Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 03, 2016 | |
Entity Information [Line Items] | ||
Entity Registrant Name | GENESIS ENERGY LP | |
Entity Central Index Key | 1,022,321 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Class A [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 117,939,221 | |
Class B [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 39,997 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 3,447 | $ 10,895 |
Accounts receivable-trade, net | 210,808 | 219,532 |
Inventories | 70,199 | 43,775 |
Other | 27,322 | 32,114 |
Total current assets | 311,776 | 306,316 |
FIXED ASSETS, at cost | 4,707,685 | 4,310,226 |
Less: Accumulated depreciation | (509,419) | (378,247) |
Net fixed assets | 4,198,266 | 3,931,979 |
NET INVESTMENT IN DIRECT FINANCING LEASES, net of unearned income | 134,640 | 139,728 |
EQUITY INVESTEES | 417,214 | 474,392 |
INTANGIBLE ASSETS, net of amortization | 210,713 | 223,446 |
GOODWILL | 325,046 | 325,046 |
OTHER ASSETS, net of amortization | 57,829 | 58,692 |
TOTAL ASSETS | 5,655,484 | 5,459,599 |
CURRENT LIABILITIES: | ||
Accounts payable-trade | 128,189 | 140,726 |
Accrued liabilities | 114,030 | 161,410 |
Total current liabilities | 242,219 | 302,136 |
SENIOR SECURED CREDIT FACILITY | 1,167,000 | 1,115,000 |
Senior unsecured notes | 1,811,633 | 1,807,054 |
DEFERRED TAX LIABILITIES | 24,644 | 22,586 |
OTHER LONG-TERM LIABILITIES | 227,879 | 192,072 |
COMMITMENTS AND CONTINGENCIES (Note 15) | ||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 2,190,829 | 2,029,101 |
PARTNERS' CAPITAL: | ||
Limited Partners' Capital Account | 2,182,109 | 2,020,751 |
Partners' Capital Attributable to Noncontrolling Interest | (8,720) | (8,350) |
TOTAL LIABILITIES AND PARTNERS' CAPITAL | $ 5,655,484 | $ 5,459,599 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - shares | Sep. 30, 2016 | Dec. 31, 2015 | Jul. 22, 2015 |
Statement of Financial Position [Abstract] | |||
Common units, issued | 117,979,218 | 109,979,218 | 10,350,000 |
Limited Partners' Capital Account, Units Outstanding | 117,979,218 | 109,979,218 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
REVENUES: | ||||
Offshore Pipeline Transportation Services Revenues | $ 89,717 | $ 61,388 | $ 244,837 | $ 63,436 |
Onshore Pipeline Transportation Services Revenues | 13,999 | 19,909 | 48,400 | 57,910 |
Refinery Services Revenues | 45,725 | 43,332 | 129,585 | 135,780 |
Marine Transportation Revenues | 55,285 | 60,536 | 159,930 | 180,501 |
Supply And Logistics Revenues | 255,324 | 387,169 | 701,688 | 1,317,891 |
Total revenues | 460,050 | 572,334 | 1,284,440 | 1,755,518 |
COSTS AND EXPENSES: | ||||
Offshore Pipeline Transportation Operating Costs | 23,122 | 17,698 | 63,732 | 18,341 |
Onshore Pipeline Transportation Operating Costs | 5,003 | 6,721 | 17,499 | 19,874 |
Refinery services operating costs | 25,077 | 22,363 | 67,641 | 75,225 |
Marine Transportation Operating Costs | 38,490 | 33,869 | 105,942 | 100,749 |
Supply and logistics product costs | 230,229 | 354,331 | 620,620 | 1,217,374 |
Supply and logistics operating costs | 17,473 | 24,585 | 54,475 | 73,606 |
General and administrative | 11,212 | 26,799 | 34,716 | 54,852 |
Depreciation and amortization | 54,265 | 41,170 | 156,800 | 96,500 |
Total costs and expenses | 404,871 | 527,536 | 1,121,425 | 1,656,521 |
OPERATING INCOME | 55,179 | 44,798 | 163,015 | 98,997 |
Equity in earnings of equity investees | 12,488 | 14,260 | 35,362 | 48,440 |
Interest Income (Expense), Net | (34,735) | (29,617) | (104,657) | (66,737) |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 0 | 335,260 | 0 | 335,260 |
Other income/(expense), net | 0 | 0 | 0 | (17,529) |
Income from continuing operations before income taxes | 32,932 | 364,701 | 93,720 | 398,431 |
Income tax (expense) benefit | (949) | (1,292) | (2,959) | (3,142) |
NET INCOME | 31,983 | 363,409 | 90,761 | 395,289 |
Net loss attributable to noncontrolling interest | 118 | (195) | 370 | (195) |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | $ 32,101 | $ 363,214 | $ 91,131 | $ 395,094 |
NET INCOME PER COMMON UNIT: | ||||
Basic and Diluted | $ 0.28 | $ 3.38 | $ 0.81 | $ 3.93 |
WEIGHTED AVERAGE OUTSTANDING COMMON UNITS: | ||||
Basic and Diluted | 115,718 | 107,617 | 111,906 | 100,653 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Partners' Capital - USD ($) $ in Thousands | Total | Partners’ Capital | Noncontrolling Interest | Common UnitsPartners’ Capital |
Partners' capital, beginning balance (units) at Dec. 31, 2014 | 95,029,000 | |||
Partners' capital, beginning balance at Dec. 31, 2014 | $ 1,229,203 | $ 1,229,203 | $ 0 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Net income | 395,289 | 395,094 | 195 | |
Noncontrolling Interest, Increase from Business Combination | (6,471) | 0 | (6,471) | |
Cash distributions to partners | (186,026) | (186,026) | 0 | |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (560) | 0 | (560) | |
Issuance of common units for cash, net (units) | 14,950,000 | |||
Issuance of common units for cash, net | 633,759 | 633,759 | 0 | |
Partners' capital, ending balance (units) at Sep. 30, 2015 | 109,979,000 | |||
Partners' capital, ending balance at Sep. 30, 2015 | $ 2,065,194 | 2,072,030 | (6,836) | |
Partners' capital, beginning balance (units) at Dec. 31, 2015 | 109,979,218 | 109,979,000 | ||
Partners' capital, beginning balance at Dec. 31, 2015 | $ 2,020,751 | 2,029,101 | (8,350) | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Net income | 90,761 | 91,131 | (370) | |
Cash distributions to partners | (227,454) | (227,454) | 0 | |
Issuance of common units for cash, net (units) | 8,000,000 | |||
Issuance of common units for cash, net | $ 298,051 | 298,051 | 0 | |
Partners' capital, ending balance (units) at Sep. 30, 2016 | 117,979,218 | 117,979,000 | ||
Partners' capital, ending balance at Sep. 30, 2016 | $ 2,182,109 | $ 2,190,829 | $ (8,720) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 90,761 | $ 395,289 |
Adjustments to reconcile net income to net cash provided by operating activities - | ||
Depreciation and amortization | 156,800 | 96,500 |
Gain From Business Combination, Step Acquisition | 0 | 335,260 |
Amortization of debt issuance costs and discount or premium | 7,563 | 8,467 |
Amortization of unearned income and initial direct costs on direct financing leases | (10,856) | (11,286) |
Payments received under direct financing leases | 15,501 | 15,501 |
Equity in earnings of investments in equity investees | (35,362) | (48,440) |
Cash distributions of earnings of equity investees | 49,528 | 54,463 |
Non-cash effect of equity-based compensation plans | 6,102 | 6,387 |
Deferred and other tax liabilities | 2,058 | 2,242 |
Unrealized loss on derivative transactions | 742 | 68 |
Other, net | 8,967 | 816 |
Net changes in components of operating assets and liabilities (Note 12) | (63,407) | 7,381 |
Net cash provided by operating activities | 228,397 | 192,128 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments to acquire fixed and intangible assets | (363,218) | (359,504) |
Cash distributions received from equity investees - return of investment | 16,652 | 19,360 |
Investments in equity investees | 0 | (2,900) |
Acquisitions | (25,394) | (1,517,428) |
Proceeds from Contribution in Aid of Construction | 12,208 | 0 |
Proceeds from asset sales | 3,303 | 2,571 |
Other, net | 185 | (2,137) |
Net cash used in investing activities | (356,264) | (1,860,038) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings on senior secured credit facility | 883,600 | 1,168,850 |
Repayments on senior secured credit facility | (831,600) | (705,150) |
Proceeds from issuance of senior unsecured notes | 0 | 1,139,718 |
Repayment of senior unsecured notes | 0 | (350,000) |
Debt issuance costs | (1,578) | (28,361) |
Issuance of common units for cash, net | 298,051 | 633,759 |
Payments of Distributions To Noncontrolling Interests | 0 | 560 |
Distributions to common unitholders | (227,454) | (186,026) |
Other, net | (600) | 1,786 |
Net cash provided by financing activities | 120,419 | 1,674,016 |
Net increase in cash and cash equivalents | (7,448) | 6,106 |
Cash and cash equivalents at beginning of period | 10,895 | 9,462 |
Cash and cash equivalents at end of period | $ 3,447 | $ 15,568 |
Organization And Basis Of Prese
Organization And Basis Of Presentation And Consolidation | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization And Basis Of Presentation And Consolidation | 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 crude oil and natural gas industry in the Gulf Coast region of the United States, primarily Texas, Louisiana, Arkansas, Mississippi, Alabama, Florida, and in Wyoming and the Gulf of Mexico. We have a diverse portfolio of assets, including pipelines, offshore hub and junction platforms, refinery-related plants, storage tanks and terminals, railcars, rail loading and unloading facilities, barges and other vessels, and trucks. We 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: • Offshore pipeline transportation and processing of crude oil and natural gas in the Gulf of Mexico; • Onshore pipeline transportation of crude oil and, to a lesser extent, carbon dioxide (or "CO 2 "); • 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 . On July 24, 2015, we acquired the offshore pipeline and services business of Enterprise Products Partners, L.P. and its affiliates for approximately $1.5 billion , subject to certain adjustments. That business includes interests in 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. That acquisition complements and substantially expands our existing offshore pipelines segment. Basis of Presentation and Consolidation The accompanying Unaudited Condensed Consolidated Financial Statements include Genesis Energy, L.P. and its subsidiaries, including our general partner, Genesis Energy, LLC. 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, 2015 . 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) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recent Accounting Developments Recently Issued 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. In July 2015, the FASB issued guidance modifying the accounting for inventory. Under this guidance, the measurement principle for inventory will change from lower of cost or market value to lower of cost or net realizable value. The guidance defines net realizable value as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The guidance is effective for reporting periods after December 15, 2016, with early adoption permitted. We do not expect adoption to have a material impact on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16 in response to stakeholder feedback that restating prior periods to reflect adjustments made to provisional amounts recognized in a business combination adds cost and complexity to financial reporting, but does not significantly improve the usefulness of information provided to users. Under the new ASU, an acquirer must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The ASU also requires that the acquirer present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in current period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The guidance is effective for reporting periods after December 15, 2015, with early adoption permitted. We have adopted this guidance and it has not had a material impact on our consolidated financial statements. In February 2016, the FASB issued guidance to improve the transparency and comparability among companies by requiring lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. The guidance also requires additional disclosure about leasing arrangements. The guidance is effective for interim and annual periods beginning after December 15, 2018 and requires a modified retrospective approach to adoption. Early adoption is permitted. We are currently evaluating this guidance. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 addresses how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash flow, and other Topics. ASU 2016-15 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. |
Acquisition
Acquisition | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisition and Divestiture | Acquisition and Divestiture Acquisition Enterprise Offshore On July 24, 2015 , we acquired the offshore pipeline and services business of Enterprise Products Partners, L.P. and its affiliates for approximately $1.5 billion , subject to certain adjustments. That business includes interests in offshore crude oil and natural gas pipelines and six offshore hub platforms, including a 36% interest in the Poseidon Oil Pipeline System, a 50% interest in the Southeast Keathley Canyon Oil Pipeline System, and a 50% interest in the Cameron Highway Oil Pipeline System. To finance that transaction, in July, we issued 10,350,000 common units in a public offering that generated proceeds of $437.2 million net of underwriter discounts and $750.0 million aggregate principal amount of 6.75% senior unsecured notes due 2022 that generated net proceeds of $728.6 million net of issuance discount and underwriting fees. The remainder of that transaction was financed with borrowings under our senior secured credit facility. We have reflected the financial results of the acquired business in our Offshore Pipeline Transportation Segment from the date of acquisition. The purchase price has been allocated to the assets acquired and liabilities assumed based on estimated fair values. Those fair values were developed by management with the assistance of a third-party valuation firm. As of the third quarter of 2016, the purchase price allocation for this transaction has been finalized. Our finalized purchase price allocation remains unchanged from what was disclosed in the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2015. Our Consolidated Financial Statements include the results of our acquired offshore pipeline transportation business since July 24, 2015 , the 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 September 30, 2016 Nine Months Ended September 30, 2016 Revenues $ 66,845 181,227 Net income $ 39,412 103,249 The table below presents selected unaudited pro forma financial information incorporating the historical results of our newly acquired offshore pipeline transportation assets. 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. This pro forma information was prepared using historical financial data of the Enterprise offshore pipelines and services businesses and reflects certain estimates and assumptions made by our management. Our unaudited pro forma financial information is not necessarily indicative of what our consolidated financial results would have been had the Enterprise acquisition been completed on January 1, 2014. Three Months Ended Nine Months Ended Pro forma consolidated financial operating results: Revenues $ 590,994 $ 1,930,978 Net Income Attributable to Genesis Energy L.P. 372,828 395,529 Basic and diluted earnings per unit: As reported net income per unit $ 3.38 $ 3.93 Pro forma net income per unit $ 3.39 $ 3.65 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The major components of inventories were as follows: September 30, December 31, Petroleum products $ 2,061 $ 14,235 Crude oil 57,035 22,815 Caustic soda 2,867 3,964 NaHS 8,231 2,755 Other 5 6 Total $ 70,199 $ 43,775 Inventories are valued at the lower of cost or market. The market value of inventories were not below recorded cost as of September 30, 2016 and were below recorded costs by approximately $0.9 million as of December 31, 2015 ; therefore we reduced the value of inventory in our Condensed Consolidated Financial Statements for this difference in 2015. |
Fixed Assets
Fixed Assets | 9 Months Ended |
Sep. 30, 2016 | |
Fixed Assets And Asset Retirement Obligations [Abstract] | |
Fixed Assets | Fixed Assets Fixed Assets Fixed assets consisted of the following: September 30, December 31, Crude oil pipelines and natural gas pipelines and related assets $ 2,667,221 $ 2,501,821 Machinery and equipment 419,355 414,100 Transportation equipment 18,639 19,025 Marine vessels 842,700 794,508 Land, buildings and improvements 49,465 41,202 Office equipment, furniture and fixtures 9,441 7,540 Construction in progress 653,949 485,575 Other 46,915 46,455 Fixed assets, at cost 4,707,685 4,310,226 Less: Accumulated depreciation (509,419 ) (378,247 ) Net fixed assets $ 4,198,266 $ 3,931,979 Our depreciation expense for the periods presented was as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Depreciation expense $ 46,909 $ 33,716 $ 135,428 $ 78,265 Asset Retirement Obligations We record AROs in connection with legal requirements to perform specified retirement activities under contractual arrangements and/or governmental regulations. As a result of the Enterprise acquisition of the offshore pipeline and services business of Enterprise Products Partners, L.P. on July 24, 2015 , we recorded AROs based on the fair value measurement assigned during the preliminary purchase price allocation. The following table presents information regarding our AROs since December 31, 2015 : ARO liability balance, December 31, 2015 $ 188,662 AROs arising from the purchase of the remaining interest in Deepwater Gateway 10,470 AROs from the consolidation of historical interest in Deepwater Gateway 10,470 Accretion expense 7,918 Change in estimate 5,609 Settlements (3,216 ) ARO liability balance, September 30, 2016 $ 219,913 Of the ARO balances disclosed above, $5.2 million and $9.8 million is included as current in "Accrued liabilities" on our Unaudited Condensed Consolidated Balance Sheet as of September 30, 2016 and December 31, 2015 , respectively. The remainder of the ARO liability as of September 30, 2016 and December 31, 2015 is included in "Other long-term liabilities" on our Unaudited Condensed Consolidated Balance Sheet. With respect to our AROs, the following table presents our forecast of accretion expense for the periods indicated: Remainder of 2016 $ 2,710 2017 $ 9,807 2018 $ 8,144 2019 $ 8,735 2020 $ 9,298 Certain of our unconsolidated affiliates have AROs recorded at September 30, 2016 relating to contractual agreements and regulatory requirements. These amounts are immaterial to our Consolidated Financial Statements. |
Equity Investees
Equity Investees | 9 Months Ended |
Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investees | 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 or be less than 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 September 30, 2016 and December 31, 2015 , the unamortized excess cost amounts totaled $402.1 million and $414.0 million , respectively. We amortize the excess cost as a reduction in equity earnings in a manner similar to depreciation. As part of our Enterprise acquisition, we increased our ownership interest in each of Cameron Highway Oil Pipeline Company ("CHOPS") and Southeast Keathley Canyon Pipeline Company, LLC ("SEKCO") from 50% to 100% . Consequently, these entities were reflected as equity investees until July 24, 2015, at which point they became fully consolidated wholly owned subsidiaries. Also, as part of our Enterprise acquisition, our ownership interest in Poseidon Oil Pipeline Company, LLC ("Poseidon") increased from 28% to 64% . We also acquired a 50% ownership interest in Deepwater Gateway, LLC and a 25.7% interest in Neptune Pipeline Company, LLC. These additional interests are accounted for as equity investments from the acquisition date of July 24, 2015. In the first quarter of 2016, we purchased the remaining 50% interest in Deepwater Gateway, LLC for approximately $26.0 million (including adjustments for working capital), so we now own 100% of that entity. Consequently, we now consolidate Deepwater Gateway, LLC instead of accounting for our interest under the equity method. The following table presents information included in our Unaudited Condensed Consolidated Financial Statements related to our equity investees. Three Months Ended Nine Months Ended 2016 2015 2016 2015 Genesis’ share of operating earnings $ 16,444 $ 17,944 $ 47,281 $ 57,607 Amortization of excess purchase price (3,956 ) (3,684 ) (11,919 ) (9,167 ) Net equity in earnings $ 12,488 $ 14,260 $ 35,362 $ 48,440 Distributions received $ 21,551 $ 23,522 $ 66,180 $ 73,823 The following tables present the unaudited balance sheet and income statement information (on a 100% basis) for Poseidon (which is our most significant equity investment): September 30, December 31, BALANCE SHEET DATA: Assets Current assets $ 14,662 $ 18,507 Fixed assets, net 236,509 248,059 Other assets 929 1,133 Total assets $ 252,100 $ 267,699 Liabilities and equity Current liabilities $ 23,135 $ 22,456 Other liabilities 211,066 203,514 Equity 17,899 41,729 Total liabilities and equity $ 252,100 $ 267,699 Three Months Ended Nine Months Ended 2016 2015 2016 2015 INCOME STATEMENT DATA: Revenues $ 31,219 $ 30,830 $ 90,658 $ 92,684 Operating income $ 23,107 $ 23,839 $ 68,166 $ 71,122 Net income $ 21,921 $ 22,860 $ 64,670 $ 67,804 Poseidon's revolving credit facility Borrowings under Poseidon’s revolving credit facilities, which was amended and restated in February 2015, are primarily used to fund spending on capital projects. The February 2015 credit facility is non-recourse to Poseidon’s owners and secured by substantially all of Poseidon's assets. The February 2015 credit facility contains customary covenants such as restrictions on debt levels, liens, guarantees, mergers, sale of assets and distributions to owners. A breach of any of these covenants could result in acceleration of the maturity date of Poseidon’s debt. Poseidon was in compliance with the terms of its credit agreement for all periods presented in these Unaudited Combined Financial Statements. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | Intangible Assets The following table summarizes the components of our intangible assets at the dates indicated: September 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Carrying Value Gross Carrying Amount Accumulated Amortization Carrying Value Refinery Services: Customer relationships $ 94,654 $ 88,888 $ 5,766 $ 94,654 $ 86,285 $ 8,369 Licensing agreements 38,678 33,577 5,101 38,678 31,694 6,984 Segment total 133,332 122,465 10,867 133,332 117,979 15,353 Supply & Logistics: Customer relationships 35,430 33,268 2,162 35,430 32,044 3,386 Intangibles associated with lease 13,260 4,341 8,919 13,260 3,986 9,274 Segment total 48,690 37,609 11,081 48,690 36,030 12,660 Marine contract intangibles 27,000 4,950 22,050 27,000 900 26,100 Offshore pipeline contract intangibles 158,101 9,708 148,393 158,101 3,467 154,634 Other 28,240 9,918 18,322 22,819 8,120 14,699 Total $ 395,363 $ 184,650 $ 210,713 $ 389,942 $ 166,496 $ 223,446 Our amortization of intangible assets for the periods presented was as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Amortization of intangible assets $ 6,122 $ 5,554 $ 18,154 $ 13,745 We estimate that our amortization expense for the next five years will be as follows: Remainder of 2016 $ 6,169 2017 $ 23,532 2018 $ 21,361 2019 $ 17,026 2020 $ 16,125 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our obligations under debt arrangements consisted of the following: September 30, 2016 December 31, 2015 Principal Unamortized Discount and Debt Issuance Costs (1) Net Value Principal Unamortized Discount and Debt Issuance Costs (1) Net Value Senior secured credit facility $ 1,167,000 $ — $ 1,167,000 $ 1,115,000 $ — $ 1,115,000 6.000% senior unsecured notes due May 2023 400,000 7,024 392,976 400,000 7,825 392,175 5.750% senior unsecured notes due February 2021 350,000 4,418 345,582 350,000 5,183 344,817 5.625% senior unsecured notes due June 2024 350,000 6,838 343,162 350,000 7,510 342,490 6.750% senior unsecured notes due August 2022 750,000 20,087 729,913 750,000 22,428 727,572 Total long-term debt $ 3,017,000 $ 38,367 $ 2,978,633 $ 2,965,000 $ 42,946 $ 2,922,054 (1) In April 2015, the FASB issued guidance that requires 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. Genesis adopted this guidance in the fourth quarter of 2015. As of September 30, 2016 , we were in compliance with the financial covenants contained in our credit agreement and senior unsecured notes indentures. Senior Secured Credit Facility In April 2016, we amended our credit agreement to, among other things, (i) increase the committed amount under our revolving credit facility to $1.7 billion (from $1.5 billion ), with the ability to increase the committed amount by an additional $300.0 million , subject to lender consent and (ii) permanently relax the maximum consolidated leverage ratio to 5.5 to 1.0 . The key terms for rates under our $1.7 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 2.75% on Eurodollar borrowings and from 0.50% to 1.75% 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 0.500% . • The accordion feature is $300.0 million , giving us the ability to expand the size of the facility up to $2.0 billion for acquisitions or growth projects, subject to lender consent. At September 30, 2016 , we had $1.2 billion borrowed under our $1.7 billion credit facility, with $48.0 million of the borrowed amount designated as a loan under the inventory sublimit. Our credit agreement allows up to $100.0 million of the capacity to be used for letters of credit, of which $6.0 million was outstanding at September 30, 2016 . 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 September 30, 2016 was $527.0 million . |
Partners' Capital and Distribut
Partners' Capital and Distributions | 9 Months Ended |
Sep. 30, 2016 | |
Partners' Capital and Distributions [Abstract] | |
Partners' Capital and Distributions | Partners’ Capital and Distributions At September 30, 2016 , our outstanding common units consisted of 117,939,221 Class A units and 39,997 Class B units. On July 27, 2016 , we issued 8,000,000 Class A common units in a public offering at a price of $37.90 per unit. We received the proceeds, net of underwriting discounts and offering costs, of $298.0 million from that offering. Distributions We paid or will pay the following distributions in 2015 and 2016 : Distribution For Date Paid Per Unit Amount Total Amount 2015 1 st Quarter May 15, 2015 $ 0.6100 $ 60,774 2 nd Quarter August 14, 2015 $ 0.6250 $ 68,737 3 rd Quarter November 13, 2015 $ 0.6400 $ 70,387 4 th Quarter February 12, 2016 $ 0.6550 $ 72,036 2016 1 st Quarter May 13, 2016 $ 0.6725 $ 73,961 2 nd Quarter August 12, 2016 $ 0.6900 $ 81,406 3 rd Quarter November 14, 2016 (1) $ 0.7000 $ 82,585 (1) This distribution will be paid to unitholders of record as of October 28, 2016 . |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information We currently manage our businesses through five divisions that constitute our reportable segments: • Offshore Pipeline Transportation – offshore pipeline transportation and processing of crude oil and natural gas in the Gulf of Mexico; • Onshore Pipeline Transportation – transportation of crude oil, and to a lesser extent, CO 2 ; • 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 gains and 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: Offshore Pipeline Transportation Onshore Pipeline Transportation Refinery Services Marine Transportation Supply & Logistics Total Three Months Ended September 30, 2016 Segment margin (a) $ 86,557 $ 10,603 $ 20,526 $ 16,697 $ 6,957 $ 141,340 Capital expenditures (b) $ 3,977 $ 54,968 $ 488 $ 26,937 $ 30,380 $ 116,750 Revenues: External customers $ 89,717 $ 10,846 $ 48,069 $ 53,573 $ 257,845 $ 460,050 Intersegment (c) — 3,153 (2,344 ) 1,712 (2,521 ) — Total revenues of reportable segments $ 89,717 $ 13,999 $ 45,725 $ 55,285 $ 255,324 $ 460,050 Three Months Ended September 30, 2015 Segment margin (a) $ 70,943 $ 14,984 $ 20,692 $ 26,583 $ 7,508 $ 140,710 Capital expenditures (b) $ 1,520,268 $ 45,933 $ 118 $ 12,489 $ 43,942 $ 1,622,750 Revenues: External customers $ 61,388 $ 16,735 $ 45,738 $ 58,490 $ 389,983 $ 572,334 Intersegment (c) — 3,174 (2,406 ) 2,046 (2,814 ) — Total revenues of reportable segments $ 61,388 $ 19,909 $ 43,332 $ 60,536 $ 387,169 $ 572,334 Nine Months Ended September 30, 2016 Segment Margin (a) $ 249,457 $ 38,370 $ 61,586 $ 53,695 $ 25,599 $ 428,707 Capital expenditures (b) $ 35,175 $ 156,977 $ 1,645 $ 62,928 $ 101,704 $ 358,429 Revenues: External customers $ 242,672 $ 36,356 $ 136,437 $ 155,197 $ 713,778 $ 1,284,440 Intersegment (c) 2,165 12,044 (6,852 ) 4,733 (12,090 ) — Total revenues of reportable segments $ 244,837 $ 48,400 $ 129,585 $ 159,930 $ 701,688 $ 1,284,440 Nine Months Ended September 30, 2015 Segment Margin (a) $ 121,241 $ 43,670 $ 60,073 $ 79,501 $ 28,913 $ 333,398 Capital expenditures (b) $ 1,522,407 $ 155,417 $ 1,568 $ 40,151 $ 136,568 $ 1,856,111 Revenues: External customers $ 63,436 $ 48,422 $ 142,959 $ 173,733 $ 1,326,968 $ 1,755,518 Intersegment (c) — 9,488 (7,179 ) 6,768 (9,077 ) — Total revenues of reportable segments $ 63,436 $ 57,910 $ 135,780 $ 180,501 $ 1,317,891 $ 1,755,518 Total assets by reportable segment were as follows: September 30, December 31, Offshore pipeline transportation $ 2,595,408 $ 2,623,478 Onshore pipeline transportation 706,589 614,484 Refinery services 390,169 394,626 Marine transportation 813,282 777,952 Supply and logistics 1,107,798 1,000,851 Other assets 42,238 48,208 Total consolidated assets 5,655,484 5,459,599 (a) A reconciliation of total Segment Margin to net income attributable to Genesis Energy, L.P. for the periods is presented below. (b) Capital expenditures include maintenance and growth capital expenditures, such as fixed asset additions (including enhancements to existing facilities and construction of growth projects) as well as acquisitions of businesses and contributions to equity investees related to same. In addition to construction of growth projects, capital spending in our Offshore Pipeline Transportation Segment included $2.5 million during the nine months ended September 30, 2015 representing capital contributions to SEKCO, which was an equity investee at that time, to fund our share of the construction costs for its pipeline. We acquired the remaining 50% interest in SEKCO in July 2015. (c) Intersegment sales were conducted under terms that we believe were no more or less favorable than then-existing market conditions. Reconciliation of total Segment Margin to net income: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Total Segment Margin $ 141,340 $ 140,710 $ 428,707 $ 333,398 Corporate general and administrative expenses (10,420 ) (25,940 ) (32,269 ) (52,192 ) Depreciation and amortization (54,265 ) (41,170 ) (156,800 ) (96,500 ) Interest expense (34,735 ) (29,617 ) (104,657 ) (66,737 ) Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income (1) (9,063 ) (7,962 ) (30,818 ) (25,383 ) Non-cash items not included in Segment Margin 1,779 1,316 (5,428 ) 473 Cash payments from direct financing leases in excess of earnings (1,586 ) (1,448 ) (4,645 ) (4,215 ) Gain on step up of historical basis — 335,260 — 335,260 Loss on extinguishment of debt — — — (19,225 ) Other, net — (6,643 ) — (6,643 ) Income tax expense (949 ) (1,292 ) (2,959 ) (3,142 ) Net income attributable to Genesis Energy, L.P. $ 32,101 $ 363,214 $ 91,131 $ 395,094 (1) Includes distributions attributable to the quarter and received during or promptly following such quarter. |
Transactions With Related Parti
Transactions With Related Parties | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Transactions With Related Parties | 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 Nine Months Ended 2016 2015 2016 2015 Revenues: Sales of CO 2 to Sandhill Group, LLC (1) $ 878 $ 913 $ 2,366 $ 2,418 Revenues from provision of services to Poseidon Oil Pipeline Company, LLC (2) 1,979 1,980 5,935 1,980 Costs and expenses: Amounts paid to our CEO in connection with the use of his aircraft $ 165 $ 165 $ 495 $ 525 Charges for services from Poseidon Oil Pipeline Company, LLC (2) 251 241 749 241 (1) We own a 50% interest in Sandhill Group, LLC. (2) We own 64% interest in Poseidon Oil Pipeline Company, LLC. Amount due from Related Party At September 30, 2016 and December 31, 2015 (i) Sandhill Group, LLC owed us $0.3 million and $0.3 million , respectively, for purchases of CO 2 and (ii) Poseidon Oil Pipeline Company, LLC owed us $1.5 million and $1.9 million , respectively, for services rendered. Transactions with Unconsolidated Affiliates Poseidon As part of our Enterprise acquisition, we became the operator of Poseidon in the third quarter of 2015. We provide management, administrative and pipeline operator services to Poseidon under an Operation and Management Agreement . Currently, that agreement renews automatically annually unless terminated by either party (as defined in the agreement). Our revenues for the three and nine months ended September 30, 2016 reflect $2.0 million and $5.9 million , respectively, of fees we earned through the provision of services under that agreement. Deepwater Gateway Deepwater Gateway, LLC, which became a wholly-owned subsidiary in the first quarter of 2016, no longer constitutes a related party. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table provides information regarding the net changes in components of operating assets and liabilities. Nine Months Ended 2016 2015 (Increase) decrease in: Accounts receivable $ 11,029 $ 72,372 Inventories (26,215 ) (1,481 ) Deferred charges (5,291 ) (7,256 ) Other current assets 5,184 (7,014 ) Increase (decrease) in: Accounts payable (27,213 ) (70,980 ) Accrued liabilities (20,901 ) 21,740 Net changes in components of operating assets and liabilities (63,407 ) 7,381 Payments of interest and commitment fees, net of amounts capitalized, were $125.1 million and $56.8 million for the nine months ended September 30, 2016 and September 30, 2015 , respectively. We capitalized interest of $19.9 million and $11.9 million during the nine months ended September 30, 2016 and September 30, 2015 . At September 30, 2016 and September 30, 2015 , we had incurred liabilities for fixed and intangible asset additions totaling $55.3 million and $50.2 million , respectively, that had not been paid at the end of the third 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. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 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 Consolidated 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 September 30, 2016 , 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) 1,058 — Weighted average contract price per bbl $ 45.24 $ — Not qualifying or not designated as hedges under accounting rules: Crude oil futures: Contract volumes (1,000 bbls) 1,440 1,388 Weighted average contract price per bbl $ 44.77 $ 44.96 Crude oil swaps: Contract volumes (1,000 bbls) — 60 Weighted average contract price per bbl $ — $ (1.88 ) Diesel futures: Contract volumes (1,000 bbls) 18 — Weighted average contract price per gal $ 1.41 $ — #6 Fuel oil futures: Contract volumes (1,000 bbls) 105 45 Weighted average contract price per bbl $ 35.73 $ 37.02 Crude oil options: Contract volumes (1,000 bbls) 55 10 Weighted average premium received $ 1.55 $ 0.36 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 September 30, 2016 and December 31, 2015 : Fair Value of Derivative Assets and Liabilities Unaudited Condensed Consolidated Balance Sheets Location Fair Value September 30, December 31, Asset Derivatives: Commodity derivatives - futures and call options (undesignated hedges): Gross amount of recognized assets Current Assets - Other $ 300 $ 1,703 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (300 ) (388 ) Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets $ — $ 1,315 Commodity derivatives - futures and call options (designated hedges): Gross amount of recognized assets Current Assets - Other $ 4,924 $ — Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (4,924 ) — 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) $ (1,085 ) $ (388 ) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 1,085 388 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) $ (8,097 ) $ (23 ) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 8,097 23 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 September 30, 2016 , we had a net broker receivable of approximately $3.6 million (consisting of initial margin of $4.2 million and decreased by $0.6 million of variation margin). As of December 31, 2015 , we had a net broker receivable of approximately $5.5 million (consisting of initial margin of $4.4 million increased by $1.1 million of variation margin). At September 30, 2016 and December 31, 2015 , 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 Nine Months Ended 2016 2015 2016 2015 Commodity derivatives - futures and call options: Contracts designated as hedges under accounting guidance Supply and logistics product costs $ 1,672 $ 621 $ (8,279 ) $ (1,214 ) Contracts not considered hedges under accounting guidance Supply and logistics product costs (262 ) 11,559 (3,744 ) 6,545 Total commodity derivatives $ 1,410 $ 12,180 $ (12,023 ) $ 5,331 |
Fair-Value Measurements
Fair-Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair-Value Measurements | 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 September 30, 2016 and December 31, 2015 . Fair Value at Fair Value at September 30, 2016 December 31, 2015 Recurring Fair Value Measures Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Commodity derivatives: Assets $ 5,224 $ — $ — $ 1,703 $ — $ — Liabilities $ (9,182 ) $ — $ — $ (411 ) $ — $ — Our commodity derivatives include exchange-traded futures and exchange-traded options contracts. The fair value of these exchange-traded derivative contracts is based on unadjusted quoted prices in active markets and is, therefore, included in Level 1 of the fair value hierarchy. See Note 13 for additional information on our derivative instruments. Other Fair Value Measurements We believe the debt outstanding under our credit facility approximates fair value as the stated rate of interest approximates current market rates of interest for similar instruments with comparable maturities. At September 30, 2016 our senior unsecured notes had a carrying value of $1.8 billion and a fair value of $1.9 billion , compared to $1.8 billion and $1.5 billion , respectively, at December 31, 2015 . 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. Additionally, we recorded the estimated fair value of net assets acquired and liabilities assumed in connection with our Enterprise acquisition as of the acquisition date of July 24, 2015. The fair value measurements were primarily based on significant unobservable inputs (Level 3) developed using company-specific information. See Note 3 for further information associated with the values recorded in our Enterprise acquisition. Additionally, the fair value measurements, using unobservable (Level 3) inputs, used in recording the estimated fair value of the net assets acquired and liabilities assumed of CHOPS and SEKCO (which we now own 100% interest in and consolidate given the respective 50% ownership interest acquired from Enterprise for each of these subsidiaries) as a result of our Enterprise acquisition were used to calculate the effects of the re-measurement of our pre-acquisition historical interest in CHOPS and SEKCO at fair value, based on accounting guidance involving step acquisitions as discussed in ASC 805-10-25. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies We are subject to various environmental laws and regulations. Policies and procedures are in place to aid in monitoring compliance and detecting and addressing releases of crude oil from our pipelines or other facilities; however, no assurance can be made that such environmental releases may not substantially affect our business. We are subject to lawsuits in the normal course of business and examination by tax and other regulatory authorities. We do not expect such matters presently pending to have a material effect on our financial position, results of operations, or cash flows. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2016 | |
Condensed Consolidating Financial Information [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information Our $1.8 billion aggregate principal amount of senior unsecured notes co-issued by Genesis Energy, L.P. and Genesis Energy Finance Corporation are fully and unconditionally guaranteed jointly and severally by all of Genesis Energy, L.P.’s current and future 100% owned domestic subsidiaries, except Genesis Free State Pipeline, LLC, Genesis NEJD Pipeline, LLC and certain other minor subsidiaries. Genesis NEJD Pipeline, LLC is 100% owned by Genesis Energy, L.P., the parent company. The remaining non-guarantor subsidiaries are owned by Genesis Crude Oil, L.P., a guarantor subsidiary. Genesis Energy Finance Corporation has no independent assets or operations. See Note 8 for additional information regarding our consolidated debt obligations. The following is condensed consolidating financial information for Genesis Energy, L.P., the guarantor subsidiaries and the non-guarantor subsidiaries. Unaudited Condensed Consolidating Balance Sheet September 30, 2016 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 $ — $ 2,126 $ 1,315 $ — $ 3,447 Other current assets 75 — 296,951 11,694 (391 ) 308,329 Total current assets 81 — 299,077 13,009 (391 ) 311,776 Fixed assets, at cost — — 4,630,100 77,585 — 4,707,685 Less: Accumulated depreciation — — (485,827 ) (23,592 ) — (509,419 ) Net fixed assets — — 4,144,273 53,993 — 4,198,266 Goodwill — — 325,046 — — 325,046 Other assets, net 11,734 — 393,117 135,283 (136,952 ) 403,182 Advances to affiliates 2,565,346 — — 66,110 (2,631,456 ) — Equity investees — — 417,214 — — 417,214 Investments in subsidiaries 2,620,102 — 90,214 — (2,710,316 ) — Total assets $ 5,197,263 $ — $ 5,668,941 $ 268,395 $ (5,479,115 ) $ 5,655,484 LIABILITIES AND PARTNERS’ CAPITAL Current liabilities $ 27,801 $ — $ 214,404 $ 150 $ (136 ) $ 242,219 Senior secured credit facility 1,167,000 — — — — 1,167,000 Senior unsecured notes 1,811,633 — — — — 1,811,633 Deferred tax liabilities — — 24,644 — — 24,644 Advances from affiliates — — 2,631,455 — (2,631,455 ) — Other liabilities — — 185,481 179,191 (136,793 ) 227,879 Total liabilities 3,006,434 — 3,055,984 179,341 (2,768,384 ) 3,473,375 Partners’ capital, common units 2,190,829 — 2,612,957 97,774 (2,710,731 ) 2,190,829 Noncontrolling interests — — — (8,720 ) — (8,720 ) Total liabilities and partners’ capital $ 5,197,263 $ — $ 5,668,941 $ 268,395 $ (5,479,115 ) $ 5,655,484 Unaudited Condensed Consolidating Balance Sheet December 31, 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 $ — $ 8,288 $ 2,601 $ — $ 10,895 Other current assets 50 — 285,313 10,422 (364 ) 295,421 Total current assets 56 — 293,601 13,023 (364 ) 306,316 Fixed assets, at cost — — 4,232,641 77,585 — 4,310,226 Less: Accumulated depreciation — — (356,530 ) (21,717 ) — (378,247 ) Net fixed assets — — 3,876,111 55,868 — 3,931,979 Goodwill — — 325,046 — — 325,046 Other assets, net 13,140 — 394,294 140,409 (125,977 ) 421,866 Advances to affiliates 2,619,493 — — 47,034 (2,666,527 ) — Equity investees — — 474,392 — — 474,392 Investments in subsidiaries 2,353,804 — 90,741 — (2,444,545 ) — Total assets $ 4,986,493 $ — $ 5,454,185 $ 256,334 $ (5,237,413 ) $ 5,459,599 LIABILITIES AND PARTNERS’ CAPITAL Current liabilities $ 35,338 $ — $ 267,294 $ — $ (496 ) $ 302,136 Senior secured credit facility 1,115,000 — — — — 1,115,000 Senior unsecured notes 1,807,054 — — — — 1,807,054 Deferred tax liabilities — — 22,586 — — 22,586 Advances from affiliates — — 2,666,527 — (2,666,527 ) — Other liabilities — — 150,877 167,006 (125,811 ) 192,072 Total liabilities 2,957,392 — 3,107,284 167,006 (2,792,834 ) 3,438,848 Partners’ capital, common units 2,029,101 — 2,346,901 97,678 (2,444,579 ) 2,029,101 Noncontrolling interests — — — (8,350 ) — (8,350 ) Total liabilities and partners’ capital $ 4,986,493 $ — $ 5,454,185 $ 256,334 $ (5,237,413 ) $ 5,459,599 Unaudited Condensed Consolidating Statement of Operations Three Months Ended September 30, 2016 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated REVENUES: Offshore pipeline transportation services $ — $ — $ 89,717 $ — $ — $ 89,717 Onshore pipeline transportation services — — 9,002 4,997 — 13,999 Refinery services — — 45,262 2,981 (2,518 ) 45,725 Marine transportation — — 55,285 — — 55,285 Supply and logistics — — 255,324 — — 255,324 Total revenues — — 454,590 7,978 (2,518 ) 460,050 COSTS AND EXPENSES: Offshore pipeline transportation operating costs — — 22,533 589 — 23,122 Onshore pipeline transportation operating costs — — 4,748 255 — 5,003 Refinery services operating costs — — 24,577 3,018 (2,518 ) 25,077 Marine transportation costs — — 38,490 — — 38,490 Supply and logistics costs — — 247,702 — — 247,702 General and administrative — — 11,212 — — 11,212 Depreciation and amortization — — 53,640 625 — 54,265 Total costs and expenses — — 402,902 4,487 (2,518 ) 404,871 OPERATING INCOME — — 51,688 3,491 — 55,179 Equity in earnings of subsidiaries 66,811 — 28 — (66,839 ) — Equity in earnings of equity investees — — 12,488 — — 12,488 Interest (expense) income, net (34,710 ) — 3,595 (3,620 ) — (34,735 ) Other income/(expense), net — — — — — — Income before income taxes 32,101 — 67,799 (129 ) (66,839 ) 32,932 Income tax expense — — (949 ) — — (949 ) NET INCOME 32,101 — 66,850 (129 ) (66,839 ) 31,983 Net loss attributable to noncontrolling interest — — — 118 — 118 NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. $ 32,101 $ — $ 66,850 $ (11 ) $ (66,839 ) $ 32,101 Unaudited Condensed Consolidating Statement of Operations Three Months Ended September 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: Offshore pipeline transportation services $ — $ — $ 59,695 $ 1,693 $ — $ 61,388 Onshore pipeline transportation services — — 14,130 5,779 — 19,909 Refinery services — — 42,464 2,608 (1,740 ) 43,332 Marine transportation — — 60,536 — — 60,536 Supply and logistics — — 387,169 — — 387,169 Total revenues — — 563,994 10,080 (1,740 ) 572,334 COSTS AND EXPENSES: Offshore pipeline transportation operating costs — — 17,188 510 — 17,698 Onshore pipeline transportation operating costs — — 6,533 188 — 6,721 Refinery services operating costs — — 21,758 2,376 (1,771 ) 22,363 Marine transportation costs — — 33,869 — — 33,869 Supply and logistics costs — — 378,916 — — 378,916 General and administrative — — 26,799 — — 26,799 Depreciation and amortization — — 40,320 850 — 41,170 Total costs and expenses — — 525,383 3,924 (1,771 ) 527,536 OPERATING INCOME — — 38,611 6,156 31 44,798 Equity in earnings of subsidiaries 392,769 — 2,284 — (395,053 ) — Equity in earnings of equity investees — — 14,260 — — 14,260 Gain on basis step up on historical interest — — 335,260 — — 335,260 Interest (expense) income, net (29,576 ) — 3,728 (3,769 ) — (29,617 ) Other income/(expense), net 21 — (21 ) — — — Income before income taxes 363,214 — 394,122 2,387 (395,022 ) 364,701 Income tax (expense) benefit — — (1,341 ) 49 — (1,292 ) NET INCOME 363,214 — 392,781 2,436 (395,022 ) 363,409 Net loss attributable to noncontrolling interest — — — (195 ) — (195 ) NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. $ 363,214 $ — $ 392,781 $ 2,241 $ (395,022 ) $ 363,214 Unaudited Condensed Consolidating Statement of Operations Nine Months Ended September 30, 2016 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated REVENUES: Offshore pipeline transportation services $ — $ — $ 244,837 $ — $ — $ 244,837 Onshore pipeline transportation services — — 32,872 15,528 — 48,400 Refinery services — — 129,671 5,499 (5,585 ) 129,585 Marine transportation — — 159,930 — — 159,930 Supply and logistics — — 701,688 — — 701,688 Total revenues — — 1,268,998 21,027 (5,585 ) 1,284,440 COSTS AND EXPENSES: Offshore pipeline transportation operating costs — — 61,882 1,850 — 63,732 Onshore pipeline transportation operating costs — — 16,668 831 — 17,499 Refinery services operating costs — — 67,190 6,036 (5,585 ) 67,641 Marine transportation costs — — 105,942 — — 105,942 Supply and logistics costs — — 675,095 — — 675,095 General and administrative — — 34,716 — — 34,716 Depreciation and amortization — — 154,925 1,875 — 156,800 Total costs and expenses — — 1,116,418 10,592 (5,585 ) 1,121,425 OPERATING INCOME — — 152,580 10,435 — 163,015 Equity in earnings of subsidiaries 195,674 — (50 ) — (195,624 ) — Equity in earnings of equity investees — — 35,362 — — 35,362 Interest (expense) income, net (104,543 ) — 10,861 (10,975 ) — (104,657 ) Income before income taxes 91,131 — 198,753 (540 ) (195,624 ) 93,720 Income tax expense — — (2,956 ) (3 ) — (2,959 ) NET INCOME 91,131 — 195,797 (543 ) (195,624 ) 90,761 Net loss attributable to noncontrolling interest — — — 370 — 370 NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. $ 91,131 $ — $ 195,797 $ (173 ) $ (195,624 ) $ 91,131 Unaudited Condensed Consolidating Statement of Operations Nine Months Ended September 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: Offshore pipeline transportation services $ — $ — $ 61,743 $ 1,693 $ — $ 63,436 Onshore pipeline transportation services — — 39,874 18,036 — 57,910 Refinery services — — 133,055 10,579 (7,854 ) 135,780 Marine transportation — — 180,501 — — 180,501 Supply and logistics — — 1,317,891 — — 1,317,891 Total revenues — — 1,733,064 30,308 (7,854 ) 1,755,518 COSTS AND EXPENSES: Offshore pipeline transportation operating costs — — 17,831 510 — 18,341 Onshore pipeline transportation operating costs — — 19,345 529 — 19,874 Refinery services operating costs — — 73,058 10,021 (7,854 ) 75,225 Marine transportation costs — — 100,749 — — 100,749 Supply and logistics costs — — 1,290,980 — — 1,290,980 General and administrative — — 54,852 — — 54,852 Depreciation and amortization — — 94,365 2,135 — 96,500 Total costs and expenses — — 1,651,180 13,195 (7,854 ) 1,656,521 OPERATING INCOME — — 81,884 17,113 — 98,997 Equity in earnings of subsidiaries 480,953 — 5,770 — (486,723 ) — Equity in earnings of equity investees — — 48,440 — — 48,440 Gain on basis step up on historical interest — — 335,260 — — 335,260 Interest (expense) income, net (66,655 ) — 11,329 (11,411 ) — (66,737 ) Other income/(expense), net (19,204 ) — 1,675 — — (17,529 ) Income before income taxes 395,094 — 484,358 5,702 (486,723 ) 398,431 Income tax (expense) benefit — — (3,275 ) 133 — (3,142 ) NET INCOME 395,094 — 481,083 5,835 (486,723 ) 395,289 Net loss attributable to noncontrolling interest — — — (195 ) — (195 ) NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. $ 395,094 $ — $ 481,083 $ 5,640 $ (486,723 ) $ 395,094 Unaudited Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2016 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated Net cash provided by operating activities $ 122,884 $ — $ 310,723 $ 6,781 $ (211,991 ) $ 228,397 CASH FLOWS FROM INVESTING ACTIVITIES: Payments to acquire fixed and intangible assets — — (363,218 ) — — (363,218 ) Cash distributions received from equity investees - return of investment — — 16,652 — — 16,652 Investments in equity investees (298,051 ) — — — 298,051 — Acquisitions — — (25,394 ) — — (25,394 ) Intercompany transfers 54,148 — — — (54,148 ) — Repayments on loan to non-guarantor subsidiary — — 4,526 — (4,526 ) — Contributions in aid of construction costs — — 12,208 — — 12,208 Proceeds from asset sales — — 3,303 — — 3,303 Other, net — — 185 — — 185 Net cash used in investing activities (243,903 ) — (351,738 ) — 239,377 (356,264 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings on senior secured credit facility 883,600 — — — — 883,600 Repayments on senior secured credit facility (831,600 ) — — — — (831,600 ) Debt issuance costs (1,578 ) — — — — (1,578 ) Intercompany transfers — — (35,144 ) (19,004 ) 54,148 — Issuance of common units for cash, net 298,051 — 298,051 — (298,051 ) 298,051 Distributions to partners/owners (227,454 ) — (227,454 ) — 227,454 (227,454 ) Other, net — — (600 ) 10,937 (10,937 ) (600 ) Net cash provided by financing activities 121,019 — 34,853 (8,067 ) (27,386 ) 120,419 Net decrease in cash and cash equivalents — — (6,162 ) (1,286 ) — (7,448 ) Cash and cash equivalents at beginning of period 6 — 8,288 2,601 — 10,895 Cash and cash equivalents at end of period $ 6 $ — $ 2,126 $ 1,315 $ — $ 3,447 Unaudited Condensed Consolidating Statement of Cash Flows Nine Months Ended September 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 provided by operating activities $ (53,478 ) $ — $ 201,305 $ 51,028 $ (6,727 ) $ 192,128 CASH FLOWS FROM INVESTING ACTIVITIES: Payments to acquire fixed and intangible assets — — (359,504 ) — — (359,504 ) Cash distributions received from equity investees - return of investment 179,267 — 19,360 — (179,267 ) 19,360 Investments in equity investees (633,761 ) — (2,900 ) — 633,761 (2,900 ) Acquisitions — — (1,517,428 ) — — (1,517,428 ) Intercompany transfers (1,164,821 ) — — — 1,164,821 — Repayments on loan to non-guarantor subsidiary — — (1,077 ) — 1,077 — Proceeds from asset sales — — 2,571 — — 2,571 Other, net — — (2,137 ) — — (2,137 ) Net cash used in investing activities (1,619,315 ) — (1,861,115 ) — 1,620,392 (1,860,038 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings on senior secured credit facility 1,168,850 — — — — 1,168,850 Repayments on senior secured credit facility (705,150 ) — — — — (705,150 ) Proceeds from issuance of senior unsecured notes 1,139,718 — — — — 1,139,718 Repayment of senior unsecured notes (350,000 ) — — — — (350,000 ) Debt issuance costs (28,361 ) — — — — (28,361 ) Intercompany transfers — — 1,215,585 (50,764 ) (1,164,821 ) — Issuance of common units for cash, net 633,759 — 633,759 — (633,759 ) 633,759 Distributions to partners/owners (186,026 ) — (186,026 ) — 186,026 (186,026 ) Distributions to noncontrolling interest — — (560 ) — — (560 ) Other, net — — 1,786 1,111 (1,111 ) 1,786 Net cash provided by financing activities 1,672,790 — 1,664,544 (49,653 ) (1,613,665 ) 1,674,016 Net (decrease) increase in cash and cash equivalents (3 ) — 4,734 1,375 — 6,106 Cash and cash equivalents at beginning of period 9 — 8,310 1,143 — 9,462 Cash and cash equivalents at end of period $ 6 $ — $ 13,044 $ 2,518 $ — $ 15,568 |
Acquisition (Tables)
Acquisition (Tables) - Enterprise Offshore Acquisition | 9 Months Ended |
Sep. 30, 2016 | |
Business Acquisition [Line Items] | |
Selected Financial Information | The following table presents selected financial information included in our Consolidated Financial Statements for the periods presented: Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Revenues $ 66,845 181,227 Net income $ 39,412 103,249 |
Schedule of Pro Forma Financial Information | The table below presents selected unaudited pro forma financial information incorporating the historical results of our newly acquired offshore pipeline transportation assets. 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. This pro forma information was prepared using historical financial data of the Enterprise offshore pipelines and services businesses and reflects certain estimates and assumptions made by our management. Our unaudited pro forma financial information is not necessarily indicative of what our consolidated financial results would have been had the Enterprise acquisition been completed on January 1, 2014. Three Months Ended Nine Months Ended Pro forma consolidated financial operating results: Revenues $ 590,994 $ 1,930,978 Net Income Attributable to Genesis Energy L.P. 372,828 395,529 Basic and diluted earnings per unit: As reported net income per unit $ 3.38 $ 3.93 Pro forma net income per unit $ 3.39 $ 3.65 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule Of Major Components Of Inventories | The major components of inventories were as follows: September 30, December 31, Petroleum products $ 2,061 $ 14,235 Crude oil 57,035 22,815 Caustic soda 2,867 3,964 NaHS 8,231 2,755 Other 5 6 Total $ 70,199 $ 43,775 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fixed Assets And Asset Retirement Obligations [Abstract] | |
Schedule Of Fixed Assets | Fixed assets consisted of the following: September 30, December 31, Crude oil pipelines and natural gas pipelines and related assets $ 2,667,221 $ 2,501,821 Machinery and equipment 419,355 414,100 Transportation equipment 18,639 19,025 Marine vessels 842,700 794,508 Land, buildings and improvements 49,465 41,202 Office equipment, furniture and fixtures 9,441 7,540 Construction in progress 653,949 485,575 Other 46,915 46,455 Fixed assets, at cost 4,707,685 4,310,226 Less: Accumulated depreciation (509,419 ) (378,247 ) Net fixed assets $ 4,198,266 $ 3,931,979 |
Depreciation Expense | Our depreciation expense for the periods presented was as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Depreciation expense $ 46,909 $ 33,716 $ 135,428 $ 78,265 |
Schedule of Change in Asset Retirement Obligation | The following table presents information regarding our AROs since December 31, 2015 : ARO liability balance, December 31, 2015 $ 188,662 AROs arising from the purchase of the remaining interest in Deepwater Gateway 10,470 AROs from the consolidation of historical interest in Deepwater Gateway 10,470 Accretion expense 7,918 Change in estimate 5,609 Settlements (3,216 ) ARO liability balance, September 30, 2016 $ 219,913 |
Schedule of Asset Retirement Obligations | With respect to our AROs, the following table presents our forecast of accretion expense for the periods indicated: Remainder of 2016 $ 2,710 2017 $ 9,807 2018 $ 8,144 2019 $ 8,735 2020 $ 9,298 |
Equity Investees (Tables)
Equity Investees (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 Nine Months Ended 2016 2015 2016 2015 Genesis’ share of operating earnings $ 16,444 $ 17,944 $ 47,281 $ 57,607 Amortization of excess purchase price (3,956 ) (3,684 ) (11,919 ) (9,167 ) Net equity in earnings $ 12,488 $ 14,260 $ 35,362 $ 48,440 Distributions received $ 21,551 $ 23,522 $ 66,180 $ 73,823 |
Schedule Of Balance Sheet Information For Equity Investees | The following tables present the unaudited balance sheet and income statement information (on a 100% basis) for Poseidon (which is our most significant equity investment): September 30, December 31, BALANCE SHEET DATA: Assets Current assets $ 14,662 $ 18,507 Fixed assets, net 236,509 248,059 Other assets 929 1,133 Total assets $ 252,100 $ 267,699 Liabilities and equity Current liabilities $ 23,135 $ 22,456 Other liabilities 211,066 203,514 Equity 17,899 41,729 Total liabilities and equity $ 252,100 $ 267,699 |
Schedule Of Operations For Equity Investees | Three Months Ended Nine Months Ended 2016 2015 2016 2015 INCOME STATEMENT DATA: Revenues $ 31,219 $ 30,830 $ 90,658 $ 92,684 Operating income $ 23,107 $ 23,839 $ 68,166 $ 71,122 Net income $ 21,921 $ 22,860 $ 64,670 $ 67,804 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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: September 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Carrying Value Gross Carrying Amount Accumulated Amortization Carrying Value Refinery Services: Customer relationships $ 94,654 $ 88,888 $ 5,766 $ 94,654 $ 86,285 $ 8,369 Licensing agreements 38,678 33,577 5,101 38,678 31,694 6,984 Segment total 133,332 122,465 10,867 133,332 117,979 15,353 Supply & Logistics: Customer relationships 35,430 33,268 2,162 35,430 32,044 3,386 Intangibles associated with lease 13,260 4,341 8,919 13,260 3,986 9,274 Segment total 48,690 37,609 11,081 48,690 36,030 12,660 Marine contract intangibles 27,000 4,950 22,050 27,000 900 26,100 Offshore pipeline contract intangibles 158,101 9,708 148,393 158,101 3,467 154,634 Other 28,240 9,918 18,322 22,819 8,120 14,699 Total $ 395,363 $ 184,650 $ 210,713 $ 389,942 $ 166,496 $ 223,446 |
Amortization Expense | Our amortization of intangible assets for the periods presented was as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Amortization of intangible assets $ 6,122 $ 5,554 $ 18,154 $ 13,745 |
Schedule of Expected Amortization Expense | We estimate that our amortization expense for the next five years will be as follows: Remainder of 2016 $ 6,169 2017 $ 23,532 2018 $ 21,361 2019 $ 17,026 2020 $ 16,125 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule Of Obligations Under Debt Arrangements | Our obligations under debt arrangements consisted of the following: September 30, 2016 December 31, 2015 Principal Unamortized Discount and Debt Issuance Costs (1) Net Value Principal Unamortized Discount and Debt Issuance Costs (1) Net Value Senior secured credit facility $ 1,167,000 $ — $ 1,167,000 $ 1,115,000 $ — $ 1,115,000 6.000% senior unsecured notes due May 2023 400,000 7,024 392,976 400,000 7,825 392,175 5.750% senior unsecured notes due February 2021 350,000 4,418 345,582 350,000 5,183 344,817 5.625% senior unsecured notes due June 2024 350,000 6,838 343,162 350,000 7,510 342,490 6.750% senior unsecured notes due August 2022 750,000 20,087 729,913 750,000 22,428 727,572 Total long-term debt $ 3,017,000 $ 38,367 $ 2,978,633 $ 2,965,000 $ 42,946 $ 2,922,054 (1) In April 2015, the FASB issued guidance that requires 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. Genesis adopted this guidance in the fourth quarter of 2015. |
Partners' Capital and Distrib29
Partners' Capital and Distributions Partners' Capital And Distributions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Partners' Capital and Distributions [Abstract] | |
Distributions Made to Limited Partner, by Distribution | We paid or will pay the following distributions in 2015 and 2016 : Distribution For Date Paid Per Unit Amount Total Amount 2015 1 st Quarter May 15, 2015 $ 0.6100 $ 60,774 2 nd Quarter August 14, 2015 $ 0.6250 $ 68,737 3 rd Quarter November 13, 2015 $ 0.6400 $ 70,387 4 th Quarter February 12, 2016 $ 0.6550 $ 72,036 2016 1 st Quarter May 13, 2016 $ 0.6725 $ 73,961 2 nd Quarter August 12, 2016 $ 0.6900 $ 81,406 3 rd Quarter November 14, 2016 (1) $ 0.7000 $ 82,585 (1) This distribution will be paid to unitholders of record as of October 28, 2016 . |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment information for the periods presented below was as follows: Offshore Pipeline Transportation Onshore Pipeline Transportation Refinery Services Marine Transportation Supply & Logistics Total Three Months Ended September 30, 2016 Segment margin (a) $ 86,557 $ 10,603 $ 20,526 $ 16,697 $ 6,957 $ 141,340 Capital expenditures (b) $ 3,977 $ 54,968 $ 488 $ 26,937 $ 30,380 $ 116,750 Revenues: External customers $ 89,717 $ 10,846 $ 48,069 $ 53,573 $ 257,845 $ 460,050 Intersegment (c) — 3,153 (2,344 ) 1,712 (2,521 ) — Total revenues of reportable segments $ 89,717 $ 13,999 $ 45,725 $ 55,285 $ 255,324 $ 460,050 Three Months Ended September 30, 2015 Segment margin (a) $ 70,943 $ 14,984 $ 20,692 $ 26,583 $ 7,508 $ 140,710 Capital expenditures (b) $ 1,520,268 $ 45,933 $ 118 $ 12,489 $ 43,942 $ 1,622,750 Revenues: External customers $ 61,388 $ 16,735 $ 45,738 $ 58,490 $ 389,983 $ 572,334 Intersegment (c) — 3,174 (2,406 ) 2,046 (2,814 ) — Total revenues of reportable segments $ 61,388 $ 19,909 $ 43,332 $ 60,536 $ 387,169 $ 572,334 Nine Months Ended September 30, 2016 Segment Margin (a) $ 249,457 $ 38,370 $ 61,586 $ 53,695 $ 25,599 $ 428,707 Capital expenditures (b) $ 35,175 $ 156,977 $ 1,645 $ 62,928 $ 101,704 $ 358,429 Revenues: External customers $ 242,672 $ 36,356 $ 136,437 $ 155,197 $ 713,778 $ 1,284,440 Intersegment (c) 2,165 12,044 (6,852 ) 4,733 (12,090 ) — Total revenues of reportable segments $ 244,837 $ 48,400 $ 129,585 $ 159,930 $ 701,688 $ 1,284,440 Nine Months Ended September 30, 2015 Segment Margin (a) $ 121,241 $ 43,670 $ 60,073 $ 79,501 $ 28,913 $ 333,398 Capital expenditures (b) $ 1,522,407 $ 155,417 $ 1,568 $ 40,151 $ 136,568 $ 1,856,111 Revenues: External customers $ 63,436 $ 48,422 $ 142,959 $ 173,733 $ 1,326,968 $ 1,755,518 Intersegment (c) — 9,488 (7,179 ) 6,768 (9,077 ) — Total revenues of reportable segments $ 63,436 $ 57,910 $ 135,780 $ 180,501 $ 1,317,891 $ 1,755,518 Total assets by reportable segment were as follows: September 30, December 31, Offshore pipeline transportation $ 2,595,408 $ 2,623,478 Onshore pipeline transportation 706,589 614,484 Refinery services 390,169 394,626 Marine transportation 813,282 777,952 Supply and logistics 1,107,798 1,000,851 Other assets 42,238 48,208 Total consolidated assets 5,655,484 5,459,599 (a) A reconciliation of total Segment Margin to net income attributable to Genesis Energy, L.P. for the periods is presented below. (b) Capital expenditures include maintenance and growth capital expenditures, such as fixed asset additions (including enhancements to existing facilities and construction of growth projects) as well as acquisitions of businesses and contributions to equity investees related to same. In addition to construction of growth projects, capital spending in our Offshore Pipeline Transportation Segment included $2.5 million during the nine months ended September 30, 2015 representing capital contributions to SEKCO, which was an equity investee at that time, to fund our share of the construction costs for its pipeline. We acquired the remaining 50% interest in SEKCO in July 2015. (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 total Segment Margin to net income: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Total Segment Margin $ 141,340 $ 140,710 $ 428,707 $ 333,398 Corporate general and administrative expenses (10,420 ) (25,940 ) (32,269 ) (52,192 ) Depreciation and amortization (54,265 ) (41,170 ) (156,800 ) (96,500 ) Interest expense (34,735 ) (29,617 ) (104,657 ) (66,737 ) Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income (1) (9,063 ) (7,962 ) (30,818 ) (25,383 ) Non-cash items not included in Segment Margin 1,779 1,316 (5,428 ) 473 Cash payments from direct financing leases in excess of earnings (1,586 ) (1,448 ) (4,645 ) (4,215 ) Gain on step up of historical basis — 335,260 — 335,260 Loss on extinguishment of debt — — — (19,225 ) Other, net — (6,643 ) — (6,643 ) Income tax expense (949 ) (1,292 ) (2,959 ) (3,142 ) Net income attributable to Genesis Energy, L.P. $ 32,101 $ 363,214 $ 91,131 $ 395,094 (1) Includes distributions attributable to the quarter and received during or promptly following such quarter. |
Transactions With Related Par31
Transactions With Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 Nine Months Ended 2016 2015 2016 2015 Revenues: Sales of CO 2 to Sandhill Group, LLC (1) $ 878 $ 913 $ 2,366 $ 2,418 Revenues from provision of services to Poseidon Oil Pipeline Company, LLC (2) 1,979 1,980 5,935 1,980 Costs and expenses: Amounts paid to our CEO in connection with the use of his aircraft $ 165 $ 165 $ 495 $ 525 Charges for services from Poseidon Oil Pipeline Company, LLC (2) 251 241 749 241 (1) We own a 50% interest in Sandhill Group, LLC. (2) We own 64% interest in Poseidon Oil Pipeline Company, LLC. |
Supplemental Cash Flow Inform32
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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. Nine Months Ended 2016 2015 (Increase) decrease in: Accounts receivable $ 11,029 $ 72,372 Inventories (26,215 ) (1,481 ) Deferred charges (5,291 ) (7,256 ) Other current assets 5,184 (7,014 ) Increase (decrease) in: Accounts payable (27,213 ) (70,980 ) Accrued liabilities (20,901 ) 21,740 Net changes in components of operating assets and liabilities (63,407 ) 7,381 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Outstanding Derivatives Entered Into To Hedge Inventory Or Fixed Price Purchase Commitments | At September 30, 2016 , 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) 1,058 — Weighted average contract price per bbl $ 45.24 $ — Not qualifying or not designated as hedges under accounting rules: Crude oil futures: Contract volumes (1,000 bbls) 1,440 1,388 Weighted average contract price per bbl $ 44.77 $ 44.96 Crude oil swaps: Contract volumes (1,000 bbls) — 60 Weighted average contract price per bbl $ — $ (1.88 ) Diesel futures: Contract volumes (1,000 bbls) 18 — Weighted average contract price per gal $ 1.41 $ — #6 Fuel oil futures: Contract volumes (1,000 bbls) 105 45 Weighted average contract price per bbl $ 35.73 $ 37.02 Crude oil options: Contract volumes (1,000 bbls) 55 10 Weighted average premium received $ 1.55 $ 0.36 |
Schedule Of Fair Value Of Derivative Assets And Liabilities | The following tables reflect the estimated fair value gain (loss) position of our derivatives at September 30, 2016 and December 31, 2015 : Fair Value of Derivative Assets and Liabilities Unaudited Condensed Consolidated Balance Sheets Location Fair Value September 30, December 31, Asset Derivatives: Commodity derivatives - futures and call options (undesignated hedges): Gross amount of recognized assets Current Assets - Other $ 300 $ 1,703 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (300 ) (388 ) Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets $ — $ 1,315 Commodity derivatives - futures and call options (designated hedges): Gross amount of recognized assets Current Assets - Other $ 4,924 $ — Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (4,924 ) — 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) $ (1,085 ) $ (388 ) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 1,085 388 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) $ (8,097 ) $ (23 ) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 8,097 23 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 Nine Months Ended 2016 2015 2016 2015 Commodity derivatives - futures and call options: Contracts designated as hedges under accounting guidance Supply and logistics product costs $ 1,672 $ 621 $ (8,279 ) $ (1,214 ) Contracts not considered hedges under accounting guidance Supply and logistics product costs (262 ) 11,559 (3,744 ) 6,545 Total commodity derivatives $ 1,410 $ 12,180 $ (12,023 ) $ 5,331 |
Fair-Value Measurements (Tables
Fair-Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 and December 31, 2015 . Fair Value at Fair Value at September 30, 2016 December 31, 2015 Recurring Fair Value Measures Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Commodity derivatives: Assets $ 5,224 $ — $ — $ 1,703 $ — $ — Liabilities $ (9,182 ) $ — $ — $ (411 ) $ — $ — |
Condensed Consolidating Finan35
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 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 $ — $ 2,126 $ 1,315 $ — $ 3,447 Other current assets 75 — 296,951 11,694 (391 ) 308,329 Total current assets 81 — 299,077 13,009 (391 ) 311,776 Fixed assets, at cost — — 4,630,100 77,585 — 4,707,685 Less: Accumulated depreciation — — (485,827 ) (23,592 ) — (509,419 ) Net fixed assets — — 4,144,273 53,993 — 4,198,266 Goodwill — — 325,046 — — 325,046 Other assets, net 11,734 — 393,117 135,283 (136,952 ) 403,182 Advances to affiliates 2,565,346 — — 66,110 (2,631,456 ) — Equity investees — — 417,214 — — 417,214 Investments in subsidiaries 2,620,102 — 90,214 — (2,710,316 ) — Total assets $ 5,197,263 $ — $ 5,668,941 $ 268,395 $ (5,479,115 ) $ 5,655,484 LIABILITIES AND PARTNERS’ CAPITAL Current liabilities $ 27,801 $ — $ 214,404 $ 150 $ (136 ) $ 242,219 Senior secured credit facility 1,167,000 — — — — 1,167,000 Senior unsecured notes 1,811,633 — — — — 1,811,633 Deferred tax liabilities — — 24,644 — — 24,644 Advances from affiliates — — 2,631,455 — (2,631,455 ) — Other liabilities — — 185,481 179,191 (136,793 ) 227,879 Total liabilities 3,006,434 — 3,055,984 179,341 (2,768,384 ) 3,473,375 Partners’ capital, common units 2,190,829 — 2,612,957 97,774 (2,710,731 ) 2,190,829 Noncontrolling interests — — — (8,720 ) — (8,720 ) Total liabilities and partners’ capital $ 5,197,263 $ — $ 5,668,941 $ 268,395 $ (5,479,115 ) $ 5,655,484 Unaudited Condensed Consolidating Balance Sheet December 31, 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 $ — $ 8,288 $ 2,601 $ — $ 10,895 Other current assets 50 — 285,313 10,422 (364 ) 295,421 Total current assets 56 — 293,601 13,023 (364 ) 306,316 Fixed assets, at cost — — 4,232,641 77,585 — 4,310,226 Less: Accumulated depreciation — — (356,530 ) (21,717 ) — (378,247 ) Net fixed assets — — 3,876,111 55,868 — 3,931,979 Goodwill — — 325,046 — — 325,046 Other assets, net 13,140 — 394,294 140,409 (125,977 ) 421,866 Advances to affiliates 2,619,493 — — 47,034 (2,666,527 ) — Equity investees — — 474,392 — — 474,392 Investments in subsidiaries 2,353,804 — 90,741 — (2,444,545 ) — Total assets $ 4,986,493 $ — $ 5,454,185 $ 256,334 $ (5,237,413 ) $ 5,459,599 LIABILITIES AND PARTNERS’ CAPITAL Current liabilities $ 35,338 $ — $ 267,294 $ — $ (496 ) $ 302,136 Senior secured credit facility 1,115,000 — — — — 1,115,000 Senior unsecured notes 1,807,054 — — — — 1,807,054 Deferred tax liabilities — — 22,586 — — 22,586 Advances from affiliates — — 2,666,527 — (2,666,527 ) — Other liabilities — — 150,877 167,006 (125,811 ) 192,072 Total liabilities 2,957,392 — 3,107,284 167,006 (2,792,834 ) 3,438,848 Partners’ capital, common units 2,029,101 — 2,346,901 97,678 (2,444,579 ) 2,029,101 Noncontrolling interests — — — (8,350 ) — (8,350 ) Total liabilities and partners’ capital $ 4,986,493 $ — $ 5,454,185 $ 256,334 $ (5,237,413 ) $ 5,459,599 Unaudited Condensed Consolidating Statement of Operations Three Months Ended September 30, 2016 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated REVENUES: Offshore pipeline transportation services $ — $ — $ 89,717 $ — $ — $ 89,717 Onshore pipeline transportation services — — 9,002 4,997 — 13,999 Refinery services — — 45,262 2,981 (2,518 ) 45,725 Marine transportation — — 55,285 — — 55,285 Supply and logistics — — 255,324 — — 255,324 Total revenues — — 454,590 7,978 (2,518 ) 460,050 COSTS AND EXPENSES: Offshore pipeline transportation operating costs — — 22,533 589 — 23,122 Onshore pipeline transportation operating costs — — 4,748 255 — 5,003 Refinery services operating costs — — 24,577 3,018 (2,518 ) 25,077 Marine transportation costs — — 38,490 — — 38,490 Supply and logistics costs — — 247,702 — — 247,702 General and administrative — — 11,212 — — 11,212 Depreciation and amortization — — 53,640 625 — 54,265 Total costs and expenses — — 402,902 4,487 (2,518 ) 404,871 OPERATING INCOME — — 51,688 3,491 — 55,179 Equity in earnings of subsidiaries 66,811 — 28 — (66,839 ) — Equity in earnings of equity investees — — 12,488 — — 12,488 Interest (expense) income, net (34,710 ) — 3,595 (3,620 ) — (34,735 ) Other income/(expense), net — — — — — — Income before income taxes 32,101 — 67,799 (129 ) (66,839 ) 32,932 Income tax expense — — (949 ) — — (949 ) NET INCOME 32,101 — 66,850 (129 ) (66,839 ) 31,983 Net loss attributable to noncontrolling interest — — — 118 — 118 NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. $ 32,101 $ — $ 66,850 $ (11 ) $ (66,839 ) $ 32,101 Unaudited Condensed Consolidating Statement of Operations Three Months Ended September 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: Offshore pipeline transportation services $ — $ — $ 59,695 $ 1,693 $ — $ 61,388 Onshore pipeline transportation services — — 14,130 5,779 — 19,909 Refinery services — — 42,464 2,608 (1,740 ) 43,332 Marine transportation — — 60,536 — — 60,536 Supply and logistics — — 387,169 — — 387,169 Total revenues — — 563,994 10,080 (1,740 ) 572,334 COSTS AND EXPENSES: Offshore pipeline transportation operating costs — — 17,188 510 — 17,698 Onshore pipeline transportation operating costs — — 6,533 188 — 6,721 Refinery services operating costs — — 21,758 2,376 (1,771 ) 22,363 Marine transportation costs — — 33,869 — — 33,869 Supply and logistics costs — — 378,916 — — 378,916 General and administrative — — 26,799 — — 26,799 Depreciation and amortization — — 40,320 850 — 41,170 Total costs and expenses — — 525,383 3,924 (1,771 ) 527,536 OPERATING INCOME — — 38,611 6,156 31 44,798 Equity in earnings of subsidiaries 392,769 — 2,284 — (395,053 ) — Equity in earnings of equity investees — — 14,260 — — 14,260 Gain on basis step up on historical interest — — 335,260 — — 335,260 Interest (expense) income, net (29,576 ) — 3,728 (3,769 ) — (29,617 ) Other income/(expense), net 21 — (21 ) — — — Income before income taxes 363,214 — 394,122 2,387 (395,022 ) 364,701 Income tax (expense) benefit — — (1,341 ) 49 — (1,292 ) NET INCOME 363,214 — 392,781 2,436 (395,022 ) 363,409 Net loss attributable to noncontrolling interest — — — (195 ) — (195 ) NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. $ 363,214 $ — $ 392,781 $ 2,241 $ (395,022 ) $ 363,214 Unaudited Condensed Consolidating Statement of Operations Nine Months Ended September 30, 2016 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated REVENUES: Offshore pipeline transportation services $ — $ — $ 244,837 $ — $ — $ 244,837 Onshore pipeline transportation services — — 32,872 15,528 — 48,400 Refinery services — — 129,671 5,499 (5,585 ) 129,585 Marine transportation — — 159,930 — — 159,930 Supply and logistics — — 701,688 — — 701,688 Total revenues — — 1,268,998 21,027 (5,585 ) 1,284,440 COSTS AND EXPENSES: Offshore pipeline transportation operating costs — — 61,882 1,850 — 63,732 Onshore pipeline transportation operating costs — — 16,668 831 — 17,499 Refinery services operating costs — — 67,190 6,036 (5,585 ) 67,641 Marine transportation costs — — 105,942 — — 105,942 Supply and logistics costs — — 675,095 — — 675,095 General and administrative — — 34,716 — — 34,716 Depreciation and amortization — — 154,925 1,875 — 156,800 Total costs and expenses — — 1,116,418 10,592 (5,585 ) 1,121,425 OPERATING INCOME — — 152,580 10,435 — 163,015 Equity in earnings of subsidiaries 195,674 — (50 ) — (195,624 ) — Equity in earnings of equity investees — — 35,362 — — 35,362 Interest (expense) income, net (104,543 ) — 10,861 (10,975 ) — (104,657 ) Income before income taxes 91,131 — 198,753 (540 ) (195,624 ) 93,720 Income tax expense — — (2,956 ) (3 ) — (2,959 ) NET INCOME 91,131 — 195,797 (543 ) (195,624 ) 90,761 Net loss attributable to noncontrolling interest — — — 370 — 370 NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. $ 91,131 $ — $ 195,797 $ (173 ) $ (195,624 ) $ 91,131 Unaudited Condensed Consolidating Statement of Operations Nine Months Ended September 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: Offshore pipeline transportation services $ — $ — $ 61,743 $ 1,693 $ — $ 63,436 Onshore pipeline transportation services — — 39,874 18,036 — 57,910 Refinery services — — 133,055 10,579 (7,854 ) 135,780 Marine transportation — — 180,501 — — 180,501 Supply and logistics — — 1,317,891 — — 1,317,891 Total revenues — — 1,733,064 30,308 (7,854 ) 1,755,518 COSTS AND EXPENSES: Offshore pipeline transportation operating costs — — 17,831 510 — 18,341 Onshore pipeline transportation operating costs — — 19,345 529 — 19,874 Refinery services operating costs — — 73,058 10,021 (7,854 ) 75,225 Marine transportation costs — — 100,749 — — 100,749 Supply and logistics costs — — 1,290,980 — — 1,290,980 General and administrative — — 54,852 — — 54,852 Depreciation and amortization — — 94,365 2,135 — 96,500 Total costs and expenses — — 1,651,180 13,195 (7,854 ) 1,656,521 OPERATING INCOME — — 81,884 17,113 — 98,997 Equity in earnings of subsidiaries 480,953 — 5,770 — (486,723 ) — Equity in earnings of equity investees — — 48,440 — — 48,440 Gain on basis step up on historical interest — — 335,260 — — 335,260 Interest (expense) income, net (66,655 ) — 11,329 (11,411 ) — (66,737 ) Other income/(expense), net (19,204 ) — 1,675 — — (17,529 ) Income before income taxes 395,094 — 484,358 5,702 (486,723 ) 398,431 Income tax (expense) benefit — — (3,275 ) 133 — (3,142 ) NET INCOME 395,094 — 481,083 5,835 (486,723 ) 395,289 Net loss attributable to noncontrolling interest — — — (195 ) — (195 ) NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. $ 395,094 $ — $ 481,083 $ 5,640 $ (486,723 ) $ 395,094 Unaudited Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2016 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated Net cash provided by operating activities $ 122,884 $ — $ 310,723 $ 6,781 $ (211,991 ) $ 228,397 CASH FLOWS FROM INVESTING ACTIVITIES: Payments to acquire fixed and intangible assets — — (363,218 ) — — (363,218 ) Cash distributions received from equity investees - return of investment — — 16,652 — — 16,652 Investments in equity investees (298,051 ) — — — 298,051 — Acquisitions — — (25,394 ) — — (25,394 ) Intercompany transfers 54,148 — — — (54,148 ) — Repayments on loan to non-guarantor subsidiary — — 4,526 — (4,526 ) — Contributions in aid of construction costs — — 12,208 — — 12,208 Proceeds from asset sales — — 3,303 — — 3,303 Other, net — — 185 — — 185 Net cash used in investing activities (243,903 ) — (351,738 ) — 239,377 (356,264 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings on senior secured credit facility 883,600 — — — — 883,600 Repayments on senior secured credit facility (831,600 ) — — — — (831,600 ) Debt issuance costs (1,578 ) — — — — (1,578 ) Intercompany transfers — — (35,144 ) (19,004 ) 54,148 — Issuance of common units for cash, net 298,051 — 298,051 — (298,051 ) 298,051 Distributions to partners/owners (227,454 ) — (227,454 ) — 227,454 (227,454 ) Other, net — — (600 ) 10,937 (10,937 ) (600 ) Net cash provided by financing activities 121,019 — 34,853 (8,067 ) (27,386 ) 120,419 Net decrease in cash and cash equivalents — — (6,162 ) (1,286 ) — (7,448 ) Cash and cash equivalents at beginning of period 6 — 8,288 2,601 — 10,895 Cash and cash equivalents at end of period $ 6 $ — $ 2,126 $ 1,315 $ — $ 3,447 Unaudited Condensed Consolidating Statement of Cash Flows Nine Months Ended September 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 provided by operating activities $ (53,478 ) $ — $ 201,305 $ 51,028 $ (6,727 ) $ 192,128 CASH FLOWS FROM INVESTING ACTIVITIES: Payments to acquire fixed and intangible assets — — (359,504 ) — — (359,504 ) Cash distributions received from equity investees - return of investment 179,267 — 19,360 — (179,267 ) 19,360 Investments in equity investees (633,761 ) — (2,900 ) — 633,761 (2,900 ) Acquisitions — — (1,517,428 ) — — (1,517,428 ) Intercompany transfers (1,164,821 ) — — — 1,164,821 — Repayments on loan to non-guarantor subsidiary — — (1,077 ) — 1,077 — Proceeds from asset sales — — 2,571 — — 2,571 Other, net — — (2,137 ) — — (2,137 ) Net cash used in investing activities (1,619,315 ) — (1,861,115 ) — 1,620,392 (1,860,038 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings on senior secured credit facility 1,168,850 — — — — 1,168,850 Repayments on senior secured credit facility (705,150 ) — — — — (705,150 ) Proceeds from issuance of senior unsecured notes 1,139,718 — — — — 1,139,718 Repayment of senior unsecured notes (350,000 ) — — — — (350,000 ) Debt issuance costs (28,361 ) — — — — (28,361 ) Intercompany transfers — — 1,215,585 (50,764 ) (1,164,821 ) — Issuance of common units for cash, net 633,759 — 633,759 — (633,759 ) 633,759 Distributions to partners/owners (186,026 ) — (186,026 ) — 186,026 (186,026 ) Distributions to noncontrolling interest — — (560 ) — — (560 ) Other, net — — 1,786 1,111 (1,111 ) 1,786 Net cash provided by financing activities 1,672,790 — 1,664,544 (49,653 ) (1,613,665 ) 1,674,016 Net (decrease) increase in cash and cash equivalents (3 ) — 4,734 1,375 — 6,106 Cash and cash equivalents at beginning of period 9 — 8,310 1,143 — 9,462 Cash and cash equivalents at end of period $ 6 $ — $ 13,044 $ 2,518 $ — $ 15,568 |
Organization And Basis Of Pre36
Organization And Basis Of Presentation And Consolidation (Details) $ in Billions | 9 Months Ended | |
Sep. 30, 2016segment | Jul. 24, 2015USD ($)platform | |
Business Acquisition [Line Items] | ||
Limited Partners' ownership percentage | 100.00% | |
Number of Reportable Segments | segment | 5 | |
Enterprise Offshore Acquisition | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Transaction Costs | $ | $ 1.5 | |
Number of Hubs | platform | 6 |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) | Jul. 24, 2015USD ($)platform | Jul. 23, 2015USD ($) | Jul. 22, 2015USD ($)shares | Sep. 30, 2016USD ($)shares | Dec. 31, 2015USD ($)shares |
Business Acquisition [Line Items] | |||||
Common units, issued | shares | 10,350,000 | 117,979,218 | 109,979,218 | ||
Public sale of units net of offering costs | $ 437,200,000 | ||||
Enterprise Offshore Acquisition | |||||
Business Acquisition [Line Items] | |||||
Effective date of acquisition | Jul. 24, 2015 | ||||
Business Acquisition, Transaction Costs | $ 1,500,000,000 | ||||
Number of Hubs | platform | 6 | ||||
Cameron Highway Oil Pipeline Company [Member] | Enterprise Offshore Acquisition | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 50.00% | ||||
Poseidon Oil Pipeline Company | Enterprise Offshore Acquisition | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 36.00% | ||||
Sekco [Member] | Enterprise Offshore Acquisition | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 50.00% | ||||
6.75% Senior Unsecured Notes [Member] | |||||
Business Acquisition [Line Items] | |||||
Debt Instrument, Face Amount | $ 750,000,000 | $ 750,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | 6.75% | |||
Proceeds from Debt, Net of Issuance Costs | $ 728,600,000 |
Acquisition (Selected Financial
Acquisition (Selected Financial Information) (Details) - Enterprise Offshore Acquisition - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
SelectedFinancialInformation [Line Items] | ||
Revenues | $ 66,845 | $ 181,227 |
Net income | $ 39,412 | $ 103,249 |
Acquisition (Schedule of Pro Fo
Acquisition (Schedule of Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted, Net of Tax | $ 0.28 | $ 3.38 | $ 0.81 | $ 3.93 |
Business Acquisition Pro Forma Earnings Per Unit Basic And Diluted | $ 3.39 | $ 3.65 | ||
Enterprise Offshore Acquisition | ||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Revenues | $ 590,994 | $ 1,930,978 | ||
Net Income | $ 372,828 | $ 395,529 |
Inventories (Schedule Of Major
Inventories (Schedule Of Major Components Of Inventories) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Petroleum products | $ 2,061 | $ 14,235 |
Crude oil | 57,035 | 22,815 |
Caustic soda | 2,867 | 3,964 |
NaHS | 8,231 | 2,755 |
Other | 5 | 6 |
Total | $ 70,199 | $ 43,775 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | ||
Inventory Write-down | $ 0 | $ 0.9 |
Fixed Assets (Schedule Of Fixed
Fixed Assets (Schedule Of Fixed Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fixed Assets, at cost | $ 4,707,685 | $ 4,310,226 |
Less: Accumulated depreciation | (509,419) | (378,247) |
Net fixed assets | 4,198,266 | 3,931,979 |
Pipelines And Related Assets [Member] | ||
Fixed Assets, at cost | 2,667,221 | 2,501,821 |
Machinery And Equipment [Member] | ||
Fixed Assets, at cost | 419,355 | 414,100 |
Transportation Equipment [Member] | ||
Fixed Assets, at cost | 18,639 | 19,025 |
Marine Vessels [Member] | ||
Fixed Assets, at cost | 842,700 | 794,508 |
Land, Buildings And Improvements [Member] | ||
Fixed Assets, at cost | 49,465 | 41,202 |
Office Equipment, Furniture And Fixtures [Member] | ||
Fixed Assets, at cost | 9,441 | 7,540 |
Construction In Progress [Member] | ||
Fixed Assets, at cost | 653,949 | 485,575 |
Property, Plant And Equipment, Other Types [Member] | ||
Fixed Assets, at cost | $ 46,915 | $ 46,455 |
Fixed Assets Depreciation Expen
Fixed Assets Depreciation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Fixed Assets And Asset Retirement Obligations [Abstract] | ||||
Depreciation expense | $ 46,909 | $ 33,716 | $ 135,428 | $ 78,265 |
Fixed Assets - Asset Retirement
Fixed Assets - Asset Retirement Obligation (Details) - USD ($) $ in Thousands | Jul. 24, 2015 | Sep. 30, 2016 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
ARO liability balance, December 31, 2015 | $ 188,662 | |
AROs arising from the purchase of the remaining interest in Deepwater Gateway | 10,470 | |
AROs from the consolidation of historical interest in Deepwater Gateway | 10,470 | |
Accretion expense | 7,918 | |
Asset Retirement Obligation, Revision of Estimate | 5,609 | |
Settlements | (3,216) | |
ARO liability balance, September 30, 2016 | $ 219,913 | |
Enterprise Offshore Acquisition | ||
Business Acquisition [Line Items] | ||
Effective date of acquisition | Jul. 24, 2015 |
Fixed Assets - Asset Retireme45
Fixed Assets - Asset Retirement Obligation (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Asset Retirement Obligations Details [Line Items] | ||
Asset Retirement Obligation | $ 219,913 | $ 188,662 |
Accrued Liabilities | ||
Asset Retirement Obligations Details [Line Items] | ||
Asset Retirement Obligation | $ 5,200 | $ 9,800 |
Fixed Assets - Forecast of Accr
Fixed Assets - Forecast of Accretion Expense (Details) $ in Thousands | Sep. 30, 2016USD ($) |
Fixed Assets And Asset Retirement Obligations [Abstract] | |
Remainder of 2016 | $ 2,710 |
2,017 | 9,807 |
2,018 | 8,144 |
2,019 | 8,735 |
2,020 | $ 9,298 |
Equity Investees (Narrative) (D
Equity Investees (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jul. 24, 2015 | Jun. 30, 2015 |
Equity Method Investments [Line Items] | |||||
Unamortized excess cost amount | $ 402.1 | $ 414 | |||
Deepwater Gateway Acquisition [Member] | |||||
Equity Method Investments [Line Items] | |||||
Business Acquisition, Transaction Costs | $ 0 | ||||
Enterprise Offshore Acquisition | |||||
Equity Method Investments [Line Items] | |||||
Business Acquisition, Transaction Costs | $ 1,500 | ||||
Cameron Highway Oil Pipeline Company [Member] | Enterprise Offshore Acquisition | |||||
Equity Method Investments [Line Items] | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 50.00% | ||||
Equity Method Investment, Ownership Percentage | 50.00% | 100.00% | |||
Sekco [Member] | Enterprise Offshore Acquisition | |||||
Equity Method Investments [Line Items] | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 50.00% | ||||
Equity Method Investment, Ownership Percentage | 100.00% | 50.00% | |||
Poseidon Oil Pipeline Company [Member] | |||||
Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 64.00% | ||||
Poseidon Oil Pipeline Company [Member] | Enterprise Offshore Acquisition | |||||
Equity Method Investments [Line Items] | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 36.00% | ||||
Equity Method Investment, Ownership Percentage | 28.00% | 64.00% | |||
Deepwater Gateway LLC [Member] | Deepwater Gateway Acquisition [Member] | |||||
Equity Method Investments [Line Items] | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 50.00% | ||||
Equity Method Investment, Ownership Percentage | 100.00% | ||||
Deepwater Gateway LLC [Member] | Enterprise Offshore Acquisition | |||||
Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Neptune Pipeline Company LLC [Member] | Enterprise Offshore Acquisition | |||||
Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 25.70% |
Equity Investees (Consolidated
Equity Investees (Consolidated Financial Statements Related To Equity Investees) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Genesis' share of operating earnings | $ 16,444 | $ 17,944 | $ 47,281 | $ 57,607 |
Amortization of excess purchase price | (3,956) | (3,684) | (11,919) | (9,167) |
Net equity in earnings | 12,488 | 14,260 | 35,362 | 48,440 |
Distributions received | $ 21,551 | $ 23,522 | $ 66,180 | $ 73,823 |
Equity Investees (Schedule Of B
Equity Investees (Schedule Of Balance Sheet Information For Equity Investees) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Current assets | $ 14,662 | $ 18,507 |
Fixed assets, net | 236,509 | 248,059 |
Other assets | 929 | 1,133 |
Total assets | 252,100 | 267,699 |
Current liabilities | 23,135 | 22,456 |
Other liabilities | 211,066 | 203,514 |
Equity | 17,899 | 41,729 |
Total liabilities and equity | $ 252,100 | $ 267,699 |
Equity Investees (Schedule Of O
Equity Investees (Schedule Of Operations For Equity Investees) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Revenues | $ 31,219 | $ 30,830 | $ 90,658 | $ 92,684 |
Operating income | 23,107 | 23,839 | 68,166 | 71,122 |
Net income | $ 21,921 | $ 22,860 | $ 64,670 | $ 67,804 |
Intangible Assets (Schedule Of
Intangible Assets (Schedule Of Components Of Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 395,363 | $ 389,942 |
Accumulated Amortization | 184,650 | 166,496 |
Carrying Value | 210,713 | 223,446 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 94,654 | 94,654 |
Accumulated Amortization | 88,888 | 86,285 |
Carrying Value | 5,766 | 8,369 |
Licensing agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 38,678 | 38,678 |
Accumulated Amortization | 33,577 | 31,694 |
Carrying Value | 5,101 | 6,984 |
Segment total | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 133,332 | 133,332 |
Accumulated Amortization | 122,465 | 117,979 |
Carrying Value | 10,867 | 15,353 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 35,430 | 35,430 |
Accumulated Amortization | 33,268 | 32,044 |
Carrying Value | 2,162 | 3,386 |
Intangibles associated with lease | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 13,260 | 13,260 |
Accumulated Amortization | 4,341 | 3,986 |
Carrying Value | 8,919 | 9,274 |
Segment total | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 48,690 | 48,690 |
Accumulated Amortization | 37,609 | 36,030 |
Carrying Value | 11,081 | 12,660 |
Marine contract intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 27,000 | 27,000 |
Accumulated Amortization | 4,950 | 900 |
Carrying Value | 22,050 | 26,100 |
Offshore pipeline contract intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 158,101 | 158,101 |
Accumulated Amortization | 9,708 | 3,467 |
Carrying Value | 148,393 | 154,634 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 28,240 | 22,819 |
Accumulated Amortization | 9,918 | 8,120 |
Carrying Value | $ 18,322 | $ 14,699 |
Intangible Assets (Schedule o52
Intangible Assets (Schedule of Amortization and Future Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||
Amortization expense on intangible assets | $ 6,122 | $ 5,554 | $ 18,154 | $ 13,745 |
Estimated amortization expense, remainder of 2016 | 6,169 | 6,169 | ||
Estimated amortization expense, 2017 | 23,532 | 23,532 | ||
Estimated amortization expense, 2018 | 21,361 | 21,361 | ||
Estimated amortization expense, 2019 | 17,026 | 17,026 | ||
Estimated amortization expense, 2020 | $ 16,125 | $ 16,125 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | Jul. 23, 2015 | Sep. 30, 2016 | Apr. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | |||||
Senior unsecured notes | $ 1,811,633,000 | $ 1,807,054,000 | |||
6.000% senior unsecured notes due May 2023 | |||||
Debt Instrument [Line Items] | |||||
Senior unsecured notes | $ 392,976,000 | $ 392,175,000 | |||
Senior unsecured notes, stated rate | 6.00% | 6.00% | |||
Debt Instrument, Face Amount | $ 400,000,000 | $ 400,000,000 | |||
Senior Secured Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, amount outstanding | 1,200,000,000 | ||||
Line Of Credit Facility Aggregate Maximum Borrowing Capacity | 2,000,000,000 | ||||
Total amount available for borrowings under credit facility | 527,000,000 | ||||
Senior Secured Credit Facility [Member] | Letters Of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Letters of credit, outstanding amount | 6,000,000 | ||||
5.750% senior unsecured notes due February 2021 | |||||
Debt Instrument [Line Items] | |||||
Senior unsecured notes | $ 345,582,000 | $ 344,817,000 | |||
Senior unsecured notes, stated rate | 5.75% | 5.75% | |||
Debt Instrument, Face Amount | $ 350,000,000 | $ 350,000,000 | |||
5.625% senior unsecured notes due June 2024 | |||||
Debt Instrument [Line Items] | |||||
Senior unsecured notes | $ 343,162,000 | $ 342,490,000 | |||
Senior unsecured notes, stated rate | 5.625% | 5.625% | |||
Debt Instrument, Face Amount | $ 350,000,000 | $ 350,000,000 | |||
6.75% Senior Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior unsecured notes | $ 729,913,000 | $ 727,572,000 | |||
Senior unsecured notes, stated rate | 6.75% | 6.75% | |||
Proceeds from Debt, Net of Issuance Costs | $ 728,600,000 | ||||
Debt Instrument, Face Amount | $ 750,000,000 | $ 750,000,000 | |||
Amended Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, maximum borrowing capacity | $ 1,700,000,000 | $ 1,500,000,000 | |||
Amended Facility [Member] | Senior Secured Credit Facility [Member] | Accordion Feature [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, maximum borrowing capacity | $ 300,000,000 | ||||
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 | 0.50% | ||||
Maximum [Member] | Eurodollar Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Letter of Credit, Fee Percentage | 2.75% | ||||
Maximum [Member] | Senior Secured Credit Facility [Member] | Letters Of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Letters of credit, outstanding amount | $ 100,000,000 | ||||
Maximum [Member] | Alternate Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Letter of Credit, Fee Percentage | 1.75% | ||||
Petroleum Products [Member] | Senior Secured Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, amount outstanding | $ 48,000,000 |
Debt (Schedule Of Obligations U
Debt (Schedule Of Obligations Under Debt Arrangements) (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Unamortized Debt Issuance Expense and Discounts (Premiums) | $ 38,367,000 | $ 42,946,000 |
Senior secured credit facility | 1,167,000,000 | 1,115,000,000 |
Senior unsecured notes | 1,811,633,000 | 1,807,054,000 |
Long-term debt, Face Values | 3,017,000,000 | 2,965,000,000 |
Total long-term debt | 2,978,633,000 | 2,922,054,000 |
6.000% senior unsecured notes due May 2023 | ||
Debt Instrument [Line Items] | ||
Unamortized Debt Issuance Expense and Discounts (Premiums) | 7,024,000 | 7,825,000 |
Senior unsecured notes | $ 392,976,000 | $ 392,175,000 |
Senior unsecured notes, stated rate | 6.00% | 6.00% |
Debt Instrument, Face Amount | $ 400,000,000 | $ 400,000,000 |
5.750% senior unsecured notes due February 2021 | ||
Debt Instrument [Line Items] | ||
Unamortized Debt Issuance Expense and Discounts (Premiums) | 4,418,000 | 5,183,000 |
Senior unsecured notes | $ 345,582,000 | $ 344,817,000 |
Senior unsecured notes, stated rate | 5.75% | 5.75% |
Debt Instrument, Face Amount | $ 350,000,000 | $ 350,000,000 |
5.625% senior unsecured notes due June 2024 | ||
Debt Instrument [Line Items] | ||
Unamortized Debt Issuance Expense and Discounts (Premiums) | 6,838,000 | 7,510,000 |
Senior unsecured notes | $ 343,162,000 | $ 342,490,000 |
Senior unsecured notes, stated rate | 5.625% | 5.625% |
Debt Instrument, Face Amount | $ 350,000,000 | $ 350,000,000 |
6.75% Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized Debt Issuance Expense and Discounts (Premiums) | 20,087,000 | 22,428,000 |
Senior unsecured notes | $ 729,913,000 | $ 727,572,000 |
Senior unsecured notes, stated rate | 6.75% | 6.75% |
Debt Instrument, Face Amount | $ 750,000,000 | $ 750,000,000 |
Credit Facility [Domain] | ||
Debt Instrument [Line Items] | ||
Unamortized Debt Issuance Expense and Discounts (Premiums) | $ 0 | $ 0 |
Partners' Capital and Distrib55
Partners' Capital and Distributions (Narrative) (Details) $ in Millions | Jul. 27, 2016USD ($)$ / unitsshares | Jul. 22, 2015USD ($) | Sep. 30, 2016shares | Dec. 31, 2015shares |
Partners Capital And Distributions [Line Items] | ||||
Limited Partners' Capital Account, Units Outstanding | 117,979,218 | 109,979,218 | ||
Public sale of units net of offering costs | $ | $ 437.2 | |||
Class A [Member] | Limited Partner | ||||
Partners Capital And Distributions [Line Items] | ||||
Limited Partners' Capital Account, Units Outstanding | 117,939,221 | |||
Common units, issued | 8,000,000 | |||
Unit price | $ / units | 37.90 | |||
Public sale of units net of offering costs | $ | $ 298 | |||
Class B [Member] | Limited Partner | ||||
Partners Capital And Distributions [Line Items] | ||||
Limited Partners' Capital Account, Units Outstanding | 39,997 |
Partners' Capital And Distrib56
Partners' Capital And Distributions (Distributions) (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 14, 2016 | Aug. 12, 2016 | May 13, 2016 | Feb. 12, 2016 | Nov. 13, 2015 | Aug. 14, 2015 | May 15, 2015 |
Partners Capital And Distributions [Line Items] | |||||||
Date Paid | Aug. 12, 2016 | May 13, 2016 | Feb. 12, 2016 | Nov. 13, 2015 | Aug. 14, 2015 | May 15, 2015 | |
Per Unit Amount | $ 0.6900 | $ 0.6725 | $ 0.6550 | $ 0.6400 | $ 0.6250 | $ 0.6100 | |
Total Amount | $ 81,406 | $ 73,961 | $ 72,036 | $ 70,387 | $ 68,737 | $ 60,774 | |
Scenario, Forecast | |||||||
Partners Capital And Distributions [Line Items] | |||||||
Date Paid | Nov. 14, 2016 | ||||||
Per Unit Amount | $ 0.7000 | ||||||
Total Amount | $ 82,585 |
Business Segment Information (S
Business Segment Information (Schedule Of Segment Information) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)segment | Sep. 30, 2015USD ($) | |
Segment Reporting Information [Line Items] | ||||
Segment margin | $ 141,340 | $ 140,710 | $ 428,707 | $ 333,398 |
Total revenues | 460,050 | 572,334 | $ 1,284,440 | 1,755,518 |
Number of Reportable Segments | segment | 5 | |||
Offshore pipeline transportation | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 89,717 | 61,388 | $ 244,837 | 63,436 |
Onshore pipeline transportation | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 13,999 | 19,909 | 48,400 | 57,910 |
Refinery services | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 45,725 | 43,332 | 129,585 | 135,780 |
Marine transportation | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 55,285 | 60,536 | 159,930 | 180,501 |
Supply and logistics | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 255,324 | 387,169 | 701,688 | 1,317,891 |
Sekco [Member] | Onshore pipeline transportation | ||||
Segment Reporting Information [Line Items] | ||||
Capital Expenditures | 0 | 2,500 | ||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 141,340 | 140,710 | 428,707 | 333,398 |
Capital Expenditures | 116,750 | 1,622,750 | 358,429 | 1,856,111 |
External customers | 460,050 | 572,334 | 1,284,440 | 1,755,518 |
Operating Segments | Offshore pipeline transportation | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 86,557 | 70,943 | 249,457 | 121,241 |
Capital Expenditures | 3,977 | 1,520,268 | 35,175 | 1,522,407 |
External customers | 89,717 | 61,388 | 242,672 | 63,436 |
Operating Segments | Onshore pipeline transportation | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 10,603 | 14,984 | 38,370 | 43,670 |
Capital Expenditures | 54,968 | 45,933 | 156,977 | 155,417 |
External customers | 10,846 | 16,735 | 36,356 | 48,422 |
Operating Segments | Refinery services | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 20,526 | 20,692 | 61,586 | 60,073 |
Capital Expenditures | 488 | 118 | 1,645 | 1,568 |
External customers | 48,069 | 45,738 | 136,437 | 142,959 |
Operating Segments | Marine transportation | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 16,697 | 26,583 | 53,695 | 79,501 |
Capital Expenditures | 26,937 | 12,489 | 62,928 | 40,151 |
External customers | 53,573 | 58,490 | 155,197 | 173,733 |
Operating Segments | Supply and logistics | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 6,957 | 7,508 | 25,599 | 28,913 |
Capital Expenditures | 30,380 | 43,942 | 101,704 | 136,568 |
External customers | 257,845 | 389,983 | 713,778 | 1,326,968 |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Offshore pipeline transportation | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment | 0 | 0 | 2,165 | 0 |
Intersegment Eliminations | Onshore pipeline transportation | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment | 3,153 | 3,174 | 12,044 | 9,488 |
Intersegment Eliminations | Refinery services | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment | (2,344) | (2,406) | (6,852) | (7,179) |
Intersegment Eliminations | Marine transportation | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment | 1,712 | 2,046 | 4,733 | 6,768 |
Intersegment Eliminations | Supply and logistics | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment | $ (2,521) | $ (2,814) | $ (12,090) | $ (9,077) |
Business Segment Information 58
Business Segment Information (Schedule Of Total Assets By Reportable Segment) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 5,655,484 | $ 5,459,599 |
Onshore pipeline transportation | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 706,589 | 614,484 |
Offshore pipeline transportation | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 2,595,408 | 2,623,478 |
Refinery services | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 390,169 | 394,626 |
Marine transportation | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 813,282 | 777,952 |
Supply and logistics | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 1,107,798 | 1,000,851 |
Other assets | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 42,238 | $ 48,208 |
Business Segment Information (R
Business Segment Information (Reconciliation Of Segment Margin To (Loss) Income from Continuing Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting [Abstract] | ||||
Total Segment Margin | $ 141,340 | $ 140,710 | $ 428,707 | $ 333,398 |
Corporate general and administrative expenses | (10,420) | (25,940) | (32,269) | (52,192) |
Depreciation and amortization | (54,265) | (41,170) | (156,800) | (96,500) |
Interest expense | (34,735) | (29,617) | (104,657) | (66,737) |
Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income (1) | (9,063) | (7,962) | (30,818) | (25,383) |
Non-cash items not included in Segment Margin | (1,779) | (1,316) | 5,428 | (473) |
Cash payments from direct financing leases in excess of earnings | (1,586) | (1,448) | (4,645) | (4,215) |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 0 | 335,260 | 0 | 335,260 |
Loss on extinguishment of debt | 0 | 0 | 0 | (19,225) |
Other, Net Items Included in Segment Margin | 0 | (6,643) | 0 | (6,643) |
Income tax expense | (949) | (1,292) | (2,959) | (3,142) |
Net Income (Loss) Attributable to Parent | $ 32,101 | $ 363,214 | $ 91,131 | $ 395,094 |
Transactions With Related Par60
Transactions With Related Parties (Schedule Of Transactions With Related Parties) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Sandhill [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, revenues | $ 878 | $ 913 | $ 2,366 | $ 2,418 |
Poseidon Oil Pipeline Company | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, revenues | 1,979 | 1,980 | 5,935 | 1,980 |
Related party transaction, expenses | 251 | 241 | 749 | 241 |
Chief Executive Officer | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses | $ 165 | $ 165 | $ 495 | $ 525 |
Sandhill [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||
Poseidon Oil Pipeline Company | ||||
Related Party Transaction [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 64.00% | 64.00% |
Transactions With Related Par61
Transactions With Related Parties (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Sandhill Group LLC | |||||
Related Party Transaction [Line Items] | |||||
Due from related parties | $ 300 | $ 300 | $ 300 | ||
Poseidon Oil Pipeline Company | |||||
Related Party Transaction [Line Items] | |||||
Due from related parties | 1,500 | 1,500 | $ 1,900 | ||
Revenue from Related Parties | $ 1,979 | $ 1,980 | $ 5,935 | $ 1,980 |
Supplemental Cash Flow Inform62
Supplemental Cash Flow Information (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | ||
Payments of interest and commitment fees | $ 125.1 | $ 56.8 |
Interest Paid, Capitalized | 19.9 | 11.9 |
Incurred liabilities for fixed and intangible asset additions | $ 55.3 | $ 50.2 |
Supplemental Cash Flow Inform63
Supplemental Cash Flow Information (Net Changes In Components Of Operating Assets And Liabilities) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | ||
(Increase) decrease in Accounts receivable | $ 11,029 | $ 72,372 |
(Increase) decrease in Inventories | (26,215) | (1,481) |
Increase (Decrease) in Deferred Charges | 5,291 | 7,256 |
(Increase) decrease in Other current assets | 5,184 | (7,014) |
Increase (decrease) in Accounts payable | (27,213) | (70,980) |
Increase (decrease) in Accrued liabilities | (20,901) | 21,740 |
Net changes in components of operating assets and liabilities | $ (63,407) | $ 7,381 |
Derivatives (Schedule Of Outsta
Derivatives (Schedule Of Outstanding Derivatives Entered Into To Hedge Inventory Or Fixed Price Purchase Commitments) (Details) | 9 Months Ended |
Sep. 30, 2016bbl$ / units$ / bbl | |
Future | Sell (Short) Contracts | Crude Oil | Designated as Hedging Instrument | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 1,058 |
Weighted average contract price per gal | $ / bbl | 45.24 |
Future | Sell (Short) Contracts | Crude Oil | Not Designated As Hedging Instrument | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 1,440 |
Weighted average contract price per gal | $ / bbl | 44.77 |
Future | Sell (Short) Contracts | Diesel Futures | Not Designated As Hedging Instrument | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 18 |
Weighted average contract price per gal | $ / bbl | 1.41 |
Future | Sell (Short) Contracts | Fuel Oil Futures | Not Designated As Hedging Instrument | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 105 |
Weighted average contract price per gal | $ / bbl | 35.73 |
Future | Buy (Long) Contracts | Crude Oil | Designated as Hedging Instrument | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 0 |
Weighted average contract price per gal | $ / bbl | 0 |
Future | Buy (Long) Contracts | Crude Oil | Not Designated As Hedging Instrument | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 1,388 |
Weighted average contract price per gal | $ / bbl | 44.96 |
Future | Buy (Long) Contracts | Diesel Futures | Not Designated As Hedging Instrument | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 0 |
Weighted average contract price per gal | $ / bbl | 0 |
Future | Buy (Long) Contracts | Fuel Oil Futures | Not Designated As Hedging Instrument | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 45 |
Weighted average contract price per gal | $ / bbl | 37.02 |
Swap | Sell (Short) Contracts | Crude Oil | Not Designated As Hedging Instrument | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 0 |
Weighted average contract price per gal | $ / bbl | 0 |
Swap | Buy (Long) Contracts | Crude Oil | Not Designated As Hedging Instrument | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 60 |
Weighted average contract price per gal | $ / units | (1.88) |
Options | Sell (Short) Contracts | Crude Oil | Not Designated As Hedging Instrument | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 55 |
Underlying, Derivative | $ / bbl | 1.55 |
Options | Buy (Long) Contracts | Crude Oil | Not Designated As Hedging Instrument | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 10 |
Underlying, Derivative | $ / bbl | 0.36 |
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 | Sep. 30, 2016 | Dec. 31, 2015 |
Not Designated As Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 300 | $ 1,703 |
Derivative Asset, Fair Value, Gross Liability | (300) | (388) |
Derivative Asset | 0 | 1,315 |
Derivative Liability, Fair Value, Gross Liability | (1,085) | (388) |
Derivative Liability, Fair Value, Gross Asset | 1,085 | 388 |
Derivative Liability | 0 | 0 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 4,924 | 0 |
Derivative Asset, Fair Value, Gross Liability | (4,924) | 0 |
Derivative Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | (8,097) | (23) |
Derivative Liability, Fair Value, Gross Asset | 8,097 | 23 |
Derivative Liability | $ 0 | $ 0 |
Derivatives (Schedule Of Effect
Derivatives (Schedule Of Effect On Operating Results) (Details) - Total Commodity Derivatives [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income, Supply & Logistics Product Costs | $ 1,410 | $ 12,180 | $ (12,023) | $ 5,331 |
Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income, Supply & Logistics Product Costs | 1,672 | 621 | (8,279) | (1,214) |
Not Designated As Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income, Supply & Logistics Product Costs | $ (262) | $ 11,559 | $ (3,744) | $ 6,545 |
Derivatives Derivatives (Narrat
Derivatives Derivatives (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Receivables from Brokers-Dealers and Clearing Organizations | $ 3.6 | $ 5.5 |
Margin Deposit Assets | 4.2 | 4.4 |
Increase (Decrease) in Margin Deposits Outstanding | $ 0.6 | $ (1.1) |
Fair-Value Measurements (Narrat
Fair-Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Senior unsecured notes | $ 1,811,633 | $ 1,807,054 |
Long-term Debt, Fair Value | $ 1,900,000 | $ 1,500,000 |
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 | Sep. 30, 2016 | Dec. 31, 2015 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Fair Value | $ 5,224 | $ 1,703 |
Liabilities Fair Value | (9,182) | (411) |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Fair Value | 0 | 0 |
Liabilities Fair Value | 0 | 0 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Fair Value | 0 | 0 |
Liabilities Fair Value | $ 0 | $ 0 |
Condensed Consolidating Finan70
Condensed Consolidating Financial Information (Narrative) (Details) $ in Billions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Condensed Financial Statements, Captions [Line Items] | |
Guarantor Obligations, Current Carrying Value | $ 1.8 |
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 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 3,447 | $ 10,895 | $ 15,568 | $ 9,462 |
Other current assets | 308,329 | 295,421 | ||
Total current assets | 311,776 | 306,316 | ||
Fixed Assets, at cost | 4,707,685 | 4,310,226 | ||
Less: Accumulated depreciation | (509,419) | (378,247) | ||
Net fixed assets | 4,198,266 | 3,931,979 | ||
Goodwill | 325,046 | 325,046 | ||
Other assets, net | 403,182 | 421,866 | ||
Advances to Affiliate | 0 | 0 | ||
Equity investees | 417,214 | 474,392 | ||
Investments in subsidiaries | 0 | 0 | ||
TOTAL ASSETS | 5,655,484 | 5,459,599 | ||
Current liabilities | 242,219 | 302,136 | ||
Senior secured credit facility | 1,167,000 | 1,115,000 | ||
Senior unsecured notes | 1,811,633 | 1,807,054 | ||
Deferred tax liabilities | 24,644 | 22,586 | ||
Due to Affiliate | 0 | 0 | ||
Other liabilities | 227,879 | 192,072 | ||
Total liabilities | 3,473,375 | 3,438,848 | ||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 2,190,829 | 2,029,101 | ||
Partners' Capital Attributable to Noncontrolling Interest | (8,720) | (8,350) | ||
TOTAL LIABILITIES AND PARTNERS' CAPITAL | 5,655,484 | 5,459,599 | ||
Reportable Legal Entities | Genesis Energy, L.P. (Parent and Co-Issuer) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 6 | 6 | 6 | 9 |
Other current assets | 75 | 50 | ||
Total current assets | 81 | 56 | ||
Fixed Assets, at cost | 0 | 0 | ||
Less: Accumulated depreciation | 0 | 0 | ||
Net fixed assets | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other assets, net | 11,734 | 13,140 | ||
Advances to Affiliate | 2,565,346 | 2,619,493 | ||
Equity investees | 0 | 0 | ||
Investments in subsidiaries | 2,620,102 | 2,353,804 | ||
TOTAL ASSETS | 5,197,263 | 4,986,493 | ||
Current liabilities | 27,801 | 35,338 | ||
Senior secured credit facility | 1,167,000 | 1,115,000 | ||
Senior unsecured notes | 1,811,633 | 1,807,054 | ||
Deferred tax liabilities | 0 | 0 | ||
Due to Affiliate | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 3,006,434 | 2,957,392 | ||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 2,190,829 | 2,029,101 | ||
Partners' Capital Attributable to Noncontrolling Interest | 0 | 0 | ||
TOTAL LIABILITIES AND PARTNERS' CAPITAL | 5,197,263 | 4,986,493 | ||
Reportable Legal Entities | Genesis Energy Finance Corporation (Co-Issuer) | ||||
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 | ||
Advances to Affiliate | 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 | ||
Due to Affiliate | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | ||
Partners' Capital Attributable to Noncontrolling Interest | 0 | 0 | ||
TOTAL LIABILITIES AND PARTNERS' CAPITAL | 0 | 0 | ||
Reportable Legal Entities | Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 2,126 | 8,288 | 13,044 | 8,310 |
Other current assets | 296,951 | 285,313 | ||
Total current assets | 299,077 | 293,601 | ||
Fixed Assets, at cost | 4,630,100 | 4,232,641 | ||
Less: Accumulated depreciation | (485,827) | (356,530) | ||
Net fixed assets | 4,144,273 | 3,876,111 | ||
Goodwill | 325,046 | 325,046 | ||
Other assets, net | 393,117 | 394,294 | ||
Advances to Affiliate | 0 | 0 | ||
Equity investees | 417,214 | 474,392 | ||
Investments in subsidiaries | 90,214 | 90,741 | ||
TOTAL ASSETS | 5,668,941 | 5,454,185 | ||
Current liabilities | 214,404 | 267,294 | ||
Senior secured credit facility | 0 | 0 | ||
Senior unsecured notes | 0 | 0 | ||
Deferred tax liabilities | 24,644 | 22,586 | ||
Due to Affiliate | 2,631,455 | 2,666,527 | ||
Other liabilities | 185,481 | 150,877 | ||
Total liabilities | 3,055,984 | 3,107,284 | ||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 2,612,957 | 2,346,901 | ||
Partners' Capital Attributable to Noncontrolling Interest | 0 | 0 | ||
TOTAL LIABILITIES AND PARTNERS' CAPITAL | 5,668,941 | 5,454,185 | ||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 1,315 | 2,601 | 2,518 | 1,143 |
Other current assets | 11,694 | 10,422 | ||
Total current assets | 13,009 | 13,023 | ||
Fixed Assets, at cost | 77,585 | 77,585 | ||
Less: Accumulated depreciation | (23,592) | (21,717) | ||
Net fixed assets | 53,993 | 55,868 | ||
Goodwill | 0 | 0 | ||
Other assets, net | 135,283 | 140,409 | ||
Advances to Affiliate | 66,110 | 47,034 | ||
Equity investees | 0 | 0 | ||
Investments in subsidiaries | 0 | 0 | ||
TOTAL ASSETS | 268,395 | 256,334 | ||
Current liabilities | 150 | 0 | ||
Senior secured credit facility | 0 | 0 | ||
Senior unsecured notes | 0 | 0 | ||
Deferred tax liabilities | 0 | 0 | ||
Due to Affiliate | 0 | 0 | ||
Other liabilities | 179,191 | 167,006 | ||
Total liabilities | 179,341 | 167,006 | ||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 97,774 | 97,678 | ||
Partners' Capital Attributable to Noncontrolling Interest | (8,720) | (8,350) | ||
TOTAL LIABILITIES AND PARTNERS' CAPITAL | 268,395 | 256,334 | ||
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Other current assets | (391) | (364) | ||
Total current assets | (391) | (364) | ||
Fixed Assets, at cost | 0 | 0 | ||
Less: Accumulated depreciation | 0 | 0 | ||
Net fixed assets | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other assets, net | (136,952) | (125,977) | ||
Advances to Affiliate | (2,631,456) | (2,666,527) | ||
Equity investees | 0 | 0 | ||
Investments in subsidiaries | (2,710,316) | (2,444,545) | ||
TOTAL ASSETS | (5,479,115) | (5,237,413) | ||
Current liabilities | (136) | (496) | ||
Senior secured credit facility | 0 | 0 | ||
Senior unsecured notes | 0 | 0 | ||
Deferred tax liabilities | 0 | 0 | ||
Due to Affiliate | (2,631,455) | (2,666,527) | ||
Other liabilities | (136,793) | (125,811) | ||
Total liabilities | (2,768,384) | (2,792,834) | ||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | (2,710,731) | (2,444,579) | ||
Partners' Capital Attributable to Noncontrolling Interest | 0 | 0 | ||
TOTAL LIABILITIES AND PARTNERS' CAPITAL | $ (5,479,115) | $ (5,237,413) |
Condensed Consolidating Finan72
Condensed Consolidating Financial Information (Condensed Consolidating Statement Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Offshore Pipeline Transportation Services Revenues | $ 89,717 | $ 61,388 | $ 244,837 | $ 63,436 |
Pipeline transportation services | 13,999 | 19,909 | 48,400 | 57,910 |
Refinery services | 45,725 | 43,332 | 129,585 | 135,780 |
Marine Transportation Revenues | 55,285 | 60,536 | 159,930 | 180,501 |
Supply And Logistics Revenues | 255,324 | 387,169 | 701,688 | 1,317,891 |
Total revenues | 460,050 | 572,334 | 1,284,440 | 1,755,518 |
Supply and logistics costs | 247,702 | 378,916 | 675,095 | 1,290,980 |
Marine Transportation Operating Costs | 38,490 | 33,869 | 105,942 | 100,749 |
Refinery services operating costs | 25,077 | 22,363 | 67,641 | 75,225 |
Offshore Pipeline Transportation Operating Costs | 23,122 | 17,698 | 63,732 | 18,341 |
Onshore Pipeline Transportation Operating Costs | 5,003 | 6,721 | 17,499 | 19,874 |
General and administrative | 11,212 | 26,799 | 34,716 | 54,852 |
Depreciation and amortization | 54,265 | 41,170 | 156,800 | 96,500 |
Total costs and expenses | 404,871 | 527,536 | 1,121,425 | 1,656,521 |
OPERATING INCOME | 55,179 | 44,798 | 163,015 | 98,997 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Equity in earnings of equity investees | 12,488 | 14,260 | 35,362 | 48,440 |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 0 | 335,260 | 0 | 335,260 |
Interest Income (Expense), Net | (34,735) | (29,617) | (104,657) | (66,737) |
Other income/(expense), net | 0 | 0 | 0 | (17,529) |
Income from continuing operations before income taxes | 32,932 | 364,701 | 93,720 | 398,431 |
Income tax (expense) benefit | (949) | (1,292) | (2,959) | (3,142) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 31,983 | 363,409 | 90,761 | 395,289 |
Net loss attributable to noncontrolling interest | 118 | (195) | 370 | (195) |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | 32,101 | 363,214 | 91,131 | 395,094 |
Reportable Legal Entities | Genesis Energy, L.P. (Parent and Co-Issuer) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Offshore Pipeline Transportation Services Revenues | 0 | 0 | 0 | 0 |
Pipeline transportation services | 0 | 0 | 0 | 0 |
Refinery services | 0 | 0 | 0 | 0 |
Marine Transportation Revenues | 0 | 0 | 0 | 0 |
Supply And Logistics Revenues | 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 |
Offshore Pipeline Transportation Operating Costs | 0 | 0 | 0 | 0 |
Onshore 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 | 66,811 | 392,769 | 195,674 | 480,953 |
Equity in earnings of equity investees | 0 | 0 | 0 | 0 |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 0 | 0 | ||
Interest Income (Expense), Net | (34,710) | (29,576) | (104,543) | (66,655) |
Other income/(expense), net | 0 | 21 | (19,204) | |
Income from continuing operations before income taxes | 32,101 | 363,214 | 91,131 | 395,094 |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 32,101 | 363,214 | 91,131 | 395,094 |
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | 32,101 | 363,214 | 91,131 | 395,094 |
Reportable Legal Entities | Genesis Energy Finance Corporation (Co-Issuer) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Offshore Pipeline Transportation Services Revenues | 0 | 0 | 0 | 0 |
Pipeline transportation services | 0 | 0 | 0 | 0 |
Refinery services | 0 | 0 | 0 | 0 |
Marine Transportation Revenues | 0 | 0 | 0 | 0 |
Supply And Logistics Revenues | 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 |
Offshore Pipeline Transportation Operating Costs | 0 | 0 | 0 | 0 |
Onshore 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 |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 0 | 0 | ||
Interest Income (Expense), Net | 0 | 0 | 0 | 0 |
Other income/(expense), net | 0 | 0 | 0 | |
Income from continuing operations before income taxes | 0 | 0 | 0 | 0 |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | 0 | 0 | 0 | 0 |
Reportable Legal Entities | Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Offshore Pipeline Transportation Services Revenues | 89,717 | 59,695 | 244,837 | 61,743 |
Pipeline transportation services | 9,002 | 14,130 | 32,872 | 39,874 |
Refinery services | 45,262 | 42,464 | 129,671 | 133,055 |
Marine Transportation Revenues | 55,285 | 60,536 | 159,930 | 180,501 |
Supply And Logistics Revenues | 255,324 | 387,169 | 701,688 | 1,317,891 |
Total revenues | 454,590 | 563,994 | 1,268,998 | 1,733,064 |
Supply and logistics costs | 247,702 | 378,916 | 675,095 | 1,290,980 |
Marine Transportation Operating Costs | 38,490 | 33,869 | 105,942 | 100,749 |
Refinery services operating costs | 24,577 | 21,758 | 67,190 | 73,058 |
Offshore Pipeline Transportation Operating Costs | 22,533 | 17,188 | 61,882 | 17,831 |
Onshore Pipeline Transportation Operating Costs | 4,748 | 6,533 | 16,668 | 19,345 |
General and administrative | 11,212 | 26,799 | 34,716 | 54,852 |
Depreciation and amortization | 53,640 | 40,320 | 154,925 | 94,365 |
Total costs and expenses | 402,902 | 525,383 | 1,116,418 | 1,651,180 |
OPERATING INCOME | 51,688 | 38,611 | 152,580 | 81,884 |
Equity in earnings of subsidiaries | 28 | 2,284 | (50) | 5,770 |
Equity in earnings of equity investees | 12,488 | 14,260 | 35,362 | 48,440 |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 335,260 | 335,260 | ||
Interest Income (Expense), Net | 3,595 | 3,728 | 10,861 | 11,329 |
Other income/(expense), net | 0 | (21) | 1,675 | |
Income from continuing operations before income taxes | 67,799 | 394,122 | 198,753 | 484,358 |
Income tax (expense) benefit | (949) | (1,341) | (2,956) | (3,275) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 66,850 | 392,781 | 195,797 | 481,083 |
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | 66,850 | 392,781 | 195,797 | 481,083 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Offshore Pipeline Transportation Services Revenues | 0 | 1,693 | 0 | 1,693 |
Pipeline transportation services | 4,997 | 5,779 | 15,528 | 18,036 |
Refinery services | 2,981 | 2,608 | 5,499 | 10,579 |
Marine Transportation Revenues | 0 | 0 | 0 | 0 |
Supply And Logistics Revenues | 0 | 0 | 0 | 0 |
Total revenues | 7,978 | 10,080 | 21,027 | 30,308 |
Supply and logistics costs | 0 | 0 | 0 | 0 |
Marine Transportation Operating Costs | 0 | 0 | 0 | 0 |
Refinery services operating costs | 3,018 | 2,376 | 6,036 | 10,021 |
Offshore Pipeline Transportation Operating Costs | 589 | 510 | 1,850 | 510 |
Onshore Pipeline Transportation Operating Costs | 255 | 188 | 831 | 529 |
General and administrative | 0 | 0 | 0 | 0 |
Depreciation and amortization | 625 | 850 | 1,875 | 2,135 |
Total costs and expenses | 4,487 | 3,924 | 10,592 | 13,195 |
OPERATING INCOME | 3,491 | 6,156 | 10,435 | 17,113 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Equity in earnings of equity investees | 0 | 0 | 0 | 0 |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 0 | 0 | ||
Interest Income (Expense), Net | (3,620) | (3,769) | (10,975) | (11,411) |
Other income/(expense), net | 0 | 0 | 0 | |
Income from continuing operations before income taxes | (129) | 2,387 | (540) | 5,702 |
Income tax (expense) benefit | 0 | 49 | (3) | 133 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (129) | 2,436 | (543) | 5,835 |
Net loss attributable to noncontrolling interest | 118 | (195) | 370 | (195) |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | (11) | 2,241 | (173) | 5,640 |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Offshore Pipeline Transportation Services Revenues | 0 | 0 | 0 | 0 |
Pipeline transportation services | 0 | 0 | 0 | 0 |
Refinery services | (2,518) | (1,740) | (5,585) | (7,854) |
Marine Transportation Revenues | 0 | 0 | 0 | 0 |
Supply And Logistics Revenues | 0 | 0 | 0 | 0 |
Total revenues | (2,518) | (1,740) | (5,585) | (7,854) |
Supply and logistics costs | 0 | 0 | 0 | 0 |
Marine Transportation Operating Costs | 0 | 0 | 0 | 0 |
Refinery services operating costs | (2,518) | (1,771) | (5,585) | (7,854) |
Offshore Pipeline Transportation Operating Costs | 0 | 0 | 0 | 0 |
Onshore 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 | (2,518) | (1,771) | (5,585) | (7,854) |
OPERATING INCOME | 0 | 31 | 0 | 0 |
Equity in earnings of subsidiaries | (66,839) | (395,053) | (195,624) | (486,723) |
Equity in earnings of equity investees | 0 | 0 | 0 | 0 |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 0 | 0 | ||
Interest Income (Expense), Net | 0 | 0 | 0 | 0 |
Other income/(expense), net | 0 | 0 | 0 | |
Income from continuing operations before income taxes | (66,839) | (395,022) | (195,624) | (486,723) |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (66,839) | (395,022) | (195,624) | (486,723) |
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | $ (66,839) | $ (395,022) | $ (195,624) | $ (486,723) |
Condensed Consolidating Finan73
Condensed Consolidating Financial Information (Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by operating activities | $ 228,397 | $ 192,128 |
Payments to acquire fixed and intangible assets | (363,218) | (359,504) |
Cash distributions received from equity investees - return of investment | 16,652 | 19,360 |
Investments in equity investees | 0 | (2,900) |
Payments to Acquire Businesses, Gross | 25,394 | 1,517,428 |
Increase (Decrease) in Due to Affiliates | 0 | 0 |
Repayments on loan to non-guarantor subsidiary | 0 | 0 |
Proceeds from Contribution in Aid of Construction | 12,208 | 0 |
Proceeds from asset sales | 3,303 | 2,571 |
Other, net | 185 | (2,137) |
Net cash used in investing activities | (356,264) | (1,860,038) |
Borrowings on senior secured credit facility | 883,600 | 1,168,850 |
Repayments on senior secured credit facility | (831,600) | (705,150) |
Proceeds from issuance of senior unsecured notes | 0 | 1,139,718 |
Repayment of senior unsecured notes | 0 | (350,000) |
Debt issuance costs | 1,578 | 28,361 |
Intercompany transfers | 0 | 0 |
Issuance of common units for cash, net | 298,051 | 633,759 |
Distributions to partners/owners | (227,454) | (186,026) |
Payments of Distributions To Noncontrolling Interests | 0 | (560) |
Other, net | (600) | 1,786 |
Net cash provided by financing activities | 120,419 | 1,674,016 |
Net increase in cash and cash equivalents | (7,448) | 6,106 |
Cash and cash equivalents at beginning of period | 10,895 | 9,462 |
Cash and cash equivalents at end of period | 3,447 | 15,568 |
Reportable Legal Entities | Genesis Energy, L.P. (Parent and Co-Issuer) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 122,884 | (53,478) |
Payments to acquire fixed and intangible assets | 0 | 0 |
Cash distributions received from equity investees - return of investment | 0 | 179,267 |
Investments in equity investees | (298,051) | (633,761) |
Payments to Acquire Businesses, Gross | 0 | 0 |
Increase (Decrease) in Due to Affiliates | 54,148 | (1,164,821) |
Repayments on loan to non-guarantor subsidiary | 0 | 0 |
Proceeds from Contribution in Aid of Construction | 0 | |
Proceeds from asset sales | 0 | 0 |
Other, net | 0 | 0 |
Net cash used in investing activities | (243,903) | (1,619,315) |
Borrowings on senior secured credit facility | 883,600 | 1,168,850 |
Repayments on senior secured credit facility | (831,600) | (705,150) |
Proceeds from issuance of senior unsecured notes | 1,139,718 | |
Repayment of senior unsecured notes | (350,000) | |
Debt issuance costs | 1,578 | 28,361 |
Intercompany transfers | 0 | 0 |
Issuance of common units for cash, net | 298,051 | 633,759 |
Distributions to partners/owners | (227,454) | (186,026) |
Payments of Distributions To Noncontrolling Interests | 0 | |
Other, net | 0 | 0 |
Net cash provided by financing activities | 121,019 | 1,672,790 |
Net increase in cash and cash equivalents | 0 | (3) |
Cash and cash equivalents at beginning of period | 6 | 9 |
Cash and cash equivalents at end of period | 6 | 6 |
Reportable Legal Entities | Genesis Energy Finance Corporation (Co-Issuer) | ||
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 |
Payments to Acquire Businesses, Gross | 0 | 0 |
Increase (Decrease) in Due to Affiliates | 0 | 0 |
Repayments on loan to non-guarantor subsidiary | 0 | 0 |
Proceeds from Contribution in Aid of Construction | 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 | 0 | |
Repayment of senior unsecured notes | 0 | |
Debt issuance costs | 0 | 0 |
Intercompany transfers | 0 | 0 |
Issuance of common units for cash, net | 0 | 0 |
Distributions to partners/owners | 0 | 0 |
Payments of Distributions To Noncontrolling Interests | 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 |
Reportable Legal Entities | Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 310,723 | 201,305 |
Payments to acquire fixed and intangible assets | (363,218) | (359,504) |
Cash distributions received from equity investees - return of investment | 16,652 | 19,360 |
Investments in equity investees | 0 | (2,900) |
Payments to Acquire Businesses, Gross | 25,394 | 1,517,428 |
Increase (Decrease) in Due to Affiliates | 0 | 0 |
Repayments on loan to non-guarantor subsidiary | 4,526 | (1,077) |
Proceeds from Contribution in Aid of Construction | 12,208 | |
Proceeds from asset sales | 3,303 | 2,571 |
Other, net | 185 | (2,137) |
Net cash used in investing activities | (351,738) | (1,861,115) |
Borrowings on senior secured credit facility | 0 | 0 |
Repayments on senior secured credit facility | 0 | 0 |
Proceeds from issuance of senior unsecured notes | 0 | |
Repayment of senior unsecured notes | 0 | |
Debt issuance costs | 0 | 0 |
Intercompany transfers | (35,144) | 1,215,585 |
Issuance of common units for cash, net | 298,051 | 633,759 |
Distributions to partners/owners | (227,454) | (186,026) |
Payments of Distributions To Noncontrolling Interests | (560) | |
Other, net | (600) | 1,786 |
Net cash provided by financing activities | 34,853 | 1,664,544 |
Net increase in cash and cash equivalents | (6,162) | 4,734 |
Cash and cash equivalents at beginning of period | 8,288 | 8,310 |
Cash and cash equivalents at end of period | 2,126 | 13,044 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 6,781 | 51,028 |
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 |
Payments to Acquire Businesses, Gross | 0 | 0 |
Increase (Decrease) in Due to Affiliates | 0 | 0 |
Repayments on loan to non-guarantor subsidiary | 0 | 0 |
Proceeds from Contribution in Aid of Construction | 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 | 0 | |
Repayment of senior unsecured notes | 0 | |
Debt issuance costs | 0 | 0 |
Intercompany transfers | (19,004) | (50,764) |
Issuance of common units for cash, net | 0 | 0 |
Distributions to partners/owners | 0 | 0 |
Payments of Distributions To Noncontrolling Interests | 0 | |
Other, net | 10,937 | 1,111 |
Net cash provided by financing activities | (8,067) | (49,653) |
Net increase in cash and cash equivalents | (1,286) | 1,375 |
Cash and cash equivalents at beginning of period | 2,601 | 1,143 |
Cash and cash equivalents at end of period | 1,315 | 2,518 |
Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by operating activities | (211,991) | (6,727) |
Payments to acquire fixed and intangible assets | 0 | 0 |
Cash distributions received from equity investees - return of investment | 0 | (179,267) |
Investments in equity investees | 298,051 | 633,761 |
Payments to Acquire Businesses, Gross | 0 | 0 |
Increase (Decrease) in Due to Affiliates | (54,148) | 1,164,821 |
Repayments on loan to non-guarantor subsidiary | (4,526) | 1,077 |
Proceeds from Contribution in Aid of Construction | 0 | |
Proceeds from asset sales | 0 | 0 |
Other, net | 0 | 0 |
Net cash used in investing activities | 239,377 | 1,620,392 |
Borrowings on senior secured credit facility | 0 | 0 |
Repayments on senior secured credit facility | 0 | 0 |
Proceeds from issuance of senior unsecured notes | 0 | |
Repayment of senior unsecured notes | 0 | |
Debt issuance costs | 0 | 0 |
Intercompany transfers | 54,148 | (1,164,821) |
Issuance of common units for cash, net | (298,051) | (633,759) |
Distributions to partners/owners | 227,454 | 186,026 |
Payments of Distributions To Noncontrolling Interests | 0 | |
Other, net | (10,937) | (1,111) |
Net cash provided by financing activities | (27,386) | (1,613,665) |
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 |