Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 03, 2017 | |
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, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Class A | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 122,539,221 | |
Common Class B | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 39,997 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 9,694 | $ 7,029 |
Accounts receivable - trade, net | 437,039 | 224,682 |
Inventories | 98,558 | 98,587 |
Other | 45,533 | 29,271 |
Total current assets | 590,824 | 359,569 |
FIXED ASSETS, at cost | 5,522,292 | 4,763,396 |
Less: Accumulated depreciation | (681,900) | (548,532) |
Net fixed assets | 4,840,392 | 4,214,864 |
MINERAL LEASEHOLDS, net | 622,756 | 0 |
NET INVESTMENT IN DIRECT FINANCING LEASES, net of unearned income | 127,248 | 132,859 |
EQUITY INVESTEES | 383,191 | 408,756 |
INTANGIBLE ASSETS, net of amortization | 187,441 | 204,887 |
GOODWILL | 325,046 | 325,046 |
OTHER ASSETS, net of amortization | 60,736 | 56,611 |
TOTAL ASSETS | 7,137,634 | 5,702,592 |
CURRENT LIABILITIES: | ||
Accounts payable - trade | 203,717 | 119,841 |
Accrued liabilities | 160,294 | 140,962 |
Total current liabilities | 364,011 | 260,803 |
SENIOR SECURED CREDIT FACILITY | 1,372,500 | 1,278,200 |
Senior unsecured notes | 2,358,049 | 1,813,169 |
DEFERRED TAX LIABILITIES | 26,399 | 25,889 |
OTHER LONG-TERM LIABILITIES | 256,462 | 204,481 |
Liabilities | 4,377,421 | 3,582,542 |
MEZZANINE CAPITAL: | ||
Series A Convertible Preferred Units, 22,249,494 issued and outstanding at September 30, 2017 | 691,708 | 0 |
PARTNERS' CAPITAL: | ||
Common unitholders, 122,579,218 and 117,979,218 units issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 2,077,393 | 2,130,331 |
Noncontrolling interests | (8,888) | (10,281) |
Total partners' capital | 2,068,505 | 2,120,050 |
TOTAL LIABILITIES AND PARTNERS' CAPITAL | $ 7,137,634 | $ 5,702,592 |
Unaudited Condensed Consolidat3
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - shares | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common units, issued | 122,579,218 | 117,979,218 |
Common units, outstanding | 122,579,218 | 117,979,218 |
Preferred units, issued | 22,249,494 | 0 |
Preferred units, outstanding | 22,249,494 | 0 |
Unaudited Condensed Consolidat4
Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
REVENUES: | ||||
Offshore pipeline transportation services | $ 80,671 | $ 89,717 | $ 243,437 | $ 244,837 |
Sodium minerals and sulfur services | 109,765 | 45,725 | 197,879 | 129,585 |
Marine transportation | 48,534 | 55,285 | 152,038 | 159,930 |
Onshore facilities and transportation | 247,144 | 269,323 | 714,974 | 750,088 |
Total revenues | 486,114 | 460,050 | 1,308,328 | 1,284,440 |
COSTS AND EXPENSES: | ||||
Onshore facilities and transportation product costs | 202,047 | 230,229 | 582,535 | 620,620 |
Onshore facilities and transportation operating costs | 23,982 | 22,476 | 80,160 | 71,974 |
Marine transportation costs | 35,789 | 38,490 | 111,980 | 105,942 |
Sodium minerals and sulfur services operating costs | 79,365 | 25,077 | 133,335 | 67,641 |
Offshore pipeline transportation operating costs | 18,690 | 23,122 | 54,682 | 63,732 |
General and administrative | 19,409 | 11,212 | 38,723 | 34,716 |
Depreciation and amortization | 63,732 | 54,265 | 176,453 | 156,800 |
Gain on sale of assets | 0 | 0 | (26,684) | 0 |
Total costs and expenses | 443,014 | 404,871 | 1,151,184 | 1,121,425 |
OPERATING INCOME | 43,100 | 55,179 | 157,144 | 163,015 |
Equity in earnings of equity investees | 13,044 | 12,488 | 34,805 | 35,362 |
Interest (expense) income, net | (47,388) | (34,735) | (122,117) | (104,657) |
Other expense | (2,276) | 0 | (2,276) | 0 |
Income from continuing operations before income taxes | 6,480 | 32,932 | 67,556 | 93,720 |
Income tax (expense) benefit | (320) | (949) | (878) | (2,959) |
NET INCOME | 6,160 | 31,983 | 66,678 | 90,761 |
Net loss attributable to noncontrolling interest | 152 | 118 | 457 | 370 |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | 6,312 | 32,101 | 67,135 | 91,131 |
Less: Accumulated distributions attributable to Series A Convertible Preferred Units | (5,469) | 0 | (5,469) | 0 |
Net Income Available to Common Unitholders | $ 843 | $ 32,101 | $ 61,666 | $ 91,131 |
NET INCOME PER COMMON UNIT: | ||||
Basic and Diluted | $ 0.01 | $ 0.28 | $ 0.51 | $ 0.81 |
WEIGHTED AVERAGE OUTSTANDING COMMON UNITS: | ||||
Basic and Diluted | 122,579 | 115,718 | 121,198 | 111,906 |
Unaudited Condensed Consolidat5
Unaudited 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, 2015 | 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) | $ 0 |
Cash distributions to partners | (227,454) | (227,454) | 0 | $ 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 | 117,979,000 | |||
Partners' capital, ending balance at Sep. 30, 2016 | $ 2,182,109 | 2,190,829 | (8,720) | |
Partners' capital, beginning balance (units) at Dec. 31, 2016 | 117,979,218 | 117,979,000 | ||
Partners' capital, beginning balance at Dec. 31, 2016 | $ 2,120,050 | 2,130,331 | (10,281) | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Net income | 66,678 | 67,135 | (457) | $ 0 |
Cash distributions to partners | (260,586) | (260,586) | 0 | 0 |
Cash contributions from noncontrolling interests | 1,850 | 0 | 1,850 | $ 0 |
Issuance of common units for cash, net (units) | 4,600,000 | |||
Issuance of common units for cash, net | $ 140,513 | 140,513 | 0 | |
Partners' capital, ending balance (units) at Sep. 30, 2017 | 122,579,218 | 122,579,000 | ||
Partners' capital, ending balance at Sep. 30, 2017 | $ 2,068,505 | $ 2,077,393 | $ (8,888) |
Unaudited Condensed Consolidat6
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 66,678 | $ 90,761 |
Adjustments to reconcile net income to net cash provided by operating activities - | ||
Depreciation, depletion and amortization | 176,453 | 156,800 |
Non-cash provision for leased items no longer in use | 12,589 | 0 |
Gain on sale of assets | (26,684) | 0 |
Amortization of debt issuance costs and discount | 8,154 | 7,563 |
Amortization of unearned income and initial direct costs on direct financing leases | (10,374) | (10,856) |
Payments received under direct financing leases | 15,501 | 15,501 |
Equity in earnings of investments in equity investees | (34,805) | (35,362) |
Cash distributions of earnings of equity investees | 45,854 | 49,528 |
Non-cash effect of equity-based compensation plans | (5,524) | 6,102 |
Deferred and other tax liabilities | 508 | 2,058 |
Unrealized loss on derivative transactions | 3,040 | 742 |
Other, net | (7,338) | 8,967 |
Net changes in components of operating assets and liabilities (Note 13) | (26,262) | (63,407) |
Net cash provided by operating activities | 217,790 | 228,397 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments to acquire fixed and intangible assets | (182,653) | (363,218) |
Cash distributions received from equity investees - return of investment | 14,517 | 16,652 |
Acquisitions | (1,325,759) | (25,394) |
Contributions in aid of construction costs | 124 | 12,208 |
Proceeds from asset sales | 39,204 | 3,303 |
Other, net | 0 | 185 |
Net cash used in investing activities | (1,454,567) | (356,264) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings on senior secured credit facility | 1,247,700 | 883,600 |
Repayments on senior secured credit facility | (1,153,400) | (831,600) |
Proceeds from issuance of unsecured debt | 550,000 | 0 |
Proceeds from issuance of Series A convertible preferred units, net | 729,958 | 0 |
Debt issuance costs | (17,808) | (1,578) |
Issuance of common units for cash, net | 140,513 | 298,051 |
Contributions from noncontrolling interest | 1,850 | 0 |
Distributions to common unitholders | (260,586) | (227,454) |
Other, net | 1,215 | (600) |
Net cash provided by financing activities | 1,239,442 | 120,419 |
Net increase in cash and cash equivalents | 2,665 | (7,448) |
Cash and cash equivalents at beginning of period | 7,029 | 10,895 |
Cash and cash equivalents at end of period | $ 9,694 | $ 3,447 |
Organization and Basis of Prese
Organization and Basis of Presentation and Consolidation | 9 Months Ended |
Sep. 30, 2017 | |
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, Wyoming and the Gulf of Mexico. We have a diverse portfolio of assets, including pipelines, offshore hub and junction platforms, soda ash businesses, 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. On September 1, 2017, we acquired Tronox Limited’s (“Tronox’s”) trona and trona-based exploring, mining, processing, producing, marketing and selling business (the "Alkali Business") for approximately $1.325 billion in cash. We funded that acquisition and the related transaction costs with proceeds from a $750 million private placement of convertible preferred units, a $550 million public offering of notes, our revolving credit facility, and cash on hand. At the closing, we entered into transition service agreements to facilitate the transition of operations and uninterrupted services for both employees and customers. We will report the results of our Alkali Business in our renamed sodium minerals and sulfur services segment, which will include our Alkali Business as well as our existing refinery services operations. In the fourth quarter of 2016, we reorganized our operating segments as a result of the way our Chief Executive Officer, who is our chief operating decision maker, evaluates the performance of operations, develops strategy and allocates resources. Due to the increasingly integrated nature of our onshore operations, the results of our onshore pipeline transportation segment, formerly reported under its own segment, is now reported in our onshore facilities and transportation segment. The onshore facilities and transportation segment was formerly named as our supply and logistics segment. This segment was renamed in the second quarter of 2017 to more accurately describe the nature of its operations. These changes are consistent with the increasingly integrated nature of our onshore operations. We will report the results of the Alkali Business in our renamed sodium minerals and sulfur services segment, which will include the Alkali Business as well as our existing refinery services operations. As a result of the above changes, we currently manage our businesses through four divisions that constitute our reportable segments - offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation. Our disclosures related to prior periods have been recast to reflect our reorganized segments. These four divisions that constitute our reportable segments consist of the following: • Offshore pipeline transportation and processing of crude oil and natural gas in the Gulf of Mexico; • Sodium minerals and sulfur services involving trona and trona-based exploring, mining, processing, producing, marketing and selling activities, as well as processing of high sulfur (or “sour”) gas streams for refineries to remove the sulfur, and selling the related by-product, sodium hydrosulfide (or “NaHS”, commonly pronounced "nash"); • Onshore facilities and transportation, which include terminalling, blending, storing, marketing, and transporting crude oil, petroleum products, and CO 2; • Marine transportation to provide waterborne transportation of petroleum products and crude oil throughout North America; and 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, 2016 . 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 | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Recent Accounting Developments | 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 transition method. 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. Our process of evaluating the impact of this guidance on each type of revenue contract entered into with customers is ongoing, but nearing completion. This process includes regular involvement from our implementation team in determining any significant impact on accounting treatment, processes, internal controls, and disclosures. While we do not believe there will be a material impact to our revenues upon adoption based on our preliminary assessment, we continue to evaluate the impacts of our pending adoption of this guidance until finalized conclusions are determined, particularly involving contracts within our sodium minerals and sulfur services segment including those within our recently acquired Alkali Business. Though we have not finalized our conclusions, we currently plan to apply the modified retrospective transition approach. 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 have adopted this guidance as of January 1, 2017 with no 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 and Divestiture
Acquisition and Divestiture | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisition and Divestiture | Acquisition and Divestiture Acquisition Alkali Business On September 1, 2017 , we acquired the Alkali Business for approximately $1.325 billion (inclusive of approximately $100 million in working capital). The Alkali Business produces natural soda ash, also known as sodium carbonate (Na2CO3), as basic building block for a number of ubiquitous products, including flat glass, container glass, dry detergent and a variety of chemicals and other industrial products. To finance that transaction and the related costs, we used proceeds from (i) a $550.0 million public offering of 6.50% senior unsecured notes due 2025 in August 2017, generating net proceeds of $540.1 million after issuance discount and underwriting fees, (ii) a $750 million private placement of Class A Convertible Preferred units in September 2017, generating net proceeds of $726.2 million , (iii) borrowings under our revolving credit facility and (iv) cash on hand. We have reflected the financial results of our Alkali Business in our sodium minerals and sulfur services segment from the date of acquisition. The purchase price has been allocated to the assets acquired and liabilities assumed based on estimated preliminary fair values. Those preliminary fair values were developed by management with the assistance of a third-party valuation firm and are subject to change pending a final valuation report and final determination of working capital acquired and other purchase price adjustments. We expect to finalize the purchase price allocation for this transaction during the fourth quarter of 2017. The preliminary allocation of the purchase price, as presented on our Consolidated Balance Sheet, is summarized as follows: Accounts receivable 138,291 Inventories 31,944 Other current assets 13,947 Fixed assets 617,878 Mineral leaseholds 623,137 Accounts payable (51,534 ) Other current liabilities (29,870 ) Other long-term liabilities (18,793 ) Total Purchase Price $ 1,325,000 Fixed assets identified in connection with our valuation and preliminary purchase price allocation include the related facilities, machinery and equipment associated with the Alkali Business, principally at our Green River, Wyoming operations. These assets will be depreciated under the straight line method and have an average useful life of approximately 15 years. Mineral leaseholds include the trona reserves at our Green River, Wyoming facility and are depleted over their useful lives as determined by the units of production method. Other long-term liabilities include various items including assumed employee benefit plan obligations. Our Consolidated Financial Statements include the results of our Alkali Business since September 1, 2017 , 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, 2017 Nine Months Ended September 30, 2017 Revenues $ 66,003 66,003 Net income $ 10,654 10,654 The table below presents selected unaudited pro forma financial information incorporating the historical results of our Alkali Business. The pro forma financial information below has been prepared as if the acquisition had been completed on January 1, 2016 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 Tronox trona and trona-based exploring, mining, processing, producing, marketing and selling business 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 Alkali Business acquisition been completed on January 1, 2016 . Pro forma net income includes the effects of distributions on preferred units and interest expense on incremental borrowings. The dilutive effect of Series A Preferred Units is calculated using the if-converted method. Three Months Ended Nine Months Ended 2017 2016 2017 2016 Pro forma consolidated financial operating results: Revenues $ 615,275 $ 653,749 $ 1,829,389 $ 1,872,939 Net Income Attributable to Genesis Energy, L.P. 10,978 31,400 59,314 78,113 Net Income Available to Common Unitholders (5,276 ) 15,943 10,939 31,853 Basic and diluted earnings per common unit: As reported net income per common unit $ 0.01 $ 0.28 $ 0.51 $ 0.81 Pro forma net income per common unit $ (0.04 ) $ 0.14 $ 0.09 $ 0.28 As relating to the Alkali Business acquisition, we have incurred approximately $10.4 million in acquisition related costs through September 30, 2017. Such costs are included as "General and Administrative costs" on our Unaudited Condensed Consolidated Statement of Operations. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The major components of inventories were as follows: September 30, December 31, Petroleum products $ 2,618 $ 11,550 Crude oil 46,035 73,133 Caustic soda 5,381 4,593 NaHS 11,176 9,304 Raw materials - Alkali Operations 4,560 — Work-in-process - Alkali Operations 4,751 — Finished goods, net - Alkali Operations 14,197 — Materials and supplies, net - Alkali Operations 9,840 — Other — 7 Total $ 98,558 $ 98,587 Inventories are valued at the lower of cost or net realizable value. The net realizable value of inventories were not recorded below cost as of September 30, 2017 and December 31, 2016 . |
Fixed Assets and Mineral Leaseh
Fixed Assets and Mineral Leaseholds | 9 Months Ended |
Sep. 30, 2017 | |
Fixed Assets And Asset Retirement Obligations [Abstract] | |
Fixed Assets and Mineral Leaseholds | Fixed Assets and Mineral Leaseholds Fixed Assets Fixed assets consisted of the following: September 30, December 31, Crude oil pipelines and natural gas pipelines and related assets $ 3,004,618 $ 2,901,202 Alkali facilities, machinery, and equipment 617,878 — Onshore facilities, machinery, and equipment 757,874 427,658 Transportation equipment 17,995 17,543 Marine vessels 898,582 863,199 Land, buildings and improvements 103,774 55,712 Office equipment, furniture and fixtures 9,681 9,654 Construction in progress 58,069 440,225 Other 53,821 48,203 Fixed assets, at cost 5,522,292 4,763,396 Less: Accumulated depreciation (681,900 ) (548,532 ) Net fixed assets $ 4,840,392 $ 4,214,864 Mineral Leaseholds Our Mineral Leaseholds, as relating to our recently acquired Alkali Business, consist of the following: September 30, Mineral leaseholds 623,137 Less: Accumulated depletion (381 ) Mineral leaseholds, net $ 622,756 Our depreciation and depletion expense for the periods presented was as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Depreciation expense $ 57,117 $ 46,909 $ 157,438 $ 135,428 Depletion Expense 381 — 381 — Asset Retirement Obligations We record AROs in connection with legal requirements to perform specified retirement activities under contractual arrangements and/or governmental regulations. The following table presents information regarding our AROs since December 31, 2016 : ARO liability balance, December 31, 2016 $ 213,726 Accretion expense 8,257 Change in estimate 7,875 Acquisitions 2,444 Divestitures (7,649 ) Settlements (21,252 ) Other 240 ARO liability balance, September 30, 2017 $ 203,641 Of the ARO balances disclosed above, $19.3 million and $22.4 million is included as current in "Accrued liabilities" on our Unaudited Condensed Consolidated Balance Sheet as of September 30, 2017 and December 31, 2016 , respectively. The remainder of the ARO liability as of September 30, 2017 and December 31, 2016 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 2017 $ 2,741 2018 $ 9,686 2019 $ 8,782 2020 $ 9,378 2021 $ 10,014 Certain of our unconsolidated affiliates have AROs recorded at September 30, 2017 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, 2017 | |
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, 2017 and December 31, 2016 , the unamortized excess cost amounts totaled $386.3 million and $398.1 million , respectively. We amortize the excess cost as a reduction in equity earnings in a manner similar to depreciation. The following table presents information included in our Unaudited Condensed Consolidated Financial Statements related to our equity investees. Three Months Ended Nine Months Ended 2017 2016 2017 2016 Genesis’ share of operating earnings $ 16,986 $ 16,444 $ 46,631 $ 47,281 Amortization of excess purchase price (3,942 ) (3,956 ) (11,826 ) (11,919 ) Net equity in earnings $ 13,044 $ 12,488 $ 34,805 $ 35,362 Distributions received $ 20,180 $ 21,551 $ 60,371 $ 66,180 The following tables present the unaudited balance sheet and income statement information (on a 100% basis) for Poseidon Oil Pipeline Company (which is our most significant equity investment): September 30, December 31, BALANCE SHEET DATA: Assets Current assets $ 18,638 $ 17,111 Fixed assets, net 221,123 232,736 Other assets 1,282 861 Total assets $ 241,043 $ 250,708 Liabilities and equity Current liabilities $ 20,683 $ 20,727 Other liabilities 231,469 219,644 Equity (11,109 ) 10,337 Total liabilities and equity $ 241,043 $ 250,708 Three Months Ended Nine Months Ended 2017 2016 2017 2016 INCOME STATEMENT DATA: Revenues $ 30,597 $ 31,219 $ 88,003 $ 90,658 Operating income $ 22,334 $ 23,107 $ 63,159 $ 68,166 Net income $ 20,739 $ 21,921 $ 58,754 $ 64,670 Poseidon's revolving credit facility Borrowings under Poseidon’s revolving credit facility, 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 Condensed Consolidated Financial Statements. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Carrying Value Gross Carrying Amount Accumulated Amortization Carrying Value Sodium minerals and sulfur services: Customer relationships $ 94,654 $ 91,809 $ 2,845 $ 94,654 $ 89,756 $ 4,898 Licensing agreements 38,678 35,947 2,731 38,678 34,204 4,474 Segment total 133,332 127,756 5,576 133,332 123,960 9,372 Onshore Facilities & Transportation: Customer relationships 35,430 34,731 699 35,430 33,676 1,754 Intangibles associated with lease 13,260 4,815 8,445 13,260 4,459 8,801 Segment total 48,690 39,546 9,144 48,690 38,135 10,555 Marine contract intangibles 27,000 10,350 16,650 27,000 6,300 20,700 Offshore pipeline contract intangibles 158,101 18,029 140,072 158,101 11,788 146,313 Other 28,747 12,748 15,999 28,569 10,622 17,947 Total $ 395,870 $ 208,429 $ 187,441 $ 395,692 $ 190,805 $ 204,887 Our amortization of intangible assets for the periods presented was as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Amortization of intangible assets $ 5,879 $ 6,122 $ 17,623 $ 18,154 We estimate that our amortization expense for the next five years will be as follows: Remainder of 2017 $ 5,919 2018 $ 21,506 2019 $ 17,171 2020 $ 16,237 2021 $ 10,627 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our obligations under debt arrangements consisted of the following: September 30, 2017 December 31, 2016 Principal Unamortized Discount and Debt Issuance Costs (1) Net Value Principal Unamortized Discount and Debt Issuance Costs (1) Net Value Senior secured credit facility $ 1,372,500 $ — $ 1,372,500 $ 1,278,200 $ — $ 1,278,200 5.750% senior unsecured notes due February 2021 350,000 3,399 346,601 350,000 4,163 345,837 6.750% senior unsecured notes due August 2022 750,000 16,889 733,111 750,000 19,296 730,704 6.000% senior unsecured notes due May 2023 400,000 5,958 394,042 400,000 6,758 393,242 5.625% senior unsecured notes due June 2024 350,000 5,941 344,059 350,000 6,614 343,386 6.500% senior unsecured notes due October 2025 550,000 9,764 540,236 — — — Total long-term debt $ 3,772,500 $ 41,951 $ 3,730,549 $ 3,128,200 $ 36,831 $ 3,091,369 (1) Unamortized debt issuance costs associated with our senior secured credit facility (included in Other Long Term Assets on the Unaudited Condensed Consolidated Balance Sheet) were $15.2 million and $10.7 million as of September 30, 2017 and December 31, 2016, respectively. As of September 30, 2017 , we were in compliance with the financial covenants contained in our credit agreement and senior unsecured notes indentures. Senior Secured Credit Facility In July 2017, we amended our credit agreement to, among other things, make certain technical amendments related to the financing of our acquisition of the Alkali Business. 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 3.00% on Eurodollar borrowings and from 0.50% to 2.00% on alternate base rate borrowings. • Letter of credit fees range from 1.50% to 3.00% • The commitment fee on the unused committed amount will range from 0.25% to 0.50% . • The accordion feature is $300.0 million , giving us the ability to expand the size of the facility to up to $2.0 billion for acquisitions or growth projects, subject to lender consent. At September 30, 2017 , we had $1.4 billion borrowed under our $1.7 billion credit facility, with $38.7 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 $12.8 million was outstanding at September 30, 2017 . 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, 2017 was $314.7 million . Senior Unsecured Note Issuance On August 14, 2017, we issued $550 million in aggregate principal amount of 6.50% senior unsecured notes due October 1, 2025 . Interest payments are due April 1 and October 1 of each year with the initial interest payment due April 1, 2018. That issuance generated net proceeds of $540.1 million , net of issuance costs incurred. The net proceeds were used to fund a portion of the purchase price for our acquisition of the Alkali Business. |
Partners' Capital, Mezzanine Eq
Partners' Capital, Mezzanine Equity and Distributions | 9 Months Ended |
Sep. 30, 2017 | |
Partners' Capital and Distributions [Abstract] | |
Partners' Capital, Mezzanine Equity and Distributions | Partners’ Capital, Mezzanine Equity and Distributions At September 30, 2017 , our outstanding common units consisted of 122,539,221 Class A units and 39,997 Class B units. On March 24, 2017 , we issued 4,600,000 Class A common units in a public offering at a price of $30.65 per unit, which included the exercise by the underwriters of an option to purchase up to 600,000 additional common units from us. We received proceeds, net of offering costs, of approximately $140.5 million from that offering. Distributions We paid or will pay the following distributions to our common unitholders in 2016 and 2017 : Distribution For Date Paid Per Unit Amount Total Amount 2016 1 st Quarter May 13, 2016 $ 0.6725 $ 73,961 2 nd Quarter August 12, 2016 $ 0.6900 $ 81,406 3 rd Quarter November 14, 2016 $ 0.7000 $ 82,585 4 th Quarter February 14, 2017 $ 0.7100 $ 83,765 2017 1 st Quarter May 15, 2017 $ 0.7200 $ 88,257 2 nd Quarter August 14, 2017 $ 0.7225 $ 88,563 3 rd Quarter November 14, 2017 (1) $ 0.5000 $ 61,290 (1) This distribution will be paid to unitholders of record as of October 31, 2017 . Class A Convertible Preferred Units On September 1, 2017, we sold $750 million of Class A convertible preferred units in a private placement, comprised of 22,249,494 units for a cash purchase price per unit of $33.71 (subject to certain adjustments, the “Issue Price”) to two initial purchasers. Our general partner executed an amendment to our partnership agreement in connection therewith, which, among other things, authorized and established the rights and preferences of our preferred units. Our preferred units are a new class of security that ranks senior to all of our currently outstanding classes or series of limited partner interests with respect to distribution and/or liquidation rights. Holders of our preferred units vote on an as-converted basis with holders of our common units and have certain class voting rights, including with respect to any amendment to the partnership agreement that would adversely affect the rights, preferences or privileges, or otherwise modify the terms, of those preferred units. Each of our preferred units accumulate quarterly distribution amounts in arrears at an annual rate of 8.75% (or $2.9496 ), yielding a quarterly rate of 2.1875% (or $0.7374 ), subject to certain adjustments. With respect to any quarter ending on or prior to March 1, 2019, we have the option to pay to the holders of our preferred units the applicable distribution amount in cash, preferred units, or any combination thereof. If we elect to pay all or any portion of a quarterly distribution amount in preferred units, the number of such preferred units will equal the product of (i) the number of then outstanding preferred units and (ii) the quarterly rate. We have elected to pay the distribution amount attributable to the quarter ended on September 30, 2017 in preferred units. For each quarter ending after March 1, 2019, we must pay all distribution amounts in respect of our preferred units in cash. From time to time after September 1, 2020, we will have the right to cause the conversion of all or a portion of outstanding preferred units into our common units, subject to certain conditions; provided, however, that we will not be permitted to convert more than 7,416,498 of our preferred units in any consecutive twelve -month period. At any time after September 1, 2020, if we have fewer than 592,768 of our preferred units outstanding, we will have the right to convert each outstanding preferred unit into our common units at a conversion rate equal to the greater of (i) the then-applicable conversion rate and (ii) the quotient of (a) the Issue Price and (b) 95% of the volume-weighted average price of our common units for the 30 -trading day period ending prior to the date that we notify the holders of our outstanding preferred units of such conversion. Upon certain events involving certain changes of control in which more than 90% of the consideration payable to the holders of our common units is payable in cash, our preferred units will automatically convert into common units at a conversion ratio equal to the greater of (a) the then applicable conversion rate and (b) the quotient of (i) the product of (A) the sum of (1) the Issue Price and (2) any accrued and accumulated but unpaid distributions on our preferred units, and (B) a premium factor (ranging from 115% to 101% depending on when such transaction occurs) plus a prorated portion of unpaid partial distributions, and (ii) the volume weighted average price of the common units for the 30 trading days prior to the execution of definitive documentation relating to such change of control. In connection with other change of control events that do not meet the 90% cash consideration threshold described above, each holder of our preferred units may elect to (a) convert all of its preferred units into our common units at the then applicable conversion rate, (b) if we are not the surviving entity (or if we are the surviving entity, but our common units will cease to be listed), require us to use commercially reasonable efforts to cause the surviving entity in any such transaction to issue a substantially equivalent security (or if we are unable to cause such substantially equivalent securities to be issued, to convert its preferred units into common units in accordance with clause (a) above or exchanged in accordance with clause (d) below or convert at a specified conversion rate), (c) if we are the surviving entity, continue to hold our preferred units or (d) require us to exchange our preferred units for cash or, if we so elect, our common units valued at 95% of the volume-weighted average price of our common units for the 30 consecutive trading days ending on the fifth trading day immediately preceding the closing date of such change of control, at a price per unit equal to the sum of (i) the product of (x) 101% and (y) the Issue Price plus (ii) accrued and accumulated but unpaid distributions and (iii) a prorated portion of unpaid partial distributions. For a period of 30 days following (i) September 1, 2022 and (ii) each subsequent anniversary thereof, the holders of our preferred units may make a one-time election to reset the quarterly distribution amount (a “Rate Reset Election”) to a cash amount per preferred unit equal to the amount that would be payable per quarter if a preferred unit accrued interest on the Issue Price at an annualized rate equal to three-month LIBOR plus 750 basis points ; provided, however, that such reset rate shall be equal to 10.75% if (i) such alternative rate is higher than the LIBOR-based rate and (ii) the then market price for our common units is then less than 10% of the Issue Price. To become effective, the Rate Reset Election requires approval of holders of at least a majority of our then outstanding preferred units and such majority must include each of our initial purchasers (or any affiliate to whom they have transferred their preferred units) if such initial purchaser (including its affiliates) holds at least 25% of the then outstanding preferred units. Upon the occurrence of a Rate Reset Election, we may redeem our preferred units for cash, in whole or in part (subject to certain minimum value limitations) for an amount per preferred unit equal to such preferred unit’s liquidation value (equal to the Issue Price plus any accrued and accumulated but unpaid distributions, plus a prorated portion of certain unpaid partial distributions in respect of the immediately preceding quarter and the current quarter) multiplied by (i) 110% , prior to September 1, 2024, and (ii) 105% thereafter. Each holder of our preferred units may elect to convert all or any portion of its preferred units into common units initially on a one -for-one basis (subject to customary adjustments and an adjustment for accrued and accumulated but unpaid distributions and limitations) at any time after September 1, 2019 (or earlier upon a change of control, liquidation, dissolution or winding up), provided that any conversion is for at least $50 million or such lesser amount if such conversion relates to all of a holder’s remaining preferred units or has otherwise been approved by us. If we fail to pay in full any preferred unit distribution amount after March 1, 2019 in respect of any two quarters, whether or not consecutive, then until we pay such distributions in full, we will not be permitted to (a) declare or make any distributions (subject to a limited exceptions for pro rata distributions on our preferred units and parity securities), redemptions or repurchases of any of our limited partner interests that rank junior to or pari passu with our preferred units with respect to rights upon distribution and/or liquidation (including our common units), or (b) issue any such junior or parity securities. If we fail to pay in full any preferred unit distribution after March 1, 2019 in respect of any two quarters, whether or not consecutive, then the preferred unit distribution amount will be reset to a cash amount per preferred unit equal to the amount that would be payable per quarter if a preferred unit accrued interest on the Issue Price at an annualized rate equal to the then-current annualized distribution rate plus 200 basis points until such default is cured. In addition to their right to veto a Rate Reset Election under certain circumstances, we have granted each initial purchaser (including its applicable affiliate transferees) certain rights, including (i) the right to appoint an observer, who shall have the right to attend our board meetings for so long as an initial purchaser (including its affiliates) owns at least $200 million of our preferred units; (ii) the right to purchase up to 50% of any parity securities on substantially the same terms offered to other purchasers for so long as an initial purchaser (including its affiliates) owns at least 11,124,747 of our preferred units, and (iii) the right to appoint two directors to our general partner’s board of directors if (and so long as) we fail to pay in full any three quarterly distribution amounts, whether or not consecutive, attributable to any quarter ending after March 1, 2019. The Rate Reset Election of these preferred units represents an embedded derivative that must be bifurcated from the related host contract and recorded at fair value on our Unaudited Condensed Consolidated Balance Sheet. See further information in Note 14 . The preferred units themselves are classified as mezzanine capital on our Unaudited Condensed Consolidated Balance Sheet. |
Net Income Per Common Unit
Net Income Per Common Unit | 9 Months Ended |
Sep. 30, 2017 | |
Net Income per Common Unit [Abstract] | |
Net income Per Common Unit | Net Income Per Common Unit Basic net income per common unit is computed by dividing net income, after considering income attributable to our Series A preferred unitholders, by the weighted average number of common units outstanding. The dilutive effect of the Series A Convertible Preferred units is calculated using the if-converted method. Under the if-converted method, the Series A Preferred units are assumed to be converted at the beginning of the period (beginning with their respective issuance date), and the resulting common units are included in the denominator of the diluted net income per common unit calculation for the period being presented. Distributions declared in the period and undeclared distributions that accumulated during the period are added back to the numerator for purposes of the if-converted calculation. For the three and nine months ended September 30, 2017, the effect of the assumed conversion of the 22,249,494 Series A convertible preferred units was anti-dilutive and was not included in the computation of diluted earnings per unit. The following table reconciles net income and weighted average units used in computing basic and diluted net income per common unit (in thousands, except per unit amounts): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Net Income Attributable to Genesis Energy L.P. $ 6,312 32,101 $ 67,135 $ 91,131 Less: Accumulated distributions attributable to Series A Convertible Preferred Units (5,469 ) — (5,469 ) — Net Income Available to Common Unitholders $ 843 $ 32,101 $ 61,666 $ 91,131 Weighted Average Outstanding Units 122,579 115,718 121,198 111,906 Basic and Diluted Net Income per Common Unit $ 0.01 $ 0.28 $ 0.51 $ 0.81 |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information In the fourth quarter of 2016, we reorganized our operating segments as a result of the way our Chief Executive Officer, who is our chief operating decision maker, evaluates the performance of operations, develops strategy and allocates resources. The results of our onshore pipeline transportation segment, formerly reported under its own segment, are now reported in our onshore facilities and transportation segment. The onshore facilities and transportation segment was formerly named our supply and logistics segment. This segment was renamed in the second quarter of 2017 to more accurately describe the nature of its operations. This change is consistent with the increasingly integrated nature of our onshore operations. On September 1, 2017, we acquired Tronox’s Alkali Business for approximately $1.325 billion in cash. We funded that acquisition and the related transaction costs with proceeds from a $750 million private placement of convertible preferred units, a $550 million public offering of notes, our revolving credit facility, and cash on hand. At the closing, we entered into transition service agreements to facilitate the transition of operations and uninterrupted services for both employees and customers. We will report the results of our Alkali Business in our renamed sodium minerals and sulfur services segment, which will include our Alkali Business as well as our existing refinery services operations. As a result of the above changes, we currently manage our businesses through four divisions that constitute our reportable segments - offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation. Our disclosures related to prior periods have been recast to reflect our reorganized segments. We currently manage our businesses through four 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; • Sodium minerals and sulfur services – trona and trona-based exploring, mining, processing, producing, marketing and selling activities, as well as processing high sulfur (or “sour”) gas streams as part of refining operations to remove the sulfur and selling the related by-product, NaHS; • Onshore facilities and transportation – terminalling, blending, storing, marketing and transporting crude oil, petroleum products (primarily fuel oil, asphalt, and other heavy refined products) and CO 2 . • Marine transportation – marine transportation to provide waterborne transportation of petroleum products and crude oil throughout North America; and 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, depletion 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 Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities & Transportation Total Three Months Ended September 30, 2017 Segment margin (a) $ 78,228 $ 30,031 $ 12,649 $ 25,606 $ 146,514 Capital expenditures (b) $ 2,356 $ 1,330,947 $ 23,831 $ 26,578 $ 1,383,712 Revenues: External customers $ 80,671 $ 111,756 $ 46,084 $ 247,603 $ 486,114 Intersegment (c) — (1,991 ) 2,450 (459 ) — Total revenues of reportable segments $ 80,671 $ 109,765 $ 48,534 $ 247,144 $ 486,114 Three Months Ended September 30, 2016 Segment margin (a) $ 86,557 $ 20,526 $ 16,697 $ 17,560 $ 141,340 Capital expenditures (b) $ 3,977 $ 488 $ 26,937 $ 85,348 $ 116,750 Revenues: External customers $ 89,717 $ 48,069 $ 53,573 $ 268,691 $ 460,050 Intersegment (c) — (2,344 ) 1,712 632 — Total revenues of reportable segments $ 89,717 $ 45,725 $ 55,285 $ 269,323 $ 460,050 Nine Months Ended September 30, 2017 Segment Margin (a) $ 243,528 $ 63,864 $ 39,768 $ 71,999 $ 419,159 Capital expenditures (b) $ 8,498 $ 1,331,892 $ 44,496 $ 115,663 $ 1,500,549 Revenues: External customers $ 244,653 $ 204,237 $ 143,599 $ 715,839 $ 1,308,328 Intersegment (c) (1,216 ) (6,358 ) 8,439 (865 ) — Total revenues of reportable segments $ 243,437 $ 197,879 $ 152,038 $ 714,974 $ 1,308,328 Nine Months Ended September 30, 2016 Segment Margin (a) $ 249,457 $ 61,586 $ 53,695 $ 63,969 $ 428,707 Capital expenditures (b) $ 35,175 $ 1,645 $ 62,928 $ 258,681 $ 358,429 Revenues: External customers $ 242,672 $ 136,437 $ 155,197 $ 750,134 $ 1,284,440 Intersegment (c) 2,165 (6,852 ) 4,733 (46 ) — Total revenues of reportable segments $ 244,837 $ 129,585 $ 159,930 $ 750,088 $ 1,284,440 Total assets by reportable segment were as follows: September 30, December 31, Offshore pipeline transportation $ 2,507,540 $ 2,575,335 Sodium minerals and sulfur services 1,826,815 395,043 Onshore facilities and transportation 1,939,355 1,875,403 Marine transportation 811,870 813,722 Other assets 52,054 43,089 Total consolidated assets 7,137,634 5,702,592 (a) A reconciliation of total Segment Margin to net income attributable to Genesis Energy, L.P. for the periods is presented below. (b) Capital expenditures include maintenance and growth capital expenditures, such as fixed asset additions (including enhancements to existing facilities and construction of growth projects) as well as acquisitions of businesses and contributions to equity investees related to same. (c) Intersegment sales were conducted under terms that we believe were no more or less favorable than then-existing market conditions. Reconciliation of total Segment Margin to net income: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Total Segment Margin $ 146,514 $ 141,340 $ 419,159 $ 428,707 Corporate general and administrative expenses (18,230 ) (10,420 ) (33,694 ) (32,269 ) Depreciation, depletion, amortization and accretion (66,436 ) (57,103 ) (184,213 ) (168,491 ) Interest expense (47,388 ) (34,735 ) (122,117 ) (104,657 ) Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income (1) (7,136 ) (9,063 ) (25,566 ) (30,818 ) Non-cash items not included in Segment Margin (4,788 ) 993 (6,218 ) (3,366 ) Cash payments from direct financing leases in excess of earnings (1,751 ) (1,586 ) (5,127 ) (4,645 ) Differences in timing of cash receipts for certain contractual arrangements (2) 5,847 3,624 11,694 9,629 Gain on sale of assets — — 26,684 — Non-cash provision for leased items no longer in use — — (12,589 ) — Income tax expense (320 ) (949 ) (878 ) (2,959 ) Net income attributable to Genesis Energy, L.P. $ 6,312 $ 32,101 $ 67,135 $ 91,131 (1) Includes distributions attributable to the quarter and received during or promptly following such quarter. (2) Certain cash payments received from customers under certain of our minimum payment obligation contracts are not recognized as revenue under GAAP in the period in which such payments are received. |
Transactions with Related Parti
Transactions with Related Parties | 9 Months Ended |
Sep. 30, 2017 | |
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 2017 2016 2017 2016 Revenues: Sales of CO 2 to Sandhill Group, LLC (1) $ 750 $ 878 $ 2,153 $ 2,366 Revenues from services and fees to Poseidon Oil Pipeline Company, LLC (2) 3,170 1,979 9,236 5,935 Revenues from product sales to ANSAC 31,774 — 31,774 — Costs and expenses: Amounts paid to our CEO in connection with the use of his aircraft $ 165 $ 165 $ 495 $ 495 Charges for services from Poseidon Oil Pipeline Company, LLC (2) 254 251 744 749 Charges for services from ANSAC 454 — 454 — (1) We own a 50% interest in Sandhill Group, LLC. (2) We own 64% interest in Poseidon Oil Pipeline Company, LLC. Amount due from Related Party At September 30, 2017 and December 31, 2016 (i) Sandhill Group, LLC owed us $0.2 million and $0.2 million , respectively, for purchases of CO 2 , and (ii) Poseidon Oil Pipeline Company, LLC owed us $2.0 million and $1.6 million , respectively, for services rendered. Transactions with Unconsolidated Affiliates Poseidon We are the operator of Poseidon and 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, 2017 reflect the $2.1 million and $6.3 million , respectively, of fees we earned through the provision of services under that agreement. ANSAC We (through a subsidiary of our Alkali Business) are a member of the American Natural Soda Ash Corp. (ANSAC), an organization whose purpose is promoting and increasing the use and sale of natural soda ash and other refined or processed sodium products produced in the U.S. and consumed in specified countries outside of the U.S. Members sell products to ANSAC to satisfy ANSAC’s sales commitments to its customers. ANSAC passes its costs through to its members. Those costs include sales and marketing, employees, office supplies, professional, travel, rent, and certain other costs. Those transactions do not necessarily represent arm's length transactions and may not represent all costs we would otherwise incur if we operated the Alkali Business on a stand-alone basis. We also benefit from favorable shipping rates for our direct exports when using ANSAC to arrange for ocean transport. Net sales to ANSAC were $31.8 million during the period September 1, 2017 to September 30, 2017 . The costs charged to us by ANSAC, included in operating costs, were $0.5 million during the peri od September 1, 2017 to September 30, 2017 . Receivables from ANSAC as of September 30, 2017 are as follows: September 30, 2017 Receivables: ANSAC $ 59,406 Payables: ANSAC $ 1,317 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2017 | |
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 2017 2016 (Increase) decrease in: Accounts receivable $ (79,938 ) $ 11,029 Inventories 31,973 (26,215 ) Deferred charges (293 ) (5,291 ) Other current assets (2,769 ) 5,184 Increase (decrease) in: Accounts payable 32,896 (27,213 ) Accrued liabilities (8,131 ) (20,901 ) Net changes in components of operating assets and liabilities (26,262 ) (63,407 ) Payments of interest and commitment fees were $126.9 million and $125.1 million for the nine months ended September 30, 2017 and September 30, 2016 , respectively. We capitalized interest of $13.8 million and $19.9 million during the nine months ended September 30, 2017 and September 30, 2016 . At September 30, 2017 and September 30, 2016 , we had incurred liabilities for fixed and intangible asset additions totaling $25.7 million and $55.3 million , respectively, that had not been paid at the end of the 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, 2017 | |
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 Unaudited 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 Unaudited Consolidated Balance Sheets. At September 30, 2017 , 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) 694 — Weighted average contract price per bbl $ 48.03 $ — Not qualifying or not designated as hedges under accounting rules: Crude oil futures: Contract volumes (1,000 bbls) 482 322 Weighted average contract price per bbl $ 50.17 $ 50.76 Diesel futures: Contract volumes (1,000 bbls) 11 11 Weighted average contract price per bbl $ 1.71 $ 1.76 NYM RBOB Gas futures: Contract volumes (42,000 gallons) — 4 Weighted average contract price per gallon $ — $ 1.59 Fuel oil futures: Contract volumes (1,000 bbls) 175 70 Weighted average contract price per bbl $ 48.10 $ 48.51 Crude oil options: Contract volumes (1,000 bbls) 50 20 Weighted average premium received $ 0.63 $ 0.19 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, 2017 and December 31, 2016 : 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 $ 503 $ 443 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (503 ) (443 ) Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ — $ — Commodity derivatives - futures and call options (designated hedges): Gross amount of recognized assets Current Assets - Other $ 43 $ 3,321 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (43 ) (3,321 ) Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ — $ — Liability Derivatives: Preferred Distribution Rate Reset Election (2) Other long-term liabilities (36,726 ) — Commodity derivatives - futures and call options (undesignated hedges): Gross amount of recognized liabilities Current Assets - Other (1) $ (1,167 ) $ (1,772 ) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 1,167 1,772 Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ — $ — Commodity derivatives - futures and call options (designated hedges): Gross amount of recognized liabilities Current Assets - Other (1) $ (2,643 ) $ (9,506 ) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 2,459 7,589 Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ (184 ) $ (1,917 ) (1) These derivative liabilities have been funded with margin deposits recorded in our Unaudited Condensed Consolidated Balance Sheets under Current Assets - Other. (2) Refer to Note 9 and Note 15 for additional discussion surrounding the Preferred Distribution Rate Reset Election derivative. 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, 2017 , we had a net broker receivable of approximately $3.1 million (consisting of initial margin of $2.4 million increased by $0.7 million of variation margin). As of December 31, 2016 , we had a net broker receivable of approximately $5.6 million (consisting of initial margin of $5.1 million increased by $0.5 million of variation margin). At September 30, 2017 and December 31, 2016 , 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. Preferred Distribution Rate Reset Election A derivative feature embedded in a contract that does not meet the definition of a derivative in its entirety must be bifurcated and accounted for separately if the economic characteristics and risks of the embedded derivative are not clearly and closely related to those of the host contract. For a period of 30 days following (i) September 1, 2022 and (ii) each subsequent anniversary thereof, the holders of our preferred units may make a Rate Reset Election to a cash amount per preferred unit equal to the amount that would be payable per quarter if a preferred unit accrued interest on the Issue Price at an annualized rate equal to three-month LIBOR plus 750 basis points ; provided, however, that such reset rate shall be equal to 10.75% if (i) such alternative rate is higher than the LIBOR-based rate and (ii) the then market price for our common units is then less than 10% of the Issue Price. The Rate Reset Election of the preferred units represents an embedded derivative that must be bifurcated from the related host contract and recorded at fair value on our Unaudited Condensed Consolidated Balance Sheet. Corresponding changes in fair value are recognized in Other Expense in our Unaudited Condensed Consolidated Statement of Operations. At September 30, 2017, the fair value of this embedded derivative was a liability of $36.7 million . See Note 9 for additional information regarding our Series A preferred units and the Rate Reset Election. Effect on Operating Results Amount of Gain (Loss) Recognized in Income Unaudited Condensed Consolidated Statements of Operations Location Three Months Ended Nine Months Ended 2017 2016 2017 2016 Commodity derivatives - futures and call options: Contracts designated as hedges under accounting guidance Onshore facilities and transportation product costs $ (3,399 ) $ 1,672 $ 8,433 $ (8,279 ) Contracts not considered hedges under accounting guidance Onshore facilities and transportation product costs (1,329 ) (262 ) 650 (3,744 ) Total commodity derivatives $ (4,728 ) $ 1,410 $ 9,083 $ (12,023 ) Preferred Distribution Rate Reset Election Other expense $ (2,276 ) $ — $ (2,276 ) $ — |
Fair-Value Measurements
Fair-Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 and December 31, 2016 . Fair Value at Fair Value at September 30, 2017 December 31, 2016 Recurring Fair Value Measures Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Commodity derivatives: Assets $ 546 $ — $ — $ 3,764 $ — $ — Liabilities $ (3,810 ) $ — $ (11,278 ) $ — $ — Preferred Distribution Rate Reset Election $ — $ — $ (36,726 ) $ — $ — $ — Rollforward of Level 3 Fair Value Measurements The following table provides a reconciliation of changes in fair value at the beginning and ending balances for our derivatives classified as level 3: Three Months Ended September 30, Nine Months Ended September 30, 2017 2017 Beginning Balance — — Initial valuation of Preferred Distribution Rate Reset Election (34,450) (34,450) Net Loss for the period included in earnings (2,276) (2,276) Ending Balance (36,726) (36,726) 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. The fair value of embedded derivative feature is based on a valuation model that estimates the fair value of the convertible preferred units with and without a Rate Reset Election. This model contains inputs, including our common unit price, a ten year history of the dividend yield, default probabilities and timing estimates which involve management judgment. A significant increase or decrease in the value of these inputs could result in a material change in fair value to this embedded derivative feature. We report unrealized gains and losses associated with this embedded derivative in our Unaudited Condensed Consolidated Statements of Operations as Other income (expense), net. See Note 14 for additional information on our derivative instruments. Other Fair Value Measurements We believe the debt outstanding under our credit facility approximates fair value as the stated rate of interest approximates current market rates of interest for similar instruments with comparable maturities. At September 30, 2017 our senior unsecured notes had a carrying value and fair value of $2.4 billion compared to $1.8 billion and $1.9 billion , respectively, at December 31, 2016 . 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. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and 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 and from our mining operations relating to our Alkali Business; 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. In the second quarter of 2017, we recorded a non-cash provision of $12.6 million (included within Onshore facilities and transportation operating costs in our Unaudited Condensed Consolidated Statements of Operations) relating to certain leased railcars no longer in use. Of this amount, $4.1 million is considered current and included in accrued liabilities in our Unaudited Condensed Consolidated Balance Sheet, with the remainder included in other long-term liabilities. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2017 | |
Condensed Consolidating Financial Information [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information Our $2.4 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, 2017 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated ASSETS Current assets: Cash and cash equivalents $ 6 $ — $ 8,960 $ 728 $ — $ 9,694 Other current assets 75 — 569,457 11,836 (238 ) 581,130 Total current assets 81 — 578,417 12,564 (238 ) 590,824 Fixed assets, at cost — — 5,444,707 77,585 — 5,522,292 Less: Accumulated depreciation — — (655,808 ) (26,092 ) — (681,900 ) Net fixed assets — — 4,788,899 51,493 — 4,840,392 Mineral Leaseholds — — 622,756 — — 622,756 Goodwill — — 325,046 — — 325,046 Other assets, net 15,229 — 382,916 128,306 (151,026 ) 375,425 Advances to affiliates 3,889,517 — — 82,479 (3,971,996 ) — Equity investees — — 383,191 — — 383,191 Investments in subsidiaries 2,666,281 — 81,135 — (2,747,416 ) — Total assets $ 6,571,108 $ — $ 7,162,360 $ 274,842 $ (6,870,676 ) $ 7,137,634 LIABILITIES AND CAPITAL Current liabilities $ 34,731 $ — $ 321,339 $ 8,092 $ (151 ) $ 364,011 Senior secured credit facility 1,372,500 — — — — 1,372,500 Senior unsecured notes 2,358,049 — — — — 2,358,049 Deferred tax liabilities — — 26,399 — — 26,399 Advances from affiliates — — 3,971,992 — (3,971,992 ) — Other liabilities 36,727 — 183,552 187,057 (150,874 ) 256,462 Total liabilities 3,802,007 — 4,503,282 195,149 (4,123,017 ) 4,377,421 Mezzanine Capital: Series A Convertible Preferred Units 691,708 — — — — 691,708 Partners’ capital, common units 2,077,393 — 2,659,078 88,581 (2,747,659 ) 2,077,393 Noncontrolling interests — — — (8,888 ) — (8,888 ) Total liabilities, mezzanine capital and partners’ capital $ 6,571,108 $ — $ 7,162,360 $ 274,842 $ (6,870,676 ) $ 7,137,634 Unaudited Condensed Consolidating Balance Sheet December 31, 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 $ — $ 6,360 $ 663 $ — $ 7,029 Other current assets 50 — 340,555 12,237 (302 ) 352,540 Total current assets 56 — 346,915 12,900 (302 ) 359,569 Fixed assets, at cost — — 4,685,811 77,585 — 4,763,396 Less: Accumulated depreciation — — (524,315 ) (24,217 ) — (548,532 ) Net fixed assets — — 4,161,496 53,368 — 4,214,864 Mineral Leaseholds — — — — — — Goodwill — — 325,046 — — 325,046 Other assets, net 10,696 — 390,214 133,980 (140,533 ) 394,357 Advances to affiliates 2,650,930 — — 73,295 (2,724,225 ) — Equity investees — — 408,756 — — 408,756 Investments in subsidiaries 2,594,882 — 80,735 — (2,675,617 ) — Total assets $ 5,256,564 $ — $ 5,713,162 $ 273,543 $ (5,540,677 ) $ 5,702,592 LIABILITIES AND CAPITAL Current liabilities $ 34,864 $ — $ 211,591 $ 14,505 $ (157 ) $ 260,803 Senior secured credit facility 1,278,200 — — — — 1,278,200 Senior unsecured notes 1,813,169 — — — — 1,813,169 Deferred tax liabilities — — 25,889 — — 25,889 Advances from affiliates — — 2,724,224 — (2,724,224 ) — Other liabilities — — 165,266 179,592 (140,377 ) 204,481 Total liabilities 3,126,233 — 3,126,970 194,097 (2,864,758 ) 3,582,542 Mezzanine Capital: Series A Convertible Preferred Units — — — — — — Partners’ capital, common units 2,130,331 — 2,586,192 89,727 (2,675,919 ) 2,130,331 Noncontrolling interests — — — (10,281 ) — (10,281 ) Total liabilities, mezzanine capital and partners’ capital $ 5,256,564 $ — $ 5,713,162 $ 273,543 $ (5,540,677 ) $ 5,702,592 Unaudited Condensed Consolidating Statement of Operations Three Months Ended September 30, 2017 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated REVENUES: Offshore pipeline transportation services $ — $ — $ 80,671 $ — $ — $ 80,671 Sodium minerals and sulfur services — — 109,292 2,069 (1,596 ) 109,765 Marine transportation — — 48,534 — — 48,534 Onshore facilities and transportation — — 242,547 4,597 — 247,144 Total revenues — — 481,044 6,666 (1,596 ) 486,114 COSTS AND EXPENSES: Onshore facilities and transportation — — 225,716 313 — 226,029 Marine transportation costs — — 35,789 — — 35,789 Sodium minerals and sulfur services operating costs — — 78,869 2,092 (1,596 ) 79,365 Offshore pipeline transportation operating costs — — 17,928 762 — 18,690 General and administrative — — 19,409 — — 19,409 Depreciation and amortization — — 63,107 625 — 63,732 Gain on sale of assets — — — — — — Total costs and expenses — — 440,818 3,792 (1,596 ) 443,014 OPERATING INCOME — — 40,226 2,874 — 43,100 Equity in earnings of subsidiaries 55,971 — (388 ) — (55,583 ) — Equity in earnings of equity investees — — 13,044 — — 13,044 Interest (expense) income, net (47,383 ) — 3,450 (3,455 ) — (47,388 ) Other expense (2,276 ) — — — — (2,276 ) Income before income taxes 6,312 — 56,332 (581 ) (55,583 ) 6,480 Income tax benefit (expense) — — (322 ) 2 — (320 ) NET INCOME 6,312 — 56,010 (579 ) (55,583 ) 6,160 Net loss attributable to noncontrolling interest — — — 152 — 152 NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. $ 6,312 $ — $ 56,010 $ (427 ) $ (55,583 ) $ 6,312 Less: Accumulated distributions attributable to Series A Convertible Preferred Units (5,469 ) — — — — (5,469 ) NET INCOME AVAILABLE TO COMMON UNIT HOLDERS $ 843 $ — $ 56,010 $ (427 ) $ (55,583 ) $ 843 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 Sodium minerals and sulfur services — — 45,262 2,981 (2,518 ) 45,725 Marine transportation — — 55,285 — — 55,285 Onshore facilities and transportation — — 264,326 4,997 — 269,323 Total revenues — — 454,590 7,978 (2,518 ) 460,050 COSTS AND EXPENSES: Onshore facilities and transportation costs — — 252,450 255 — 252,705 Marine transportation costs — — 38,490 — — 38,490 Sodium minerals and sulfur services operating costs — — 24,577 3,018 (2,518 ) 25,077 Offshore pipeline transportation operating costs — — 22,533 589 — 23,122 General and administrative — — 11,212 — — 11,212 Depreciation and amortization — — 53,640 625 — 54,265 Total costs and expenses — — 402,902 4,487 (2,518 ) 404,871 OPERATING INCOME — — 51,688 3,491 — 55,179 Equity in earnings of subsidiaries 66,811 — 28 — (66,839 ) — Equity in earnings of equity investees — — 12,488 — — 12,488 Interest (expense) income, net (34,710 ) — 3,595 (3,620 ) — (34,735 ) Other expense — — — — — — Income before income taxes 32,101 — 67,799 (129 ) (66,839 ) 32,932 Income tax expense — — (949 ) — — (949 ) NET INCOME 32,101 — 66,850 (129 ) (66,839 ) 31,983 Net loss attributable to noncontrolling interest — — — 118 — 118 NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. $ 32,101 $ — $ 66,850 $ (11 ) $ (66,839 ) $ 32,101 Less: Accumulated distributions attributable to Series A Convertible Preferred Units — — — — — — NET INCOME AVAILABLE TO COMMON UNIT HOLDERS $ 32,101 $ — $ 66,850 $ (11 ) $ (66,839 ) $ 32,101 Unaudited Condensed Consolidating Statement of Operations Nine Months Ended September 30, 2017 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated REVENUES: Offshore pipeline transportation services $ — $ — $ 243,437 $ — $ — $ 243,437 Sodium minerals and sulfur services — — 197,321 5,968 (5,410 ) 197,879 Marine transportation — — 152,038 — — 152,038 Onshore facilities and transportation — — 700,908 14,066 — 714,974 Total revenues — — 1,293,704 20,034 (5,410 ) 1,308,328 COSTS AND EXPENSES: Onshore facilities and transportation costs — — 661,842 853 — 662,695 Marine transportation costs — — 111,980 — — 111,980 Sodium minerals and sulfur services operating costs — — 132,608 6,137 (5,410 ) 133,335 Offshore pipeline transportation operating costs — — 52,396 2,286 — 54,682 General and administrative — — 38,723 — — 38,723 Depreciation and amortization — — 174,578 1,875 — 176,453 Gain on sale of assets — — (26,684 ) — — (26,684 ) Total costs and expenses — — 1,145,443 11,151 (5,410 ) 1,151,184 OPERATING INCOME — — 148,261 8,883 — 157,144 Equity in earnings of subsidiaries 191,471 — (1,033 ) — (190,438 ) — Equity in earnings of equity investees — — 34,805 — — 34,805 Interest (expense) income, net (122,060 ) — 10,436 (10,493 ) — (122,117 ) Other expense (2,276 ) — — — — (2,276 ) Income before income taxes 67,135 — 192,469 (1,610 ) (190,438 ) 67,556 Income tax expense — — (880 ) 2 — (878 ) NET INCOME 67,135 — 191,589 (1,608 ) (190,438 ) 66,678 Net loss attributable to noncontrolling interest — — — 457 — 457 NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. $ 67,135 $ — $ 191,589 $ (1,151 ) $ (190,438 ) $ 67,135 Less: Accumulated distributions attributable to Series A Convertible Preferred Units (5,469 ) — — — — $ (5,469 ) NET INCOME AVAILABLE TO COMMON UNIT HOLDERS $ 61,666 $ — $ 191,589 $ (1,151 ) $ (190,438 ) $ 61,666 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 Sodium minerals and sulfur services — — 129,671 5,499 (5,585 ) 129,585 Marine transportation — — 159,930 — — 159,930 Onshore facilities and transportation — — 734,560 15,528 — 750,088 Total revenues — — 1,268,998 21,027 (5,585 ) 1,284,440 COSTS AND EXPENSES: Onshore facilities and transportation costs — — 691,763 831 — 692,594 Marine transportation costs — — 105,942 — — 105,942 Sodium minerals and sulfur services operating costs — — 67,190 6,036 (5,585 ) 67,641 Offshore pipeline transportation operating costs — — 61,882 1,850 — 63,732 General and administrative — — 34,716 — — 34,716 Depreciation and amortization — — 154,925 1,875 — 156,800 Total costs and expenses — — 1,116,418 10,592 (5,585 ) 1,121,425 OPERATING INCOME — — 152,580 10,435 — 163,015 Equity in earnings of subsidiaries 195,674 — (50 ) — (195,624 ) — Equity in earnings of equity investees — — 35,362 — — 35,362 Interest (expense) income, net (104,543 ) — 10,861 (10,975 ) — (104,657 ) Other expense — — — — — — Income before income taxes 91,131 — 198,753 (540 ) (195,624 ) 93,720 Income tax (expense) benefit — — (2,956 ) (3 ) — (2,959 ) NET INCOME 91,131 — 195,797 (543 ) (195,624 ) 90,761 Net loss attributable to noncontrolling interest — — — 370 — 370 NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. $ 91,131 $ — $ 195,797 $ (173 ) $ (195,624 ) $ 91,131 Less: Accumulated distributions attributable to Series A Convertible Preferred Units — — — — — $ — NET INCOME AVAILABLE TO COMMON UNIT HOLDERS $ 91,131 $ — $ 195,797 $ (173 ) $ (195,624 ) $ 91,131 Unaudited Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2017 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated Net cash provided by operating activities $ 142,721 $ — $ 333,709 $ (8,346 ) $ (250,294 ) $ 217,790 CASH FLOWS FROM INVESTING ACTIVITIES: Payments to acquire fixed and intangible assets — — (182,653 ) — — (182,653 ) Cash distributions received from equity investees - return of investment — — 14,517 — — 14,517 Investments in equity investees (140,513 ) — — — 140,513 — Acquisitions — — (1,325,759 ) — — (1,325,759 ) Intercompany transfers (1,238,585 ) — — — 1,238,585 — Repayments on loan to non-guarantor subsidiary — — (159 ) — 159 — Contributions in aid of construction costs — — 124 — — 124 Proceeds from asset sales — — 39,204 — — 39,204 Other, net — — — — — — Net cash used in investing activities (1,379,098 ) — (1,454,726 ) — 1,379,257 (1,454,567 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings on senior secured credit facility 1,247,700 — — — — 1,247,700 Repayments on senior secured credit facility (1,153,400 ) — — — — (1,153,400 ) Proceeds from issuance of senior unsecured notes 550,000 — — — — 550,000 Proceeds from issuance of Series A convertible preferred units, net 729,958 — — — — 729,958 Debt issuance costs (17,808 ) — — — — (17,808 ) Intercompany transfers — — 1,242,475 (3,890 ) (1,238,585 ) — Issuance of common units for cash, net 140,513 — 140,513 — (140,513 ) 140,513 Distributions to common unitholders (260,586 ) — (260,586 ) — 260,586 (260,586 ) Contributions from noncontrolling interest — — — 1,850 — 1,850 Other, net — — 1,215 10,451 (10,451 ) 1,215 Net cash used in financing activities 1,236,377 — 1,123,617 8,411 (1,128,963 ) 1,239,442 Net increase in cash and cash equivalents — — 2,600 65 — 2,665 Cash and cash equivalents at beginning of period 6 — 6,360 663 — 7,029 Cash and cash equivalents at end of period $ 6 $ — $ 8,960 $ 728 $ — $ 9,694 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 common unitholders (227,454 ) — (227,454 ) — 227,454 (227,454 ) Other, net — — (600 ) 10,937 (10,937 ) (600 ) Net cash provided by financing activities 121,019 — 34,853 (8,067 ) (27,386 ) 120,419 Net decrease in cash and cash equivalents — — (6,162 ) (1,286 ) — (7,448 ) Cash and cash equivalents at beginning of period 6 — 8,288 2,601 — 10,895 Cash and cash equivalents at end of period $ 6 $ — $ 2,126 $ 1,315 $ — $ 3,447 |
Acquisition and Divestiture (Ta
Acquisition and Divestiture (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Schedule of Allocation of Purchase Price Presented in Consolidated Balance Sheet | The preliminary allocation of the purchase price, as presented on our Consolidated Balance Sheet, is summarized as follows: Accounts receivable 138,291 Inventories 31,944 Other current assets 13,947 Fixed assets 617,878 Mineral leaseholds 623,137 Accounts payable (51,534 ) Other current liabilities (29,870 ) Other long-term liabilities (18,793 ) Total Purchase Price $ 1,325,000 |
Schedule of 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, 2017 Nine Months Ended September 30, 2017 Revenues $ 66,003 66,003 Net income $ 10,654 10,654 |
Schedule of Pro Forma Financial Information | Our unaudited pro forma financial information is not necessarily indicative of what our consolidated financial results would have been had the Alkali Business acquisition been completed on January 1, 2016 . Pro forma net income includes the effects of distributions on preferred units and interest expense on incremental borrowings. The dilutive effect of Series A Preferred Units is calculated using the if-converted method. Three Months Ended Nine Months Ended 2017 2016 2017 2016 Pro forma consolidated financial operating results: Revenues $ 615,275 $ 653,749 $ 1,829,389 $ 1,872,939 Net Income Attributable to Genesis Energy, L.P. 10,978 31,400 59,314 78,113 Net Income Available to Common Unitholders (5,276 ) 15,943 10,939 31,853 Basic and diluted earnings per common unit: As reported net income per common unit $ 0.01 $ 0.28 $ 0.51 $ 0.81 Pro forma net income per common unit $ (0.04 ) $ 0.14 $ 0.09 $ 0.28 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule Of Major Components Of Inventories | The major components of inventories were as follows: September 30, December 31, Petroleum products $ 2,618 $ 11,550 Crude oil 46,035 73,133 Caustic soda 5,381 4,593 NaHS 11,176 9,304 Raw materials - Alkali Operations 4,560 — Work-in-process - Alkali Operations 4,751 — Finished goods, net - Alkali Operations 14,197 — Materials and supplies, net - Alkali Operations 9,840 — Other — 7 Total $ 98,558 $ 98,587 |
Fixed Assets and Mineral Leas26
Fixed Assets and Mineral Leaseholds (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 $ 3,004,618 $ 2,901,202 Alkali facilities, machinery, and equipment 617,878 — Onshore facilities, machinery, and equipment 757,874 427,658 Transportation equipment 17,995 17,543 Marine vessels 898,582 863,199 Land, buildings and improvements 103,774 55,712 Office equipment, furniture and fixtures 9,681 9,654 Construction in progress 58,069 440,225 Other 53,821 48,203 Fixed assets, at cost 5,522,292 4,763,396 Less: Accumulated depreciation (681,900 ) (548,532 ) Net fixed assets $ 4,840,392 $ 4,214,864 |
Schedule of Mineral Leaseholds | Our Mineral Leaseholds, as relating to our recently acquired Alkali Business, consist of the following: September 30, Mineral leaseholds 623,137 Less: Accumulated depletion (381 ) Mineral leaseholds, net $ 622,756 |
Depreciation and Depletion Expense | Our depreciation and depletion expense for the periods presented was as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Depreciation expense $ 57,117 $ 46,909 $ 157,438 $ 135,428 Depletion Expense 381 — 381 — |
Schedule of Change in Asset Retirement Obligation | The following table presents information regarding our AROs since December 31, 2016 : ARO liability balance, December 31, 2016 $ 213,726 Accretion expense 8,257 Change in estimate 7,875 Acquisitions 2,444 Divestitures (7,649 ) Settlements (21,252 ) Other 240 ARO liability balance, September 30, 2017 $ 203,641 |
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 2017 $ 2,741 2018 $ 9,686 2019 $ 8,782 2020 $ 9,378 2021 $ 10,014 |
Equity Investees (Tables)
Equity Investees (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 2017 2016 2017 2016 Genesis’ share of operating earnings $ 16,986 $ 16,444 $ 46,631 $ 47,281 Amortization of excess purchase price (3,942 ) (3,956 ) (11,826 ) (11,919 ) Net equity in earnings $ 13,044 $ 12,488 $ 34,805 $ 35,362 Distributions received $ 20,180 $ 21,551 $ 60,371 $ 66,180 |
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 Oil Pipeline Company (which is our most significant equity investment): September 30, December 31, BALANCE SHEET DATA: Assets Current assets $ 18,638 $ 17,111 Fixed assets, net 221,123 232,736 Other assets 1,282 861 Total assets $ 241,043 $ 250,708 Liabilities and equity Current liabilities $ 20,683 $ 20,727 Other liabilities 231,469 219,644 Equity (11,109 ) 10,337 Total liabilities and equity $ 241,043 $ 250,708 |
Schedule of Operations for Equity Investees | Three Months Ended Nine Months Ended 2017 2016 2017 2016 INCOME STATEMENT DATA: Revenues $ 30,597 $ 31,219 $ 88,003 $ 90,658 Operating income $ 22,334 $ 23,107 $ 63,159 $ 68,166 Net income $ 20,739 $ 21,921 $ 58,754 $ 64,670 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Carrying Value Gross Carrying Amount Accumulated Amortization Carrying Value Sodium minerals and sulfur services: Customer relationships $ 94,654 $ 91,809 $ 2,845 $ 94,654 $ 89,756 $ 4,898 Licensing agreements 38,678 35,947 2,731 38,678 34,204 4,474 Segment total 133,332 127,756 5,576 133,332 123,960 9,372 Onshore Facilities & Transportation: Customer relationships 35,430 34,731 699 35,430 33,676 1,754 Intangibles associated with lease 13,260 4,815 8,445 13,260 4,459 8,801 Segment total 48,690 39,546 9,144 48,690 38,135 10,555 Marine contract intangibles 27,000 10,350 16,650 27,000 6,300 20,700 Offshore pipeline contract intangibles 158,101 18,029 140,072 158,101 11,788 146,313 Other 28,747 12,748 15,999 28,569 10,622 17,947 Total $ 395,870 $ 208,429 $ 187,441 $ 395,692 $ 190,805 $ 204,887 |
Amortization Expense | Our amortization of intangible assets for the periods presented was as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Amortization of intangible assets $ 5,879 $ 6,122 $ 17,623 $ 18,154 |
Schedule of Expected Amortization Expense | We estimate that our amortization expense for the next five years will be as follows: Remainder of 2017 $ 5,919 2018 $ 21,506 2019 $ 17,171 2020 $ 16,237 2021 $ 10,627 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule Of Obligations Under Debt Arrangements | Our obligations under debt arrangements consisted of the following: September 30, 2017 December 31, 2016 Principal Unamortized Discount and Debt Issuance Costs (1) Net Value Principal Unamortized Discount and Debt Issuance Costs (1) Net Value Senior secured credit facility $ 1,372,500 $ — $ 1,372,500 $ 1,278,200 $ — $ 1,278,200 5.750% senior unsecured notes due February 2021 350,000 3,399 346,601 350,000 4,163 345,837 6.750% senior unsecured notes due August 2022 750,000 16,889 733,111 750,000 19,296 730,704 6.000% senior unsecured notes due May 2023 400,000 5,958 394,042 400,000 6,758 393,242 5.625% senior unsecured notes due June 2024 350,000 5,941 344,059 350,000 6,614 343,386 6.500% senior unsecured notes due October 2025 550,000 9,764 540,236 — — — Total long-term debt $ 3,772,500 $ 41,951 $ 3,730,549 $ 3,128,200 $ 36,831 $ 3,091,369 (1) Unamortized debt issuance costs associated with our senior secured credit facility (included in Other Long Term Assets on the Unaudited Condensed Consolidated Balance Sheet) were $15.2 million and $10.7 million as of September 30, 2017 and December 31, 2016, respectively. |
Partners' Capital, Mezzanine 30
Partners' Capital, Mezzanine Equity and Distributions (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Partners' Capital and Distributions [Abstract] | |
Distributions Made to Limited Partner, by Distribution | We paid or will pay the following distributions to our common unitholders in 2016 and 2017 : Distribution For Date Paid Per Unit Amount Total Amount 2016 1 st Quarter May 13, 2016 $ 0.6725 $ 73,961 2 nd Quarter August 12, 2016 $ 0.6900 $ 81,406 3 rd Quarter November 14, 2016 $ 0.7000 $ 82,585 4 th Quarter February 14, 2017 $ 0.7100 $ 83,765 2017 1 st Quarter May 15, 2017 $ 0.7200 $ 88,257 2 nd Quarter August 14, 2017 $ 0.7225 $ 88,563 3 rd Quarter November 14, 2017 (1) $ 0.5000 $ 61,290 (1) This distribution will be paid to unitholders of record as of October 31, 2017 . |
Net Income Per Common Unit (Tab
Net Income Per Common Unit (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Net Income per Common Unit [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles net income and weighted average units used in computing basic and diluted net income per common unit (in thousands, except per unit amounts): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Net Income Attributable to Genesis Energy L.P. $ 6,312 32,101 $ 67,135 $ 91,131 Less: Accumulated distributions attributable to Series A Convertible Preferred Units (5,469 ) — (5,469 ) — Net Income Available to Common Unitholders $ 843 $ 32,101 $ 61,666 $ 91,131 Weighted Average Outstanding Units 122,579 115,718 121,198 111,906 Basic and Diluted Net Income per Common Unit $ 0.01 $ 0.28 $ 0.51 $ 0.81 |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment information for the periods presented below was as follows: Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Marine Transportation Onshore Facilities & Transportation Total Three Months Ended September 30, 2017 Segment margin (a) $ 78,228 $ 30,031 $ 12,649 $ 25,606 $ 146,514 Capital expenditures (b) $ 2,356 $ 1,330,947 $ 23,831 $ 26,578 $ 1,383,712 Revenues: External customers $ 80,671 $ 111,756 $ 46,084 $ 247,603 $ 486,114 Intersegment (c) — (1,991 ) 2,450 (459 ) — Total revenues of reportable segments $ 80,671 $ 109,765 $ 48,534 $ 247,144 $ 486,114 Three Months Ended September 30, 2016 Segment margin (a) $ 86,557 $ 20,526 $ 16,697 $ 17,560 $ 141,340 Capital expenditures (b) $ 3,977 $ 488 $ 26,937 $ 85,348 $ 116,750 Revenues: External customers $ 89,717 $ 48,069 $ 53,573 $ 268,691 $ 460,050 Intersegment (c) — (2,344 ) 1,712 632 — Total revenues of reportable segments $ 89,717 $ 45,725 $ 55,285 $ 269,323 $ 460,050 Nine Months Ended September 30, 2017 Segment Margin (a) $ 243,528 $ 63,864 $ 39,768 $ 71,999 $ 419,159 Capital expenditures (b) $ 8,498 $ 1,331,892 $ 44,496 $ 115,663 $ 1,500,549 Revenues: External customers $ 244,653 $ 204,237 $ 143,599 $ 715,839 $ 1,308,328 Intersegment (c) (1,216 ) (6,358 ) 8,439 (865 ) — Total revenues of reportable segments $ 243,437 $ 197,879 $ 152,038 $ 714,974 $ 1,308,328 Nine Months Ended September 30, 2016 Segment Margin (a) $ 249,457 $ 61,586 $ 53,695 $ 63,969 $ 428,707 Capital expenditures (b) $ 35,175 $ 1,645 $ 62,928 $ 258,681 $ 358,429 Revenues: External customers $ 242,672 $ 136,437 $ 155,197 $ 750,134 $ 1,284,440 Intersegment (c) 2,165 (6,852 ) 4,733 (46 ) — Total revenues of reportable segments $ 244,837 $ 129,585 $ 159,930 $ 750,088 $ 1,284,440 Total assets by reportable segment were as follows: September 30, December 31, Offshore pipeline transportation $ 2,507,540 $ 2,575,335 Sodium minerals and sulfur services 1,826,815 395,043 Onshore facilities and transportation 1,939,355 1,875,403 Marine transportation 811,870 813,722 Other assets 52,054 43,089 Total consolidated assets 7,137,634 5,702,592 (a) A reconciliation of total Segment Margin to net income attributable to Genesis Energy, L.P. for the periods is presented below. (b) Capital expenditures include maintenance and growth capital expenditures, such as fixed asset additions (including enhancements to existing facilities and construction of growth projects) as well as acquisitions of businesses and contributions to equity investees related to same. (c) Intersegment sales were conducted under terms that we believe were no more or less favorable than then-existing market conditions. |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Reconciliation of total Segment Margin to net income: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Total Segment Margin $ 146,514 $ 141,340 $ 419,159 $ 428,707 Corporate general and administrative expenses (18,230 ) (10,420 ) (33,694 ) (32,269 ) Depreciation, depletion, amortization and accretion (66,436 ) (57,103 ) (184,213 ) (168,491 ) Interest expense (47,388 ) (34,735 ) (122,117 ) (104,657 ) Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income (1) (7,136 ) (9,063 ) (25,566 ) (30,818 ) Non-cash items not included in Segment Margin (4,788 ) 993 (6,218 ) (3,366 ) Cash payments from direct financing leases in excess of earnings (1,751 ) (1,586 ) (5,127 ) (4,645 ) Differences in timing of cash receipts for certain contractual arrangements (2) 5,847 3,624 11,694 9,629 Gain on sale of assets — — 26,684 — Non-cash provision for leased items no longer in use — — (12,589 ) — Income tax expense (320 ) (949 ) (878 ) (2,959 ) Net income attributable to Genesis Energy, L.P. $ 6,312 $ 32,101 $ 67,135 $ 91,131 (1) Includes distributions attributable to the quarter and received during or promptly following such quarter. (2) Certain cash payments received from customers under certain of our minimum payment obligation contracts are not recognized as revenue under GAAP in the period in which such payments are received. |
Transactions with Related Par33
Transactions with Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Schedule Of Transactions with Related Parties | Receivables from ANSAC as of September 30, 2017 are as follows: September 30, 2017 Receivables: ANSAC $ 59,406 Payables: ANSAC $ 1,317 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 2017 2016 2017 2016 Revenues: Sales of CO 2 to Sandhill Group, LLC (1) $ 750 $ 878 $ 2,153 $ 2,366 Revenues from services and fees to Poseidon Oil Pipeline Company, LLC (2) 3,170 1,979 9,236 5,935 Revenues from product sales to ANSAC 31,774 — 31,774 — Costs and expenses: Amounts paid to our CEO in connection with the use of his aircraft $ 165 $ 165 $ 495 $ 495 Charges for services from Poseidon Oil Pipeline Company, LLC (2) 254 251 744 749 Charges for services from ANSAC 454 — 454 — (1) We own a 50% interest in Sandhill Group, LLC. (2) We own 64% interest in Poseidon Oil Pipeline Company, LLC. |
Supplemental Cash Flow Inform34
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 2017 2016 (Increase) decrease in: Accounts receivable $ (79,938 ) $ 11,029 Inventories 31,973 (26,215 ) Deferred charges (293 ) (5,291 ) Other current assets (2,769 ) 5,184 Increase (decrease) in: Accounts payable 32,896 (27,213 ) Accrued liabilities (8,131 ) (20,901 ) Net changes in components of operating assets and liabilities (26,262 ) (63,407 ) |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Outstanding Derivatives Entered Into to Hedge Inventory or Fixed Price Purchase Commitments | At September 30, 2017 , 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) 694 — Weighted average contract price per bbl $ 48.03 $ — Not qualifying or not designated as hedges under accounting rules: Crude oil futures: Contract volumes (1,000 bbls) 482 322 Weighted average contract price per bbl $ 50.17 $ 50.76 Diesel futures: Contract volumes (1,000 bbls) 11 11 Weighted average contract price per bbl $ 1.71 $ 1.76 NYM RBOB Gas futures: Contract volumes (42,000 gallons) — 4 Weighted average contract price per gallon $ — $ 1.59 Fuel oil futures: Contract volumes (1,000 bbls) 175 70 Weighted average contract price per bbl $ 48.10 $ 48.51 Crude oil options: Contract volumes (1,000 bbls) 50 20 Weighted average premium received $ 0.63 $ 0.19 |
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, 2017 and December 31, 2016 : 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 $ 503 $ 443 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (503 ) (443 ) Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ — $ — Commodity derivatives - futures and call options (designated hedges): Gross amount of recognized assets Current Assets - Other $ 43 $ 3,321 Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (43 ) (3,321 ) Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ — $ — Liability Derivatives: Preferred Distribution Rate Reset Election (2) Other long-term liabilities (36,726 ) — Commodity derivatives - futures and call options (undesignated hedges): Gross amount of recognized liabilities Current Assets - Other (1) $ (1,167 ) $ (1,772 ) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 1,167 1,772 Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ — $ — Commodity derivatives - futures and call options (designated hedges): Gross amount of recognized liabilities Current Assets - Other (1) $ (2,643 ) $ (9,506 ) Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets Current Assets - Other (1) 2,459 7,589 Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives $ (184 ) $ (1,917 ) (1) These derivative liabilities have been funded with margin deposits recorded in our Unaudited Condensed Consolidated Balance Sheets under Current Assets - Other. (2) Refer to Note 9 and Note 15 for additional discussion surrounding the Preferred Distribution Rate Reset Election derivative. |
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 2017 2016 2017 2016 Commodity derivatives - futures and call options: Contracts designated as hedges under accounting guidance Onshore facilities and transportation product costs $ (3,399 ) $ 1,672 $ 8,433 $ (8,279 ) Contracts not considered hedges under accounting guidance Onshore facilities and transportation product costs (1,329 ) (262 ) 650 (3,744 ) Total commodity derivatives $ (4,728 ) $ 1,410 $ 9,083 $ (12,023 ) Preferred Distribution Rate Reset Election Other expense $ (2,276 ) $ — $ (2,276 ) $ — |
Fair-Value Measurements (Tables
Fair-Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 and December 31, 2016 . Fair Value at Fair Value at September 30, 2017 December 31, 2016 Recurring Fair Value Measures Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Commodity derivatives: Assets $ 546 $ — $ — $ 3,764 $ — $ — Liabilities $ (3,810 ) $ — $ (11,278 ) $ — $ — Preferred Distribution Rate Reset Election $ — $ — $ (36,726 ) $ — $ — $ — |
Reconciliation of Changes in Fair Value of Derivatives Classified as Level 3 | The following table provides a reconciliation of changes in fair value at the beginning and ending balances for our derivatives classified as level 3: Three Months Ended September 30, Nine Months Ended September 30, 2017 2017 Beginning Balance — — Initial valuation of Preferred Distribution Rate Reset Election (34,450) (34,450) Net Loss for the period included in earnings (2,276) (2,276) Ending Balance (36,726) (36,726) |
Condensed Consolidating Finan37
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated ASSETS Current assets: Cash and cash equivalents $ 6 $ — $ 8,960 $ 728 $ — $ 9,694 Other current assets 75 — 569,457 11,836 (238 ) 581,130 Total current assets 81 — 578,417 12,564 (238 ) 590,824 Fixed assets, at cost — — 5,444,707 77,585 — 5,522,292 Less: Accumulated depreciation — — (655,808 ) (26,092 ) — (681,900 ) Net fixed assets — — 4,788,899 51,493 — 4,840,392 Mineral Leaseholds — — 622,756 — — 622,756 Goodwill — — 325,046 — — 325,046 Other assets, net 15,229 — 382,916 128,306 (151,026 ) 375,425 Advances to affiliates 3,889,517 — — 82,479 (3,971,996 ) — Equity investees — — 383,191 — — 383,191 Investments in subsidiaries 2,666,281 — 81,135 — (2,747,416 ) — Total assets $ 6,571,108 $ — $ 7,162,360 $ 274,842 $ (6,870,676 ) $ 7,137,634 LIABILITIES AND CAPITAL Current liabilities $ 34,731 $ — $ 321,339 $ 8,092 $ (151 ) $ 364,011 Senior secured credit facility 1,372,500 — — — — 1,372,500 Senior unsecured notes 2,358,049 — — — — 2,358,049 Deferred tax liabilities — — 26,399 — — 26,399 Advances from affiliates — — 3,971,992 — (3,971,992 ) — Other liabilities 36,727 — 183,552 187,057 (150,874 ) 256,462 Total liabilities 3,802,007 — 4,503,282 195,149 (4,123,017 ) 4,377,421 Mezzanine Capital: Series A Convertible Preferred Units 691,708 — — — — 691,708 Partners’ capital, common units 2,077,393 — 2,659,078 88,581 (2,747,659 ) 2,077,393 Noncontrolling interests — — — (8,888 ) — (8,888 ) Total liabilities, mezzanine capital and partners’ capital $ 6,571,108 $ — $ 7,162,360 $ 274,842 $ (6,870,676 ) $ 7,137,634 Unaudited Condensed Consolidating Balance Sheet December 31, 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 $ — $ 6,360 $ 663 $ — $ 7,029 Other current assets 50 — 340,555 12,237 (302 ) 352,540 Total current assets 56 — 346,915 12,900 (302 ) 359,569 Fixed assets, at cost — — 4,685,811 77,585 — 4,763,396 Less: Accumulated depreciation — — (524,315 ) (24,217 ) — (548,532 ) Net fixed assets — — 4,161,496 53,368 — 4,214,864 Mineral Leaseholds — — — — — — Goodwill — — 325,046 — — 325,046 Other assets, net 10,696 — 390,214 133,980 (140,533 ) 394,357 Advances to affiliates 2,650,930 — — 73,295 (2,724,225 ) — Equity investees — — 408,756 — — 408,756 Investments in subsidiaries 2,594,882 — 80,735 — (2,675,617 ) — Total assets $ 5,256,564 $ — $ 5,713,162 $ 273,543 $ (5,540,677 ) $ 5,702,592 LIABILITIES AND CAPITAL Current liabilities $ 34,864 $ — $ 211,591 $ 14,505 $ (157 ) $ 260,803 Senior secured credit facility 1,278,200 — — — — 1,278,200 Senior unsecured notes 1,813,169 — — — — 1,813,169 Deferred tax liabilities — — 25,889 — — 25,889 Advances from affiliates — — 2,724,224 — (2,724,224 ) — Other liabilities — — 165,266 179,592 (140,377 ) 204,481 Total liabilities 3,126,233 — 3,126,970 194,097 (2,864,758 ) 3,582,542 Mezzanine Capital: Series A Convertible Preferred Units — — — — — — Partners’ capital, common units 2,130,331 — 2,586,192 89,727 (2,675,919 ) 2,130,331 Noncontrolling interests — — — (10,281 ) — (10,281 ) Total liabilities, mezzanine capital and partners’ capital $ 5,256,564 $ — $ 5,713,162 $ 273,543 $ (5,540,677 ) $ 5,702,592 Unaudited Condensed Consolidating Statement of Operations Three Months Ended September 30, 2017 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated REVENUES: Offshore pipeline transportation services $ — $ — $ 80,671 $ — $ — $ 80,671 Sodium minerals and sulfur services — — 109,292 2,069 (1,596 ) 109,765 Marine transportation — — 48,534 — — 48,534 Onshore facilities and transportation — — 242,547 4,597 — 247,144 Total revenues — — 481,044 6,666 (1,596 ) 486,114 COSTS AND EXPENSES: Onshore facilities and transportation — — 225,716 313 — 226,029 Marine transportation costs — — 35,789 — — 35,789 Sodium minerals and sulfur services operating costs — — 78,869 2,092 (1,596 ) 79,365 Offshore pipeline transportation operating costs — — 17,928 762 — 18,690 General and administrative — — 19,409 — — 19,409 Depreciation and amortization — — 63,107 625 — 63,732 Gain on sale of assets — — — — — — Total costs and expenses — — 440,818 3,792 (1,596 ) 443,014 OPERATING INCOME — — 40,226 2,874 — 43,100 Equity in earnings of subsidiaries 55,971 — (388 ) — (55,583 ) — Equity in earnings of equity investees — — 13,044 — — 13,044 Interest (expense) income, net (47,383 ) — 3,450 (3,455 ) — (47,388 ) Other expense (2,276 ) — — — — (2,276 ) Income before income taxes 6,312 — 56,332 (581 ) (55,583 ) 6,480 Income tax benefit (expense) — — (322 ) 2 — (320 ) NET INCOME 6,312 — 56,010 (579 ) (55,583 ) 6,160 Net loss attributable to noncontrolling interest — — — 152 — 152 NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. $ 6,312 $ — $ 56,010 $ (427 ) $ (55,583 ) $ 6,312 Less: Accumulated distributions attributable to Series A Convertible Preferred Units (5,469 ) — — — — (5,469 ) NET INCOME AVAILABLE TO COMMON UNIT HOLDERS $ 843 $ — $ 56,010 $ (427 ) $ (55,583 ) $ 843 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 Sodium minerals and sulfur services — — 45,262 2,981 (2,518 ) 45,725 Marine transportation — — 55,285 — — 55,285 Onshore facilities and transportation — — 264,326 4,997 — 269,323 Total revenues — — 454,590 7,978 (2,518 ) 460,050 COSTS AND EXPENSES: Onshore facilities and transportation costs — — 252,450 255 — 252,705 Marine transportation costs — — 38,490 — — 38,490 Sodium minerals and sulfur services operating costs — — 24,577 3,018 (2,518 ) 25,077 Offshore pipeline transportation operating costs — — 22,533 589 — 23,122 General and administrative — — 11,212 — — 11,212 Depreciation and amortization — — 53,640 625 — 54,265 Total costs and expenses — — 402,902 4,487 (2,518 ) 404,871 OPERATING INCOME — — 51,688 3,491 — 55,179 Equity in earnings of subsidiaries 66,811 — 28 — (66,839 ) — Equity in earnings of equity investees — — 12,488 — — 12,488 Interest (expense) income, net (34,710 ) — 3,595 (3,620 ) — (34,735 ) Other expense — — — — — — Income before income taxes 32,101 — 67,799 (129 ) (66,839 ) 32,932 Income tax expense — — (949 ) — — (949 ) NET INCOME 32,101 — 66,850 (129 ) (66,839 ) 31,983 Net loss attributable to noncontrolling interest — — — 118 — 118 NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. $ 32,101 $ — $ 66,850 $ (11 ) $ (66,839 ) $ 32,101 Less: Accumulated distributions attributable to Series A Convertible Preferred Units — — — — — — NET INCOME AVAILABLE TO COMMON UNIT HOLDERS $ 32,101 $ — $ 66,850 $ (11 ) $ (66,839 ) $ 32,101 Unaudited Condensed Consolidating Statement of Operations Nine Months Ended September 30, 2017 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated REVENUES: Offshore pipeline transportation services $ — $ — $ 243,437 $ — $ — $ 243,437 Sodium minerals and sulfur services — — 197,321 5,968 (5,410 ) 197,879 Marine transportation — — 152,038 — — 152,038 Onshore facilities and transportation — — 700,908 14,066 — 714,974 Total revenues — — 1,293,704 20,034 (5,410 ) 1,308,328 COSTS AND EXPENSES: Onshore facilities and transportation costs — — 661,842 853 — 662,695 Marine transportation costs — — 111,980 — — 111,980 Sodium minerals and sulfur services operating costs — — 132,608 6,137 (5,410 ) 133,335 Offshore pipeline transportation operating costs — — 52,396 2,286 — 54,682 General and administrative — — 38,723 — — 38,723 Depreciation and amortization — — 174,578 1,875 — 176,453 Gain on sale of assets — — (26,684 ) — — (26,684 ) Total costs and expenses — — 1,145,443 11,151 (5,410 ) 1,151,184 OPERATING INCOME — — 148,261 8,883 — 157,144 Equity in earnings of subsidiaries 191,471 — (1,033 ) — (190,438 ) — Equity in earnings of equity investees — — 34,805 — — 34,805 Interest (expense) income, net (122,060 ) — 10,436 (10,493 ) — (122,117 ) Other expense (2,276 ) — — — — (2,276 ) Income before income taxes 67,135 — 192,469 (1,610 ) (190,438 ) 67,556 Income tax expense — — (880 ) 2 — (878 ) NET INCOME 67,135 — 191,589 (1,608 ) (190,438 ) 66,678 Net loss attributable to noncontrolling interest — — — 457 — 457 NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. $ 67,135 $ — $ 191,589 $ (1,151 ) $ (190,438 ) $ 67,135 Less: Accumulated distributions attributable to Series A Convertible Preferred Units (5,469 ) — — — — $ (5,469 ) NET INCOME AVAILABLE TO COMMON UNIT HOLDERS $ 61,666 $ — $ 191,589 $ (1,151 ) $ (190,438 ) $ 61,666 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 Sodium minerals and sulfur services — — 129,671 5,499 (5,585 ) 129,585 Marine transportation — — 159,930 — — 159,930 Onshore facilities and transportation — — 734,560 15,528 — 750,088 Total revenues — — 1,268,998 21,027 (5,585 ) 1,284,440 COSTS AND EXPENSES: Onshore facilities and transportation costs — — 691,763 831 — 692,594 Marine transportation costs — — 105,942 — — 105,942 Sodium minerals and sulfur services operating costs — — 67,190 6,036 (5,585 ) 67,641 Offshore pipeline transportation operating costs — — 61,882 1,850 — 63,732 General and administrative — — 34,716 — — 34,716 Depreciation and amortization — — 154,925 1,875 — 156,800 Total costs and expenses — — 1,116,418 10,592 (5,585 ) 1,121,425 OPERATING INCOME — — 152,580 10,435 — 163,015 Equity in earnings of subsidiaries 195,674 — (50 ) — (195,624 ) — Equity in earnings of equity investees — — 35,362 — — 35,362 Interest (expense) income, net (104,543 ) — 10,861 (10,975 ) — (104,657 ) Other expense — — — — — — Income before income taxes 91,131 — 198,753 (540 ) (195,624 ) 93,720 Income tax (expense) benefit — — (2,956 ) (3 ) — (2,959 ) NET INCOME 91,131 — 195,797 (543 ) (195,624 ) 90,761 Net loss attributable to noncontrolling interest — — — 370 — 370 NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. $ 91,131 $ — $ 195,797 $ (173 ) $ (195,624 ) $ 91,131 Less: Accumulated distributions attributable to Series A Convertible Preferred Units — — — — — $ — NET INCOME AVAILABLE TO COMMON UNIT HOLDERS $ 91,131 $ — $ 195,797 $ (173 ) $ (195,624 ) $ 91,131 Unaudited Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2017 Genesis Energy, L.P. (Parent and Co-Issuer) Genesis Energy Finance Corporation (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Genesis Energy, L.P. Consolidated Net cash provided by operating activities $ 142,721 $ — $ 333,709 $ (8,346 ) $ (250,294 ) $ 217,790 CASH FLOWS FROM INVESTING ACTIVITIES: Payments to acquire fixed and intangible assets — — (182,653 ) — — (182,653 ) Cash distributions received from equity investees - return of investment — — 14,517 — — 14,517 Investments in equity investees (140,513 ) — — — 140,513 — Acquisitions — — (1,325,759 ) — — (1,325,759 ) Intercompany transfers (1,238,585 ) — — — 1,238,585 — Repayments on loan to non-guarantor subsidiary — — (159 ) — 159 — Contributions in aid of construction costs — — 124 — — 124 Proceeds from asset sales — — 39,204 — — 39,204 Other, net — — — — — — Net cash used in investing activities (1,379,098 ) — (1,454,726 ) — 1,379,257 (1,454,567 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings on senior secured credit facility 1,247,700 — — — — 1,247,700 Repayments on senior secured credit facility (1,153,400 ) — — — — (1,153,400 ) Proceeds from issuance of senior unsecured notes 550,000 — — — — 550,000 Proceeds from issuance of Series A convertible preferred units, net 729,958 — — — — 729,958 Debt issuance costs (17,808 ) — — — — (17,808 ) Intercompany transfers — — 1,242,475 (3,890 ) (1,238,585 ) — Issuance of common units for cash, net 140,513 — 140,513 — (140,513 ) 140,513 Distributions to common unitholders (260,586 ) — (260,586 ) — 260,586 (260,586 ) Contributions from noncontrolling interest — — — 1,850 — 1,850 Other, net — — 1,215 10,451 (10,451 ) 1,215 Net cash used in financing activities 1,236,377 — 1,123,617 8,411 (1,128,963 ) 1,239,442 Net increase in cash and cash equivalents — — 2,600 65 — 2,665 Cash and cash equivalents at beginning of period 6 — 6,360 663 — 7,029 Cash and cash equivalents at end of period $ 6 $ — $ 8,960 $ 728 $ — $ 9,694 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 common unitholders (227,454 ) — (227,454 ) — 227,454 (227,454 ) Other, net — — (600 ) 10,937 (10,937 ) (600 ) Net cash provided by financing activities 121,019 — 34,853 (8,067 ) (27,386 ) 120,419 Net decrease in cash and cash equivalents — — (6,162 ) (1,286 ) — (7,448 ) Cash and cash equivalents at beginning of period 6 — 8,288 2,601 — 10,895 Cash and cash equivalents at end of period $ 6 $ — $ 2,126 $ 1,315 $ — $ 3,447 |
Organization and Basis of Pre38
Organization and Basis of Presentation and Consolidation (Details) $ in Thousands | Sep. 01, 2017USD ($) | Sep. 30, 2017USD ($)segment | Sep. 30, 2016USD ($) | Aug. 14, 2017USD ($) | Dec. 31, 2016USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Limited Partners' ownership percentage | 100.00% | ||||
Number of reportable segments | segment | 4 | ||||
Business Acquisition [Line Items] | |||||
Cash payment to acquire business | $ 1,325,759 | $ 25,394 | |||
6.500% Senior Unsecured Notes Due October 2025 | |||||
Business Acquisition [Line Items] | |||||
Debt issued | $ 550,000 | $ 0 | |||
Private Placement | Class A Convertible Preferred Stock Units | |||||
Business Acquisition [Line Items] | |||||
Proceeds from issuance of convertible preferred stock, gross | $ 750,000 | ||||
Alkali Business | |||||
Business Acquisition [Line Items] | |||||
Cash payment to acquire business | 1,325,000 | ||||
Alkali Business | 6.500% Senior Unsecured Notes Due October 2025 | |||||
Business Acquisition [Line Items] | |||||
Debt issued | 550,000 | $ 550,000 | |||
Alkali Business | Private Placement | Class A Convertible Preferred Stock Units | |||||
Business Acquisition [Line Items] | |||||
Proceeds from issuance of convertible preferred stock, gross | $ 750,000 |
Acquisition and Divestiture (Na
Acquisition and Divestiture (Narrative) (Details) - USD ($) $ in Thousands | Sep. 01, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Aug. 14, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||||
Cash payment to acquire business | $ 1,325,759 | $ 25,394 | |||
Proceeds from issuance of Series A convertible preferred units, net | 729,958 | $ 0 | |||
6.500% Senior Unsecured Notes Due October 2025 | |||||
Business Acquisition [Line Items] | |||||
Debt issued | $ 550,000 | $ 0 | |||
Senior unsecured notes, stated rate | 6.50% | 6.50% | |||
Class A Convertible Preferred Stock Units | Private Placement | |||||
Business Acquisition [Line Items] | |||||
Proceeds from issuance of convertible preferred stock, gross | $ 750,000 | ||||
Alkali Business | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Transaction Costs | $ 10,400 | ||||
Cash payment to acquire business | 1,325,000 | ||||
Working capital included in cash payment to acquire business | $ 100,000 | ||||
Average useful life of fixed assets acquired | 15 years | ||||
Alkali Business | 6.500% Senior Unsecured Notes Due October 2025 | |||||
Business Acquisition [Line Items] | |||||
Debt issued | $ 550,000 | $ 550,000 | |||
Senior unsecured notes, stated rate | 6.50% | 6.50% | |||
Proceeds from issuance of unsecured debt | $ 540,100 | ||||
Alkali Business | Class A Convertible Preferred Stock Units | Private Placement | |||||
Business Acquisition [Line Items] | |||||
Proceeds from issuance of convertible preferred stock, gross | 750,000 | ||||
Proceeds from issuance of Series A convertible preferred units, net | $ 726,200 |
Acquisition and Divestiture (Al
Acquisition and Divestiture (Allocation of Purchase Price) (Details) - Alkali Business $ in Thousands | Sep. 01, 2017USD ($) |
Business Acquisition [Line Items] | |
Accounts receivable | $ 138,291 |
Inventories | 31,944 |
Other current assets | 13,947 |
Fixed assets | 617,878 |
Mineral leaseholds | 623,137 |
Accounts payable | (51,534) |
Other current liabilities | (29,870) |
Other long-term liabilities | (18,793) |
Total Purchase Price | $ 1,325,000 |
Acquisition and Divestiture (Se
Acquisition and Divestiture (Selected Financial Information) (Details) - Alkali Business - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
SelectedFinancialInformation [Line Items] | ||
Revenues | $ 66,003 | $ 66,003 |
Net income | $ 10,654 | $ 10,654 |
Acquisition and Divestiture (Sc
Acquisition and Divestiture (Schedule of Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
As reported net income per unit (in dollars per share) | $ 0.01 | $ 0.28 | $ 0.51 | $ 0.81 |
Alkali Business | ||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Revenues | $ 615,275 | $ 653,749 | $ 1,829,389 | $ 1,872,939 |
Net Income Attributable to Genesis Energy, L.P. | 10,978 | 31,400 | 59,314 | 78,113 |
Net Income Available to Common Unitholders | $ (5,276) | $ 15,943 | $ 10,939 | $ 31,853 |
As reported net income per unit (in dollars per share) | $ 0.01 | $ 0.28 | $ 0.51 | $ 0.81 |
Pro forma net income per unit (in dollars per share) | $ (0.04) | $ 0.14 | $ 0.09 | $ 0.28 |
Inventories (Schedule of Major
Inventories (Schedule of Major Components of Inventories) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Petroleum products | $ 2,618 | $ 11,550 |
Crude oil | 46,035 | 73,133 |
Caustic soda | 5,381 | 4,593 |
NaHS | 11,176 | 9,304 |
Raw materials - Alkali Operations | 4,560 | 0 |
Work-in-process - Alkali Operations | 4,751 | 0 |
Finished goods, net - Alkali Operations | 14,197 | 0 |
Materials and supplies, net - Alkali Operations | 9,840 | 0 |
Other | 0 | 7 |
Total | $ 98,558 | $ 98,587 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | ||
Inventory Write-down | $ 0 | $ 0 |
Fixed Assets and Mineral Leas45
Fixed Assets and Mineral Leaseholds (Schedule of Fixed Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fixed assets, at cost | $ 5,522,292 | $ 4,763,396 |
Less: Accumulated depreciation | (681,900) | (548,532) |
Net fixed assets | 4,840,392 | 4,214,864 |
Crude oil pipelines and natural gas pipelines and related assets | ||
Fixed assets, at cost | 3,004,618 | 2,901,202 |
Onshore facilities, machinery, and equipment | ||
Fixed assets, at cost | 757,874 | 427,658 |
Onshore facilities, machinery, and equipment | Alkali Business | ||
Fixed assets, at cost | 617,878 | 0 |
Transportation equipment | ||
Fixed assets, at cost | 17,995 | 17,543 |
Marine vessels | ||
Fixed assets, at cost | 898,582 | 863,199 |
Land, buildings and improvements | ||
Fixed assets, at cost | 103,774 | 55,712 |
Office equipment, furniture and fixtures | ||
Fixed assets, at cost | 9,681 | 9,654 |
Construction in progress | ||
Fixed assets, at cost | 58,069 | 440,225 |
Other | ||
Fixed assets, at cost | $ 53,821 | $ 48,203 |
Fixed Assets and Mineral Leas46
Fixed Assets and Mineral Leaseholds (Mineral Leaseholds) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Abstract] | ||
Mineral leaseholds | $ 623,137 | |
Less: Accumulated depletion | (381) | |
Mineral leaseholds, net | $ 622,756 | $ 0 |
Fixed Assets and Mineral Leas47
Fixed Assets and Mineral Leaseholds (Depreciation and Depletion Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Fixed Assets And Asset Retirement Obligations [Abstract] | ||||
Depreciation expense | $ 57,117 | $ 46,909 | $ 157,438 | $ 135,428 |
Depletion Expense | $ 381 | $ 0 | $ 381 | $ 0 |
Fixed Assets and Mineral Leas48
Fixed Assets and Mineral Leaseholds (ARO Rollforward) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
ARO liability balance, December 31, 2016 | $ 213,726 |
Accretion expense | 8,257 |
Change in estimate | 7,875 |
Acquisitions | 2,444 |
Divestitures | (7,649) |
Settlements | (21,252) |
Other | 240 |
ARO liability balance, September 30, 2017 | $ 203,641 |
Fixed Assets and Mineral Leas49
Fixed Assets and Mineral Leaseholds (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Asset Retirement Obligations Details [Line Items] | ||
Asset Retirement Obligation | $ 203,641 | $ 213,726 |
Accrued Liabilities | ||
Asset Retirement Obligations Details [Line Items] | ||
Asset Retirement Obligation | $ 19,300 | $ 22,400 |
Fixed Assets and Mineral Leas50
Fixed Assets and Mineral Leaseholds (Forecast of Accretion Expense) (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Fixed Assets And Asset Retirement Obligations [Abstract] | |
Remainder of 2017 | $ 2,741 |
2,018 | 9,686 |
2,019 | 8,782 |
2,020 | 9,378 |
2,021 | $ 10,014 |
Equity Investees (Narrative) (D
Equity Investees (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Equity Method Investments [Line Items] | ||
Unamortized excess cost amount | $ 386.3 | $ 398.1 |
Equity Investees (Consolidated
Equity Investees (Consolidated Financial Statements Related to Equity Investees) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Genesis' share of operating earnings | $ 16,986 | $ 16,444 | $ 46,631 | $ 47,281 |
Amortization of excess purchase price | (3,942) | (3,956) | (11,826) | (11,919) |
Net equity in earnings | 13,044 | 12,488 | 34,805 | 35,362 |
Distributions received | $ 20,180 | $ 21,551 | $ 60,371 | $ 66,180 |
Equity Investees (Schedule of B
Equity Investees (Schedule of Balance Sheet Information for Equity Investees) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Current assets | $ 18,638 | $ 17,111 |
Fixed assets, net | 221,123 | 232,736 |
Other assets | 1,282 | 861 |
Total assets | 241,043 | 250,708 |
Current liabilities | 20,683 | 20,727 |
Other liabilities | 231,469 | 219,644 |
Equity | (11,109) | 10,337 |
Total liabilities and equity | $ 241,043 | $ 250,708 |
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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Revenues | $ 30,597 | $ 31,219 | $ 88,003 | $ 90,658 |
Operating income | 22,334 | 23,107 | 63,159 | 68,166 |
Net income | $ 20,739 | $ 21,921 | $ 58,754 | $ 64,670 |
Intangible Assets (Schedule of
Intangible Assets (Schedule of Components of Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 395,870 | $ 395,692 |
Accumulated Amortization | 208,429 | 190,805 |
Carrying Value | 187,441 | 204,887 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 94,654 | 94,654 |
Accumulated Amortization | 91,809 | 89,756 |
Carrying Value | 2,845 | 4,898 |
Licensing agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 38,678 | 38,678 |
Accumulated Amortization | 35,947 | 34,204 |
Carrying Value | 2,731 | 4,474 |
Segment total | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 133,332 | 133,332 |
Accumulated Amortization | 127,756 | 123,960 |
Carrying Value | 5,576 | 9,372 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 35,430 | 35,430 |
Accumulated Amortization | 34,731 | 33,676 |
Carrying Value | 699 | 1,754 |
Intangibles associated with lease | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 13,260 | 13,260 |
Accumulated Amortization | 4,815 | 4,459 |
Carrying Value | 8,445 | 8,801 |
Segment total | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 48,690 | 48,690 |
Accumulated Amortization | 39,546 | 38,135 |
Carrying Value | 9,144 | 10,555 |
Marine contract intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 27,000 | 27,000 |
Accumulated Amortization | 10,350 | 6,300 |
Carrying Value | 16,650 | 20,700 |
Offshore pipeline contract intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 158,101 | 158,101 |
Accumulated Amortization | 18,029 | 11,788 |
Carrying Value | 140,072 | 146,313 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 28,747 | 28,569 |
Accumulated Amortization | 12,748 | 10,622 |
Carrying Value | $ 15,999 | $ 17,947 |
Intangible Assets (Schedule o56
Intangible Assets (Schedule of Amortization and Future Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||
Amortization expense on intangible assets | $ 5,879 | $ 6,122 | $ 17,623 | $ 18,154 |
Estimated amortization expense, remainder of 2017 | 5,919 | 5,919 | ||
Estimated amortization expense, 2018 | 21,506 | 21,506 | ||
Estimated amortization expense, 2019 | 17,171 | 17,171 | ||
Estimated amortization expense, 2020 | 16,237 | 16,237 | ||
Estimated amortization expense, 2021 | $ 10,627 | $ 10,627 |
Debt (Schedule of Obligations U
Debt (Schedule of Obligations Under Debt Arrangements) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Senior secured credit facility | $ 1,372,500 | $ 1,278,200 |
Unamortized Debt Issuance Expense and Discounts (Premiums) | 41,951 | 36,831 |
Senior unsecured notes | 2,358,049 | 1,813,169 |
Long-term debt, Face Values | 3,772,500 | 3,128,200 |
Total long-term debt | $ 3,730,549 | $ 3,091,369 |
5.750% senior unsecured notes due February 2021 | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes, stated rate | 5.75% | 5.75% |
Debt Instrument, Face Amount | $ 350,000 | $ 350,000 |
Unamortized Debt Issuance Expense and Discounts (Premiums) | 3,399 | 4,163 |
Senior unsecured notes | $ 346,601 | $ 345,837 |
6.750% senior unsecured notes due August 2022 | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes, stated rate | 6.75% | 6.75% |
Debt Instrument, Face Amount | $ 750,000 | $ 750,000 |
Unamortized Debt Issuance Expense and Discounts (Premiums) | 16,889 | 19,296 |
Senior unsecured notes | $ 733,111 | $ 730,704 |
6.000% senior unsecured notes due May 2023 | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes, stated rate | 6.00% | 6.00% |
Debt Instrument, Face Amount | $ 400,000 | $ 400,000 |
Unamortized Debt Issuance Expense and Discounts (Premiums) | 5,958 | 6,758 |
Senior unsecured notes | $ 394,042 | $ 393,242 |
5.625% senior unsecured notes due June 2024 | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes, stated rate | 5.625% | 5.625% |
Debt Instrument, Face Amount | $ 350,000 | $ 350,000 |
Unamortized Debt Issuance Expense and Discounts (Premiums) | 5,941 | 6,614 |
Senior unsecured notes | $ 344,059 | $ 343,386 |
6.500% senior unsecured notes due October 2025 | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes, stated rate | 6.50% | 6.50% |
Debt Instrument, Face Amount | $ 550,000 | $ 0 |
Unamortized Debt Issuance Expense and Discounts (Premiums) | 9,764 | 0 |
Senior unsecured notes | 540,236 | 0 |
Credit Facility [Domain] | ||
Debt Instrument [Line Items] | ||
Unamortized Debt Issuance Expense and Discounts (Premiums) | $ 0 | $ 0 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | Aug. 14, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 01, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||||
Unamortized Debt Issuance Expense and Discounts (Premiums) | $ 41,951,000 | $ 36,831,000 | |||
Proceeds from issuance of unsecured debt | 550,000,000 | $ 0 | |||
Amended Facility | Accordion Feature [Member] | |||||
Debt Instrument [Line Items] | |||||
Line Of Credit Facility Aggregate Maximum Borrowing Capacity | $ 2,000,000,000 | ||||
Minimum | |||||
Debt Instrument [Line Items] | |||||
Letter of Credit, Fee Percentage | 1.50% | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||
Maximum | |||||
Debt Instrument [Line Items] | |||||
Letter of Credit, Fee Percentage | 3.00% | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | ||||
5.750% senior unsecured notes due February 2021 | |||||
Debt Instrument [Line Items] | |||||
Unamortized Debt Issuance Expense and Discounts (Premiums) | $ 3,399,000 | $ 4,163,000 | |||
Senior unsecured notes, stated rate | 5.75% | 5.75% | |||
Debt issued | $ 350,000,000 | $ 350,000,000 | |||
Senior Secured Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Unamortized Debt Issuance Expense and Discounts (Premiums) | 15,200,000 | 10,700,000 | |||
Credit facility, amount outstanding | 1,372,500,000 | ||||
Total amount available for borrowings under credit facility | 314,700,000 | ||||
Senior Secured Credit Facility | Letters Of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Letters of credit, outstanding amount | 12,800,000 | ||||
Senior Secured Credit Facility | Amended Facility | |||||
Debt Instrument [Line Items] | |||||
Credit facility, maximum borrowing capacity | 1,700,000,000 | ||||
Senior Secured Credit Facility | Amended Facility | Accordion Feature [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, maximum borrowing capacity | 300,000,000 | ||||
Senior Secured Credit Facility | Maximum | Letters Of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Letters of credit, outstanding amount | 100,000,000 | ||||
Senior Secured Credit Facility | Petroleum Products [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, amount outstanding | $ 38,700,000 | ||||
Eurodollar Rate | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
Eurodollar Rate | Maximum | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||
Alternate Base Rate | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
Alternate Base Rate | Maximum | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||
6.500% Senior Unsecured Notes Due October 2025 | |||||
Debt Instrument [Line Items] | |||||
Unamortized Debt Issuance Expense and Discounts (Premiums) | $ 9,764,000 | $ 0 | |||
Senior unsecured notes, stated rate | 6.50% | 6.50% | |||
Debt issued | $ 550,000,000 | $ 0 | |||
6.500% Senior Unsecured Notes Due October 2025 | Alkali Business | |||||
Debt Instrument [Line Items] | |||||
Senior unsecured notes, stated rate | 6.50% | 6.50% | |||
Debt issued | $ 550,000,000 | $ 550,000,000 | |||
Proceeds from issuance of unsecured debt | $ 540,100,000 |
Partners' Capital, Mezzanine 59
Partners' Capital, Mezzanine Equity and Distributions (Narrative) (Details) $ / shares in Units, $ in Millions | Sep. 01, 2024USD ($)directorshares | Sep. 01, 2022 | Mar. 01, 2019quarter | Sep. 01, 2017USD ($)$ / sharesshares | Mar. 24, 2017USD ($)$ / sharesshares | Sep. 01, 2019USD ($) | Sep. 30, 2017shares | Dec. 31, 2016shares |
Partners Capital And Distributions [Line Items] | ||||||||
Partners' capital, units outstanding | 122,579,218 | 117,979,218 | ||||||
Common units, issued (in shares) | 122,579,218 | 117,979,218 | ||||||
Class A Convertible Preferred Units | ||||||||
Number of convertible preferred units issued (in shares) | 22,249,494 | 0 | ||||||
Class A Convertible Preferred Stock Units | ||||||||
Class A Convertible Preferred Units | ||||||||
Maximum number of preferred units permitted to be converted (in shares) | 7,416,498 | |||||||
Consecutive period for preferred units permitted to be converted | 12 months | |||||||
Volume weighted-average percentage price percentage | 592,768 | |||||||
Percentage of volume weighted- average price per common unit | 95.00% | |||||||
Percentage of consideration payable to holders in cash for change of control | 90.00% | |||||||
Trading days in period to notify holders | 30 days | |||||||
Trading days in period prior to change in control | 30 days | |||||||
Consecutive trading days in period ending on the fifth trading day | 30 days | |||||||
Multiplier change in control percentage | 101.00% | |||||||
Class A Convertible Preferred Stock Units | Scenario, Forecast | ||||||||
Class A Convertible Preferred Units | ||||||||
Trading days in period to notify holders | 30 days | |||||||
Basis spread on variable rate over stock price | 0.0200 | |||||||
Stock reset rate percentage | 10.75% | |||||||
Percentage below issue price per share | 10.00% | |||||||
Percentage of holders required to approve rate reset election | 25.00% | |||||||
Multiplier liquidation value per share percentage before September 1, 2024 | 110.00% | |||||||
Multiplier liquidation value per share percentage after September 1, 2024 | 105.00% | |||||||
Conversion ratio per unit of stock | 1 | |||||||
Aggregate amount of conversion required, minimum | $ | $ 50 | |||||||
Number of quarters in trading period | quarter | 2 | |||||||
Aggregate amount ownership required for initial purchasers to attend Board Meetings | $ | $ 200 | |||||||
Percentage required for initial purchasers to acquire securities | 50.00% | |||||||
Aggregate number of ownership units required for initial purchasers to appoint directors | 11,124,747 | |||||||
Number of directors that initial purchasers have the right to appoint | director | 2 | |||||||
Class A Convertible Preferred Stock Units | LIBOR | Scenario, Forecast | ||||||||
Class A Convertible Preferred Units | ||||||||
Basis spread on variable rate over stock price | 0.0750 | |||||||
Class A Convertible Preferred Stock Units | Minimum | ||||||||
Class A Convertible Preferred Units | ||||||||
Premium factor percentage | 115.00% | |||||||
Class A Convertible Preferred Stock Units | Maximum | ||||||||
Class A Convertible Preferred Units | ||||||||
Premium factor percentage | 101.00% | |||||||
Class A Convertible Preferred Stock Units | In Arrears At Annual Rate | ||||||||
Class A Convertible Preferred Units | ||||||||
Stock distribution rate percentage | 8.75% | |||||||
Stock dividend rate per unit (in dollars per share) | $ / shares | $ 2.9496 | |||||||
Class A Convertible Preferred Stock Units | Quarterly Rate | ||||||||
Class A Convertible Preferred Units | ||||||||
Stock distribution rate percentage | 2.1875% | |||||||
Stock dividend rate per unit (in dollars per share) | $ / shares | $ 0.7374 | |||||||
Class A Convertible Preferred Stock Units | Private Placement | ||||||||
Class A Convertible Preferred Units | ||||||||
Value of convertible preferred units issued | $ | $ 750 | |||||||
Number of convertible preferred units issued (in shares) | 22,249,494 | |||||||
Cash purchase price per unit (in dollars per share) | $ / shares | $ 33.71 | |||||||
Number of initial purchasers | 2 | |||||||
Limited Partner | Common Class A | ||||||||
Partners Capital And Distributions [Line Items] | ||||||||
Partners' capital, units outstanding | 122,539,221 | |||||||
Limited Partner | Common Class B | ||||||||
Partners Capital And Distributions [Line Items] | ||||||||
Partners' capital, units outstanding | 39,997 | |||||||
Common Class A | ||||||||
Partners Capital And Distributions [Line Items] | ||||||||
Common units, issued (in shares) | 4,600,000 | |||||||
Sale of stock, price per share (in dollars per share) | $ / shares | $ 30.65 | |||||||
Common units issued to underwriters | 600,000 | |||||||
Public sale of units net of offering costs | $ | $ 140.5 |
Partners' Capital, Mezzanine 60
Partners' Capital, Mezzanine Equity and Distributions (Distributions) (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 14, 2017 | Aug. 14, 2017 | May 15, 2017 | Feb. 14, 2017 | Nov. 14, 2016 | Aug. 12, 2016 | May 13, 2016 |
Partners Capital And Distributions [Line Items] | |||||||
Date Paid | Aug. 14, 2017 | May 15, 2017 | Feb. 14, 2017 | Nov. 14, 2016 | Aug. 12, 2016 | May 13, 2016 | |
Per Unit Amount | $ 0.7225 | $ 0.7200 | $ 0.7100 | $ 0.7000 | $ 0.6900 | $ 0.6725 | |
Total Amount | $ 88,563 | $ 88,257 | $ 83,765 | $ 82,585 | $ 81,406 | $ 73,961 | |
Scenario, Forecast | |||||||
Partners Capital And Distributions [Line Items] | |||||||
Date Paid | Nov. 14, 2017 | ||||||
Per Unit Amount | $ 0.5000 | ||||||
Total Amount | $ 61,290 |
Net Income Per Common Unit (Det
Net Income Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 01, 2017 | Dec. 31, 2016 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Number of convertible preferred units issued (in shares) | 22,249,494 | 22,249,494 | 0 | |||
Net Income Attributable to Genesis Energy L.P. | $ 6,312 | $ 32,101 | $ 67,135 | $ 91,131 | ||
Less: Accumulated distributions attributable to Series A Convertible Preferred Units | (5,469) | 0 | (5,469) | 0 | ||
Net Income Available to Common Unitholders | $ 843 | $ 32,101 | $ 61,666 | $ 91,131 | ||
Weighted Average Outstanding Shares (in shares) | 122,579,000 | 115,718,000 | 121,198,000 | 111,906,000 | ||
Basic and Diluted Net Income per Common Unit (in dollars per unit) | $ 0.01 | $ 0.28 | $ 0.51 | $ 0.81 | ||
Alkali Business | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Basic and Diluted Net Income per Common Unit (in dollars per unit) | $ 0.01 | $ 0.28 | $ 0.51 | $ 0.81 | ||
Private Placement | Class A Convertible Preferred Stock Units | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Number of convertible preferred units issued (in shares) | 22,249,494 |
Business Segment Information (N
Business Segment Information (Narrative) (Details) $ in Thousands | Sep. 01, 2017USD ($) | Sep. 30, 2017USD ($)segment | Sep. 30, 2016USD ($) | Aug. 14, 2017USD ($) | Dec. 31, 2016USD ($) |
Segment Reporting Information [Line Items] | |||||
Cash payment to acquire business | $ 1,325,759 | $ 25,394 | |||
Number of reportable segments | segment | 4 | ||||
6.500% Senior Unsecured Notes Due October 2025 | |||||
Segment Reporting Information [Line Items] | |||||
Debt issued | $ 550,000 | $ 0 | |||
Private Placement | Class A Convertible Preferred Stock Units | |||||
Segment Reporting Information [Line Items] | |||||
Proceeds from issuance of convertible preferred stock, gross | $ 750,000 | ||||
Alkali Business | |||||
Segment Reporting Information [Line Items] | |||||
Cash payment to acquire business | 1,325,000 | ||||
Alkali Business | 6.500% Senior Unsecured Notes Due October 2025 | |||||
Segment Reporting Information [Line Items] | |||||
Debt issued | 550,000 | $ 550,000 | |||
Alkali Business | Private Placement | Class A Convertible Preferred Stock Units | |||||
Segment Reporting Information [Line Items] | |||||
Proceeds from issuance of convertible preferred stock, gross | $ 750,000 |
Business Segment Information (S
Business Segment Information (Schedule of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Segment margin | $ 146,514 | $ 141,340 | $ 419,159 | $ 428,707 |
Total revenues | 486,114 | 460,050 | 1,308,328 | 1,284,440 |
Offshore pipeline transportation | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 80,671 | 89,717 | 243,437 | 244,837 |
Sodium minerals and sulfur services | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 109,765 | 45,725 | 197,879 | 129,585 |
Marine transportation | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 48,534 | 55,285 | 152,038 | 159,930 |
Onshore Facilities & Transportation | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 247,144 | 269,323 | 714,974 | 750,088 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 146,514 | 141,340 | 419,159 | 428,707 |
Capital Expenditures | 1,383,712 | 116,750 | 1,500,549 | 358,429 |
External customers | 486,114 | 460,050 | 1,308,328 | 1,284,440 |
Operating Segments | Offshore pipeline transportation | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 78,228 | 86,557 | 243,528 | 249,457 |
Capital Expenditures | 2,356 | 3,977 | 8,498 | 35,175 |
External customers | 80,671 | 89,717 | 244,653 | 242,672 |
Operating Segments | Sodium minerals and sulfur services | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 30,031 | 20,526 | 63,864 | 61,586 |
Capital Expenditures | 1,330,947 | 488 | 1,331,892 | 1,645 |
External customers | 111,756 | 48,069 | 204,237 | 136,437 |
Operating Segments | Marine transportation | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 12,649 | 16,697 | 39,768 | 53,695 |
Capital Expenditures | 23,831 | 26,937 | 44,496 | 62,928 |
External customers | 46,084 | 53,573 | 143,599 | 155,197 |
Operating Segments | Onshore Facilities & Transportation | ||||
Segment Reporting Information [Line Items] | ||||
Segment margin | 25,606 | 17,560 | 71,999 | 63,969 |
Capital Expenditures | 26,578 | 85,348 | 115,663 | 258,681 |
External customers | 247,603 | 268,691 | 715,839 | 750,134 |
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 | (1,216) | 2,165 |
Intersegment Eliminations | Sodium minerals and sulfur services | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment | (1,991) | (2,344) | (6,358) | (6,852) |
Intersegment Eliminations | Marine transportation | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment | 2,450 | 1,712 | 8,439 | 4,733 |
Intersegment Eliminations | Onshore Facilities & Transportation | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment | $ (459) | $ 632 | $ (865) | $ (46) |
Business Segment Information 64
Business Segment Information (Schedule of Total Assets by Reportable Segment) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 7,137,634 | $ 5,702,592 |
Offshore pipeline transportation | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 2,507,540 | 2,575,335 |
Sodium minerals and sulfur services | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 1,826,815 | 395,043 |
Marine transportation | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 811,870 | 813,722 |
Onshore Facilities & Transportation | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 1,939,355 | 1,875,403 |
Other assets | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 52,054 | $ 43,089 |
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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting [Abstract] | ||||
Total Segment Margin | $ 146,514 | $ 141,340 | $ 419,159 | $ 428,707 |
Corporate general and administrative expenses | (18,230) | (10,420) | (33,694) | (32,269) |
Depreciation, depletion, amortization and accretion | (66,436) | (57,103) | (184,213) | (168,491) |
Interest expense | (47,388) | (34,735) | (122,117) | (104,657) |
Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income (1) | (7,136) | (9,063) | (25,566) | (30,818) |
Non-cash items not included in Segment Margin | (4,788) | 993 | (6,218) | (3,366) |
Cash payments from direct financing leases in excess of earnings | (1,751) | (1,586) | (5,127) | (4,645) |
Differences in timing of cash receipts for certain contractual arrangements | 5,847 | 3,624 | 11,694 | 9,629 |
Gain on sale of assets | 0 | 0 | 26,684 | 0 |
Non-cash provision for leased items no longer in use | 0 | 0 | (12,589) | 0 |
Income tax expense | (320) | (949) | (878) | (2,959) |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | $ 6,312 | $ 32,101 | $ 67,135 | $ 91,131 |
Transactions with Related Par66
Transactions with Related Parties (Schedule of Transactions with Related Parties) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
ANSAC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, revenues | $ 31,774 | $ 0 | $ 31,774 | $ 0 |
Related party transaction, expenses | 454 | 0 | 454 | 0 |
Sandhill Group LLC | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, revenues | 2,153 | 2,366 | ||
Sandhill [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, revenues | 750 | 878 | ||
Poseidon Oil Pipeline Company | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, revenues | 3,170 | 1,979 | 9,236 | 5,935 |
Related party transaction, expenses | 254 | 251 | 744 | 749 |
Chief Executive Officer | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses | $ 165 | $ 165 | $ 495 | $ 495 |
Sandhill Group LLC | ||||
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 Par67
Transactions with Related Parties (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Sandhill Group LLC | |||||
Related Party Transaction [Line Items] | |||||
Due from related parties | $ 200 | $ 200 | $ 200 | ||
Revenue from Related Parties | 2,153 | $ 2,366 | |||
Poseidon Oil Pipeline Company | |||||
Related Party Transaction [Line Items] | |||||
Due from related parties | 2,000 | 2,000 | $ 1,600 | ||
Revenue from Related Parties | 3,170 | $ 1,979 | 9,236 | 5,935 | |
Management Fees Revenue | 2,100 | 6,300 | |||
Related Party Transaction, Expenses from Transactions with Related Party | 254 | 251 | 744 | 749 | |
ANSAC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from related parties | 59,406 | 59,406 | |||
Revenue from Related Parties | 31,774 | 0 | 31,774 | 0 | |
Related Party Transaction, Expenses from Transactions with Related Party | $ 454 | $ 0 | $ 454 | $ 0 |
Transactions with Related Par68
Transactions with Related Parties (ANSAC) (Details) - ANSAC [Member] $ in Thousands | Sep. 30, 2017USD ($) |
ANSAC Related Party Transactions [Line Items] | |
Due from related parties | $ 59,406 |
Due to Related Parties | $ 1,317 |
Supplemental Cash Flow Inform69
Supplemental Cash Flow Information (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | ||
Payments of interest and commitment fees | $ 126.9 | $ 125.1 |
Interest paid, capitalized | 13.8 | 19.9 |
Incurred liabilities for fixed and intangible asset additions | $ 25.7 | $ 55.3 |
Supplemental Cash Flow Inform70
Supplemental Cash Flow Information (Net Changes in Components of Operating Assets and Liabilities) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | ||
(Increase) decrease in Accounts receivable | $ (79,938) | $ 11,029 |
(Increase) decrease in Inventories | 31,973 | (26,215) |
Increase (Decrease) in Deferred Charges | (293) | (5,291) |
(Increase) decrease in Other current assets | (2,769) | 5,184 |
Increase (decrease) in Accounts payable | 32,896 | (27,213) |
Increase (decrease) in Accrued liabilities | (8,131) | (20,901) |
Net changes in components of operating assets and liabilities | $ (26,262) | $ (63,407) |
Derivatives (Schedule of Outsta
Derivatives (Schedule of Outstanding Derivatives Entered Into to Hedge Inventory or Fixed Price Purchase Commitments) (Details) bbl in Thousands | 9 Months Ended |
Sep. 30, 2017bbl$ / bbl | |
Future | Sell (Short) Contracts | Crude Oil | Designated as Hedging Instrument | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl | 694 |
Weighted average contract price per gal | $ / bbl | 48.03 |
Future | Sell (Short) Contracts | Crude Oil | Not Designated As Hedging Instrument | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl | 482 |
Weighted average contract price per gal | $ / bbl | 50.17 |
Future | Sell (Short) Contracts | Diesel Futures [Member] | Not Designated As Hedging Instrument | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl | 11 |
Weighted average contract price per gal | $ / bbl | 1.71 |
Future | Sell (Short) Contracts | RBOB Gas Futures [Member] | Not Designated As Hedging Instrument | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl | 0 |
Weighted average contract price per gal | $ / bbl | 0 |
Future | Sell (Short) Contracts | Fuel Oil Futures | Not Designated As Hedging Instrument | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl | 175 |
Weighted average contract price per gal | $ / bbl | 48.10 |
Future | Buy (Long) Contracts | Crude Oil | Designated as Hedging Instrument | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl | 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 | bbl | 322 |
Weighted average contract price per gal | $ / bbl | 50.76 |
Future | Buy (Long) Contracts | Diesel Futures [Member] | Not Designated As Hedging Instrument | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl | 11 |
Weighted average contract price per gal | $ / bbl | 1.76 |
Future | Buy (Long) Contracts | RBOB Gas Futures [Member] | Not Designated As Hedging Instrument | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl | 4 |
Weighted average contract price per gal | $ / bbl | 1.59 |
Future | Buy (Long) Contracts | Fuel Oil Futures | Not Designated As Hedging Instrument | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl | 70 |
Weighted average contract price per gal | $ / bbl | 48.51 |
Options | Sell (Short) Contracts | Crude Oil | Not Designated As Hedging Instrument | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl | 50 |
Underlying, Derivative | $ / bbl | 0.63 |
Options | Buy (Long) Contracts | Crude Oil | Not Designated As Hedging Instrument | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl | 20 |
Underlying, Derivative | $ / bbl | 0.19 |
Derivatives (Schedule of Fair V
Derivatives (Schedule of Fair Value of Derivative Assets and Liabilities) (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Embedded Derivative, Fair Value, Liability | $ (36,700,000) | |
Current Assets - Other | Commodity Derivatives | Not Designated As Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 503,000 | $ 443,000 |
Derivative Asset, Fair Value, Gross Liability | (503,000) | (443,000) |
Derivative Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | (1,167,000) | (1,772,000) |
Derivative Liability, Fair Value, Gross Asset | 1,167,000 | 1,772,000 |
Derivative Liability | 0 | 0 |
Current Assets - Other | Commodity Derivatives | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 43,000 | 3,321,000 |
Derivative Asset, Fair Value, Gross Liability | (43,000) | (3,321,000) |
Derivative Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | (2,643,000) | (9,506,000) |
Derivative Liability, Fair Value, Gross Asset | 2,459,000 | 7,589,000 |
Derivative Liability | (184,000) | (1,917,000) |
Other long-term liabilities | Preferred Distribution Rate Reset Election | ||
Derivatives, Fair Value [Line Items] | ||
Embedded Derivative, Fair Value, Liability | $ (36,726,000) | $ 0 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 01, 2022 | Mar. 01, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Net broker receivable | $ 3.1 | $ 5.6 | ||
Initial margin | 2.4 | 5.1 | ||
(Decrease) increase in margin deposits outstanding | 0.7 | $ 0.5 | ||
Derivatives, Fair Value [Line Items] | ||||
Embedded derivative liability | $ 36.7 | |||
Scenario, Forecast | Class A Convertible Preferred Stock Units | ||||
Derivatives, Fair Value [Line Items] | ||||
Basis spread on variable rate over stock price | 0.0200 | |||
Stock reset rate percentage | 10.75% | |||
Percentage below issue price per share | 10.00% | |||
LIBOR | Scenario, Forecast | Class A Convertible Preferred Stock Units | ||||
Derivatives, Fair Value [Line Items] | ||||
Basis spread on variable rate over stock price | 0.0750 |
Derivatives (Schedule of Effect
Derivatives (Schedule of Effect on Operating Results) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Commodity Derivatives | Onshore facilities and transportation product costs | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income | $ (4,728) | $ 1,410 | $ 9,083 | $ (12,023) |
Commodity Derivatives | Designated as Hedging Instrument | Onshore facilities and transportation product costs | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income | (3,399) | 1,672 | 8,433 | (8,279) |
Commodity Derivatives | Not Designated As Hedging Instrument | Onshore facilities and transportation product costs | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income | (1,329) | (262) | 650 | (3,744) |
Preferred Distribution Rate Reset Election | Other expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income | $ (2,276) | $ 0 | $ (2,276) | $ 0 |
Fair-Value Measurements (Placem
Fair-Value Measurements (Placement of Assets and Liabilities Within the Fair Value Hierarchy Levels) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Commodity Derivatives | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Fair Value | $ 546 | $ 3,764 |
Liabilities Fair Value | (3,810) | (11,278) |
Commodity Derivatives | 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 |
Commodity Derivatives | 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 | |
Preferred Distribution Rate Reset Election | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities Fair Value | 0 | 0 |
Preferred Distribution Rate Reset Election | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities Fair Value | 0 | 0 |
Preferred Distribution Rate Reset Election | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities Fair Value | $ (36,726) | $ 0 |
Fair-Value Measurements Fair-Va
Fair-Value Measurements Fair-Value Measurements (Reconciliation of Changes in Derivatives Classified as Level 3) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning Balance | $ 0 | $ 0 |
Initial valuation of Preferred Distribution Rate Reset Election | (34,450) | (34,450) |
Net Loss for the period included in earnings | (2,276) | (2,276) |
Ending Balance | $ (36,726) | $ (36,726) |
Fair-Value Measurements (Narrat
Fair-Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Senior unsecured notes | $ 2,358,049 | $ 1,813,169 |
Long-term Debt, Fair Value | $ 2,400,000 | $ 1,900,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Write off of Amortization of Leased Assets [Line Items] | |||||
Non-cash provision for leased items no longer in use | $ 0 | $ 0 | $ 12,589 | $ 0 | |
Onshore Facilities & Transportation | |||||
Write off of Amortization of Leased Assets [Line Items] | |||||
Non-cash provision for leased items no longer in use | $ 12,600 | ||||
Accrued Liabilities | |||||
Write off of Amortization of Leased Assets [Line Items] | |||||
Loss contingency, accrual, current | $ 4,100 | $ 4,100 |
Condensed Consolidating Finan79
Condensed Consolidating Financial Information (Narrative) (Details) $ in Billions | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Condensed Financial Statements, Captions [Line Items] | |
Guarantor Obligations, Current Carrying Value | $ 2.4 |
Genesis NEJD Pipeline, LLC | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of equity interest | 100.00% |
Condensed Consolidating Finan80
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 9,694 | $ 7,029 | $ 3,447 | $ 10,895 |
Other current assets | 581,130 | 352,540 | ||
Total current assets | 590,824 | 359,569 | ||
Fixed assets, at cost | 5,522,292 | 4,763,396 | ||
Less: Accumulated depreciation | (681,900) | (548,532) | ||
Net fixed assets | 4,840,392 | 4,214,864 | ||
Mineral Leaseholds | 622,756 | 0 | ||
Goodwill | 325,046 | 325,046 | ||
Other assets, net | 375,425 | 394,357 | ||
Advances to affiliates | 0 | 0 | ||
Equity investees | 383,191 | 408,756 | ||
Investments in subsidiaries | 0 | 0 | ||
TOTAL ASSETS | 7,137,634 | 5,702,592 | ||
Current liabilities | 364,011 | 260,803 | ||
Senior secured credit facility | 1,372,500 | 1,278,200 | ||
Senior unsecured notes | 2,358,049 | 1,813,169 | ||
Deferred tax liabilities | 26,399 | 25,889 | ||
Advances from affiliates | 0 | 0 | ||
Other liabilities | 256,462 | 204,481 | ||
Liabilities | 4,377,421 | 3,582,542 | ||
Series A Convertible Preferred Units, 22,249,494 issued and outstanding at September 30, 2017 | 691,708 | 0 | ||
Common unitholders, 122,579,218 and 117,979,218 units issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 2,077,393 | 2,130,331 | ||
Noncontrolling interests | (8,888) | (10,281) | ||
TOTAL LIABILITIES AND PARTNERS' CAPITAL | 7,137,634 | 5,702,592 | ||
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 | ||
Mineral Leaseholds | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other assets, net | 0 | 0 | ||
Advances to affiliates | 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 | ||
Advances from affiliates | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Liabilities | 0 | 0 | ||
Series A Convertible Preferred Units, 22,249,494 issued and outstanding at September 30, 2017 | 0 | 0 | ||
Common unitholders, 122,579,218 and 117,979,218 units issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 0 | 0 | ||
Noncontrolling interests | 0 | 0 | ||
TOTAL LIABILITIES AND PARTNERS' CAPITAL | 0 | 0 | ||
Reportable Legal Entities | Genesis Energy, L.P. (Parent and Co-Issuer) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 6 | 6 | 6 | 6 |
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 | ||
Mineral Leaseholds | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other assets, net | 15,229 | 10,696 | ||
Advances to affiliates | 3,889,517 | 2,650,930 | ||
Equity investees | 0 | 0 | ||
Investments in subsidiaries | 2,666,281 | 2,594,882 | ||
TOTAL ASSETS | 6,571,108 | 5,256,564 | ||
Current liabilities | 34,731 | 34,864 | ||
Senior secured credit facility | 1,372,500 | 1,278,200 | ||
Senior unsecured notes | 2,358,049 | 1,813,169 | ||
Deferred tax liabilities | 0 | 0 | ||
Advances from affiliates | 0 | 0 | ||
Other liabilities | 36,727 | 0 | ||
Liabilities | 3,802,007 | 3,126,233 | ||
Series A Convertible Preferred Units, 22,249,494 issued and outstanding at September 30, 2017 | 691,708 | 0 | ||
Common unitholders, 122,579,218 and 117,979,218 units issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 2,077,393 | 2,130,331 | ||
Noncontrolling interests | 0 | 0 | ||
TOTAL LIABILITIES AND PARTNERS' CAPITAL | 6,571,108 | 5,256,564 | ||
Reportable Legal Entities | Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 8,960 | 6,360 | 2,126 | 8,288 |
Other current assets | 569,457 | 340,555 | ||
Total current assets | 578,417 | 346,915 | ||
Fixed assets, at cost | 5,444,707 | 4,685,811 | ||
Less: Accumulated depreciation | (655,808) | (524,315) | ||
Net fixed assets | 4,788,899 | 4,161,496 | ||
Mineral Leaseholds | 622,756 | 0 | ||
Goodwill | 325,046 | 325,046 | ||
Other assets, net | 382,916 | 390,214 | ||
Advances to affiliates | 0 | 0 | ||
Equity investees | 383,191 | 408,756 | ||
Investments in subsidiaries | 81,135 | 80,735 | ||
TOTAL ASSETS | 7,162,360 | 5,713,162 | ||
Current liabilities | 321,339 | 211,591 | ||
Senior secured credit facility | 0 | 0 | ||
Senior unsecured notes | 0 | 0 | ||
Deferred tax liabilities | 26,399 | 25,889 | ||
Advances from affiliates | 3,971,992 | 2,724,224 | ||
Other liabilities | 183,552 | 165,266 | ||
Liabilities | 4,503,282 | 3,126,970 | ||
Series A Convertible Preferred Units, 22,249,494 issued and outstanding at September 30, 2017 | 0 | 0 | ||
Common unitholders, 122,579,218 and 117,979,218 units issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 2,659,078 | 2,586,192 | ||
Noncontrolling interests | 0 | 0 | ||
TOTAL LIABILITIES AND PARTNERS' CAPITAL | 7,162,360 | 5,713,162 | ||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 728 | 663 | 1,315 | 2,601 |
Other current assets | 11,836 | 12,237 | ||
Total current assets | 12,564 | 12,900 | ||
Fixed assets, at cost | 77,585 | 77,585 | ||
Less: Accumulated depreciation | (26,092) | (24,217) | ||
Net fixed assets | 51,493 | 53,368 | ||
Mineral Leaseholds | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other assets, net | 128,306 | 133,980 | ||
Advances to affiliates | 82,479 | 73,295 | ||
Equity investees | 0 | 0 | ||
Investments in subsidiaries | 0 | 0 | ||
TOTAL ASSETS | 274,842 | 273,543 | ||
Current liabilities | 8,092 | 14,505 | ||
Senior secured credit facility | 0 | 0 | ||
Senior unsecured notes | 0 | 0 | ||
Deferred tax liabilities | 0 | 0 | ||
Advances from affiliates | 0 | 0 | ||
Other liabilities | 187,057 | 179,592 | ||
Liabilities | 195,149 | 194,097 | ||
Series A Convertible Preferred Units, 22,249,494 issued and outstanding at September 30, 2017 | 0 | 0 | ||
Common unitholders, 122,579,218 and 117,979,218 units issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 88,581 | 89,727 | ||
Noncontrolling interests | (8,888) | (10,281) | ||
TOTAL LIABILITIES AND PARTNERS' CAPITAL | 274,842 | 273,543 | ||
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Other current assets | (238) | (302) | ||
Total current assets | (238) | (302) | ||
Fixed assets, at cost | 0 | 0 | ||
Less: Accumulated depreciation | 0 | 0 | ||
Net fixed assets | 0 | 0 | ||
Mineral Leaseholds | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other assets, net | (151,026) | (140,533) | ||
Advances to affiliates | (3,971,996) | (2,724,225) | ||
Equity investees | 0 | 0 | ||
Investments in subsidiaries | (2,747,416) | (2,675,617) | ||
TOTAL ASSETS | (6,870,676) | (5,540,677) | ||
Current liabilities | (151) | (157) | ||
Senior secured credit facility | 0 | 0 | ||
Senior unsecured notes | 0 | 0 | ||
Deferred tax liabilities | 0 | 0 | ||
Advances from affiliates | (3,971,992) | (2,724,224) | ||
Other liabilities | (150,874) | (140,377) | ||
Liabilities | (4,123,017) | (2,864,758) | ||
Series A Convertible Preferred Units, 22,249,494 issued and outstanding at September 30, 2017 | 0 | 0 | ||
Common unitholders, 122,579,218 and 117,979,218 units issued and outstanding at September 30, 2017 and December 31, 2016, respectively | (2,747,659) | (2,675,919) | ||
Noncontrolling interests | 0 | 0 | ||
TOTAL LIABILITIES AND PARTNERS' CAPITAL | $ (6,870,676) | $ (5,540,677) |
Condensed Consolidating Finan81
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Offshore pipeline transportation services | $ 80,671 | $ 89,717 | $ 243,437 | $ 244,837 |
Sodium minerals and sulfur services | 109,765 | 45,725 | 197,879 | 129,585 |
Marine transportation | 48,534 | 55,285 | 152,038 | 159,930 |
Onshore facilities and transportation | 247,144 | 269,323 | 714,974 | 750,088 |
Total revenues | 486,114 | 460,050 | 1,308,328 | 1,284,440 |
Onshore facilities and transportation costs | 226,029 | 252,705 | 662,695 | 692,594 |
Marine transportation costs | 35,789 | 38,490 | 111,980 | 105,942 |
Sodium minerals and sulfur services operating costs | 79,365 | 25,077 | 133,335 | 67,641 |
Offshore pipeline transportation operating costs | 18,690 | 23,122 | 54,682 | 63,732 |
General and administrative | 19,409 | 11,212 | 38,723 | 34,716 |
Depreciation and amortization | 63,732 | 54,265 | 176,453 | 156,800 |
Gain on sale of assets | 0 | 0 | (26,684) | 0 |
Total costs and expenses | 443,014 | 404,871 | 1,151,184 | 1,121,425 |
OPERATING INCOME | 43,100 | 55,179 | 157,144 | 163,015 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Equity in earnings of equity investees | 13,044 | 12,488 | 34,805 | 35,362 |
Interest (expense) income, net | (47,388) | (34,735) | (122,117) | (104,657) |
Other expense | (2,276) | 0 | (2,276) | 0 |
Income from continuing operations before income taxes | 6,480 | 32,932 | 67,556 | 93,720 |
Income tax (expense) benefit | (320) | (949) | (878) | (2,959) |
NET INCOME | 6,160 | 31,983 | 66,678 | 90,761 |
Net loss attributable to noncontrolling interest | 152 | 118 | 457 | 370 |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | 6,312 | 32,101 | 67,135 | 91,131 |
Less: Accumulated distributions attributable to Series A Convertible Preferred Units | (5,469) | 0 | (5,469) | 0 |
Net Income Available to Common Unitholders | 843 | 32,101 | 61,666 | 91,131 |
Reportable Legal Entities | Genesis Energy Finance Corporation (Co-Issuer) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Offshore pipeline transportation services | 0 | 0 | 0 | 0 |
Sodium minerals and sulfur services | 0 | 0 | 0 | 0 |
Marine transportation | 0 | 0 | 0 | 0 |
Onshore facilities and transportation | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Onshore facilities and transportation costs | 0 | 0 | 0 | 0 |
Marine transportation costs | 0 | 0 | 0 | 0 |
Sodium minerals and sulfur services operating costs | 0 | 0 | 0 | 0 |
Offshore pipeline transportation operating costs | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Gain on sale of assets | 0 | 0 | ||
Total costs and expenses | 0 | 0 | 0 | 0 |
OPERATING INCOME | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Equity in earnings of equity investees | 0 | 0 | 0 | 0 |
Interest (expense) income, net | 0 | 0 | 0 | 0 |
Other expense | 0 | 0 | 0 | 0 |
Income from continuing operations before income taxes | 0 | 0 | 0 | 0 |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
NET INCOME | 0 | 0 | 0 | 0 |
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | 0 | 0 | 0 | 0 |
Less: Accumulated distributions attributable to Series A Convertible Preferred Units | 0 | 0 | 0 | 0 |
Net Income Available to Common Unitholders | 0 | 0 | 0 | 0 |
Reportable Legal Entities | Genesis Energy, L.P. (Parent and Co-Issuer) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Offshore pipeline transportation services | 0 | 0 | 0 | 0 |
Sodium minerals and sulfur services | 0 | 0 | 0 | 0 |
Marine transportation | 0 | 0 | 0 | 0 |
Onshore facilities and transportation | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Onshore facilities and transportation costs | 0 | 0 | 0 | 0 |
Marine transportation costs | 0 | 0 | 0 | 0 |
Sodium minerals and sulfur services operating costs | 0 | 0 | 0 | 0 |
Offshore pipeline transportation operating costs | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Gain on sale of assets | 0 | 0 | ||
Total costs and expenses | 0 | 0 | 0 | 0 |
OPERATING INCOME | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries | 55,971 | 66,811 | 191,471 | 195,674 |
Equity in earnings of equity investees | 0 | 0 | 0 | 0 |
Interest (expense) income, net | (47,383) | (34,710) | (122,060) | (104,543) |
Other expense | (2,276) | 0 | (2,276) | 0 |
Income from continuing operations before income taxes | 6,312 | 32,101 | 67,135 | 91,131 |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
NET INCOME | 6,312 | 32,101 | 67,135 | 91,131 |
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | 6,312 | 32,101 | 67,135 | 91,131 |
Less: Accumulated distributions attributable to Series A Convertible Preferred Units | (5,469) | 0 | (5,469) | 0 |
Net Income Available to Common Unitholders | 843 | 32,101 | 61,666 | 91,131 |
Reportable Legal Entities | Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Offshore pipeline transportation services | 80,671 | 89,717 | 243,437 | 244,837 |
Sodium minerals and sulfur services | 109,292 | 45,262 | 197,321 | 129,671 |
Marine transportation | 48,534 | 55,285 | 152,038 | 159,930 |
Onshore facilities and transportation | 242,547 | 264,326 | 700,908 | 734,560 |
Total revenues | 481,044 | 454,590 | 1,293,704 | 1,268,998 |
Onshore facilities and transportation costs | 225,716 | 252,450 | 661,842 | 691,763 |
Marine transportation costs | 35,789 | 38,490 | 111,980 | 105,942 |
Sodium minerals and sulfur services operating costs | 78,869 | 24,577 | 132,608 | 67,190 |
Offshore pipeline transportation operating costs | 17,928 | 22,533 | 52,396 | 61,882 |
General and administrative | 19,409 | 11,212 | 38,723 | 34,716 |
Depreciation and amortization | 63,107 | 53,640 | 174,578 | 154,925 |
Gain on sale of assets | 0 | (26,684) | ||
Total costs and expenses | 440,818 | 402,902 | 1,145,443 | 1,116,418 |
OPERATING INCOME | 40,226 | 51,688 | 148,261 | 152,580 |
Equity in earnings of subsidiaries | (388) | 28 | (1,033) | (50) |
Equity in earnings of equity investees | 13,044 | 12,488 | 34,805 | 35,362 |
Interest (expense) income, net | 3,450 | 3,595 | 10,436 | 10,861 |
Other expense | 0 | 0 | 0 | 0 |
Income from continuing operations before income taxes | 56,332 | 67,799 | 192,469 | 198,753 |
Income tax (expense) benefit | (322) | (949) | (880) | (2,956) |
NET INCOME | 56,010 | 66,850 | 191,589 | 195,797 |
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | 56,010 | 66,850 | 191,589 | 195,797 |
Less: Accumulated distributions attributable to Series A Convertible Preferred Units | 0 | 0 | 0 | 0 |
Net Income Available to Common Unitholders | 56,010 | 66,850 | 191,589 | 195,797 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Offshore pipeline transportation services | 0 | 0 | ||
Sodium minerals and sulfur services | 2,069 | 2,981 | 5,968 | 5,499 |
Marine transportation | 0 | 0 | 0 | 0 |
Onshore facilities and transportation | 4,597 | 4,997 | 14,066 | 15,528 |
Total revenues | 6,666 | 7,978 | 20,034 | 21,027 |
Onshore facilities and transportation costs | 313 | 255 | 853 | 831 |
Marine transportation costs | 0 | 0 | 0 | 0 |
Sodium minerals and sulfur services operating costs | 2,092 | 3,018 | 6,137 | 6,036 |
Offshore pipeline transportation operating costs | 762 | 589 | 2,286 | 1,850 |
General and administrative | 0 | 0 | 0 | 0 |
Depreciation and amortization | 625 | 625 | 1,875 | 1,875 |
Gain on sale of assets | 0 | 0 | ||
Total costs and expenses | 3,792 | 4,487 | 11,151 | 10,592 |
OPERATING INCOME | 2,874 | 3,491 | 8,883 | 10,435 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Equity in earnings of equity investees | 0 | 0 | 0 | 0 |
Interest (expense) income, net | (3,455) | (3,620) | (10,493) | (10,975) |
Other expense | 0 | 0 | 0 | 0 |
Income from continuing operations before income taxes | (581) | (129) | (1,610) | (540) |
Income tax (expense) benefit | 2 | 0 | 2 | (3) |
NET INCOME | (579) | (129) | (1,608) | (543) |
Net loss attributable to noncontrolling interest | 152 | 118 | 457 | 370 |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | (427) | (11) | (1,151) | (173) |
Less: Accumulated distributions attributable to Series A Convertible Preferred Units | 0 | 0 | 0 | 0 |
Net Income Available to Common Unitholders | (427) | (11) | (1,151) | (173) |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Offshore pipeline transportation services | 0 | 0 | 0 | 0 |
Sodium minerals and sulfur services | (1,596) | (2,518) | (5,410) | (5,585) |
Marine transportation | 0 | 0 | 0 | 0 |
Onshore facilities and transportation | 0 | 0 | 0 | 0 |
Total revenues | (1,596) | (2,518) | (5,410) | (5,585) |
Onshore facilities and transportation costs | 0 | 0 | 0 | 0 |
Marine transportation costs | 0 | 0 | 0 | 0 |
Sodium minerals and sulfur services operating costs | (1,596) | (2,518) | (5,410) | (5,585) |
Offshore pipeline transportation operating costs | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Gain on sale of assets | 0 | 0 | ||
Total costs and expenses | (1,596) | (2,518) | (5,410) | (5,585) |
OPERATING INCOME | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries | (55,583) | (66,839) | (190,438) | (195,624) |
Equity in earnings of equity investees | 0 | 0 | 0 | 0 |
Interest (expense) income, net | 0 | 0 | 0 | 0 |
Other expense | 0 | 0 | 0 | 0 |
Income from continuing operations before income taxes | (55,583) | (66,839) | (190,438) | (195,624) |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
NET INCOME | (55,583) | (66,839) | (190,438) | (195,624) |
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P. | (55,583) | (66,839) | (190,438) | (195,624) |
Less: Accumulated distributions attributable to Series A Convertible Preferred Units | 0 | 0 | 0 | 0 |
Net Income Available to Common Unitholders | $ (55,583) | $ (66,839) | $ (190,438) | $ (195,624) |
Condensed Consolidating Finan82
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by operating activities | $ 217,790 | $ 228,397 |
Payments to acquire fixed and intangible assets | (182,653) | (363,218) |
Cash distributions received from equity investees - return of investment | 14,517 | 16,652 |
Investments in equity investees | 0 | 0 |
Acquisitions | (1,325,759) | (25,394) |
Intercompany transfers | 0 | 0 |
Repayments on loan to non-guarantor subsidiary | 0 | 0 |
Contributions in aid of construction costs | 124 | 12,208 |
Proceeds from asset sales | 39,204 | 3,303 |
Other, net | 0 | 185 |
Net cash used in investing activities | (1,454,567) | (356,264) |
Borrowings on senior secured credit facility | 1,247,700 | 883,600 |
Repayments on senior secured credit facility | (1,153,400) | (831,600) |
Debt issuance costs | (17,808) | (1,578) |
Intercompany transfers | 0 | 0 |
Issuance of common units for cash, net | 140,513 | 298,051 |
Proceeds from issuance of senior unsecured notes | 550,000 | 0 |
Proceeds from issuance of Series A convertible preferred units, net | 729,958 | 0 |
Distributions to partners/owners | (260,586) | (227,454) |
Contributions from noncontrolling interest | 1,850 | 0 |
Other, net | 1,215 | (600) |
Net cash provided by financing activities | 1,239,442 | 120,419 |
Net increase in cash and cash equivalents | 2,665 | (7,448) |
Cash and cash equivalents at beginning of period | 7,029 | 10,895 |
Cash and cash equivalents at end of period | 9,694 | 3,447 |
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 |
Acquisitions | 0 | 0 |
Intercompany transfers | 0 | 0 |
Repayments on loan to non-guarantor subsidiary | 0 | 0 |
Contributions in aid of construction costs | 0 | 0 |
Proceeds from asset sales | 0 | 0 |
Other, net | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Borrowings on senior secured credit facility | 0 | 0 |
Repayments on senior secured credit facility | 0 | 0 |
Debt issuance costs | 0 | 0 |
Intercompany transfers | 0 | 0 |
Issuance of common units for cash, net | 0 | 0 |
Proceeds from issuance of senior unsecured notes | 0 | |
Proceeds from issuance of Series A convertible preferred units, net | 0 | |
Distributions to partners/owners | 0 | 0 |
Contributions from noncontrolling interest | 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 | Genesis Energy, L.P. (Parent and Co-Issuer) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 142,721 | 122,884 |
Payments to acquire fixed and intangible assets | 0 | 0 |
Cash distributions received from equity investees - return of investment | 0 | 0 |
Investments in equity investees | (140,513) | (298,051) |
Acquisitions | 0 | 0 |
Intercompany transfers | (1,238,585) | 54,148 |
Repayments on loan to non-guarantor subsidiary | 0 | 0 |
Contributions in aid of construction costs | 0 | 0 |
Proceeds from asset sales | 0 | 0 |
Other, net | 0 | 0 |
Net cash used in investing activities | (1,379,098) | (243,903) |
Borrowings on senior secured credit facility | 1,247,700 | 883,600 |
Repayments on senior secured credit facility | (1,153,400) | (831,600) |
Debt issuance costs | (17,808) | (1,578) |
Intercompany transfers | 0 | 0 |
Issuance of common units for cash, net | 140,513 | 298,051 |
Proceeds from issuance of senior unsecured notes | 550,000 | |
Proceeds from issuance of Series A convertible preferred units, net | 729,958 | |
Distributions to partners/owners | (260,586) | (227,454) |
Contributions from noncontrolling interest | 0 | |
Other, net | 0 | 0 |
Net cash provided by financing activities | 1,236,377 | 121,019 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 6 | 6 |
Cash and cash equivalents at end of period | 6 | 6 |
Reportable Legal Entities | Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 333,709 | 310,723 |
Payments to acquire fixed and intangible assets | (182,653) | (363,218) |
Cash distributions received from equity investees - return of investment | 14,517 | 16,652 |
Investments in equity investees | 0 | 0 |
Acquisitions | (1,325,759) | (25,394) |
Intercompany transfers | 0 | 0 |
Repayments on loan to non-guarantor subsidiary | (159) | 4,526 |
Contributions in aid of construction costs | 124 | 12,208 |
Proceeds from asset sales | 39,204 | 3,303 |
Other, net | 0 | 185 |
Net cash used in investing activities | (1,454,726) | (351,738) |
Borrowings on senior secured credit facility | 0 | 0 |
Repayments on senior secured credit facility | 0 | 0 |
Debt issuance costs | 0 | 0 |
Intercompany transfers | 1,242,475 | (35,144) |
Issuance of common units for cash, net | 140,513 | 298,051 |
Proceeds from issuance of senior unsecured notes | 0 | |
Proceeds from issuance of Series A convertible preferred units, net | 0 | |
Distributions to partners/owners | (260,586) | (227,454) |
Contributions from noncontrolling interest | 0 | |
Other, net | 1,215 | (600) |
Net cash provided by financing activities | 1,123,617 | 34,853 |
Net increase in cash and cash equivalents | 2,600 | (6,162) |
Cash and cash equivalents at beginning of period | 6,360 | 8,288 |
Cash and cash equivalents at end of period | 8,960 | 2,126 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by operating activities | (8,346) | 6,781 |
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 |
Acquisitions | 0 | 0 |
Intercompany transfers | 0 | 0 |
Repayments on loan to non-guarantor subsidiary | 0 | 0 |
Contributions in aid of construction costs | 0 | 0 |
Proceeds from asset sales | 0 | 0 |
Other, net | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Borrowings on senior secured credit facility | 0 | 0 |
Repayments on senior secured credit facility | 0 | 0 |
Debt issuance costs | 0 | 0 |
Intercompany transfers | (3,890) | (19,004) |
Issuance of common units for cash, net | 0 | 0 |
Proceeds from issuance of senior unsecured notes | 0 | |
Proceeds from issuance of Series A convertible preferred units, net | 0 | |
Distributions to partners/owners | 0 | 0 |
Contributions from noncontrolling interest | 1,850 | |
Other, net | 10,451 | 10,937 |
Net cash provided by financing activities | 8,411 | (8,067) |
Net increase in cash and cash equivalents | 65 | (1,286) |
Cash and cash equivalents at beginning of period | 663 | 2,601 |
Cash and cash equivalents at end of period | 728 | 1,315 |
Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by operating activities | (250,294) | (211,991) |
Payments to acquire fixed and intangible assets | 0 | 0 |
Cash distributions received from equity investees - return of investment | 0 | 0 |
Investments in equity investees | 140,513 | 298,051 |
Acquisitions | 0 | 0 |
Intercompany transfers | 1,238,585 | (54,148) |
Repayments on loan to non-guarantor subsidiary | 159 | (4,526) |
Contributions in aid of construction costs | 0 | 0 |
Proceeds from asset sales | 0 | 0 |
Other, net | 0 | 0 |
Net cash used in investing activities | 1,379,257 | 239,377 |
Borrowings on senior secured credit facility | 0 | 0 |
Repayments on senior secured credit facility | 0 | 0 |
Debt issuance costs | 0 | 0 |
Intercompany transfers | (1,238,585) | 54,148 |
Issuance of common units for cash, net | (140,513) | (298,051) |
Proceeds from issuance of senior unsecured notes | 0 | |
Proceeds from issuance of Series A convertible preferred units, net | 0 | |
Distributions to partners/owners | 260,586 | 227,454 |
Contributions from noncontrolling interest | 0 | |
Other, net | (10,451) | (10,937) |
Net cash provided by financing activities | (1,128,963) | (27,386) |
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 |