730 |
Income tax (expense) benefit | (1,023) | (890) | (1,934) | (1,477) |
NET INCOME | 48,856 | 35,260 | 88,302 | 77,253 |
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Supply And Logistics Revenues | (3,966) | 0 | 0 | 0 |
Refinery services | 5,859 | 4,571 | 7,971 | 10,645 |
Marine Transportation Revenues | 0 | 0 | 0 | 0 |
Pipeline transportation services | 5,813 | 6,250 | 12,257 | 12,635 |
Total revenues | 7,706 | 10,821 | 20,228 | 23,280 |
Supply and logistics costs | (3,433) | 0 | 0 | 0 |
Marine Transportation Operating Costs | 0 | 0 | 0 | 0 |
Refinery services operating costs | 5,526 | 4,212 | 7,645 | 10,058 |
Pipeline transportation operating costs | (92) | 211 | 341 | 453 |
General and administrative | (29) | 0 | 0 | 0 |
Depreciation and amortization | (44) | 640 | 1,285 | 1,260 |
Total costs and expenses | 1,928 | 5,063 | 9,271 | 11,771 |
OPERATING INCOME | 5,778 | 5,758 | 10,957 | 11,509 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Equity in earnings of equity investees | 0 | 0 | 0 | 0 |
Interest Income (Expense), Net | (3,805) | (3,935) | (7,642) | (7,901) |
Other Nonoperating Income (Expense) | 0 | 0 | ||
Income from continuing operations before income taxes | 1,973 | 1,823 | 3,315 | 3,608 |
Income tax (expense) benefit | 81 | (72) | 84 | (126) |
NET INCOME | 2,054 | 1,751 | 3,399 | 3,482 |
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Supply And Logistics Revenues | 2,111 | 0 | 0 | 0 |
Refinery services | (4,807) | (3,464) | (6,114) | (7,075) |
Marine Transportation Revenues | 0 | 0 | 0 | 0 |
Pipeline transportation services | 0 | 0 | 0 | 0 |
Total revenues | (2,696) | (3,464) | (6,114) | (7,075) |
Supply and logistics costs | 2,110 | 0 | 0 | 0 |
Marine Transportation Operating Costs | 0 | 0 | 0 | 0 |
Refinery services operating costs | (4,772) | (3,463) | (6,083) | (7,705) |
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 | (2,662) | (3,463) | (6,083) | (7,705) |
OPERATING INCOME | (34) | (1) | (31) | 630 |
Equity in earnings of subsidiaries | (50,876) | (37,010) | (91,670) | (81,365) |
Equity in earnings of equity investees | 0 | 0 | 0 | 0 |
Interest Income (Expense), Net | 0 | 0 | 0 | 0 |
Other Nonoperating Income (Expense) | 0 | 0 | ||
Income from continuing operations before income taxes | (50,910) | (37,011) | (91,701) | (80,735) |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
NET INCOME | $ (50,910) | $ (37,011) | $ (91,701) | $ (80,735) |
Condensed Consolidating Finan73
Condensed Consolidating Financial Information (Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by operating activities | $ 71,102 | $ 105,197 |
Payments to acquire fixed and intangible assets | (240,646) | (240,994) |
Cash distributions received from equity investees - return of investment | 11,490 | 6,173 |
Investments in equity investees | (1,750) | (14,826) |
Repayments on loan to non-guarantor subsidiary | 0 | 0 |
Proceeds from asset sales | 2,228 | 133 |
Other, net | (729) | (2,635) |
Net cash used in investing activities | (229,407) | (252,149) |
Borrowings on senior secured credit facility | 550,500 | 1,181,200 |
Repayments on senior secured credit facility | (515,700) | (1,271,800) |
Proceeds from issuance of senior unsecured notes, including premium | 400,000 | 350,000 |
Repayments of Unsecured Debt | (350,000) | 0 |
Debt issuance costs | (8,418) | (10,752) |
Proceeds from Issuance of Common Limited Partners Units | 197,722 | 0 |
Distributions to partners/owners | (117,316) | (96,236) |
Other, net | 774 | 0 |
Net cash provided by financing activities | 157,562 | 152,412 |
Net increase in cash and cash equivalents | (743) | 5,460 |
Cash and cash equivalents at beginning of period | 9,462 | 8,866 |
Cash and cash equivalents at end of period | 8,719 | 14,326 |
Genesis Energy, L.P. (Parent And Co-Issuer) [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by operating activities | (30,856) | (175,807) |
Payments to acquire fixed and intangible assets | 0 | 0 |
Cash distributions received from equity investees - return of investment | 71,787 | 23,385 |
Investments in equity investees | (197,722) | 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 | (125,935) | 23,385 |
Borrowings on senior secured credit facility | 550,500 | 1,181,200 |
Repayments on senior secured credit facility | (515,700) | (1,271,800) |
Proceeds from issuance of senior unsecured notes, including premium | 400,000 | 350,000 |
Repayments of Unsecured Debt | 350,000 | |
Debt issuance costs | (8,418) | (10,752) |
Proceeds from Issuance of Common Limited Partners Units | 197,722 | 0 |
Distributions to partners/owners | (117,316) | (96,236) |
Other, net | 0 | 0 |
Net cash provided by financing activities | 156,788 | 152,412 |
Net increase in cash and cash equivalents | (3) | (10) |
Cash and cash equivalents at beginning of period | 9 | 20 |
Cash and cash equivalents at end of period | 6 | 10 |
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 |
Repayments of Unsecured Debt | 0 | |
Debt issuance costs | 0 | 0 |
Proceeds from Issuance of Common Limited Partners Units | 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 | 145,231 | 351,163 |
Payments to acquire fixed and intangible assets | (240,646) | (240,994) |
Cash distributions received from equity investees - return of investment | 11,490 | 6,173 |
Investments in equity investees | (1,750) | (14,826) |
Repayments on loan to non-guarantor subsidiary | 2,692 | 2,433 |
Proceeds from asset sales | 2,228 | 133 |
Other, net | (729) | (2,635) |
Net cash used in investing activities | (226,715) | (249,716) |
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 |
Repayments of Unsecured Debt | 0 | |
Debt issuance costs | 0 | 0 |
Proceeds from Issuance of Common Limited Partners Units | 197,722 | 0 |
Distributions to partners/owners | (117,316) | (96,236) |
Other, net | 774 | 0 |
Net cash provided by financing activities | 81,180 | (96,236) |
Net increase in cash and cash equivalents | (304) | 5,211 |
Cash and cash equivalents at beginning of period | 8,310 | 8,050 |
Cash and cash equivalents at end of period | 8,006 | 13,261 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 2,233 | 2,672 |
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 |
Repayments of Unsecured Debt | 0 | |
Debt issuance costs | 0 | 0 |
Proceeds from Issuance of Common Limited Partners Units | 0 | 0 |
Distributions to partners/owners | 0 | 0 |
Other, net | (2,669) | (2,413) |
Net cash provided by financing activities | (2,669) | (2,413) |
Net increase in cash and cash equivalents | (436) | 259 |
Cash and cash equivalents at beginning of period | 1,143 | 796 |
Cash and cash equivalents at end of period | 707 | 1,055 |
Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by operating activities | (45,506) | (72,831) |
Payments to acquire fixed and intangible assets | 0 | 0 |
Cash distributions received from equity investees - return of investment | (71,787) | (23,385) |
Investments in equity investees | 197,722 | 0 |
Repayments on loan to non-guarantor subsidiary | (2,692) | (2,433) |
Proceeds from asset sales | 0 | 0 |
Other, net | 0 | 0 |
Net cash used in investing activities | 123,243 | (25,818) |
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 |
Repayments of Unsecured Debt | 0 | |
Debt issuance costs | 0 | 0 |
Proceeds from Issuance of Common Limited Partners Units | (197,722) | 0 |
Distributions to partners/owners | 117,316 | 96,236 |
Other, net | 2,669 | 2,413 |
Net cash provided by financing activities | (77,737) | 98,649 |
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 |